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February 13, 2013
09:13 EDTGRVYGravity may record $11,059 in impairment charges for Q4
Gravity announced that the company may record potential impairment charges on intangible assets and goodwill amounting to $11,059.00, and the company is still in the process of conducting its impairment testing for certain intangible assets. The potential impairment charges may consist of approximately $7,761.00 related to an impairment loss on intangible assets for East Road, an online game under development by Gravity Games, and approximately $3,298.00 related to a goodwill impairment charge of Gravity Games. The impairment charges will have no cash flow effect. The recognition of potential impairment charges is because it is highly likely that Gravity Games, a 50.83%-owned subsidiary of the company, will discontinue its development of East Road due to its lack of funds for developing the game. Gravity Games intends to focus its limited resources on research and development efforts and improvement of customer services with respect to Dragonica, an online game developed by Gravity Games and commercially offered in 40 countries and markets. In the event that the Company finally recognizes the impairment charges, they will be reflected in the company's financial statements for the fiscal quarter ended December 31, 2012.
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