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                                                                   EXHIBIT 10.28

                                 LOAN AGREEMENT

      This Agreement is entered into as of March 31, 2003 by and between GRAVITY
Interactive LLC, which is lawfully established and existing under the law of the
United States of America and the head office of which is located in Los Angeles,
California (hereinafter referred to as the "Debtor") and GRAVITY Co., Ltd.,
which is lawfully established and exists under the law of the Republic of Korea
and the head office of which is located in the Republic of Korea (hereinafter
referred to as the "Creditor").

The Debtor requested that the Creditor lend an amount of US$ 210,000 to fund the
Debtor's working capital needs and the Creditor accepted such request subject to
the following terms and conditions.

Both parties hereby execute the Agreement in accordance with the promises and
covenants included herein as follows:

Article 1 (Definition)

Terms herein shall have the following meanings:

(1) "Advance" means the amount which the Creditor paid in advance or is
obligated to pay pursuant to the provisions below.

(2) "Business Day" means the day commercial banks in Los Angeles, California and
Seoul, Korea are open for business.

(3) "Loan Amount" means the total amount specified in Article 2 or, as the
context herein requires, the amount the Creditor is obligated to lend to the
Debtor under the terms of this Agreement.

(4) "US$" and its abbreviation "$" mean the Yen as the currency in the United
States.

(5) "Interest Rate" means, for each Interest Period, the rate of 8% per annum.

(6) "Interest Periods" means the period from the drawdown date to the date
falling on the end of the first half-year thereafter and every half-year periods
thereafter starting on the next day.

(7) "Loan" means the loan of $210,000 being loaned by the Creditor to the
Debtor.

Article 2 (Loan)

Pursuant to the terms of this Agreement, the Creditor hereby agrees to lend an
aggregate of $210,000 to the Debtor, and the Debtor agrees to borrow such amount
from the Creditor.

Article 2 (Loan)


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Pursuant to the terms of this Agreement, Creditor agrees to lend the total
US$210,000 to Debtor and Debtor agrees to borrow it from Creditor.

Article 3 (Purpose of Loan)

The Loan may be not be used for any other purpose than to secure working capital
necessary to the Debtor.

Article 4 (Interest)

At the end of each Interest Period, the Debtor shall pay the Creditor interest
accrued on the unpaid portion of the Loan. The interest rate shall be 8% per
annum. The first interest payment shall be made on the day falling on the end of
the first half-year. Subsequent interest payments shall be made on the day
falling at the end of each half-year thereafter until the full repayment of the
Loan.

Article 5 (Default Interest)

If the Debtor does not pay an amount due hereunder on its due date (whether due
by prior agreement or arising from acceleration or otherwise), the Debtor shall
pay, on demand, interest at the rate of 5% plus the Interest Rate on the unpaid
portion of the Loan for the period ending on the full repayment of such portion,
including the day of repayment, whether before or after judgment, to the extent
permitted under applicable law.

Article 6 (Repayment)

Following one year of deferment since the drawdown, the principal shall be paid
in two equal installments over two years.

Article 7 (Payment)

1. All payments made by the Debtor hereunder shall be made in dollars or another
form of currency (or such other form as determined by the Creditor which shall
be a dollar-denominated funding that is customarily used as a means of
settlement in international financial transactions) that can be withdrawn by an
identical person. All such payments shall be made without setoff, counterclaims
or deductions and be grossed up of any current or future liabilities to income
tax, stamp tax or other taxes. All such payments shall be deposited to the
Creditor's account (Account No.: 576-297323-41-015) at the Apgujeong branch of
Woori Bank located in Seoul, Korea or, from time to time, such other account
designated by the Creditor.

2. On April 10, 2003, the Creditor shall deposit to the Debtor's account
(account number: 03479-07647) maintained at Bank of America located in Los
Angeles, California $70,000 on April 10, 2003, $70,000 on May 10, 2003, and
$70,000 on June 10, 2003.

3. The payments from the Debtor to the Creditor shall be applied in the order of
the expenses incurred as of the date of this Agreement, commissions,
indemnities, any default interest, and interest and principal as they come due.


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Article 8 (Taxes)

1. The principal, interest, commissions, expenses and any other amounts payable
by the Debtor shall be paid on a "grossed-up" basis, without subtracting or
deducting withholding taxes. To the extent that "grossing up" without
subtracting or deducting withholding taxes is prohibited by law, the Debtor
shall pay the Creditor an additional amount so that the Creditor would be paid
the same amount as if such deduction had not been made.

2. The Debtor shall make direct payments to relevant tax authorities of any and
all current and future taxes, duties, deductions, stamp taxes and other public
dues (including interest equalization, capital transaction, foreign exchange
transaction or other taxes) imposed or to be imposed under relevant law or by
relevant tax authorities in connection with the performance of this Agreement or
the transactions contemplated herein, provided that the Debtor shall not be
responsible for any taxes imposed on the overall net profit of the Lender
attributable to the place of its incorporation or the location of its
headquarters. The Debtor shall not inflict any harm on the Creditor by reason of
any non-payment or late payment of such taxes or public dues, and the amounts of
any taxes paid by the Creditor in connection therewith, together with any
penalties or expenses, shall, on demand, be immediately reimbursed by the
Debtor, irrespective of whether such taxes were rightfully or wrongfully imposed
and regardless of its contestability.

3. If the Debtor pays, as stipulated hereunder, any taxes or public dues or any
subtracting or withholding taxes, it shall immediately send to the Creditor the
receipts or other recognizable forms of evidence issued by public authorities
acknowledging the payment of such taxes.

Article 9 (Representations and Warranties)

1. The Debtor represents and warrants as follows:

      (1) The Debtor has the full legal power to prepare and perform this
Agreement and the promissory notes and to borrow and use the money pursuant to
the terms of this Agreement.

      (2) The Debtor has obtained or will obtain all the required governmental
permits, approvals and authorizations necessary for the execution and
performance of, and compliance with the terms of, this Agreement. In addition,
the terms of this Agreement will not conflict with other agreements or with the
Debtor's articles of incorporation, by-laws or other documents having similar
effects.

      (3) The preparation, delivery and performance of this Agreement and all
other documents to be prepared and delivered hereunder have been, or will be,
duly authorized pursuant to all proper actions by the Debtor (including no
deficiencies with board actions) prior to the date of the drawdown.

      (4) Debtor is not in default of its obligations under any agreement to
which it is a party, or which agreement is binding to it, and is not in any
default which will have a material adverse effect on the


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Debtor or its business, assets or financial condition. To the knowledge of the
Debtor, there is no pending legal or administrative proceeding or arbitration
that will have such material adverse effect.

      (5) At the time the Loan is to be made, the Loan shall rank at least pari
passu with the Debtor's current or future obligations.

      (6) This Agreement is legally binding, valid and enforceable against the
Debtor according to its terms.

2. The above representations and warranties shall be deemed to be repeated as of
the first day of each Interest Period.

Article 10 (Covenants)

So long as this Agreement is in effect and the Debtor has any outstanding
obligation to the Creditor, the Debtor undertakes to the Creditor to do the
following:

(1) The Debtor shall provide security to the amount equal to the sum of the
unpaid portion of the Loan, the interest thereon and any other amount which are,
or will be due, and provide an irrevocable and unconditional guarantee issued by
an individual or social or financial institution in form and substance
satisfactory to the Creditor.

(2) Any financial information relating to the Debtor's business shall be
promptly provided to the extent reasonably requested by the Creditor.

(3) All moneys (including legal fees) payable by the Debtor, or for which the
Debtor is under obligation to pay, in connection with the preparation,
negotiation, supplementation and enforcement of this Agreement in respect of
demand for payment, litigation, refund or receipt under this Agreement or any
other documents prepared pursuant hereto shall, upon demand, be promptly paid to
the Creditor.

(4) All taxes and public dues imposed on the Debtor or its assets shall, under
any circumstances, be promptly paid prior to the accrual of any penalty.

(5) The Debtor shall give written notice promptly but no later than seven days
following the incurrence of any default stipulated in this Article 11, or any
event or circumstance which would with the lapse of time or giving of notice be
a default, or any event which resulted in or would result in a material adverse
change in the Debtor's financial condition or business.

(6) The Debtor shall maintain its business in good condition and in compliance
with all laws, regulations and government orders and carry out its business in
its present condition.


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(7) The Debtor shall sufficiently obtain and maintain all approvals, consents,
licenses, authorizations and registrations necessary or appropriate for the
performance of the terms under this Agreement and all other documents to be
prepared hereunder and shall take any and all actions as necessary and
appropriate to effect the foregoing.

(8) The Debtor shall not, without prior written consent of the Creditor, create
any lien, pledge, mortgage, priority rights or other security interest over any
of its current or future assets, profits or rights to proceeds for the benefit
of other creditors or groups of creditors, except as follows:

      (i) any tax liens subsisting over the Debtor's assets or properties in
connection with any taxes or dues which are payable without penalty when due or
not otherwise in default or an injunction for which is being contested pursuant
to appropriate legal procedures;

      (ii) any statutory lien or preferential rights created by a carrier,
warehouse or mechanic or other similar liens of an insignificant amount created
in the ordinary course of business;

      (iii) any priority rights arising from the deposit or security interest
created under laws governing unemployment compensation, unemployment insurance,
pension, social security or unemployment assistance, or similar laws; or

      (iv) any security interest created over the assets or properties of the
Debtors to secure the purchase money therefor.

(9) The Debtor shall not, without prior written consent of the Creditor:

      i) acquire or merge with another corporation, partnership or sole
proprietorship;

      ii) acquire all or a material part of the assets of another corporation,
partnership or sole proprietorship;

      iii) dissolve or liquidate; or

      iv) sell, transfer or otherwise dispose of any material part of its
business, asset, or property.

(10) The Debtor shall not, without prior written consent of the Creditor, borrow
or make guarantees on behalf of another individual or entity except for an
advance payment of the purchase price for goods and services, tax or dues
incurred in the ordinary course of business.

Article 11 (Default)

The following constitutes a default:

      (1)   The Debtor does not pay in full and when due a sum certain under
            this Agreement;

      (2)   The Debtor is in breach or non-compliance with certain conditions,
            covenants or agreements set forth in this Agreement or other
            documents prepared hereunder;


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      (3)   Any statements, representations or warranties made by the Debtor
            under this Agreement or other documents prepared or delivered
            hereunder is incorrect or misleading in any material respect when
            made or deemed to be made;

      (4)   The Debtor does not pay certain obligations when due, or is unable
            to comply with or perform the conditions, covenants or agreements
            under a guaranty or indemnity, and the foregoing results in, or
            permits, an acceleration against the Debtor or of its obligations,
            regardless of whether an acceleration is triggered under such
            agreement or with respect to the obligations thereunder or whether
            such non-performance is waived or not;

      (5)   The Debtor is in default or is unable to pay obligations as they
            come due, or any action is, or will be, taken that would subject the
            Debtor to bankruptcy, corporate reorganization, liquidation or
            mandatory composition, cessation of business or receivership;

      (6)   All or a material part of the Debtor's business or assets are
            confiscated for a reason, or sold, transferred or disposed of
            without the Creditor's prior written consent, or any action is taken
            that would cause the liquidation of , or cessation or suspension of
            payment to, the Debtor, or the initiation or deliberation of a
            composition or adjustment proceedings with the creditors' committee;

      (7)   The performance of the Debtor's obligations hereunder becomes
            illegal;

      (8)   if Debtor is made to dissolve, if the settlement of Debtor's
            obligation is suspended or such a measure to be likely to suspend is
            taken, or adjustment or composition with a creditors' group is made
            or tried; or

      (9)   A circumstance has arisen in which forms a reasonable basis for
            believing, in the view of the Creditor, that the Debtor will not or
            is unable to perform its obligations under this Agreement or the
            promissory notes.

In the event of such default, the Creditor shall have the right to cease its
obligations hereunder to provide the Loan to the Debtor and, upon notice to the
Debtor, declare that all principal, interest and all other amounts under the
Loan payable by the Debtor to the Creditor are immediately due and payable and
further that the default interest shall apply to any and all such amounts set
forth in Article 6 hereof. The Creditor may also take any and all other actions
to the extent permitted by law.

Article 12 (Change in Applicable Law)

In the event that, due to any change in any present or future laws, regulations
or orders, or interpretations thereof by the relevant government authorities, or
due to any new law or order, the Creditor may not effectively carry out its
obligations hereunder or make the Loan, or any such activity becomes illegal,
the Creditor shall give notice and, immediately upon giving of such notice, be
released from any obligations hereunder. The Debtor must return all principal
and interest or other moneys which are due, or which it is obligated to repay,
within 30 days of such notice.


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Article 13 (Term of Agreement)

The term of this Agreement shall commence on the date first above written and
expire upon the full payment of the principal, interest or all other moneys
payable under this Agreement. The obligations of the Debtor hereunder shall be
released upon payment in full of the Loan.

Article 14 (Miscellaneous)

      (1)   This Agreement and related documents constitute the entire agreement
            of the parties with respect to the material part hereof and shall
            supersede any prior intention or agreement in respect of the
            transactions contemplated herein.

      (2)   The representations and warranties of the Debtor specified herein
            shall survive the making of the Loan. The Debtor's obligations to
            pay the interest, expenses and other amounts shall survive the
            repayment of the Loan.

      (3)   Any amount paid on a day other than a Business Day shall be deemed
            to have been paid on the following Business Day.

      (4)   All taxes, stamp taxes, public dues and any other levies and
            expenses incurred in connection with the preparation or performance
            of this Agreement shall be borne by the Debtor.

      (5)   This Agreement may be amended and supplemented only by mutual
            written consent, and if necessary, subject to applicable government
            approvals.

      (6)   This Agreement shall be binding on the Debtor, the Creditor and
            their respective successors for their benefit, provided however that
            if the Debtor may not assign its rights and obligations hereunder
            without the prior written consent of the Creditor.

      (7)   All notices, requests, demands, representations or expressions to be
            given and made by the Debtor shall be made in Korean. If any
            document to be delivered hereunder has not been prepared in Korea, a
            certified English translation thereof be attached thereto. In the
            event of any conflict between the original and the English
            translation, the English translation shall be controlling.

      (8)   No failure by the Creditor to exercise its rights hereunder shall
            not operate or be interpreted as a waiver, nor shall any single or
            partial exercise of any right prevent any further or other exercise
            of any other right. If any one or more provisions of this Agreement
            become illegal, invalid or unenforceable in any respect, neither the
            legality, validity nor enforceability of the remaining provisions
            will in nay way be affected or impaired.


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Article 15 (Governing Law)

This Agreement and any other documents prepared hereunder shall be governed by,
and interpreted according to, the law of Korea.

Article 16 (Waiver of Sovereign Immunity)

The Debtor hereby represents and warrants that this Agreement and the Loan are
commercial in nature and are not public or governmental acts and further that it
waives all immunity it or its assets may otherwise have in any jurisdiction in
reliance upon sovereignty or law. The Debtor hereby irrevocably waive immunity
it or its assets may have presently or in the future from setoff, litigation,
preliminary attachment, attachment or enforcement of judgment by reasons of
sovereignty.

Article 17 (Jurisdiction)

      (1)   The Debtor hereby irrevocably agrees as follows: Any litigation or
            legal proceedings in respect of claims arising out of or in
            connection with this Agreement against the Debtor or its assets or
            properties shall be submitted, if the Creditor so elects, to the
            Seoul District Court, Civil Division. The Debtor generally and
            unconditionally submits to the jurisdiction of said court with
            respect to any such litigation or legal proceeding. In the event of
            any litigation or legal action in connection with this Agreement,
            the Creditor shall serve process on the Debtor by sending documents
            by airmail to the Debtor's address set forth in Article 18. The
            Debtor hereby irrevocably agrees to being served process by
            registered or certified airmail. The foregoing provisions shall be
            subject to the condition that the Creditor shall generally and
            unconditionally submit to the jurisdiction of said court with regard
            to such legal proceedings. Furthermore, to the extent permitted by
            law, the Debtor hereby agrees that the final judgment against the
            Debtor in any litigation or legal proceedings shall be
            determinative, and further that such judgment may be enforced in any
            competent court in Korea or abroad upon presentation of a certified
            or notarized copy of such judgment, which shall constitute
            determinative evidence as to the fact and amount of the Debtor's
            obligations.

      (2)   The Debtor hereby waives any right to initiate a legal proceeding or
            litigation regarding this Agreement by public notice pursuant to the
            law of certain jurisdictions.

      (3)   The Debtor irrevocably waives its right to contest Seoul as the
            forum for any litigation or legal proceeding in connection with this
            Agreement or the promissory notes and further irrevocably waives
            that Seoul is an inconvenient forum for such litigation or legal
            proceeding.


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Article 18 (Notice)

Any notice required or permitted under this Agreement shall be made in writing.
The notifying party may opt from (i) delivery in person; (ii) postage prepaid
mail (airmail if international); or (iii) telex. Notice shall be sent to the
following address:

If to the Debtor: 12810 E. Florence Ave., Santa Fe Springs, CA 90670, and

If to the Creditor: 602 Shingu Bldg., 620-2 Shinsa-dong, Gangnam-gu, Seoul.

Notice or other communications shall be deemed to be effective (1) in the case
of delivery in person, on the date of acceptance; (2) in the case of mail, 10
days after the dispatch; and (3) in the case of delivery by telex or telefax, on
the earlier date of transmittal confirmation. Notwithstanding the foregoing,
notice to the Creditor shall be effective only upon receipt by the Creditor. The
one party may change its address by written notice to the other party.

IN WITNESS WHEREOF, this Agreement has been executed on behalf of the Parties by
their duly authorized representatives as of the date first above written.

                                 March 31, 2003


Debtor                                  Creditor

GRAVITY Interactive LLC                 GRAVITY Co., Ltd.

Name : Jung Ryool Kim                   Name: Jung Hwi Yung     /seal/

Title : CEO                             Title: CEO

/s/ Jung Ryool Kim


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