GRAVITY Co., Ltd. Files 20-F/A Amendment for FY 2023

Ticker: GRVY · Form: 20-F/A · Filed: Nov 15, 2024 · CIK: 1313310

Sentiment: neutral

Topics: amendment, annual-report, financials

TL;DR

GRAVITY Co., Ltd. updated its 2023 financials in a 20-F/A filing.

AI Summary

GRAVITY Co., Ltd. filed an amendment (20-F/A) on November 15, 2024, for the fiscal year ending December 31, 2023. The filing provides updated information regarding the company's financial position and operations, including details on its ordinary shares and American Depositary Shares. The company is based in Seoul, South Korea, and operates in the computer processing and data preparation sector.

Why It Matters

This amendment provides updated financial and operational disclosures for GRAVITY Co., Ltd., which is crucial for investors to assess the company's performance and make informed decisions.

Risk Assessment

Risk Level: medium — As a foreign private issuer filing an amendment to its annual report, there may be ongoing disclosures and potential adjustments that could impact its valuation.

Key Numbers

Key Players & Entities

FAQ

What specific financial information was amended in this 20-F/A filing for GRAVITY Co., Ltd.?

The filing indicates updates related to ordinary shares and American Depositary Shares, with data points for fiscal years ending December 31, 2023, 2022, and 2021, as well as equity components for December 31, 2020.

What is the primary business of GRAVITY Co., Ltd. according to this filing?

GRAVITY Co., Ltd. is classified under SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374].

Where is GRAVITY Co., Ltd. located?

The company's business and mailing address is located at 15F, 396 World Cup Buk-ro, Mapo-gu, Seoul, M5, 121-795.

What is the SEC file number for GRAVITY Co., Ltd.?

The SEC file number for GRAVITY Co., Ltd. is 000-51138.

When was the original period of report for this filing?

The conformed period of report for this filing is 20231231.

Filing Stats: 4,565 words · 18 min read · ~15 pages · Grade level 11.3 · Accepted 2024-11-15 06:16:01

Key Financial Figures

Filing Documents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 5 PART I 6 ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 6 ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 6 ITEM 3. KEY INFORMATION 6 ITEM 3.A. Reserved 6 ITEM 3.B. Capitalization and Indebtedness 6 ITEM 3.C. Reasons for the Offer and Use of Proceeds 6 ITEM 3.D.

Risk Factors

Risk Factors 6 ITEM 4. INFORMATION ON THE COMPANY 30 ITEM 4.A. History and Development of the Company 30 ITEM 4.B. Business Overview 30 ITEM 4.C. Organizational Structure 65 ITEM 4.D. Property, Plants and Equipment 65 ITEM 4 A. Unresolved Staff Comments 66 ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 66 ITEM 5.A. Operating Results 66 ITEM 5.B. Liquidity and Capital Resources 79 ITEM 5.C. Research and Development, Patents and Licenses, Etc. 81 ITEM 5.D. Trend Information 82 ITEM 5.E. Critical Accounting Estimates 82 ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 82 ITEM 6.A. Directors and Senior Management 82 ITEM 6.B. Compensation 85 ITEM 6.C. Board Practices 85 ITEM 6.D. Employees 88 ITEM 6.E. Share Ownership 89 ITEM 6.F. Disclosure of a registrant's action to recover erroneously awarded compensation 90 ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 90 ITEM 7.A. Major Shareholders 90 ITEM 7.B. Related Party Transactions 91 ITEM 7.C. Interests of Experts and Counsel 91 ITEM 8. FINANCIAL INFORMATION 91 ITEM 8.A. Consolidated Statements and Other Financial Information 92 ITEM 8.B. Significant Changes 92 ITEM 9. THE OFFER AND LISTING 92 ITEM 9.A. Offer and Listing Details 92 ITEM 9.B. Plan of Distribution 93 ITEM 9.C. Markets 93 ITEM 9.D. Selling Shareholders 93 ITEM 9.E.

Dilution

Dilution 93 ITEM 9.F. Expenses of the Issue 93 ITEM 10. ADDITIONAL INFORMATION 93 ITEM 10.A. Share Capital 93 2 Table of Contents ITEM 10.B. Memorandum and Articles of Incorporation 93 ITEM 10.C. Material Contracts 99 ITEM 10.D. Exchange Controls 99 ITEM 10.E. Taxation 101 ITEM 10.F. Dividends and Paying Agents 111 ITEM 10.G. 111 ITEM 10.H. Documents on Display 111 ITEM 10.I. Subsidiary Information 111 ITEM 10.J. Annual Report to Security Holders 111 ITEM 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 111 ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 112 ITEM 12.A. Debt Securities 112 ITEM 12.B. Warrants and Rights 113 ITEM 12.C. Other Securities 113 ITEM 12.D. American Depositary Shares 113 PART II 114 ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 114 ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 114 ITEM 15.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 114 ITEM 16. RESERVED 115 ITEM 16.A. Audit Committee Financial Expert 115 ITEM 16.B. Code of Ethics 115 ITEM 16.C. Principal Accountant Fees and Services 115 ITEM 16.D. Exemptions from the Listing Standards for Audit Committees 116 ITEM 16.E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 116 ITEM 16.F. Changes in Registrant's Certifying Accountant 116 ITEM 16.G. Corporate Governance 116 ITEM 16.H. Mine Safety Disclosure 116

I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

ITEM 16.I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 116 ITEM 16.J. Insider Trading Policies 116 ITEM 16.K. Cybersecurity 116 PART III 118 ITEM 17.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 118 ITEM 18.

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 118 ITEM 19. EXHIBITS 118 3 Table of Contents CERTAIN DEFINED TERMS Unless the context otherwise requires, references in this annual report on Form 20F (this "Annual Report") to: "ADRs" are to the American depositary receipts that evidence our ADSs; "ADSs" are to our American depositary shares, each of which represents one share of our common stock; "China" or the "PRC" are to the People's Republic of China (excluding, for the purposes of this Annual Report, Taiwan, Hong Kong, and Macau, unless specifically indicated otherwise); "Chinese Yuan" are to the currency of China; "EUR" or "Euro" are to the currency of the Eurozone consisting of Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain; "Gravity," "the Company," "we," "us," "our," or "our company" are to Gravity Co., Ltd. and our subsidiaries, except as otherwise indicated or required by context; "Hong Kong" are to the Hong Kong Special Administrative Region of the PRC; "Indonesian Rupiah" are to the currency of the Republic of Indonesia; "Japanese Yen" or "JPY" are to the currency of Japan; "Korea" are to the Republic of Korea; "Macau" are to the Macau Special Administrative Region of the PRC; "NT dollar" or "NT$" are to the currency of Taiwan; "Philippine Peso" are to the currency of the Republic of the Philippines; "SGD" or "S$" are to the currency of Singapore; "Taiwan" are to Taiwan, the Republic of China; "Thai Baht" or "THB" are to the currency of the Kingdom of Thailand; "US$," "U.S. dollar," or "Dollar" are to the currency of the United States of America; and "Won," "Korean Won," or "W" are to the currency of Korea. For your convenience, and unless otherwise stated, this Annual Report contains translations of certain Won amounts into U.S. dollars at the noon buying rate in New York City for cable transfers in Korean Won as cert

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable.

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION

B. CAPITALIZATION AND INDEBTEDNESS

ITEM 3.B. CAPITALIZATION AND INDEBTEDNESS Not applicable.

C. REASONS FOR THE OFFER AND USE OF PROCEEDS

ITEM 3.C. REASONS FOR THE OFFER AND USE OF PROCEEDS Not applicable.

D. RISK FACTORS

ITEM 3.D. RISK FACTORS You should carefully consider the risks described in this section, together with all of the other information included in this Form 20-F, in evaluating us and our shares. The following risk factors could adversely affect our business, financial condition, results of operations, and the price of our shares. Risk Factor Summary The following is a summary of the principal risks discussed in greater detail in the following pages, that could materially and adversely affect our business, results of operations, cash flows, and financial condition. Risks Relating to our Business We currently depend on our main game, Ragnarok Online, and games developed from Ragnarok Online, for a significant portion of our revenues. If we are unable to consistently and timely develop, acquire, license, launch, market or operate commercially successful online and mobile games, our business, financial condition, and results of operations may be materially and adversely affected. We may not be successful in making our mobile games profitable, and our profit margins from mobile games may be relatively lower than the profits we have enjoyed historically for online games. We depend on our overseas licensees for a portion of our revenues and rely on them to distribute, market, and operate our games and comply with applicable laws and government regulations. We operate in a highly competitive industry and compete against many large companies. To continue to be successful, we must leverage the global connectivity and distribution of mobile platforms, and our relationships with mobile platform providers, which in many cases have the unilateral ability to amend their policies and terms and conditions for applications and developers. We publish games developed by third parties, which exposes us to a number of potential operational, legal, and reputational risks. 6 Table of Contents Unexpected network interruptions, security breaches, or computer virus attacks cou

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