Emarine Global (EMRN) 10-Q 23 May 16 2016 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 23, 2016
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Entity Registrant Name	Pollex, Inc.
Entity Central Index Key	1,178,377
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	PLLX
Entity Common Stock, Shares Outstanding		5,121,689

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Mar. 31, 2016	Dec. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 8,539	$ 5,922
Total Current Assets	8,539	5,922
Other asset - Deposit	1,300	1,300
Total Assets	9,839	7,222
CURRENT LIABILITIES
Accounts payable	498,895	498,895
Accrued expenses and other payables	501,725	485,393
Amounts due to affiliate under service agreement	1,296,000	1,251,000
Advances from affiliate	351,826	356,263
Loans payable	1,215,799	1,215,799
Total Current Liabilities	$ 3,864,245	$ 3,807,350
Commitments and Contingencies
Stockholders' Deficit
Preferred stock, authorized 10,000,000 shares; par value $0.001; None issued and outstanding	$ 0	$ 0
Common stock, authorized 300,000,000 shares; par value $0.001; 5,121,689 issued and outstanding at March 31, 2016 and December 31, 2015, respectively	5,120	5,120
Additional paid-in capital	137,054,861	137,034,861
Accumulated deficit	(140,914,387)	(140,840,109)
Total Stockholders’ Deficit	(3,854,406)	(3,800,128)
Total Liabilities and Stockholders’ Deficit	$ 9,839	$ 7,222

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2016	Dec. 31, 2015
Preferred Stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Common Stock, Shares Authorized	300,000,000	300,000,000
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common Stock, Shares, Issued	5,121,689	5,121,689
Common Stock, Shares, Outstanding	5,121,689	5,121,689

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
REVENUES	$ 34,136	$ 21,759
COSTS AND EXPENSES
Selling, general and administrative	30,227	53,756
Related party service agreement	60,000	60,000
Total Costs and Expenses	90,227	113,756
OPERATING LOSS	(56,091)	(91,997)
OTHER EXPENSE
Interest expense	(18,187)	(17,987)
Total Other Expense	(18,187)	(17,987)
LOSS BEFORE INCOME TAXES	(74,278)	(109,984)
PROVISION FOR INCOME TAXES	0	0
NET LOSS	$ (74,278)	$ (109,984)
NET LOSS PER COMMON SHARE (Basic and Diluted)	$ (0.01)	$ (0.02)
WEIGHTED AVERAGE SHARES OUTSTANDING (Basic and Diluted)	5,121,689	5,121,688

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (74,278)	$ (109,984)
Adjustments to reconcile net loss to net cash used in continuing operating activities:
Contributed Service	20,000	20,000
Changes in assets and liabilities:
(Increase) decrease in receivable from affiliate	0	(25,919)
Increase (decrease) in accounts payable	0	12,059
Increase (decrease) in accrued expenses and other payables	16,332	17,988
Increase (decrease) in amounts due to affiliate under service agreement	45,000	60,000
Net cash used in operating activities	7,054	(25,856)
CASH FLOWS FROM INVESTING ACTIVITIES
Net cash used in investing activities	0	0
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from advance from affiliate	0	25,020
Repayment of advance from affiliate	(4,437)	0
Net cash provided by financing activities	(4,437)	25,020
Net increase (decrease) in cash	2,617	(836)
CASH AT BEGINNING OF YEAR	5,922	4,329
CASH AT END OF YEAR	8,539	3,493
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Cash paid for interest	0	0
Cash paid for taxes	$ 0	$ 0

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	NOTE A – BASIS OF PRESENTATION The accompanying financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary in order to make the financial statements not misleading have been included. Results for the three months ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. For further information, refer to the financial statements and footnotes thereto included in the Pollex, Inc. annual report on Form 10-K for the year ended December 31, 2015.

GOING CONCERN

GOING CONCERN	3 Months Ended
	Mar. 31, 2016
Going Concern [Abstract]
GOING CONCERN	NOTE B – GOING CONCERN As shown in the accompanying financial statements, the Company incurred net losses of $ 74,278 109,984 3,854,406 140,914,387

LICENSE AGREEMENTS

LICENSE AGREEMENTS	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
LICENSE AGREEMENTS	NOTE C – LICENSE AGREEMENTS The Company began operating The Great Merchant, in open beta testing in January 2010. During the three months ended March 31, 2016 and 2015, the Company generated revenues of $ 34,136 21,759

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	NOTE D – RELATED PARTY TRANSACTIONS Certain expenses have been paid on behalf of the Company by Joytoto Co., Ltd (“Joytoto Korea”), of which the Company is a majority owned subsidiary. The Company has recognized the expenses and corresponding payable to Joytoto Korea as due to affiliate. The advances are non-interest bearing and have no specific repayment date. During the three months ended March 31, 2016, the Company repaid $ 4,437 25,020 The Company has entered into a Service Agreement with Gameforyou, Incorporated, a wholly-owned subsidiary of Joytoto Korea. Under this agreement, Gameforyou, Incorporated provides translation, customer support, and system operations and maintenance. The Company is required to pay Gameforyou, Incorporated $ 10,000 10,000 60,000 60,000 1,296,000 1,251,000 0 59,934 In June 2014, the Company entered a sublease agreement with BCasual for its’ existing office space. BCasual agreed to pay the Company $ 1,250

LOANS PAYABLE

LOANS PAYABLE	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
LOANS PAYABLE	NOTE E – LOANS PAYABLE The loans payable consists of borrowings from two notes. The terms of the promissory notes are one year and bear interest at an annual rate of 6

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE F - INCOME TAXES At March 31, 2016 and December 31, 2015, the Company had unused net operating loss carryforwards of approximately $ 6,670,000 6,600,000 2,269,000 2,250,000 March 31, December 31, 2016 2015 Deferred tax liabilities $ - $ - Deferred tax asset- Net operating loss carryforward 2,269,000 2,250,000 Valuation allowance (2,269,000) (2,250,000) Net deferred tax asset $ - $ - March 31, 2016 2015 U.S statutory income tax rate 34 % 34 % Change in valuation allowance of deferred tax assets (34) % (34) % Net deferred tax asset - % - %

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE G- COMMITMENTS AND CONTINGENCIES Property Leases: On September 5, 2012, the Company signed a lease for office space in Santa Clara, California. The lease term is through September 30, 2016. The Company made a deposit of $ 1,300 1,380 1,250 The minimum future lease commitment at March 31, 2016 on the above lease is $ 8,280 7,500 Employment Agreements: On March 21, 2014, the Company entered into three-year employment agreement Seong Sam Cho, to serve as Chief Executive Officer, President and Chairman for an annual salary of $ 1.00 For the three months ended March 31, 2016 and 2015, the Company recorded $ 20,000 20,000

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of components of deferred tax liabilities and assets	Significant components of the Company’s deferred tax liabilities and assets at March 31, 2016 and December 31, 2015 are as follows: March 31, December 31, 2016 2015 Deferred tax liabilities $ - $ - Deferred tax asset- Net operating loss carryforward 2,269,000 2,250,000 Valuation allowance (2,269,000) (2,250,000) Net deferred tax asset $ - $ -
Schedule of income tax expense (benefit) by applying the United States statutory corporate income tax rate	The income tax expense (benefit) differs from the amount computed by applying the United States statutory corporate income tax rate as follows: March 31, 2016 2015 U.S statutory income tax rate 34 % 34 % Change in valuation allowance of deferred tax assets (34) % (34) % Net deferred tax asset - % - %

GOING CONCERN (Details Textual)

GOING CONCERN (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Going Concern [Line Items]
Net loss	$ (74,278)	$ (109,984)
Working Capital	3,854,406
Accumulated deficit	$ (140,914,387)		$ (140,840,109)

LICENSE AGREEMENTS (Details Tex

LICENSE AGREEMENTS (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Revenue generated	$ 34,136	$ 21,759

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)	1 Months Ended	3 Months Ended
	Jun. 30, 2014	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Related Party Transaction [Line Items]
Repayments of Related Party Debt		$ 4,437	$ 0
Due to Related Parties, Current		351,826		$ 356,263
Game For You [Member] | Service Agreement [Member]
Related Party Transaction [Line Items]
Related party service agreement		60,000	60,000
Amount due to Gameforyou, Incorporated		1,296,000		1,251,000
Amounts due to related party in cash per month		10,000
Amounts due to related party in cash or stock per month		10,000
BCasual [Member] | Office Building [Member]
Related Party Transaction [Line Items]
Operating Leases, Rent Expense	$ 1,250
BCasual [Member] | Computer Equipment [Member]
Related Party Transaction [Line Items]
Due to Related Parties, Current		0		$ 59,934
Joytoto Co Ltd [Member]
Related Party Transaction [Line Items]
Repayments of Related Party Debt		$ 4,437
Proceeds from Related Party Debt			$ 25,020

LOANS PAYABLE (Details Textual)

LOANS PAYABLE (Details Textual)	Mar. 31, 2016
Loans Payable [Member]
Debt Instrument [Line Items]
Promissory note, rate of interest	6.00%

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	Mar. 31, 2016	Dec. 31, 2015
Income Tax [Line Items]
Deferred tax liabilities	$ 0	$ 0
Deferred tax asset-
Net operating loss carryforward	2,269,000	2,250,000
Valuation allowance	(2,269,000)	(2,250,000)
Net deferred tax asset	$ 0	$ 0

INCOME TAXES (Details 1)

INCOME TAXES (Details 1)	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax [Line Items]
U.S. statutory income tax rate	34.00%	34.00%
Change in valuation allowance of deferred tax assets	(34.00%)	(34.00%)
Net deferred tax asset	0.00%	0.00%

INCOME TAXES (Details Textual)

INCOME TAXES (Details Textual) - USD ($)	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Income Tax [Line Items]
Unused net operating loss carryforward	$ 6,670,000	$ 6,600,000
Net operating loss carryforward	$ 2,269,000	$ 2,250,000
Operating loss carryforwards expiration description	expire between 2027 and 2036

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($)	1 Months Ended		3 Months Ended
	Jun. 30, 2014	Mar. 21, 2014	Mar. 31, 2016	Mar. 31, 2015
Operating Leased Assets [Line Items]
Fair value of services			$ 20,000	$ 20,000
Property Lease [Member]
Operating Leased Assets [Line Items]
Rental payment per month			1,380
Deposit on property lease			1,300
Minimum future lease commitments			8,280
Minimum future lease commitments noncancelable sublease			$ 7,500
Property Lease [Member] | BCasual Inc [Member]
Operating Leased Assets [Line Items]
Operating Leases, Income Statement, Sublease Revenue	$ 1,250
Chief Executive Officer, President and Chairman - Seong Sam Cho
Operating Leased Assets [Line Items]
Annual salary		$ 1