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Accounts and Other Receivables | 12 Months Ended
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Dec. 31, 2023
Trade and other receivables [abstract] |
Accounts and Other Receivables | Accounts and Other Receivables (1)Accounts and other receivables as of December 31, 2023 and 2022 are as follows:
| December 31, 2023 |  | December 31, 2022
| (In millions of Korean won)
Accounts receivable |  |  |
Non-related party | ₩ | 69,867 |  |  | ₩ | 74,702 |
Related party | 1,972 |  |  | 2,874 |
Less : Loss allowance | (626) |  |  | (319) |
Accounts receivables, net | ₩ | 71,213 |  |  | ₩ | 77,257 |
| December 31, 2023 |  | December 31, 2022
| (In millions of Korean won)
Other receivables |  |  |
Non-related party | ₩ | 3,642 |  |  | ₩ | 145 |
Related party | — |  |  | — |
Less: Loss allowance | (5) |  |  | (5) |
Other receivables, net | ₩ | 3,637 |  |  | ₩ | 140 |
(2)Changes in the loss allowance of accounts and other receivables during the years ended December 31, 2023, 2022 and 2021 are as follows:
| 2023 |  | 2022 |  | 2021
| (In millions of Korean won)
Accounts receivable |  |  |  |  |
Beginning balance | ₩ | 319 |  |  | ₩ | 689 |  |  | ₩ | 579 |
Bad debt expenses | 1,402 |  |  | 701 |  |  | 933 |
Reversal of allowance for doubtful accounts | — |  |  | — |  |  | (132) |
Write-off | (1,095) |  |  | (1,071) |  |  | (691) |
Ending balance | ₩ | 626 |  |  | ₩ | 319 |  |  | ₩ | 689 |
| 2023 |  | 2022 |  | 2021
| (In millions of Korean won)
Other receivables |  |  |  |  |
Beginning balance | ₩ | 5 |  |  | ₩ | 5 |  |  | ₩ | 5 |
Bad debt expenses | — |  |  | — |  |  | — |
Reversal of allowance for doubtful accounts | — |  |  | — |  |  | — |
Write-off | — |  |  | — |  |  | — |
Ending balance | ₩ | 5 |  |  | ₩ | 5 |  |  | ₩ | 5 |
(3)Expected credit losses (ECLs) and credit risk exposures for accounts and other receivables as of December 31, 2023 and 2022 are as follows: ① Accounts receivables
As of December 31, 2023 |  | Expected loss rate |  | Carrying amount |  | Loss allowance
|  |  |  | (In millions of Korean won)
Not due or overdue less than 90 days |  | 0.6 | % |  | ₩ | 71,334 |  |  | ₩ | 438 |
More than 90 days ~ Less than 180 days |  | 3.2 | % |  | 315 |  |  | 10 |
More than 180 days ~ Less than 270 days |  | 57.4 | % |  | 27 |  |  | 16 |
More than 270 days ~ Less than 1 year |  | 87.3 | % |  | 5 |  |  | 4 |
More than 1 year |  | 100.0 | % |  | 158 |  |  | 158 |
Total |  |  |  | ₩ | 71,839 |  |  | ₩ | 626 |
As of December 31, 2022 |  | Expected loss rate |  | Carrying amount |  | Loss allowance
|  |  |  | (In millions of Korean won)
Not due or overdue less than 90 days |  | 0.1 | % |  | ₩ | 77,073 |  |  | ₩ | 85 |
More than 90 days ~ Less than 180 days |  | 18.2 | % |  | 318 |  |  | 58 |
More than 180 days ~ Less than 270 days |  | 46.6 | % |  | 4 |  |  | 2 |
More than 270 days ~ Less than 1 year |  | 82.3 | % |  | 40 |  |  | 33 |
More than 1 year |  | 100.0 | % |  | 141 |  |  | 141 |
Total |  |  |  | ₩ | 77,576 |  |  | ₩ | 319 |
② Other receivables
As of December 31, 2023 |  | Expected loss rate |  | Carrying amount |  | Loss allowance
|  |  |  | (In millions of Korean won)
Not due or overdue less than 90 days |  | — | % |  | ₩ | 3,637 |  |  | ₩ | — |
More than 90 days ~ Less than 180 days |  | — | % |  | — |  |  | — |
More than 180 days ~ Less than 270 days |  | — | % |  | — |  |  | — |
More than 270 days ~ Less than 1 year |  | — | % |  | — |  |  | — |
More than 1 year |  | 100 | % |  | 5 |  |  | 5 |
Total |  |  |  | ₩ | 3,642 |  |  | ₩ | 5 |
As of December 31, 2022 |  | Expected loss rate |  | Carrying amount |  | Loss allowance
|  |  |  | (In millions of Korean won)
Not due or overdue less than 90 days |  | — | % |  | ₩ | 140 |  |  | ₩ | — |
More than 90 days ~ Less than 180 days |  | — | % |  | — |  |  | — |
More than 180 days ~ Less than 270 days |  | — | % |  | — |  |  | — |
More than 270 days ~ Less than 1 year |  | — | % |  | — |  |  | — |
More than 1 year |  | 100 | % |  | 5 |  |  | 5 |
Total |  |  |  | ₩ | 145 |  |  | ₩ | 5 |
In assessing the recoverability of accounts receivable, 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. The Group applies the simplified approach for account and other receivables to measure the loss allowance at an amount equal to lifetime expected credit losses. To measure the expected credit losses, account and other receivables are grouped based on credit risk characteristics and the duration of past due balances. 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’s historical experience and informed credit assessment that includes forward-looking information.

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