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Related Party Transactions
9 Months Ended
Sep. 30, 2018
Related Party Transactions [Abstract]  
Related Party Transactions

NOTE 13 – RELATED PARTY TRANSACTIONS

 

As of September 30, 2018 and December 31, 2017, the Company loaned nil and ₩164,000 thousand and nil, respectively to the Company’s officers and employees. The loans receivable bear an interest of 6.9% and are redeemable on demand.

 

The Company borrowed ₩53,000 thousand from Min Sik Park, Senior Vice President, at December 31, 2015 with the maturity of December 30, 2018. The borrowings bear an interest at 9.50 % per annum. At September 30, 2018 and December 31, 2017, the balance for the borrowings was ₩4,847 thousand and ₩18,895 thousand, respectively.

 

The Company borrowed ₩141,216 thousand from Ung Gyu Kim, President, at February 26, 2018 with the maturity of February 25, 2019. The borrowings bear an interest at 4.60 % per annum. At September 30, 2018 and December 31, 2017, the balance for the borrowings was ₩51,129 thousand and nil, respectively.