Report of Foreign Issuer (6-k)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2015

Commission File Number 000-51138

GRAVITY Co., Ltd.
(Translation of registrant’s name into English)

15F, 396 World Cup buk-ro, Mapo-gu, Seoul 121-795, Korea

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: x Form 20-F o Form 40-F

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): o

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): o

RESULTS OF THE ANNUAL GENERAL MEETING OF SHAREHOLDERS AND THE BOARD MEETING OF GRAVITY CO., LTD.

Gravity Co., Ltd. (the “Company”) held its Annual General Meeting of Shareholders (the “AGM”) at the Conference Room located at 15F, 396 World Cup buk-ro, Mapo-gu, Seoul 121-795 Korea at 10:00 a.m. on March 27, 2015.

The AGM was held with a quorum present and the agenda items were resolved by the shareholders in accordance with the Korean Commercial Code and the Company’s Articles of Incorporation as follows:

· Agendum 1: the shareholders approved the Company’s non-consolidated and consolidated financial statements as of and for the years ended December 31, 2014 and 2013 prepared in accordance with Accounting Standards for Non-Public Entities in Korea, or KAS-NPE, and audited in accordance with Generally Accepted Auditing Standards in Korea, or K-GAAS.

· Agendum 2: the shareholders approved the reappointment of seven directors, Messrs. Hyun Chul Park, Yoshinori Kitamura, Kazuki Morishita, Kazuya Sakai (who are inside directors) and Messrs. Jong Gyu Hwang, Doo Hyun Ryu and Jung Yoo (who are independent directors).

· Agendum 3: the shareholders approved the amount of KRW 1,400,000,000 as the maximum amount of compensation payable to directors as a group for fiscal year 2015.

Furthermore, the Company’s 2014 Annual Business Report was presented to the shareholders at the AGM.

The Company’s Board of Directors, consisting of the seven reelected directors, held a meeting immediately following the AGM (the “Board Meeting”). At the Board Meeting, Mr. Hyun Chul Park was reappointed as Chief Executive Officer and Mr. Yoshinori Kitamura was reappointed as Chairman of the Board of Directors.

Messrs. Jong Gyu Hwang, Doo Hyun Ryu and Jung Yoo were reappointed as Audit Committee members at the Board Meeting.

The Company expects to file the Company’s non-consolidated and consolidated financial statements, including the notes thereto, which are prepared in the Korean language prepared in accordance with KAS-NPE and audited in accordance with K-GAAS as of and for the years ended December 31, 2014 and 2013 (“2014/2013 KAS-NPE non-consolidated and consolidated financial statements”) with the Financial Supervisory Service of Korea on April 2, 2015. The condensed English translation version of the 2014/2013 KAS-NPE non-consolidated and consolidated financial statements is expected to be submitted to the United States Securities and Exchange Commission on Form 6-K at the same time.

SIGNATURES

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.

	GRAVITY CO., LTD.


	By:	/s/ Heung Gon Kim
	Name:	Heung Gon Kim
	Title:	Chief Financial Officer

Date: March 27, 2015

Exhibit Index

Exhibit No.		Description

99. 1		Gravity Reports Non-consolidated Financial Results for 2014

99. 2		Gravity Reports Consolidated Financial Results for 2014

99. 3		2014 Annual Business Report

Exhibit 99.1

GRAVITY REPORTS NON-CONSOLIDATED FINANCIAL RESULTS FOR 2014

Seoul, South Korea, March 27, 2015– GRAVITY Co., Ltd. (NasdaqGM: GRVY) (“Gravity” or the “Company”), an online and mobile game developer and publisher based in South Korea, announces its non-consolidated financial results for the fiscal year ended December 31, 2014, prepared in accordance with Accounting Standards for Non-Public Entities in Korea. Financial statements are available on Edgar at http://www.sec.gov.

REVIEW OF FINANCIAL RESULTS

Revenues and Cost of Revenues

Revenues for 2014 were KRW 17,340 million (US$ 15,895 thousand), representing a 34% decrease from KRW26,257 million for 2013.

Royalties and licensing fees revenue for 2014 was KRW 13,096 million (US$ 12,005 thousand), representing a 40.6% decrease from KRW 22,060 million for 2013. This decrease primarily resulted from decreased revenues from Ragnarok Online in Japan and the strengthening of the Korean Won against the Japanese Yen.

Subscription revenue increased by 35.7% to KRW 3,320 million (US$ 3,043 thousand) in 2014 from KRW 2,446 million in 2013. The increase resulted mainly from the increase in revenues from Ragnarok Online in Korea.

Mobile game revenue for 2014 was KRW 705 million (US$ 646 thousand), representing a 29.6% increase from KRW 544 million for 2013.

Character merchandising and other revenue was KRW 219 million (US$ 201 thousand) in 2014, representing a 81.9% decrease from KRW 1,207 million in 2013. The decrease was mostly attributable to decreased revenues from Ragnarok Odyssey, a PS Vita game, which was released in 2012.

Cost of revenues was KRW 15,386 million (US$ 14,104 thousand) in 2014, representing a 23.3% decrease from KRW 20,047 million in 2013. The decrease in cost of revenues was mainly attributable to decreased salaries, commission paid, and amortization on intangible assets.

As a result of the foregoing factors, gross profit for 2014 was KRW 1,954 million (US$ 1,791 thousand), representing a 68.5% decrease from KRW 6,210 million for 2013. The gross profit ratio decreased to 11.3% in 2014 from 23.7% in 2013.

Selling, General & Administrative Expenses (“SG&A”)

The Company’s total SG&A decreased 22.7% to KRW 10,954 million (US$ 10,041 thousand) in 2014 compared with KRW 14,163 million in 2013. This decrease in SG&A was mostly attributable to decrease in salaries, R&D expenses and advertising expenses.

Based on the foregoing factors, the Company recorded an operating loss of KRW 9,000 million (US$ 8,250 thousand) in 2014, compared to an operating loss of KRW 7,953 million in 2013.

Non-operating Income and Non-operating Expenses

Non-operating income for 2014 was KRW 1,894 million (US$ 1,736 thousand) compared with KRW 2,243 million in 2013 representing a 15.6% decrease, which was primarily due to decrease in interest income and foreign exchange gain. Non-operating expenses for 2014 were KRW 5,467 million (US$ 5,011 thousand), a 15.5% decrease from KRW 6,466 million in 2013, which was primarily due to decreased bad debt expense related to Gravity Games Corporation and impairment loss on intangible assets. Such decrease was partially offset by increase of loss on valuation of equity-method investments.

Loss before income tax for 2014 was KRW 12,573 million (US$ 11,525 thousand), compared with loss before income tax of KRW 12,176 million in 2013.

Gravity recorded a net loss of KRW 20,030 million (US$ 18,361 thousand) in 2014 compared with a net loss of KRW 17,955million in 2013.

The balance of cash and cash equivalents and short-term financial instruments was KRW 38,595 million (US$ 35,379 thousand) as of December 31, 2014.

Note: For convenience purposes only, the KRW amounts have been expressed in U.S. dollars at the rate of KRW 1,090.89 to US$1.00, the noon buying rate in effect on December 31, 2014 as quoted by the Federal Reserve Bank of New York.

Exhibit 99.2

GRAVITY REPORTS CONSOLIDATED FINANCIAL RESULTS FOR 2014

Seoul, South Korea, March 27, 2015- GRAVITY Co., Ltd. (NasdaqGM: GRVY) (“Gravity’“ or the “Company”), an online game developer and publisher based in South Korea, announces its consolidated financial results for the fiscal year ended December 31, 2014, prepared in accordance with Accounting Standards for Non-Public Entities in Korea. The consolidated subsidiary as of December 31, 2013 and as of December 2014 is NeoCyon, Inc., or Neo Cyon. The other subsidiaries of the Company are not subject to consolidation under Enforcement Decree of the Act on External Audit of Stock Companies of Korea and are accounted for as equity method investments. Financial statements are available on Edgar at http://www.sec.gov.

REVIEW OF FINANCIAL RESULTS

Revenues and Cost of Revenues

Revenues for 2014 were KRW 35,365 million (US$ 32,418 thousand), representing a 16.7% decrease from KRW 42,438 million for 2013.

Royalties and licensing fees revenue for 2014 was KRW 13,194 million (US$ 12,095 thousand), representing a 40.6% decrease from KRW 22,224 million for 2013. This decrease primarily resulted from decreased revenues from Ragnarok Online in Japan and the strengthening of the Korean Won against the Japanese Yen.

Subscription revenue increased by 35.7% to KRW 3,320 million (US$ 3,043 thousand) for 2014 from KRW 2,446 million for 2013. The increase resulted mainly from the increased revenues from Ragnarok Online in Korea.

Mobile game revenue for 2014 was KRW 15,055 million (US$ 13,801 thousand), representing a 3.8% increase from KRW 14,504 million for 2013. The increase was mostly driven by the increased revenues from Ragnarok Online — Uprising: Valkyrie, Road to Dragon and Battle Ship. Such increase was partially offset by the decreased revenues from mobile game operation service for a third party.

Character merchandising and other revenue was KRW 3,796 million (US$ 3,480 thousand) for the 2014, representing a 16.3% increase from KRW 3,264 million in 2013. The increase is mainly attributable to the increased revenues from web site development and operation service of NeoCyon. Such increase was partially offset by the decreased revenues from Ragnarok Odyssey, a PS Vita game.

Cost of revenues was KRW30,619 million (US$ 28,068 thousand) for 2014, representing a 1.0% decrease from KRW 30,924 million for 2013. The decrease in cost of revenues was mainly attributable to decreased amortization expenses for intangible assets and salaries. Such decrease was substantially offset by increased outsourcing fees related to our service provided by third parties.

As a result of the foregoing factors, gross profit for 2014 was KRW 4,746 million (US$ 4,351 thousand), representing a 58.8% decrease from KRW 11,514 million for 2013. The gross profit ratio decreased to 13.4% in 2014 from 27.1% in 2013.

Selling, General & Administrative Expenses (“SG&A”)

The Company’s total SG&A decreased 21.6% to KRW 15,869 million (US$ 14,547 thousand) for 2014 compared with KRW 20,242 million for 2013. This decrease in SG&A was mainly attributable to decrease in advertising expenses for mobile games, salaries and R&D expenses.

Based on the foregoing factors, the Company recorded an operating loss of KRW11,123 million (US$ 10,196 thousand) in 2014, compared to an operating loss of KRW 8,728 million for 2013.

Non-operating Income and Non-operating Expenses

Non-operating income for 2014 was KRW 1,793 million (US$ 1,644 thousand) compared with KRW 2,291 million in 2013 representing a 21.7% decrease, which was primarily due to decrease in interest income and foreign exchange gain. Non-operating expenses for 2014 were KRW 1,697 million (US$ 1,556 thousand), a 73.1% decrease from KRW 6,309 million in 2013, which was primarily due to decreased bad debt expenses and impairment losses on intangible assets.

Loss before income tax for 2014 was KRW 11,027 million (US$ 10,108 thousand), compared with loss before income tax of KRW 12,746 million in 2013.

Gravity recorded a net loss of KRW 20,188 million (US$ 18,506 thousand) for 2014 compared with a net loss of KRW 17,984 million for 2013.

The balance of cash and cash equivalents and short-term financial instruments was KRW 42,347 million (US$ 38,819 thousand) as of December 31, 2014.

Exhibit 99.3

2014 Annual Business Report

Table of Contents

1. Business Overview

(1) Business Results and Financial Statements for the Past Three Fiscal Years (2012 — 2014)

2. Company Overview

(1) Registered Purpose of the Company

(2) Description of Primary Business

(3) Problems Confronting the Company

(4) Business Offices and Game Development Facilities

(5) Stock

(6) Debenture

(7) Major Shareholders

(8) Investment in Other Companies

(9) Directors Holding Concurrent Positions

(10) Material Transactions with Related Parties

(11) Significant Creditors

(12) Employees

(13) Directors and Auditors

(14) Material Events after the End of Fiscal Year 2014

3. Non-Consolidated Financial Statements as of and for the fiscal years ended December 31, 2014 and 2013

(1) Balance Sheets

(2) Income Statements

(3) Statements of Disposition of Accumulated Deficit

(4) Statements of Changes in Equity

(5) Statements of Cash Flows

(6) Notes to Non-Consolidated Financial Statements

4. Consolidated Financial Statements as of and for the fiscal years ended December 31, 2014 and 2013

(1) Consolidated Balance Sheets

(2) Consolidated Income Statements

(3) Consolidated Statements of Changes in Equity

(4) Consolidated Statements of Cash Flows

(5) Notes to Consolidated Financial Statements

1. Business Overview

(1) Business Results and Financial Statements for the Past Three Fiscal Years (2012 — 2014)

(In Korean Won)

Category	2014		2013		2012
Current assets	43,125,471,781		47,505,633,406		55,717,624,294
· Quick assets	43,125,471,781		47,505,633,406		55,717,624,294
Non-current assets	16,984,379,227		35,940,889,480		48,466,233,817
· Investment asset	6,465,572,045		10,391,266,236		13,658,241,648
· Tangible asset	474,922,737		651,534,949		1,007,535,695
· Intangible asset	8,906,509,785		13,573,210,684		19,286,513,607
· Other non-current asset	1,137,374,660		11,324,877,611		14,513,942,867
Total assets	60,109,851,008		83,446,522,886		104,183,858,111
Current liabilities	5,835,639,084		7,914,388,543		8,611,856,040
Non-current liabilities	5,535,434,654		6,725,211,896		8,748,925,892
Total liabilities	11,371,073,738		14,639,600,439		17,360,781,932
Common stock	3,474,450,000		3,474,450,000		3,474,450,000
Additional paid-in capital	63,960,606,495		75,380,209,013		75,380,209,013
Retained earnings (Accumulated deficit)	(20,029,832,919	)	(11,419,602,518	)	6,535,090,813
Accumulated other comprehensive income and loss	1,333,553,694		1,371,865,952		1,433,326,353
Total equity	48,738,777,270		68,806,922,447		86,823,076,179
Revenues	17,339,523,031		26,257,395,408		40,104,850,485
Operating income (loss)	(9,000,124,182	)	(7,952,560,429	)	200,286,936
Income (loss) before income tax	(12,572,306,743	)	(12,175,488,665	)	(10,477,026,633	)
Net income (loss)	(20,029,832,919	)	(17,954,693,331	)	(14,298,401,434	)

2. Company Overview

(1) Registered Purpose of the Company

1) Software consulting, development and supply

2) Development and sales of software and CD

3) Information-technology-related software development

4) Production, development, distribution, sales and consulting of digital contents, including game software, as well as corresponding licensing

5) Online network game services

6) Applied package-related software development

7) Production and sales of computer programs

8) Import and export of software

9) E-commerce

10) Character development business

11) Animation business

12) Real estate leasing

13) Service-area restaurant business

14) Media-related business

15) Printing and publication

16) Record & video production and distribution

17) Any other businesses incidental to the above businesses

(2) Description of Primary Business

Gravity Co., Ltd. (the “Company”) is the developer of Ragnarok Online, an MMORPG, which was launched in August 2002 and is commercially offered in 60 markets worldwide, including Korea, Japan, Taiwan, Thailand, Southeast Asia, the United States and Europe as of December 31, 2014. Requiem, which was commercially launched in October 2007, is currently serviced worldwide including the United States and Russia. In March 2012, the Company released Ragnarok Online II, which is currently serviced worldwide except Japan, China, Vietnam and Brazil.

Having strong global network and success from Ragnarok Online, the Company is expanding its business areas from online game development and publishing to cultural contents business based on various platforms, such as development of games for smartphones, console, IPTV, animation and game character merchandising.

In addition, in order to strengthen its presence in the overseas markets, the Company has subsidiaries in the United States and Japan. The Company also has subsidiaries in Korea, such as NeoCyon, Inc. and Gravity Games Corp.

(3) Problems Confronting the Company

Since the Company operates in a highly competitive industry, the Company is making every effort to enhance its development capacity and to maintain and increase its market share in overseas markets to preserve its competitive advantage.

Due to its high dependence on Ragnarok Online, the Company is in need of diversified revenue structure, global market expansion and new business initiatives for sustainable revenue growth. The Company is doing its best to build its next game line-up through enhancing mobile game business.

(4) Business Offices and Game Development Facilities

Classification		Location
Head Office		(Nuritkum Square R&D Tower) 15F, 396 World Cup buk-ro, Mapo-gu, Seoul 121-795, Korea
Game Development Facilities		(Nuritkum Square R&D Tower) 15F, 396 World Cup buk-ro, Mapo-gu, Seoul 121-795, Korea

(5) Stock

1) Total number of shares

(As of December 31, 2014)

Total number of shares authorized		Total number of shares issued		Total number of shares unissued
40,000,000 shares		6,948,900 shares		33,051,100 shares

2) Type of Stock issued (Par value per share: KRW 500)

(As of December 31,2014)

Type	Number of shares	Total par value		%
Registered common stock	6,948,900 shares	KRW	3,474,450,000	100%

(6) Debenture: None.

(7) Major Shareholders

(As of December 31, 2014)

Shareholder	Shares owned	%	Transaction with the Company
GungHo Online Entertainment, Inc.	4,121,739	59.31	*
Others	2,827,161	40.69	—
Total	6,948,900	100.00	—

* Refer to “(10) Material Transactions with Related Parties.”

(8) Investment in Other Companies

(As of December 31, 2014)

Companies

Relationship with the Company

Name

Location

Common Stock

Main business

Shares owned

Relationship

Gravity Interactive, Inc.

California, US

USD

5,040,000

Gaming Service

100,000

100.00

Subsidiary

Gravity Entertainment Corp.

Tokyo, Japan

JPY

167,850,000

Animation making/service

1,000

100.00

Subsidiary

Gravity Middle East & Africa FZ-LLC*

Dubai, U.A.E.

AED

7,800,000

Gaming Service

7,800

100.00

Subsidiary

NeoCyon, Inc.

Seoul, Korea

KRW

964,005,000

Mobile game development

185,301

96.11

Subsidiary

Gravity Games Corp.

Seoul, Korea

KRW

1,134,730,000

Online game development

194,035

85.50

Subsidiary

* The liquidation of Gravity Middle East & Africa FZ-LLC was in progress as of December 31, 2014.

(9) Directors Holding Concurrent Positions

	Company
Name	Name	Position	Responsibility
Hyun Chul Park	Gravity Co., Ltd.	CEO	Overall management
	NeoCyon, Inc.	Executive Director	Chief Operating Officer
	Gravity Games Corp.	Executive Director	—
	Gravity Interactive, Inc.	Executive Director	—
Yoshinori Kitamura	Gravity Co., Ltd.	Executive Director	Chief Operating Officer
	Gravity Interactive, Inc.	CEO	Overall management
	Gravity Entertainment Corp.	CEO	Overall management
	NeoCyon, Inc.	CEO	Overall management
	Gravity Games Corp.	Executive Director	—

(10) Material Transactions with Related Parties

① Sales and purchases

(In thousands of Korean Won)

		2014		2013
Nature	Related companies	Sales	Purchases	Sales	Purchase
Parent company	GungHo Online Entertainment, Inc.	7,989,416	8,060	13,073,185	974,019
Subsidiaries	Gravity Interactive, Inc.	629,959	12,157	1,481,564	1,346
	NeoCyon. Inc.	874,208	696,000	705,324	1,567,000
	Gravity Games Corp.	790	—	153,139	207,525
Equity-method investee	Gravity EU SAS	237,383	—	351,812	—
Total		9,731,756	716,217	15,765,024	2,749,890

② Receivables and Payables

- 2014

(In thousands of Korean Won)

		Receivables			Payables
Nature	Related companies	Accounts receivable	Loans	Other receivable	Accounts payable	Other payable
Parent company	GungHo Online Entertainment, Inc.	845,871	—	39,495	48,749	4,997,593
Subsidiaries	Gravity Interactive, Inc.	1,611,192	1,823,140	966	1,572	—
	Gravity Middle East & Africa FZ-LLC	—	—	—	—	1,550,301
	NeoCyon. Inc.	248,901	—	74,053	44,000	117,799
	Gravity Games Corp.	755	1,972,000	1,949,033	—	—
Total		2,706,719	3,795,140	2,063,547	94,321	6,665,693

- 2013

(In thousands of Korean Won)

		Receivables			Payables
Nature	Related companies	Accounts receivable	Loans	Other receivable	Accounts payable	Other payable
Parent company	GungHo Online Entertainment, Inc.	915,357	—	43,718	278,967	5,445,033
Subsidiaries	Gravity Interactive, Inc.	1,223,146	1,606,650	—	52,894	—
	Gravity Middle East & Africa FZ-LLC	—	—	—	—	1,820,301
	NeoCyon. Inc.	201,918	—	78,189	111,100	117,799
	Gravity Games Corp.	28,361	1,972,000	1,981,541	37,821	33,180
Equity-method investee	Gravity EU SAS	61,879	—	19,356	—	31,414
Total		2,430,661	3,578,650	2,122,804	480,782	7,447,727

(11) Significant Creditors: The Company had no significant creditors as of December 31, 2014.

(12) Employees

(As of December 31, 2014)

Category		Directors & Officers		Developers		Marketing/Operating		Finance/Administration		Total
Employees		8		156		33		31		228

(13) Directors and Auditors

Name	Position	Main work	Transaction with the Company
Hyun Chul Park	CEO	Chief Executive Officer	—
Yoshinori Kitamura	Executive Director	Chief Operating Officer	—
Kazuki Morishita	Executive Director	—	—
Kazuya Sakai	Executive Director	—	—
Jong Gyu Hwang	Independent Director	Member of audit committee	—
Doo Hyun Ryu	Independent Director	Member of audit committee	—
Jung Yoo	Independent Director	Member of audit committee	—

(14) Material Events after the end of fiscal year 2014: N/A

3. Non-Consolidated Financial Statements as of and for the fiscal year ended December 31, 2014 and 2013

(1) Balance Sheets

GRAVITY CO., LTD.

(In Korean Won)

	2014			2013
Assets
Current Assets			43,125,471,781			47,505,633,406
Quick assets			43,125,471,781			47,505,633,406
Cash and cash equivalents	24,095,204,019			23,402,391,895
Short-term financial instruments	14,500,000,000			18,000,000,000
Accounts receivable	3,689,662,083			3,777,634,986
Allowance for doubtful accounts	(1,067,768,505	)		(18,290,031	)
Short-term loans	223,156,640			893,273,661
Allowance for doubtful accounts	(216,490,000	)		(860,495,832	)
Other accounts receivable	877,424,293			565,553,353
Allowance for doubtful accounts	(387,613,070	)		(334,984,189	)
Accrued income	287,460,877			359,668,942
Allowance for doubtful accounts	(115,151,736	)		(115,151,736	)
Advance payments	1,517,756,390			1,813,278,112
Allowance for doubtful accounts	(1,500,000,000	)		(1,500,000,000	)
Prepaid expenses	525,915,880			304,317,584
Current deferred tax assets	—			366,000,000
Prepaid income taxes	576,091,803			694,558,607
Refund of income taxes receivable	119,823,107			157,878,054
Non-current Assets			16,984,379,227			35,940,889,480
Investment assets			6,465,572,045			10,391,266,236
Equity method investments	6,463,349,829			10,377,516,269
Long-term loans	4,780,872,216			3,931,904,135
Allowance for doubtful accounts	(4,778,650,000	)		(3,918,154,168	)
Tangible assets			474,922,737			651,534,949
Computer and equipment	6,211,357,366			6,454,419,316
Accumulated depreciation	(5,963,376,445	)		(5,819,516,561	)
Vehicles	28,110,738			28,110,738
Accumulated depreciation	(28,110,738	)		(28,110,738	)
Furniture and fixtures	623,970,901			843,767,187
Accumulated depreciation	(609,020,337	)		(827,134,993	)
Leasehold improvements	963,697,319			745,967,319
Accumulated depreciation	(751,706,067	)		(745,967,319	)
Intangible assets			8,906,509,785			13,573,210,684
Capitalized R&D cost, net	8,552,983,690			12,542,369,221
Software	187,240,575			864,482,024
Other intangible assets, net	166,285,520			166,359,439
Other non-current assets			1,137,374,660			11,324,877,611
Leasehold deposits	907,548,000			1,250,166,550
Long-term prepaid expenses	201,436,660			48,666,664
Non-current deferred tax assets	—			5,728,000,000
Other non-current assets	28,390,000			4,298,044,397
Total assets			60,109,851,008			83,446,522,886
Liabilities
Current liabilities			5,835,639,084			7,914,388,543
Accounts payable	1,681,817,693			2,747,370,416
Advances received	1,550,367,450			1,920,365,988
Withholdings	109,907,259			131,308,618
Deferred income	2,380,805,176			2,968,959,784
Income tax payable	112,741,506			146,383,737
Non-current liabilities			5,535,434,654			6,725,211,896
Long-term deferred income	5,207,345,165			6,475,232,037
Asset retirement obligation	210,290,000			99,000,000
Leasehold deposit received	117,799,489			150,979,859
Total liabilities			11,371,073,738			14,639,600,439
Equity
Common stock			3,474,450,000			3,474,450,000
Common stock	3,474,450,000			3,474,450,000
Capital surplus			63,960,606,495			75,380,209,013
Additional paid-in capital	61,835,470,109			73,255,072,627
Other capital surplus	2,125,136,386			2,125,136,386
Accumulated other comprehensive income and loss			1,333,553,694			1,371,865,952
Net accumulated comprehensive income of equity method investees	1,528,483,564			1,532,202,141
Net accumulated comprehensive loss of equity method investees	(194,929,870	)		(160,336,189	)
Accumulated deficit			20,029,832,919			11,419,602,518
Undisposed accumulated deficit	(20,029,832,919	)		(11,419,602,518	)
Total equity			48,738,777,270			68,806,922,447
Total liabilities and equity			60,109,851,008			83,446,522,886

(2) Income Statements

GRAVITY CO., LTD.

(In Korean Won)

	2014		2013
Revenues		17,339,523,031		26,257,395,408
Online games-subscription revenue	3,319,956,905		2,446,493,355
Online games-royalties and license fees	13,095,522,110		22,060,067,331
Mobile games	704,961,958		544,160,209
Character merchandising, animation and other revenue	219,082,058		1,206,674,513
Cost of revenues		15,385,860,543		20,046,866,670
Cost of revenues-games	15,385,860,543		20,046,866,670
Gross profit		1,953,662,488		6,210,528,738
Selling and administrative expenses		10,953,786,670		14,163,089,167
Salaries	3,500,423,472		4,906,162,523
Severance benefits	374,430,415		382,561,480
Employee benefits	654,394,148		821,735,973
Transportation	136,341,995		174,133,984
Entertainment	24,158,510		37,689,239
Communication	78,013,415		87,572,827
Taxes and dues	186,401,020		263,962,950
Depreciation	124,160,648		140,906,865
Rent	530,588,891		743,624,537
Insurance premium	111,967,002		141,256,213
Vehicles maintenance	3,806,000		4,399,000
Freight expenses	2,358,063		1,767,053
Repairs expenses	4,803,273		4,818,000
Training expenses	920,000		1,920,000
Books & subscription	4,018,160		7,325,563
Office supplies	23,062,935		29,446,553
Commission paid	2,547,340,990		2,784,967,695
Advertising	172,393,007		526,740,024
Research and development	2,137,844,423		2,798,864,229
Bad debt	248,472,921		87,960,093
Amortization on intangible assets	87,887,382		215,274,366
Operating loss		9,000,124,182		7,952,560,429
Non-operating income		1,894,337,555		2,243,247,967
Interest income	1,077,731,762		1,380,337,408
Gain on foreign currency translation	78,583,779		19,784,229
Gain on foreign exchange transactions	237,037,481		465,239,559
Gain on valuation of equity-method investments	4,316,588		—
Gain on disposal of property and equipment	4,874,645		1,482,680
Gain on disposal of securities under equity method	122,705,442		—
Other income	369,087,858		376,404,091
Non-operating expenses		5,466,520,116		6,466,176,203
Other bad debt	—		2,087,151,736
Loss on foreign currency translation	260,698,377		205,682,412
Loss on foreign exchange transactions	193,904,370		577,647,108
Loss on valuation of equity-method investments	5,004,999,290		2,102,172,982
Loss on impairment of securities under equity method	—		70,792,850
Loss on disposal of long-term available-for-sale securities	—		67,834,609
Loss on disposal of tangible assets	20,836		—
Loss on impairment of intangible assets	—		1,344,119,878
Other losses	6,897,243		10,774,628
Loss before income tax		12,572,306,743		12,175,488,665
Income tax expense		7,457,526,176		5,779,204,666
Net loss		20,029,832,919		17,954,693,331
Loss per share*
Basic and diluted		2,882		2,584

* Each ADS represents one-fourth of one share of our common stock. Therefore, loss per ADS is one-fourth of loss per share.

(3) Statements of Disposition of Accumulated Deficit

GRAVITY CO., LTD.

(In Korean Won)

	2014			2013
	Confirmed disposition date: March 27, 2015			Confirmed appropriation date: March 26, 2014
Accumulated deficit before disposition (retained earnings before appreciation)			20,029,832,919			11,419,602,518
Unappropriated retained earnings carried over from prior year	—			6,535,090,813
Net loss	(20,029,832,919	)		(17,954,693,331	)
Disposition of accumulated deficit			20,029,832,919			11,419,602,518
Transfer from capital surplus	20,029,832,919			11,419,602,518
Undisposed accumulated deficit (unappropriated retained earnings) carried forwards to subsequent year			—			—

(4) Statements of Changes in Equity

GRAVITY CO., LTD.

(In Korean Won)

	Capital Stock	Capital Surplus		Accumulated Other Comprehensive Income and Loss		Retained Earnings		Total
Balance at January 1, 2013	3,474,450,000	75,380,209,013		1,433,326,353		6,535,090,813		86,823,076,179
Net loss	—	—		—		(17,954,693,331	)	(17,954,693,331	)
Changes in equity-method investees with accumulated comprehensive income	—	—		47,296,092		—		47,296,092
Changes in equity-method investees with accumulated comprehensive loss	—	—		(108,756,493	)	—		(108,756,493	)
Balance at December 31, 2013	3,474,450,000	75,380,209,013		1,371,865,952		(11,419,602,518	)	68,806,922,447
Balance at January 1, 2014	3,474,450,000	75,380,209,013		1,371,865,952		(11,419,602,518	)	68,806,922,447
Net loss	—	—		—		(20,029,832,919	)	(20,029,832,919	)
Disposition of accumulated deficit		(11,419,602,518	)	—		11,419,602,518		—
Changes in equity-method investees with accumulated comprehensive income	—	—		(3,718,577	)	—		(3,718,577	)
Changes in equity-method investees with accumulated comprehensive loss	—	—		(34,593,681	)	—		(34,593,681	)
Balance at December 31, 2014	3,474,450,000	63,960,606,495		1,333,553,694		(20,029,832,919	)	48,738,777,270

(5) Statements of Cash Flows

GRAVITY CO., LTD.

(In Korean Won)

	2014				2013
Cash flows from operating activities			(2,834,681,650	)			(2,169,269,828	)
Net loss	(20,029,832,919	)			(17,954,693,331	)
Addition of expenses not involving cash outflows	10,425,383,477				12,313,160,868
Depreciation	411,252,533				478,006,082
Amortization on intangible assets	4,743,949,757				5,988,100,766
Bad debt	248,472,921				87,960,093
Other bad debt	—				2,087,151,736
Loss on foreign currency translation	16,688,140				87,021,872
Loss on valuation of equity-method investments	5,004,999,290				2,102,172,982
Loss on impairment of securities under equity method	—				70,792,850
Loss on disposal of long-term available-for-sale securities	—				67,834,609
Loss on disposal of tangible assets	20,836				—
Loss on impairment of intangible assets	—				1,344,119,878
Deduction of revenues not involving cash inflows	(210,480,454	)			(21,266,909	)
Gain on foreign currency translation	78,583,779				19,784,229
Gain on valuation of equity-method investments	4,316,588				—
Gain on disposal of property and equipment	4,874,645				1,482,680
Gain on disposal of securities under equity method	122,705,442				—
Changes in assets and liabilities arising from operating activities	6,980,248,246				3,493,529,544
Decrease in trade accounts receivable	147,395,030				780,689,775
Increase in other accounts receivable	(311,870,940	)			(58,152,223	)
Decrease(increase) in accrued income	72,208,065				(16,805,017	)
Decrease in advance payments	264,761,424				740,900,327
Decrease (increase) in prepaid expenses	(192,598,292	)			164,685,108
Decrease in current portion of deferred tax assets	366,000,000				267,000,000
Decrease in prepaid income taxes	118,466,804				268,586,688
Decrease in refund of income taxes receivable	38,054,947				58,474,024
Increase in long-term prepaid expenses	(181,770,000	)			(1,333,340	)
Decrease in non-current deferred tax assets	5,796,000,000				3,177,000,000
Decrease (increase) in other non-current assets	4,269,654,397				(130,000,000	)
Decrease in accounts payable	(1,063,079,211	)			(383,466,305	)
Decrease in withholdings	(21,401,359	)			(17,428,481	)
Decrease in deferred income	(1,388,119,127	)			(215,300,056	)
Decrease in income tax payable	(33,642,231	)			(98,301,551	)
Decrease in long-term deferred income	(467,922,353	)			(1,039,511,252	)
Decrease in leasehold deposits received	(33,180,370	)			(3,508,153	)
Decrease in advances received	(369,998,538	)			—
Decrease in other non-current liabilities	(28,710,000	)			—
Cash flows from investing activities			3,527,493,774				(3,506,569,386	)
Cash inflows from investing activities	45,391,064,153				41,099,813,399
Proceeds from disposal of short-term financial instruments	45,000,000,000				39,500,000,000
Collection of short-term loans receivable	36,250,032				870,694,331
Proceeds from disposal of securities under equity method	1,356				—
Proceeds from disposal of long-term available-for-sale securities	—				579,226,726
Collection of long-term loans receivable	1,388,908				23,055,558
Proceeds from disposal of computer and equipment	7,166,307				1,313,487
Proceeds from disposal of furniture and fixtures	3,639,000				1,458,037
Decrease in leasehold deposits	342,618,550				124,065,260
Cash outflows from investing activities	(41,863,570,379	)			(44,606,382,785	)
Increase in short-term financial instruments	41,500,000,000				40,000,000,000
Increase in short-term loans receivable	216,490,000				800,000,000
Acquisition of securities under equity method	—				800,040,000
Increase in long-term loans receivable	—				858,000,000
Acquisition of computer and equipment	11,548,181				118,453,272
Acquisition of furniture and fixtures	11,313,638				3,277,808
Increase in development costs	—				464,919,300
Acquisition of software	46,488,560				1,195,901,970
Acquisition of other intangible assets	—				365,790,435
Acquisition of leasehold improvement	77,730,000				—
Cash flows from financing activities			—				—
Cash inflows from financing activities	—				—
Cash outflows from financing activities	—				—
Increase(decrease) in cash			692,812,124				(5,675,839,214	)
Cash at beginning of year			23,402,391,895				29,078,231,109
Cash at end of year			24,095,204,019				23,402,391,895

(6) Notes to Non-Consolidated Financial Statements

* For the notes to the non-consolidated financial statements, please refer to the condensed English translation version of the Company’s KAS-NPE non-consolidated financial statements as of and for the years ended December 31, 2014 and 2013 and the independent auditor’s report to be submitted to the United States Securities and Exchange Commission on Form 6-K on April 2, 2015.

4. Consolidated Financial Statements as of and for the fiscal year ended December 31, 2014 and 2013

(1) Consolidated Balance Sheets

GRAVITY CO., LTD. and a Subsidiary

(In Korean Won)

	2014				2013
Assets
Current Assets			50,221,687,057				57,024,971,668
Quick assets			50,221,687,057				57,024,971,668
Cash and cash equivalents	27,846,926,601				29,724,747,844
Short-term financial instruments	14,500,000,000				18,000,000,000
Accounts receivable	6,246,020,731				6,120,828,372
Allowance for doubtful accounts	(1,067,768,505	)			(18,290,031	)
Short-term loans	223,156,640				893,273,661
Allowance for doubtful accounts	(216,490,000	)			(860,495,832	)
Other accounts receivable	859,621,746				716,872,354
Allowance for doubtful accounts	(387,613,070	)			(344,434,189	)
Accrued income	299,192,932				374,399,353
Allowance for doubtful accounts	(115,151,736	)			(115,151,736	)
Advance payments	1,802,515,851				2,022,317,298
Allowance for doubtful accounts	(1,500,000,000	)			(1,500,000,000	)
Prepaid expenses	921,072,278				658,091,014
Current deferred tax assets	94,152,949				474,018,019
Prepaid income taxes	578,741,303				699,857,607
Refund of income taxes receivable	137,309,337				178,937,934
Non-current Assets			13,511,124,936				29,947,263,622
Investment assets			1,652,858,387				1,671,505,922
Equity method investments	1,650,636,171				1,657,755,955
Long-term loans	4,780,872,216				3,931,904,135
Allowance for doubtful accounts	(4,778,650,000	)			(3,918,154,168	)
Tangible assets			708,120,145				912,194,786
Computer and equipment	6,279,237,331				6,682,673,741
Accumulated depreciation	(6,010,756,517	)			(6,011,839,745	)
Vehicles	28,110,738				28,110,738
Accumulated depreciation	(28,110,738	)			(28,110,738	)
Furniture and fixtures	1,478,227,826				1,826,251,555
Accumulated depreciation	(1,250,579,747	)			(1,584,890,765	)
Leasehold improvements	963,697,319				745,967,319
Accumulated depreciation	(751,706,067	)			(745,967,319	)
Intangible assets			9,163,594,693				13,668,811,418
Capitalized R&D cost, net	8,552,983,690				12,542,369,221
Software	261,499,220				960,082,758
Other intangible assets, net	349,111,783				166,359,439
Other non-current assets			1,986,551,711				13,694,751,496
Leasehold deposits	910,268,000				1,250,166,550
Long-term prepaid expenses	201,436,660				48,666,664
Non-current deferred tax assets	846,847,051				8,095,543,885
Other non-current assets	28,000,000				4,300,374,397
Total assets			63,732,811,993				86,972,235,290
Liabilities
Current liabilities			9,320,678,427				10,964,637,877
Accounts payable	3,157,802,747				4,417,582,140
Advances received	1,551,233,055				1,921,398,364
Withholdings	193,134,760				201,798,840
Deferred income	4,305,766,359				4,277,474,796
Income tax payable	112,741,506				146,383,737
Non-current liabilities			5,478,564,326				6,847,747,407
Long-term deferred income	5,268,274,326				6,715,567,037
Asset retirement obligation	210,290,000				99,000,000
Leasehold deposit received	—				33,180,370
Total liabilities			14,799,242,753				17,812,385,284
Equity
Parent interest			48,738,777,270				68,806,922,447
Common stock			3,474,450,000				3,474,450,000
Common stock	3,474,450,000				3,474,450,000
Consolidated capital surplus			63,960,606,495				75,380,209,013
Additional paid-in capital	61,835,470,109				73,255,072,627
Other capital surplus	2,125,136,386				2,125,136,386
Consolidated accumulated other comprehensive income and loss			1,333,553,694				1,371,865,952
Accumulated comprehensive income of equity method investees	1,528,483,564				1,532,202,141
Accumulated comprehensive loss of equity method investees	(194,929,870	)			(160,336,189	)
Consolidated retained earnings (consolidated accumulated deficit)			(20,029,832,919	)			(11,419,602,518	)
Unappropriated consolidated retained earnings (undisposed consolidated accumulated deficit)	(20,029,832,919	)			(11,419,602,518	)
Non-controlling interest in consolidated subsidiary			194,791,970				352,927,559
Total equity			48,933,569,240				69,159,850,006
Total liabilities and equity			63,732,811,993				86,972,235,290

(2) Consolidated Income Statements

GRAVITY CO., LTD. and a Subsidiary

(In Korean Won)

	2014				2013
Revenues			35,364,654,770				42,437,954,760
Online games-subscription revenue	3,319,956,905				2,446,493,355
Online games-royalties and license fees	13,193,583,023				22,223,575,496
Mobile games	15,055,020,108				14,503,971,352
Character merchandising, animation and other revenue	3,796,094,734				3,263,914,557
Cost of revenues			30,618,528,603				30,924,395,914
Cost of revenues-games	30,618,528,603				30,924,395,914
Gross profit			4,746,126,167				11,513,558,846
Selling and administrative expenses			15,869,010,132				20,241,905,388
Salaries	4,411,861,181				5,704,531,983
Severance benefits	444,088,485				441,574,550
Employee benefits	825,314,810				1,009,974,401
Transportation	158,909,907				193,168,546
Entertainment	43,815,731				49,853,327
Communication	86,871,375				114,443,477
Taxes and dues	224,313,373				320,844,660
Depreciation	147,038,322				162,468,649
Rent	554,036,811				762,661,536
Insurance premium	111,967,002				141,256,213
Vehicles maintenance	3,806,000				4,887,610
Freight expenses	3,165,563				2,469,053
Repairs expenses	4,803,273				4,818,000
Training expenses	1,270,000				1,920,000
Books & subscription	5,585,727				11,189,337
Office supplies	30,527,976				35,177,522
Commission paid	2,431,226,807				2,240,534,516
Advertising	1,015,921,550				2,624,032,798
Research and development	5,022,754,970				6,223,318,919
Bad debt	248,472,921				87,960,093
Amortization on intangible assets	93,258,348				104,820,198
Operating income (loss)			(11,122,883,965	)			(8,728,346,542	)
Non-operating income			1,792,924,672				2,291,150,906
Interest income	1,199,661,441				1,526,497,859
Gain on foreign currency translation	87,569,617				22,694,283
Gain on foreign exchange transactions	283,185,983				509,829,389
Gain on valuation of equity-method investments	4,316,588				—
Gain on disposal of securities under equity method	122,705,442
Gain on disposal of property and equipment	5,154,951				1,482,680
Other income	90,330,650				230,646,695
Non-operating expenses			1,696,890,467				6,308,788,648
Other bad debt	39,792,226				2,087,151,736
Loss on foreign currency translation	262,482,383				207,760,320
Loss on foreign exchange transactions	263,476,854				741,851,401
Loss on valuation of equity-method investments	1,097,952,634				1,369,896,813
Loss on impairment of securities under equity method	—				70,792,850
Loss on disposal of long-term available-for-sale securities	—				67,834,609
Loss on disposal of tangible assets	20,836				—
Loss on impairment of intangible assets	642,548				1,741,855,188
Other losses	32,522,986				21,645,731
Loss before income tax			(11,026,849,760	)			(12,745,984,284	)
Income tax expense			9,161,118,748				5,238,347,527
Net loss			(20,187,968,508	)			(17,984,331,811	)
Parent interest	(20,029,832,919	)			(17,954,693,331	)
Minority interest	(158,135,589	)			(29,638,480	)
Per share data for parent interest
Loss per share*
Basic and diluted			(2,882	)			(2,584	)

* Each ADS represents one-fourth of one share of our common stock. Therefore, loss per ADS is one-fourth of loss per share.

(3) Consolidated Statements of Changes in Equity

GRAVITY CO., LTD. and a Subsidiary

(In Korean Won)

	Capital stock	Consolidated Capital Surplus		Consolidated Accumulated Other Comprehensive Income and Loss		Consolidated Retained Earnings (Accumulated Deficit)		Non-controlling Interest		Total
Balance at January 1, 2013	3,474,450,000	75,380,209,013		1,433,326,353		6,535,090,813		382,566,039		87,205,642,218
Net income (loss)	—	—		—		(17,954,693,331	)	(29,638,480	)	(17,984,331,811	)
Changes in equity-method investees with accumulated comprehensive income	—	—		47,296,092		—		—		47,296,092
Changes in equity-method investees with accumulated comprehensive loss	—	—		(108,756,493	)	—		—		(108,756,493	)
Balance at December 31, 2013	3,474,450,000	75,380,209,013		1,371,865,952		(11,419,602,518	)	352,927,559		69,159,850,006
Balance at January 1, 2014	3,474,450,000	75,380,209,013		1,371,865,952		(11,419,602,518	)	352,927,559		69,159,850,006
Net loss	—	—		—		(20,029,832,919	)	(158,135,589	)	(20,187,968,508	)
Disposition of accumulated deficit	—	(11,419,602,518	)	—		11,419,602,518		—		—
Changes in equity-method investees with accumulated comprehensive income	—	—		(3,718,577	)	—		—		(3,718,577	)
Changes in equity-method investees with accumulated comprehensive loss	—	—		(34,593,681	)	—		—		(34,593,681	)
Balance at December 31, 2014	3,474,450,000	63,960,606,495		1,333,553,694		(20,029,832,919	)	194,791,970		48,933,569,240

(4) Consolidated Statements of Cash Flows

GRAVITY CO., LTD. and a Subsidiary

(In Korean Won)

	2014				2013
Cash flows from operating activities			(4,973,400,015	)			(2,100,005,973	)
Net loss	(20,187,968,508	)			(17,984,331,811	)
Addition of expenses not involving cash outflows	6,858,979,752				12,223,151,909
Depreciation	567,646,920				647,791,405
Amortization on intangible assets	4,885,979,521				6,061,641,604
Bad debt	248,472,921				87,960,093
Other bad debt	39,792,226				2,087,151,736
Loss on foreign currency translation	18,472,146				88,227,611
Loss on valuation of equity-method investments	1,097,952,634				1,369,896,813
Loss on impairment of securities under equity method	—				70,792,850
Loss on impairment of intangible assets	642,548				1,741,855,188
Loss on disposal of long-term available-for-sale securities	—				67,834,609
Loss on disposal of tangible assets	20,836				—
Deduction of revenues not involving cash inflows	(219,746,598	)			(24,176,963	)
Gain on foreign currency translation	87,569,617				22,694,283
Gain on valuation of equity-method investments	4,316,588				—
Gain on disposal of securities under equity method	122,705,442				—
Gain on disposal of property and equipment	5,154,951				1,482,680
Changes in assets and liabilities arising from operating activities	8,575,335,339				3,685,350,892
Decrease (increase) in trade accounts receivable	(56,948,749	)			765,215,429
Decrease (increase) in accounts receivable	(191,991,618	)			(198,646,507	)
Decrease (increase) in accrued income	75,206,421				(12,495,017	)
Decrease (increase) in advance payments	189,041,149				562,733,237
Decrease (increase) in prepaid expenses	(233,981,260	)			92,533,259
Decrease in current portion of deferred tax assets	379,865,070				951,977,863
Decrease in prepaid income taxes	121,116,304				263,287,688
Decrease in refund of income taxes receivable	41,628,597				70,509,974
Increase in long-term prepaid expenses	(181,770,000	)			(1,165,926	)
Decrease in non-current portion of deferred tax assets	7,316,696,834				1,749,248,800
Decrease(Increase) in other non-current assets	4,269,654,397				(130,000,000	)
Increase(decrease) in accounts payable	(1,259,818,668	)			55,395,943
Increase (decrease) in advances received	(370,165,309	)			166,760
Increase (decrease) in withholdings	(8,664,080	)			(123,294,584	)
Increase (decrease) in deferred income	(1,053,908,795	)			551,361,894
Decrease in income tax payable	(33,642,231	)			(98,301,551	)
Decrease in long-term deferred income	(365,092,353	)			(771,111,252	)
Decrease in leasehold deposits received	(33,180,370	)			(42,065,118	)
Decrease in other non-current liabilities	(28,710,000	)			—
Cash flows from investing activities			3,095,578,772				(3,643,006,953	)
Cash inflows from investing activities	45,405,242,531				41,341,090,364
Proceeds from disposal of short-term financial instruments	45,000,000,000				39,500,000,000
Collection of short-term loans receivable	36,250,032				870,694,331
Proceeds from disposal of long-term available-for-sale securities	—				579,226,726
Collection of long-term loans receivable	1,388,908				23,055,558
Proceeds from disposal of computer and equipment	19,291,685				1,313,487
Proceeds from disposal of furniture and fixtures	5,692,000				1,458,037
Decrease in leasehold deposits	342,618,550				162,622,225
Decrease in other non-current assets	—				202,720,000
Disposal of securities under equity method	1,356				—
Cash outflows from investing activities	(42,309,663,759	)			(44,984,097,317	)
Increase in short-term financial instruments	41,500,000,000				40,000,000,000
Increase in short-term loans receivable	216,490,000				800,000,000
Acquisition of securities under equity method	—				800,040,000
Increase in long-term loans receivable	—				858,000,000
Acquisition of computer and equipment	11,548,181				120,603,272
Acquisition of furniture and fixtures	153,250,532				120,968,705
Increase in development costs	—				580,634,850
Acquisition of software	87,796,546				1,299,503,090
Acquisition of other intangible assets	262,848,500				365,790,435
Increase of leasehold deposits	—				38,556,965
Acquisition of leasehold improvement	77,730,000				—
Cash flows from financing activities			—				—
Cash inflows from financing activities	—				—
Cash outflows from financing activities	—				—
Decrease in cash			(1,877,821,243	)			(5,743,012,926	)
Cash at beginning of year			29,724,747,844				35,467,760,770
Cash at end of year			27,846,926,601				29,724,747,844

(5) Notes to Consolidated Financial Statements

* For the notes to the consolidated financial statements, please refer to the condensed English translation version of the Company’s KAS-NPE consolidated financial statements as of and for the years ended December 31, 2014 and 2013 and the independent auditor’s report to be submitted to the United States Securities and Exchange Commission on Form 6-K on April 2, 2015.

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