0002000756 2025-01-01 2025-12-31 0002000756 2025-12-31 0002000756 kwm:HansolAcquisitionMember 2025-12-31 0002000756 kwm:TransactionAdjustmentsMember 2025-12-31 0002000756 kwm:ProFormaCombinedMember 2025-12-31 0002000756 kwm:ContentMerchandisingRevenueMember 2025-01-01 2025-12-31 0002000756 kwm:HansolAcquisitionMember kwm:ContentMerchandisingRevenueMember 2025-01-01 2025-12-31 0002000756 kwm:TransactionAdjustmentsMember kwm:ContentMerchandisingRevenueMember 2025-01-01 2025-12-31 0002000756 kwm:ProFormaCombinedMember kwm:ContentMerchandisingRevenueMember 2025-01-01 2025-12-31 0002000756 kwm:FAndBRevenueMember 2025-01-01 2025-12-31 0002000756 kwm:HansolAcquisitionMember kwm:FAndBRevenueMember 2025-01-01 2025-12-31 0002000756 kwm:TransactionAdjustmentsMember kwm:FAndBRevenueMember 2025-01-01 2025-12-31 0002000756 kwm:ProFormaCombinedMember kwm:FAndBRevenueMember 2025-01-01 2025-12-31 0002000756 kwm:ContentProductionRevenueMember 2025-01-01 2025-12-31 0002000756 kwm:HansolAcquisitionMember kwm:ContentProductionRevenueMember 2025-01-01 2025-12-31 0002000756 kwm:TransactionAdjustmentsMember kwm:ContentProductionRevenueMember 2025-01-01 2025-12-31 0002000756 kwm:ProFormaCombinedMember kwm:ContentProductionRevenueMember 2025-01-01 2025-12-31 0002000756 kwm:ContentInvestmentRevenueMember 2025-01-01 2025-12-31 0002000756 kwm:HansolAcquisitionMember kwm:ContentInvestmentRevenueMember 2025-01-01 2025-12-31 0002000756 kwm:TransactionAdjustmentsMember kwm:ContentInvestmentRevenueMember 2025-01-01 2025-12-31 0002000756 kwm:ProFormaCombinedMember kwm:ContentInvestmentRevenueMember 2025-01-01 2025-12-31 0002000756 kwm:AIBasedDigitalContactCenterRevenueMember 2025-01-01 2025-12-31 0002000756 kwm:HansolAcquisitionMember kwm:AIBasedDigitalContactCenterRevenueMember 2025-01-01 2025-12-31 0002000756 kwm:TransactionAdjustmentsMember kwm:AIBasedDigitalContactCenterRevenueMember 2025-01-01 2025-12-31 0002000756 kwm:ProFormaCombinedMember kwm:AIBasedDigitalContactCenterRevenueMember 2025-01-01 2025-12-31 0002000756 kwm:PetHealthcareRevenueMember 2025-01-01 2025-12-31 0002000756 kwm:HansolAcquisitionMember kwm:PetHealthcareRevenueMember 2025-01-01 2025-12-31 0002000756 kwm:TransactionAdjustmentsMember kwm:PetHealthcareRevenueMember 2025-01-01 2025-12-31 0002000756 kwm:ProFormaCombinedMember kwm:PetHealthcareRevenueMember 2025-01-01 2025-12-31 0002000756 kwm:HansolAcquisitionMember 2025-01-01 2025-12-31 0002000756 kwm:TransactionAdjustmentsMember 2025-01-01 2025-12-31 0002000756 kwm:ProFormaCombinedMember 2025-01-01 2025-12-31 0002000756 2025-12-19 0002000756 2025-12-01 2025-12-19 0002000756 kwm:CustomerRelationshipsMember 2025-01-01 2025-12-31 0002000756 kwm:BacklogMember 2025-01-01 2025-12-31 0002000756 kwm:TechnologyMember 2025-01-01 2025-12-31 0002000756 kwm:BrandMember 2025-01-01 2025-12-31 iso4217:KRW shares pure iso4217:KRW shares 6-K 001-42648 K WAVE MEDIA LTD. PO Box 309, Ugland House Grand Cayman KY1-1104 KY false 6-K --12-31 2025 FY 2025-12-31 0002000756

8364432000

2295359000

-11999970000

7525846000

21560000 5837000 27397000

4380886000

11294244000

15675130000

3427400000 3427400000

536134000

162558000

5844544000 5844544000 1065645000 3815286000 4880931000

45228000

46000

45274000

1612302000 901244000 2513546000

735110000

4357183000

-3000367000

2091926000

26195799000

22669199000

-6134312000

42730686000

310908000 310908000 191023000 191023000 595593000 595593000

1005980000

3983858000 3983858000

587278000

15000337000

587278000

7055228000

2266306000

9321534000

17178097000

3761304000

11700000000

21479466000

60617031000

5437640000

66054671000

2023317000

369646000

2180055000

4393482000

1016960000

2282216000

3299176000

125733036000

32950244000

-156607000

158526673000

58040411000

9725482000

45000000

67810893000

1936895000

330417000 330417000 528772000 528772000

250000000

1456445000

1706445000

1252195000 4719111000 5971306000 11171899000 5000000000 16171899000 2200000000 2200000000 28634020000 -8609400000 15883288000

1702300000

769706000

2472006000

769693000 432507000 1202200000

1634666000

1619000

1636285000

108451268000

17104870000

-7705732000

117850406000

27297393000

2611563000 2611563000

220000000

2565000

650000000 854835000 1504835000

1257693000

176138000 176138000

861164000

455822000 173498000 629320000 6268969000 272137000 6541106000 125759000 2574000000 2699759000

147341032000

19442642000

-5131732000

161651942000

9077000 6939761000 -6939761000 10049000

205980674000

4140360000

210121034000

-4447032000 -4447032000

-53073717000

10436120000

-10436120000

-51409433000

169783492000

4346337000

-4346337000

171013002000

-21314490000 13029544000 -8453438000 -16738384000

-293506000

478058000

13070905000

13613115000

-21607996000

13507602000

4975125000

-3125269000

125733036000

32950244000

-156607000

158526673000

44415967000

12228818000

20690997000

745138000

60250812000

4567430000

78080920000

64818242000

142899162000

-71203348000

-49281096000

-120484444000

6877572000

15537146000

22414718000

69208430000

14490164000

45000000

83743594000

1299367000

164110000

1463477000

133696369000

112552000

1501228000

135310149000

-194727860000 1098540000 -1546228000 -195175548000 -1174040000 -1174040000

24647541000

132850000

24780391000

37594482000

187577000

272130000

38054189000

-207674801000

1043813000

-2992398000

-209623386000

435086000

148134000

330270000

913490000

-208109887000

895679000

-3322668000

-210536876000

-2366962000 -1043286000 -3410248000 -205742925000 895679000 -2279382000 -207126628000

-3341.00

0.04

-3030.29

61575085 61575085 13662476 13662476 68352020 68352020 Note 1 – Description of Hansol Acquisition On December 19, 2025, Playverse Co. Ltd. (“Playverse”), an indirect wholly owned subsidiary of K Wave Media Ltd. (the “Company” or “K Wave”), entered into a Share Purchase Agreement (the “Purchase Agreement”) with Hansol Holdings Co., Ltd., Lee Mi-sung and Cho Hyun-seung (collectively, the “Sellers”), pursuant to which Playverse agreed to purchase from the Sellers and the Sellers agreed to sell to Playverse an aggregate of 5,864,088 shares common stock (the “Purchased Shares”) of Hansol Inticube Co., an AI language and software development company with core capabilities in AI contact center solutions, voice recognition, chatbots, smart solutions and platform technologies (“Hansol”). The Shares represent approximately 42.25% of the outstanding shares of common stock of Hansol. Pursuant to the Purchase Agreement, the aggregate purchase price for the Shares pursuant to was KRW15,000,337,104. The Purchase Agreement contains customary representations, warranties and covenants by the parties and customary indemnification obligations of the parties. 5864088 0.4225 15000337104

<p id="xdx_808_eifrs-full--DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory_z9VAPN4CbOE" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Note 2 – Basis of Presentation The Hansol Acquisition is being accounted for as a business combination using the acquisition method of accounting under IFRS 3, Business Combinations, which requires assets acquired and liabilities assumed to be recorded at their acquisition date fair value in accordance with IFRS 13, Fair Value Measurement. Under IFRS 13, fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements can be highly subjective, and it is possible the application of reasonable judgement could develop different assumptions resulting in a range of alternative estimates using the same facts and circumstances. Identifiable intangible assets—such as customer relationships, technology assets, and trademarks—are recognized separately from goodwill when they meet the separability or contractual-legal criteria in IFRS 3. Goodwill is recognized as the excess of the consideration transferred and the amount of any non-controlling interest over the fair value of the identifiable net assets acquired. K Wave and Hansol’s historical financial statements were prepared in accordance with IFRS. Based on an analysis of K Wave and Hansol’s significant accounting policies, the Company has not identified any material differences in accounting policies that would have an impact on the unaudited pro forma condensed combined financial statements. As a result, the unaudited pro forma condensed combined financial statements do not assume any differences in accounting policies. The pro forma adjustments presented in this unaudited pro forma condensed combined financial information represent management’s estimates based on information available as of the date of this Form 6-K and such estimates are subject to revision as further information is obtained. Accordingly, the pro forma adjustments for the Hansol Acquisition are preliminary and subject to further adjustment as additional information becomes available and the various analyses and other valuations are performed. Any adjustments may have a significant effect on total assets, total liabilities, total equity, operating expenses, and depreciation and amortization expenses, and such results may be significant. The assumptions underlying the pro forma adjustments are described in the accompanying notes to this unaudited pro forma condensed combined financial information. The unaudited pro forma condensed combined financial information may not be indicative of K Wave’s future performance and does not necessarily reflect what K Wave’s financial position and results of operations would have been had these transactions occurred at the beginning of the period presented. Further, the unaudited pro forma condensed combined financial information does not purport to project the future operating results or financial position of K Wave following the completion of the Hansol Acquisition. Additionally, the unaudited pro forma condensed combined financial information does not reflect any revenue enhancements, anticipated synergies, operating efficiencies, or cost savings that may be achieved related to the Hansol Acquisition, nor does it reflect any costs or expenditures that may be required to achieve any possible synergies. K Wave will finalize the accounting for the acquisition as soon as practicable within the measurement period, but in no event later than one year from the acquisition date, in accordance with IFRS 3.

Note 3 – Preliminary Purchase Price Allocation Preliminary Purchase Consideration The estimated fair value of the consideration transferred is ₩15.0 billion. Preliminary Estimates of Fair Value The following table summarizes the tangible and identifiable intangible assets acquired, and liabilities assumed used to prepare pro forma adjustments in the unaudited pro forma condensed combined balance sheet and statements of operations (in thousands). <table cellpadding="0" cellspacing="0" id="xdx_89A_ecustom--ScheduleOfProformaAdjustmentsTableTextBlock_z5xTW0kA9oF3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Preliminary Purchase Price Allocation (Details)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in">Schedule of pro forma adjustments</td> <td> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_491_20251231_zGsJYZWmWeWi" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; width: 86%">Consideration:</td> <td style="width: 1%"> </td> <td style="text-align: right; width: 1%; vertical-align: bottom"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_406_eifrs-full--Cash_iI_pn3n3_zB15DatQcFd6" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in">Cash</td> <td> </td> <td style="text-align: right; vertical-align: bottom">₩</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">15,000,337</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"> </td> <td> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Identifiable assets acquired and liabilities assumed:</td> <td> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_40A_ecustom--CurrentAsset_iI_zvawPG7PYQl9" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in">Current assets</td> <td> </td> <td style="text-align: right; vertical-align: bottom">₩</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">22,669,199</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_40B_eifrs-full--NoncurrentAssets_iI_z6R9VoMliPCb" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in">Non-current assets</td> <td> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">10,281,045</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_403_ecustom--IntangibleAssets_iI_zQdPLcILD4xc" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in">Intangible assets</td> <td> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">11,700,000</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_408_ecustom--DeferredTaxLiability_iI_zZvLFg6aS791" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in">Deferred tax liability</td> <td> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,574,000</td> <td style="text-align: left; white-space: nowrap">)</td> </tr> <tr id="xdx_401_ecustom--TotalLiabilities_iI_z0ZH2rYRfImb" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in">Total liabilities</td> <td> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(19,442,642</td> <td style="text-align: left; white-space: nowrap">)</td> </tr> <tr id="xdx_406_ecustom--NoncontrollingInterest_iI_zsIrJ7JV1fd8" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 0.5pt">Non-controlling interest</td> <td style="padding-bottom: 0.5pt"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(19,948,742</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt">)</td> </tr> <tr id="xdx_40C_ecustom--NetIdentifiableAssetsAcquired_iI_zQpHaAqvdcbi" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.375in; text-indent: -0.125in">Net identifiable assets acquired</td> <td> </td> <td style="text-align: right; vertical-align: bottom">₩</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,684,860</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_40C_ecustom--OtherGoodwill_iI_z9l2alEyyNy" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 0.5pt">Goodwill</td> <td style="padding-bottom: 0.5pt"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">12,315,477</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_40A_ecustom--NetAssetsAcquired_iI_ztzDwkV3DiT6" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.375in; text-indent: -0.125in; padding-bottom: 0.5pt">Net assets acquired</td> <td style="padding-bottom: 0.5pt"> </td> <td style="text-align: right; vertical-align: bottom">₩</td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">15,000,337</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> </table> The final estimates of fair value will be determined when the Company has completed the detailed valuations and necessary calculations. The final allocation could differ materially from the preliminary calculation used in the pro forma adjustments. The final estimates of fair value may include (i) changes in allocations to intangible assets including goodwill, (ii) other changes to assets and liabilities, and (iii) changes to the assessment of tax positions and tax rates. Intangible Assets Preliminary identifiable intangible assets in the unaudited pro forma condensed combined financial information consist of the following (in thousands): <table cellpadding="0" cellspacing="0" id="xdx_89C_ecustom--ScheduleOfPreliminaryIdentifiableIntangibleAssetsTableTextBlock_zY8JD6McrsQ1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Preliminary Purchase Price Allocation (Details 1)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Schedule of Preliminary identifiable intangible assets</td> <td> </td> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: center; vertical-align: bottom"> </td> <td> </td> <td style="text-align: center; vertical-align: top"> </td> <td> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Approximate Fair Value</td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">Estimated Useful Lives</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">Valuation Methodology</td> <td> </td></tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; width: 45%">Customer relationships</td> <td style="width: 1%"> </td> <td style="width: 1%">₩</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">2,457,000</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: center; vertical-align: bottom">9.8 years</td> <td style="width: 1%"> </td> <td style="width: 28%; text-align: center; vertical-align: top">Multi-period excess earnings method</td> <td style="width: 1%"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Backlog</td> <td> </td> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,884,000</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: center; vertical-align: bottom">5 years</td> <td> </td> <td style="text-align: center; vertical-align: top">Multi-period excess earnings methos</td> <td> </td></tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Technology</td> <td> </td> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,716,000</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: center; vertical-align: bottom">7 years</td> <td> </td> <td style="text-align: center; vertical-align: top">Relief from royalty method</td> <td> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Brand</td> <td style="padding-bottom: 0.5pt"> </td> <td> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">1,643,000</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="text-align: center; vertical-align: bottom; padding-bottom: 0.5pt">Indefinite</td> <td style="padding-bottom: 0.5pt"> </td> <td style="text-align: center; vertical-align: top; padding-bottom: 0.5pt">Relief from royalty method</td> <td> </td></tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Total intangible assets</td> <td style="padding-bottom: 1.25pt"> </td> <td>₩</td> <td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">11,700,000</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="text-align: center; vertical-align: bottom; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="text-align: left; vertical-align: top; padding-bottom: 1.25pt"> </td> <td> </td></tr> </table> The amortization related to the identifiable intangible assets is reflected as an Acquisition Adjustment in the unaudited pro forma condensed combined statements of operations based on the estimated useful lives above as further described in Note 5. The fair values of the identifiable intangible assets are preliminary and are based on Management’s estimates as of the Closing Date. The Company applied judgement in estimating the fair value of these intangibles which involved the use of significant assumptions with respect to revenue forecasts, revenue growth, attrition rates, royalty rates, discount rates, and economic lives. <table cellpadding="0" cellspacing="0" id="xdx_89A_ecustom--ScheduleOfProformaAdjustmentsTableTextBlock_z5xTW0kA9oF3" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Preliminary Purchase Price Allocation (Details)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in">Schedule of pro forma adjustments</td> <td> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="text-align: left"> </td> <td id="xdx_491_20251231_zGsJYZWmWeWi" style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; width: 86%">Consideration:</td> <td style="width: 1%"> </td> <td style="text-align: right; width: 1%; vertical-align: bottom"> </td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right"> </td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_406_eifrs-full--Cash_iI_pn3n3_zB15DatQcFd6" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in">Cash</td> <td> </td> <td style="text-align: right; vertical-align: bottom">₩</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">15,000,337</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in"> </td> <td> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Identifiable assets acquired and liabilities assumed:</td> <td> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_40A_ecustom--CurrentAsset_iI_zvawPG7PYQl9" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in">Current assets</td> <td> </td> <td style="text-align: right; vertical-align: bottom">₩</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">22,669,199</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_40B_eifrs-full--NoncurrentAssets_iI_z6R9VoMliPCb" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in">Non-current assets</td> <td> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">10,281,045</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_403_ecustom--IntangibleAssets_iI_zQdPLcILD4xc" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in">Intangible assets</td> <td> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">11,700,000</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_408_ecustom--DeferredTaxLiability_iI_zZvLFg6aS791" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in">Deferred tax liability</td> <td> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(2,574,000</td> <td style="text-align: left; white-space: nowrap">)</td> </tr> <tr id="xdx_401_ecustom--TotalLiabilities_iI_z0ZH2rYRfImb" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in">Total liabilities</td> <td> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">(19,442,642</td> <td style="text-align: left; white-space: nowrap">)</td> </tr> <tr id="xdx_406_ecustom--NoncontrollingInterest_iI_zsIrJ7JV1fd8" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 0.5pt">Non-controlling interest</td> <td style="padding-bottom: 0.5pt"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">(19,948,742</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt">)</td> </tr> <tr id="xdx_40C_ecustom--NetIdentifiableAssetsAcquired_iI_zQpHaAqvdcbi" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.375in; text-indent: -0.125in">Net identifiable assets acquired</td> <td> </td> <td style="text-align: right; vertical-align: bottom">₩</td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,684,860</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr id="xdx_40C_ecustom--OtherGoodwill_iI_z9l2alEyyNy" style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 0.5pt">Goodwill</td> <td style="padding-bottom: 0.5pt"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">12,315,477</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr id="xdx_40A_ecustom--NetAssetsAcquired_iI_ztzDwkV3DiT6" style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.375in; text-indent: -0.125in; padding-bottom: 0.5pt">Net assets acquired</td> <td style="padding-bottom: 0.5pt"> </td> <td style="text-align: right; vertical-align: bottom">₩</td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">15,000,337</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> </table>

15000337000

22669199000

10281045000

11700000000 -2574000000 -19442642000 -19948742000 2684860000 12315477000 15000337000 <table cellpadding="0" cellspacing="0" id="xdx_89C_ecustom--ScheduleOfPreliminaryIdentifiableIntangibleAssetsTableTextBlock_zY8JD6McrsQ1" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Preliminary Purchase Price Allocation (Details 1)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Schedule of Preliminary identifiable intangible assets</td> <td> </td> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: center; vertical-align: bottom"> </td> <td> </td> <td style="text-align: center; vertical-align: top"> </td> <td> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td> </td> <td> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Approximate Fair Value</td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">Estimated Useful Lives</td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: center">Valuation Methodology</td> <td> </td></tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; width: 45%">Customer relationships</td> <td style="width: 1%"> </td> <td style="width: 1%">₩</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">2,457,000</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="width: 10%; text-align: center; vertical-align: bottom">9.8 years</td> <td style="width: 1%"> </td> <td style="width: 28%; text-align: center; vertical-align: top">Multi-period excess earnings method</td> <td style="width: 1%"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Backlog</td> <td> </td> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,884,000</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: center; vertical-align: bottom">5 years</td> <td> </td> <td style="text-align: center; vertical-align: top">Multi-period excess earnings methos</td> <td> </td></tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Technology</td> <td> </td> <td> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,716,000</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="text-align: center; vertical-align: bottom">7 years</td> <td> </td> <td style="text-align: center; vertical-align: top">Relief from royalty method</td> <td> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Brand</td> <td style="padding-bottom: 0.5pt"> </td> <td> </td> <td> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">1,643,000</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="text-align: center; vertical-align: bottom; padding-bottom: 0.5pt">Indefinite</td> <td style="padding-bottom: 0.5pt"> </td> <td style="text-align: center; vertical-align: top; padding-bottom: 0.5pt">Relief from royalty method</td> <td> </td></tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Total intangible assets</td> <td style="padding-bottom: 1.25pt"> </td> <td>₩</td> <td> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">11,700,000</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="text-align: center; vertical-align: bottom; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="text-align: left; vertical-align: top; padding-bottom: 1.25pt"> </td> <td> </td></tr> </table> 2457000000 P9Y9M18D Multi-period excess earnings method 2884000000 P5Y Multi-period excess earnings methos 4716000000 P7Y Relief from royalty method 1643000000 Relief from royalty method 11700000000 <p id="xdx_809_ecustom--AcquisitionAdjustmentsToUnauditedProFormaCondensedCombinedStatementOfFinancialPositionTextBlock_zAGzh3wH0qU8" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Note 4 – Acquisition Adjustments to Unaudited Pro Forma Condensed Combined Statement of Financial Position Acquisition Adjustments include the following adjustments, which are based on the Company’s preliminary estimates and assumptions, related to the unaudited pro forma condensed combined statement of financial position as of December 31, 2025. <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify">(a)</td> <td style="text-align: justify">Represents the recognition of the fair value of intangible assets in accordance with purchase accounting as described in Note 3.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify">(b)</td> <td style="text-align: justify">Represents the purchase accounting adjustment to goodwill based on the acquisition method.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify">(c)</td> <td style="text-align: justify">Represents the purchase of approximately 42.25% of the shares of Hansol for a value of ₩15.0 billion of which a prepayment of ₩3.0 billion is recorded as other current asset as of December 31, 2025.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify">(d)</td> <td style="text-align: justify">Adjustment eliminates Hansol’s historical shareholders’ equity.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify">(e)</td> <td style="text-align: justify">Reflects ₩45.0 million of transaction costs incurred by the Company that are not included in the historical financial statements of K Wave or Hansol.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify">(f)</td> <td style="text-align: justify">Reflects the bank loan in the amount of ₩5.0 billion entered by K Wave subsequent to December 31, 2025. The loan has a one year term and an interest rate of the Korea 3-month CD rate+2.396%.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0.25in; text-align: justify">(g)</td> <td style="text-align: justify">Reflects the sale of 27.8% of Play Company’s ownership in Playverse for ₩2.5 billion.</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">(h)</td> <td style="text-align: justify">Reflects the liquidation of 88 Bitcoin and the partial repayment of the convertible notes issued to Anson Investments Master Funs LP and Anson East Master Fund LP.</td></tr> <tr style="vertical-align: top"> <td style="text-align: justify"> </td> <td style="text-align: justify"> </td></tr> <tr style="vertical-align: top"> <td style="text-align: justify">(i)</td> <td style="text-align: justify">Reflects the conversion of the Anson Investments Master Fund LP and Anson East Master Fund LP for the issuance of 3,857,634 and 966,639 common shares, respectively. Reflects the conversion of the Loeb and Loeb LLP convertible notes and the issuance of 1,952,662 common shares.</td></tr> </table> 0.4225 0.02396 0.278 <p id="xdx_80A_ecustom--AcquisitionAdjustmentsToUnauditedProFormaCondensedCombinedStatementsOfOperationsTextBlock_z5lOKutmkWYb" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0; margin-bottom: 0">Note 5 – Acquisition Adjustments to Unaudited Pro Forma Condensed Combined Statements of Operations <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: justify">(a)</td> <td style="text-align: justify">Reflects an adjustment to reflect ₩45.0 million of transaction costs incurred by K Wave that are not included in the historical financial statements of K Wave and Hansol.</td> </tr> <tr style="vertical-align: top"> <td></td> <td> </td> <td> </td> </tr> <tr style="vertical-align: top"> <td></td> <td style="text-align: justify">(b)</td> <td style="text-align: justify">The following table summarizes the estimated fair values of Hansol’s identifiable intangible assets and their estimated useful lives including the amortization for the periods presented calculated on a straight-line basis (in thousands).</td> </tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_881_ecustom--ScheduleOfEstimatedFairValuesTableTextBlock_z4fLvNJ5fPP5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Acquisition Adjustments to Unaudited Pro Forma Condensed Combined Statements of Operations (Details)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Schedule of estimated fair values</td> <td> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Estimated Fair Value</td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">Estimated Useful Life (years)</td> <td style="padding-bottom: 0.5pt"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Amortization Expense - Year Ended December 31, 2025</td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; width: 61%">Customer relationships</td> <td style="width: 1%"> </td> <td style="text-align: right; width: 1%; vertical-align: bottom">₩</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">2,457,000</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="vertical-align: bottom; width: 10%; text-align: center">9.8</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="text-align: right; width: 1%; vertical-align: bottom">₩</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">250,714</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Backlog</td> <td> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,884,000</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="vertical-align: bottom; text-align: center">5</td> <td style="text-align: left; white-space: nowrap"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">576,800</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Technology</td> <td> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,716,000</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="vertical-align: bottom; text-align: center">7</td> <td style="text-align: left; white-space: nowrap"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">673,714</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Brand</td> <td style="padding-bottom: 0.5pt"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="text-align: left; padding-bottom: 0.5pt"> </td> <td style="text-align: right; padding-bottom: 0.5pt">1,643,000</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 0.5pt">Indefinite</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Total</td> <td style="padding-bottom: 1.25pt"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="text-align: left; padding-bottom: 1.25pt"> </td> <td style="text-align: right; padding-bottom: 1.25pt"> </td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1.25pt"> </td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="text-align: right; vertical-align: bottom">₩</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">1,501,228</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: justify">(c)</td> <td style="text-align: justify">Reflects the amortization expense allocated to the non-controlling interest.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: top"> <td style="width: 0in"></td> <td style="width: 0.25in; text-align: justify">(d)</td> <td style="text-align: justify">Reflects the pro forma tax expense on the amortization of the intangible assets based on the 22% corporate income tax rate.</td> </tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0in"></td><td style="width: 0.25in; text-align: left">(e)</td><td style="text-align: justify">Reflects the interest expense recognized on the bank loan as described in (F) above, giving effect to the business combination as if it had occurred on January 1, 2025.</td> </tr><tr style="vertical-align: top; text-align: justify"> <td></td><td style="text-align: left"> </td><td style="text-align: justify"> </td></tr> <tr style="vertical-align: top; text-align: justify"> <td></td><td style="text-align: left">(c)</td><td style="text-align: justify">Reflects the loss on the disposal of Bitcoin.</td></tr> </table> <table cellpadding="0" cellspacing="0" id="xdx_881_ecustom--ScheduleOfEstimatedFairValuesTableTextBlock_z4fLvNJ5fPP5" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Acquisition Adjustments to Unaudited Pro Forma Condensed Combined Statements of Operations (Details)"> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Schedule of estimated fair values</td> <td> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="vertical-align: bottom; text-align: center"> </td> <td style="text-align: left; white-space: nowrap"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right"> </td> <td style="text-align: left; white-space: nowrap"> </td></tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Estimated Fair Value</td> <td style="padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center">Estimated Useful Life (years)</td> <td style="padding-bottom: 0.5pt"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td style="padding-bottom: 0.5pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center">Amortization Expense - Year Ended December 31, 2025</td> <td style="padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; width: 61%">Customer relationships</td> <td style="width: 1%"> </td> <td style="text-align: right; width: 1%; vertical-align: bottom">₩</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">2,457,000</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="width: 1%"> </td> <td style="vertical-align: bottom; width: 10%; text-align: center">9.8</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> <td style="text-align: right; width: 1%; vertical-align: bottom">₩</td> <td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td> <td style="width: 9%; text-align: right">250,714</td> <td style="width: 1%; text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Backlog</td> <td> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">2,884,000</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="vertical-align: bottom; text-align: center">5</td> <td style="text-align: left; white-space: nowrap"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">576,800</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in">Technology</td> <td> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">4,716,000</td> <td style="text-align: left; white-space: nowrap"> </td> <td> </td> <td style="vertical-align: bottom; text-align: center">7</td> <td style="text-align: left; white-space: nowrap"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="text-align: left"> </td> <td style="text-align: right">673,714</td> <td style="text-align: left; white-space: nowrap"> </td> </tr> <tr style="background-color: #FFFFFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 0.5pt">Brand</td> <td style="padding-bottom: 0.5pt"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="text-align: left; padding-bottom: 0.5pt"> </td> <td style="text-align: right; padding-bottom: 0.5pt">1,643,000</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 0.5pt">Indefinite</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td style="padding-bottom: 0.5pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td> <td style="border-bottom: Black 1pt solid; text-align: right">-</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 0.5pt"> </td> </tr> <tr style="background-color: #CCEEFF; vertical-align: bottom"> <td style="text-align: left; vertical-align: top; padding-left: 0.25in; text-indent: -0.125in; padding-bottom: 1.25pt">Total</td> <td style="padding-bottom: 1.25pt"> </td> <td style="text-align: right; vertical-align: bottom"> </td> <td> </td> <td style="text-align: left; padding-bottom: 1.25pt"> </td> <td style="text-align: right; padding-bottom: 1.25pt"> </td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="padding-bottom: 1.25pt"> </td> <td style="vertical-align: bottom; text-align: center; padding-bottom: 1.25pt"> </td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> <td style="text-align: right; vertical-align: bottom">₩</td> <td style="padding-bottom: 1.25pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td> <td style="border-bottom: Black 2.5pt double; text-align: right">1,501,228</td> <td style="text-align: left; white-space: nowrap; padding-bottom: 1.25pt"> </td> </tr> </table> 2457000000 P9Y9M18D 250714000 2884000000 P5Y 576800000 4716000000 P7Y 673714000 1643000000 -0 1501228000