From the 'I Love Coffee' Legend to a Swamp of Audit 'Disclaimers'... The Fall of Venture Myth Nexture

From a KOSDAQ-Listed Company to Delisting, Former 'PATI Games' Becomes the Victim of Corporate Raiders

Established in January 2011, Nexture (then named PATI Studio) was a game company considered a prime example of a venture success story. Boosted by the massive success of its representative title 'I Love Coffee,' it grew into a company with a corporate value of 300 billion won. In 2013, it changed its name to 'PATI Games' and made a spectacular entry into the KOSDAQ market in November 2014. Afterward, it established itself as a highly successful game company with a series of back-to-back hits in the I Love series, including 'I Love Pasta' and 'I Love Nikki'.

However, the glory did not last long. After being acquired by MODA in 2016, the company was reduced to a victim of a zero-capital M&A and corporate raiders' financing schemes, leading to a rapid deterioration of the company's situation. It became embroiled in controversies over false disclosures, stock price manipulation, embezzlement, and breach of trust. Ultimately, it faced the crisis of delisting after receiving a 'disclaimer of opinion' in the audit report for its 2017 financial statements. Stock trading was suspended, and laments erupted among users, saying, "Now that it's delisted, is it just going downhill until the game goes bankrupt?"

Eventually, after a long legal battle to nullify the delisting that went all the way to the Supreme Court, the plaintiff's defeat was confirmed in September 2020. As a result, Nexture suffered the humiliation of being finally delisted from the KOSDAQ market on September 9, 2020. Later, in July 2021, the company changed its name to the current 'Nexture' in an effort to erase its dishonorable past.

The Unending Nightmare... 9 Consecutive Years of 'Disclaimer' of Audit Opinions from 2017 to 2025

Even after delisting, the company's financial nightmare did not end. Since first receiving a disclaimer of audit opinion around 2017, it has been continually denied an expression of audit opinion by other auditors until 2024. Even in the recently released audit report on its 2025 (15th term) financial statements, it was once again hit with a 'disclaimer of opinion' from Yichon Accounting Corporation.

The basis for the auditor's disclaimer of opinion for 2025 is as follows.

First, because the 2024 financial statements were already in a qualified/disclaimed status, it was impossible to determine the effects on the opening balances and financial performance for 2025 (limitation on the audit scope regarding opening financial statements).

Second, sufficient and appropriate audit evidence could not be obtained for major assets and liabilities, including fair value through profit or loss financial assets, investments in subsidiaries and associates, and bonds with warrants.

The most fatal aspect is the 'uncertainty as a going concern.' As of December 31, 2025, Nexture's current liabilities exceeded its current assets by a staggering 26.979 billion won. Currently, Nexture's undisposed accumulated deficit amounts to 108.2 billion won, and it recorded a net loss of approximately 1.32 billion won for the 2025 term. The external auditor raised significant doubt about the company's ability to continue as a going concern, stating, "There exists a material uncertainty that is contingent upon the success or failure of the company's future financial structure improvement plans."

Game Services Barely Maintained... Is There a Clue for a Turnaround?

Although financially close to practical bankruptcy, Nexture has not given up on its business operations. In 2023, it carried out a large-scale 11th-anniversary update for 'I Love Coffee,' which was the biggest contributor to the company's growth. In July 2025, it is seeking a comeback by officially launching a new title utilizing a popular Naver Webtoon IP, 'Maru is a Puppy: I Became a Cafe Owner? Awesome!', on the Google Play and Apple App Stores. In addition, it continues to maintain its business operations by holding stakes in itemBay and itemMania (BNM Holdings) as subsidiaries.

Nexture, the developer of 'I Love Coffee,' once won the Innovation Award at the Korea Mobile App Awards for its innovative social network game (SNG) and even expanded into China through Tencent. However, the accumulated deficit of 108.2 billion won caused by the aftermath of unreasonable M&As and poor management, along with the endless stigma of 'disclaimer of audit opinions,' are overshadowing its past glory. Despite efforts to launch new titles and cut costs, the future remains very bleak as to whether it can escape the deep quagmire of capital impairment and liquidity crisis to regain the lost trust of the market.