| Investments accounted for using the equity method |
12. Investments accounted for using the equity method. Investment accounted for using the equity method as of December 31, 2023, and December 31, 2022, are as follows:
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G-FRAME stake holding ratio |
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Chenjin chungjeolneung Ltd. |
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33.00 |
% |
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0.00 |
% |
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China |
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2023.12.31 |
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Manufacturing |
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Associates |
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G-SMATT JAPAN |
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28.73 |
% |
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11.43 |
% |
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Japan |
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2023.12.31 |
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Retail |
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G-SMATT HONGKONG |
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20.00 |
% |
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7.40 |
% |
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Hongkong |
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2023.12.31 |
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Retail |
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Chenjin chungjeolneung Ltd. |
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33.00 |
% |
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— |
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China |
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2022.12.31 |
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Manufacturing |
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Associates |
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G-SMATT JAPAN |
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28.73 |
% |
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11.43 |
% |
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Japan |
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2022.12.31 |
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Retail |
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G-SMATT HONGKONG |
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20.00 |
% |
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7.40 |
% |
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Hongkong |
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2022.12.31 |
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Retail |
| Summary financial statements for associates are follows:
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Chenjin chungjeolneung Ltd. |
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26,554,391 |
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32,011,592 |
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— |
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(284,857 |
) |
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(284,857 |
) |
Associates |
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G-SMATT JAPAN |
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12,112,804 |
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6,686,081 |
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6,006,248 |
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1,093,101 |
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1,093,101 |
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G-SMATT HONGKONG |
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283,826 |
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4,821,947 |
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— |
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(1,121,665 |
) |
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(1,121,665 |
) |
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(Unit: USD) |
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Chenjin chungjeolneung Ltd. |
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27,316,845 |
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32,703,114 |
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25,508 |
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(1,916,458 |
) |
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(1,916,458 |
) |
Associates |
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10,649,564 |
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5,831,552 |
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5,333,686 |
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(260,617 |
) |
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(250,773 |
) |
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377,895 |
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3,832,029 |
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— |
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(317,048 |
) |
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(317,048 |
) | The management determined to fully impair the remaining balance of its equity method investment in G-SMATT Japan as of December 31, 2023. This decision was derived from the substantial net loss sustained by G-SMATT Japan in 2022 and 2021, combined with concerns regarding the reliability of the financial information, given that G-SMATT Japan’s financial statements have not been audited in the past. Consequently, management does not foresee any prospects for future economic recovery from this investment.
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(Unit: USD) |
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Net asset
applied to stake
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Chenjin chungjeolneung Ltd. |
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(5,457,201 |
) |
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33.00 |
% |
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— |
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— |
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— |
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5,426,723 |
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40.16 |
% |
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— |
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— |
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— |
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(4,538,121 |
) |
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27.40 |
% |
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— |
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— |
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— |
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Total |
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— |
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(Unit: USD) |
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Net asset
applied to stake
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Chenjin chungjeolneung Ltd. |
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(5,326,269 |
) |
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33.00 |
% |
|
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— |
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— |
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— |
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4,818,011 |
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40.16 |
% |
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1,934,913 |
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842,603 |
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2,777,515 |
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(3,454,134 |
) |
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27.40 |
% |
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— |
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— |
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— |
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Total |
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2,777,515 |
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