Emarine Global (EMRN) 10-Q 24 Jul 17 2017 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 12, 2017
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
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		999,433

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Jun. 30, 2017	Dec. 31, 2016
CURRENT ASSETS
Cash and cash equivalents	$ 8,582	$ 9,160
Total Current Assets	8,582	9,160
Deposit	1,300	1,300
Total Assets	9,882	10,460
CURRENT LIABILITIES
Accounts payable	0	118,134
Accrued expenses	10,173	621,397
Amounts due to affiliate under service agreement	0	1,440,387
Advances from affiliate	0	707,756
Loans payable	0	1,215,799
Total Current Liabilities	10,173	4,103,473
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; 999,433 issued and outstanding at June 30, 2017 and $0.001; 17,072 issued and outstanding at December 31, 2016.	999	17
Additional paid-in capital	141,330,608	137,119,964
Accumulated deficit	(141,331,898)	(141,212,994)
Total Stockholders’ Deficit	(291)	(4,093,013)
Total Liabilities and Stockholders’ Deficit	$ 9,882	$ 10,460

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, par value (in dollars per share)	$ 0.001	$ 0.001
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	999,433	17,072
Common Stock, Shares, Outstanding	999,433	17,072

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
REVENUES	$ 57,022	$ 44,907	$ 100,483	$ 79,042
COSTS AND EXPENSES
Selling, general and administrative	59,390	97,876	109,211	128,103
Related party service agreement	40,000	60,000	100,000	120,000
Total Costs and Expenses	99,390	157,876	209,211	248,103
OPERATING LOSS	(42,368)	(112,969)	(108,728)	(169,061)
OTHER EXPENSE
Interest expense	(12,191)	(18,187)	(30,178)	(36,374)
Total Other Expense	(12,191)	(18,187)	(30,178)	(36,374)
LOSS BEFORE INCOME TAXES	(54,559)	(131,156)	(138,906)	(205,435)
PROVISION FOR INCOME TAXES	0	0	0	0
NET LOSS	$ (54,559)	$ (131,156)	$ (138,906)	$ (205,435)
NET LOSS PER COMMON SHARE (Basic and Diluted)	$ (0.22)	$ (7.68)	$ (1.05)	$ (12.03)
WEIGHTED AVERAGE SHARES OUTSTANDING	246,290	17,072	131,681	17,072

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (138,906)	$ (205,435)
Adjustments to reconcile net loss to net cash provided by operating activities:
Contributed Service	33,333	40,000
Changes in assets and liabilities:
Increase (decrease) in accrued expenses	35,494	84,388
Increase (decrease) in amounts due affiliate under service agreement	100,000	120,000
Net cash provided by operating activities	29,921	38,953
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of advance from affiliate	(30,500)	(35,962)
Net cash used in financing activities	(30,500)	(35,962)
Net (decrease) increase in cash and cash equivalents	(579)	2,991
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR	9,160	5,922
CASH AND CASH EQUIVALENTS AT END OF YEAR	8,582	8,913
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Accounts payable settled by stock issuances	71,250	0
Payables to affiliates settled by stock issuances	2,395,156	0
Loans and accured interest settled by stock issuances	$ 1,744,971	$ 0

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	NOTE A – BASIS OF PRESENTATION The accompanying unaudited interim condensed financial statements have been prepared pursuant to the rules and regulations for reporting on Form 10-Q and article 10 of Regulation S-X and the related rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for complete financial statements have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures included in these financial statements are adequate to make the information presented not misleading. The unaudited interim condensed financial statements included in this document have been prepared on the same basis as the annual audited financial statements, and in the Company’s opinion, reflect all adjustments necessary for a fair presentation in accordance with GAAP and SEC regulations for interim financial statements. The results for the three and six months ended June 30, 2017 are not necessarily indicative of the results that the Company will have for any subsequent period. These unaudited condensed financial statements should be read in conjunction with the audited financial statements and the notes to those statements for the year ended December 31, 2016 included in the Company’s Annual Report on Form 10-K.

GOING CONCERN

GOING CONCERN	6 Months Ended
	Jun. 30, 2017
Going Concern [Abstract]
GOING CONCERN	NOTE B – GOING CONCERN As shown in the accompanying financial statements, the Company incurred net losses of $ 138,906 205,435 291 141,331,898

LICENSE AGREEMENTS

LICENSE AGREEMENTS	6 Months Ended
	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
LICENSE AGREEMENTS	NOTE C – LICENSE AGREEMENTS The Company began operating The Great Merchant in September 2011. During the six months ended June 30, 2017 and 2016, the Company generated revenues of $ 100,483 79,042

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2017
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. At June 30, 2017 and December 31, 2016, $ 0 707,756 695,588 162,255 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 40,000 60,000 0 1,440,387 1,699,620 396,459 1,535,387 164,233

LOANS PAYABLE

LOANS PAYABLE	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
LOANS PAYABLE	NOTE E – LOANS PAYABLE The loans payable consists of unsecured borrowings from two notes. The terms of the promissory notes are one year and bear interest at an annual rate of 6 At June 9, 2017 the Company entered into a loan conversion agreement with the debtors to satisfy the debts in aggregate of $1,744,919 through the issuance of 407,026 restricted shares of common stock of the Company. These borrowings consisted of interest of $529,120 and principal of $1,215,799 on the two notes. See Note I for further discussion into the loan conversion agreement that occurred at June 9, 2017.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE F – INCOME TAXES At June 30, 2017 and December 31, 2016, the Company had unused net operating loss carryforwards of approximately $ 7,130,000 6,990,000 2,424,000 2,377,000 June 30, December 31, 2017 2016 Deferred tax asset- Net operating loss carryforward 2,424,000 2,377,000 Valuation allowance (2,424,000) (2,377,000) Net deferred tax asset $ - $ - June 30, 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	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE G – COMMITMENTS AND CONTINGENCIES Property Leases: On October 1, 2016, the Company signed a month-to-month lease with rent payments of $ 3,255 Employment Agreements: On March 21, 2014, the Company entered into three-year employment agreement through March 21, 2017 with Mr. Seong Sam Cho, to serve as Chief Executive Officer, President and Chairman for an annual salary of $ 1.00 80,000 33,333 40,000

EARNINGS (NET LOSS) PER SHARE

EARNINGS (NET LOSS) PER SHARE	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	NOTE H – EARNINGS (NET LOSS) PER SHARE In accordance with ASC 260, basic earnings per share are computed by dividing net earnings available to common shareholders (the numerator) by the weighted average number of common shares (the denominator) for the period presented. The computation of diluted earnings per share is similar to basic earnings per share, except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. There were no dilutive or potentially dilutive financial instruments issued or outstanding for the periods ended June 30, 2017 and 2016.

ISSUANCE OF SHARES

ISSUANCE OF SHARES	6 Months Ended
	Jun. 30, 2017
Federal Home Loan Banks [Abstract]
Stockholders' Equity Note Disclosure [Text Block]	NOTE I – ISSUANCE OF SHARES On June 9, 2017, the Company entered into Loan Conversion Agreements and Debt Cancellation Agreements with certain lenders and debtholders pursuant to which outstanding loans and debt were exchanged for common stock of the Company. Gameforyou Inc., a related party, was issued 396,459 1,699,620 4.20 196,860 843,939 4.20 162,255 695,588 4.20 210,166 900,980 4.20 16,620 71,250 4.20 4,211,377 982,360 On June 22, 2017, the Company filed a certificate of amendment to its articles of incorporation with the State of Nevada effectuating a reverse split of the Company’s common stock at a ratio of 1 for 300

INCOME TAXES (Tables)

INCOME TAXES (Tables)	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017 and December 31, 2016 are as follows: June 30, December 31, 2017 2016 Deferred tax asset- Net operating loss carryforward 2,424,000 2,377,000 Valuation allowance (2,424,000) (2,377,000) 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: June 30, 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		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Going Concern [Line Items]
Net loss	$ (54,559)	$ (131,156)	$ (138,906)	$ (205,435)
Working Capital	291		291
Accumulated deficit	$ (141,331,898)		$ (141,331,898)		$ (141,212,994)

LICENSE AGREEMENTS (Details Tex

LICENSE AGREEMENTS (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Finite-Lived Intangible Assets [Line Items]
Revenue generated	$ 57,022	$ 44,907	$ 100,483	$ 79,042

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Textual) - USD ($)	Jun. 09, 2017	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Related Party Transaction [Line Items]
Due to Related Parties, Current		$ 0		$ 707,756
Debt Conversion, Original Debt, Amount	$ 4,211,377
Debt Conversion, Converted Instrument, Shares Issued	982,360
Short-term Debt, Total		0		1,215,799
Game For You [Member]
Related Party Transaction [Line Items]
Purchase of equipment, related party	$ 164,233
Due to Related Parties, Current		0		1,440,387
Debt Conversion, Original Debt, Amount	$ 1,699,620
Debt Conversion, Converted Instrument, Shares Issued	396,459
Short-term Debt, Total	$ 1,535,387
Game For You [Member] | Service Agreement [Member]
Related Party Transaction [Line Items]
Related party service agreement		40,000	$ 60,000
Amounts due to related party in cash per month		10,000
Amounts due to related party in cash or stock per month		10,000
Joytoto Co Ltd [Member]
Related Party Transaction [Line Items]
Due to Related Parties, Current		$ 0		$ 707,756
Debt Conversion, Original Debt, Amount	$ 695,588
Debt Conversion, Converted Instrument, Shares Issued	162,255

LOANS PAYABLE (Details Textual)

LOANS PAYABLE (Details Textual) - USD ($)	Jun. 09, 2017	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Short-term Debt, Total		$ 0	$ 1,215,799
Debt Conversion, Original Debt, Amount	$ 4,211,377
Debt Conversion, Converted Instrument, Shares Issued	982,360
Loans Payable [Member]
Debt Instrument [Line Items]
Promissory note, rate of interest		6.00%
Short-term Debt, Total	$ 529,120
Interest Payable	1,215,799
Debt Conversion, Original Debt, Amount	$ 1,744,919
Debt Conversion, Converted Instrument, Shares Issued	407,026

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Deferred tax asset-
Net operating loss carryforward	$ 2,424,000	$ 2,377,000
Valuation allowance	(2,424,000)	(2,377,000)
Net deferred tax asset	$ 0	$ 0

INCOME TAXES (Details 1)

INCOME TAXES (Details 1)	3 Months Ended	6 Months Ended
	Mar. 31, 2015	Jun. 30, 2016
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 ($)	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Income Tax [Line Items]
Unused net operating loss carryforward	$ 7,130,000	$ 6,990,000
Net operating loss carryforward	$ 2,424,000	$ 2,377,000
Operating loss carryforwards expiration description	expire between 2027 and 2037

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Textual) - USD ($)	Apr. 06, 2017	Oct. 01, 2016	Mar. 21, 2014	Jun. 30, 2017	Jun. 30, 2016
Operating Leased Assets [Line Items]
Rental payment per month		$ 3,255
Fair value of services				$ 33,333	$ 40,000
Chief Executive Officer, President and Chairman - Seong Sam Cho
Operating Leased Assets [Line Items]
Annual salary	$ 80,000		$ 1

ISSUANCE OF SHARES (Details Tex

ISSUANCE OF SHARES (Details Textual) - USD ($)	Jun. 09, 2017	Jun. 22, 2017
Debt Conversion [Line Items]
Debt Conversion, Converted Instrument, Shares Issued	982,360
Debt Conversion, Original Debt, Amount	$ 4,211,377
Stockholders' Equity, Reverse Stock Split		1 for 300
Game For You [Member]
Debt Conversion [Line Items]
Debt Conversion, Converted Instrument, Shares Issued	396,459
Debt Conversion, Original Debt, Amount	$ 1,699,620
Debt Instrument, Convertible, Conversion Price	$ 4.20
AK Interactive Co. Ltd. [Member]
Debt Conversion [Line Items]
Debt Conversion, Converted Instrument, Shares Issued	196,860
Debt Conversion, Original Debt, Amount	$ 843,939
Debt Instrument, Convertible, Conversion Price	$ 4.20
Mr. Seung Han Shin [Member]
Debt Conversion [Line Items]
Debt Conversion, Converted Instrument, Shares Issued	210,166
Debt Conversion, Original Debt, Amount	$ 900,980
Debt Instrument, Convertible, Conversion Price	$ 4.20
Sichenzia Ross Ference Kesner, LLP [Member]
Debt Conversion [Line Items]
Debt Conversion, Converted Instrument, Shares Issued	16,620
Debt Conversion, Original Debt, Amount	$ 71,250
Debt Instrument, Convertible, Conversion Price	$ 4.20
Joytoto Co Ltd [Member]
Debt Conversion [Line Items]
Debt Conversion, Converted Instrument, Shares Issued	162,255
Debt Conversion, Original Debt, Amount	$ 695,588
Debt Instrument, Convertible, Conversion Price	$ 4.20