<SEC-DOCUMENT>0001564590-21-018575.txt : 20210413
<SEC-HEADER>0001564590-21-018575.hdr.sgml : 20210413
<ACCEPTANCE-DATETIME>20210413060212
ACCESSION NUMBER:		0001564590-21-018575
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20210413
FILED AS OF DATE:		20210413
DATE AS OF CHANGE:		20210413

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:		21821922

	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_20210413.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;font-size:10pt;">&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;font-size:10pt;">&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 2021</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;font-size:10pt;">&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-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-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-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:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</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, 2020 and December 31, 2019 for our consolidated financial statements in conformity with International Financial Reporting Standards as adopted by the Republic of Korea, or Korean IFRS, have conducted audits and expressed opinions with regards to the consolidated statements of financial position of Gravity Co., Ltd. (the &#8220;Company&#8221;) and its subsidiaries as of December 31, 2020 and December 31, 2019 and the related consolidated statements of comprehensive income, changes in equity, and cash flows for the year ended at December 31, 2020 and December 31, 2019 expressed in Korean Won.</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&nbsp;</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, 2020 and December 31, 2019 has also conducted audits and expressed opinions with regards to the separate statements of financial position of the Company as of December 31, 2020 and 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, 2020 and December 31, 2019 expressed in Korean Won. </p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&nbsp;</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><a name="_AEIOULastRenderedPageBreakAEIOU1"></a>
<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="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-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-size:12pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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-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-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>
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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;">/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 13, 2021</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;">&nbsp;</p><a name="_AEIOULastRenderedPageBreakAEIOU2"></a>
<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="EXHIBIT_INDEX"></a><a name="EXHIBIT_INDEX"></a>Exhibit Index</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-weight:bold;;font-size:8pt;">&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-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;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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, 2020 and December 31, 2019 and the independent auditors&#8217; report</font></a></p></td>
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<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">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;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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-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, 2020 and December 31, 2019 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-weight:bold;;font-size:12pt;">&nbsp;</p></body>
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<DOCUMENT>
<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>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:24pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:24pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:24pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:24pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:14pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:24pt;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:bold;;font-size:14pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:14pt;font-family:Times New Roman;font-weight:normal;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-weight:bold;;font-size:14pt;">&nbsp;</p>
<p style="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;">For the Years Ended December 31, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:12pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:6.19%;text-indent:-6.19%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(With Independent Auditors&#8217; Report Thereon)</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:14pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-size:14pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:6.02%;">&nbsp;</p>
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<p style="text-align:right;margin-bottom:12pt;line-height:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:14pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:14pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:14pt;">&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;">Contents</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="text-align:right;margin-bottom:12pt;line-height:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:right;margin-bottom:12pt;line-height: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;">Page</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">Independent Auditors&#8217; Report<font style="font-weight:normal;margin-left:28pt;color:#000000;">1</font></p>
<p style="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;">Consolidated Financial Statements</p>
<p style="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;">Consolidated Statements of Financial Position<font style="margin-left:28pt;">3</font></p>
<p style="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;">Consolidated Statements of Comprehensive Income<font style="margin-left:28pt;">6</font></p>
<p style="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;">Consolidated Statements of Changes in Equity<font style="margin-left:28pt;">7</font></p>
<p style="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;">Consolidated Statements of Cash Flows<font style="margin-left:28pt;">8</font></p>
<p style="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;">Notes to the Consolidated Financial Statements<font style="margin-left:28pt;">9</font></p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:14pt;">&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;">&nbsp;</p>
<hr style="page-break-after:always;width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">Independent Auditors&#8217; Report</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-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-size:10pt;">&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 &#8221;Group&#8221;), which comprise the consolidated statements of financial position as of December 31, 2020 and 2019, and the consolidated statements of comprehensive income, changes in equity and cash flows for the years 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, 2020 and 2019, and its consolidated financial performance and its consolidated cash flows for the years 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 (KSAs). 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:18pt;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 Matter</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 consolidated financial statements may differ from those generally accepted and applied in other countries.</p>
<p style="text-align:justify;margin-top:18pt;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 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-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;">Auditors&#8217; Responsibilities for the Audit of the Consolidated Financial Statements</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 KSAs 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="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="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</p>
<hr style="page-break-after:always;width:100%;">
<p style="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-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 KSAs 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;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-weight:normal;font-style:normal;color:#auto;font-size:10pt;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;"></font>&#9679;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;">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-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-weight:normal;font-style:normal;color:#auto;font-size:10pt;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;"></font>&#9679;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;">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-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-weight:normal;font-style:normal;color:#auto;font-size:10pt;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;"></font>&#9679;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;">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;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-weight:normal;font-style:normal;color:#auto;font-size:10pt;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;"></font>&#9679;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;">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>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-weight:normal;font-style:normal;color:#auto;font-size:10pt;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;"></font>&#9679;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;">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>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-weight:normal;font-style:normal;color:#auto;font-size:10pt;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;"></font>&#9679;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;">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: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-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="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:0.22%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:0.22%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:0.22%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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 23, 2021</p>
<p style="text-align:justify;margin-bottom:12pt;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-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 23, 2021, 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>
<p style="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;">2</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;">Consolidated Statements of Financial Position</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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:464.95pt;;">
<tr>
<td style="width:13.55pt;"></td>
<td style="width:64.25pt;"></td>
<td style="width:90.9pt;"></td>
<td style="width:47.25pt;"></td>
<td style="width:20.35pt;"></td>
<td style="width:105.8pt;"></td>
<td style="width:3.75pt;"></td>
<td style="width:18.1pt;"></td>
<td style="width:98.55pt;"></td>
<td style="width:2.45pt;"></td>
</tr>
<tr style="height:8.5pt;">
<td colspan="3" valign="middle"  style=" 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=" 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=" 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-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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, 2020</p></td>
<td valign="bottom"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="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-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="2" valign="bottom"  style="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;">&nbsp;</p></td>
<td valign="bottom"  style="white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="2" valign="middle"  style="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="white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<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></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="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" >
<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></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle" >
<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" >
<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="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" >
<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;">110,632,482</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<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;">79,427,979</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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" >
<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="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;">&nbsp;</p></td>
<td valign="middle" >
<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;">71,000,000</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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" >
<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="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;">&nbsp;</p></td>
<td valign="middle" >
<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;">59,761,256</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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" >
<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="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;">&nbsp;</p></td>
<td valign="middle" >
<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;">8,333</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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" >
<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="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;">&nbsp;</p></td>
<td valign="middle" >
<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;">2,237,708</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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 financial assets</p></td>
<td valign="middle" >
<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="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;">&nbsp;</p></td>
<td valign="middle" >
<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;">817,825</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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;">232,676</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style=" 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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" 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=" 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;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,128,113</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,430,604</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style=" 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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" 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;">&nbsp;</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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">246,585,717</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="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" >
<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></td>
<td valign="middle"  style="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;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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" >
<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="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;">&nbsp;</p></td>
<td valign="middle" >
<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;">7,695,046</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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" >
<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="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;">&nbsp;</p></td>
<td valign="middle" >
<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;">3,362,879</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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" >
<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></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,814,792</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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;">1,744,551</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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" >
<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="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;">&nbsp;</p></td>
<td valign="middle" >
<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;">1,323,865</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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" >
<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="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;">&nbsp;</p></td>
<td valign="middle" >
<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;">3,590,069</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style=" border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">18,786,651</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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=" 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;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" 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: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=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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=" border-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;">265,372,368</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</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: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=" 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;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<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></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:0.86%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:0.86%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:0.86%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:0.86%;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="text-align:center;margin-top:12pt;margin-bottom: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</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;">&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: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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:464.95pt;;">
<tr>
<td style="width:13.55pt;"></td>
<td style="width:0.65pt;"></td>
<td style="width:154.5pt;"></td>
<td style="width:47.25pt;"></td>
<td style="width:20.35pt;"></td>
<td style="width:105.8pt;"></td>
<td style="width:3.75pt;"></td>
<td style="width:18.1pt;"></td>
<td style="width:98.55pt;"></td>
<td style="width:2.45pt;"></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="top"  style=" border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.25pt;;text-indent:-0.25pt;;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=" 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=" 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-size:10pt;">&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;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2020</p></td>
<td valign="bottom"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="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;">&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;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="top"  style=" 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;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="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" >
<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></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:-4.1pt;;text-indent:5pt;;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" >
<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></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle" >
<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" >
<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="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" >
<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;">52,687,616</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="2" valign="middle" >
<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" >
<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="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;">&nbsp;</p></td>
<td valign="middle" >
<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;">13,692,283</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="2" valign="middle" >
<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" >
<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></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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;">2,851,636</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="2" valign="middle" >
<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" >
<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="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;">&nbsp;</p></td>
<td valign="middle" >
<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;">1,364,753</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="2" valign="middle" >
<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" >
<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="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;">&nbsp;</p></td>
<td valign="middle" >
<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;">9,469,833</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style=" border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" 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=" 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=" 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-size:10pt;">&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: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;">2,654,101</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&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: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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style=" border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">82,720,222</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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=" 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;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:-4.1pt;;text-indent:5pt;;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" >
<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></td>
<td valign="middle"  style="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;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="2" valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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;">Long-term account payables</p></td>
<td valign="middle" >
<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="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;">&nbsp;</p></td>
<td valign="middle" >
<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;">1,402,466</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="2" valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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;">Long-term deferred revenue</p></td>
<td valign="middle" >
<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="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;">&nbsp;</p></td>
<td valign="middle" >
<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;">101,015</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="2" valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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 liabilities</p></td>
<td valign="middle" >
<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="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;">&nbsp;</p></td>
<td valign="middle" >
<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;">3,800,649</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="2" valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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 liabilities</p></td>
<td valign="middle" >
<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="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;">&nbsp;</p></td>
<td valign="middle" >
<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="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style=" 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;">&nbsp;</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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">5,304,130</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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="top"  style=" 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;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" 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: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=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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=" border-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;">88,024,352</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">&nbsp;</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: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="top"  style=" 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;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:0.86%;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;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom: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</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;">&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: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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:458.9pt;;">
<tr>
<td style="width:7.35pt;"></td>
<td style="width:154.9pt;"></td>
<td style="width:49.95pt;"></td>
<td style="width:20.3pt;"></td>
<td style="width:96.15pt;"></td>
<td style="width:6.95pt;"></td>
<td style="width:23.3pt;"></td>
<td style="width:97.55pt;"></td>
<td style="width:2.45pt;"></td>
</tr>
<tr style="height:14.1pt;">
<td colspan="2" valign="middle"  style=" 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=" 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="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-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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, 2020</p></td>
<td valign="bottom"  style="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-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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" >
<p style="line-height:14pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td colspan="2" valign="middle"  style="white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;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=" 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:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td colspan="2" valign="middle"  style="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" >
<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></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td colspan="2" valign="middle"  style="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 </p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">the Parent Company</p></td>
<td valign="middle" >
<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></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<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="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<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="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">27,109,803</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<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="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,044,533)</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<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="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">147,371,155</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td colspan="2" valign="middle"  style="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" >
<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></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">437,141</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td colspan="2" valign="middle"  style=" 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=" 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;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">177,348,016</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td colspan="2" 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: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=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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=" border-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;">265,372,368</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">&nbsp;</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: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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td colspan="2" valign="middle"  style="white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<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></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.08%;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:0.86%;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;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom: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</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;">&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: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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;">
<tr>
<td style="width:64.52%;"></td>
<td style="width:8.13%;"></td>
<td style="width:0.67%;"></td>
<td style="width:2.63%;"></td>
<td style="width:11.36%;"></td>
<td style="width:0.67%;"></td>
<td style="width:0.67%;"></td>
<td style="width:11.36%;"></td>
</tr>
<tr style="height:13.75pt;">
<td valign="bottom"  style=" 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=" 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=" 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;">&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-size:10pt;">&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;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2020</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-size:10pt;">&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-size:10pt;">&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;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="bottom" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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:10pt;">&nbsp;</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle" >
<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" >
<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;">13,23,24</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle" >
<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 </p></td>
<td valign="middle" >
<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></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">89,545,060</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">42,321,437</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle" >
<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" >
<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></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">298,323,908</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style=" 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=" 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;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">18,084,053</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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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: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>
</tr>
<tr style="height:13.75pt;">
<td valign="middle" >
<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;">&nbsp;</p></td>
<td valign="middle" >
<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></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">405,953,021</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style=" 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=" 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=" 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;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">239,044,923</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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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: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>
</tr>
<tr style="height:13.75pt;">
<td valign="middle" >
<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" >
<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></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">166,908,098</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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: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>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style=" 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=" 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=" 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;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">77,433,905</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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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: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>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style=" 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=" 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=" 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;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">89,474,193</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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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>
</tr>
<tr style="height:13.75pt;">
<td valign="middle" >
<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" >
<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></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle" >
<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" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,265,740</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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>
</tr>
<tr style="height:13.75pt;">
<td valign="middle" >
<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" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(637,083)</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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>
</tr>
<tr style="height:13.75pt;">
<td valign="middle" >
<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" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,867,922</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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>
</tr>
<tr style="height:13.75pt;">
<td valign="middle" >
<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" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4,959,662)</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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>
</tr>
<tr style="height:13.75pt;">
<td valign="middle" >
<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" >
<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></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">88,011,110</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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: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>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style=" 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=" 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=" 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;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">25,455,435</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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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: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>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style=" 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=" 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;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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: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=" 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;">62,555,675</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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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: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=" 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>
</tr>
<tr style="height:13.75pt;">
<td valign="middle" >
<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;">&nbsp;</p></td>
<td valign="middle" >
<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></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle" >
<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" >
<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></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td colspan="4" valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:7.53%;text-indent:0pt;;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="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style=" 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=" 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;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,319,071)</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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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: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>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style=" 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=" 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;font-size:10pt;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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: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=" border-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;">61,236,604</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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</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: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>
</tr>
<tr style="height:13.75pt;">
<td valign="middle" >
<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;">&nbsp;</p></td>
<td valign="middle" >
<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></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle" >
<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" >
<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></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle" >
<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" >
<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></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">62,703,088</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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>
</tr>
<tr style="height:13.75pt;">
<td valign="middle" >
<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" >
<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></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(147,413)</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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>
</tr>
<tr style="height:13.75pt;">
<td colspan="2" valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td colspan="2" valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle" >
<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" >
<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></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">61,384,017</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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>
</tr>
<tr style="height:13.75pt;">
<td valign="middle" >
<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" >
<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></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(147,413)</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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>
</tr>
<tr style="height:13.75pt;">
<td valign="middle" >
<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;">&nbsp;</p></td>
<td valign="middle" >
<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></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle" >
<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" >
<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></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle" >
<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" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,023</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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>
</tr>
<tr style="height:13.75pt;">
<td valign="middle" >
<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" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,023</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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>
</tr>
<tr style="height:13.75pt;">
<td valign="middle" >
<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;">&nbsp;</p></td>
<td valign="middle" >
<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></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:0.86%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:0.86%;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;font-size:10pt;">&nbsp;</p>
<p style="margin-top:12pt;text-align:center;margin-bottom:12pt;text-indent:0%;font-family:Times New Roman;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%;">
<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 Changes in Equity </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:716.45pt;;">
<tr>
<td style="width:205.55pt;"></td>
<td style="width:32.3pt;"></td>
<td style="width:3.15pt;"></td>
<td style="width:14.15pt;"></td>
<td style="width:49.65pt;"></td>
<td style="width:7.05pt;"></td>
<td style="width:61.7pt;"></td>
<td style="width:2.1pt;"></td>
<td style="width:63.8pt;"></td>
<td style="width:7.1pt;"></td>
<td style="width:70.9pt;"></td>
<td style="width:7.05pt;"></td>
<td style="width:57.25pt;"></td>
<td style="width:7.1pt;"></td>
<td style="width:56.7pt;"></td>
<td style="width:7.1pt;"></td>
<td style="width:63.8pt;"></td>
</tr>
<tr style="height:8.5pt;">
<td valign="top"  style=" 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;">(In thousands of won)</p></td>
<td valign="bottom"  style=" 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-size:10pt;">&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-size:10pt;">&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-size:10pt;">&nbsp;</p></td>
<td colspan="9" 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-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" >
<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></td>
<td valign="bottom" >
<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></td>
<td valign="bottom" >
<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></td>
<td valign="bottom" >
<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></td>
</tr>
<tr style="height:25.65pt;">
<td valign="top"  style=" 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;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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;">&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-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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;">&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-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=" 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;">&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-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="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;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style=" 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:10pt;">&nbsp;</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style=" 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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle" >
<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="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;">&nbsp;</p></td>
<td valign="middle" >
<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></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<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="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;">&nbsp;</p></td>
<td valign="middle" >
<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></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle" >
<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="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;">&nbsp;</p></td>
<td valign="middle" >
<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></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<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="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" >
<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></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<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="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;">&nbsp;</p></td>
<td valign="middle" >
<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></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:3.9pt;">
<td valign="middle" >
<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="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;">&nbsp;</p></td>
<td valign="middle" >
<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></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<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:3.9pt;">
<td valign="middle"  style=" 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-controlling interests</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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=" 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;">&nbsp;</p></td>
<td valign="middle"  style=" 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=" 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;">&nbsp;</p></td>
<td valign="middle"  style=" 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=" 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;">&nbsp;</p></td>
<td valign="middle"  style=" 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=" 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;">&nbsp;</p></td>
<td valign="middle"  style=" 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=" 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;">&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: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=" 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;">&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: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:5.65pt;">
<td valign="middle"  style=" 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=" 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;">&nbsp;</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&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: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=" 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=" 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;">&nbsp;</p></td>
<td valign="middle"  style=" 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=" 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;">&nbsp;</p></td>
<td valign="middle"  style=" 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=" 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;">&nbsp;</p></td>
<td valign="middle"  style=" 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=" 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;">&nbsp;</p></td>
<td valign="middle"  style=" 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=" 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;">&nbsp;</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: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=" 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;">&nbsp;</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: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:11.8pt;">
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle" >
<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, 2020</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.08%;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<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:11.8pt;">
<td valign="middle" >
<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="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;">&nbsp;</p></td>
<td valign="middle" >
<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></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:4.3%;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle" >
<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="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;">&nbsp;</p></td>
<td valign="middle" >
<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></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">62,703,088</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:4.3%;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">62,703,088</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">(147,413)</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">62,555,675</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle" >
<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="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" >
<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></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">(1,319,071)</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:4.3%;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">(1,319,071)</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">(1,319,071)</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle" >
<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="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;">&nbsp;</p></td>
<td valign="middle" >
<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></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle" >
<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="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;">&nbsp;</p></td>
<td valign="middle" >
<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></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">(17,881)</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">(17,881)</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">1,227</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">(16,654)</p></td>
</tr>
<tr style="height:13pt;">
<td valign="middle" >
<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;">Changes in interests in subsidiaries </p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">361,976</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">361,976</p></td>
</tr>
<tr style="height:7.6pt;">
<td valign="middle"  style=" 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, 2020</p></td>
<td valign="middle"  style=" 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;">&nbsp;</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&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: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=" 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=" 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;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">27,109,803</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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">(1,044,533)</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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">147,371,155</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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">176,910,875</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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</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: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;">437,141</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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</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: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;">177,348,016</p></td>
</tr>
<tr style="height:2pt;">
<td valign="middle"  style=" 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:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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-family:Times New Roman;font-size:10pt;">&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-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style=" 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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:double 2.5pt #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-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style=" 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:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:double 2.5pt #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-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style=" 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:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:double 2.5pt #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-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style=" 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:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:double 2.5pt #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-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style=" 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:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:double 2.5pt #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-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style=" 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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:double 2.5pt #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;">&nbsp;</p></td>
<td valign="top"  style=" 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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:double 2.5pt #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;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:0.86%;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;font-size:10pt;">&nbsp;</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Times New Roman;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%;">
<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 Cash Flow </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:481.4pt;;">
<tr>
<td style="width:290.6pt;"></td>
<td style="width:34.4pt;"></td>
<td style="width:2.3pt;"></td>
<td style="width:11.55pt;"></td>
<td style="width:64.4pt;"></td>
<td style="width:2.3pt;"></td>
<td style="width:11.1pt;"></td>
<td style="width:0.35pt;"></td>
<td style="width:64.4pt;"></td>
</tr>
<tr style="height:12.5pt;">
<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;;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="middle"  style=" 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=" 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;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  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-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  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-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" 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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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="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-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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="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;">&nbsp;</p></td>
<td valign="middle" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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="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;">62,555,675</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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="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" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">32,132,238</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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="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" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">(12,952,425)</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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="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;">&nbsp;</p></td>
<td valign="middle" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">1,122,471</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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="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;">&nbsp;</p></td>
<td valign="middle" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">(185,742)</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style=" 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=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">(12,815,314)</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style=" 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=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">69,856,903</p></td>
<td valign="middle"  style=" 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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" 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;">&nbsp;</p></td>
<td valign="middle"  style=" 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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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="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;">&nbsp;</p></td>
<td valign="middle" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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="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" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">3,039</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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="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" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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="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;">&nbsp;</p></td>
<td valign="middle" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">22,479</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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="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;">&nbsp;</p></td>
<td valign="middle" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">(31,500,000)</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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="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" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">(1,071,379)</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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 intangible assets</p></td>
<td valign="middle"  style="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" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">(2,624,540)</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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="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;">&nbsp;</p></td>
<td valign="middle" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">(879,063)</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style=" 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=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">(36,049,464)</p></td>
<td valign="middle"  style=" 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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" 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;">&nbsp;</p></td>
<td valign="middle"  style=" 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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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="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;">&nbsp;</p></td>
<td valign="middle" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
</tr>
<tr style="height:12.5pt;">
<td colspan="2" valign="middle"  style="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" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">361,976</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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="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;">&nbsp;</p></td>
<td valign="middle" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">(16,654)</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style=" 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=" 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;">21</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">(2,892,567)</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style=" 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=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">(2,547,245)</p></td>
<td valign="middle"  style=" 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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" 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;">&nbsp;</p></td>
<td valign="middle"  style=" 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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:12.5pt;">
<td colspan="2" valign="middle"  style="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" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">(55,691)</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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="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;">&nbsp;</p></td>
<td valign="middle" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">31,204,503</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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="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;">&nbsp;</p></td>
<td valign="middle" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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>
<tr style="height:12.5pt;">
<td valign="middle"  style=" 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=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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:1.08%;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=" 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;">110,632,482</p></td>
<td valign="middle"  style=" 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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" 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:1.08%;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:0.86%;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;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;text-indent:8.17%;">&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8</a></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: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;">&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, 2020 and 2019 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">1.&nbsp;&nbsp;General Information</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) The Parent Company</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;">GRAVITY CO., LTD. (&#8220;the Parent Company&#8221;) was incorporated on April 4, 2000, to engage in developing and publishing online and mobile 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%;font-family:Times New Roman;font-size:10pt;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 the 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%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of December 31, 2020, 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, 2020 are as follows:</font></p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:79.06%;">
<tr>
<td style="width:30.93%;"></td>
<td style="width:4.56%;"></td>
<td style="width:19.56%;"></td>
<td style="width:4.55%;"></td>
<td style="width:19.46%;"></td>
</tr>
<tr style="height:10.9pt;">
<td valign="middle"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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:15.6pt;;text-indent:0pt;;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; border-bottom:solid 0.75pt #000000;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;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=" 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-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">
<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" >
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:15.6pt;;text-indent:0pt;;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; 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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:15.6pt;;text-indent:0pt;;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: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; 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=" 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-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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=" 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-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: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; border-bottom:double 2.5pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; border-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=" 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-size:9pt;">&nbsp;</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: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-family:Times New Roman;font-size:10pt;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-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Details of the consolidated subsidiaries as of December 31, 2020 and 2019 are as follows:</p>
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<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:479.15pt;;">
<tr>
<td style="width:124.75pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:45.85pt;"></td>
<td style="width:7.05pt;"></td>
<td style="width:134.7pt;"></td>
<td style="width:7.05pt;"></td>
<td style="width:42.55pt;"></td>
<td style="width:7.1pt;"></td>
<td style="width:49.6pt;"></td>
<td style="width:7.1pt;"></td>
<td style="width:49.6pt;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style=" 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;">&nbsp;</p></td>
<td valign="top"  style=" border-bottom:solid 0.75pt transparent;">
<p style="line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-bottom:solid 0.75pt transparent;">
<p style="line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style=" border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;line-height:12pt;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;">Percentage of ownership (%)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style=" border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;line-height:12pt;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;">Subsidiaries</p></td>
<td valign="top"  style=" border-bottom:solid 0.75pt transparent;">
<p style="line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;line-height:12pt;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;">Location</p></td>
<td valign="top"  style=" border-bottom:solid 0.75pt transparent;">
<p style="line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;line-height:12pt;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;">Main business</p></td>
<td valign="bottom"  style=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;line-height:12pt;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;">Fiscal </p>
<p style="text-align:center;line-height:12pt;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;">year end</p></td>
<td valign="bottom"  style=" border-bottom:solid 0.75pt transparent;">
<p style="line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;line-height:12pt;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, 2020</p></td>
<td valign="bottom"  style=" border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;line-height:12pt;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:14.2pt;">
<td valign="top" >
<p style="text-align:justify;line-height:12pt;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;">Gravity Interactive, Inc.</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;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;">USA</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:6.1pt;;margin-right:1%;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;">Online and mobile game services</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;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;">December</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;line-height:12pt;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;">100</p></td>
<td valign="bottom" >
<p style="text-align:right;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;line-height:12pt;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;">100</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top" >
<p style="text-align:justify;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:0.3pt;;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;">Gravity Entertainment Corp. (*1)</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;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;">Japan</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;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;">Animation production, distribution, and game services</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;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;">December</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;line-height:12pt;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="bottom" >
<p style="text-align:right;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;line-height:12pt;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;">100</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top" >
<p style="text-align:justify;line-height:12pt;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;">Gravity NeoCyon, Inc. </p>
<p style="text-align:justify;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:9.6pt;;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;">(Formerly, NeoCyon, Inc.) (*2)</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;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;">Korea</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:6.1pt;;margin-right:1%;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;">Mobile Game Development and Service</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;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;">December</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;line-height:12pt;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;">99.53</p></td>
<td valign="bottom" >
<p style="text-align:right;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;line-height:12pt;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;">99.24</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top" >
<p style="text-align:justify;line-height:12pt;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;">Gravity Communications Co., Ltd.</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;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;">Taiwan</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:6.1pt;;margin-right:1%;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;">Online and mobile game services</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;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;">December</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;line-height:12pt;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;">100</p></td>
<td valign="bottom" >
<p style="text-align:right;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;line-height:12pt;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;">100</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top" >
<p style="text-align:justify;line-height:12pt;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;">PT. Gravity Game Link</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;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;">Indonesia</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:6.1pt;;margin-right:1%;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;">Online and mobile game services</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;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;">December</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;line-height:12pt;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;">70</p></td>
<td valign="bottom" >
<p style="text-align:right;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;line-height:12pt;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;">70</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top" >
<p style="text-align:justify;line-height:12pt;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;">Gravity Game Tech Co., Ltd.</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;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;">Thailand</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:6.1pt;;margin-right:1%;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;">Online and mobile game services</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;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;">December</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;line-height:12pt;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;">100</p></td>
<td valign="bottom" >
<p style="text-align:right;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;line-height:12pt;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;">100</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top" >
<p style="text-align:justify;line-height:12pt;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;">Gravity Game Arise Co., Ltd.</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;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;">Japan</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:6.1pt;;margin-right:1%;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;">Online and mobile game services</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;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;">December</p></td>
<td valign="middle" >
<p style="text-align:center;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;line-height:12pt;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;">100</p></td>
<td valign="bottom" >
<p style="text-align:right;line-height:12pt;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;line-height:12pt;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;">100</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.03%;text-indent:-3.86%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:7.03%;text-indent:-3.86%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*1) Gravity Entertainment Corp. was liquidated during 2020 and has been excluded from subsidiary since then.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:7.17%;text-indent:-3.98%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*2) During the year ended December 31, 2020, the Parent Company participated in paid-in capital increase of Gravity NeoCyon, Inc. which resulted in increase of ownership interest of the Parent Company.</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="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9</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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">1.&nbsp;&nbsp;General Information, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:6.63%;text-indent:-3.98%;color:#000000;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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:479.15pt;;">
<tr>
<td style="width:153.1pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:12.5pt;"></td>
<td style="width:0.4pt;"></td>
<td style="width:62.85pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:4.1pt;"></td>
<td style="width:63.25pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:4.05pt;"></td>
<td style="width:68.25pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:4pt;"></td>
<td style="width:91.45pt;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  BGCOLOR="#FFFFFF" style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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:10pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  BGCOLOR="#FFFFFF" style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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:10pt;">&nbsp;</p></td>
<td colspan="10" valign="bottom"  BGCOLOR="#FFFFFF" style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2020</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">Subsidiaries</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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:10pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">Gravity Interactive, Inc.</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike></p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">31,848,915</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">23,405,476</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">123,055,325</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">1,137,851</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">Gravity Entertainment Corp.(*2)</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">7,706</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">Gravity NeoCyon, Inc.</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">11,068,694</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">7,422,182</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">26,368,123</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">(1,753,593)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Communications Co., Ltd.</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">33,717,352</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">10,070,240</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">41,677,215</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">12,281,146</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">PT. Gravity Game Link</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">2,184,917</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">663,529</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">4,880,948</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">(315,190)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">Gravity Game Tech Co., Ltd.</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">21,092,640</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">6,314,555</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">39,147,178</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">13,989,069</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Game Arise Co., Ltd. </p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">2,637,083</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">2,065,979</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">2,483,354</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">81,573</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:8.17%;text-indent:-4.98%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:8.17%;text-indent:-4.98%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*1) Amounts before offsetting the related party transactions. </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:8.17%;text-indent:-4.98%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*2) Gravity Entertainment Corp. was liquidated during 2020 and has been excluded from subsidiary since then. </p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:486.25pt;;">
<tr>
<td style="width:153.1pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:12.5pt;"></td>
<td style="width:63.25pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:4.1pt;"></td>
<td style="width:68.6pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:4.05pt;"></td>
<td style="width:70pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:3.95pt;"></td>
<td style="width:91.5pt;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  BGCOLOR="#FFFFFF" style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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:10pt;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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:10pt;">&nbsp;</p></td>
<td colspan="10" valign="bottom"  BGCOLOR="#FFFFFF" style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">Subsidiaries</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10pt;;text-indent:-10pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">Gravity Interactive, Inc.</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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:10pt;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:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">39,296,390</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">29,112,064</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">230,028,732</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">44,413</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">51,753</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">263,173</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">(443,447)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">Gravity NeoCyon, Inc.</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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 Communications Co., Ltd.</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">PT. Gravity Game Link</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">Gravity Game Tech Co., Ltd.</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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 Game Arise Co., Ltd. </p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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="margin-bottom:0pt;margin-top:0pt;margin-left:8.17%;text-indent:-4.98%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:8.17%;text-indent:-4.98%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*) Amounts before offsetting the related party transactions.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">2.&nbsp;&nbsp;Basis of Presentation</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;">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: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;">These consolidated financial statements were authorized for issuance by the Board of Directors on March 9, 2021, which will be submitted for approval at the shareholders&#8217; meeting to be held on March 31, 2021.</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="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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">2.&nbsp;&nbsp;Basis of Presentation, 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;">(1) Basis of 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;">The consolidated financial statements have been prepared on the historical cost basis.</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) Use of judgments and estimates</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 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="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 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:3.19%;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) 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;">As discussed in Note 4 (13), the Group sells virtual currency and items that can be used in online and mobile games to game users. For each game in each country, the Group estimates and applies the game user's life cycle in order to recognize revenue generated by micro-transactions. The game user's life cycle is estimated based on the average period from the game user's first payment date to the last access date for active paying game users. The Group considers a game user as an active user if the period between the time of the user&#8217;s most recent access of the game and the end of reporting period equals or is shorter than the estimated game users&#8217; life cycle. For remaining amounts of virtual currency and items that active users own at period-end, the related revenue is deferred considering whether the virtual currency is refundable and items&#8217; attributes. The Group estimates the user&#8217;s life cycle by analyzing game users&#8217; activity patterns such as payment and access and it periodically reviews if there is any change of these estimates. </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;">(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 assesses the realizability of deferred tax assets, the Group considers 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 was 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;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="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;">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:5.49%;">
<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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;"> 3.&nbsp;&nbsp;Changes in accounting policies</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 applied the following standards and amendments for the first time for the annual reporting period commencing January 1, 2020.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:7.05%;text-indent:-3.86%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Amendments to K-IFRS No. 1001 <font style="font-style:italic;">Presentation of Financial Statements </font>and K-IFRS No. 1008 <font style="font-style:italic;">Accounting policies and errors</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;">The amendments clarify the definition of material. Information is material if omitting, misstating or obscuring it could reasonably be expected to influence the decisions that the primary users of general-purpose financial statements make on the basis of those financial statements. The amendments do not have a significant impact on the consolidated financial statements.</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;">(2) Amendments to K-IFRS<font style="font-weight:bold;color:#000000;"> </font><font style="color:#000000;">No. 1103 Business Combination</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;">The amended definition of a business requires an acquisition to include an input and a substantive process that together significantly contribute to the ability to create outputs and the definition of output excludes the returns in the form of lower costs and other economic benefits. If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, an entity may elect to apply an optional concentration test that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The amendments do not have a significant impact on the consolidated financial statements.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:7.05%;text-indent:-3.86%;color:#000000;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. 1109 Financial Instruments, K-IFRS No. 1107 Financial Instruments: Recognition and K-IFRS No. 1039 Financial Instruments: Disclosure</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 amendments allow to apply the exceptions in relation the application of hedge accounting while uncertainties arising from interest rate benchmark reform exist. The exceptions require the Group assumes that the interest rate benchmark on which the hedged items and the hedging instruments are based on is not altered as a result of interest rate benchmark reform, when determining whether the expected cash flows are highly probable, whether an economic relationship between the hedged item and the hedging instrument exists, and when assessing the hedging relationship is highly effective. The amendments do not have a significant impact on the 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;">(4) Amendments to the <font style="font-style:italic;">Conceptual framework for financial reporting</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;">The concept of measurement, presentation and disclosure, and derecognition was introduced for financial reporting, and the definition and recognition criteria for assets and liabilities were amended. In addition, the uncertainty in the measurement of prudence, stewardship, measurement, uncertainty and substance over form were clarified.</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;">&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;">&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;">&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;">12</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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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</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 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%;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 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%;color:#000000;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="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 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:#000000;">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%;color:#000000;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%;color:#000000;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="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) Segment reporting</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;">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></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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.19%;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;"><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</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;">(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>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:5.64%;text-indent:0%;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;"><font style="Background-color:#auto;text-decoration:none;">&#9679;</font><font style="margin-left:28pt;color:#000000;"></font><font style="color:#000000;">measured at fair value through profit or loss;</font></p>
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;margin-left:5.64%;text-indent:0%;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;"><font style="Background-color:#auto;text-decoration:none;">&#9679;</font><font style="margin-left:28pt;color:#000000;"></font><font style="color:#000000;">measured at fair value through other comprehensive income; and</font></p>
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;margin-left:5.64%;text-indent:0%;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;"><font style="Background-color:#auto;text-decoration:none;">&#9679;</font><font style="margin-left:28pt;color:#000000;"></font><font style="color:#000000;">measured at amortized cost.</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;">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%;color:#000000;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="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-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-weight:normal;font-style:normal;color:#auto;font-size:10pt;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;"></font>&#9679;</p></td>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="color:#000000;">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></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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</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;"><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%;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, Continued</p>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-weight:normal;font-style:normal;color:#auto;font-size:10pt;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;"></font>&#9679;</p></td>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="color:#000000;">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;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-weight:normal;font-style:normal;color:#auto;font-size:10pt;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;"></font>&#9679;</p></td>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="color:#000000;">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>
<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: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="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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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: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;">(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</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-weight:normal;font-style:normal;color:#auto;font-size:10pt;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;"><font style="Background-color:#auto;text-decoration:none;">&#9679;</font><font style="margin-left:28pt;color:#000000;"></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-weight:normal;font-style:normal;color:#auto;font-size:10pt;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;"><font style="Background-color:#auto;text-decoration:none;">&#9679;</font><font style="margin-left:28pt;color:#000000;"></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:12pt;margin-top:0pt;margin-left:5.64%;text-indent:0%;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;"><font style="Background-color:#auto;text-decoration:none;">&#9679;</font><font style="margin-left:28pt;color:#000000;"></font><font style="color:#000000;">contract assets under K-IFRS No. 1115.</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;">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-weight:normal;font-style:normal;color:#auto;font-size:10pt;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;"><font style="Background-color:#auto;text-decoration:none;">&#9679;</font><font style="margin-left:28pt;color:#000000;"></font><font style="color:#000000;">debt securities that are determined to have low credit risk at the reporting date; and</font></p>
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<td valign="top" style="width:5.72%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" style="width:5.58%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;"></font>&#9679;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></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></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;">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>
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<td valign="top" style="width:5.64%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" style="width:5.66%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;"></font>&#9679;</p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></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></td></tr></table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:5.64%;text-indent:0%;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;"><font style="Background-color:#auto;text-decoration:none;">&#9679;</font><font style="margin-left:28pt;color:#000000;"></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>
<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%;font-family:Times New Roman;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="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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">(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;">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 other comprehensive income.</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 consolidated 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;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: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;">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></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;">17</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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</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;"><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;">(5) Property and Equipment, 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;">Property and equipment, subsequently, are carried at cost less accumulated depreciation and accumulated impairment 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;">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%;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>
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<tr>
<td style="width:22.66%;"></td>
<td style="width:0.06%;"></td>
<td style="width:17.13%;"></td>
</tr>
<tr style="height:11.85pt;">
<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;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; 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;">
<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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;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; 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>
</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;">
<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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;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;">
<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;">
<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;">Vehicles</p></td>
<td valign="bottom" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;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;">
<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;">
<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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;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;">
<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;">
<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;">Right-of-use assets</p></td>
<td valign="bottom" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;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;">
<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;">(*)</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: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 depreciates the right-of-use asset from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term using the straight-line method.</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;">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%;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%;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>
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<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:8.48%;width:33.82%;">
<tr>
<td style="width:16.63%;"></td>
<td style="width:0.06%;"></td>
<td style="width:17.13%;"></td>
</tr>
<tr style="height:11.85pt;">
<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;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; 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>
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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;">
<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;">Software</p></td>
<td valign="bottom" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;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; 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;">
<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;">Patents</p></td>
<td valign="bottom" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;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;">
<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;">
<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 intangible assets</p></td>
<td valign="bottom" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;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;">
<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%;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="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="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;">18</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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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: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, 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 entered into a game licensing agreement with a number of third parties to gain exclusive rights to the games developed by those companies. The license fee payments are recognized as other intangible assets and amortized over the term of the contract <font style="font-size:11pt;">using the straight-line method</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;">(7) Impairment of Non-financial Assets</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;">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 No. 1116.</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;">&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) 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 datacenter 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>
<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="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;">19</a></p>
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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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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) 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;font-size:10pt;">&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;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:11pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;">fixed </font><font style="color:#000000;">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-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:11pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="color:#000000;">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;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:11pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="color:#000000;">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-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:11pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><a name="_Hlk36133461"></a><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="color:#000000;">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.</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="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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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) 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 consolidated 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;">(b) 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="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="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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">(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="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:2.83%;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 consolidated 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="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="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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">(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 consolidated 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>
<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%;color:#000000;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="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="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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">(13) Revenues from contracts with customers, 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) Revenue from micro-transaction and subscription</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 micro-transaction revenue of online and mobile games when the Group satisfies its performance obligations. </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 performance obligations are satisfied depends on the natures of virtual currency and items. Items are categorized into consumable, periodic, and permanent items.</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;">Consumable in-game virtual items are items that are consumed by the specific action of a game user, and periodic in-game virtual items are items that can be used repeatedly during a specified effective period. Permanent in-game virtual items are items that can be used by game users repeatedly without an effective 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;">The accounting policy on revenue recognition is described below in relation to micro-transaction revenue from the sales of virtual currency and items. </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) Online Games</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 the end of the reporting period, the Group defers the total amount of remaining virtual currency as the Group has the obligation to refund for remaining virtual 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;">For consumable in-game virtual items, the related revenue is recognized when the in-game virtual item is consumed. The Group defers the revenue for remaining amounts of virtual items owned by active users within the estimated user life cycle at the end of the reporting period. For periodic in-game virtual items, the related revenue is recognized ratably over the effective period. The Group defers the revenue for remaining effective period. For permanent in-game virtual items, revenue is recognized ratably over the estimated user life cycle. The Group defers the revenue for remaining period of estimated user life cycle at 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;">The Group recognizes online subscription revenue as game users make use of in-game premium features. Subscription revenue comes from subscription fee for internet caf&#233;s. Prepaid subscription fees from internet caf&#233;s are deferred and recognized as revenue monthly based on actual hours used. </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) Mobile Games</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 purchase virtual currency that can be used to purchase in-game items. The Group has no refund obligation after the game users purchase virtual 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;">At the end of the reporting period, the Group defers the revenue for the remaining virtual currency possessed by paying active users. </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="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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">(13) Revenues from contracts with customers, 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) Revenue from micro-transaction and subscription, 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;">(ii) Mobile Games, 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;">For consumable in-game virtual items, revenue is recognized when the in-game virtual item is consumed. The Group defers the revenue for remaining virtual items possessed by active users within the estimated user life cycle at the end of the reporting period. For periodic in-game virtual items with effective period, revenue is recognized ratably over the effective period. The Group defers the revenue for remaining effective period. For permanent in-game virtual items, revenue is recognized ratably over the estimated user life cycle. The Group defers the revenue for remaining period of estimated user life cycle at 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;">(b) Online and Mobile games&#8212;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;">In connection with the Group&#8217;s online and mobile games, the Group enters into license agreement in connection with the right to access the intellectual property, such as game character images and stories. The Group believes that the agreement is a promise to provide a right to the customer to access the related IP because the Group will undertake activities that significantly affect the intellectual property to which the customer has rights, the rights granted by the license directly expose the customer to any positive or negative effects of the Group&#8217;s activities, and those activities do not result in the transfer of a good or a service to the customer as those activities occur. Therefore, the Group&#8217;s performance obligations in connection with these agreements are satisfied over time. Since the nature of the license promise is to provide customers with access to the intellectual property of the Group during the license period, the Group's performance obligation corresponds to the performance obligation satisfied over time, and revenue is recognized over the license period. The Group recognizes revenue for the license fee through the straight-line method during the contract period, and for the running royalty revenue, the revenue is recognized on an accrual basis at the time the revenue distribution is established in accordance with the terms of the contract. When the running royalty revenue based on the contractual royalty rate and the actual revenue of the licensee exceeds the ratably recognized minimum guarantee, the excess amount is then recognized as revenue and accounts receivable. </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;">(c) Other 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;">Other revenue consists of revenue from sales of console games, game character merchandise, animation and other services, including website development and operation services for third parties. Revenues from development and operation services for third parties are recognized over time by measuring progress towards complete satisfaction of a performance obligation. The progress is measured by reference to the costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. </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="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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">(13) Revenues from contracts with customers, 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;">(d) Incremental costs of obtaining 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 pays platform processing fees to operate mobile games on third party platforms. These fees are charged based on the game users&#8217; purchases in cash and considered as incremental cost of obtaining contracts with customer and therefore capitalized. The Group presents these costs as prepaid expense and amortizes them to costs of revenue at the same time when the related revenue of the services provided to the game users are recognized. </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%;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%;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 tax credit.</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>
<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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">(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, 2020 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="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:11pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="color:#000000;">Reference to Conceptual Framework (Amendment to K-IFRS No 1103)</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:6.31%;white-space:nowrap">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" style="width:3.98%;white-space:nowrap">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:11pt;font-family:'Times New Roman'">&#8226;</font></p></td>
<td valign="top">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="color:#000000;">Classification of Liabilities as Current or Non-current (Amendment to K-IFRS No 1001)</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;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">5.&nbsp;&nbsp;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, 2020 and 2019 are as follows: </p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:77.84%;">
<tr>
<td style="width:24.95%;"></td>
<td style="width:0.94%;"></td>
<td style="width:3.43%;"></td>
<td style="width:22.86%;"></td>
<td style="width:0.94%;"></td>
<td style="width:0.94%;"></td>
<td style="width:22.86%;"></td>
<td style="width:0.94%;"></td>
</tr>
<tr style="height:13.35pt;">
<td valign="bottom"  style=" 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=" 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;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">&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, 2020</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-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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, 2019</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-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.35pt;">
<td valign="middle" >
<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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<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;">110,632,482</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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:0pt;;text-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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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, 2020 and 2019.</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;">&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;">&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="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;">27</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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">6.&nbsp;&nbsp;Financial Instruments by Category</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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:2.83%;width:404.4pt;;">
<tr>
<td style="width:155.9pt;"></td>
<td style="width:7.05pt;"></td>
<td style="width:21.25pt;"></td>
<td style="width:106.3pt;"></td>
<td style="width:7.05pt;"></td>
<td style="width:106.85pt;"></td>
</tr>
<tr style="height:3.05pt;">
<td valign="bottom"  style=" 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=" 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:10pt;">&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-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:-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, 2020</p></td>
<td valign="bottom"  style=" 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=" 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>
</tr>
<tr style="height:14.2pt;">
<td colspan="6" valign="middle" >
<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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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="bottom" >
<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;">110,632,482</p></td>
<td valign="bottom" >
<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" >
<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>
</tr>
<tr style="height:14.2pt;">
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">71,000,000</p></td>
<td valign="bottom" >
<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" >
<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>
</tr>
<tr style="height:14.2pt;">
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">59,761,256</p></td>
<td valign="bottom" >
<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" >
<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>
</tr>
<tr style="height:14.2pt;">
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">8,333</p></td>
<td valign="bottom" >
<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" >
<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>
</tr>
<tr style="height:14.1pt;">
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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 financial assets</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">817,825</p></td>
<td valign="bottom" >
<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" >
<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>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" 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=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;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:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">1,323,865</p></td>
<td valign="bottom"  style=" 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="bottom"  style=" 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>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;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:-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="bottom"  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:-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;">243,543,761</p></td>
<td valign="bottom"  style=" 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=" border-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>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:2.83%;width:80.56%;">
<tr>
<td style="width:31.07%;"></td>
<td style="width:1.4%;"></td>
<td style="width:4.23%;"></td>
<td style="width:21.21%;"></td>
<td style="width:1.21%;"></td>
<td style="width:21.44%;"></td>
</tr>
<tr style="height:3.05pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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, 2020</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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>
</tr>
<tr style="height:14.2pt;">
<td colspan="6" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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 payable</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">54,090,082</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">37,688,820</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">Accrued expenses(*)</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.8%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">62,194</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">18,948</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">Other current liabilities</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2,653,144</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,985,620</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">Other non-current liabilities</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">3,247,072</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">60,052,492</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">42,701,927</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:3.19%;font-family:Times New Roman;font-size:10pt;">&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;">(*) Accrued expenses not applicable to financial liabilities are excluded.</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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:80.13%;">
<tr>
<td style="width:31.5%;"></td>
<td style="width:1.45%;"></td>
<td style="width:4.58%;"></td>
<td style="width:21.06%;"></td>
<td style="width:0.75%;"></td>
<td style="width:20.79%;"></td>
</tr>
<tr style="height:3.05pt;">
<td valign="bottom"  style=" 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=" 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:10pt;">&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-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:-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;">2020</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:-5pt;;text-indent:0pt;;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;">2019</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle" >
<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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.8%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle" >
<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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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="bottom" >
<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;">1,087,865</p></td>
<td valign="bottom" >
<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" >
<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>
</tr>
<tr style="height:14.2pt;">
<td valign="middle" >
<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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">(1,796,086)</p></td>
<td valign="bottom" >
<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" >
<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>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;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:-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="bottom"  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:-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;">(708,221)</p></td>
<td valign="bottom"  style=" 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=" border-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>
</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-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:80.26%;">
<tr>
<td style="width:33.21%;"></td>
<td style="width:1.4%;"></td>
<td style="width:4.45%;"></td>
<td style="width:20.36%;"></td>
<td style="width:0.74%;"></td>
<td style="width:20.1%;"></td>
</tr>
<tr style="height:3.05pt;">
<td valign="bottom"  style=" 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=" 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:10pt;">&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-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:-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;">2020</p></td>
<td valign="bottom"  style=" border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;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;">2019</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle" >
<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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.8%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle" >
<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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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="bottom" >
<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;">(185,742)</p></td>
<td valign="bottom" >
<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" >
<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>
</tr>
<tr style="height:14.2pt;">
<td valign="middle" >
<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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">537,117</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;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:-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="bottom"  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:-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;">351,375</p></td>
<td valign="bottom"  style=" 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=" border-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>
</tr>
</table></div>
<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="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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">6.&nbsp;&nbsp;Financial Instruments by Category, Continued</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-family:Times New Roman;font-size:10pt;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;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&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-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:11pt;font-family:'Times New Roman'">&#8226;</font></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="color:#000000;">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="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" style="width:4.24%;white-space:nowrap">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:11pt;font-family:'Times New Roman'">&#8226;</font></p></td>
<td valign="top">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="color:#000000;">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="text-align:left;margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" style="width:4.24%;white-space:nowrap">
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:11pt;font-family:'Times New Roman'">&#8226;</font></p></td>
<td valign="top">
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="color:#000000;">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 of 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="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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">7.&nbsp;&nbsp;Accounts and Other Receivables</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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:450.8pt;;">
<tr>
<td style="width:157.4pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:16.3pt;"></td>
<td style="width:65.7pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:62.05pt;"></td>
<td style="width:7.1pt;"></td>
<td style="width:70.85pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:60pt;"></td>
</tr>
<tr style="height:13.9pt;">
<td valign="bottom"  style=" 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=" 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:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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:10pt;">&nbsp;</p></td>
<td colspan="3" valign="top"  style=" 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, 2020</p></td>
<td valign="bottom" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="3" valign="top"  style=" 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>
</tr>
<tr style="height:13.9pt;">
<td valign="bottom"  style=" 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-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">Accounts</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;">receivables</p></td>
<td valign="top"  style=" 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;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">Other receivables</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:2.1pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">Accounts</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;">receivables</p></td>
<td valign="top"  style=" 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;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">Other receivables</p></td>
</tr>
<tr style="height:13.9pt;">
<td valign="middle"  style="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" >
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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="bottom"  style=" 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;">57,792,924</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">13,142</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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>
</tr>
<tr style="height:13.9pt;">
<td valign="middle"  style="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" >
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">2,547,419</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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=" 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=" 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-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:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">(579,087)</p></td>
<td valign="bottom"  style=" 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;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">(4,809)</p></td>
<td valign="bottom"  style=" 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="bottom"  style=" 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="bottom"  style=" 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;">&nbsp;</p></td>
<td valign="bottom"  style=" 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>
</tr>
<tr style="height:13.9pt;">
<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;">Accounts and other receivables, net</p></td>
<td valign="middle"  style=" 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-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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="bottom"  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: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;">59,761,256</p></td>
<td valign="bottom"  style=" 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:9pt;">&nbsp;</p></td>
<td valign="bottom"  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: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;">8,333</p></td>
<td valign="bottom"  style=" 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="bottom"  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: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="bottom"  style=" 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:9pt;">&nbsp;</p></td>
<td valign="bottom"  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: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>
</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, 2020 and 2019 are as follows: </p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:450.8pt;;">
<tr>
<td style="width:181.45pt;"></td>
<td style="width:7.1pt;"></td>
<td style="width:14.2pt;"></td>
<td style="width:56.7pt;"></td>
<td style="width:7.05pt;"></td>
<td style="width:56.7pt;"></td>
<td style="width:7.1pt;"></td>
<td style="width:56.7pt;"></td>
<td style="width:7.1pt;"></td>
<td style="width:56.7pt;"></td>
</tr>
<tr style="height:13.9pt;">
<td valign="bottom"  style=" 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=" 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:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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:10pt;">&nbsp;</p></td>
<td colspan="3" valign="top"  style=" 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, 2020</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:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="3" valign="top"  style=" 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>
</tr>
<tr style="height:13.9pt;">
<td valign="bottom"  style=" 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-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" 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-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:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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;">Accounts</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;">receivables</p></td>
<td valign="top"  style=" 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;;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: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;">Other receivables</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:2.1pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">Accounts</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;">receivables</p></td>
<td valign="top"  style=" 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;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">Other receivables</p></td>
</tr>
<tr style="height:13.9pt;">
<td valign="top"  style="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" >
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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="bottom"  style=" 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;">165,065</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">4,272</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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>
</tr>
<tr style="height:13.9pt;">
<td valign="top"  style="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;">Bad debt expenses</p></td>
<td valign="top" >
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">712,184</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">537</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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="top"  style="white-space:nowrap;">
<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;">Reversal of allowance for doubtful accounts</p></td>
<td valign="top" >
<p style="text-align:justify;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="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">(49,767)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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>
</tr>
<tr style="height:3.5pt;">
<td valign="top"  style=" 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=" 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-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:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">(248,395)</p></td>
<td valign="bottom"  style=" 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;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">-</p></td>
<td valign="bottom"  style=" 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="bottom"  style=" 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="bottom"  style=" 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;">&nbsp;</p></td>
<td valign="bottom"  style=" 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>
</tr>
<tr style="height:3pt;">
<td valign="top"  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;">Ending balance</p></td>
<td valign="top"  style=" 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-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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=" border-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;">579,087</p></td>
<td valign="bottom"  style=" 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:9pt;">&nbsp;</p></td>
<td valign="bottom"  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: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;">4,809</p></td>
<td valign="bottom"  style=" 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="bottom"  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: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="bottom"  style=" 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:9pt;">&nbsp;</p></td>
<td valign="bottom"  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: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="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: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) Expected credit losses (ECLs) and credit risk exposures for accounts and other receivables as of December 31, 2020 and 2019 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;  margin-left:3.39%;width:93.95%;">
<tr>
<td style="width:35.28%;"></td>
<td style="width:0.97%;"></td>
<td style="width:21.09%;"></td>
<td style="width:0.76%;"></td>
<td style="width:4.77%;"></td>
<td style="width:14.84%;"></td>
<td style="width:0.76%;"></td>
<td style="width:0.78%;"></td>
<td style="width:14.72%;"></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td colspan="7" 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, 2020</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">&nbsp;</p></td>
<td valign="bottom"  style=" 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" >
<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;">Not due or overdue for less than 90 days</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" 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;">0.1</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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=" 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;">57,661,634</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" 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;">54,409</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">5.0</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">2,138,182</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">107,297</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">55.3</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">275,733</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">152,645</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">99.9</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">79,025</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">78,967</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style=" 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=" 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;">&nbsp;</p></td>
<td valign="top"  style=" 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=" 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;">&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:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" 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;">185,769</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:2.1pt;;text-indent:0pt;;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:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" 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;">185,769</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style=" border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;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:2.1pt;;text-indent:0pt;;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:2.1pt;;text-indent:0pt;;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:2.1pt;;text-indent:0pt;;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: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=" border-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;">60,340,343</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:2.1pt;;text-indent:0pt;;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:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  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: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;">579,087</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-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:93.95%;">
<tr>
<td style="width:35.28%;"></td>
<td style="width:0.97%;"></td>
<td style="width:21.09%;"></td>
<td style="width:0.76%;"></td>
<td style="width:4.77%;"></td>
<td style="width:14.84%;"></td>
<td style="width:0.76%;"></td>
<td style="width:0.78%;"></td>
<td style="width:14.72%;"></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td colspan="7" 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>
</tr>
<tr style="height:14.15pt;">
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">&nbsp;</p></td>
<td valign="bottom"  style=" 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" >
<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;">Not due or overdue for less than 90 days</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" 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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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=" 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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" 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></table></div></div></div>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;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;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;">Notes to Consolidated Financial Statements</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;">As of December 31, 2020 and 2019</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:93.95%;">
<tr>
<td style="width:35.28%;"></td>
<td style="width:0.97%;"></td>
<td style="width:21.09%;"></td>
<td style="width:0.76%;"></td>
<td style="width:4.77%;"></td>
<td style="width:14.84%;"></td>
<td style="width:0.76%;"></td>
<td style="width:0.78%;"></td>
<td style="width:14.72%;"></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top" >
<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;"><font style="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</font></p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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=" 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=" 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;">&nbsp;</p></td>
<td valign="top"  style=" 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=" 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;">&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:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" 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=" 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;">&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:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" 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=" border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;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:2.1pt;;text-indent:0pt;;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:2.1pt;;text-indent:0pt;;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:2.1pt;;text-indent:0pt;;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: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=" border-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=" 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: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:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  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: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="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;">7.&nbsp;&nbsp;Accounts and Other Receivables, Continued</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) Expected credit losses (ECLs) and credit risk exposures for accounts receivable as of December 31, 2020 and 2019 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;  margin-left:3.39%;width:92.19%;">
<tr>
<td style="width:35.97%;"></td>
<td style="width:0.98%;"></td>
<td style="width:20.39%;"></td>
<td style="width:0.77%;"></td>
<td style="width:3.64%;"></td>
<td style="width:14.84%;"></td>
<td style="width:0.77%;"></td>
<td style="width:14.85%;"></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td colspan="6" 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, 2020</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top" >
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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" >
<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;">Not due or overdue for less than 90 days</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" 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;">0.0</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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=" 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;">8,333</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" 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" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">0.0</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">0.0</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">0.0</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">4,809</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">4,809</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style=" border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;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:2.1pt;;text-indent:0pt;;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:2.1pt;;text-indent:0pt;;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:2.1pt;;text-indent:0pt;;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: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=" border-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;">13,142</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:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  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: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;">4,809</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top" >
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="6" valign="bottom" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td colspan="6" 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>
</tr>
<tr style="height:14.15pt;">
<td valign="top" >
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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" >
<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;">Not due or overdue for less than 90 days</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" 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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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=" 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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" 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" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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=" border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;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:2.1pt;;text-indent:0pt;;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:2.1pt;;text-indent:0pt;;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:2.1pt;;text-indent:0pt;;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: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=" border-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=" 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:9pt;">&nbsp;</p></td>
<td valign="top"  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: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;font-size:10pt;">&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;font-size:10pt;">&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="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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">8.&nbsp;&nbsp;Property and Equipment</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 property and equipment as of December 31, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:473.55pt;;">
<tr>
<td style="width:81.65pt;"></td>
<td style="width:7.1pt;"></td>
<td style="width:14.1pt;"></td>
<td style="width:54.05pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:59.75pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:53.85pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:56.75pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:66.25pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:61.05pt;"></td>
</tr>
<tr style="height:13.55pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="5" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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, 2020</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="5" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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, 2019</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">6,074,169</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(4,695,201)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,378,968</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">5,671,399</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(4,614,415)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,056,984</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">Furniture and fixture</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2,037,880</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(1,727,467)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">310,413</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,984,190</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(1,541,412)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">442,778</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">Construction in progress</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">128,163</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">128,163</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">Vehicles</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">9,101</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(948)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">8,153</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,160,456</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(1,028,347)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">132,109</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,291,445</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(1,074,043)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">217,402</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">11,500,352</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(5,763,112)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">5,737,240</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">8,627,211</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(3,680,931)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">4,946,280</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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: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=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">20,910,121</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(13,215,075)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">7,695,046</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">17,574,245</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(10,910,801)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">6,663,444</p></td>
</tr>
</table></div>
<p style="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: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 property and equipment for the years ended December 31, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:486.25pt;;">
<tr>
<td style="width:84.85pt;"></td>
<td style="width:2.85pt;"></td>
<td style="width:10.35pt;"></td>
<td style="width:55.05pt;"></td>
<td style="width:7.1pt;"></td>
<td style="width:49.6pt;"></td>
<td style="width:7.1pt;"></td>
<td style="width:49.6pt;"></td>
<td style="width:7.1pt;"></td>
<td style="width:49.6pt;"></td>
<td style="width:7.1pt;"></td>
<td style="width:42.55pt;"></td>
<td style="width:7.05pt;"></td>
<td style="width:49.65pt;"></td>
<td style="width:7.05pt;"></td>
<td style="width:49.65pt;"></td>
</tr>
<tr style="height:11.35pt;">
<td valign="middle"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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; 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; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="13" valign="top"  BGCOLOR="#FFFFFF" 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:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2020</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; 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; 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; 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;;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; 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; 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-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; 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; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style=" 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;">Constru-ction in progress</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style=" 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;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style=" 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:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Vehicles</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style=" 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;;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; 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;">Improve-ments</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;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; 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 valign="bottom"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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-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; 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;">
<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;">
<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;">
<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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom" >
<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="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom" >
<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="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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 valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<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;">4,946,280</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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>
</tr>
<tr style="height:11.35pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<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;">Acquisitions/Capital Expenditure</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<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;">
<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;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;">849,675</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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;">81,174</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">128,163</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">9,101</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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;">3,266</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<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;">3,783,994</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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;">4,855,373</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;">
<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;">
<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;">
<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;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;">(529,285)</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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;">(212,696)</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom" >
<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="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">(948)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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;">(83,430)</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<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;">(2,956,888)</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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;">(3,783,247)</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;">
<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;">
<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;">
<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;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;">(1,061)</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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;">(766)</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom" >
<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="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom" >
<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="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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;">(2,032)</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<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;">(13,562)</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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;">(17,421)</p></td>
</tr>
<tr style="height:11.35pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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; 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; 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; 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;">2,655</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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;">(77)</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style=" 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;">&nbsp;</p></td>
<td valign="bottom"  style=" 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:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="bottom"  style=" 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;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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;">(3,097)</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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;">(22,584)</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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;">(23,103)</p></td>
</tr>
<tr style="height:11.35pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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; 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; 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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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;">1,378,968</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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;">310,413</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  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: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;">128,163</p></td>
<td valign="bottom"  style=" 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;">&nbsp;</p></td>
<td valign="bottom"  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: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;">8,153</p></td>
<td valign="bottom"  style=" 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;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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;">132,109</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; border-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;">5,737,240</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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;">7,695,046</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>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:462.1pt;;">
<tr>
<td style="width:110.55pt;"></td>
<td style="width:2.75pt;"></td>
<td style="width:11.4pt;"></td>
<td style="width:70.8pt;"></td>
<td style="width:7.25pt;"></td>
<td style="width:56.6pt;"></td>
<td style="width:1.75pt;"></td>
<td style="width:6.6pt;"></td>
<td style="width:61.4pt;"></td>
<td style="width:0.35pt;"></td>
<td style="width:6.05pt;"></td>
<td style="width:58.4pt;"></td>
<td style="width:6.4pt;"></td>
<td style="width:0.7pt;"></td>
<td style="width:60.15pt;"></td>
<td style="width:0.95pt;"></td>
</tr>
<tr style="height:11.35pt;">
<td valign="middle"  BGCOLOR="#FFFFFF" style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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; 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; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="12" valign="bottom"  BGCOLOR="#FFFFFF" 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: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; 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; 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; 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;;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; 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; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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; 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; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;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; 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;;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; 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; border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;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; 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; 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-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; 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;">
<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;">
<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;">
<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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<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;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;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;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;">
<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;">
<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;">
<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;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<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;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;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;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;">
<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;">
<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;">
<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;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<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;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<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="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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;">
<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;">
<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;">
<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;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<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;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;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;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;">
<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;">
<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;">
<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;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<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;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;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;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; 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; 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; 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; 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; 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:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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; 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-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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; 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; 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-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;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; 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; 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; 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; 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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; border-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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;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; 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-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:12pt;margin-left:6.18%;text-indent:-2.99%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">8.&nbsp;&nbsp;Property and Equipment, Continued</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) Classification of deprecation expenses in the statements of comprehensive income for the years ended December 31, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:386pt;;">
<tr>
<td style="width:180.35pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:27.95pt;"></td>
<td style="width:85.05pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:85.05pt;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style=" 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=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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;">2020</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:7.1pt;;text-indent:0pt;;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;">2019</p></td>
</tr>
<tr style="height:13.6pt;">
<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;">Cost of revenues</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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="bottom"  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;">2,123,300</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">1,795,167</p></td>
</tr>
<tr style="height:14.2pt;">
<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;">Selling, general and administrative expenses</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,659,947</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</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-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="bottom"  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;">3,783,247</p></td>
<td valign="bottom"  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;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">2,748,172</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;">(4) As of December 31, 2020 and 2019, there are no property and equipment that are pledged as collateral for the Group&#8217;s debts.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">9.&nbsp;&nbsp;Intangible Assets</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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:505pt;;">
<tr>
<td style="width:99.2pt;"></td>
<td style="width:3.75pt;"></td>
<td style="width:12pt;"></td>
<td style="width:55.1pt;"></td>
<td style="width:2.6pt;"></td>
<td style="width:69.5pt;"></td>
<td style="width:3.85pt;"></td>
<td style="width:54.1pt;"></td>
<td style="width:7.05pt;"></td>
<td style="width:53.7pt;"></td>
<td style="width:2.6pt;"></td>
<td style="width:76.05pt;"></td>
<td style="width:4.35pt;"></td>
<td style="width:60.8pt;"></td>
<td style="width:0.35pt;"></td>
</tr>
<tr style="height:13.55pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="5" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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, 2020</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="5" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;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 style="border:none;padding:0;"></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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 amortization<font style="font-weight:normal;">(*)</font></p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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 amortization<font style="font-weight:normal;">(*)</font></p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">14,303,511</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(12,069,126)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2,234,385</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">12,315,779</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(11,171,985)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:4.78%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,143,794</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">858,883</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(526,741)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">332,142</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">673,905</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(488,478)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">185,427</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">4,545,813</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(3,749,461)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">796,352</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">3,820,006</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(3,432,167)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">387,839</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">19,708,207</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(16,345,328)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">3,362,879</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">16,809,690</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(15,092,630)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,717,060</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:0%;font-size:8pt;">&nbsp;</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;">(*) Accumulated amortization includes the amount of accumulated impairment loss.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:1.41%;width:94.09%;">
<tr>
<td style="width:23.12%;"></td>
<td style="width:0.89%;"></td>
<td style="width:3.59%;"></td>
<td style="width:16.51%;"></td>
<td style="width:0.87%;"></td>
<td style="width:12.18%;"></td>
<td style="width:0.87%;"></td>
<td style="width:20.78%;"></td>
<td style="width:0.87%;"></td>
<td style="width:14.43%;"></td>
</tr>
<tr style="height:14.2pt;">
<td rowspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="7" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2020</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;"><strike>W</strike></p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,143,794</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">185,427</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">387,839</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,717,060</p></td>
</tr>
<tr style="height:2.8pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">Acquisitions/Capital Expenditure</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,985,736</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">184,978</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">725,494</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2,896,208</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(897,141)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(38,263)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(201,820)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(1,137,224)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(115,475)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(115,475)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,996</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">314</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2,310</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;"><strike>W</strike></p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2,234,385</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">332,142</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">796,352</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">3,362,879</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;font-size:10pt;">&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;">(*) The Group recognized <strike>W</strike>115,474 thousand of impairment loss as carrying amount of other intangible assets exceeded recoverable amount as of December 31, 2020.<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;font-size:10pt;">&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="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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">9.&nbsp;&nbsp;Intangible Assets, Continued</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) Changes in intangible assets for the years ended December 31, 2020 and 2019 are as follows, Continued:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:94.95%;">
<tr>
<td style="width:26.54%;"></td>
<td style="width:0.87%;"></td>
<td style="width:3.94%;"></td>
<td style="width:15.25%;"></td>
<td style="width:0.87%;"></td>
<td style="width:15.25%;"></td>
<td style="width:0.87%;"></td>
<td style="width:15.25%;"></td>
<td style="width:0.87%;"></td>
<td style="width:15.25%;"></td>
</tr>
<tr style="height:14.2pt;">
<td rowspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="7" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2019</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;"><strike>W</strike></p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">950,534</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">152,727</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">410,120</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,513,381</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(807,087)</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(27,027)</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(71,109)</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(905,223)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(8,071)</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(11,654)</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(19,725)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(51,509)</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(51,509)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">17,135</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">17,135</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;"><strike>W</strike></p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,143,794</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">185,427</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">387,839</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,717,060</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;font-size:10pt;">&nbsp;</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;">(*) 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.</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="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, 2020 and <font style="color:#000000;">2019 are as follows:</font></p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:438.2pt;;">
<tr>
<td style="width:211.4pt;"></td>
<td style="width:26.75pt;"></td>
<td style="width:96.3pt;"></td>
<td style="width:12.15pt;"></td>
<td style="width:91.6pt;"></td>
</tr>
<tr style="height:13.9pt;">
<td valign="top"  style=" 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=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2020</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:7.1pt;;text-indent:0pt;;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;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
</tr>
<tr style="height:13.9pt;">
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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" >
<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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">479,402</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">101,159</p></td>
</tr>
<tr style="height:13.9pt;">
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">657,822</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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>
</tr>
<tr style="height:13.9pt;">
<td valign="middle"  style=" 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=" 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="top"  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;">1,137,224</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;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  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;">905,223</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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, 2020 and 2019 are <strike>W</strike>1,968,132 thousand and <strike>W</strike>1,811,652 thousand, respectively. </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;">&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="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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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: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;">(1) 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="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;">(2) In March 2016, the Parent Company and Shanghai The Dream Network Technology Co., Ltd. entered into 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: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) As of December 31, 2020, the Group has entered into license agreements with various third-party game developers to secure exclusive right to publish the games developed by the 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, 2020 and 2019 are <strike>W</strike>3,309,965 thousands and <strike>W</strike>868,350 thousands, respectively.</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;">(4) As of December 31, 2020, the Parent Company received payment guarantee of USD 912,000 from KB Kookmin Bank regarding overseas IP contracts. </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">12. Share Capital and Share Premium</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, 2020 and 2019 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-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-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, 2020</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-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, 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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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-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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;font-size:10pt;">&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-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="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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;font-size:10pt;">&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-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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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="bottom"  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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;font-size:10pt;">&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-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="bottom"  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="bottom"  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="bottom"  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;font-size:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="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: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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:442.35pt;;">
<tr>
<td style="width:186.6pt;"></td>
<td style="width:3.85pt;"></td>
<td style="width:26.45pt;"></td>
<td style="width:110.75pt;"></td>
<td style="width:10pt;"></td>
<td style="width:100.85pt;"></td>
<td style="width:3.85pt;"></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 thousands of won)</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-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-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, 2020</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-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, 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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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;">Additional paid-in capital</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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=" 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;">25,303,750</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">25,321,631</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;font-size:10pt;">&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;">Other capital surplus </p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;;font-size:9pt;">&nbsp;</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-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;;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=" border-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;">27,109,803</p></td>
<td valign="bottom"  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="bottom"  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;">27,127,684</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;font-size:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<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="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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">12. Share Capital and Share Premium, 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;">(3) Details of other components of equity as of December 31, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:86.37%;">
<tr>
<td style="width:40.24%;"></td>
<td style="width:0.67%;"></td>
<td style="width:3.98%;"></td>
<td style="width:19.86%;"></td>
<td style="width:1.74%;"></td>
<td style="width:19.22%;"></td>
<td style="width:0.66%;"></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 thousands of won)</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-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-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, 2020</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-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, 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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  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;">Foreign currency translation adjustments</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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="bottom"  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;">(1,044,533)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">274,538</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;font-size:10pt;">&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;font-size:10pt;">&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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:86.37%;">
<tr>
<td style="width:40.24%;"></td>
<td style="width:0.67%;"></td>
<td style="width:3.98%;"></td>
<td style="width:19.86%;"></td>
<td style="width:1.73%;"></td>
<td style="width:19.23%;"></td>
<td style="width:0.66%;"></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 thousands of won)</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-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-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, 2020</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-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, 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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  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;">Unappropriated retained earnings</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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="bottom"  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;">147,371,155</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">84,668,067</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;font-size:10pt;">&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-size:10pt;">&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, 2020.</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="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;">13. Revenue from Contracts with Customers</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;  margin-left:3.39%;width:434.65pt;;">
<tr>
<td style="width:234.55pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:18.3pt;"></td>
<td style="width:83.55pt;"></td>
<td style="width:11.35pt;"></td>
<td style="width:79.3pt;"></td>
<td style="width:3.8pt;"></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;;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=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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;">2020</p></td>
<td valign="middle"  style=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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;">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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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;">Service contract</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:22.31%;text-indent:0pt;;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-size:9pt;">&nbsp;</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;font-size:10pt;">&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;"> Micro transaction &amp; Subscription revenue</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">328,069,089</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:22.31%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">310,066,400</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;font-size:10pt;">&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;">&nbsp;&nbsp;- Online Game</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">76,109,581</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:22.31%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">30,750,618</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;font-size:10pt;">&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;">&nbsp;&nbsp;- Mobile Game</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">251,959,508</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:22.31%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">279,315,782</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;font-size:10pt;">&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;"> Royalties &amp; License fees</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">59,799,879</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:22.31%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">34,158,543</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;font-size:10pt;">&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;">&nbsp;&nbsp;- Online Game</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13,435,479</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:22.31%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">11,570,819</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;font-size:10pt;">&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;">&nbsp;&nbsp;- Mobile Game</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">46,364,400</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:22.31%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">22,587,724</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;font-size:10pt;">&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;"> Others</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-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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">18,084,053</p></td>
<td valign="bottom"  style=" 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">16,742,155</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style=" border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</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-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;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">405,953,021</p></td>
<td valign="bottom"  style=" 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">360,967,098</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;font-size:10pt;">&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;">Timing of satisfaction of performance obligations</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:22.31%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">&nbsp;</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;font-size:10pt;">&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;"> At a point in time</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:22.31%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">405,953,021</p></td>
<td valign="bottom" >
<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;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;;font-size:9pt;">&nbsp;</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-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="bottom"  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;">405,953,021</p></td>
<td valign="bottom"  style=" 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=" border-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=" 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:10pt;">&nbsp;</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></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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">13. Revenue from Contracts with Customers, Continued</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, 2020 and December 31, 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:461.7pt;;">
<tr>
<td style="width:245.25pt;"></td>
<td style="width:4.25pt;"></td>
<td style="width:24.1pt;"></td>
<td style="width:92.15pt;"></td>
<td style="width:5.2pt;"></td>
<td style="width:86.95pt;"></td>
<td style="width:3.8pt;"></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;">(</font><font style="font-style:italic;color:#000000;">In thousands of won)</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-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-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, 2020</p></td>
<td valign="middle"  style=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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;">Accounts receivable</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">59,761,256</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:22.31%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;">Incremental costs of obtaining a contract (Prepaid expenses)</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,276,880</p></td>
<td valign="bottom" >
<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;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;">Contact liabilities (Deferred revenue)</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13,793,298</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:2.59%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Micro transaction &amp; Subscription revenue</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12,886,441</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:1.79%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">306,620</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:1.79%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">600,237</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:1.79%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:436.6pt;;">
<tr>
<td style="width:245.25pt;"></td>
<td style="width:7.1pt;"></td>
<td style="width:21.25pt;"></td>
<td style="width:77.95pt;"></td>
<td style="width:7.1pt;"></td>
<td style="width:77.95pt;"></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;;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=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="3" 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;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=" 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=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">2020</p></td>
<td valign="middle"  style=" 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-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">2019</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;">Balance at January 1</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:22.31%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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>
<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;">Increase related to Micro transaction &amp; Subscription revenue</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">29,124,334</p></td>
<td valign="bottom" >
<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;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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>
</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;">Increase related to Royalties and License fees</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,329,908</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:2.59%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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="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;">Increase related to website and application development</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,580,264</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:2.59%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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>
</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;">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; Micro transaction &amp; Subscription revenue</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(24,979,904)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:1.79%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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>
</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;">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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(15,426,367)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:1.79%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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>
</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;">Decrease due to termination of contracts</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:4.38%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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>
</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;">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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(4,680,873)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:4.38%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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>
</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;">Balance at December 31</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-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="bottom"  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;">13,793,298</p></td>
<td valign="bottom"  style=" 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=" border-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>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:1.99%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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, 2020 is <font style="color:#000000;"><strike>W</strike></font>10,606,448 thousand.</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;">(4) Transaction price allocated to unsatisfied performance obligations as of December 31, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:396.9pt;;">
<tr>
<td style="width:184.1pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:19.8pt;"></td>
<td style="width:90.4pt;"></td>
<td style="width:3.85pt;"></td>
<td style="width:94.95pt;"></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;color:#000000;">(In thousands of won)</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-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-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, 2020</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-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, 2019</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;">Micro transaction &amp; Subscription revenue</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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="bottom"  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;">12,886,441</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">8,742,011</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;">&nbsp;&nbsp;- Online Game</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">8,418,089</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,357,558</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;">&nbsp;&nbsp;- Mobile Game</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">4,468,352</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,384,453</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;">Royalties and License fees</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">306,620</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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>
</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;">&nbsp;&nbsp;- Online Game</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">286,094</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">573,229</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;">&nbsp;&nbsp;- Mobile Game</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">20,526</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">829,850</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style=" 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;">Website and application development</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-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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">600,237</p></td>
<td valign="bottom"  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;;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=" 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;">700,846</p></td>
</tr></table></div></div></div>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;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;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;">Notes to Consolidated Financial Statements</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;">As of December 31, 2020 and 2019</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:396.9pt;;">
<tr>
<td style="width:184.1pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:19.8pt;"></td>
<td style="width:90.4pt;"></td>
<td style="width:3.85pt;"></td>
<td style="width:94.95pt;"></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;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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;;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=" border-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;">13,793,298</p></td>
<td valign="bottom"  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;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">10,845,936</p></td>
</tr>
</table></div>
<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;">&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;">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%;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, 2020 and 2019 are as follows, Continued:</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;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;">The Group&#8217;s management expects to recognize 99.3% (<strike>W</strike>13,692,283 thousands) of the transaction price allocated to contracts that have not been performed as of December 31, 2020 as revenue within 12 months. The remaining <font style="color:#000000;">transaction price allocated to unsatisfied performance obligations as of December 31, 2020 are as</font> 0.7% (<strike>W</strike>101,015 thousands) 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="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;">(5) Details of incremental costs of obtaining a contract recognized as assets as of December 31, 2020 and 2019 are as follows: </p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:423.8pt;;">
<tr>
<td style="width:209.8pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:18.15pt;"></td>
<td style="width:94.05pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:94.2pt;"></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;color:#000000;">(In thousands of won)</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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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, 2020</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-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, 2019</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;">Incremental costs of obtaining a contract</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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="bottom"  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;">1,276,880</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">998,464</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;">Amortization costs recognized as cost of revenues</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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>
<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;">Details of classification of expenses by nature for the years ended December 31, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:80.81%;">
<tr>
<td style="width:40.23%;"></td>
<td style="width:0.64%;"></td>
<td style="width:3.89%;"></td>
<td style="width:16.97%;"></td>
<td style="width:2.04%;"></td>
<td style="width:16.38%;"></td>
<td style="width:0.65%;"></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 thousands of won)</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-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-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;">2020</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-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;">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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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;">Fees and commissions</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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="bottom"  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;">230,411,406</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">249,210,419</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;font-size:10pt;">&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;">Advertising expenses</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">30,083,581</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;">Salaries</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">32,340,302</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;">Outsourcing expenses</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,499,609</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;">Rent</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">920,119</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;">Employee benefits</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,328,850</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;">Expenses related to defined contribution plan </p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,030,438</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;">Depreciation</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,783,247</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;">Amortization</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,137,224</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;">Others</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,944,052</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;;font-size:9pt;">&nbsp;</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-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;;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="bottom"  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;">316,478,828</p></td>
<td valign="bottom"  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="bottom"  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;">312,164,039</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;font-size:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.19%;text-indent:1%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.17%;text-indent:-2.99%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.17%;text-indent:-2.99%;font-family:Times New Roman;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="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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">15. Selling, General and Administrative Expenses</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;">Details of the selling, general and administrative expenses for the years ended December 31, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:80.67%;">
<tr>
<td style="width:40.23%;"></td>
<td style="width:0.67%;"></td>
<td style="width:4.04%;"></td>
<td style="width:16.46%;"></td>
<td style="width:2.12%;"></td>
<td style="width:16.46%;"></td>
<td style="width:0.68%;"></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 thousands of won)</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-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-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;">2020</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-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;">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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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;">Advertising expenses</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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="bottom"  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;">30,083,581</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">14,947,997</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;font-size:10pt;">&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;">Fees and commissions</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13,927,755</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;">Salaries</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">11,761,013</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;">Research and development</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15,033,944</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;">Employee benefits</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,419,175</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;">Rent</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">459,633</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;">Expenses related to defined contribution plan</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">584,757</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;">Depreciation</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,424,176</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;">Amortization</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">597,271</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;">Other expenses</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,142,600</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;;font-size:9pt;">&nbsp;</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-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;;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="bottom"  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;">77,433,905</p></td>
<td valign="bottom"  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="bottom"  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;">46,375,930</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;font-size:10pt;">&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-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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: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 finance income for the years ended December 31, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:80.79%;">
<tr>
<td style="width:40.23%;"></td>
<td style="width:0.65%;"></td>
<td style="width:3.92%;"></td>
<td style="width:16.99%;"></td>
<td style="width:2.06%;"></td>
<td style="width:16.28%;"></td>
<td style="width:0.65%;"></td>
</tr>
<tr style="height:15.35pt;">
<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 thousands of won)</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-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-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;">2020</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-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;">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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:15.35pt;">
<td valign="middle"  style="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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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;;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-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;;font-size:9pt;">&nbsp;</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:15.35pt;">
<td valign="middle"  style="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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,087,865</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:15.35pt;">
<td valign="middle"  style="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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">132,896</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:15.35pt;">
<td valign="middle"  style="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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">44,979</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:15.35pt;">
<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:4.5pt;;font-size:9pt;">&nbsp;</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-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;;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="bottom"  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;">1,265,740</p></td>
<td valign="bottom"  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="bottom"  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;">2,074,700</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;font-size:10pt;">&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;">&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;">(2) Details of finance costs for the years ended December 31, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:80.77%;">
<tr>
<td style="width:40.24%;"></td>
<td style="width:0.65%;"></td>
<td style="width:3.94%;"></td>
<td style="width:17.21%;"></td>
<td style="width:2.07%;"></td>
<td style="width:16.01%;"></td>
<td style="width:0.65%;"></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 thousands of won)</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-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-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;">2020</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-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;">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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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;;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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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;;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-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;;font-size:9pt;">&nbsp;</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;font-size:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">185,742</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">420,864</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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: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 transactions</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">30,477</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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:4.5pt;;font-size:9pt;">&nbsp;</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-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;;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="bottom"  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;">637,083</p></td>
<td valign="bottom"  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="bottom"  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;">408,513</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;font-size:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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="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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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. Other Non-Operating Income and Expenses</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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:82.16%;">
<tr>
<td style="width:40.24%;"></td>
<td style="width:0.66%;"></td>
<td style="width:3.93%;"></td>
<td style="width:17.8%;"></td>
<td style="width:2.06%;"></td>
<td style="width:16.82%;"></td>
<td style="width:0.65%;"></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 thousands of won)</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-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-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;">2020</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-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;">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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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;">Unrealized foreign currency gain</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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="bottom"  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;">187,873</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">112,847</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;font-size:10pt;">&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;">Gain on foreign currency transactions</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,022,151</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;">Gain on disposal of property and equipment</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,749</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;">Gain on disposal of intangible assets</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;">Reversal of allowance for doubtful accounts</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">49,767</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;">Others</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">606,382</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;;font-size:9pt;">&nbsp;</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-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;;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="bottom"  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;">2,867,922</p></td>
<td valign="bottom"  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="bottom"  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;">2,465,615</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;font-size:10pt;">&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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:80.8%;">
<tr>
<td style="width:40.24%;"></td>
<td style="width:0.65%;"></td>
<td style="width:3.91%;"></td>
<td style="width:16.73%;"></td>
<td style="width:2.05%;"></td>
<td style="width:16.56%;"></td>
<td style="width:0.65%;"></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 thousands of won)</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-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-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;">2020</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-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;">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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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;">Unrealized foreign currency loss</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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="bottom"  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;">261,514</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">146,109</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;font-size:10pt;">&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;">Loss on foreign currency transactions</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,934,013</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;">Loss on retirement of property and equipment</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,549</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;">Impairment loss on intangible assets</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">115,475</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;">Impairment loss on other non-current assets</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,455,310</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">434,454</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;font-size:10pt;">&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;">Donations</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13,000</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;">Others</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">177,801</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;;font-size:9pt;">&nbsp;</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-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;;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=" border-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;">4,959,662</p></td>
<td valign="bottom"  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="bottom"  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;">1,678,358</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;font-size:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">18. Income tax expense </p>
<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;">(1) Details of income tax expense for the years ended December 31, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:82.4%;">
<tr>
<td style="width:42.37%;"></td>
<td style="width:0.65%;"></td>
<td style="width:3.9%;"></td>
<td style="width:16.64%;"></td>
<td style="width:2.05%;"></td>
<td style="width:16.15%;"></td>
<td style="width:0.64%;"></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 thousands of won)</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-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-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;">2020</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-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;">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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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;">Current tax on profit for the year</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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="bottom"  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;">21,383,122</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">11,775,279</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  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;">Deferred tax expense (benefit)</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,072,313</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;;font-size:9pt;">&nbsp;</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-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;;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="bottom"  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;">25,455,435</p></td>
<td valign="bottom"  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="bottom"  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;">11,526,299</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;font-size:10pt;">&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-size:10pt;">&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="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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">18. Income tax expense, Continued</p>
<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) The differences between the tax expense on the Group&#8217;s profit before tax and the amount that would arise using the statutory tax rates applicable to profits of the entities are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:94.59%;">
<tr>
<td style="width:51.47%;"></td>
<td style="width:0.62%;"></td>
<td style="width:3.67%;"></td>
<td style="width:18.12%;"></td>
<td style="width:1.98%;"></td>
<td style="width:18.12%;"></td>
<td style="width:0.62%;"></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 thousands of won)</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-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-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;">2020</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-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;">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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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;">Profit before income tax expense</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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="bottom"  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;">88,011,110</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">51,256,503</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  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;">Income tax using the statutory tax rate of each country</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19,828,535</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;">Adjustments:</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</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;font-size:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">20,050</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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:4.5pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Foreign tax credits</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,222,677</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">11,483</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(412,268)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,022,086)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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: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 of non-recycled corporation income</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">667,846</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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:9.55pt;;text-indent:-5.05pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Changes in deferred tax liabilities related to investment in subsidiaries</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,576,624</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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: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 of foreign currency exchange rate</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(18,850)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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: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=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">581,424</p></td>
<td valign="bottom"  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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">(498,100)</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;font-size:10pt;">&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;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">5,626,900</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">(536,468)</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;font-size:10pt;">&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;">Income tax expense</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-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;;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=" border-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;">25,455,435</p></td>
<td valign="bottom"  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="bottom"  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;">11,526,299</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">29%</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">22%</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;font-size:10pt;">&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="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="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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">18. Income tax expense, Continued</p>
<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;">(3) Details of the changes in deferred tax assets (liabilities) for the years ended December 31, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:480pt;;">
<tr>
<td style="width:120.5pt;"></td>
<td style="width:13.3pt;"></td>
<td style="width:49.95pt;"></td>
<td style="width:4.05pt;"></td>
<td style="width:56.4pt;"></td>
<td style="width:4.05pt;"></td>
<td style="width:49.55pt;"></td>
<td style="width:7.6pt;"></td>
<td style="width:52.5pt;"></td>
<td style="width:4.05pt;"></td>
<td style="width:56.45pt;"></td>
<td style="width:4.05pt;"></td>
<td style="width:57.55pt;"></td>
</tr>
<tr style="height:11.8pt;">
<td rowspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="5" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2020</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:3pt;">&nbsp;</p></td>
<td colspan="5" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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>
</tr>
<tr style="height:11.8pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;;font-size:8pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">6,465</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">4,683</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">11,148</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">24,585</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(18,120)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">6,465</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">221,106</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">181,507</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">402,613</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">238,471</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(17,365)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">221,106</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">103,268</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">400,588</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">503,856</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">7,689</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">95,579</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">103,268</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,527,327</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(58,494)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,468,833</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">531,182</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">996,145</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,527,327</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">39,427</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">138,122</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">177,549</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">324</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">39,103</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">39,427</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">674,159</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(176,974)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">497,185</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">59,814</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">614,345</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">674,159</p></td>
</tr>
<tr style="height:11.8pt;">
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">275,018</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">9,984</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">285,002</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">264,484</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">10,534</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">275,018</p></td>
</tr>
<tr style="height:11.8pt;">
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">46,264</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">46,264</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">46,264</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">46,264</p></td>
</tr>
<tr style="height:1.95pt;">
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">389,453</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(389,453)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">389,453</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">389,453</p></td>
</tr>
<tr style="height:1.95pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">734</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">7,198</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">7,932</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">734</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">734</p></td>
</tr>
<tr style="height:11.8pt;">
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(159)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">706</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">547</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(3,835)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">3,676</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(159)</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(2,576,624)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(2,576,624)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(24,548)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">66,746</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">42,198</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(21,043)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(3,505)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(24,548)</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;margin-right:0.8%;text-indent:2.8pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(2,392,011)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">866,503</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:3.15pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">32,626</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(32,626)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:3.15pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,950,584</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(1,917,958)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">32,626</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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 valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(1,647,676)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2,723,566</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:3.15pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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>
</tr>
<tr style="height:11.8pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">7,662,382</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(4,072,313)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">3,590,069</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:3.15pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">7,413,402</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">248,980</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">7,662,382</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.17%;text-indent:-3.98%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:5.62%;text-indent:-2.45%;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, 2020, 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-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="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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">18. Income tax expense, Continued</p>
<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;">(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, 2020 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:63.45%;">
<tr>
<td style="width:18.69%;"></td>
<td style="width:0.72%;"></td>
<td style="width:4.32%;"></td>
<td style="width:18.47%;"></td>
<td style="width:2.26%;"></td>
<td style="width:18.28%;"></td>
<td style="width:0.72%;"></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  style="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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  style=" 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=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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;">Unused loss carryforwards</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-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;">Unused tax credit carryforwards</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-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="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;">2025</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">1,131,837</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="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 2025</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">6,108,303</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">1,759,189</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;font-size:10pt;">&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: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=" border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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="bottom"  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: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;">10,947,334</p></td>
<td valign="bottom"  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="bottom"  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: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;">1,759,189</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;font-size:10pt;">&nbsp;</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;">As of December 31, 2020 and 2019, the Group did not recognize deferred income tax asset for the temporary difference of <strike>W</strike>18,489,150 thousand and <strike>W</strike>14,349,964 thousand relating to investments in subsidiaries and other temporary differences of <strike>W</strike>750,590 thousand and <strike>W</strike>894,767 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;font-size:10pt;">&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: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) Basic earnings per share</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:86.33%;">
<tr>
<td style="width:46.62%;"></td>
<td style="width:0.66%;"></td>
<td style="width:4.02%;"></td>
<td style="width:16.21%;"></td>
<td style="width:2.11%;"></td>
<td style="width:16.05%;"></td>
<td style="width:0.67%;"></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 thousands 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-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-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;">2020</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-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;">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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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;">Profit attributable to owners of the Parent</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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="bottom"  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;">62,703,088</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">39,875,981</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;font-size:10pt;">&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;">Weighted average outstanding shares of common shares</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;">Basic earnings per share(in won)</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-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;;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="bottom"  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;">9,023</p></td>
<td valign="bottom"  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="bottom"  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;">5,738</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;font-size:10pt;">&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, 2020 and 2019, the Parent Company does not have outstanding dilutive potential ordinary shares. Accordingly, the diluted earnings per share for the years ended December 31, 2020 and 2019 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="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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">20. Cash flow information</p>
<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;">(1) Adjustments for calculating cash generated from operations for the years ended December 31, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:85.35%;">
<tr>
<td style="width:44.09%;"></td>
<td style="width:0.64%;"></td>
<td style="width:3.92%;"></td>
<td style="width:17.41%;"></td>
<td style="width:2.06%;"></td>
<td style="width:16.57%;"></td>
<td style="width:0.65%;"></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 thousands of won)</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-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-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;">2020</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-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;">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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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;">Adjustments for:</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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;;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-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;">&#12288;</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;font-size:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,783,247</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,137,224</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">712,722</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">682,378</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">185,742</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">115,475</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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: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 other non-current assets</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,455,310</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">434,454</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;font-size:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">62,306</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">25,455,435</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(320,769)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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: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 disposal of property and plant (Gain)</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">800</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,087,865)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(49,767)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;;font-size:9pt;">&nbsp;</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-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;;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=" border-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;">32,132,238</p></td>
<td valign="bottom"  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="bottom"  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;">14,703,135</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;font-size:10pt;">&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-size:10pt;">&nbsp;</p>
<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) Changes in assets and liabilities arising from operating activities for the years ended December 31, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:87.6%;">
<tr>
<td style="width:45.87%;"></td>
<td style="width:0.63%;"></td>
<td style="width:3.83%;"></td>
<td style="width:18.3%;"></td>
<td style="width:2.01%;"></td>
<td style="width:16.33%;"></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 thousands of won)</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-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-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;">2020</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-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;">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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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;;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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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="bottom"  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;">(29,116,366)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">30,143,064</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;font-size:10pt;">&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;;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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">59,867</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Prepayment</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2,755,198)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;;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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2,134,645)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;;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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">622,435</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;;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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,255,241</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;;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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15,510,243</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;;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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,332,169</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;;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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,217,663</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;;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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">180,641</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;;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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;;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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,256,588)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&nbsp;</p></td>
</tr></table></div></div></div>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;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;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;">Notes to Consolidated Financial Statements</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;">As of December 31, 2020 and 2019</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:87.6%;">
<tr>
<td style="width:45.87%;"></td>
<td style="width:0.63%;"></td>
<td style="width:3.83%;"></td>
<td style="width:18.3%;"></td>
<td style="width:2.01%;"></td>
<td style="width:16.33%;"></td>
<td style="width:0.63%;"></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;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Other non-current liabilities</font></p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(867,887)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;;font-size:9pt;">&nbsp;</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-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;;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=" border-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;">(12,952,425)</p></td>
<td valign="bottom"  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="bottom"  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;">(17,212,867)</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;font-size:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<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;">20. Cash flow information, Continued</p>
<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;">(3) Significant non-cash transactions for the years ended December 31, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:457.9pt;;">
<tr>
<td style="width:316.15pt;"></td>
<td style="width:21.25pt;"></td>
<td style="width:56.7pt;"></td>
<td style="width:7.1pt;"></td>
<td style="width:56.7pt;"></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 thousands of won)</font></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-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;">2020</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-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;">2019</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;">Reclassification of Prepayment to intangible assets</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="bottom"  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;">72,498</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">119,935</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;">Increase (Decrease) in accounts payable relating to the acquisition of<font style="color:#000000;"> software</font></p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,144,166</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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>
</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;">Acquisition of Right-of-use assets</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,783,994</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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>
</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="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;">(4) Changes in liabilities arising from financing activities for the years ended December 31, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:483.5pt;;">
<tr>
<td style="width:277.25pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:10.65pt;"></td>
<td style="width:20.3pt;"></td>
<td style="width:82pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:81.9pt;"></td>
<td style="width:3.8pt;"></td>
</tr>
<tr style="height:14.65pt;">
<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 thousands of won)</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-size:9pt;">&nbsp;</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-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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;">2020</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-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: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;">2019</p></td>
<td valign="top"  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-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.65pt;">
<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;">Beginning of the year</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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="bottom"  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;">4,994,159</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">4,401,168</p></td>
<td valign="top" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.65pt;">
<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;">Cash flows used in financial activities &#8211; payment of lease liabilities</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2,892,567)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">(2,034,071)</p></td>
<td valign="top" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.65pt;">
<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;">Cash flows from operating activities &#8211; Interest paid</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(185,742)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">(277,454)</p></td>
<td valign="top" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.65pt;">
<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;">Non-cash transactions:</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.65pt;">
<td valign="middle"  style="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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,783,994</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">2,636,485</p></td>
<td valign="top" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.65pt;">
<td valign="middle"  style="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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">185,742</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">277,454</p></td>
<td valign="top" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.65pt;">
<td valign="middle"  style="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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(14,729)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">(14,159)</p></td>
<td valign="top" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.65pt;">
<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;">Translation difference</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-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-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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">29,359</p></td>
<td valign="bottom"  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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-bottom: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;">4,736</p></td>
<td valign="top"  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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.65pt;">
<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;">Ending of the year</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-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;">&#12288;</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;;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=" border-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;">5,900,216</p></td>
<td valign="bottom"  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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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: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;">4,994,159</p></td>
<td valign="top"  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;font-size:10pt;">&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-family:Times New Roman;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="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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">21. Leases</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, equipment 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 provided as collateral for borrowings.</p>
<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;">(1) Details of right-of-use assets and lease liabilities recognized in the consolidated statements of financial position as of December 31, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:83.77%;">
<tr>
<td style="width:33.89%;"></td>
<td style="width:0.7%;"></td>
<td style="width:2.23%;"></td>
<td style="width:4.24%;"></td>
<td style="width:20.35%;"></td>
<td style="width:0.71%;"></td>
<td style="width:20.9%;"></td>
<td style="width:0.76%;"></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 thousands of won)</font></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-size:9pt;">&nbsp;</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-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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, 2020</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-size:10pt;">&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: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, 2019</p></td>
<td valign="top"  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-size:10pt;">&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;">Right-of-use assets(*1)</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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-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;">&nbsp;</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;font-size:10pt;">&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:14.2pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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:10pt;">&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: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="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,904,222</p></td>
<td valign="bottom" >
<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:10pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">3,641,648</p></td>
<td valign="top" >
<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:10pt;">&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: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="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">102,149</p></td>
<td valign="bottom" >
<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:10pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">266,332</p></td>
<td valign="top" >
<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:10pt;">&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: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="middle"  style=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">1,730,869</p></td>
<td valign="bottom"  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;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-bottom: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;">1,038,300</p></td>
<td valign="top"  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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style=" border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</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-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;;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="bottom"  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;">5,737,240</p></td>
<td valign="bottom"  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;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  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: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;">4,946,280</p></td>
<td valign="top"  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;font-size:10pt;">&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;">Lease liabilities(*2)</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">&nbsp;</p></td>
<td valign="bottom" >
<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:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:double 2.5pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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:10pt;">&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: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="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,653,144</p></td>
<td valign="bottom" >
<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:10pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">1,985,620</p></td>
<td valign="top" >
<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:10pt;">&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: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="middle"  style=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">3,247,072</p></td>
<td valign="bottom"  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;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-bottom: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;">3,008,539</p></td>
<td valign="top"  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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style=" border-bottom:solid 0.75pt #000000;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-bottom:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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;">&#12288;</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;"><strike>W</strike></p></td>
<td valign="bottom"  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;">5,900,216</p></td>
<td valign="bottom"  style=" 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-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  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: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;">4,994,159</p></td>
<td valign="top"  style=" 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-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.71%;text-indent:-3.53%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.71%;text-indent:-3.53%;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:12pt;margin-top:0pt;margin-left:7.17%;text-indent:-3.98%;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="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) Changes in right-of-use assets for the years ended December 31, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:-2.83%;width:100.18%;">
<tr>
<td style="width:28.76%;"></td>
<td style="width:0.34%;"></td>
<td style="width:3.22%;"></td>
<td style="width:15.17%;"></td>
<td style="width:0.34%;"></td>
<td style="width:1.68%;"></td>
<td style="width:14.9%;"></td>
<td style="width:0.34%;"></td>
<td style="width:1.74%;"></td>
<td style="width:15.78%;"></td>
<td style="width:0.53%;"></td>
<td style="width:1.68%;"></td>
<td style="width:15.7%;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="10" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2020</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">Others</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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, 2020</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">3,641,648</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">266,332</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,038,300</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">4,946,280</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(1,492,452)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(186,685)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(1,277,751)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(2,956,888)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,780,524</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">35,781</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,967,689</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">3,783,994</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(13,562)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(13,562)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(25,498)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">283</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2,631</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(22,584)</p></td>
</tr>
<tr style="height:2.75pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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, 2020</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;;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=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">3,904,222</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">102,149</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,730,869</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">5,737,240</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:-2.83%;width:100.18%;">
<tr>
<td style="width:28.76%;"></td>
<td style="width:0.34%;"></td>
<td style="width:3.22%;"></td>
<td style="width:15.17%;"></td>
<td style="width:0.34%;"></td>
<td style="width:1.68%;"></td>
<td style="width:14.9%;"></td>
<td style="width:0.34%;"></td>
<td style="width:1.74%;"></td>
<td style="width:15.78%;"></td>
<td style="width:0.53%;"></td>
<td style="width:1.68%;"></td>
<td style="width:15.7%;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="10" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">Others</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(901,026)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(91,985)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(1,142,330)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(2,135,341)</p></td>
</tr></table></div></div></div>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;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;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;">Notes to Consolidated Financial Statements</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;">As of December 31, 2020 and 2019</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:-2.83%;width:100.18%;">
<tr>
<td style="width:28.76%;"></td>
<td style="width:0.34%;"></td>
<td style="width:3.22%;"></td>
<td style="width:15.17%;"></td>
<td style="width:0.34%;"></td>
<td style="width:1.68%;"></td>
<td style="width:14.9%;"></td>
<td style="width:0.34%;"></td>
<td style="width:1.74%;"></td>
<td style="width:15.78%;"></td>
<td style="width:0.53%;"></td>
<td style="width:1.68%;"></td>
<td style="width:15.7%;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;"><font style="color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Acquisitions</font></p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,790,978</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">319,317</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">526,190</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2,636,485</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(13,709)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(13,709)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(189)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">81</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">6,200</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">6,092</p></td>
</tr>
<tr style="height:2.75pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;;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=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">3,641,648</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">266,332</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,038,300</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">4,946,280</p></td>
</tr>
</table></div>
<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;">21. Leases, Continued</p>
<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;">(3) Details of amounts recognized in the consolidated statements of comprehensive income for the years ended December 31, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:458.4pt;;">
<tr>
<td style="width:312.15pt;"></td>
<td style="width:18.35pt;"></td>
<td style="width:55.1pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:65.2pt;"></td>
<td style="width:3.8pt;"></td>
</tr>
<tr style="height:13.65pt;">
<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 thousands of won)</font></p></td>
<td valign="middle"  style=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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;">2020</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-size:10pt;">&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: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;">2019</p></td>
<td valign="top"  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-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.65pt;">
<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;">Interest expense relating to lease liabilities (included in finance cost)</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="bottom"  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;">185,742</p></td>
<td valign="bottom" >
<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:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">277,454</p></td>
<td valign="top" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.65pt;">
<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;">Expense relating to short-term leases</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">122,587</p></td>
<td valign="bottom" >
<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:10pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">322,350</p></td>
<td valign="top" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.65pt;">
<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;">Expense relating to leases of low-value assets excluding short-term leases</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,765</p></td>
<td valign="bottom" >
<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:10pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">9,657</p></td>
<td valign="top" >
<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:10pt;">&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;">(4) Details of amounts recognized in the consolidated statement of cash flows for the years ended December 31, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:85.47%;">
<tr>
<td style="width:33.89%;"></td>
<td style="width:0.7%;"></td>
<td style="width:2.23%;"></td>
<td style="width:4.24%;"></td>
<td style="width:20.35%;"></td>
<td style="width:0.71%;"></td>
<td style="width:22.59%;"></td>
<td style="width:0.76%;"></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 thousands of won)</font></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-size:9pt;">&nbsp;</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-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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;">2020</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-size:10pt;">&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: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;">2019</p></td>
<td valign="top"  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-size:10pt;">&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;">Total cash outflows of leases</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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="bottom"  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;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,209,661</p></td>
<td valign="bottom" >
<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:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">2,643,533</p></td>
<td valign="top" >
<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:10pt;">&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-family:Times New Roman;font-size:10pt;">&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;">22. 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="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) 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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:338.25pt;;">
<tr>
<td style="width:89.35pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:21.7pt;"></td>
<td style="width:107.2pt;"></td>
<td style="width:10.7pt;"></td>
<td style="width:101.7pt;"></td>
<td style="width:3.8pt;"></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 thousands of won)</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-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-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, 2020</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-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, 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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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;">Total Liabilities</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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="bottom"  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;">88,024,352</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">59,659,255</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;font-size:10pt;">&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;">Total Equities</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">177,348,016</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;">Debt ratio</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">50%</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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="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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">22. Financial Risk Management, 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;">(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, 2020<font style="color:#000000;"> and 2019</font> are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:447.8pt;;">
<tr>
<td style="width:82.25pt;"></td>
<td style="width:2.4pt;"></td>
<td style="width:10.8pt;"></td>
<td style="width:86pt;"></td>
<td style="width:2.4pt;"></td>
<td style="width:7.9pt;"></td>
<td style="width:74pt;"></td>
<td style="width:2.4pt;"></td>
<td style="width:17.7pt;"></td>
<td style="width:79.7pt;"></td>
<td style="width:2.7pt;"></td>
<td style="width:2.4pt;"></td>
<td style="width:76.75pt;"></td>
<td style="width:0.4pt;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="10" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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, 2020</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">29,204,905</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">15,715,800</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">31,774,937</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">17,098,790</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">388,760,925</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">198,432,867</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">4,098,551</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2,091,998</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">344,842</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">8,399</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">461,482</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">11,240</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">12,955,000</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">15,289,944</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,003</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,183</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">28,510</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">7,379</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,036</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">268</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">105,408,193</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">3,264,754</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">4,076,135</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">126,248</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">9,270,000</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">3,243,600</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">437</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">153</p></td>
</tr>
<tr style="height:2.75pt;">
<td colspan="7" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;;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=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">40,413,581</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">19,329,880</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:450.25pt;;">
<tr>
<td style="width:84.1pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:11.25pt;"></td>
<td style="width:80.55pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:8.2pt;"></td>
<td style="width:76pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:15.45pt;"></td>
<td style="width:82.65pt;"></td>
<td style="width:2.75pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:79.5pt;"></td>
</tr>
<tr style="height:14.3pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="10" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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>
</tr>
<tr style="height:14.3pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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:14.3pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">456,300,430</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">340,468,613</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">4,853,805</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">3,620,782</p></td>
</tr>
<tr style="height:14.3pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">338,598</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,000</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">439,307</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,297</p></td>
</tr>
<tr style="height:14.3pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">12,955,000</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">17,023,944</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,077</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,415</p></td>
</tr>
<tr style="height:14.3pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">28,510</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">7,379</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,102</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">285</p></td>
</tr>
<tr style="height:14.3pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">29,236,669</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">5,567,672</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,125,027</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">214,244</p></td>
</tr>
<tr style="height:14.3pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">9,270,000</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">3,243,600</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">464</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">162</p></td>
</tr>
<tr style="height:14.3pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">5,625</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">8,543</p></td>
</tr>
<tr style="height:14.3pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">368,048</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">54,511</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
</tr>
<tr style="height:2.75pt;">
<td colspan="7" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;;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=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">15,878,615</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">10,542,389</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;font-size:10pt;">&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="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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">22. Financial Risk Management, 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;">(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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:491.1pt;;">
<tr>
<td style="width:82.25pt;"></td>
<td style="width:2.4pt;"></td>
<td style="width:17.2pt;"></td>
<td style="width:93.8pt;"></td>
<td style="width:2.4pt;"></td>
<td style="width:4.65pt;"></td>
<td style="width:92.15pt;"></td>
<td style="width:7.1pt;"></td>
<td style="width:89.75pt;"></td>
<td style="width:2.65pt;"></td>
<td style="width:4.45pt;"></td>
<td style="width:92.3pt;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2020</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,467,615</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(1,467,615)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">200,655</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(200,655)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">123,302</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(123,302)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">440,100</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(440,100)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;;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=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2,108,370</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(2,108,370)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">533,623</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(533,623)</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:10pt;">&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, 2020 and 2019.</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, 2020 and 2019.</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 evaluates 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="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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">22. Financial Risk Management, Continued</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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:389.5pt;;">
<tr>
<td style="width:161.9pt;"></td>
<td style="width:7.45pt;"></td>
<td style="width:19.2pt;"></td>
<td style="width:95.5pt;"></td>
<td style="width:11.55pt;"></td>
<td style="width:90.1pt;"></td>
<td style="width:3.8pt;"></td>
</tr>
<tr style="height:13.85pt;">
<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 thousands of won)</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-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-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, 2020</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-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, 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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;">Cash and cash equivalents</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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="bottom"  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;">110,632,482</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">79,427,979</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;">Short-term financial instruments</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">71,000,000</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;">Accounts receivable, net</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">59,761,256</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;">Other receivables, net</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8,333</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;">Other current financial assets</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">817,825</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;">Oher non-current financial assets</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,323,865</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;;font-size:9pt;">&nbsp;</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-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;;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="bottom"  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;">243,543,761</p></td>
<td valign="bottom"  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="bottom"  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;">153,240,168</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;font-size:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="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: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:503.25pt;;">
<tr>
<td style="width:99.25pt;"></td>
<td style="width:14.15pt;"></td>
<td style="width:52.25pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:4.85pt;"></td>
<td style="width:49.05pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:6.25pt;"></td>
<td style="width:49.05pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:5pt;"></td>
<td style="width:48.2pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:5pt;"></td>
<td style="width:48.9pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:5.65pt;"></td>
<td style="width:47.65pt;"></td>
<td style="width:5.3pt;"></td>
<td style="width:50.45pt;"></td>
</tr>
<tr style="height:13.55pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="18" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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, 2020</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">54,090,082</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">43,437,577</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">9,250,039</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,402,466</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">54,090,082</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:37.45%;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">62,194</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">62,194</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">62,194</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;margin-right:17.53%;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">5,900,216</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">812,448</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2,107,488</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2,146,292</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">596,395</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">732,681</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">6,395,304</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">60,052,492</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">44,312,219</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">11,357,527</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">3,548,758</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">596,395</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">732,681</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">60,547,580</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:5.96%;text-indent:-2.13%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:5.96%;text-indent:-2.13%;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, 2020 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="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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">22. Financial Risk Management, 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;">(4) Liquidity Risk, Continued</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:503.25pt;;">
<tr>
<td style="width:99.25pt;"></td>
<td style="width:14.15pt;"></td>
<td style="width:52.25pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:4.85pt;"></td>
<td style="width:49.05pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:6.25pt;"></td>
<td style="width:49.05pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:5pt;"></td>
<td style="width:48.2pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:5pt;"></td>
<td style="width:48.9pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:5.65pt;"></td>
<td style="width:47.65pt;"></td>
<td style="width:5.3pt;"></td>
<td style="width:50.45pt;"></td>
</tr>
<tr style="height:13.55pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="18" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:37.45%;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">18,948</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">18,948</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">18,948</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;margin-right:17.53%;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">42,701,927</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">21,990,350</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">17,775,115</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,972,991</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">43,195,796</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:5.96%;text-indent:-2.13%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:5.96%;text-indent:-2.13%;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, 2020 consist of lease liabilities.</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;">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-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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 determines its operating segments by establishing strategic decisions. Chief operating decision maker (&#8220;CODM&#8221;) 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, 2020 and 2019 are as follows.</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:493.3pt;;">
<tr>
<td style="width:83.8pt;"></td>
<td style="width:10.75pt;"></td>
<td style="width:65.65pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:6.6pt;"></td>
<td style="width:53.65pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:6.6pt;"></td>
<td style="width:53.65pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:5.25pt;"></td>
<td style="width:58.25pt;"></td>
<td style="width:2.85pt;"></td>
<td style="width:75.05pt;"></td>
<td style="width:6.3pt;"></td>
<td style="width:57.55pt;"></td>
</tr>
<tr style="height:13.55pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="14" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2020</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">107,949,331</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">336,325,541</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">22,333,340</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">466,608,212</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(60,655,191)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:3.19%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">405,953,021</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:37.45%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,608,883</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,823,606</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,487,982</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">4,920,471</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:3.19%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">4,920,471</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;margin-right:17.53%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">45,453,933</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">43,031,974</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">738,137</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">89,224,044</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">250,149</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:3.19%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">89,474,193</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-size:10pt;">&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) The Group reflects inter-segment eliminations as adjustments.</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:7.23%;text-indent:-4.06%;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.</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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</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;"><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:493.3pt;;">
<tr>
<td style="width:83.8pt;"></td>
<td style="width:10.75pt;"></td>
<td style="width:65.65pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:6.6pt;"></td>
<td style="width:53.65pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:6.6pt;"></td>
<td style="width:53.65pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:5.25pt;"></td>
<td style="width:58.25pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:75.45pt;"></td>
<td style="width:6.3pt;"></td>
<td style="width:57.55pt;"></td>
</tr>
<tr style="height:13.55pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="14" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:3.19%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:37.45%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,400,850</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,144,892</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,107,653</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">3,653,395</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:3.19%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">3,653,395</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;margin-right:17.53%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">8,224,641</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">38,686,686</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">199,559</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">47,110,886</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,692,173</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:3.19%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">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;font-size:10pt;">&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) The Group reflects inter-segment eliminations as adjustments.</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:7.17%;text-indent:-3.98%;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%;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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:78.72%;">
<tr>
<td style="width:25.54%;"></td>
<td style="width:1.75%;"></td>
<td style="width:5.02%;"></td>
<td style="width:22.13%;"></td>
<td style="width:2.63%;"></td>
<td style="width:20.82%;"></td>
<td style="width:0.83%;"></td>
</tr>
<tr style="height:13.85pt;">
<td valign="top"  style=" 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=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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;">2020<font style="font-size:8pt;">(*)</font></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-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;">2019<font style="font-size:8pt;">(*)</font></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-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;">Korea</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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="bottom"  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;">109,895,360</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">45,273,359</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;">Taiwan</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">100,048,694</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;">Japan</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">22,499,530</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;">United States of America</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">20,659,465</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;">Thailand</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">59,085,890</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;">Philippines</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">23,690,316</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;">Indonesia</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12,728,872</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;">Other</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">57,344,894</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;;font-size:9pt;">&nbsp;</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-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;;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=" border-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;">405,953,021</p></td>
<td valign="bottom"  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="bottom"  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;">360,967,098</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;font-size:10pt;">&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-size:10pt;">&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;">(*) 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%;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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:2.83%;width:71.53%;">
<tr>
<td style="width:18.36%;"></td>
<td style="width:1.75%;"></td>
<td style="width:5.02%;"></td>
<td style="width:22.13%;"></td>
<td style="width:2.63%;"></td>
<td style="width:20.82%;"></td>
<td style="width:0.83%;"></td>
</tr>
<tr style="height:13.85pt;">
<td valign="top"  style=" 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=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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, 2020<font style="font-size:8pt;">(*)</font></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-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, 2019<font style="font-size:8pt;">(*)</font></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-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;">Domestic</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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="bottom"  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;">7,611,771</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">5,731,694</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;">Overseas</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5,480,559</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;">Total</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-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;;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=" border-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;">13,092,330</p></td>
<td valign="bottom"  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="bottom"  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;">9,902,188</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;font-size:10pt;">&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-size:10pt;">&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;">(*) The amounts are exclusive of financial assets and deferred tax assets.</p>
<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;">(4) No individual external customer accounted for more than 10% of consolidated revenue for the years ended December 31, 2020 and 2019.</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;">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 Consolidated Financial Statements</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</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;"><font style="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</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) 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;font-size:10pt;">&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, 2020 and 2019 are as follows: </p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:454.95pt;;">
<tr>
<td style="width:51.15pt;"></td>
<td style="width:2.75pt;"></td>
<td style="width:106.6pt;"></td>
<td style="width:2.4pt;"></td>
<td style="width:18.55pt;"></td>
<td style="width:67.4pt;"></td>
<td style="width:2.4pt;"></td>
<td style="width:4.5pt;"></td>
<td style="width:57.35pt;"></td>
<td style="width:2.4pt;"></td>
<td style="width:68.9pt;"></td>
<td style="width:2.65pt;"></td>
<td style="width:5.75pt;"></td>
<td style="width:62.15pt;"></td>
</tr>
<tr style="height:14.2pt;">
<td colspan="3" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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, 2020</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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:14.2pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2,547,419</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">4,924</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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>
</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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:443.15pt;;">
<tr>
<td style="width:50.2pt;"></td>
<td style="width:2.7pt;"></td>
<td style="width:103.3pt;"></td>
<td style="width:2.4pt;"></td>
<td style="width:15.8pt;"></td>
<td style="width:65.3pt;"></td>
<td style="width:2.4pt;"></td>
<td style="width:4.3pt;"></td>
<td style="width:57.6pt;"></td>
<td style="width:2.4pt;"></td>
<td style="width:66.8pt;"></td>
<td style="width:2.55pt;"></td>
<td style="width:5.45pt;"></td>
<td style="width:61.95pt;"></td>
</tr>
<tr style="height:14.2pt;">
<td colspan="3" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2020</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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:14.2pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">21,833,464</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">211,348</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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>
</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, 2020 and 2019.</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;font-size:10pt;">&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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.39%;width:265.5pt;;">
<tr>
<td style="width:85.05pt;"></td>
<td style="width:4.8pt;"></td>
<td style="width:20.75pt;"></td>
<td style="width:70.5pt;"></td>
<td style="width:6.3pt;"></td>
<td style="width:74.3pt;"></td>
<td style="width:3.8pt;"></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style=" 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=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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;">2020</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-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;">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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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;">Salaries</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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="bottom"  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;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,176,630</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;;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" >
<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:10pt;">&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-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:1.99%;text-indent:0%;font-size:11pt;">&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;">25. Subsequent event</p>
<p style="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;">&nbsp;&nbsp; Gravity Game Hub Pte. Ltd., a subsidiary, was established in Singapore on January 4, 2021.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&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;">53</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>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:24pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:11.96%;text-indent:-11.96%;font-weight:bold;;font-size:24pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:11.96%;text-indent:-11.96%;font-weight:bold;;font-size:24pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:24pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:14pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:24pt;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-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:14pt;font-family:Times New Roman;font-weight:normal;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-weight:bold;;font-size:12pt;">&nbsp;</p>
<p style="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;">For the Years Ended December 31, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:12pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:5.98%;text-indent:-5.98%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(With Independent Auditors&#8217; Report Thereon)</p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:5.81%;">&nbsp;</p>
<p style="margin-top:12pt;margin-bottom: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%;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-size:11pt;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;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:14pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:14pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:14pt;">&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;">Contents</p>
<p style="text-align:right;margin-bottom:12pt;line-height:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:right;margin-bottom:12pt;line-height:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:right;margin-bottom:12pt;line-height:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000080;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Page</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;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;margin-left:28pt;color:#000000;">1</font></p>
<p style="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;">Separate Statements of Financial Position<font style="margin-left:28pt;">3</font></p>
<p style="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;">Separate Statements of Comprehensive Income<font style="margin-left:28pt;">6</font></p>
<p style="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;">Separate Statements of Changes in Equity<font style="margin-left:28pt;">7</font></p>
<p style="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;">Separate Statements of Cash Flows<font style="margin-left:28pt;">8</font></p>
<p style="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;">Notes to the Separate Financial Statements<font style="margin-left:28pt;">9</font></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;">Independent Auditors&#8217; Review Report on Internal Accounting Control System<font style="margin-left:28pt;color:#000000;">58</font></p>
<p style="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;">Report on the Operation of Internal Accounting Control System<font style="margin-left:28pt;">60</font></p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;">&nbsp;</p>
<hr style="page-break-after:always;width:100%;">
<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-family:Times New Roman;font-size:10pt;">&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;">Independent Auditors&#8217; Report</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-size:11pt;">&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 the Shareholders and Board of Directors of </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;">Gravity Co., Ltd.:</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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 statements of financial position as of December 31, 2020 and 2019, the separate statements of comprehensive income, changes in equity and cash flows for the years 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, 2020 and 2019</font>, and its separate financial performance and its separate cash flows for the years 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-top:18pt;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: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 (KSAs). 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-top:18pt;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="_Hlk68795991"></a>Other Matter</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:18pt;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%;color:#000000;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 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%;color:#000000;font-family:Times New Roman;font-size:10pt;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>
<p style="text-align:center;margin-top:12pt;margin-bottom: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</a></p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&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:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="text-align:justify;margin-top:18pt;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;">Auditors&#8217; Responsibilities for the Audit of the Separate 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;">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 KSAs 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-top:0pt;margin-bottom:6pt;margin-right:0.21%;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="_Hlk36027134"></a><a name="_Hlk36027134"></a>As part of an audit in accordance with KSAs, 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:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:10pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;">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>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&nbsp;</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;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:10pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;">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>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&nbsp;</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;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:10pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. </font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&nbsp;</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;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:10pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;">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>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td></tr></table></div>
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<p style="text-align:justify;margin-top:0pt;margin-bottom:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="text-align:justify;margin-top:0pt;margin-bottom:6pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:10pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:justify;margin-top:0pt;margin-bottom:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;">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>
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<p style="text-align:justify;margin-top:0pt;margin-bottom:6pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;margin-right:0.21%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:0.21%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:0.21%;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="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:0.21%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:0.21%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:0.21%;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="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-right:0.21%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">March 23, 2021</p>
<p style="margin-bottom:12pt;line-height:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;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-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 23, 2021, 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>
<p style="text-align:center;margin-top:12pt;margin-bottom: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</a></p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</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.</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 Financial Position</p>
<p style="margin-bottom:0pt;border-bottom:none 0pt;padding-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019<font style="margin-left:28pt;"></font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<td style="width:102.65pt;"></td>
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<td style="width:99.7pt;"></td>
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<p style="text-align:justify;line-height:14pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:4.5pt;;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>
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<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>
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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-size:10pt;">&nbsp;</p></td>
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<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-size:10pt;">&nbsp;</p></td>
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<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, 2020</p></td>
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<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-size:10pt;">&nbsp;</p></td>
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<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-size:10pt;">&nbsp;</p></td>
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<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>
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<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-size:10pt;">&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-size:10pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<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;">&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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="2" valign="middle"  style="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="white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">&nbsp;</p></td>
<td valign="bottom"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="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" >
<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;">&nbsp;</p></td>
<td valign="bottom"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle" >
<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" >
<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="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;">&nbsp;</p></td>
<td valign="middle"  style="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="top" >
<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;">45,956,245</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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" >
<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="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="top" >
<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;">71,000,000</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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" >
<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="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="top" >
<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;">44,353,327</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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" >
<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="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="top" >
<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;">478,428</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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" >
<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="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="top" >
<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;">1,293,345</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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 financial assets</p></td>
<td valign="middle" >
<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="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="top" >
<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;">841,092</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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;">334,415</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style=" 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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" 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=" 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;">22</p></td>
<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;;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=" 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-size:10pt;">&nbsp;</p></td>
<td valign="top"  style=" 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;">680,086</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&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: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;">1,039,820</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style=" 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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" 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;">&nbsp;</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:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">164,602,523</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="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" >
<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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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" >
<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="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,958,641</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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" >
<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="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,176,858</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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" >
<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="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,663,857</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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" >
<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="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,718,718</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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" >
<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="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,128,475</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td valign="middle"  style=" 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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" 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=" 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;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="top"  style=" 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;">1,891,247</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&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: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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style=" border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">28,537,796</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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=" 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;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" 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: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=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">&nbsp;</p></td>
<td valign="middle"  style=" 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=" border-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;">193,140,319</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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=" border-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=" 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;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="3" valign="middle"  style="white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:0.83%;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-size:10pt;">&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>
<p style="text-align:center;margin-top:12pt;margin-bottom: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</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: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;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 Financial Position, Continued</p>
<p style="margin-bottom:0pt;border-bottom:none 0pt;padding-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:464.9pt;;">
<tr>
<td style="width:12.65pt;"></td>
<td style="width:161.15pt;"></td>
<td style="width:47.75pt;"></td>
<td style="width:10.95pt;"></td>
<td style="width:19.85pt;"></td>
<td style="width:99.7pt;"></td>
<td style="width:1pt;"></td>
<td style="width:14.05pt;"></td>
<td style="width:96.8pt;"></td>
<td style="width:1pt;"></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="2" valign="top"  style=" border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.25pt;;text-indent:-0.25pt;;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=" 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="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;">&nbsp;</p></td>
<td valign="bottom"  style=" 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-size:10pt;">&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;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2020</p></td>
<td valign="bottom"  style="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;">&nbsp;</p></td>
<td valign="bottom"  style=" 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-size:10pt;">&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;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2019</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="2" valign="bottom"  style="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-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="2" valign="middle"  style="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" >
<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></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="2" valign="middle"  style="white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:-4.1pt;;text-indent:5pt;;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" >
<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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<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="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;">&nbsp;</p></td>
<td valign="middle"  style="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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">34,810,387</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<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="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,680,655</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,096,706</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<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="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">610,004</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style="white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<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="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,998,566</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<td valign="middle"  style=" border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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=" 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=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="top"  style=" 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;">1,628,058</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&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: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="top"  style=" 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;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="2" valign="middle"  style=" border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">48,824,376</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="2" valign="middle"  style="white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:-4.1pt;;text-indent:5pt;;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" >
<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></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="2" valign="middle"  style="white-space:nowrap;">
<p style="text-align:justify;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;">Long-term accounts payable</p></td>
<td valign="middle" >
<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;">6,22</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,402,466</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="2" valign="middle"  style="white-space:nowrap;">
<p style="text-align:justify;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;">Long-term deferred revenue</p></td>
<td valign="middle" >
<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="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">133,936</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="2" valign="middle"  style="white-space:nowrap;">
<p style="text-align:justify;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;">Other non-current liabilities</p></td>
<td valign="middle" >
<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;">6,21</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,834,352</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="2" valign="middle"  style=" 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-size:10pt;">&nbsp;</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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">3,370,754</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="2" 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: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=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">&nbsp;</p></td>
<td valign="middle"  style=" 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=" border-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;">52,195,130</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">&nbsp;</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: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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="2" valign="middle"  style="white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="2" valign="middle"  style="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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<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></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.95pt;">
<td colspan="9" valign="middle"  style="white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:0pt;;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;"><a name="_Hlk68796820"></a>See accompanying notes to the separate financial statements.</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<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;">4</a></p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;">&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: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;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 Financial Position, Continued</p>
<p style="margin-bottom:0pt;border-bottom:none 0pt;padding-bottom:0pt;margin-top:0pt;text-indent:0%;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;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, 2020 and 2019</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:481.6pt;;">
<tr>
<td style="width:14pt;"></td>
<td style="width:49.3pt;"></td>
<td style="width:104.4pt;"></td>
<td style="width:41.1pt;"></td>
<td style="width:17.4pt;"></td>
<td style="width:19.1pt;"></td>
<td style="width:109.25pt;"></td>
<td style="width:1.05pt;"></td>
<td style="width:16pt;"></td>
<td style="width:108.95pt;"></td>
<td style="width:1.05pt;"></td>
</tr>
<tr style="height:14.1pt;">
<td colspan="3" valign="top"  style=" 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;">(In thousands of won)</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;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Notes</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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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, 2020</p></td>
<td valign="bottom"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="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-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td colspan="2" valign="bottom"  style="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="white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td colspan="2" valign="middle"  style="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="white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<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="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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" >
<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="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;">&nbsp;</p></td>
<td valign="middle"  style="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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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" >
<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="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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" >
<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="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">929</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td valign="middle"  style="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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style="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" >
<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="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">109,987,127</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left: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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td colspan="3" valign="middle"  style=" 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=" 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;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">140,945,189</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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=" 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;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td colspan="3" 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: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=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">&nbsp;</p></td>
<td valign="middle"  style=" 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=" border-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;">193,140,319</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</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: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=" 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;">&nbsp;</p></td>
</tr>
<tr style="height:14.1pt;">
<td colspan="3" valign="middle"  style="white-space:nowrap;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.4pt;;text-indent:-4.5pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">&nbsp;</p></td>
<td valign="bottom"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:0.83%;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-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Times New Roman;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%;">
<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, 2020 and 2019</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-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100.94%;">
<tr style="height:13.75pt;">
<td valign="top"  style="width:56.84%; 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:6.06%; 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;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;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:14.56%; 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;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2020</p></td>
<td valign="bottom"  style="width:1.42%; 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:10pt;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:13.94%; 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-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:56.84%;">
<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;">&nbsp;</p></td>
<td valign="middle"  style="width:6.06%; 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;">&nbsp;</p></td>
<td valign="top"  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;font-size:10pt;">&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:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:56.84%;">
<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:6.06%;">
<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:0.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:56.84%;">
<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 </p></td>
<td valign="middle"  style="width:6.06%;">
<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></td>
<td valign="top"  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;font-size:10pt;">&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:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><strike>W</strike> </p></td>
<td valign="middle"  style="width:14.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">37,917,065</p></td>
<td valign="middle"  style="width:1.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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: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:13.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">25,374,718</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:56.84%;">
<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:6.06%;">
<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></td>
<td valign="top"  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;font-size:10pt;">&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:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">190,926,376</p></td>
<td valign="middle"  style="width:1.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">107,529,902</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:56.84%; 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-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:6.06%; 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-size:10pt;">&nbsp;</p></td>
<td valign="top"  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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.94%; 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;">&nbsp;</p></td>
<td valign="middle"  style="width:14.56%; 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;">152,628</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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.92%; 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;">&nbsp;</p></td>
<td valign="middle"  style="width:13.94%; 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>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:56.84%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:6.06%;">
<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></td>
<td valign="top"  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;font-size:10pt;">&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:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">228,996,069</p></td>
<td valign="middle"  style="width:1.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">133,151,813</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:56.84%; 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:6.06%; 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-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15</p></td>
<td valign="top"  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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.94%; 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;">&nbsp;</p></td>
<td valign="middle"  style="width:14.56%; 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;">119,227,125</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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.92%; 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;">&nbsp;</p></td>
<td valign="middle"  style="width:13.94%; 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>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:56.84%;">
<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:6.06%;">
<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></td>
<td valign="top"  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;font-size:10pt;">&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:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.56%; 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;">109,768,944</p></td>
<td valign="middle"  style="width:1.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.94%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">67,909,504</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:56.84%; 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-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:6.06%; 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-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15,16</p></td>
<td valign="top"  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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.94%; 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;">&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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">53,093,896</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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.92%; 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;">&nbsp;</p></td>
<td valign="middle"  style="width:13.94%; 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>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:56.84%; 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;">Operating profit</p></td>
<td valign="middle"  style="width:6.06%; 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-size:10pt;">&nbsp;</p></td>
<td valign="top"  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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.94%; 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;">&nbsp;</p></td>
<td valign="top"  style="width:14.56%; 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;">56,675,048</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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.92%; 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;">&nbsp;</p></td>
<td valign="middle"  style="width:13.94%; 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>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:56.84%;">
<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;">Non-operating income and expenses</p></td>
<td valign="middle"  style="width:6.06%;">
<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></td>
<td valign="top"  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;font-size:10pt;">&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:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:56.84%;">
<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:6.06%;">
<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:0.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">994,755</p></td>
<td valign="middle"  style="width:1.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,525,335</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:56.84%;">
<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:6.06%;">
<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:0.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(120,931)</p></td>
<td valign="middle"  style="width:1.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(292,233)</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:56.84%;">
<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:6.06%;">
<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:0.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,762,128</p></td>
<td valign="middle"  style="width:1.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,994,020</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:56.84%;">
<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:6.06%;">
<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:0.3%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(7,260,524)</p></td>
<td valign="middle"  style="width:1.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(5,469,545)</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:56.84%;">
<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:6.06%;">
<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></td>
<td valign="top"  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;font-size:10pt;">&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:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.56%; 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;">55,050,476</p></td>
<td valign="middle"  style="width:1.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.94%; border-top:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">35,304,130</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:56.84%; 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:6.06%; 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-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19</p></td>
<td valign="top"  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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:3.94%; 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;">&nbsp;</p></td>
<td valign="middle"  style="width:14.56%; 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;">15,633,554</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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.92%; 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;">&nbsp;</p></td>
<td valign="middle"  style="width:13.94%; 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>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:56.84%; 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:6.06%; 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;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  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;font-size:10pt;">&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;;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:14.56%; 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;">39,416,922</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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.92%; 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;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:13.94%; 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>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:56.84%;">
<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:6.06%;">
<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></td>
<td valign="top"  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;font-size:10pt;">&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:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:56.84%;">
<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;">Items that may be subsequently reclassified to profit or loss</p></td>
<td valign="top"  style="width:6.06%;">
<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></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;font-size:10pt;">&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:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.56%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style="width:13.94%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:56.84%; border-bottom:solid 0.75pt transparent;">
<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;">Foreign currency translation adjustments</p></td>
<td valign="middle"  style="width:6.06%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</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;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style="width:3.94%; 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;">&nbsp;</p></td>
<td valign="middle"  style="width:14.56%; 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;">26,946</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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.92%; 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;">&nbsp;</p></td>
<td valign="top"  style="width:13.94%; 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;">244,919</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:56.84%; 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:6.06%; 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;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  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;font-size:10pt;">&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;;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:14.56%; 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;;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39,443,868</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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.92%; 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;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:13.94%; 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-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">23,713,202</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:56.84%;">
<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;">&nbsp;</p></td>
<td valign="middle"  style="width:6.06%;">
<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></td>
<td valign="top"  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;font-size:10pt;">&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:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:14.56%; 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.42%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:13.94%; 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-size:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:0.83%;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-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-align:center;text-indent:0%;font-family:Times New Roman;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%;">
<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.</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 Changes in Equity </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="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, 2020 and 2019 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</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;">(In thousands of won)</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;font-size:10pt;">&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-size:10pt;">&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-size:10pt;">&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-size:10pt;">&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-size:10pt;">&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;font-size:10pt;">&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;font-size:10pt;">&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-size:10pt;">&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;font-size:10pt;">&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;font-size:10pt;">&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;font-size:10pt;">&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;font-size:10pt;">&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;font-size:10pt;">&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;font-size:10pt;">&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;font-size:10pt;">&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;font-size:10pt;">&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;font-size:10pt;">&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;font-size:10pt;">&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;font-size:10pt;">&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-size:10pt;">&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;">&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;font-size:10pt;">&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;">&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;font-size:10pt;">&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;">&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;font-size:10pt;">&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;">&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;font-size:10pt;">&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;">&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;font-size:10pt;">&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:1.04%;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;font-size:10pt;">&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;font-size:10pt;">&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;font-size:10pt;">&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;font-size:10pt;">&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: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;font-size:10pt;">&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-size:10pt;">&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;">&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;font-size:10pt;">&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;">&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;font-size:10pt;">&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;">&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;font-size:10pt;">&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;">&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;font-size:10pt;">&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;">&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;font-size:10pt;">&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-size:10pt;">&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;font-size:10pt;">&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;font-size:10pt;">&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;font-size:10pt;">&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;font-size:10pt;">&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: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;font-size:10pt;">&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;font-size:10pt;">&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;font-size:10pt;">&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;font-size:10pt;">&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;font-size:10pt;">&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: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, 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;font-size:10pt;">&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:1.04%;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;font-size:10pt;">&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;font-size:10pt;">&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;font-size:10pt;">&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;font-size:10pt;">&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-size:10pt;">&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;font-size:10pt;">&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-size:10pt;">&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-size:10pt;">&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;font-size:10pt;">&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-size:10pt;">&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;font-size:10pt;">&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-size:10pt;">&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;font-size:10pt;">&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-size:10pt;">&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;font-size:10pt;">&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-size:10pt;">&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, 2020</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;">&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:1.04%;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;font-size:10pt;">&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;font-size:10pt;">&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;">(26,017)</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;font-size:10pt;">&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;">70,570,205</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;font-size:10pt;">&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;">101,501,321</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;font-size:10pt;">&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-size:10pt;">&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;">&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;font-size:10pt;">&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;">&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;font-size:10pt;">&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;">&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;font-size:10pt;">&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;">&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;font-size:10pt;">&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;">&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;font-size:10pt;">&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-size:10pt;">&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;font-size:10pt;">&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;font-size:10pt;">&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;font-size:10pt;">&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;">39,416,922</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;font-size:10pt;">&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;">39,416,922</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;font-size:10pt;">&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;font-size:10pt;">&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;font-size:10pt;">&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;">26,946</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;font-size:10pt;">&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;font-size:10pt;">&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;">26,946</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, 2020</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;font-size:10pt;">&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:1.04%;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;font-size:10pt;">&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;font-size:10pt;">&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;">929</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;font-size:10pt;">&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;">109,987,127</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;font-size:10pt;">&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;">140,945,189</p></td>
</tr>
<tr style="height:11.9pt;">
<td valign="middle"  style="width:29.96%; 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:10pt;">&nbsp;</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-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.46%; 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;">&nbsp;</p></td>
<td valign="middle"  style="width:10.64%; border-top:double 2.5pt #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-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.1%; 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;">&nbsp;</p></td>
<td valign="middle"  style="width:10.14%; border-top:double 2.5pt #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-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.1%; 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;">&nbsp;</p></td>
<td valign="middle"  style="width:13.84%; border-top:double 2.5pt #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-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.12%; 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;">&nbsp;</p></td>
<td valign="middle"  style="width:12.18%; border-top:double 2.5pt #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-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:1.1%; 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;">&nbsp;</p></td>
<td valign="middle"  style="width:9.96%; border-top:double 2.5pt #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-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:0.83%;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-size:10pt;">&nbsp;</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Times New Roman;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%;">
<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.</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 Cash Flow </p>
<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-size:13pt;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, 2020 and 2019 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:88.42%;">
<tr>
<td style="width:54.97%;"></td>
<td style="width:5.19%;"></td>
<td style="width:0.29%;"></td>
<td style="width:2.19%;"></td>
<td style="width:11.65%;"></td>
<td style="width:0.29%;"></td>
<td style="width:2.19%;"></td>
<td style="width:11.65%;"></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style=" 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;">(In thousands of won)</p></td>
<td valign="bottom"  style=" 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=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">2020</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="top" >
<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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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="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-size:10pt;">&nbsp;</p></td>
<td valign="top" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:12.45pt;">
<td valign="middle"  style="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="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;">&nbsp;</p></td>
<td valign="top" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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="bottom"  style="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;">39,416,922</p></td>
<td valign="bottom"  style="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;">&nbsp;</p></td>
<td valign="bottom"  style="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="bottom"  style="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>
</tr>
<tr style="height:12.45pt;">
<td valign="middle"  style="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;">Adjustments</p></td>
<td valign="middle"  style="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="top" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="bottom"  style="white-space:nowrap;">
<p style="text-align:right;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;">19,381,149</p></td>
<td valign="bottom"  style="white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="white-space:nowrap;">
<p style="text-align:right;line-height:11pt;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:10pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="white-space:nowrap;">
<p style="text-align:right;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;">14,952,150</p></td>
</tr>
<tr style="height:7.85pt;">
<td valign="middle"  style="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="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="top" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="bottom"  style="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;">(8,008,589)</p></td>
<td valign="bottom"  style="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;">&nbsp;</p></td>
<td valign="bottom"  style="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;">&nbsp;</p></td>
<td valign="bottom"  style="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;">1,133,672</p></td>
</tr>
<tr style="height:12.45pt;">
<td valign="middle"  style="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="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;">&nbsp;</p></td>
<td valign="top" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="bottom"  style="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;">998,281</p></td>
<td valign="bottom"  style="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;">&nbsp;</p></td>
<td valign="bottom"  style="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;">&nbsp;</p></td>
<td valign="bottom"  style="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>
</tr>
<tr style="height:12.45pt;">
<td valign="middle"  style="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="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;">&nbsp;</p></td>
<td valign="top" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="bottom"  style="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;">2,382,800</p></td>
<td valign="bottom"  style="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;">&nbsp;</p></td>
<td valign="bottom"  style="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;">&nbsp;</p></td>
<td valign="bottom"  style="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>
</tr>
<tr style="height:12.45pt;">
<td valign="middle"  style="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="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;">&nbsp;</p></td>
<td valign="top" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="bottom"  style="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;">(120,865)</p></td>
<td valign="bottom"  style="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;">&nbsp;</p></td>
<td valign="bottom"  style="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;">&nbsp;</p></td>
<td valign="bottom"  style="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>
</tr>
<tr style="height:12.45pt;">
<td valign="middle"  style=" 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=" 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-size:10pt;">&nbsp;</p></td>
<td valign="top"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">(10,051,517)</p></td>
<td valign="bottom"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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>
</tr>
<tr style="height:12.45pt;">
<td valign="middle"  style=" 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=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">43,998,181</p></td>
<td valign="bottom"  style=" 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;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">&nbsp;</p></td>
<td valign="bottom"  style=" 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>
</tr>
<tr style="height:12.45pt;">
<td valign="middle"  style="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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="top" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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="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;">&nbsp;</p></td>
<td valign="top" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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="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;">&nbsp;</p></td>
<td valign="top" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">6,391</p></td>
<td valign="middle"  style="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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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="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="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" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">1,238</p></td>
<td valign="middle"  style="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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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="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" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">(3,853,178)</p></td>
<td valign="middle"  style="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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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="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;">&nbsp;</p></td>
<td valign="top" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">(31,500,000)</p></td>
<td valign="middle"  style="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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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="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;">&nbsp;</p></td>
<td valign="top" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">(100)</p></td>
<td valign="middle"  style="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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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;Purchase of property and equipment</p></td>
<td valign="middle"  style="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" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">(158,284)</p></td>
<td valign="middle"  style="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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style=" 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;<font style="color:#000000;">Purchase</font> of intangible assets</p></td>
<td valign="middle"  style=" 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=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">(1,129,588)</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style=" 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=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">(36,633,521)</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">&nbsp;</p></td>
<td valign="middle"  style=" 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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="top" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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="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;">&nbsp;</p></td>
<td valign="top" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style=" 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;">Repayment of lease liabilities</font></p></td>
<td valign="middle"  style=" 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;">21</p></td>
<td valign="top"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">(1,515,930)</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style=" 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=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">(1,515,930)</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">&nbsp;</p></td>
<td valign="middle"  style=" 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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="top" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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="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;">&nbsp;</p></td>
<td valign="top" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">19,265</p></td>
<td valign="middle"  style="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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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="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;">&nbsp;</p></td>
<td valign="top" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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;">5,867,995</p></td>
<td valign="middle"  style="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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style="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="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;">&nbsp;</p></td>
<td valign="top" >
<p 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;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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="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-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style="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;">&nbsp;</p></td>
<td valign="middle"  style="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>
</tr>
<tr style="height:12.5pt;">
<td valign="middle"  style=" 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=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="top"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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=" 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;">45,956,245</p></td>
<td valign="middle"  style=" 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;font-size:10pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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=" 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>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-right:0.83%;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-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><br /></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:12pt;text-align:center;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8</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: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, 2020 and 2019 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:1.04%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1. General Information<font style="color:#000000;margin-left:137pt;"></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;font-size:10pt;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 publishing online and mobile 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-family:Times New Roman;font-size:10pt;">&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;">On February 8, 2005, the <font style="color:#000000;">Company</font> listed its shares on the 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-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;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;">The Company started with total paid-in capital amount of <strike>W</strike>500,000 thousand, and as of December 31, 2020, 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, 2020 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:80.05%;">
<tr>
<td style="width:32.24%;"></td>
<td style="width:4.75%;"></td>
<td style="width:20.4%;"></td>
<td style="width:2.39%;"></td>
<td style="width:20.27%;"></td>
</tr>
<tr style="height:10.9pt;">
<td valign="middle"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt; border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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:15.6pt;;text-indent:0pt;;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; border-bottom:solid 0.75pt #000000;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:9pt;;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=" 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-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">
<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" >
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:15.6pt;;text-indent:0pt;;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; 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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:15.6pt;;text-indent:0pt;;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: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; 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=" 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-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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=" 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-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: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; border-bottom:double 2.5pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; border-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=" 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-size:9pt;">&nbsp;</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: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="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:1.04%;font-weight:bold;color:#002060;font-family:Times New Roman;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: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 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:3.32%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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;">These separate financial statements were authorized for issuance by the Board of Directors on March 9, 2021, which will be submitted for approval at the shareholders&#8217; meeting to be held on March 31, 2021.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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) Basis of measurement</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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 separate financial statements have been prepared on the historical cost basis.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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) Use of judgments and estimates</p>
<p style="text-align:justify;margin-bottom:12pt;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;">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<font style="color:#000000;">.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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 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: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>
<p style="margin-top:12pt;margin-bottom:0pt;text-align:center;text-indent:0%;font-family:Times New Roman;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</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, 2020 and 2019 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:1.04%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2. Basis of Presentation, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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) Use of judgments and estimates, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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) Deferred revenue <font style="margin-left:28pt;"></font></p>
<p style="text-align:justify;margin-bottom:12pt;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;">As discussed in Note 4 (13), the Company sells virtual currency and items that can be used in online and mobile games to game users. For each game in each country, the Company estimates and applies the game user's life cycle in order to recognize revenue generated by micro-transactions. The game user's life cycle is estimated based on the average period from the game user's first payment date to the last access date for active paying game users. The Company considers a game user as an active user if the period between the time of the user&#8217;s most recent access of the game and the end of reporting period equals or is shorter than the estimated game users&#8217; life cycle. For remaining amounts of virtual currency and items that active users own at period-end, the related revenue is deferred considering whether the virtual currency is refundable and items&#8217; attributes. The Company estimates the user&#8217;s life cycle by analyzing game users&#8217; activity patterns such as payment and access and it periodically reviews if there is any change of these estimates.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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) Deferred tax assets </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;">When the Company assesses the realizability of the deferred tax assets, the Company considers 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:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:1.04%;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:12pt;margin-top:0pt;margin-left:3.32%;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 has applied the following standards and amendments for the first time for the annual reporting period commencing January 1, 2020.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:7.35%;text-indent:-4.03%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) Amendments to K-IFRS No. 1001 <font style="font-style:italic;">Presentation of Financial Statements </font>and K-IFRS No. 1008 <font style="font-style:italic;">Accounting policies and errors</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;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The amendments clarify the definition of material. Information is material if omitting, misstating or obscuring it could reasonably be expected to influence the decisions that the primary users of general-purpose financial statements make on the basis of those financial statements. The amendments do not have a significant impact on the separate financial statements.</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;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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) Amendments to K-IFRS<font style="font-weight:bold;color:#000000;"> </font><font style="color:#000000;">No. 1103 Business Combination</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;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The amended definition of a business requires an acquisition to include an input and a substantive process that together significantly contribute to the ability to create outputs and the definition of output excludes the returns in the form of lower costs and other economic benefits. If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, an entity may elect to apply an optional concentration test that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The amendments do not have a significant impact on the separate financial statements.<font style="font-weight:bold;color:#002060;"><br /></font></p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;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</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, 2020 and 2019 </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.32%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:1.04%;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</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:7.35%;text-indent:-4.03%;color:#000000;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. 1109 Financial Instruments, K-IFRS No. 1107 Financial Instruments: Recognition and K-IFRS No. 1039 Financial Instruments: Disclosure</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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 allow to apply the exceptions in relation the application of hedge accounting while uncertainties arising from interest rate benchmark reform exist. The exceptions require the Company assumes that the interest rate benchmark on which the hedged items and the hedging instruments are based on is not altered as a result of interest rate benchmark reform, when determining whether the expected cash flows are highly probable, whether an economic relationship between the hedged item and the hedging instrument exists, and when assessing the hedging relationship is highly effective. The amendments do not have a significant impact on the separate financial statements.</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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) Amendments to the Conceptual framework for financial reporting</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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 concept of measurement, presentation and disclosure, and derecognition was introduced for financial reporting, and the definition and recognition criteria for assets and liabilities were amended. In addition, the uncertainty in the measurement of prudence, stewardship, measurement, uncertainty and substance over form were clarified.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:1.04%;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="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:12pt;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;">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:3.32%;text-indent:0%;font-family:Times New Roman;font-size:10pt;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:12pt;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 are prepared and presented in accordance with K-IFRS No. 1027, Separate Financial Statements. 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="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.95%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(2) Cash and Cash equivalents</p>
<p style="text-align:justify;margin-bottom:12pt;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;">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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">11</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</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, 2020 and 2019 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:1.04%;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</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:1.04%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(3) Financial Assets</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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) Classification</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-left:2.95%;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>
<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;">&nbsp;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:11pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;">measured at fair value through profit or loss</font><font style="color:#000000;">;</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;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:11pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><a name="_Hlk36133181"></a><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="color:#000000;"><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-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:11pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="color:#000000;">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;font-size:10pt;">&nbsp;</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;">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;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;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;">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:3.32%;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:3.32%;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:3.32%;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:3.32%;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="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12</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</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, 2020 and 2019 </p>
<p style="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-weight:bold;color:#002060;">4. Significant Accounting Policies, Continued</font></p>
<p style="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:12pt;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;">(3) Financial Assets, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(b) Measurement, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(i) Debt instruments</p>
<p style="text-align:justify;margin-bottom:12pt;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;">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-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:11pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="color:#000000;">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;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:11pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="color:#000000;">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>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:11pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="color:#000000;">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="color:#000000;">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>
<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="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;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</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, 2020 and 2019 </p>
<p style="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:12pt;margin-top:0pt;text-indent:1.04%;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</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(3) Financial Assets, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(b) Measurement, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;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;">(ii) Equity instruments</p>
<p style="text-align:justify;margin-bottom:12pt;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;">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:3.32%;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-operating 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:3.32%;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:3.32%;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-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:11pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="color:#000000;">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-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:11pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="color:#000000;">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;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:11pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="color:#000000;">contract assets under K-IFRS</font><font style="color:#000000;"> No. </font><font style="color:#000000;">1115.</font></p></td></tr></table></div>
<p style="text-align:justify;margin-bottom:12pt;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;">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-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:11pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;">debt </font><font style="color:#000000;">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;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:11pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="color:#000000;">other debt securities and bank balances for which credit risk (i.e. the risk of default occurring over the expected</font><font style="color:#000000;"> 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:3.32%;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:3.32%;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: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="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;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</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, 2020 and 2019 </p>
<p style="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:12pt;margin-top:0pt;text-indent:1.04%;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</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(3) Financial Assets, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(c) Impairment, Continued</p>
<p style="margin-bottom:12pt;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 Company considers a financial asset to be in default when:</p>
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<td valign="top" style="width:5.89%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" style="width:4.42%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:11pt;font-family:'Times New Roman'">&#8226;</font></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;">the </font><font style="color:#000000;">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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<table border="0" cellspacing="0" cellpadding="0"  style="border-collapse:collapse; width:100%;">
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<td valign="top" style="width:5.89%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" style="width:4.42%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:11pt;font-family:'Times New Roman'">&#8226;</font></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="color:#000000;">the financ</font><font style="color:#000000;">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:3.32%;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:3.32%;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:3.32%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;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;">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:3.32%;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:3.32%;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:3.32%;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 other comprehensive income.</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(d) Recognition and Derecognition</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;">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:3.32%;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>
<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="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;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</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, 2020 and 2019 </p>
<p style="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:12pt;margin-top:0pt;text-indent:1.04%;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</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(3) Financial Assets, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(e) Offsetting of financial instruments</p>
<p style="text-align:justify;margin-bottom:12pt;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;">Financial assets and liabilities are offset and the net amount reported in the separate 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:3.32%;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:12pt;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;">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:12pt;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;">Property and equipment, subsequently, are carried at cost less accumulated depreciation and accumulated impairment losses.</p>
<p style="text-align:justify;margin-bottom:12pt;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;">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:3.32%;text-indent:0%;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>
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<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:10.31%;width:51.18%;">
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<td style="width:33.26%;"></td>
<td style="width:0.06%;"></td>
<td style="width:17.86%;"></td>
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<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;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; 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>
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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;">
<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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;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; 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>
</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;">
<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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;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;">
<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;">
<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;">Vehicles</p></td>
<td valign="bottom" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;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;">
<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;">
<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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;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;">
<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;">
<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;">Right-of-use assets</p></td>
<td valign="bottom" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;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;">
<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;">(*)</p></td>
</tr>
</table></div>
<p style="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:12pt;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;">(*) The Company depreciates the right-of-use asset from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term using the straight-line method.</p>
<p style="text-align:justify;margin-bottom:12pt;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;">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:0pt;margin-top:0pt;margin-left:1.47%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">16</a></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</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, 2020 and 2019 </p>
<p style="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:12pt;margin-top:0pt;text-indent:1.04%;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</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(5) Intangible Assets</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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:3.32%;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 amortizes intangible assets with a limited useful life using the straight-line method over the following periods:</p>
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<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:10.31%;width:48.25%;">
<tr>
<td style="width:30.33%;"></td>
<td style="width:0.06%;"></td>
<td style="width:17.86%;"></td>
</tr>
<tr style="height:11.85pt;">
<td valign="bottom"  style="padding-left:0.75pt;padding-Right:0.75pt;padding-Top:0.75pt; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;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; 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;">
<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;">Software</p></td>
<td valign="bottom" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;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; 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;">
<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;">Patents</p></td>
<td valign="bottom" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;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;">
<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;">
<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 intangible assets</p></td>
<td valign="bottom" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:15pt;;text-indent:0pt;;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;">
<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:3.32%;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;">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:3.32%;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 entered into a game licensing agreement with a number of third parties to gain exclusive rights to the games developed by those companies. The license fee payments are recognized as other intangible assets and amortized over the term of the contract using the straight-line method.</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;">(6) Impairment of Non-financial Assets</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.95%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">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:3.32%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;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;">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:3.32%;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: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="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">17</a></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</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, 2020 and 2019 </p>
<p style="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:12pt;margin-top:0pt;text-indent:1.04%;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</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(7) Leases</p>
<p style="text-align:justify;margin-bottom:12pt;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;">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:3.32%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a) As a lessee</p>
<p style="text-align:justify;margin-bottom:12pt;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;">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 datacenter 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:3.32%;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:3.32%;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:3.32%;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="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;">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="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.32%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">18</a></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</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, 2020 and 2019 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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. Significant Accounting Policies, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(7) Leases, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(a) As a lessee, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;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;">Lease payments included in the measurement of the lease liability comprise the following:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0"  style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:5.89%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" style="width:4.42%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:11pt;font-family:'Times New Roman'">&#8226;</font></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;">fixed </font><font style="color:#000000;">payments, including in-substance fixed payments;</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:5.89%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" style="width:4.42%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:11pt;font-family:'Times New Roman'">&#8226;</font></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="color:#000000;">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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<table border="0" cellspacing="0" cellpadding="0"  style="border-collapse:collapse; width:100%;">
<tr>
<td valign="top" style="width:5.89%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" style="width:4.42%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:11pt;font-family:'Times New Roman'">&#8226;</font></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="color:#000000;">amounts expected to be payable under a residual value guarantee; </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:5.89%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" style="width:4.42%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:11pt;font-family:'Times New Roman'">&#8226;</font></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="color:#000000;">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:3.32%;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:3.32%;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:3.32%;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 separate statement of financial position.</p>
<p style="text-align:justify;margin-bottom:12pt;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;">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:3.32%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b) As a lessor</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;">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:3.32%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;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;">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: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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;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</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, 2020 and 2019 </p>
<p style="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:12pt;margin-top:0pt;text-indent:1.04%;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</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(7) Leases, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(b) As a lessor, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;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;">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:3.32%;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:3.32%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;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;">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:3.32%;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:3.32%;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="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="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;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</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, 2020 and 2019 </p>
<p style="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:12pt;margin-top:0pt;text-indent:1.04%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> <font style="font-weight:bold;color:#002060;">4. Significant Accounting Policies, Continued</font></p>
<p style="text-align:justify;margin-bottom:12pt;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;">(8) Financial Liabilities</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(a) Classification and measurement</p>
<p style="text-align:justify;margin-bottom:12pt;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;">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:3.32%;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 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:3.32%;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:3.32%;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 separate 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:3.32%;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:3.32%;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="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="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;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</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, 2020 and 2019 </p>
<p style="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:12pt;margin-top:0pt;text-indent:1.04%;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</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(9) Provisions and Contingent Liabilities, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;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;">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:3.32%;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:3.32%;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:3.32%;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:3.11%;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 separate 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:3.32%;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:3.32%;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:3.32%;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="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="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;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</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, 2020 and 2019 </p>
<p style="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:12pt;margin-top:0pt;text-indent:1.04%;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</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(11) Statement of cash flows</p>
<p style="text-align:justify;margin-bottom:12pt;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;">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:3.32%;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="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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 engages in game licensing, IP licensing, and game publishing businesses.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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 is measured at the fair value of the consideration received or receivable for sale of goods or rendering of services arising from the normal course of the business. Revenue is recognized as net amounts excluding value added taxes, returns, rebates and discounts.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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) Revenue from micro-transaction and subscription</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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 recognizes micro-transaction revenue of online and mobile games when the Company satisfies its performance obligations. </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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 the performance obligations are satisfied depends on the natures of virtual currency and items. Items are categorized into consumable, periodic, and permanent items.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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;">Consumable in-game virtual items are items that are consumed by the specific action of a game user, and periodic in-game virtual items are items that can be used repeatedly during a specified effective period. Permanent in-game virtual items are items that can be used by game users repeatedly without an effective period.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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 accounting policy on revenue recognition is described below in relation to micro-transaction revenue from the sales of virtual currency and items. </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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) Online Games</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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 the end of the reporting period, the Company defers the total amount of remaining virtual currency as the Company has the obligation to refund for remaining virtual currency.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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 consumable in-game virtual items, the related revenue is recognized when the in-game virtual item is consumed. The Company defers the revenue for remaining amounts of virtual items owned by active users within the estimated user life cycle at the end of the reporting period. For periodic in-game virtual items, the related revenue is recognized ratably over the effective period. The Company defers the revenue for remaining effective period. For permanent in-game virtual items, revenue is recognized ratably over the estimated user life cycle. The Company defers the revenue for remaining period of estimated user life cycle at the end of the reporting period.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;text-indent:0%;font-family:Times New Roman;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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;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</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, 2020 and 2019 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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:3.32%;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, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(a) Revenue from micro-transaction and subscription, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(i) Online Games, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;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;">The Company recognizes online subscription revenue as game users make use of in-game premium features. Subscription revenue comes from subscription fee for internet caf&#233;s. Prepaid subscription fees from internet caf&#233;s are deferred and recognized as revenue monthly based on actual hours used.</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(ii) Mobile Games</p>
<p style="text-align:justify;margin-bottom:12pt;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;">Mobile game users purchase virtual currency that can be used to purchase in-game items. The Company has no refund obligation after the game user purchases virtual currency. </p>
<p style="text-align:justify;margin-bottom:12pt;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;">At the end of the reporting period, the Company defers revenue for the <font style="color:#000000;">remaining</font> virtual currency possessed by paying active users. For consumable in-game virtual items, revenue is recognized when the in-game virtual item is consumed. The Company defers the revenue for remaining virtual items possessed by active users within the estimated user life cycle at the end of the reporting period. For periodic in-game virtual items with effective period, revenue is recognized ratably over the effective period. The Company defers the revenue for remaining effective period. For permanent in-game virtual items, revenue is recognized ratably over the estimated user life cycle. The Company defers the revenue for remaining period of estimated user life cycle at the end of the reporting period.</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(b) Online and Mobile games&#8212;royalties and license fees</p>
<p style="text-align:justify;margin-bottom:12pt;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;">In connection with the Company&#8217;s online and mobile games, the Company enters into license agreement in connection with the right to access the intellectual property, such as game character images and stories. The Company believes that the agreement is a promise to provide a right to the customer to access the related IP because the Company will undertake activities that significantly affect the intellectual property to which the customer has rights, the rights granted by the license directly expose the customer to any positive or negative effects of the Company&#8217;s activities, and those activities do not result in the transfer of a good or a service to the customer as those activities occur. Therefore, the Company&#8217;s performance obligations in connection with these agreements are satisfied over time. </p>
<p style="text-align:justify;margin-bottom:12pt;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;">Since the nature of the license promise is to provide customers with access to the intellectual property of the Company during the license period, the Company's performance obligation corresponds to the performance obligation satisfied over the time, and revenue is recognized over the license period. The Company recognizes revenue for the license fee through the straight-line method during the contract period, and for the running royalty revenue, the revenue is recognized on an accrual basis at the time the revenue distribution is established in accordance with the terms of the contract. When the running royalty revenue based on the contractual royalty rate and the actual revenue of the licensee exceeds the ratably recognized minimum guarantee, the excess amount is then recognized as revenue and accounts receivable. </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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;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</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, 2020 and 2019 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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:3.32%;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, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(c) Incremental costs of obtaining contract</p>
<p style="text-align:justify;margin-bottom:12pt;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;">The Company pays platform processing fees to operate mobile games on third party platforms. These fees are charged based on the game users&#8217; purchases in cash and considered as incremental cost of obtaining contracts with customer and therefore capitalized. The Company presents these costs as prepaid expense and amortizes them to costs of revenue at the same time when the related revenue of the services provided to the game users are recognized.</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(13) Current and Deferred Tax</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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:3.32%;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 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:3.32%;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 tax credit.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;text-indent:0%;font-family:Times New Roman;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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;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</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, 2020 and 2019 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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:3.32%;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, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;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;">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:3.32%;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="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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;">(14) Employee Benefits</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(a) Short-term employee benefits</p>
<p style="text-align:justify;margin-bottom:12pt;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;">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="text-align:justify;margin-bottom:12pt;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;">(b) Defined contribution pension plan</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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 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="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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;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</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, 2020 and 2019 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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:3.32%;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) Standards issued but not yet effective</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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, 2020 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:3.32%;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 Company&#8217;s separate financial statements.</p>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:11pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="color:#000000;">COVID-19-Related Rent Concessions (Amendment to K-IFRS No 1116)</font></p></td></tr></table></div>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:11pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="color:#000000;">Reference to Conceptual Framework (Amendment to K-IFRS No 1103)</font></p></td></tr></table></div>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:11pt;font-family:'Times New Roman'">&#8226;</font></p></td>
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<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="color:#000000;">Classification of Liabilities as Current or Non-current (Amendment to K-IFRS No 1001)</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;">&nbsp;</p>
<p style="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:12pt;margin-top:0pt;text-indent:1.04%;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:3.32%;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, 2020 and 2019 are as follows: </p>
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<td style="width:17.1pt;"></td>
<td style="width:120.05pt;"></td>
<td style="width:4.5pt;"></td>
<td style="width:4.5pt;"></td>
<td style="width:120.05pt;"></td>
<td style="width:4.5pt;"></td>
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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:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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;;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, 2020</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;;font-size:9pt;">&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;;font-size:9pt;">&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-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-size:10pt;">&nbsp;</p></td>
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<tr style="height:17.1pt;">
<td valign="middle" >
<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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<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;">45,956,245</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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:0pt;;text-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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-left:6.44%;text-indent:-3.11%;color:#000000;font-family:Times New Roman;font-size:10pt;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, 2020 and 2019.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">27</a></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</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, 2020 and 2019 </p>
<p style="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:12pt;margin-top:0pt;text-indent:1.04%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">6. Financial Instruments by Category</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(1) Carrying amounts of financial instruments by category as of December 31, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:437.75pt;;">
<tr>
<td style="width:162.7pt;"></td>
<td style="width:7.5pt;"></td>
<td style="width:25.45pt;"></td>
<td style="width:106.3pt;"></td>
<td style="width:7.1pt;"></td>
<td style="width:14.15pt;"></td>
<td style="width:114.55pt;"></td>
</tr>
<tr style="height:3.05pt;">
<td valign="bottom"  style=" 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=" 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:10pt;">&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-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:-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, 2020</p></td>
<td valign="bottom"  style=" border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-weight:bold;;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-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:-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>
</tr>
<tr style="height:14.2pt;">
<td colspan="7" valign="middle" >
<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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.83%;text-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:-5pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">45,956,245</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.83%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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>
</tr>
<tr style="height:14.2pt;">
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">71,000,000</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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>
</tr>
<tr style="height:14.2pt;">
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">44,353,327</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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>
</tr>
<tr style="height:14.2pt;">
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">478,428</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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>
</tr>
<tr style="height:14.1pt;">
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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 financial assets</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">841,092</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" 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=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;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:-5pt;;text-indent:0pt;;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:-5pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,128,475</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:-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=" border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;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:-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>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;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:-5pt;;margin-right:0.83%;text-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:-5pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">163,757,567</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:-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=" border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.83%;text-indent:0pt;;font-size:9pt;">&nbsp;</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:-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>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.44%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:437.75pt;;">
<tr>
<td style="width:165.3pt;"></td>
<td style="width:4.3pt;"></td>
<td style="width:32.55pt;"></td>
<td style="width:115.6pt;"></td>
<td style="width:4.1pt;"></td>
<td style="width:115.9pt;"></td>
</tr>
<tr style="height:3.15pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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, 2020</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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>
</tr>
<tr style="height:14.75pt;">
<td colspan="6" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.83%;text-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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">34,810,387</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">16,040,563</p></td>
</tr>
<tr style="height:14.75pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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 &#8211; non-current</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,402,466</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">129,150</p></td>
</tr>
<tr style="height:14.75pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,627,967</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,034,556</p></td>
</tr>
<tr style="height:14.75pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,493,680</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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>
</tr>
<tr style="height:14.75pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.83%;text-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=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">39,334,500</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">18,802,268</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:6.44%;text-indent:-3.11%;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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:91.46%;">
<tr>
<td style="width:37.68%;"></td>
<td style="width:1.59%;"></td>
<td style="width:4.32%;"></td>
<td style="width:21.81%;"></td>
<td style="width:0.8%;"></td>
<td style="width:2.43%;"></td>
<td style="width:22.83%;"></td>
</tr>
<tr style="height:3.2pt;">
<td valign="bottom"  style=" 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=" 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:10pt;">&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-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:-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;">2020</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:-5pt;;text-indent:0pt;;font-weight:bold;;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-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:-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>
</tr>
<tr style="height:15.3pt;">
<td valign="middle" >
<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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.83%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.83%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
</tr>
<tr style="height:15.3pt;">
<td valign="middle" >
<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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.83%;text-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" >
<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;">961,895</p></td>
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.83%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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>
</tr>
<tr style="height:15.3pt;">
<td valign="middle" >
<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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">(1,350,489)</p></td>
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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>
</tr>
<tr style="height:15.3pt;">
<td valign="middle"  style=" border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;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:-5pt;;margin-right:0.83%;text-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=" border-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;">(388,594)</p></td>
<td valign="bottom"  style=" 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=" border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.83%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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:-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>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0.44%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:443.75pt;;">
<tr>
<td style="width:181.45pt;"></td>
<td style="width:7.4pt;"></td>
<td style="width:20.95pt;"></td>
<td style="width:108.05pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:11.35pt;"></td>
<td style="width:110.75pt;"></td>
</tr>
<tr style="height:3.1pt;">
<td valign="bottom"  style=" 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=" 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:10pt;">&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-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:-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;">2020</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:-5pt;;text-indent:0pt;;font-weight:bold;;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-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:-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>
</tr>
<tr style="height:14.65pt;">
<td valign="middle" >
<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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.83%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.83%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.65pt;">
<td valign="middle" >
<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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.83%;text-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" >
<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;">(120,865)</p></td>
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.83%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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>
</tr>
<tr style="height:14.65pt;">
<td valign="middle" >
<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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">335,958</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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>
</tr>
<tr style="height:14.65pt;">
<td valign="middle"  style=" border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;text-indent:0pt;;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:-5pt;;margin-right:0.83%;text-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=" border-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;">215,093</p></td>
<td valign="bottom"  style=" 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=" border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-5pt;;margin-right:0.83%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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:-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>
</tr>
</table></div>
<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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">28</a></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</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, 2020 and 2019 </p>
<p style="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:12pt;margin-top:0pt;text-indent:1.04%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">6. Financial Instruments by Category, Continued</p>
<p style="margin-bottom:12pt;margin-top:12pt;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;">(3) Fair value hierarchy</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.32%;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;">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:5.89%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" style="width:4.42%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:11pt;font-family:'Times New Roman'">&#8226;</font></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="color:#000000;">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:5.89%;white-space:nowrap">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" style="width:4.42%;white-space:nowrap">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:11pt;font-family:'Times New Roman'">&#8226;</font></p></td>
<td valign="top">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="Background-color:#FFFFFF;color:#000000;">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:5.89%;white-space:nowrap">
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" style="width:4.42%;white-space:nowrap">
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:11pt;font-family:'Times New Roman';text-transform:none;font-variant: normal;letter-spacing:0pt;"></font><font style="font-size:11pt;font-family:'Times New Roman'">&#8226;</font></p></td>
<td valign="top">
<p style="text-align:left;margin-bottom:12pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;"></font><font style="Background-color:#FFFFFF;color:#000000;">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-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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:3.32%;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:3.32%;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:3.32%;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:4.42%;text-indent:-1.1%;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:5.88%;text-indent:-2.55%;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:3.32%;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 Company applied other valuation techniques such as discounted cash flow, etc. For the financial assets and liabilities of 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:3.32%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">&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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">29</a></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</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, 2020 and 2019 </p>
<p style="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:1.04%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">7. Accounts and Other Receivables</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:1.04%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:484.65pt;;">
<tr>
<td style="width:165.2pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:16.95pt;"></td>
<td style="width:68.95pt;"></td>
<td style="width:4.5pt;"></td>
<td style="width:68.95pt;"></td>
<td style="width:6.8pt;"></td>
<td style="width:70.95pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:70.95pt;"></td>
<td style="width:3.8pt;"></td>
</tr>
<tr style="height:13.9pt;">
<td valign="bottom"  style=" 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=" 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:10pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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:10pt;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style=" 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, 2020</p></td>
<td valign="bottom" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style=" 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="top"  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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.9pt;">
<td valign="bottom"  style=" 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-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.9pt;">
<td valign="middle"  style="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" >
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:6.23%;text-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=" 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;">35,189,727</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" 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;">620</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;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: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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;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: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="top" >
<p 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;">&nbsp;</p></td>
</tr>
<tr style="height:13.9pt;">
<td valign="middle"  style="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" >
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">9,217,304</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">477,808</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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="top" >
<p 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;">&nbsp;</p></td>
</tr>
<tr style="height:13.9pt;">
<td valign="middle"  style=" 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=" 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-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:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" 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;">(53,704)</p></td>
<td valign="top"  style=" 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;">&nbsp;</p></td>
<td valign="top"  style=" 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=" 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=" 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=" 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;">&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: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="top"  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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.9pt;">
<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;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-bottom:double 2.5pt transparent;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:19.73%;text-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=" border-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;">44,353,327</p></td>
<td valign="top"  style=" 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:9pt;">&nbsp;</p></td>
<td valign="top"  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: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;">478,428</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: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=" border-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=" 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:9pt;">&nbsp;</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: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="top"  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;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:6.44%;text-indent:-3.11%;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, 2020 and 2019 are as follows: </p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:490.85pt;;">
<tr>
<td style="width:165.3pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:16.35pt;"></td>
<td style="width:0.65pt;"></td>
<td style="width:101.7pt;"></td>
<td style="width:14.15pt;"></td>
<td style="width:92.15pt;"></td>
<td style="width:14.15pt;"></td>
<td style="width:81.95pt;"></td>
<td style="width:0.65pt;"></td>
</tr>
<tr style="height:13.9pt;">
<td valign="bottom"  style=" 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=" 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:10pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" 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:10pt;">&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: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;">2020</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:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="4" 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;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">2019</p></td>
</tr>
<tr style="height:13.9pt;">
<td valign="bottom"  style=" 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-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" 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-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:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" 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;;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="bottom" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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 style="border:none;padding:0;"></td>
</tr>
<tr style="height:13.9pt;">
<td valign="top"  style="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" >
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:18.69%;text-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=" 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;">18,957</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" 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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" 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>
</tr>
<tr style="height:13.9pt;">
<td valign="top"  style="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" >
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">34,747</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top" >
<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>
</tr>
<tr style="height:13.9pt;">
<td valign="top"  style=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" 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;">&nbsp;</p></td>
<td valign="top"  style=" 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" >
<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=" 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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" 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>
</tr>
<tr style="height:13.9pt;">
<td valign="top"  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;">Ending balance</p></td>
<td valign="top"  style=" 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-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" 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=" border-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;">53,704</p></td>
<td valign="bottom"  style=" 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=" border-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=" 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:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  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: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>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">30</a></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</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, 2020 and 2019 </p>
<p style="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:1.04%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">7. Accounts and Other Receivables, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:6.44%;text-indent:-3.11%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) Expected credit losses (ECLs) and credit risk exposures for accounts and other receivables as of December 31, 2020 and 2019 are as follows:</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(a) Accounts receivables</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:486.3pt;;">
<tr>
<td style="width:192.2pt;"></td>
<td style="width:5.05pt;"></td>
<td style="width:104.7pt;"></td>
<td style="width:3.9pt;"></td>
<td style="width:18.55pt;"></td>
<td style="width:77.15pt;"></td>
<td style="width:3.9pt;"></td>
<td style="width:3.95pt;"></td>
<td style="width:76.9pt;"></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td colspan="7" 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, 2020</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top" >
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">&nbsp;</p></td>
<td valign="bottom"  style=" 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" >
<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;">Not due or overdue for less than 90 days</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" 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;">0.01</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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=" 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;">43,578,577</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" 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;">3,437</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">5.75</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">825,662</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">47,497</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">41.63</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">53.78</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">46</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">25</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style=" 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=" 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;">&nbsp;</p></td>
<td valign="top"  style=" 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;">100.00</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:2.1pt;;text-indent:0pt;;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:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" 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;">2,745</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:2.1pt;;text-indent:0pt;;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:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" 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;">2,745</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style=" border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;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:2.1pt;;text-indent:0pt;;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:2.1pt;;text-indent:0pt;;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:2.1pt;;text-indent:0pt;;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: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=" border-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;">44,407,031</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:2.1pt;;text-indent:0pt;;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:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  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: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;">53,704</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:486.25pt;;">
<tr>
<td style="width:192.2pt;"></td>
<td style="width:5.05pt;"></td>
<td style="width:102.7pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:18.65pt;"></td>
<td style="width:77.15pt;"></td>
<td style="width:3.9pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:79pt;"></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  style=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td colspan="7" 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>
</tr>
<tr style="height:14.15pt;">
<td valign="top" >
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">&nbsp;</p></td>
<td valign="bottom"  style=" 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" >
<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;">Not due or overdue for less than 90 days</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" 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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:1.04%;text-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=" 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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" 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" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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=" 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=" 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;">&nbsp;</p></td>
<td valign="top"  style=" 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=" 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;">&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:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" 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=" 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;">&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:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" 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=" border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;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:2.1pt;;text-indent:0pt;;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:2.1pt;;text-indent:0pt;;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:2.1pt;;text-indent:0pt;;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:2.1pt;;margin-right:1.04%;text-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=" border-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=" 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: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:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  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: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;margin-left:0.6%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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;  margin-left:3.53%;width:462.4pt;;">
<tr>
<td style="width:174.4pt;"></td>
<td style="width:7.05pt;"></td>
<td style="width:99.8pt;"></td>
<td style="width:5.25pt;"></td>
<td style="width:13.1pt;"></td>
<td style="width:0.75pt;"></td>
<td style="width:3.7pt;"></td>
<td style="width:5.05pt;"></td>
<td style="width:67.4pt;"></td>
<td style="width:7.1pt;"></td>
<td style="width:1.9pt;"></td>
<td style="width:27.6pt;"></td>
<td style="width:44.85pt;"></td>
<td style="width:0.85pt;"></td>
<td style="width:2.75pt;"></td>
<td style="width:0.85pt;"></td>
</tr>
<tr>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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-weight:bold;font-style:italic;font-size:8pt;font-family:Times New Roman;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; 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;">&nbsp;</p></td>
<td colspan="12" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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, 2020</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;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; 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;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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; 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-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; 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;">&nbsp;</p></td>
<td colspan="4" 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;">Carrying amount</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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-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; 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-size:9pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="3" 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;">Loss allowance</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;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;">
<p style="text-align:right;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;">Not due or overdue for less than 90 days</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;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="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;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;">-</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;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 colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;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;"><strike>W</strike></p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:5.05pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;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;">478,428</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#FF0000;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;padding-Bottom:0pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;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;white-space:nowrap;">
<p style="text-align:right;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="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;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;">-</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;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;">&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:3.32%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:462.4pt;;">
<tr>
<td style="width:174.4pt;"></td>
<td style="width:7.05pt;"></td>
<td style="width:99.8pt;"></td>
<td style="width:5.25pt;"></td>
<td style="width:13.1pt;"></td>
<td style="width:0.75pt;"></td>
<td style="width:3.7pt;"></td>
<td style="width:5.05pt;"></td>
<td style="width:67.4pt;"></td>
<td style="width:7.1pt;"></td>
<td style="width:1.9pt;"></td>
<td style="width:27.6pt;"></td>
<td style="width:44.85pt;"></td>
<td style="width:0.85pt;"></td>
<td style="width:2.75pt;"></td>
<td style="width:0.85pt;"></td>
</tr>
<tr>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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-weight:bold;font-style:italic;font-size:8pt;font-family:Times New Roman;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; 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;">&nbsp;</p></td>
<td colspan="12" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;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; 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;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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; 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-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; 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;">&nbsp;</p></td>
<td colspan="4" 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;">Carrying amount</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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-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; 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-size:9pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="3" 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;">Loss allowance</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<p style="text-align:right;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;">
<p style="text-align:right;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;">Not due or overdue for less than 90 days</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;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="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;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;">-</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;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 colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;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;"><strike>W</strike></p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:5.05pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;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;">1,162,439</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;color:#FF0000;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;padding-Bottom:0pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;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;white-space:nowrap;">
<p style="text-align:right;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="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;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;">-</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;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;">&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:3.32%;text-indent:0%;font-family:Times New Roman;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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">31</a></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</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, 2020 and 2019 </p>
<p style="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:12pt;margin-top:0pt;text-indent:1.04%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">7. Accounts and Other Receivable, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:6.44%;text-indent:-3.11%;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, 2020 and 2019 are as follows, Continued:</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.32%;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 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:3.32%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:2pt;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;">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="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0.17%;text-indent:1.04%;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:0.17%;text-indent:1.04%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;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;">(1) Details of investment in subsidiaries as of December 31, 2020 and 2019 are as follows:</p>
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<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:-4.42%;width:531.5pt;;">
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<tr style="height:14.2pt;">
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style=" 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;;font-size:8pt;">&nbsp;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style=" 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;;font-size:8pt;">&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:2.1pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&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:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style=" 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;">Percentage of ownership (%)</p></td>
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</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style=" 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;">Subsidiary</p></td>
<td valign="top"  style=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&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: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;">Location</p></td>
<td valign="top"  style=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&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: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;">Main business</p></td>
<td valign="bottom"  style=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&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: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;">Fiscal year end</p></td>
<td valign="bottom"  style=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&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: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, 2020</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:2.1pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&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: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>
<td valign="top"  style=" 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;;font-size:8pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top" >
<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;">Gravity Interactive, Inc.</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;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;">USA</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;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;">Online and mobile game services</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;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;">December</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">100</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">100</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top" >
<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;">Gravity Entertainment Corp. (*1)</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;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;">Japan</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;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;">Animation production, distribution, and game services</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;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;">December</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">100</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top" >
<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;">GRAVITY NEOCYON, INC (Formerly, NeoCyon, Inc.) (*2)</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;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;">Korea</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;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;">Mobile Game Development and Service</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;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;">December</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">99.53</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">99.24</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top" >
<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;">Gravity Communications Co., Ltd.</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;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;">Taiwan</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;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;">Online and mobile game services</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;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;">December</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">100</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">100</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top" >
<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;">PT. Gravity Game Link</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;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;">Indonesia</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;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;">Online and mobile game services</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;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;">December</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">70</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">70</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top" >
<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;">Gravity Game Tech Co., Ltd.</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;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;">Thailand</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;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;">Online and mobile game services</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;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;">December</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">100</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">100</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top" >
<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;">Gravity Game Arise Co., Ltd.</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;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;">Japan</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:10.1pt;;text-indent:-8pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;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;">Online and mobile game services</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;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;">December</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">100</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">100</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.44%;text-indent:-3.11%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.48%;text-indent:-4.15%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> (*1) Gravity Entertainment Corp. was liquidated during 2020 and has been excluded from subsidiary since then.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.48%;text-indent:-4.15%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> (*2) During the year ended December 31, 2020, the Company participated in paid-in capital increase of GRAVITY NEOCYON, INC. which resulted in increase of ownership interest of the Company.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.44%;text-indent:-3.11%;font-family:Times New Roman;font-size:10pt;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;">&nbsp;&nbsp;&nbsp;&nbsp;<br /></p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">32</a></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</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, 2020 and 2019 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0.17%;text-indent:1.04%;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</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;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="width:3.65%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
<td valign="top" style="width:3.71%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;">(2)</font></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;">Changes in investment in subsidiaries for the years ended December 31, 2020 and 2019 are as follows: </font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:6.69%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:464.2pt;;">
<tr>
<td style="width:132.9pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:16.4pt;"></td>
<td style="width:86.3pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:9.95pt;"></td>
<td style="width:55.7pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:9.95pt;"></td>
<td style="width:55.5pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:10.5pt;"></td>
<td style="width:71.8pt;"></td>
</tr>
<tr style="height:14.9pt;">
<td valign="top"  style=" 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=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;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:2.1pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="10" valign="bottom"  style=" 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;">2020</p></td>
</tr>
<tr style="height:14.9pt;">
<td valign="bottom"  style=" 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=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-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:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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. (*1)</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:0.83%;text-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=" 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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">&nbsp;</p></td>
<td valign="bottom"  style=" 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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<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;">GRAVITY NEOCYON, INC </p>
<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;">(Formerly, NeoCyon, Inc.) <font style="color:#000000;font-size:9pt;">(*3, 4)</font></p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;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;">2,999,995</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">(1,287,755)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">3,646,512</p></td>
</tr>
<tr style="height:14.9pt;">
<td colspan="3" valign="middle" >
<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" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;"> 853,183</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">1,683,674</p></td>
</tr>
<tr style="height:14.9pt;">
<td valign="middle" >
<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.</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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=" 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.</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:2.1pt;;text-indent:0pt;;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:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:0pt;;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:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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=" border-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>
<td valign="bottom"  style=" 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:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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:9pt;">&nbsp;</p></td>
<td valign="bottom"  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: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;">3,853,178</p></td>
<td valign="bottom"  style=" 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:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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:9pt;">&nbsp;</p></td>
<td valign="bottom"  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: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;">(1,287,755)</p></td>
<td valign="bottom"  style=" 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:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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:9pt;">&nbsp;</p></td>
<td valign="bottom"  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: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;">14,958,641</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.48%;text-indent:-4.15%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.48%;text-indent:-4.15%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*1) Prior to 2020, 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;margin-left:7.48%;text-indent:-4.15%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*2) Gravity Entertainment Corp. was liquidated during 2020 and has been excluded from subsidiary since then.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.48%;text-indent:-4.15%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*3) The Company recognized an impairment loss of <strike>W</strike>1,287,755 thousand as the recoverable amount was less than its book value in 2020.</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:7.35%;text-indent:-7.35%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&nbsp;&nbsp; (*4) The Company participated to capital increase of PT.Gravity Game Link with <strike>W</strike> 853,183 thousand and Gravity NEOCYON, INC with <strike>W</strike> 2,999,995 thousand.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">33</a></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</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, 2020 and 2019 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0.17%;text-indent:1.04%;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</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;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="width:4.15%;white-space:nowrap">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;">(2)</font></p></td>
<td valign="top">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;">Changes in investment in subsidiaries for the years ended December 31, 2020 and 2019 are as follows, Continued: </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;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:478.9pt;;">
<tr>
<td style="width:146.05pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:14.25pt;"></td>
<td style="width:85.85pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:9.05pt;"></td>
<td style="width:55.4pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:9.05pt;"></td>
<td style="width:56.35pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:9.9pt;"></td>
<td style="width:74.85pt;"></td>
<td style="width:2.95pt;"></td>
</tr>
<tr style="height:14.9pt;">
<td valign="top"  style=" 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=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;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:2.1pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="10" valign="bottom"  style=" 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:14.9pt;">
<td valign="bottom"  style=" 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=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-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:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" 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=" 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. (*1)</p></td>
<td valign="bottom" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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=" 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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">&nbsp;</p></td>
<td valign="bottom"  style=" 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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" 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" >
<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. (*2)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom" >
<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" >
<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;">GRAVITY NEOCYON, INC <font style="color:#000000;font-size:9pt;">(*3)</font></p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">3,403,245</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom" >
<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" >
<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.</p></td>
<td valign="bottom" >
<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;">5,681,415</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom" >
<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 colspan="3" valign="middle" >
<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;">PT. Gravity Game Link (*4)</p></td>
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom" >
<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 colspan="3" valign="middle" >
<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 Game Tech Co., Ltd (*5)</p></td>
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom" >
<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 colspan="3" valign="middle" >
<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 Game Arise Co., Ltd (*6)</p></td>
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom" >
<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=" border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;text-indent:0pt;;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:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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=" border-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=" 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:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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:9pt;">&nbsp;</p></td>
<td valign="bottom"  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: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=" 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:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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:9pt;">&nbsp;</p></td>
<td valign="bottom"  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: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=" 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:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  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: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;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.48%;text-indent:-4.15%;color:#000000;font-family:Times New Roman;font-size:10pt;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;margin-left:7.48%;text-indent:-4.15%;color:#000000;font-family:Times New Roman;font-size:10pt;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.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.48%;text-indent:-4.15%;color:#000000;font-family:Times New Roman;font-size:10pt;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="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.48%;text-indent:-4.15%;color:#000000;font-family:Times New Roman;font-size:10pt;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;margin-left:7.48%;text-indent:-4.15%;color:#000000;font-family:Times New Roman;font-size:10pt;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;margin-left:7.48%;text-indent:-4.15%;color:#000000;font-family:Times New Roman;font-size:10pt;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="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;margin-left:7.89%;text-indent:-4.57%;color:#000000;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><br /></p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">34</a></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</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, 2020 and 2019 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:0.17%;text-indent:1.04%;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</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.44%;text-indent:-3.11%;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, 2020 and 2010 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:490.05pt;;">
<tr>
<td style="width:146.05pt;"></td>
<td style="width:3.5pt;"></td>
<td style="width:0.3pt;"></td>
<td style="width:13.35pt;"></td>
<td style="width:0.75pt;"></td>
<td style="width:63.3pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:4pt;"></td>
<td style="width:81.1pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:6.75pt;"></td>
<td style="width:64.2pt;"></td>
<td style="width:4.05pt;"></td>
<td style="width:3.95pt;"></td>
<td style="width:87.35pt;"></td>
<td style="width:3.8pt;"></td>
</tr>
<tr style="height:14.15pt;">
<td colspan="2" valign="top"  style=" 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=" 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;;font-size:9pt;">&nbsp;</p></td>
<td colspan="11" valign="bottom"  style=" 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;">2020</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  style=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td colspan="2" 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" 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=" 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" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:0.83%;text-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=" 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;">31,848,915</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" 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;">23,405,476</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" 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;">123,055,325</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" 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;">1,137,851</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top" >
<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;">7,706</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom" >
<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;">GRAVITY NEOCYON, INC</p></td>
<td colspan="2" valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">11,068,694</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">7,422,182</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">26,368,123</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top" >
<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;">(1,753,593)</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">33,717,352</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">10,070,240</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">41,677,215</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top" >
<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;">12,281,146</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">2,184,917</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">663,529</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">4,880,948</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top" >
<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;">(315,190)</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">21,092,640</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">6,314,555</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">39,147,178</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top" >
<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;">13,989,069</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">2,637,083</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">2,065,979</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">2,483,354</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top" >
<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;">81,573</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:482.95pt;;">
<tr>
<td style="width:146.05pt;"></td>
<td style="width:3.5pt;"></td>
<td style="width:0.3pt;"></td>
<td style="width:13.35pt;"></td>
<td style="width:0.75pt;"></td>
<td style="width:63.3pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:4pt;"></td>
<td style="width:74pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:6.75pt;"></td>
<td style="width:64.2pt;"></td>
<td style="width:4.05pt;"></td>
<td style="width:3.95pt;"></td>
<td style="width:87.35pt;"></td>
<td style="width:3.8pt;"></td>
</tr>
<tr style="height:14.15pt;">
<td colspan="2" valign="top"  style=" 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=" 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;;font-size:9pt;">&nbsp;</p></td>
<td colspan="11" valign="bottom"  style=" 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=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td colspan="2" 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" 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=" 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" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle" >
<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=" 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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;;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: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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;;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: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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" 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="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle" >
<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="middle" >
<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;">GRAVITY NEOCYON, INC</p></td>
<td colspan="2" valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle" >
<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="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle" >
<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="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle" >
<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="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle" >
<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="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle" >
<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;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:1.04%;font-weight:bold;color:#002060;font-family:Times New Roman;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:3.32%;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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:493.1pt;;">
<tr>
<td style="width:123.3pt;"></td>
<td style="width:3.4pt;"></td>
<td style="width:10.5pt;"></td>
<td style="width:46.65pt;"></td>
<td style="width:3.5pt;"></td>
<td style="width:10.75pt;"></td>
<td style="width:57.85pt;"></td>
<td style="width:3.5pt;"></td>
<td style="width:6.95pt;"></td>
<td style="width:35.45pt;"></td>
<td style="width:7.2pt;"></td>
<td style="width:0.95pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:10.75pt;"></td>
<td style="width:45.55pt;"></td>
<td style="width:3.9pt;"></td>
<td style="width:5.3pt;"></td>
<td style="width:55.45pt;"></td>
<td style="width:3.9pt;"></td>
<td style="width:2.55pt;"></td>
<td style="width:45.4pt;"></td>
<td style="width:7.85pt;"></td>
</tr>
<tr style="height:13.55pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="7" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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, 2020</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="7" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;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 style="border:none;padding:0;"></td>
</tr>
<tr style="height:13.55pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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: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;">cost</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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 cost</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">Accumulated depreciation</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">3,857,812</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(3,524,869)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">332,943</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">4,144,992</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(3,724,780)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">420,212</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">509,794</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(355,465)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">154,329</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">495,090</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(287,737)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">207,353</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:11.1pt;;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;">Vehicles</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">9,101</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(948)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">8,153</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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>
</tr>
<tr style="height:13.55pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,002,556</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(956,407)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">46,149</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,128,015</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(1,052,718)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">75,297</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">4,641,874</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(2,006,590)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2,635,284</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">3,384,302</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(1,232,021)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2,152,281</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">10,021,137</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(6,844,279)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="3" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">3,176,858</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">9,152,399</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(6,297,256)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2,855,143</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.08%;text-indent:0%;font-weight:bold;;font-size:14pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">35</a></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</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, 2020 and 2019 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;text-indent:1.04%;font-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">9. Property and Equipment, Continued</p>
<p style="margin-bottom:12pt;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;">(2) Changes in property and equipment for the years ended December 31, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:480.35pt;;">
<tr>
<td style="width:98.55pt;"></td>
<td style="width:1.75pt;"></td>
<td style="width:1.75pt;"></td>
<td style="width:2.9pt;"></td>
<td style="width:10.85pt;"></td>
<td style="width:72.75pt;"></td>
<td style="width:1.75pt;"></td>
<td style="width:52pt;"></td>
<td style="width:2.9pt;"></td>
<td style="width:48.1pt;"></td>
<td style="width:1.75pt;"></td>
<td style="width:62.2pt;"></td>
<td style="width:1.75pt;"></td>
<td style="width:62pt;"></td>
<td style="width:1.95pt;"></td>
<td style="width:56.2pt;"></td>
<td style="width:1.2pt;"></td>
</tr>
<tr style="height:10.9pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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="top"  style=" 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;;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style=" 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;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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; 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;;font-size:8pt;">&nbsp;</p></td>
<td colspan="11" valign="top"  style=" 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;">2020</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:10.9pt;">
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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="top"  style=" 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;;font-size:8pt;">&nbsp;</p></td>
<td valign="top"  style=" 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;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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; 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;;font-size:8pt;">&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: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; 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-size:8pt;">&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: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; 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=" 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;">Vehicles</p></td>
<td valign="top"  style=" 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;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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; 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=" 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 valign="top"  style=" 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;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" 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:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Total</p>
<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:10.9pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<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;">
<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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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;;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom" >
<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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<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;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 valign="bottom" >
<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="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<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;">2,855,143</p></td>
</tr>
<tr style="height:10.9pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<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;">
<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;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;">121,067</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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;">28,116</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom" >
<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;">9,101</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<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;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;">1,889,573</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;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;white-space:nowrap;">
<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;">2,047,857</p></td>
</tr>
<tr style="height:10.9pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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;">Depreciation</p></td>
<td valign="top"  style=" 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;">&nbsp;</p></td>
<td valign="top"  style=" 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;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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; 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;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;">(208,336)</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;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;">(81,141)</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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;">(948)</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;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;">(29,148)</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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;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;">(1,406,570)</p></td>
<td valign="bottom"  style=" 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="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<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;">(1,726,143)</p></td>
</tr>
<tr style="height:10.9pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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="top"  style=" 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;">&nbsp;</p></td>
<td valign="top"  style=" 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;">&nbsp;</p></td>
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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; 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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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;">332,943</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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;">154,328</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  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: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;">8,153</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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;">46,149</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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;">2,635,284</p></td>
<td valign="bottom"  style=" 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="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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: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;">3,176,857</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:482.35pt;;">
<tr>
<td style="width:122.55pt;"></td>
<td style="width:2.6pt;"></td>
<td style="width:12.15pt;"></td>
<td style="width:0.95pt;"></td>
<td style="width:0.85pt;"></td>
<td style="width:80.9pt;"></td>
<td style="width:4.75pt;"></td>
<td style="width:0.7pt;"></td>
<td style="width:54.55pt;"></td>
<td style="width:1.75pt;"></td>
<td style="width:7.3pt;"></td>
<td style="width:63.15pt;"></td>
<td style="width:0.35pt;"></td>
<td style="width:1.4pt;"></td>
<td style="width:0.35pt;"></td>
<td style="width:4.35pt;"></td>
<td style="width:57.1pt;"></td>
<td style="width:1.1pt;"></td>
<td style="width:0.75pt;"></td>
<td style="width:1.1pt;"></td>
<td style="width:7.25pt;"></td>
<td style="width:1.1pt;"></td>
<td style="width:51.05pt;"></td>
<td style="width:1.45pt;"></td>
<td style="width:0.65pt;"></td>
<td style="width:0.4pt;"></td>
<td style="width:1.05pt;"></td>
<td style="width:0.7pt;"></td>
</tr>
<tr style="height:10.75pt;">
<td valign="middle"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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; 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; 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;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" 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;;font-size:8pt;">&nbsp;</p></td>
<td colspan="18" valign="bottom"  style=" 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;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>
<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; 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; 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; 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;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" 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; 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-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" 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; 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; 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;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" 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 colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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; 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-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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=" 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; 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>
<td style="border:none;padding:0;"></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;">
<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;">
<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;">
<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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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 colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<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="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;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;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="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;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;">
<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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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 colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;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;">
<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;">
<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;">
<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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<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="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;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;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="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;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;">
<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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;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;">
<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;">
<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;">
<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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<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="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;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;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="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;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;">
<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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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 colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;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;">
<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;">
<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;">
<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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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 colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<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="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;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;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="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;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;">
<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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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 colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;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;">
<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;">
<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;">
<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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<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="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;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;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="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;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;">
<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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;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="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;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; 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; 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; 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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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 colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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="bottom"  style=" 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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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 colspan="2" valign="top"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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-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; 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; 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; 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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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;">&nbsp;</p></td>
<td valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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 colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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="bottom"  style=" 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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt;padding-Bottom:0pt; 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 colspan="2" valign="bottom"  style="padding-left:0pt;padding-Right:0.75pt;padding-Top:0.75pt; 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-size:8pt;">&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;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:12pt;margin-left:6.44%;text-indent:-3.11%;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 depreciation expenses in the statements of comprehensive income for the years ended December 31, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:74.4%;">
<tr>
<td style="width:33.86%;"></td>
<td style="width:0.64%;"></td>
<td style="width:3.93%;"></td>
<td style="width:17.66%;"></td>
<td style="width:0.64%;"></td>
<td style="width:17.66%;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  style=" border-bottom:solid 0.75pt transparent;white-space:nowrap;">
<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;"><br /><font style="font-style:italic;">(In thousands of won)</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-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-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;">2020</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:7.1pt;;text-indent:0pt;;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;">2019</p></td>
</tr>
<tr style="height:13.6pt;">
<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;">Cost of revenues</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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="bottom"  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;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">910,309</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">967,487</p></td>
</tr>
<tr style="height:14.2pt;">
<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;">Selling, general and administrative expenses</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">815,834</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</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-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="bottom"  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;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,726,143</p></td>
<td valign="bottom"  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;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;;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>
</tr>
</table></div>
<p style="margin-top:12pt;margin-bottom:0pt;margin-left:5.86%;text-indent:-2.55%;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, 2020, and 2019, there are no property and equipment 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;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">36</a></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</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, 2020 and 2019 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">10. Intangible Assets</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.08%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:470pt;;">
<tr>
<td style="width:87.65pt;"></td>
<td style="width:3.7pt;"></td>
<td style="width:12.3pt;"></td>
<td style="width:49.95pt;"></td>
<td style="width:2.5pt;"></td>
<td style="width:68.25pt;"></td>
<td style="width:3.85pt;"></td>
<td style="width:54.2pt;"></td>
<td style="width:2.55pt;"></td>
<td style="width:54.15pt;"></td>
<td style="width:3.1pt;"></td>
<td style="width:69.05pt;"></td>
<td style="width:4.3pt;"></td>
<td style="width:51.05pt;"></td>
<td style="width:3.4pt;"></td>
</tr>
<tr style="height:13.4pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="5" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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, 2020</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="5" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;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 style="border:none;padding:0;"></td>
</tr>
<tr style="height:13.4pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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 cost</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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 </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;">amortization<font style="font-weight:normal;">(*)</font></p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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 cost</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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 amortization <font style="font-weight:normal;">(*)</font></p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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:13.4pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">Software</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">12,045,136</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(10,343,230)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,701,906</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">10,523,420</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(9,965,024)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;margin-right:4.98%;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">558,396</p></td>
</tr>
<tr style="height:13.4pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">Patents</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">850,104</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(525,641)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">324,463</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">669,854</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(488,324)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">181,530</p></td>
</tr>
<tr style="height:13.4pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:6.6pt;;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;">Other intangible assets</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">5,217,088</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(4,579,600)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">637,488</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">4,717,784</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(3,432,167)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,285,617</p></td>
</tr>
<tr style="height:13.4pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">18,112,328</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(15,448,471)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2,663,857</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">15,911,058</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(13,885,515)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2,025,543</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.32%;text-indent:0%;font-size:9pt;">&nbsp;</p>
<p style="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;">(*) Accumulated amortization includes the amount of accumulated impairment loss.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;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;">(2) Changes in intangible assets for the years ended December 31, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:97.41%;">
<tr>
<td style="width:26.45%;"></td>
<td style="width:0.97%;"></td>
<td style="width:5.47%;"></td>
<td style="width:14.06%;"></td>
<td style="width:0.96%;"></td>
<td style="width:14.03%;"></td>
<td style="width:0.96%;"></td>
<td style="width:16.84%;"></td>
<td style="width:0.96%;"></td>
<td style="width:16.5%;"></td>
<td style="width:0.24%;"></td>
</tr>
<tr style="height:13.05pt;">
<td rowspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:12pt;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="8" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2020</p></td>
</tr>
<tr style="height:13.05pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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 </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;">assets</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:13.05pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;"><strike>W</strike></p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">558,396</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">181,530</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,285,617</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2,025,543</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:2.55pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,521,701</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">180,250</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">499,305</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2,201,256</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:13.05pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(378,191)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(37,317)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(231,960)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(647,468)</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:13.05pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(915,474)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(915,474)</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:13.05pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;"><strike>W</strike></p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,701,906</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">324,463</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">637,488</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2,663,857</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:6.44%;text-indent:-3.11%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.44%;text-indent:-3.11%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*) The Company recognized <strike>W</strike>915,474 thousand of impairment loss as carrying amount of other intangible assets exceeded recoverable amount as of December 31, 2020.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:9pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:97.41%;">
<tr>
<td style="width:26.45%;"></td>
<td style="width:0.97%;"></td>
<td style="width:5.47%;"></td>
<td style="width:14.06%;"></td>
<td style="width:0.96%;"></td>
<td style="width:14.03%;"></td>
<td style="width:0.96%;"></td>
<td style="width:16.84%;"></td>
<td style="width:0.96%;"></td>
<td style="width:16.5%;"></td>
<td style="width:0.24%;"></td>
</tr>
<tr style="height:13.05pt;">
<td rowspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:12pt;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="8" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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:13.05pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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 </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;">assets</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:13.05pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;"><strike>W</strike></p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">444,516</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">137,022</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">410,120</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">991,658</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:13.05pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(389,339)</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(26,873)</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(71,108)</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(487,320)</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:13.05pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(51,509)</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(51,509)</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:13.05pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;"><strike>W</strike></p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">558,396</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">181,530</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,285,617</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">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:2.08%;text-indent:0%;font-size:9pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.44%;text-indent:-3.11%;color:#000000;font-family:Times New Roman;font-size:10pt;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;margin-left:6.44%;text-indent:-3.11%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">37</a></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</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, 2020 and 2019 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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. Intangible Assets, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.44%;text-indent:-3.11%;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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:88.85%;">
<tr>
<td style="width:43.01%;"></td>
<td style="width:5.16%;"></td>
<td style="width:19.58%;"></td>
<td style="width:1.51%;"></td>
<td style="width:19.59%;"></td>
</tr>
<tr style="height:12pt;">
<td valign="bottom"  style=" 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=" border-bottom:solid 0.75pt transparent;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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;">2020</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:7.1pt;;text-indent:0pt;;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;">2019</p></td>
</tr>
<tr style="height:12pt;">
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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" >
<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="top" >
<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;">190,246</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">80,200</p></td>
</tr>
<tr style="height:12pt;">
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:0.21%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">457,222</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">407,120</p></td>
</tr>
<tr style="height:12pt;">
<td valign="middle"  style=" 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=" 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="top"  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: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;">647,468</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;;font-size:9pt;">&nbsp;</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;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">487,320</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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. Employee Benefit </p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.32%;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, 2020 and 2019 are <strike>W</strike>1,014,773 thousand and <strike>W</strike>917,923 thousand, respectively. </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">12. Commitments</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.44%;text-indent:-3.11%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1) 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:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.44%;text-indent:-3.11%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2) In March 2016, the Company and Shanghai The Dream Network Technology Co., Ltd. entered into 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:12pt;margin-top:0pt;margin-left:6.44%;text-indent:-3.11%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(3) As of December 31, 2020, the Company has entered into contracts with Gravity Interactive, Inc. and GRAVITY 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:12pt;margin-top:0pt;margin-left:6.44%;text-indent:-3.11%;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, 2020, the Company has entered into license agreements with various third-party game developers to secure exclusive right to publish the games developed by the 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, 2020 and 2019 are <strike>W</strike>2,929,165 thousand and <strike>W</strike>515,780 thousand, respectively.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.44%;text-indent:-3.11%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(5) As of December 31, 2020, the Company received payment guarantee of USD 912,000 from KB Kookmin Bank regarding overseas IP contracts. </p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.08%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.08%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.08%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">38</a></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</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, 2020 and 2019 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">13. Share Capital and Share Premium</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.08%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:390.8pt;;">
<tr>
<td style="width:147.3pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:24.75pt;"></td>
<td style="width:97.75pt;"></td>
<td style="width:10pt;"></td>
<td style="width:103.4pt;"></td>
<td style="width:3.8pt;"></td>
</tr>
<tr style="height:15.2pt;">
<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-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=" 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:10pt;">&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-size:10pt;">&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-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2020</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-size:10pt;">&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-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=" 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-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:15.2pt;">
<td valign="middle"  style="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;">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:10pt;">&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:10pt;">&nbsp;</p></td>
<td valign="bottom"  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-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" >
<p 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;">&nbsp;</p></td>
<td valign="bottom"  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-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:15.2pt;">
<td valign="middle"  style="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;">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:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:3.74%;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" >
<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" >
<p 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;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:15.2pt;">
<td valign="middle"  style="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;">Number of shares issued </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:10pt;">&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:10pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<p 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;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:15.2pt;">
<td valign="middle"  style="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;">Common 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:10pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:0.83%;text-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" >
<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" >
<p 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;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<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:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.08%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:469.35pt;;">
<tr>
<td style="width:200.85pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:18.85pt;"></td>
<td style="width:119.55pt;"></td>
<td style="width:14.15pt;"></td>
<td style="width:108.35pt;"></td>
<td style="width:3.8pt;"></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 thousands of won)</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-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-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-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2020</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-size:10pt;">&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-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=" 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-size:10pt;">&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-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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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-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=" 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" >
<p 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;">&nbsp;</p></td>
<td valign="bottom"  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-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" >
<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:10pt;">&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-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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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:10pt;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<p 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;">&nbsp;</p></td>
<td valign="bottom" >
<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" >
<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:10pt;">&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;;font-family:Times New Roman;font-size:10pt;">&nbsp;</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:10pt;">&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;;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=" border-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=" 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=" border-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=" 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:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<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;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:97.54%;">
<tr>
<td style="width:41.93%;"></td>
<td style="width:0.71%;"></td>
<td style="width:4.24%;"></td>
<td style="width:24.57%;"></td>
<td style="width:2.22%;"></td>
<td style="width:23.16%;"></td>
<td style="width:0.71%;"></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 thousands of won)</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-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-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-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2020</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-size:10pt;">&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-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=" 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-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  style="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;">Foreign currency translation adjustments</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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-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=" 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;">929</p></td>
<td valign="bottom" >
<p 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;">&nbsp;</p></td>
<td valign="bottom"  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-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.08%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:97.54%;">
<tr>
<td style="width:41.93%;"></td>
<td style="width:0.71%;"></td>
<td style="width:4.24%;"></td>
<td style="width:24.57%;"></td>
<td style="width:2.22%;"></td>
<td style="width:23.16%;"></td>
<td style="width:0.71%;"></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-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=" 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:10pt;">&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-size:10pt;">&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-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">December 31, 2020</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-size:10pt;">&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-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=" 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-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  style="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;">Unappropriated retained earnings</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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-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=" 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;">109,987,127</p></td>
<td valign="bottom" >
<p 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;">&nbsp;</p></td>
<td valign="bottom"  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-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<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;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.44%;text-indent:-3.11%;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, 2020.</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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39</a></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</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, 2020 and 2019 </p>
<p style="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-weight:bold;color:#002060;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">13. Share Capital and Share Premium, Continued</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.44%;text-indent:-3.11%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;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;">(6) Statements of appropriation of retained earnings as of December 31, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:469.9pt;;">
<tr>
<td style="width:254.5pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:19.55pt;"></td>
<td style="width:90.45pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:94pt;"></td>
<td style="width:3.8pt;"></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  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;">Date of appropriation for 2020: March 31, 2021</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  style="white-space:nowrap;">
<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;"><br /><font style="font-style:normal;">Date of appropriation for 2019: March 31, 2020</font></p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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;;font-size:8pt;">&nbsp;</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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;"><br /><font style="font-style:italic;font-size:8pt;">(In thousands of won)</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-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-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;">2020</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-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;">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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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;">Retained earnings available for appropriation</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:23.26%;text-indent:0pt;;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-size:9pt;">&nbsp;</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;font-size:10pt;">&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:4.5pt;;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 carried over from prior year </p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:3.74%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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="middle" >
<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:10pt;">&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:4.5pt;;color:#000000;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=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">39,416,922</p></td>
<td valign="bottom"  style=" border-bottom:solid 0.75pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:2.7%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;;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="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;font-size:10pt;">&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;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">109,987,127</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:1.87%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">70,570,205</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;font-size:10pt;">&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;">Appropriation of retained earnings</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:4.57%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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;">Unappropriated retained earnings to be carried forward</p></td>
<td valign="top"  style=" border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:0.83%;text-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=" border-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;">109,987,127</p></td>
<td valign="bottom"  style=" border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:6.44%;text-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=" border-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="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;font-size:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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:2.08%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.44%;text-indent:-3.11%;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;  margin-left:3.53%;width:469.9pt;;">
<tr>
<td style="width:254.5pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:19.55pt;"></td>
<td style="width:90.45pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:94pt;"></td>
<td style="width:3.8pt;"></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 thousands of won)</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-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-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;">2020</p></td>
<td valign="middle"  style=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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;">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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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;">Service contract</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:23.26%;text-indent:0pt;;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-size:9pt;">&nbsp;</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;font-size:10pt;">&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;"> Micro transaction &amp; Subscription revenue</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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;">130,363,485</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:23.26%;text-indent:0pt;;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;">58,141,836</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;font-size:10pt;">&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:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Online games</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,077,315</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:23.26%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,943,556</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;font-size:10pt;">&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:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> Mobile games</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">124,286,170</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:23.26%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">50,198,280</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;font-size:10pt;">&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;"> Royalties &amp; License fees</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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;">98,479,956</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:23.26%;text-indent:0pt;;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;">74,762,784</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;font-size:10pt;">&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;">&nbsp;&nbsp; Online games</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">31,839,750</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:23.26%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">17,431,162</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;font-size:10pt;">&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;">&nbsp;&nbsp; Mobile games</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">66,640,206</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:23.26%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">57,331,622</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;font-size:10pt;">&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;"> Others</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-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-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;">152,628</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;;margin-right:23.26%;text-indent:0pt;;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;">247,193</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style=" border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</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-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;;font-size:9pt;">&nbsp;</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;">228,996,069</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;;margin-right:23.26%;text-indent:0pt;;font-size:9pt;">&nbsp;</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;">133,151,813</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;font-size:10pt;">&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;">Major geographic market</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:23.26%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">&nbsp;</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;font-size:10pt;">&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:4.5pt;;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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">76,336,807</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:23.26%;text-indent:0pt;;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;">36,161,211</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;font-size:10pt;">&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:4.5pt;;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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">91,004,966</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:23.26%;text-indent:0pt;;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;">27,679,411</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;font-size:10pt;">&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:4.5pt;;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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">22,019,495</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:23.26%;text-indent:0pt;;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;">27,496,812</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;font-size:10pt;">&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: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=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top"  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;">39,634,801</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;;margin-right:23.26%;text-indent:0pt;;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;">41,814,379</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style=" border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</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-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;;font-size:9pt;">&nbsp;</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;">228,996,069</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;;margin-right:23.26%;text-indent:0pt;;font-size:9pt;">&nbsp;</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;">133,151,813</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;font-size:10pt;">&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;">Timing of satisfaction of performance obligations</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:23.26%;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">&nbsp;</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;font-size:10pt;">&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;"> At a point in time</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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;">-</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:23.26%;text-indent:0pt;;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;">9,401</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;font-size:10pt;">&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: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=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top"  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;">228,996,069</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;;margin-right:3.74%;text-indent:0pt;;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;">133,142,412</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;font-size:10pt;">&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;;font-size:9pt;">&nbsp;</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-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="top"  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;">228,996,069</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;;margin-right:6.44%;text-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;">133,151,813</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;font-size:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">40</a></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</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, 2020 and 2019 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:6.44%;text-indent:-3.11%;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, 2020 and December 31, 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:469.9pt;;">
<tr>
<td style="width:254.5pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:19.55pt;"></td>
<td style="width:90.45pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:94pt;"></td>
<td style="width:3.8pt;"></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 thousands of won)</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-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-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, 2020</p></td>
<td valign="middle"  style=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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, 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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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;">Accounts receivable</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:0.83%;text-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;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">44,353,327</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:23.26%;text-indent:0pt;;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-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" >
<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:10pt;">&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;">Incremental costs of obtaining a contract (Prepaid expenses)</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">722,231</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:3.74%;text-indent:0pt;;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;">320,460</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;font-size:10pt;">&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;">Contact liabilities (Deferred revenue)</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,814,591</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:2.7%;text-indent:0pt;;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-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" >
<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:10pt;">&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:9pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Micro transaction &amp; Subscription revenue</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,475,049</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:1.87%;text-indent:0pt;;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-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" >
<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:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">339,542</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:1.87%;text-indent:0pt;;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-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.32%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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) Changes in contract liabilities for the years ended December 31, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:465.85pt;;">
<tr>
<td style="width:254.35pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:19.55pt;"></td>
<td style="width:90.45pt;"></td>
<td style="width:4pt;"></td>
<td style="width:89.9pt;"></td>
<td style="width:3.8pt;"></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;;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=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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:7.1pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="3" 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;">Contract liabilities</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-size:10pt;">&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: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=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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;">2020</p></td>
<td valign="middle"  style=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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;">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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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;">Balance at January 1</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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;;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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:23.26%;text-indent:0pt;;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-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" >
<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:10pt;">&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;">Increase related to Micro transaction &amp; Subscription revenue</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">20,688,222</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:3.74%;text-indent:0pt;;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-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" >
<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:10pt;">&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;">Increase related to royalties and license fees</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,362,829</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:2.7%;text-indent:0pt;;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-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</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;font-size:10pt;">&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;">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; Micro transaction &amp; Subscription revenue</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(19,107,689)</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:1.87%;text-indent:0pt;;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-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" >
<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:10pt;">&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;">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="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(15,426,367)</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:1.87%;text-indent:0pt;;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-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" >
<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:10pt;">&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;">Decrease due to termination of contracts</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:4.57%;text-indent:0pt;;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-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" >
<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:10pt;">&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;">Balance at December 31</p></td>
<td valign="top"  style=" border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,814,591</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;;margin-right:6.44%;text-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;;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=" 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:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.08%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">The amount of revenue recognized from previous period&#8217;s contract liabilities satisfied during the year ended December 31, 2020 is <strike>W</strike>3,993,765 thousand.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">41</a></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</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, 2020 and 2019 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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. Revenue from contracts with customers, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.44%;text-indent:-3.11%;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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:97.54%;">
<tr>
<td style="width:41.93%;"></td>
<td style="width:0.71%;"></td>
<td style="width:5.69%;"></td>
<td style="width:23.79%;"></td>
<td style="width:2.21%;"></td>
<td style="width:22.51%;"></td>
<td style="width:0.71%;"></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 thousands of won)</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-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-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, 2020</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-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, 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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  style="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;">Micro transaction &amp; Subscription revenue</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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="bottom"  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;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,475,049</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="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;">&nbsp;&nbsp; Online games</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,821,790</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,776,648</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="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;">&nbsp;&nbsp; Mobile games</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,653,259</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,117,869</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  style="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;">Royalties and License fees</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">339,542</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="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;">&nbsp;&nbsp; Online games</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">286,094</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">573,229</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="middle"  style="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;">&nbsp;&nbsp; Mobile games</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">53,448</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">829,850</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="bottom"  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;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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="bottom"  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;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,814,591</p></td>
<td valign="bottom"  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="bottom"  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;;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=" 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:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.08%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-top:2pt;margin-bottom:0pt;margin-left:3.32%;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 97.2% (<strike>W</strike>4,680,655 thousands) of the transaction price allocated to contracts that have not been performed as of December 31, 2020 as revenue within 12 months. The remaining 2.8% (<strike>W</strike>133,936 thousands) 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%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:5.86%;text-indent:-2.55%;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 December 31, 2020 and 2019 are as follows: </p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:97.54%;">
<tr>
<td style="width:41.93%;"></td>
<td style="width:0.71%;"></td>
<td style="width:4.24%;"></td>
<td style="width:24.57%;"></td>
<td style="width:2.22%;"></td>
<td style="width:23.16%;"></td>
<td style="width:0.71%;"></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 thousands of won)</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-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-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, 2020</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-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, 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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  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;">Incremental costs of obtaining a contract</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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="top"  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;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">722,231</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  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;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.15pt;">
<td valign="top"  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;">Amortization costs recognized as cost of revenue</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">42</a></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</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, 2020 and 2019 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">15. Classification of expenses by nature</p>
<p style="text-align:justify;margin-bottom:12pt;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;">Details of classification of expenses by nature for the years ended December 31, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:92.77%;">
<tr>
<td style="width:47.99%;"></td>
<td style="width:0.7%;"></td>
<td style="width:5.69%;"></td>
<td style="width:17.71%;"></td>
<td style="width:2.24%;"></td>
<td style="width:17.75%;"></td>
<td style="width:0.7%;"></td>
</tr>
<tr style="height:14.2pt;">
<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 thousands of won)</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-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-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;">2020</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-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;">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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  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;">Fees and commissions</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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="top"  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;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">119,541,745</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;;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="middle" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  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;">Advertising expenses</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19,787,229</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  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;">Salaries</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,979,460</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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="middle" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  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;">Outsourcing expenses</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">11,347,150</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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="middle" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  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;">Rent</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">722,777</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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="middle" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  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;">Employee benefits</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,301,773</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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="middle" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  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;">Expenses related to defined contribution plan </p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,029,394</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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="middle" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  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;">Depreciation</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,726,143</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  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;">Amortization</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">647,468</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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="middle" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  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;">Bad debt </p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">63,066</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  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;">Reversal of allowance for doubtful accounts</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(28,319)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  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;">Other expenses</p></td>
<td valign="top" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,203,135</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,536,184</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="bottom"  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;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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="top"  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;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">172,321,021</p></td>
<td valign="bottom"  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="bottom"  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;;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="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;font-size:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.32%;text-indent:0%;font-size:9pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">43</a></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</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, 2020 and 2019 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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. Selling, general and administrative expenses</p>
<p style="text-align:justify;margin-bottom:12pt;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;">Details of selling, general and administrative expenses for the years ended December 31, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:93.29%;">
<tr>
<td style="width:46.51%;"></td>
<td style="width:0.67%;"></td>
<td style="width:5.69%;"></td>
<td style="width:16.94%;"></td>
<td style="width:2.14%;"></td>
<td style="width:4.08%;"></td>
<td style="width:16.49%;"></td>
<td style="width:0.77%;"></td>
</tr>
<tr style="height:14.6pt;">
<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 thousands of won)</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-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-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;">2020</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-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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;">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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.6pt;">
<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;">Advertising expenses</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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="top"  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;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19,787,229</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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="bottom"  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;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.6pt;">
<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;">Fees and commissions</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6,393,092</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.6pt;">
<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;">Research and development </p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15,361,686</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.6pt;">
<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;">Salaries</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,750,903</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.6pt;">
<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;">Employee benefits</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">872,588</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.6pt;">
<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;">Rent</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">389,383</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.6pt;">
<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;">Expenses related to defined contribution plan</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">512,705</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.6pt;">
<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;">Depreciation</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">724,084</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.6pt;">
<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;">Amortization</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">401,409</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.6pt;">
<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;">Bad debt</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">63,066</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.6pt;">
<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;">Reversal of allowance for doubtful accounts</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(28,319)</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.6pt;">
<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;">Other expenses</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">866,070</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">998,665</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.6pt;">
<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;;font-size:9pt;">&nbsp;</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-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="top"  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;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">53,093,896</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;;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="bottom"  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;;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=" 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:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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:3.32%;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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:93.05%;">
<tr>
<td style="width:46.36%;"></td>
<td style="width:0.74%;"></td>
<td style="width:4.52%;"></td>
<td style="width:19.58%;"></td>
<td style="width:2.37%;"></td>
<td style="width:18.76%;"></td>
<td style="width:0.74%;"></td>
</tr>
<tr style="height:14.5pt;">
<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 thousands of won)</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-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-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;">2020</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-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;">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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.5pt;">
<td valign="middle"  style="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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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;;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-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;;font-size:9pt;">&nbsp;</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.5pt;">
<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;">Interest income</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">961,895</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.5pt;">
<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;">Unrealized foreign currency gain</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19,266</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">-</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.5pt;">
<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;">Gain on foreign currency transactions</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13,594</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.5pt;">
<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;;font-size:9pt;">&nbsp;</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-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="top"  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;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">994,755</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;;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=" 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:10pt;">&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:12pt;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;">(2) Details of finance costs for the years ended December 31, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:452.3pt;;">
<tr>
<td style="width:226.7pt;"></td>
<td style="width:7.15pt;"></td>
<td style="width:21.4pt;"></td>
<td style="width:94.75pt;"></td>
<td style="width:5.7pt;"></td>
<td style="width:92.8pt;"></td>
<td style="width:3.8pt;"></td>
</tr>
<tr style="height:13.45pt;">
<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 thousands of won)</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-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-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;">2020</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-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;">2019</p></td>
<td valign="middle"  style=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.45pt;">
<td valign="middle"  style="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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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;;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-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;;font-size:9pt;">&nbsp;</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.45pt;">
<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;">Interest expense</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160; &#160; &#160; &#160; &#160; 120,865</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.45pt;">
<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;">Unrealized foreign currency loss</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.45pt;">
<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;">Loss on foreign currency transactions</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;66</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.45pt;">
<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;;font-size:9pt;">&nbsp;</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-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="top"  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;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">120,931</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;;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=" 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:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">44</a></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</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, 2020 and 2019 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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. Other Non-Operating Income and Expenses</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:2.08%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(1) Details of other non-operating income for the years ended December 31, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:95.1%;">
<tr>
<td style="width:54.7%;"></td>
<td style="width:1.04%;"></td>
<td style="width:6.22%;"></td>
<td style="width:15.52%;"></td>
<td style="width:1.05%;"></td>
<td style="width:15.52%;"></td>
<td style="width:1.05%;"></td>
</tr>
<tr style="height:13.5pt;">
<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 thousands of won)</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-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-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;">2020</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-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;">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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.5pt;">
<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;">Unrealized foreign currency gain</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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="bottom"  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;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">105,972</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.5pt;">
<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;">Gain on foreign currency transactions</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,635,224</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.5pt;">
<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;">Gain on disposal of property and equipment</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,238</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.5pt;">
<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;">Reversal of allowance for doubtful accounts</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.5pt;">
<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;">Dividend income</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,382,800</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.5pt;">
<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;">Others</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">636,894</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.5pt;">
<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;;font-size:9pt;">&nbsp;</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-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="bottom"  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;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,762,128</p></td>
<td valign="bottom"  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;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;;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=" 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:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:1.76%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:5.86%;text-indent:-2.55%;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 other non-operating expenses for the years ended December 31, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:95.13%;">
<tr>
<td style="width:55.56%;"></td>
<td style="width:1.03%;"></td>
<td style="width:6.08%;"></td>
<td style="width:15.2%;"></td>
<td style="width:1.03%;"></td>
<td style="width:15.2%;"></td>
<td style="width:1.03%;"></td>
</tr>
<tr style="height:13.85pt;">
<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 thousands of won)</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-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-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;">2020</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-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;">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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;">Unrealized foreign currency loss</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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="bottom"  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;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">216,379</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;">Loss on foreign currency transactions</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,572,141</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;">Impairment loss on intangible assets</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">915,474</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">51,509</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;">Impairment loss on other non-current assets</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,255,312</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">434,454</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;">Impairment loss on investment in subsidiaries</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,287,755</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;">Others</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">13,463</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;;font-size:9pt;">&nbsp;</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-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="bottom"  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;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7,260,524</p></td>
<td valign="bottom"  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;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;;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=" 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:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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:2.08%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:88.39%;">
<tr>
<td style="width:46.36%;"></td>
<td style="width:0.69%;"></td>
<td style="width:5.69%;"></td>
<td style="width:16.56%;"></td>
<td style="width:2.21%;"></td>
<td style="width:16.21%;"></td>
<td style="width:0.69%;"></td>
</tr>
<tr style="height:14.55pt;">
<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 thousands of won)</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-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-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;">2020</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-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;">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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.55pt;">
<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;">Current tax on profit for the year</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,512,250</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.55pt;">
<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;">Deferred tax expense </p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,121,304</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.55pt;">
<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;;font-weight:bold;;font-size:9pt;">&nbsp;</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-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="bottom"  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;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15,633,554</p></td>
<td valign="bottom"  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="bottom"  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;">11,835,847</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;font-size:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">45</a></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</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, 2020 and 2019 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:6.44%;text-indent:-3.11%;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 rates applicable to profits of the entities are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:89%;">
<tr>
<td style="width:49.75%;"></td>
<td style="width:0.67%;"></td>
<td style="width:5.69%;"></td>
<td style="width:15.09%;"></td>
<td style="width:2.19%;"></td>
<td style="width:14.92%;"></td>
<td style="width:0.69%;"></td>
</tr>
<tr style="height:14pt;">
<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 thousands of won)</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-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-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;">2020</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-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;">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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<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;">Profit before income tax expense</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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="top"  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;">55,050,476</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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;">35,304,130</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<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;">Income tax using the statutory tax rate</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">12,860,215</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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;">8,081,600</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<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;">Adjustments:</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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-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-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-size:9pt;">&nbsp;</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="middle"  style="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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">9,912</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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;">39,450</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="middle"  style="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;">Foreign tax credits</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,936,989</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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;">4,754,083</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="middle"  style="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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(944,162)</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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;">(542,868)</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="middle"  style="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 of non-recirculation of corporate income</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">667,846</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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;">-</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<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: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=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top"  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;">102,754</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-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;">(496,418)</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="middle"  style="white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top"  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;">2,773,339</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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;">3,754,247</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<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;">Income tax expense</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-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="top"  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;">15,633,554</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;">11,835,847</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14pt;">
<td valign="middle"  style="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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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;">28%</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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" >
<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:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:6.69%;text-indent:0%;font-family:Times New Roman;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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">46</a></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</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, 2020 and 2019 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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, Continued</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;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="width:3.62%;white-space:nowrap">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;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:left;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><font style="font-weight:normal;font-style:normal;text-decoration:none;Background-color:#auto;color:#auto;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;">(3)</font></p></td>
<td valign="top">
<p style="text-align:left;margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;color:#auto;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><font style="Background-color:#auto;text-decoration:none;"></font><font style="color:#000000;">Details of the changes in deferred tax assets(liabilities) for the years ended December 31, 2020 and 2019 are as follows:</font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:5.81%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:489pt;;">
<tr>
<td style="width:110.6pt;"></td>
<td style="width:14.2pt;"></td>
<td style="width:44.2pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:8.8pt;"></td>
<td style="width:50.9pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:9pt;"></td>
<td style="width:51.5pt;"></td>
<td style="width:0.8pt;"></td>
<td style="width:3pt;"></td>
<td style="width:0.8pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:56.45pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:10.6pt;"></td>
<td style="width:49pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:10.9pt;"></td>
<td style="width:46.5pt;"></td>
<td style="width:2.75pt;"></td>
</tr>
<tr style="height:11.8pt;">
<td rowspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;;font-size:8pt;">&nbsp;</p></td>
<td colspan="8" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2020</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;;font-size:8pt;">&nbsp;</p></td>
<td colspan="7" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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 style="border:none;padding:0;"></td>
</tr>
<tr style="height:11.8pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;;font-size:8pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;;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-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;;font-size:8pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;;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-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;;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-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:justify;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;">Unearned profit</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;margin-right:1.66%;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(51,189)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">8,005</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(43,184)</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(41,699)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(9,490)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(51,189)</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:justify;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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;margin-right:1.66%;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">35,423</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">4,104</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">39,527</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">24,585</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">10,838</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">35,423</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:justify;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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">221,106</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">178,788</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">399,894</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">238,471</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(17,365)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">221,106</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:justify;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;">Prepaid expenses</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">103,268</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">400,588</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">503,856</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">7,688</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">95,580</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">103,268</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:justify;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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">302,710</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">311,274</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">613,984</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">406,641</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(103,931)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">302,710</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:justify;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;">Accrued expenses</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">124,217</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">9,984</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">134,201</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">124,541</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(324)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">124,217</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:justify;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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">7,197</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(7,197)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">59,814</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(52,617)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">7,197</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:10.5pt;;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;">Retirement benefit provision liabilities</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">25,467</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">3,217</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">28,684</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">21,024</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">4,443</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">25,467</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:justify;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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">264,484</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">264,484</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">264,484</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">264,484</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:justify;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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">46,264</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">46,264</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">46,264</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">46,264</p></td>
</tr>
<tr style="height:1.95pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:justify;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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">389,453</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(389,453)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">389,453</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">389,453</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:justify;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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(354)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">354</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(3,835)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">3,481</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(354)</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;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;">Others</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">734</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">6,708</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">7,442</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(339)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,073</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">734</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">Sub-total(&#8544;)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;margin-right:0.83%;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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 valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">526,372</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,995,152</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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>
</tr>
<tr style="height:11.8pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:justify;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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,950,584</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(1,950,584)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
</tr>
<tr style="height:11.8pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:justify;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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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 valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(1,647,676)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2,723,566</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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>
</tr>
<tr style="height:11.8pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:justify;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="text-align:justify;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:-1.4pt;;margin-right:0.83%;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=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">5,840,022</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(1,121,304)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">4,718,718</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">7,413,106</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(1,573,084)</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">5,840,022</p></td>
</tr>
</table></div>
<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;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.44%;text-indent:-3.11%;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. The Company periodically monitors those factors used in assessing the realizability of the deferred tax assets. As of December 31, 2020, 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:5.88%;text-indent:-2.55%;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, 2020, 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>22,638,336 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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">47</a></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</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, 2020 and 2019 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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;">20. Cash flow information</p>
<p style="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:12pt;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;">(1) Adjustments for calculating cash generated from operations for the <font style="color:#000000;">years ended December 31, 2020 and 2019 are as follows:</font></p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:97.65%;">
<tr>
<td style="width:47.8%;"></td>
<td style="width:0.69%;"></td>
<td style="width:4.12%;"></td>
<td style="width:21.63%;"></td>
<td style="width:2.19%;"></td>
<td style="width:20.54%;"></td>
<td style="width:0.7%;"></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 thousands of won)</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-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-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;">2020</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-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;">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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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;">Adjustments for:</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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;;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-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;">&#12288;</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;font-size:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,726,143</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">647,468</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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="middle" >
<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:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">63,066</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,287,755</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">120,865</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">216,379</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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="middle" >
<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:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">915,474</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">51,509</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;font-size:10pt;">&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: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 other non-current assets</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,255,312</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">434,454</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;font-size:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">14,622</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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="middle" >
<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:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15,633,554</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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="middle" >
<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:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(125,237)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,238)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(961,895)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&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: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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(2,382,800)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&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: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 </p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(28,319)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&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;;font-size:9pt;">&nbsp;</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-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: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=" border-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;">19,381,149</p></td>
<td valign="bottom"  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="bottom"  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;;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="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;font-size:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<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;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.44%;text-indent:-3.11%;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, 2020 and 2019 are as follows:</font></p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:471.75pt;;">
<tr>
<td style="width:235.8pt;"></td>
<td style="width:3.85pt;"></td>
<td style="width:20.35pt;"></td>
<td style="width:100.65pt;"></td>
<td style="width:10.75pt;"></td>
<td style="width:96.5pt;"></td>
<td style="width:3.85pt;"></td>
</tr>
<tr style="height:14.2pt;">
<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 thousands of won)</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-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-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;">2020</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-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;">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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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: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="bottom"  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;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(26,620,833)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">682,111</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="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;">Prepayment</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,609,393)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(513,652)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">139,853</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="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 prepaid expense</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(878,967)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">19,000,251</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">516,995</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,231,136</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="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" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">43,910</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style="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;">Advanced receipt</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.2pt;">
<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;;font-size:9pt;">&nbsp;</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-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: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=" border-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;">(8,008,589)</p></td>
<td valign="bottom"  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="bottom"  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;;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=" 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:10pt;">&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="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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">48</a></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</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, 2020 and 2019 </p>
<p style="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-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</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:7.48%;text-indent:-4.15%;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, 2020 and 2019 are as follows:</font></p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:459.95pt;;">
<tr>
<td style="width:311.8pt;"></td>
<td style="width:3.85pt;"></td>
<td style="width:19.85pt;"></td>
<td style="width:56.7pt;"></td>
<td style="width:7.2pt;"></td>
<td style="width:56.7pt;"></td>
<td style="width:3.85pt;"></td>
</tr>
<tr style="height:14.4pt;">
<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 thousands of won)</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-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-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;">2020</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-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;">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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.4pt;">
<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;">Reclassification of Prepayment to intangible assets</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:0.83%;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=" 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;">72,498</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  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;">119,935</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.4pt;">
<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;">Acquisition of right-of-use assets</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,889,573</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:14.4pt;">
<td valign="middle"  style="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(Decrease) in accounts payable relating to the acquisition of<font style="color:#000000;"> software</font></p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(1,144,166)</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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" >
<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:10pt;">&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-top:2pt;margin-bottom:0pt;margin-left:6.06%;text-indent:-3.11%;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 years ended December 31, 2020 and 2019 are as follows:</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.44%;text-indent:-3.11%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:4.42%;width:94.96%;">
<tr style="height:13.75pt;">
<td valign="middle"  style="width:55.4%; 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:8.96%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.28%; 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;">2020</p></td>
<td valign="top"  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-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.28%; 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;">2019</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-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:55.4%;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;">Beginning of the year</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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:8.96%;">
<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:16.28%; 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;">2,482,547</p></td>
<td valign="bottom"  style="width:1.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.28%; 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;">3,420,053</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:55.4%;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 used in financial activities&#8211;payment of lease liabilities</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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:8.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.28%;">
<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;">(1,515,930)</p></td>
<td valign="bottom"  style="width:1.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.28%;">
<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;">(1,364,537)</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:55.4%;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:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:8.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.28%;">
<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;">(120,865)</p></td>
<td valign="bottom"  style="width:1.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.28%;">
<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;">(173,763)</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:55.4%;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:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:8.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:1.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.28%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:55.4%;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; right-of-use asset</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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:8.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.28%;">
<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;">1,889,573</p></td>
<td valign="bottom"  style="width:1.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.28%;">
<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;">441,190</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:55.4%;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;">Acquisitions <font style="color:#000000;">&#8211;</font> leases receivables</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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:8.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.28%;">
<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;">115,448</p></td>
<td valign="bottom"  style="width:1.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.28%;">
<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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:55.4%;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:0.8%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:8.96%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.28%;">
<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;">120,865</p></td>
<td valign="bottom"  style="width:1.5%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.28%;">
<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;">173,763</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:55.4%; border-bottom:solid 0.75pt transparent;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:0.8%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:8.96%; 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.28%; 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;">-</p></td>
<td valign="bottom"  style="width:1.5%; 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.28%; 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;">(14,159)</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;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.75pt;">
<td valign="middle"  style="width:55.4%; 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:0.8%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:8.96%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:0.83%;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:16.28%; 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;">2,971,638</p></td>
<td valign="bottom"  style="width:1.5%; border-bottom:double 2.5pt transparent;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:16.28%; 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;">2,482,547</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;font-size:10pt;">&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-family:Times New Roman;font-size:10pt;">&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:2.08%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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 to 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 to be provided as collateral for borrowings.</p>
<p style="text-align:justify;margin-bottom:12pt;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;">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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">49</a></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</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, 2020 and 2019 </p>
<p style="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: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;">21. Leases, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(1) As a lessee</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.44%;text-indent:-3.11%;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 statements of financial position as of <font style="color:#000000;">December 31, 2020 and </font>December 31, 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:5.89%;width:86.83%;">
<tr style="height:13.65pt;">
<td valign="middle"  style="width:39.56%; 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:0.7%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.22%; 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-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.26%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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: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, 2020</p></td>
<td valign="top"  style="width:3.2%; 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-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.78%; 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>
</tr>
<tr style="height:13.65pt;">
<td valign="middle"  style="width:39.56%;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;">Right-of-use assets(*1)</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-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:26.28%; 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;">&nbsp;</p></td>
<td valign="top"  style="width:3.2%;">
<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:10pt;">&nbsp;</p></td>
<td valign="middle"  style="width:23.78%; 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;">&nbsp;</p></td>
</tr>
<tr style="height:13.65pt;">
<td valign="middle"  style="width:39.56%;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:0.7%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-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:26.28%;">
<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;">1,237,961</p></td>
<td valign="bottom"  style="width:3.2%;">
<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:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.78%;">
<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;">1,851,301</p></td>
</tr>
<tr style="height:13.65pt;">
<td valign="middle"  style="width:39.56%;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:0.7%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:26.28%;">
<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;">84,723</p></td>
<td valign="bottom"  style="width:3.2%;">
<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:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.78%;">
<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;">253,928</p></td>
</tr>
<tr style="height:13.65pt;">
<td valign="middle"  style="width:39.56%; 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:0.7%; border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.22%; 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-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.26%; 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:26.28%; 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:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,312,600</p></td>
<td valign="bottom"  style="width:3.2%; 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:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.78%; 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:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">47,052</p></td>
</tr>
<tr style="height:13.65pt;">
<td valign="middle"  style="width:39.56%; border-bottom:double 2.5pt transparent;white-space:nowrap;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.7%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.22%; 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-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.26%; 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;"><strike>W</strike></p></td>
<td valign="bottom"  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: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;">2,635,284</p></td>
<td valign="bottom"  style="width:3.2%; 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:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.78%; 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: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;">2,152,281</p></td>
</tr>
<tr style="height:13.65pt;">
<td valign="middle"  style="width:39.56%;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;">Lease liabilities(*2)</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-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:26.28%; 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;">&nbsp;</p></td>
<td valign="bottom"  style="width:3.2%;">
<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:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.78%; border-top:double 2.5pt #000000;">
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.65pt;">
<td valign="middle"  style="width:39.56%;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:0.7%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.22%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.26%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:26.28%;">
<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;">1,477,958</p></td>
<td valign="bottom"  style="width:3.2%;">
<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:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.78%;">
<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;">884,548</p></td>
</tr>
<tr style="height:13.65pt;">
<td valign="middle"  style="width:39.56%; 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;">Non-current</p></td>
<td valign="middle"  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-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.22%; 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-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:4.26%; 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-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:26.28%; 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:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,493,680</p></td>
<td valign="bottom"  style="width:3.2%; 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:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.78%; 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:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,597,999</p></td>
</tr>
<tr style="height:13.65pt;">
<td valign="middle"  style="width:39.56%; 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-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:0.7%; border-bottom:double 2.5pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style="width:2.22%; 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;">&#12288;</p></td>
<td valign="middle"  style="width:4.26%; 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;"><strike>W</strike> </p></td>
<td valign="bottom"  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: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;">2,971,638</p></td>
<td valign="bottom"  style="width:3.2%; 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:10pt;">&nbsp;</p></td>
<td valign="bottom"  style="width:23.78%; 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: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;">2,482,547</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:3.32%;text-indent:0.93%;font-size:9pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:8.51%;text-indent:-4.15%;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:12pt;margin-top:0pt;margin-left:8.51%;text-indent:-4.15%;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:2.08%;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:6.44%;text-indent:-3.11%;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 years ended December 31, 2020 and December 31, 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:494.8pt;;">
<tr>
<td style="width:138.95pt;"></td>
<td style="width:2.4pt;"></td>
<td style="width:11.75pt;"></td>
<td style="width:2.55pt;"></td>
<td style="width:73.65pt;"></td>
<td style="width:2.4pt;"></td>
<td style="width:8.4pt;"></td>
<td style="width:74.85pt;"></td>
<td style="width:2.4pt;"></td>
<td style="width:8.75pt;"></td>
<td style="width:78.75pt;"></td>
<td style="width:2.65pt;"></td>
<td style="width:8.4pt;"></td>
<td style="width:78.9pt;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="10" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2020</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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, 2020</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;"><strike>W</strike></p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,851,301</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">253,928</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">47,052</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2,152,281</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(651,281)</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(173,474)</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(581,815)</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(1,406,570)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">37,942</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">4,269</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,847,362</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,889,573</p></td>
</tr>
<tr style="height:2.75pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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, 2020</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;"><strike>W</strike></p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,237,962</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">84,723</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,312,599</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2,635,284</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:494.8pt;;">
<tr>
<td style="width:138.95pt;"></td>
<td style="width:2.4pt;"></td>
<td style="width:11.75pt;"></td>
<td style="width:2.55pt;"></td>
<td style="width:73.65pt;"></td>
<td style="width:2.4pt;"></td>
<td style="width:8.4pt;"></td>
<td style="width:74.85pt;"></td>
<td style="width:2.4pt;"></td>
<td style="width:8.75pt;"></td>
<td style="width:78.75pt;"></td>
<td style="width:2.65pt;"></td>
<td style="width:8.4pt;"></td>
<td style="width:78.9pt;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="10" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;"><strike>W</strike></p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(591,940)</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(79,906)</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(564,622)</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(1,236,468)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">121,873</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">319,317</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">441,190</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(13,709)</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(13,709)</p></td>
</tr>
<tr style="height:2.75pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;"><strike>W</strike></p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,851,301</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">253,928</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">47,052</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2,152,281</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">50</a></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</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, 2020 and 2019 </p>
<p style="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: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;">21. Leases, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(1) As a lessee, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:6.44%;text-indent:-3.11%;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 statements of comprehensive income <font style="color:#000000;">for the years ended </font>December 31, 2020 <font style="color:#000000;">and December 31, 2019</font><font style="font-weight:bold;color:#000000;"> </font>are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:457.9pt;;">
<tr>
<td style="width:312.85pt;"></td>
<td style="width:19.05pt;"></td>
<td style="width:63.25pt;"></td>
<td style="width:3.8pt;"></td>
<td style="width:58.95pt;"></td>
</tr>
<tr style="height:13.65pt;">
<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 thousands of won)</font></p></td>
<td valign="middle"  style=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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;">2020</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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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;">2019</p></td>
</tr>
<tr style="height:13.65pt;">
<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;">Interest expense relating to lease liabilities (included in finance cost)</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="top"  style=" 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;">120,865</p></td>
<td valign="top" >
<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:10pt;">&nbsp;</p></td>
<td valign="top"  style=" 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;">173,763</p></td>
</tr>
<tr style="height:13.65pt;">
<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;">Revenue from sub-lease of right-of-use asset</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">15,519</p></td>
<td valign="top" >
<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:10pt;">&nbsp;</p></td>
<td valign="top" >
<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;">23,519</p></td>
</tr>
<tr style="height:13.65pt;">
<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;">Expense relating to short-term leases</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">47,189</p></td>
<td valign="top" >
<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:10pt;">&nbsp;</p></td>
<td valign="top" >
<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;">119,412</p></td>
</tr>
<tr style="height:13.65pt;">
<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;">Expense relating to leases of low-value assets excluding short-term leases</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<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;">1,732</p></td>
<td valign="top" >
<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:10pt;">&nbsp;</p></td>
<td valign="top" >
<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;">577</p></td>
</tr>
</table></div>
<p style="margin-top:12pt;margin-bottom:0pt;margin-left:6.23%;text-indent:-3.11%;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 years ended December 31, 2020 and December 31, 2019 are as follows:</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;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:65.77%;">
<tr>
<td style="width:35.33%;"></td>
<td style="width:0.65%;"></td>
<td style="width:0.94%;"></td>
<td style="width:4.02%;"></td>
<td style="width:12.31%;"></td>
<td style="width:0.66%;"></td>
<td style="width:11.85%;"></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 thousands of won)</font></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-size:9pt;">&nbsp;</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-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-bottom:solid 0.75pt transparent;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;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;">2020</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-size:10pt;">&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: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;">2019</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;">Total cash outflows of leases</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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"  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;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,685,716</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;font-size:10pt;">&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: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;">1,658,289<font style="color:#000000;"> </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;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(2) As a lessor</p>
<p style="text-align:justify;margin-bottom:12pt;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;">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>15,519 thousand for the year ended December 31, 2020.</p>
<p style="text-align:justify;margin-bottom:12pt;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;">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;  margin-left:3.53%;width:493.65pt;;">
<tr>
<td style="width:24.65pt;"></td>
<td style="width:68.75pt;"></td>
<td style="width:2.4pt;"></td>
<td style="width:10.2pt;"></td>
<td style="width:63.4pt;"></td>
<td style="width:2.4pt;"></td>
<td style="width:10.2pt;"></td>
<td style="width:63.4pt;"></td>
<td style="width:2.4pt;"></td>
<td style="width:7.75pt;"></td>
<td style="width:71pt;"></td>
<td style="width:2.4pt;"></td>
<td style="width:7.75pt;"></td>
<td style="width:75.15pt;"></td>
<td style="width:2.4pt;"></td>
<td style="width:9.1pt;"></td>
<td style="width:70.3pt;"></td>
</tr>
<tr style="height:13.55pt;">
<td colspan="8" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;"><strike>W</strike></p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">155,372</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">155,372</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">5,894</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">316,638</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">14,111</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">302,527</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-family:Times New Roman;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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">51</a></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</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, 2020 and 2019 </p>
<p style="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: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:3.32%;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:3.32%;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:3.32%;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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:77.99%;">
<tr>
<td style="width:25.04%;"></td>
<td style="width:0.73%;"></td>
<td style="width:4.42%;"></td>
<td style="width:22.94%;"></td>
<td style="width:2.33%;"></td>
<td style="width:21.79%;"></td>
<td style="width:0.74%;"></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 thousands of won)</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-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-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, 2020</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-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, 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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&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;">Total liabilities</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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="top"  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;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">52,195,130</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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;;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" >
<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:10pt;">&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;">Total equity</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">140,945,189</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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" >
<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:10pt;">&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;">Debt ratio</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">37%</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="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:12pt;margin-top:0pt;margin-left:3.32%;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:3.32%;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:3.32%;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, 2020<font style="color:#000000;"> and 2019</font> are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:493.05pt;;">
<tr>
<td style="width:96.4pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:14.4pt;"></td>
<td style="width:117.85pt;"></td>
<td style="width:2.4pt;"></td>
<td style="width:8.15pt;"></td>
<td style="width:73.6pt;"></td>
<td style="width:0.6pt;"></td>
<td style="width:1.8pt;"></td>
<td style="width:0.6pt;"></td>
<td style="width:10.85pt;"></td>
<td style="width:0.6pt;"></td>
<td style="width:79.9pt;"></td>
<td style="width:0.6pt;"></td>
<td style="width:2.05pt;"></td>
<td style="width:0.6pt;"></td>
<td style="width:1.8pt;"></td>
<td style="width:0.6pt;"></td>
<td style="width:77.05pt;"></td>
<td style="width:0.75pt;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="16" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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, 2020</p></td>
<td style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">29,682,778</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">16,433,086</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">32,294,862</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.87%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">17,879,197</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">466,962,404</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">322,888,518</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4,922,998</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,553,625</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">344,842</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">461,482</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">15,289,944</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,003</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,183</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,036</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">268</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">17,957,553</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3,264,754</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">694,419</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">126,248</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">437</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">153</p></td>
</tr>
<tr style="height:2.75pt;">
<td colspan="7" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">38,376,237</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">21,560,674</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;font-size:10pt;">&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="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">52</a></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</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, 2020 and 2019 </p>
<p style="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: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, Continued</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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:3.32%;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;  margin-left:3.53%;width:483.2pt;;">
<tr>
<td style="width:96.4pt;"></td>
<td style="width:2.55pt;"></td>
<td style="width:12.6pt;"></td>
<td style="width:105.35pt;"></td>
<td style="width:2.55pt;"></td>
<td style="width:6.05pt;"></td>
<td style="width:83.55pt;"></td>
<td style="width:2.55pt;"></td>
<td style="width:13.4pt;"></td>
<td style="width:82.95pt;"></td>
<td style="width:2.95pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:38.7pt;"></td>
<td style="width:31.15pt;"></td>
</tr>
<tr style="height:14.05pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="10" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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:14.05pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.04%;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.04%;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 valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.87%;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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 valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.87%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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:14.05pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.04%;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.04%;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 valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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 valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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:14.05pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.04%;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.04%;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 valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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 valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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:14.05pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.04%;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.04%;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 valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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 valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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:14.05pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.04%;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.04%;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 valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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 valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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:14.05pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.04%;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.04%;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 valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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 valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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:14.05pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.04%;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.04%;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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 valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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:14.05pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.04%;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.04%;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 valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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:14.05pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.04%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.87%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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 valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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>
</tr>
</table></div>
<p style="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:12pt;margin-top:0pt;margin-left:3.32%;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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:502.1pt;;">
<tr>
<td style="width:89pt;"></td>
<td style="width:2.4pt;"></td>
<td style="width:11.6pt;"></td>
<td style="width:88.15pt;"></td>
<td style="width:2.4pt;"></td>
<td style="width:8.35pt;"></td>
<td style="width:92.95pt;"></td>
<td style="width:11.35pt;"></td>
<td style="width:2.85pt;"></td>
<td style="width:87.2pt;"></td>
<td style="width:2.65pt;"></td>
<td style="width:11.6pt;"></td>
<td style="width:83.35pt;"></td>
<td style="width:8.25pt;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2020</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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 style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0.8pt;;text-indent:-7.1pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.87%;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,441,567</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.8pt;;text-indent:-7.1pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(1,441,567)</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">136,937</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.8pt;;text-indent:-7.1pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(136,937)</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">144,995</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(144,995)</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">103,053</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.8pt;;text-indent:-7.1pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(103,053)</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;"><strike>W</strike></p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,681,557</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0.8pt;;text-indent:-7.1pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(1,681,557)</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">826,162</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">(826,162)</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.32%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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:3.32%;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:3.32%;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, 2020 and 2019.</p>
<p style="text-align:justify;margin-bottom:12pt;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;">(c) Price risk</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;">There are no assets and liabilities exposed to price risk as of December 31, 2020 and 2019.</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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">53</a></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</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, 2020 and 2019 </p>
<p style="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: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, Continued</p>
<p style="text-align:justify;margin-bottom:3pt;margin-top:12pt;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;">(3) Credit Risk</p>
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;margin-left:3.32%;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 evaluates 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:3.32%;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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:82.65%;">
<tr>
<td style="width:33.61%;"></td>
<td style="width:1.61%;"></td>
<td style="width:4.75%;"></td>
<td style="width:20.35%;"></td>
<td style="width:2.43%;"></td>
<td style="width:19.14%;"></td>
<td style="width:0.76%;"></td>
</tr>
<tr style="height:13.85pt;">
<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 thousands of won)</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-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-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, 2020</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-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, 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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;">Cash and cash equivalents</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;margin-right:0.83%;text-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=" 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;">45,956,245</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;">Short-term financial instruments</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">71,000,000</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-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-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;">Accounts receivables, net</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">44,353,327</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;">Other receivables, net</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">478,428</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;">Other current financial assets</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">841,092</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;">Oher non-current financial assets</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-size:9pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1,128,475</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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-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" >
<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:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.85pt;">
<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;;font-size:9pt;">&nbsp;</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-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;;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;"><strike>W</strike></p></td>
<td valign="top"  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;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">163,757,567</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;;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=" 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:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="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:12pt;margin-top:0pt;margin-left:3.32%;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="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;">(4) Liquidity Risk</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:3.32%;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;  margin-left:3.53%;width:490.15pt;;">
<tr>
<td style="width:89.9pt;"></td>
<td style="width:15.05pt;"></td>
<td style="width:57.45pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:6.95pt;"></td>
<td style="width:57.45pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:6.95pt;"></td>
<td style="width:57.45pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:5.45pt;"></td>
<td style="width:56.45pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:5.45pt;"></td>
<td style="width:57.3pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:6.25pt;"></td>
<td style="width:55.8pt;"></td>
</tr>
<tr style="height:13.55pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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, 2020</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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 4 years</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:39.04%;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">36,212,853</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">34,022,592</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">787,795</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">667,078</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">735,388</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">36,212,853</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;margin-right:18.27%;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">3,121,647</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">397,460</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,160,815</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,565,172</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">106,460</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">3,229,907</p></td>
</tr>
<tr style="height:13.55pt;">
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:39.04%;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=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">39,334,500</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">34,420,052</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,948,610</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2,232,250</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">841,848</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">39,442,760</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.21%;text-indent:-2.22%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.21%;text-indent:-2.22%;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, 2020 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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">54</a></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</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, 2020 and 2019 </p>
<p style="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: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, Continued</p>
<p style="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;">(4) Liquidity Risk, Continued</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:490.15pt;;">
<tr>
<td style="width:89.9pt;"></td>
<td style="width:15.05pt;"></td>
<td style="width:57.45pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:6.95pt;"></td>
<td style="width:57.45pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:6.95pt;"></td>
<td style="width:57.45pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:5.45pt;"></td>
<td style="width:56.45pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:5.45pt;"></td>
<td style="width:57.3pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:6.25pt;"></td>
<td style="width:55.8pt;"></td>
</tr>
<tr style="height:13.55pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:39.04%;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:14.2pt;;margin-right:18.27%;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:39.04%;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=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">18,802,268</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">15,726,847</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,481,919</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,049,865</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">19,035,034</p></td>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.21%;text-indent:-2.22%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:6.21%;text-indent:-2.22%;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="text-align:justify;margin-bottom:12pt;margin-top:12pt;margin-left:3.32%;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;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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:5.88%;text-indent:-2.55%;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 include 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:5.88%;text-indent:-2.55%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:5.98%;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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:5.89%;width:82.41%;">
<tr>
<td style="width:38.29%;"></td>
<td style="width:1.1%;"></td>
<td style="width:20.82%;"></td>
<td style="width:1.09%;"></td>
<td style="width:20.82%;"></td>
<td style="width:0.3%;"></td>
</tr>
<tr style="height:14.2pt;">
<td rowspan="2" valign="bottom" >
<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=" border-bottom:solid 0.75pt transparent;">
<p style="margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style=" 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=" border-bottom:solid 0.75pt transparent;">
<p style="margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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, 2020</p></td>
<td valign="bottom"  style=" 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-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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 style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle"  style=" 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" >
<p style="margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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" >
<p style="text-align:right;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle"  style=" 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" >
<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" >
<p style="margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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 valign="middle" >
<p style="text-align:right;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="margin-top:3pt;margin-bottom: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;">GRAVITY NEOCYON, INC<font style="Background-color:#FFFFFF;font-size:9pt;">.</font></p></td>
<td valign="middle" >
<p style="margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">99.53</p></td>
<td valign="middle" >
<p style="text-align:right;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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 style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle" >
<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" >
<p style="margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<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" >
<p style="margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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 style="border:none;padding:0;"></td>
</tr>
<tr style="height:14.2pt;">
<td valign="middle" >
<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" >
<p style="margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<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" >
<p style="margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-top:3pt;margin-bottom:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="middle" >
<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>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:2.08%;text-indent:3.9%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:5.98%;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 Entertainment Corp. was liquidated during 2020 and has been excluded from subsidiary since then.</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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">55</a></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</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, 2020 and 2019 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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, Continued</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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:3.32%;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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:501.25pt;;">
<tr>
<td style="width:70.9pt;"></td>
<td style="width:2.95pt;"></td>
<td style="width:141.75pt;"></td>
<td style="width:2.4pt;"></td>
<td style="width:15.9pt;"></td>
<td style="width:63.8pt;"></td>
<td style="width:2.4pt;"></td>
<td style="width:4.7pt;"></td>
<td style="width:58.95pt;"></td>
<td style="width:2.4pt;"></td>
<td style="width:61.55pt;"></td>
<td style="width:2.85pt;"></td>
<td style="width:6.1pt;"></td>
<td style="width:64.6pt;"></td>
</tr>
<tr style="height:14.2pt;">
<td colspan="3" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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, 2020</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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:14.2pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">GungHo Online Entertainment, Inc.</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2,449,506</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">4,924</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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>
</tr>
<tr style="height:14.2pt;">
<td rowspan="7" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">3,845,373</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">4,804,814</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">365</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">Gravity Entertainment Corp.</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">8,325</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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;">GRAVITY NEOCYON, INC.</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">349,634</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">862,702</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,166,940</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">850,412</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">Gravity Communications Co., Ltd.</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,021,437</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,296,845</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,547,814</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2,120,357</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">442,927</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">14,899</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">22,504</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;"> 215,884</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">Gravity Game Tech Co., Ltd.</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">966,402</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">451,879</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;&nbsp;&nbsp;&nbsp;360</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">Gravity Game Arise Co., Ltd.</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">922,360</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,461,626</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">889,785</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">228,929</p></td>
</tr>
<tr style="height:14.2pt;">
<td colspan="4" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.83%;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=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">9,997,639</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">3,640,996</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">11,445,083</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">3,489,985</p></td>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.32%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:511.6pt;;">
<tr>
<td style="width:70.9pt;"></td>
<td style="width:2.95pt;"></td>
<td style="width:163.25pt;"></td>
<td style="width:2.4pt;"></td>
<td style="width:0.3pt;"></td>
<td style="width:15.35pt;"></td>
<td style="width:63.8pt;"></td>
<td style="width:2.4pt;"></td>
<td style="width:4.75pt;"></td>
<td style="width:60.1pt;"></td>
<td style="width:2.4pt;"></td>
<td style="width:60.9pt;"></td>
<td style="width:2.85pt;"></td>
<td style="width:2.45pt;"></td>
<td style="width:56.8pt;"></td>
</tr>
<tr style="height:14.2pt;">
<td colspan="3" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2020</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td colspan="4" valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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:14.2pt;">
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:1.1pt;;font-size:8pt;">&nbsp;</p></td>
<td colspan="2" valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">20,970,472</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">211,348</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;"> 26,477,425</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.66%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">56,899</p></td>
</tr>
<tr style="height:14.2pt;">
<td rowspan="7" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">22,952,182</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">859</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;"> 38,508,020</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.66%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2,791</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.66%;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>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">GRAVITY NEOCYON, INC<font style="font-size:9pt;">.</font></p></td>
<td valign="middle"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">301,672</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">7,504,107</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">517,314</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.66%;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>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">7,779,917</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">9,855,435</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;"> 5,570,889</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.66%;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>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">1,535,466</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">28,007</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">156,995</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.66%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">34,853</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">9,662,919</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">54</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.66%;text-indent:1.25pt;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">360</p></td>
</tr>
<tr style="height:14.2pt;">
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td colspan="2" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">2,478,752</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">-</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.66%;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>
</tr>
<tr style="height:14.2pt;">
<td colspan="5" valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:0.62%;text-indent:1.25pt;;font-size:9pt;">&nbsp;</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<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="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">63,202,628</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">20,078,562</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right: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;">71,230,643</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&#12288;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right: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;">&nbsp;</p></td>
<td valign="bottom"  style=" border-top:solid 0.75pt #000000; border-bottom:double 2.5pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;margin-right:1.66%;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>
</tr>
</table></div>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:5.99%;text-indent:-2%;font-size:9pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:7.35%;text-indent:-4.05%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*1) Revenues include dividend income of <strike>W</strike>2,382,800 and <strike>W</strike>2,368,200 from Gravity Interactive, Inc. in 2020 and 2019, respectively.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:7.62%;text-indent:-4.3%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(*2) Revenue include dividend income of <strike>W</strike>189,494 thousand from Gravity Communications Co., Ltd. in 2019.</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:5.83%;text-indent:-2.95%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.32%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;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="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</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, 2020 and 2019 </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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, Continued</p>
<p style="margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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:12pt;margin-top:0pt;margin-left:3.32%;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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:-1.47%;width:106.24%;">
<tr>
<td style="width:9.87%;"></td>
<td style="width:0.79%;"></td>
<td style="width:27.18%;"></td>
<td style="width:0.75%;"></td>
<td style="width:3.35%;"></td>
<td style="width:7.52%;"></td>
<td style="width:0.75%;"></td>
<td style="width:9.69%;"></td>
<td style="width:0.75%;"></td>
<td style="width:13.03%;"></td>
<td style="width:0.79%;"></td>
<td style="width:7.52%;"></td>
<td style="width:0.81%;"></td>
<td style="width:11.62%;"></td>
<td style="width:0.83%;"></td>
<td style="width:11%;"></td>
</tr>
<tr style="height:14.3pt;">
<td colspan="3" valign="bottom" >
<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" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="top" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="5" valign="bottom" >
<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;">2020</p></td>
<td valign="bottom" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td colspan="5" valign="bottom" >
<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>
</tr>
<tr style="height:14.3pt;">
<td valign="bottom"  style=" border-bottom:solid 0.75pt #000000;">
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:6.1pt;;text-indent:-4pt;;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=" 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;;font-size:8pt;">&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: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=" 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;;font-size:8pt;">&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:2.1pt;;text-indent:0pt;;font-weight:bold;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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=" 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;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Loans</p></td>
<td valign="top"  style=" 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;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Collection</p></td>
<td valign="top"  style=" 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;;font-size:8pt;">&nbsp;</p></td>
<td valign="bottom"  style=" 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:8pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Contribution</p></td>
</tr>
<tr style="height:14.3pt;">
<td rowspan="6" valign="top"  style=" 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" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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=" 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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&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: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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&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: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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&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: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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&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: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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&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: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:14.3pt;">
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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:14.3pt;">
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">GRAVITY NEOCYON, INC.</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">2,999,995</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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>
</tr>
<tr style="height:14.3pt;">
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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;">853,183</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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>
</tr>
<tr style="height:14.3pt;">
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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>
</tr>
<tr style="height:14.3pt;">
<td valign="middle" >
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:2.1pt;;text-indent:0pt;;font-size:8pt;">&nbsp;</p></td>
<td valign="middle" >
<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>
</tr>
</table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:12pt;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;">(5) Key management personnel compensation</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;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, 2020 and 2019 are as follows:</p>
<div align="left">
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;  margin-left:3.53%;width:63.3%;">
<tr>
<td style="width:20.38%;"></td>
<td style="width:1.15%;"></td>
<td style="width:4.61%;"></td>
<td style="width:17%;"></td>
<td style="width:1.52%;"></td>
<td style="width:17.9%;"></td>
<td style="width:0.75%;"></td>
</tr>
<tr style="height:13.7pt;">
<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 thousands of won)</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-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-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;">2020</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-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;">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:14.2pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
</tr>
<tr style="height:13.7pt;">
<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;">Salaries</p></td>
<td valign="middle" >
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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"  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;;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">882,635</p></td>
<td valign="middle" >
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;margin-left:7.1pt;;text-indent:0pt;;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;;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" >
<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:10pt;">&nbsp;</p></td>
</tr>
</table></div>
<p style="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;margin-left:2.08%;text-indent:0%;font-size:11pt;">&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;">24. Subsequent event</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;margin-left:7.36%;text-indent:-4.15%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gravity Game Hub Pte. Ltd, a subsidiary, was established in Singapore on January 4, 2021.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;margin-left:3.32%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="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;text-indent:7.89%;">&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">57</a></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: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, 2020 and 2019 </p>
<p style="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-family:Times New Roman;font-size:10pt;">&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;">Independent Auditors&#8217; Review Report on Internal Accounting Control System</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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-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: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;">To the Shareholders and Board of Directors of</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;">Gravity Co., Ltd.</p>
<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;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;">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, 2020. 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, 2020, Chief Executive Officer and ICFR officer believe that the Company&#8217;s IACS has material weaknesses as of December 31, 2020, based on Chapter 5 of Practice Guideline&#8221;.</p>
<p style="text-align:justify;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;">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: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;">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 in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</p>
<p style="text-align:justify;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;">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: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;">1. Material weakness related to ITGC: The Company did not design and maintain effective control over ITGCs for certain Mobile game servers that are relevant to measurement of deferred revenue. Specifically, the Company did not design and maintain effective program change controls by not complying with the processes, such as, approval of the changes and/or prior approval of migration to live environments.</p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;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. Material Weakness related to Risk Assessment: The Company did not maintain effective controls suitable for developing environments of third party game developing company, so it could lead to ineffective controls specifically related to series of activities of program changes in its mobile game patch process.</p>
<p style="text-align:justify;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;">3. Material Weakness related to Control Environment: The Company identified material weaknesses in the course of designing and operating control procedures of the fiscal year. This means a control environment that can result in a material </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;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">58</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</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, 2020 and 2019 </p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">weakness due to lack of sufficient and experienced personnel to address the Company&#8217;s overall financial reporting and information technology requirement.</font></p>
<p style="text-align:justify;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;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;">Based on the results of our review on the Report on the Operation of Internal Accounting Control System as of December 31, 2020, 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:12pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;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;">This report applies to the Company&#8217;s IACS in existence as of December 31, 2020. We did not review the Company&#8217;s IACS subsequent to December 31, 2020. 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.</p>
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<p style="text-align:justify;margin-bottom:6pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&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 23, 2021</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</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, 2020 and 2019 </p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:9pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Report on the Effectiveness of the Internal Accounting Control System </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:9pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">To Gravity Shareholders, the Board of Directors, and the Audit Committee, </p>
<p style="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-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We, as the Chief Executive Officer and the ICFR Officer of Gravity (&#8220;the Company&#8221;), assessed operating status of the Company&#8217;s Internal Accounting Control System (&#8220;IACS&#8221;) for the year ending December 31, 2020.</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-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Design and operation of IACS is the responsibility of the Company&#8217;s management, including the Chief Executive Officer and the ICFR Officer. We evaluated whether the Company effectively designed and operated its IACS to prevent and detect errors or frauds which may cause a misstatement in financial statements to ensure preparation and disclosure of reliable financial information. The CEO and ICFR Officer followed Chapter 5 (Application to Small-and-Medium sized Companies) of the Best Practice Guideline to evaluate the effectiveness of the IACS design and operation.</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-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Based on our assessment, as of December 31, 2020, the following material weaknesses in the Company&#8217;s IACS, in all material respects, were noted from the standpoint of 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;font-size:10pt;">&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;">&lt;Description of material weaknesses&gt;</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;">1. Material weakness related to ITGC: We did not design and maintain effective control over ITGCs for certain Mobile game servers that are relevant to measurement of deferred revenue. Specifically, we did not design and maintain effective program change controls by not complying with the processes, such as, approval of the changes and/or prior approval of migration to live environments.</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-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2. Material Weakness related to Risk Assessment: We did not maintain effective controls suitable for developing environments of third party game developing company, so it could lead to ineffective controls specifically related to series of activities of program changes in our mobile game patch process.</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-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: We identified material weaknesses in the course of designing and operating control procedures of the fiscal year. This means a control environment that can generate a material weakness due to lack of sufficient and experienced personnel to address the company&#8217;s overall financial reporting and information technology requirement.</p>
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<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">60</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</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, 2020 and 2019 </p>
<p style="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-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: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;">1. We plan to conduct expanded training programs for our process and control owners responsible for internal control procedures and encourage their attention and active participation with regard to internal control over financial reporting.</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-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2. We plan to enhance our risk assessment process to include more specific procedures for comprehensive financial statement risk identifications and to ensure appropriate control design, implementation, and re-evaluation of our control activities.</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-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3. We plan to offer IT-specific training session and strengthen compliance monitoring processes, specifically regarding the evidences of approval of program changes and prior approval of migration to live game environments.</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-family:Times New Roman;font-size:10pt;">&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;">We certify that this report does not contain any untrue statement of a fact, or omit to state a fact necessary to be presented herein. We also certify that this report does not contain or present any statements which might cause material misunderstandings of the readers, and we have reviewed and verified this report with sufficient care.</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-family:Times New Roman;font-size:10pt;">&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;">&lt;Attachment&gt;</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;">Implementation status of remediation plans for material weaknesses reported in previous year.</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-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: We implemented &#8216;2 step authentication&#8217; in order to prevent and/or detect unauthorized access through monitoring access logs when it comes to access to game servers by system administrators. In addition to this remediation, we will continue to enhance the monitoring control activity through clear definition of segregation of duty.</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-family:Times New Roman;font-size:10pt;">&nbsp;</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-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2. Material weakness related to Control Environment and risk assessment: We hired additional experienced knowledgeable personnel and conduct expanded training programs, and strengthened risk monitoring activities, however, it&#8217;s not enough to address the material weaknesses in current and previous year, so we concluded that the material weaknesses were not remediated effectively.</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>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">March 9, 2021</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:9pt;">&nbsp;</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:9pt;">&nbsp;</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Chief Executive Officer&nbsp;&nbsp;&nbsp;&nbsp;Park Hyun Chul</p>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:9pt;">&nbsp;</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:9pt;font-family:Times New Roman;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="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">61</a></p></body>
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