0001493152-18-011617.txt : 20180814 0001493152-18-011617.hdr.sgml : 20180814 20180814080646 ACCESSION NUMBER: 0001493152-18-011617 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 74 CONFORMED PERIOD OF REPORT: 20180630 FILED AS OF DATE: 20180814 DATE AS OF CHANGE: 20180814 FILER: COMPANY DATA: COMPANY CONFORMED NAME: EMARINE GLOBAL INC. CENTRAL INDEX KEY: 0001178377 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 954886472 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-49933 FILM NUMBER: 181014370 BUSINESS ADDRESS: STREET 1: 4TH FLOOR, 15-14, SAMSAN-RO 308BEON-GIL STREET 2: NAM-GU CITY: ULSAN STATE: M5 ZIP: 44715 BUSINESS PHONE: 82-70-7204-9352 MAIL ADDRESS: STREET 1: 4TH FLOOR, 15-14, SAMSAN-RO 308BEON-GIL STREET 2: NAM-GU CITY: ULSAN STATE: M5 ZIP: 44715 FORMER COMPANY: FORMER CONFORMED NAME: Pollex, Inc. DATE OF NAME CHANGE: 20081113 FORMER COMPANY: FORMER CONFORMED NAME: Joytoto USA, Inc. DATE OF NAME CHANGE: 20071106 FORMER COMPANY: FORMER CONFORMED NAME: BIOSTEM, INC. DATE OF NAME CHANGE: 20051118 10-Q 1 form10-q.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 10-Q

QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the Quarter ended June 30, 2018

Commission File Number: 000-49933

EMARINE GLOBAL INC.

(Exact name of registrant as specified in its charter)

Nevada		95-4886472
(State of organization)		(I.R.S. Employer Identification No.)

4th Floor, 15-14, Samsan-ro 308beon-gil, Nam-gu, Ulsan, 44715 Republic of Korea

(Address of principal executive offices)

+82-70-7204-9352

Registrant’s telephone number, including area code

Former address if changed since last report

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. [X] Yes [ ] No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). [X] Yes [ ] No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer [ ]

Non-accelerated filer [ ]

(Do not check if smaller reporting company)

Accelerated filer [ ]

Smaller reporting company [X]

Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). [ ] Yes [X] No

As of August 14, 2018, the registrant had 22,927,992 shares of common stock, par value $0.001 per share, outstanding.

TABLE OF CONTENTS

	PART I - FINANCIAL INFORMATION

ITEM 1.	INTERIM FINANCIAL STATEMENTS	F-1
ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS AND PLAN OF OPERATIONS	2
ITEM 3	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	9
ITEM 4	CONTROLS AND PROCEDURES	9

	PART II - OTHER INFORMATION

ITEM 1.	LEGAL PROCEEDINGS	10
ITEM 1A.	RISK FACTORS	10
ITEM 2.	UNREGISTERED SALES OF EQUITY SECURITIES	10
ITEM 3.	DEFAULTS UPON SENIOR SECURITIES	10
ITEM 4.	MINE SAFETY DISCLOSURES	10
ITEM 5.	OTHER INFORMATION	10
ITEM 6.	EXHIBITS	11

SIGNATURES		12

PART I – FINANCIAL INFORMATION

ITEM 1. INTERIM FINANCIAL STATEMENTS

eMARINE Global Inc. (Formerly Known as e-Marine Co., Ltd.)

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands of Korean Won, except share and per share amounts)

	June 30			December 31
	2018			2017
		(Unaudited)

ASSETS
CURRENT ASSETS:
Cash and cash equivalents	￦	166,228		￦	109,316
Short-term financial instruments		76,000			338,000
Accounts receivable, net of allowance for doubtful accounts of ￦11,227 and ￦11,227, as of June 30, 2018 and December 31, 2017, respectively		754,002			480,673
Inventories		87,422			6,200
Loans to related parties		-			164,000
Other current assets		75,732			65,087
Total Current Assets		1,159,384			1,163,276

Property and equipment, net		51,926			59,808
Goodwill		1,430,625			1,430,625
Intangible assets, net		352,604			403,053
Deposits		100,199			120,499
Total Assets	￦	3,094,738		￦	3,177,261

LIABILITIES AND STOCKHOLDERS’ DEFICIT

CURRENT LIABILITIES:
Accounts payable	￦	1,202,074		￦	1,129,854
Nontrade payables		1,253,617			1,131,517
Other current liabilities		192,784			193,048
Short-term borrowings		2,393,492			2,789,886
Loans from related parties		9,606			18,895
Current portion of long-term debt		358,960			245,240
Total Current Liabilities		5,410,533			5,508,440

Long-term debt		469,080			684,760
Loans from related parties		48,044			-
Accrued benefit pension liability		1,017,642			930,098
Total Liabilities		6,945,299			7,123,298

Commitments and Contingencies (Note 14)

STOCKHOLDERS’ DEFICIT :
Common stock, $0.001 par value, 300,000,000 shares authorized, 22,927,992 and 22,061,317 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively		26,198			25,265
Additional paid-in capital		7,136,825			6,577,829
Accumulated other comprehensive loss		(64,700	)		(56,593	)
Accumulated deficit		(10,948,884	)		(10,492,538	)
Total Stockholders’ Deficit		(3,850,561	)		(3,946,037	)
Total Liabilities and Stockholders’ Deficit	￦	3,094,738		￦	3,177,261

See accompanying notes to unaudited condensed consolidated financial statements

F-1

eMARINE Global Inc. (Formerly Known as e-Marine Co., Ltd.)

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands of Korean Won, except share and per share amounts)

	Three Months Ended						Six Months Ended
	June 30, 2018			June 30, 2017			June 30, 2018			June 30, 2017
	(Unaudited)			(Unaudited)			(Unaudited)			(Unaudited)
Revenue
Product	￦	769,432		￦	467,842		￦	1,018,433		￦	898,801
Service		279,770			535,629			1,340,252			1,071,322
Total revenue		1,049,202			1,003,471			2,358,685			1,970,123
Cost of revenue
Product		493,431			175,922			675,818			842,290
Service		197,542			430,314			870,170			1,082,670
Total cost of revenue		690,973			606,236			1,545,988			1,924,960
Gross margin		358,229			397,235			812,697			45,163

Selling, general and administrative expenses		771,105			475,570			1,195,183			987,123
Loss from operations		(412,876	)		(78,335	)		(382,486	)		(941,960	)

Other expense:
Interest expense, net		(39,089	)		(65,354	)		(78,905	)		(103,484	)
Other income (expense), net		11,286			(3,990	)		7,241			(9,478	)
Total other expense		(27,803	)		(69,344	)		(71,664	)		(112,962	)

Loss before provision for income taxes		(440,679	)		(147,679	)		(454,150	)		(1,054,922	)

Income tax provision (benefit)		5,126			(27,879	)		2,196			(27,879	)

Net loss	￦	(445,805	)	￦	(119,800	)	￦	(456,346	)	￦	(1,027,043	)

Net loss per common share	￦	(19	)	￦	(486	)	￦	(20	)	￦	(7,799	)
Weighted average common shares outstanding		22,927,992			246,290			22,525,778			131,681

Net loss	￦	(445,805	)	￦	(119,800	)	￦	(456,346	)	￦	(1,027,043	)
Other comprehensive income:
Foreign exchange translation loss		(13,135	)		-			(14,919	)		-
Remeasurement of pension liabilities		(18,174	)		98,845			(7,786	)		98,845
Other comprehensive income (loss), net of tax:		(31,309	)		98,845			(22,705	)		98,845
Comprehensive loss	￦	(477,117	)	￦	(20,955	)	￦	(479,051	)	￦	(928,198	)

See accompanying notes to unaudited condensed consolidated financial statements

F-2

eMARINE Global Inc. (Formerly Known as e-Marine Co., Ltd.)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands of Korean Won)

	Six Months Ended
	June 30, 2018			June 30, 2017
	(Unaudited)			(Unaudited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	￦	(456,346	)	￦	(1,027,043	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		58,332			14,894
Pension plan expenses		108,458			118,889
Bad debt		-			17,209
Deferred income taxes		2,196			-
Foreign currency loss		9,659			4,647
Changes in operating assets and liabilities:
Accounts receivable		(284,561	)		122,066
Inventories		(81,222	)		221,440
Other current assets		(10,645	)		12,868
Deposits		20,300			(12,350	)
Accounts payable		73,793			7,813
Nontrade payables		122,100			(99,357	)
Other current liabilities		14,184			75,418
Pension benefits payments		(30,895	)		(163,500	)
NET CASH USED IN OPERATING ACTIVITIES		(454,647	)		(707,006	)
CASH FLOWS FROM INVESTING ACTIVITIES:
Increase in loans to related parties		(2,710	)		(11,485	)
Decrease in loans to related parties		165,166			-
Proceeds from disposals of short-term financial instruments		262,000			34,999
Purchase of property and equipment		-			(24,004	)
Purchase of intangible assets		-			(2,395	)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES		424,456			(2,885	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from private placement, net		557,336			-
Drawdown of short-term borrowings		122,113			851,275
Repayment of short-term borrowings		(518,508	)		(274,000	)
Repayment of current portion of long-term debt		(101,960	)		(60,000	)
Borrowings of long-term debt		-			24,702
Repayment of long-term debt		-			53,695
Increase in loans from related parties		181,016			10,673
Repayment of loans from related parties		(142,262	)		(53,695	)
NET CASH PROVIDED BY FINANCING ACTIVITIES		97,735			552,650
Effect of exchange rate on cash and cash equivalents		(10,632	)		-
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		56,912			(157,241	)
CASH AND CASH EQUIVALENTS- beginning of year		109,316			157,971
CASH AND CASH EQUIVALENTS- end of period	￦	166,228		￦	730
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Cash paid for:
Interest	￦	78,652		￦	164,248
Income taxes	￦	-		￦	-

See accompanying notes to unaudited condensed consolidated financial statements

F-3

eMARINE Global Inc.

Notes to Condensed Consolidated Financial Statements

June 30, 2018

(Unaudited)

References to the “eMarine,” “EMRN,” the “Company,” “we,” “us,” and “our” and other similar designations refer to eMarine Global Inc. and its wholly-owned subsidiary, e-Marine Co, Ltd. (“e-Marine”), on a consolidated basis.

NOTE 1 – DESCRIPTION OF BUSINESS AND ORGANIZATION

eMarine Global Inc. is a Nevada corporation (the “Company”) formed under the name of Web Views Corporation on November 2, 2001. On October 20, 2008, the Company changed its name to Pollex, Inc. (“Pollex”)

On July 25, 2017, the Company entered into a share exchange agreement (the “Exchange Agreement”) with e-Marine Co., Ltd., a corporation organized under the laws of the Republic of Korea (“e-Marine”), and the shareholders of e-Marine (the “e-Marine Shareholders”), pursuant to which the e-Marine Shareholders assigned, transferred and delivered, free and clear of all liens, 100% of the issued and outstanding shares of common stock of e-Marine, representing 100% of the equity interest in e-Marine (the “e-Marine Shares”) in exchange for 14,975,000 restricted shares of its common stock (the “Share Exchange”). As a result of the Share Exchange, e-Marine became the Company’s wholly-owned subsidiary, and the e-Marine Shareholders acquired a controlling interest in the Company.

For accounting purposes, the Share Exchange was treated as an acquisition of Pollex and a recapitalization of the Company. The Company is the accounting acquirer, and the results of its operations carryover. Accordingly, the operations of Pollex are not carried over and have been adjusted to ￦0. The assets and liabilities of the Company have been brought forward at its book value and no goodwill has been recognized as a result of the transaction.

At the time of the Share Exchange, the Company was engaged in the online games business by acquiring gaming licenses in order to make them commercially available abroad. As a result of the Share Exchange, the Company assumed e-Marine’s business operations as its own. The acquisition of e-Marine is treated as a reverse acquisition, and the business of e-Marine became the business of the Company.

As part of the recapitalization, the Pollex Shareholders assigned, transferred and delivered, free and clear of all liens, 1,012,233 of the issued and outstanding shares of common stock of Pollex, in exchange for 1,026,317 restricted shares of its common stock.

e-Marine Co., Ltd. was organized under the laws of the Republic of Korea on January 2, 2001, and is a maritime information and communications technology provider based in South Korea. e-Marine seeks to achieve safety of life at sea through the use of various technologies, such as e-Navigation, Maritime Internet-of-Things (otherwise known as “I.o.T.”) and marine big data technology (collectively, “Maritime ICT Convergence”). e-Marine’s main products and services are divided into four categories: (1) Electronic Chart Display & Information System (“ECDIS”); (2) Smart Ship; (3) Overseas Solutions Distributions; and (4) Aids to Navigation.

On August 15, 2017, the Company entered into an agreement and plan of (the “Merger Agreement”), pursuant to which it merged with and into a newly formed wholly-owned subsidiary (the “Merger Sub” and, the transaction, the “Merger”).

As permitted by Chapter 92A.180 of Nevada Revised Statutes, the purpose of the Merger was to effect a change of the Company’s name from Pollex, Inc. to eMARINE Global Inc. Upon the filing of articles of merger with the Secretary of State of Nevada on August 15, 2017 in order to effect the Merger, the Company’s articles of incorporation were deemed amended to reflect the change in the Company’s corporate name. Upon consummation of the Merger, the separate existence of Merger Sub ceased.

NOTE 2 – LIQUIDITY FINANCIAL CONDITION AND MANAGEMENT PLANS

These consolidated financial statements have been prepared on the basis of a going concern which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.

As of June 30, 2018, the Company had cash of ￦166,228 thousand. Historically, the Company had net losses and negative cash flows from operations. The Company continues to experience liquidity constraints due to the continuing losses. These factors contributed to the Company’s substantial doubt of its ability to continue as a going concern.

F-4

eMARINE Global Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2018

(Unaudited)

During the six months ended June 30, 2018 and the year ended December 31, 2017, management has addressed going concern remediation through funding through the private placement and is continuing initiatives to raise capital to meet future working capital requirements. However, additional capital is required to reduce the risk of going concern uncertainties for the Company beyond the next twelve months as of the reporting date. There is no certainty that the Company will be able to arrange sufficient funding to continue its operations.

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (“SEC”) and on the same basis as the Company prepares its annual audited consolidated financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of such interim results.

The results for the condensed consolidated statement of operations are not necessarily indicative of results to be expected for the year ending December 31, 2018 or for any future interim period. The condensed consolidated balance sheet at June 30, 2018 has been derived from unaudited financial statements; however, it does not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2017, and notes thereto included in the Company’s annual report on Form 10-K filed on April 17, 2018.

There have been no material changes in the Company’s significant accounting policies to those previously disclosed in the Company’s annual report on Form 10-K, which was filed with the Securities and Exchange Commission on April 17, 2018.

Earnings (Loss) Per Share

Earnings (loss) per share are calculated in accordance with Accounting Standards Codification (“ASC”) 260 “Earnings Per Share,” which provides for the calculation of “basic” and “diluted” earnings (loss) per share. Basic earnings (loss) per share includes no dilution and is computed by dividing net earnings by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflect, in periods in which they have a dilutive effect, the effect of common shares issuable upon exercise of stock options. The following securities were not included in the diluted net loss per share calculation because their effect was anti-dilutive for the years presented.

	June 30, 2018		June 30, 2017
Common stock warrants		12,916,688		-
Potential dilutive shares		12,916,688		-

These shares were excluded due to their antidilutive effect.

Recent Accounting Pronouncements

In February 2016, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842). This ASU will increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Certain qualitative and quantitative disclosures are required, as well as a retrospective recognition and measurement of impacted leases. This ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating this ASU to determine its impact on the Company’s operations, financial position, cash flows and disclosures.

F-5

eMARINE Global Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2018

(Unaudited)

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. In August 2015, FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which deferred the effective date of ASU 2014-09 to reporting periods beginning after December 15, 2017, with early adoption permitted for reporting periods beginning after December 15, 2016. Subsequently, FASB issued ASUs in 2016 containing implementation guidance related to ASU 2014-09, including: ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) , which is intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations; ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing , which is intended to clarify two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance; and ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients , which contains certain provision and practical expedients in response to identified implementation issues. The Company has adopted ASU 2014-09 and related ASUs on January 1, 2018. Companies may use either a full retrospective or a modified retrospective approach to adopt these ASUs. On January 1, 2018, the Company adopted ASU 2014-09, using the full retrospective method, which requires reporting entities to apply the standard as of the earliest period presented in their financial statements. The Company completed its review of its material revenue streams and determined that the adoption of Topic 606 did not have a material impact on the Company’s condensed consolidated statements of operations and condensed consolidated balance sheets.

In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This ASU eliminates Step 2 along with amending other parts of the goodwill impairment test. Under ASU 2017-04, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of the reporting unit with its carrying amount, and should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value with the loss not exceeding the total amount of goodwill allocated to that reporting unit. This ASU is effective for annual periods beginning after December 15, 2019, and interim periods therein with early adoption permitted for interim or annual goodwill impairment tests performed after January 1, 2017. At adoption, this update will require a prospective approach. The Company is currently evaluating this ASU to determine its impact on the Company’s operations, financial position, cash flows and disclosures.

Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.

NOTE 4 — INVENTORIES

The components of inventories are as follows (in thousands of Korean Won):

	June 30, 2018		December 31, 2017
Finished goods	￦	-	￦	-
Raw materials		87,422		6,200
		87,422		6,200
Less: Inventory reserve		-		-
Total, net	￦	87,422	￦	6,200

F-6

eMARINE Global Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2018

(Unaudited)

NOTE 5 — PROPERTY AND EQUIPMENT

The components of property and equipment are as follows (in thousands of Korean Won):

	June 30, 2018			December 31, 2017
Office equipment	￦	219,980		￦	219,980
Fixtures and furniture		48,520			48,520
Other		285,113			285,113
Total, at cost		553,613			553,613
Less: Accumulated depreciation		(501,687	)		(493,805	)
Total, net	￦	51,926		￦	59,808

Depreciation expense amounted to ￦7,882 thousand and ￦8,761 thousand for the six month period ended June 30, 2018 and 2017, respectively.

NOTE 6 – GOODWILL

In 2011, the Company acquired Intra-Ship Integrated Gateway business from Hyundai BS&C Co., Ltd. and recognized the goodwill of ￦1,430,625 thousand along with the other identifiable assets and liabilities.

The Company assessed relevant events and circumstances in evaluating whether it was more likely than not that its fair value of the reporting unit was less than reporting unit’s carrying amount. The Company concluded that it is more likely than not that the fair value of a reporting unit is not less than its carrying amount and did not perform the two–step impairment test.

NOTE 7 – INTANGIBLE ASSETS

The components of intangible assets that are carried at cost less accumulated amortization are as follows (in thousands of Korean Won):

	June 30, 2018							December 31, 2017
Description	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Industrial Property Rights	￦	5,960	￦	(5,051	)	￦	909	￦	5,960	￦	(4,841	)	￦	1,119
Software		62,782		(62,782	)		-		62,782		(62,782	)		-
Customers relationship		500,000		(150,000	)		350,000		500,000		(100,000	)		400,000
Other		22,021		(20,326	)		1,695		22,020		(20,086	)		1,934
Total	￦	590,763	￦	(238,159	)	￦	352,604	￦	590,762	￦	(187,709	)	￦	403,053

Amortization expense for intangible assets was ￦50,450 thousand and ￦6,133 thousand for the periods ended June 30, 2018 and 2017, respectively.

The following table outlines the estimated future amortization expense related to intangible assets held as of June 30, 2018 (in thousands of Korean Won):

Year Ending December 31,
2018	￦	50,449
2019		100,899
2020		100,759
2021		100,479
2022		18
Total	￦	352,604

F-7

eMARINE Global Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2018

(Unaudited)

NOTE 8 — DEBT

Short-term Borrowings

The Company borrowed ￦260,000 thousand from Kookmin Bank at October 8, 2015 with the maturity of October 2, 2018. The borrowings bear an interest at 4.70% per annum for 2018 and 2017. The Company paid ￦26,000 thousand and entered into a refinancing agreement at September 29, 2017. At June 30, 2018 and December 31, 2017, the balance for the borrowings was ￦234,000 thousand and ￦234,000 thousand, respectively. The borrowings are guaranteed by Korea Technology Finance Corporation, a government-funded institution.

The Company borrowed ￦260,000 thousand from Kookmin Bank at November 4, 2015 with the maturity of November 2, 2018. The borrowings bear an interest at 5.05% per annum for 2018 and 2017. The Company paid ￦26,000 thousand and entered into a refinancing agreement at November 3. 2017. At June 30, 2018 and December 31, 2017, the balance for the borrowings was ￦234,000 thousand and ￦234,000 thousand, respectively. The borrowings are guaranteed by Korea Technology Finance Corporation, a government-funded institution.

The Company borrowed ￦1,000,000 thousand from Woori Bank at June 2, 2015 with the maturity of June 1, 2018. The borrowings bear an interest at 4.27% per annum for 2018 and 2017. The Company paid ￦1,000,000 thousand and entered into an extension agreement at May 25, 2018, through which the maturity was extended one more year. At June 30, 2018 and December 31, 2017, the balance for the borrowings was ￦900,000 thousand and ￦1,000,000 thousand, respectively. The borrowings are guaranteed by Korea Technology Finance Corporation, a government-funded institution.

The Company had a bank overdraft from Woori Bank. The overdraft bears an interest at 14.00% per annum for 2018 and 2017. At June 30, 2018 and December 31, 2017, the balance for the bank overdraft was ￦61,492 thousand and ￦57,886 thousand, respectively. The overdraft is collateralized by the savings account of ￦5,000 thousand and guaranteed by Ung Gyu Kim, President.

The Company borrowed ￦500,000 thousand from Suhyup Bank at July 18, 2016 with the original maturity of July 18, 2018. The maturity was extended 1 year, which is July 18, 2019. The borrowings bear an interest at 2.50 % per annum for 2018 and 2017. At June 30, 2018 and December 31, 2017, the balance for the borrowings was ￦464,000 thousand and ￦464,000 thousand, respectively. The borrowings are collateralized by the savings account of ￦3,000 thousand and guaranteed by Hyundai BS&C Co., Ltd., a nonaffiliated company.

The Company borrowed ￦300,000 thousand from Hana Bank at August 4, 2017 with the maturity of August 1, 2018. The borrowings bear an interest at 2.56% per annum for 2018 and 2017. The borrowings were paid off at maturity. At June 30, 2018 and December 31, 2017, the balance for the borrowings was nil and ￦300,000 thousand, respectively. The borrowings are collateralized by the savings account of ￦300,000 thousand.

The Company borrowed ￦550,000 thousand from GMT Co., Ltd. at April 19, 2017 with the maturity of November 30, 2017. The borrowings bear an interest at 6.00 % per annum for 2017. At June 30, 2018 and December 31, 2017, the balance for the borrowings was ￦200,000 thousand. The balance is currently in default. The Company is in negotiation with the lender to extend the maturity.

The Company borrowed ￦300,000 thousand from GNC Co., Ltd. at April 18, 2017 with the maturity of November 30, 2017. The borrowings bear an interest at 6.00 % per annum for 2017. At June 30, 2018 and December 31, 2017, the balance for the borrowings was ￦300,000 thousand. The balance is currently in default. The Company is in negotiation with the lender to extend the maturity.

F-8

eMARINE Global Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2018

(Unaudited)

As of June 30, 2018 and December 31, 2017, the estimated fair value of the short-term borrowings approximate their carrying values.

Long-term Debt

The components of the long-term debt, including the current portion, are as follows (in thousands of Korean Won):

	June 30, 2018			December 31, 2017
Loans from Small & medium Business Corporation borrowed at March 23, 2016 with the maturity of March 22, 2021 and at an interest of 4.22% and 4.22% per annum for 2018 and 2017, respectively, guaranteed by Ung Gyu Kim, President	￦	458,040		￦	500,000
Loans from Small & medium Business Corporation borrowed at February 28, 2017 with the maturity of February 28, 2022 and at an interest of 2.65% per annum, guaranteed by Ung Gyu Kim, President		200,000			200,000
Loans from Kwangju Bank borrowed at September 24, 2015 with the maturity of September 24, 2018 and at an interest of 6.06% and 6.08% per annum for 2018 and 2017, respectively, guaranteed by Ung Gyu Kim, President. The borrowings are secured by the personal property owned by Ung Gyu Kim, President		170,000			230,000
Total		828,040			930,000

Less: current portion		(358,960	)		(245,240	)
Total long-term debt less current portion	￦	469,080		￦	684,760

As of June 30, 2018 and December 31, 2017, the estimated fair value of the long-term debt, including the current portion, were ￦828,040 and ￦930,000, respectively.

Maturities of the long-term debt for each of the next five years and thereafter are as follows (in thousands of Korean Won):

Year Ending June 30,
2019	￦	358,960
2020		233,160
2021		191,520
2022		44,400
Total	￦	828,040

As of June 30, 2018 and December 31, 2017, respectively, the Company was in compliance with the financial covenant in credit agreements as defined in the credit agreements.

NOTE 9 – PENSION PLANS

The Company has a defined benefit plans covering all full time employees who met certain requirements of age, length of service and hours worked per year. Benefits paid to retirees are based upon age at retirement and years of credited service.

F-9

eMARINE Global Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2018

(Unaudited)

Information with respect to changes in benefit obligation and the funded status of the plans is as follows (in thousands of Korean Won):

	June 30, 2018			December 31, 2017
Change in projected benefit liability
Liability at beginning of year	￦	930,098		￦	880,656
Service cost		102,871			226,787
Interest cost		5,587			10,991
Benefit payments		(30,895	)		(146,892	)
Prior service cost		-			-
Remeasurement of defined benefit liabilities		9,981			(41,444	)
Liability at end of year		1,017,642			930,098

Plan assets at end of year		-			-

Funded status and net liability recognized	￦	(1,017,642)		￦	(930,098)

The components of benefit expense are as follows (in thousands of Korean Won):

	June 30, 2018		December 31, 2017

Service cost	￦	102,871	￦	226,787
Interest cost		5,587		10,991
Prior service cost		-		-
Total	￦	108,458	￦	237,778

The weighted-average assumptions used to determine projected benefit liability and benefit expense for pension plans are as follows:

	June 30, 2018			December 31, 2017
Discount rate		3.23	%		3.21	%
Expected long-term rate of return on plan assets		N/A			N/A
Rate of compensation increase		2.00	%		2.00	%

The estimated future benefit payments are as follows (in thousands of Korean Won):

Year Ending June 30,
2019	￦	46,552
2020		60,381
2021		54,697
2022		59,070
2023		62,514
Thereafter		2,265,061
Total	￦	2,548,275

F-10

eMARINE Global Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2018

(Unaudited)

NOTE 10 – REDEEMABLE CONVERTIBLE PREFERRED STOCK

On May 17, 2016, the Company entered into a securities purchase agreement with an accredited investor to place 12,800 redeemable convertible preferred shares (the “Preferred Stock”), par value ￦10,000 per share, in the aggregate principal amount of ￦640,000 thousand (the “Transaction”). The proceeds from sales of the Preferred Stock, net of issuance cost of ￦3,993 thousand were fully received at June 8, 2016.

On May 30, 2017, all redeemable convertible preferred shares were converted into 12,800 shares of common stock of e-Marine Co. Ltd. On July 25, 2017, as a result of the Share Exchange, the Company acquired all of the issued and outstanding equity interests of e-Marine Co. Ltd., and e-Marine Co., Ltd. became the Company’s wholly-owned subsidiary.

NOTE 11 – STOCKHOLDERS’ DEFICIT

Authorized and Outstanding Capital Stock

The Company authorized 300,000,000 shares of common stock, par value $0.001, of which 22,927,992 are currently issued and outstanding. The Company also has 10,000,000 shares of “blank check” preferred stock, par value $0.001 per share. There are currently no shares of preferred stock outstanding.

Common Stock

The shareholders of common stock (the “Shareholders”) have equal ratable rights to dividends from funds legally available therefore, when, as and if declared by the Board of Directors and are entitled to share ratably in all of the Company’s assets available for distribution to the Shareholders upon the liquidation, dissolution or winding up of business. The Shareholders do not have preemptive, subscription or conversion rights.

The Shareholders are entitled to one vote per share on all matters which they are entitled to vote upon at all meetings of the Shareholders. The Shareholders do not have cumulative voting rights, which would allow the Shareholders of more than 50% of outstanding voting securities to elect all of directors.

The payment of dividends, if any, in the future rests within the sole discretion of the Board of Directors and will depend, among other things, upon earnings, capital requirements and financial condition, as well as other relevant factors. The Company has not paid any dividends since its inception and do not intend to pay any cash dividends in the foreseeable future, but intend to retain all earnings, if any, for use in its business.

Blank Check Preferred Stock

The Board of Directors will be authorized, subject to any limitations prescribed by law, without further vote or action by the Shareholders, to issue from time to time preferred stock in one or more series. Each series of preferred stock will have the number of shares, designations, preferences, voting powers, qualifications and special or relative rights or privileges as shall be determined by the Board of Directors, which may include, among other things, dividend rights, voting rights, liquidation preferences, conversion rights and preemptive rights.

Warrants

As of June 30, 2018, the Company has outstanding warrants to purchase up to an aggregate of 12,916,688 shares of common stock, par value $0.001 per share, for a period of three years from the date of issuance, July 25, 2017, at an exercise price of $0.60 per share, subject to adjustments as set forth in the warrant. The Company also has outstanding warrants to purchase up to an aggregate of 1,100,000 shares of common stock, par value $0.001 per share, for a period of three years from the date of issuance, July 25, 2017, at an exercise price of $0.08 per share, subject to adjustments as set forth in the warrant.

The Company may issue warrants to non-employees in capital raising transactions or for services. In accordance with ASC 718, “Compensation—Stock Compensation”, the cost of warrants issued to non-employees is measured on the grant date based on the fair value. The fair value is determined using the Black-Scholes option pricing model. The resulting amount is charged to expense on the straight-line basis over the period in which the Company expects to receive the benefit, which is generally the vesting period. For the year ended December 31, 2017, ￦620,994 thousand was charged to expense.

F-11

eMARINE Global Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2018

(Unaudited)

Private Placement Offering

On July 25, 2017, the Company entered into a subscription agreement with selected accredited investors. Pursuant to the terms of the subscription agreement, the Company offered in a private placement $2,250,000 of units. Each unit has a purchase price of $0.50 and consisted of (i) one (1) share of the Company’s common stock, par value $0.001 per share; and (ii) warrants to purchase two and one-half (2.5) shares of the Company’s common stock. The warrants are exercisable for a period of three (3) years from the date of issuance at an exercise price of $0.60 per share, subject to adjustment as provided in the agreement evidencing the warrants.

The offering closed on July 25, 2017. At the closing, the Company received subscriptions for the full offering of $2,250,000, with gross proceeds of $1,765,000 (approximately ￦2,009,844 thousand) being received by the Company as of such date. The Company issued a total of 3,530,000 shares and 8,825,000 warrants to purchase up to 8,825,000 shares of the Company’s common stock.

Since the closing, the Company received gross proceeds in the amount of $165,000 (approximately ￦184,190 thousand), and issued to the relevant investors an aggregate of 330,000 shares and warrants to purchase 825,000 shares.

On March 23, 2018, the Company entered into a subscription agreement with selected accredited investors. Pursuant to the terms of the Subscription Agreement, the Company sold in a private placement an aggregate of 866,675 units at a purchase price of $0.60 per unit. Each unit consists of (i) one (1) share of the Company’s common stock, par value $0.001 per share; and (ii) warrants to purchase two and one-half (2.5) shares of the Company’s common stock. The warrants are exercisable for a period of three (3) years from the date of issuance at an exercise price of $0.70 per share, subject to adjustment as provided in the agreement evidencing the warrants.

At closing, the Company issued an aggregate of 866,675 shares and 2,166,688 warrants for total gross proceeds of $520,005.

Consulting Agreement

On July 25, 2017, the Company entered into a consulting agreement (the “Consulting Agreement”) with Peach Management LLC, a limited liability company organized under the laws of the Commonwealth of Puerto Rico (“Consultant”), for a term of twenty four months, effective as of July 25, 2017 (the “Term”). Pursuant to the terms of the Consulting Agreement, Consultant will assist the Company with introductions to investor relation firms located within and outside the United States to develop and implement capital markets messaging reflected in press releases, shareholder letters, PowerPoint presentations, social media and traditional media (the “Services”) during the Term. In consideration of the Services to be rendered by Consultant, the Company shall issue to Consultant warrants to purchase up to 1,100,000 shares of the Company’s common stock, par value $0.001 per share (the “Consultant Warrants”). The Consultant Warrants shall have a term of three years and have an exercise price equal to $0.08 per share.

In connection with the issuance of these warrants, the Company charged approximately ￦620,994 thousand of professional fees to expense.

The fair value of stock warrants was determined at the date of grant using the Black-Scholes option pricing model (the “Black-Scholes model”) The Black-Scholes model requires management to make various estimates and assumptions, including expected term, expected volatility, risk-free rate, and dividend yield. The expected term represents the period of time that stock-based compensation awards granted are expected to be outstanding and is estimated based on considerations including the vesting period, contractual term and anticipated employee exercise patterns. Expected volatility is based on the historical volatility of the Company’s stock. The risk-free rate is based on the U.S. Treasury yield curve in relation to the contractual life of stock-based compensation instrument. The dividend yield assumption is based on historical patterns and future expectations for the Company dividends.

F-12

eMARINE Global Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2018

(Unaudited)

The following table includes the estimates and assumptions used in the Black-Scholes model:

Stock price	$	0.57
Exercise price	$	0.08
Contractual term (Years)		3
Volatility		70.22	%
Risk-free rate		1.53	%
Expected dividend rate		0.00	%

Other Issuances

In connection with the Exchange Agreement and Subscription Agreement, the Company issued to RedChip Companies, Inc. and Sichenzia Ross Ference Kesner LLP an aggregate of 2,200,000 shares of the Company’s common stock, par value $0.001 per share. The fair value of such shares issued is approximately ￦1,417,159 thousand and is recorded as additional paid in capital as these shares were issued as the consideration for the capital raising.

NOTE 12 – INCOME TAXES

The provision for income taxes consisted of the following (in thousands of Korean Won):

	June 30, 2018		June 30, 2017
Current	￦	-	￦	-
Deferred		2,196		(27,879	)
Total	￦	2,196	￦	(27,879	)

The table below summarizes the differences between the Company’s effective tax rate and the statutory federal rate as follows for the six months ended June 30, 2018 and 2017:

	June 30, 2018			June 30, 2017
Income taxes at Federal statutory rate		21.00	%		34.00	%
Foreign tax rate differential		1.00	%		(12.00	)%
Change in valuation allowance		(22.00	)%		(22.00	)%
Other		-	%		-	%
Effective tax rate		-	%		-	%

NOTE 13 – RELATED PARTY TRANSACTIONS

As of June 30, 2018 and December 31, 2017, the Company loaned nil and ￦290,812 thousand, respectively to the Company’s officers and employees. The loans receivable bear an interest of 6.9% and 4.6% per annum for 2018 and 2017, respectively, and are redeemable on demand.

The Company borrowed ￦53,000 thousand from Min Sik Park, Senior Vice President, at December 31, 2015 with the maturity of December 30, 2018. The borrowings bear an interest at 9.50 % per annum. At June 30, 2018 and December 31, 2017, the balance for the borrowings was ￦9,606 thousand and ￦18,895 thousand, respectively.

F-13

eMARINE Global Inc.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

JUNE 30, 2018

(Unaudited)

The Company borrowed ￦141,216 thousand from Ung Gyu Kim, President, at February 26, 2018 with the maturity of February 25, 2019. The borrowings bear an interest at 4.60 % per annum. At June 30, 2018 and December 31, 2017, the balance for the borrowings was ￦48,044 thousand and nil, respectively

NOTE 14 – COMMITMENTS AND CONTINGENCIES

Maintenance Bond

In connection with service agreements with certain customers, the Company is required to provide a maintenance bond to guarantee the maintenance for a specified period of time following completion of service. The Company purchases maintenance bonds from third-party guarantors and is not exposed to contingent liabilities.

Legal Proceedings

From time to time the Company may be named in claims arising in the ordinary course of business. Currently, no legal proceedings, government actions, administrative actions, investigations or claims are pending against the Company or involve the Company that, in the opinion of management, could reasonably be expected to have a material adverse effect on its business and financial condition except for the lawsuit against Shinwoo E&D Co., Ltd. (“Shinwoo”). There was an unpaid amount due ￦84,095,000 from Shinwoo in dispute as of December 31, 2017. The Company filed a lawsuit and the ruling by the district court at January 18, 2018 was in favor of the Company. Shinwoo appealed against the court decision at February 1, 2018. The Company believes it is probable that it will not suffer from an adverse outcome related to the case. The Company has not recorded any reserve related to this dispute as of June 30, 2018.

NOTE 15 — CONCENTRATION OF CREDIT RISK

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of accounts receivable. Credit risk with respect to trade accounts receivable was concentrated with five and three of the Company’s customers in June 30, 2018 and December 31, 2017, respectively.

At June 30, 2018, Research Institute of Medium & small Shipbuilding, Korea Hydrography and Research Association, Hanjin Heavy Industries and Construction Co., Ltd., and Shinwoo E&D Co., Ltd. represented 32%, 23%, 15% and 11% of accounts receivable outstanding.

At December 31, 2017, Naval Logistics Command, Hyundai Heavy Industries Co., Ltd. and Shinwoo E&D Co., Ltd. represented 38%, 22% and 17% of accounts receivable outstanding.

The Company performs ongoing credit evaluations of its customers’ financial condition to mitigate its credit risk. The deterioration of the financial condition of its major customers could adversely impact the Company’s operations. From time to time where the Company determines that circumstances warrant, the Company extends payment terms beyond its standard payment terms.

During the period ended June 30, 2018, Naval Logistics Command and Research Institute of Medium & small Shipbuilding represented 25% and 10% of the Company’s net sales.

During the period ended June 30, 2017, Naval Logistics Command, Hyundai Heavy Industries, Gaon IT Co., Ltd. and Research Institute of Medium & small Shipbuilding represented 19%, 14%,12% and 10% of the Company’s net sales.

NOTE 16 — REVENUE RECOGNITION

Revenue from the sale of products and services is recorded when the performance obligation is fulfilled, usually at the time of shipment or when the service is provided, at the net sales price (transaction price). The Company elected to present revenue net of value added tax and other similar taxes and account for shipping and handling activities as fulfillment costs rather than separate performance obligations.

The Company recognizes revenue in accordance with the following five-step model:

	●	identify arrangements with customers;
	●	identify performance obligations;
	●	determine transaction price;
	●	allocate transaction price to the separate performance obligations in the arrangement, if more than one exists; and
	●	recognize revenue as performance obligations are satisfied.

Disaggregation of Revenue

Selected financial information for the Company’s operating revenue for disaggregated revenue purposes by revenue source are as follows (in thousands of Korean Won):

		For the Three Months Ended				For the Six Months Ended
		June 30, 2018		June 30, 2017		June 30, 2018		June 30, 2017
Products	e-Navigation	￦	709,737	￦	448,142	￦	953,243	￦	810,151
	Smart Ship		59,695		19,700		65,190		88,650
Projects	e-Navigation		144,510		430,153		745,245		904,491
	Smart Ship		135,260		105,476		595,007		166,831
Total		￦	1,049,202	￦	1,003,471	￦	2,358,685	￦	1,970,123

NOTE 17 — SUBSEQUENT EVENTS

The Company has evaluated events that have occurred after the balance sheet date but before the consolidated financial statements are issued and determined that there were no subsequent events or transactions that required recognition or disclosure in the consolidated financial statements.

F-14

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS AND PLAN OF OPERATIONS

The following discussion should be read in conjunction with our unaudited financial statements and the notes thereto.

Forward-Looking Statements

This Management’s Discussion and Analysis and Results Operations includes a number of forward-looking statements that reflect Management’s current views with respect to future events and financial performance. You can identify these statements by forward-looking words such as “may,” “will,” “expect,” “anticipate,” “believe,” “estimate” and “continue,” or similar words. Those statements include statements regarding the intent, belief or current expectations of us and members of our management team as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risk and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements.

Readers are urged to carefully review and consider the various disclosures made by us in this report and in our other reports filed with the Securities and Exchange Commission. Important factors currently known to management could cause actual results to differ materially from those in forward-looking statements. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes in the future operating results over time. We believe that our assumptions are based upon reasonable data derived from and known about our business and operations. No assurances are made that actual results of operations or the results of our future activities will not differ materially from our assumptions. Factors that could cause differences include, but are not limited to, expected market demand for our products, fluctuations in pricing for our products, and competition.

In this quarterly report, the “eMarine,” “EMRN,” the “Company,” “we,” “us,” and “our” and other similar designations refer to eMarine Global Inc. and its wholly-owned subsidiary, e-Marine Co, Ltd. (“e-Marine”).

Company Overview

eMarine Global Inc. is a Nevada corporation (the “Company”) formed under the name “Web Views Corporation” on November 2, 2001. On October 20, 2008, we changed our name to “Pollex, Inc.”

On July 25, 2017, we entered into a share exchange agreement (the “Exchange Agreement”) with e-Marine Co., Ltd., a corporation organized under the laws of the Republic of Korea (“e-Marine”), and the shareholders of e-Marine (the “e-Marine Shareholders”), pursuant to which the e-Marine Shareholders assigned, transferred and delivered, free and clear of all liens, 100% of the issued and outstanding shares of common stock of e-Marine, representing 100% of the equity interest in e-Marine (the “e-Marine Shares”) to us in exchange for 14,975,000 restricted shares of our Common Stock (the “Share Exchange”). As a result of the Share Exchange, e-Marine became our wholly-owned subsidiary, and the e-Marine Shareholders acquired a controlling interest in the Company.

At the time of the Share Exchange, the Company was engaged in the online games business by acquiring gaming licenses in order to make them commercially available abroad. As a result of the Share Exchange, we have now assumed e-Marine’s business operations as our own. The acquisition of e-Marine is treated as a reverse acquisition, and the business of e-Marine became the business of the Company.

e-Marine Co., Ltd. was organized under the laws of the Republic of Korea on January 2, 2001, and is a maritime information and communications technology provider based in South Korea. e-Marine seeks to achieve safety of life at sea through the use of various technologies, such as e-Navigation, Maritime Internet-of-Things (otherwise known as “I.o.T.”) and marine big data technology (collectively, “Maritime ICT Convergence”). e-Marine’s main products and services are divided into four categories: (i) Electronic Chart Display & Information System (“ECDIS”); (ii) Smart Ship; (iii) Overseas Solutions Distributions; and (iv) Aids to Navigation.

On August 15, 2017, we entered into an agreement and plan of (the “Merger Agreement”), pursuant to which we merged with and into our newly formed wholly-owned subsidiary (the “Merger Sub” and, the transaction, the “Merger”).

As permitted by Chapter 92A.180 of Nevada Revised Statutes, the purpose of the Merger was to effect a change of the Company’s name from “Pollex, Inc.” to “eMARINE Global Inc.” Upon the filing of articles of merger with the Secretary of State of Nevada on August 15, 2017 in order to effect the Merger, the Company’s articles of incorporation were deemed amended to reflect the change in the Company’s corporate name. Upon consummation of the Merger, the separate existence of Merger Sub ceased.

Our principal execute offices are located at 4th Floor, 15-14, Samsan-ro 308beon-gil, Nam-gu, Ulsan, 44715 South Korea.

Overview of Business

We are a leading provider of information and communications technology for the maritime industry. We provide solutions for the collection, integration and display of maritime information abroad and ashore by electronic means to enhance berth-to-berth navigation and related services. We believe that these solutions provide the most efficient means to secure the safety of life at sea and to protect the marine environment. We offer all of our products and services through subscription, installation, updates and/or maintenance contracts.

Our Products & Solutions

We offer onboard and onshore products and solutions to customers operating within the maritime and shipbuilding industries through our two business divisions: (i) our maritime information and communications technology (“Maritime ICT”) division and (ii) our shipbuilding information and communications (“Shipbuilding ICT”) division.

We focus our business on four main hardware and software products: (i) Electronic Chart Display & Information System (“ECDIS”); (ii) Smart Ship solutions; (iii) distribution of overseas solutions; and (iv) Aids to Navigation (“AtoN”) systems.

Electronic Chart Display and Information Systems

We offer e-Navigator, our branded electronic chart display and information system, or ECDIS, which is a computer-based navigation system that complies with International Maritime Organization (“IMO”) regulations and can be used as an alternative to paper navigation charters. Integrating a variety of real-time information, it is an automated decision aid capable of continuously determining a vessel’s position in related to land, charted objects, navigation aids and unseen hazards, which is key in helping operators monitor and plan routes. An ECDIS includes electronic navigation charts (“ENC”), which we also offer, and integrates position information from the global positioning system (“GPS”) and other navigational sensors, such as radar, fathometer and automatic identification systems. It can also provide additional navigation-related information, such as sailing directions. Only the hardware is regulated by the IMO, while the software is subject to patents. We have obtained ECDIS software and South Korean patents for ECDIS technology.

Smart Ship Solutions

Our Smart Ship technology is the result of our partnership with Hyundai Heavy Industries (“HHI”) and much of it has been implemented on HHI’s newly-built ships. These systems use the marine I.o.T. and big data technologies to provide solutions such as the Intra-Ship Integrated Gateway (“ISIG”), an intra-ship network that promotes greater communication amongst a fleet while at sea; the Collision Avoidance and Optimal Voyage Systems, both dedicated to helping mariners determine the best routes and avoid incidents at sea; and the Remote Maintenance and Engine Monitoring Systems, which similarly promote crews’ safety by ensuring that vessels are kept in shipshape condition. Through the further development of our Smart Ship solutions, we believe will make greater in-roads into the autonomous ship and unmanned ship markets.

Smart Ship solutions are navigation oriented hardware and software that are developed by utilizing maritime I.o.T and big data technology. We develop Smart Ship technology under the partnership with HHI. This partnership has resulted in the development of a number of Smart Ship solutions that we supplied to HHI’s newly-built ships. By applying marine I.o.T. and big data technologies, we believe we will continue to expand the development of Smart Ship solutions, by gradually entering the autonomous ship and unmanned ship market.

Overseas Solutions Distribution

We have agreements with a number of maritime products manufacturers. We have an exclusive agreement with Teledyne Technologies International Corp for the distribution of CARIS, maritime GIS software. We distribute digital charts from C-Map, The United Kingdom Hydrographic Office and the Korea Hydrography and Research Association. In 2017, we began providing services related to a maritime-training simulator for the Republic of Korea Navy in cooperation with ECA-Sindel. We also are the exclusive distributor of Hatteland’s maritime-specialized hardware.

Aids to Navigation

We implement AtoN management systems for public maritime agencies. AtoN systems include sensors that are attached to navigational aids at sea and management software installed at the ground control level for information collection, display and analysis. Our AtoN System consists of the (i) Maritime Weather Signals Total Management System and the (ii) e-A2N device.

The Maritime Weather Signals Total Management System is a technology that collects weather information that is then transmitted to all major ports and maritime offices for public and civic use. It collects weather signals in various formats, including AIS, CDMA and TRS, and then simultaneously displays such information as tidal height, wind directivity, wind speed and sea temperature. We have implemented over a dozen maritime information systems in major port cities such as Busan, Incheon and Ulsan. In 2017, we implemented our Total Management System, which compiles all maritime weather information and delivers it through one central center, at the National Maritime Positioning, Navigation, and Timing Office. We believe that once the IMO begins its e-Navigation initiative, the Total AtoN Management System will be a part of the Total Maritime Traffic System.

Our e-A2N device detects technical malfunctions and sends real-time data such as battery status and weather conditions to ground control, bringing attention to ship components in need of maintenance. We believe that our e-A2N device results in cost reduction and unnecessary manpower while also benefiting users, such as crew members, passengers, pilots and seaferers, by providing access to weather information via port dashboards and smart applications. To date, we have installed e-A2N devices in over 4,000 navigational aids throughout Korea.

Key Factors of Our Business Model

We cover every aspect of the ENC technology within our e-Navigator from manufacturing, modification, personalization, distribution and maintenance. We offer our customers our e-Navigator ECDIS and ENC separately or as a package, which we believe provides us with a cost competitive edge, as well as seamless integration and on-going maintenance.

We have developed our e-Navigator and our ECN products in an effort to offer our customers what we believe to be the best product possible in the market. Currently, we hold approximately 90% of the market of private ships through our government contracts with the Republic of Korea (“R.O.K”) Navy and Coast Guard, and we hold approximately 60% of the public sector market share. The rest of the market is held by other domestic and foreign competitors, including Japan Radio Co., Ltd., Furuno Electric Co., Ltd. and Martin Electric Co., Ltd. We have been the market leader of ECDIS in Korea, consistently supplying and operating maintenance service for the Republic of Korea Navy, the Coast Guard and other public and commercial ships. We continuously provide ECDIS maintenance services to an average of 200 navy vessels annually, with contracts renewed every one to two years

In September 2017, we won a contract from the R.O.K. Navy to provide maintenance services to navy ships through fiscal year 2018. This marks the 8^th consecutive year in which we have won such contracts.

We are a Smart Ship solutions development partner of Hyundai Heavy Industries. We supply ISIG, Optimal Navigation System and Engine Status Monitoring System to Hyundai Heavy Industries and anticipate supplying subsequent Smart Ship products to Hyundai Heavy Industries and other shipbuilders in South Korea such as Hanjin Heavy Industries and Samsung Heavy Industries.

Limited Operating History

We are in the early stages of development and have a limited operating history. We have a history of operating losses and may not achieve or maintain profitability and positive cash flow. We may not successfully address these risks and uncertainties or successfully implement our operating strategies. If we fail to do so, it could materially harm our business to the point of having to cease operations and could impair the value of our common stock to the point investors may lose their entire investment. Even if we accomplish these objectives, we may not generate positive cash flows or the profits we anticipate in the future. We cannot guarantee we will be successful in our business operations.

The following discussion and analysis should be read in conjunction with our audited financial statements for the fiscal year ended December 31, 2017, and accompanying notes, in the our Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 17, 2018.

RESULTS OF OPERATIONS

Three Months Ended June 30, 2018 and 2017

The following table summarizes the results of our operations during the three months ended June 30, 2018 and 2017, respectively, and percentage increase or (decrease) from the current 3-month period to the prior 3-month period (in thousands of Korean Won):

Line Item	6/30/2018 (unaudited)		6/30/2017 (unaudited)		Increase		Percentage Increase
Revenue	￦	1,049,202	￦	1,003,471	￦	45,731		5	%
Operating expense	￦	1,489,881	￦	1,151,150	￦	338,731		29	%
Net loss	￦	445,805	￦	119,800	￦	326,007		272	%

Revenue. Total revenue for the three months ended June 30, 2018 and 2017 was ￦1,049,202 thousand and ￦1,003,471 thousand, respectively. The increase of ￦45,731 thousand, or 5%, was primarily due to the increased Computer Aided Resource Information System (“CARIS”) software sales.

Cost of Revenue. Total cost of revenue for the three months ended June 30, 2018 and 2017 was ￦690,973 thousand and ￦606,236 thousand, respectively. The increase of ￦84,737 thousand, or 14%, was primarily due to the increased cost of revenue on CARIS software sales. The cost increase was higher than that of revenue due to the special sales promotions.

Selling, General and Administrative Expenses. Selling, general and administrative expenses for the three months ended June 30, 2018 and 2017 was ￦771,105 thousand and ￦475,570 thousand, respectively. The increase of ￦295,535 thousand, or 62%, was primarily due to the heavy expenditures on the development of the algorithm for typhoon forecast monitoring technology.

Loss from Operations. Loss from operations for the three months ended June 30, 2018 and 2017 was ￦412,876 thousand and ￦78,335 thousand, respectively. The decrease of ￦334,541 thousand, or 427%, was due to the combination of the decrease in gross margin and the increase in the selling, general and administrative expenses.

Other Expense. Other expense for the three months ended June 30, 2018 and 2017 was ￦27,803 thousand and ￦69,344 thousand, respectively. The decrease of ￦41,541 thousand, or 60%, was primarily due to the decrease in interest expense.

Net Loss. Net loss for the three months ended June 30, 2018 and 2017 was ￦445,805 thousand and ￦119,800 thousand, respectively. The increase of ￦326,007 thousand, or 272%, was due to the combination of the decrease in gross margin and the increase in the selling, general and administrative expenses offset by the slight decrease in other expense.

Six Months Ended June 30, 2018 and June 30, 2017

The following table summarizes the results of our operations during the six months ended June 30, 2018 and 2017, respectively, and percentage increase or (decrease) from the current 6-month period to the prior 6-month period (in thousands of Korean Won):

Line Item	6/30/2018 (unaudited)		6/30/2017 (unaudited)		Increase (Decrease)			Percentage Increase (Decrease)
Revenue	￦	2,358,685	￦	1,970,123	￦	388,562			20	%
Operating expense	￦	2,815,031	￦	2,997,166	￦	(182,135	)		(6	)%
Net loss	￦	456,346	￦	1,027,043	￦	(570,697	)		(56	)%

Revenue. Total revenue for the six months ended June 30, 2018 and 2017 was ￦2,358,685 thousand and ￦1,970,123 thousand, respectively. The increase of ￦388,562 thousand, or 20%, was primarily due to the increased CARIS software sales and new service sales to Research Institute of Medium & small Shipbuiliding.

Cost of Revenue. Total cost of revenue for the six months ended June 30, 2018 and 2017 was ￦1,545,988 thousand and ￦1,924,960 thousand, respectively. The decrease of ￦378,972 thousand, or 20%, was primarily due to the decrease in outsourcing costs and the increase in government subsidy.

Selling, General and Administrative Expenses. Selling, general and administrative expenses for the six months ended June 30, 2018 and 2017 was ￦1,195,183 thousand and ￦987,123 thousand, respectively. The increase of ￦208,060 thousand, or 21%, was primarily due to the heavy expenditures on the development of the algorithm for typhoon forecast monitoring technology.

Loss from Operations. Loss from operations for the six months ended June 30, 2018 and 2017 was ￦382,486 thousand and ￦941,960 thousand, respectively. The decrease of ￦559,474 thousand, or 59%, was due to the combination of the increase in gross margin offset by the increase in the selling, general and administrative expenses.

Other Expense. Other expense for the six months ended June 30, 2018 and 2017 was ￦71,664 thousand and ￦112,962 thousand, respectively. The decrease of ￦41,298 thousand, or 37%, was primarily due to the decrease in interest expense.

Net Loss. Net loss for the six months ended June 30, 2018 and 2017 was ￦456,346 thousand and ￦1,027,043 thousand, respectively. The decrease of ￦570,697 thousand, or 56%, was due to the combination of the increase in gross margin and the slight decrease in other expense offset by the increase in the selling, general and administrative expenses.

LIQUIDITY AND CAPITAL RESOURCES

Sources of Liquidity

As of June 30, 2018, the Company had ￦166,228 thousand of cash on hand as compared to ￦109,316 thousand as of December 31, 2017. For the six months ended June 30, 2018, the Company reported loss from operations of ￦382,486 thousand and net cash used in operating activities of ￦454,647 thousand. The Company continues to experience liquidity constraints due to the continuing losses. These factors raise substantial doubt about the Company’s ability to continue as a going concern.

During 2018, management addressed going concern remediation by conducting a private placement offering to fund operations, and is continuing initiatives to raise capital to meet future working capital requirements. However, additional capital is required to reduce the Company’s risk of going concern uncertainties beyond the next twelve months as of August 14, 2018. There is no certainty that the Company will be able to arrange sufficient funding to continue its operations.

Operating Cash Flows. Net cash used in operating activities for the six months ended June 30, 2018 was ￦454,647 thousand, which was due to the net loss of ￦456,346 thousand, the increase in operating assets of ￦356,128, and payments of pension benefits of ￦30,895 offset by the adjustment of noncash items of ￦178,645 thousand to the net loss and increase in operating liabilities of ￦210,077 thousand.

Investing Cash Flows. Net cash provided by investing activities for the six months ended June 30, 2018 was ￦424,456 thousand, which was due to the net decrease in loans to related parties of ￦162,456 thousand and proceeds from disposals of short-term financial instruments of ￦262,000 thousand.

Financing Cash Flows. Net cash provided by financing activities for the six months ended June 30, 2018 was ￦97,735 thousand, which was due the proceeds from private placement of ￦557,336 thousand and the increase in loans from related parties of ￦38,754 thousand offset by the net decrease in short-term borrowings of ￦396,395, repayment of current portion of long-term debt of ￦101,960 thousand.

Off-Balance Sheet Arrangements

We do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

Contingencies

From time to time the Company may be named in claims arising in the ordinary course of business. We record a provision for a liability when we believe that it is both probable that a liability has been incurred, and that the amount can be reasonably estimated. If we determine that a loss is reasonably possible and the loss or range of loss can be estimated, we disclose the possible loss in the accompanying notes to the consolidated financial statements. Significant judgment is required to determine both probability and the estimated amount of loss. Such matters are inherently unpredictable and subject to significant uncertainties, some of which are beyond our control. Should any of these estimates and assumptions change or prove to be incorrect, it could have a material impact on our results of operations, financial position, and cash flows.

See Note 14 – Commitments and Contingencies in the notes to the consolidated financial statements included in Part I, Item I, and “Legal Proceedings” contained in Part II, Item I of this Quarterly Report on Form 10-Q for additional information regarding contingencies.

Recently Issued Accounting Pronouncements

In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. In August 2015, FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which deferred the effective date of ASU 2014-09 to reporting periods beginning after December 15, 2017, with early adoption permitted for reporting periods beginning after December 15, 2016. Subsequently, FASB issued ASUs in 2016 containing implementation guidance related to ASU 2014-09, including: ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) , which is intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations; ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing , which is intended to clarify two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance; and ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients, which contains certain provision and practical expedients in response to identified implementation issues. The Company has adopted ASU 2014-09 and related ASUs on January 1, 2018. Companies may use either a full retrospective or a modified retrospective approach to adopt these ASUs. On January 1, 2018, the Company adopted ASU 2014-09, using the full retrospective method, which requires reporting entities to apply the standard as of the earliest period presented in their financial statements. The Company completed its review of its material revenue streams and determined that the adoption of Topic 606 did not have a material impact on the Company’s condensed consolidated statements of operations and condensed consolidated balance sheets.

Critical Accounting Policies and Estimates

Our condensed consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission and on the same basis as the Company prepares its annual audited consolidated financial statements. The preparation of these condensed consolidated financial statements requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, costs and expenses, and related disclosures. These estimates form the basis for judgments we make about the carrying values of our assets and liabilities, which are not readily apparent from other sources. We base our estimates and judgments on historical experience and on various other assumptions that we believe are reasonable under the circumstances. On an ongoing basis, we evaluate our estimates and assumptions. Our actual results may differ from these estimates under different assumptions or conditions.

In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of such interim results.

There have been no material changes in the Company’s significant accounting policies to those previously disclosed in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2017.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

Our management is responsible for establishing and maintaining adequate “disclosure controls and procedures,” as such term is defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (the “Exchange Act”), that are designed to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in SEC rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure. Our management has concluded that our disclosure controls and procedures were not effective as of the end of the period covered by this Report to provide the reasonable assurance discussed above.

Management’s Report on Internal Control Over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as such term is defined in Rules 13a-15(f) under the Exchange Act). Our management assessed the effectiveness of our internal control over financial reporting as of June 30, 2018. In making this assessment, our management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control-Integrated Framework (2013). Our management has concluded that, as of June 30, 2018, our internal control over financial reporting is not effective based on these criteria.

Turner Stone & Company, the independent registered public accounting firm that audited our financial statements included in this Quarterly Report on Form 10-Q, was not required to issue an attestation report on our internal control over financial reporting.

Changes in Internal Control Over Financial Reporting

There was no change in our internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) during the fiscal quarter ended June 30, 2018 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

On January 18, 2018, the Company commenced a lawsuit in the district court in the Republic of Korea against a customer, Shinwoo E&D., Ltd. (“Shinwoo”), to recover an unpaid balance of ￦ 84,095,000 which was due during fiscal year 2017. The district court ruled in favor of the Company. On February 1, 2018, Shinwoo filed an appeal against the district court’s decision. The Company believes it is probable that it will prevail and that it will not suffer an adverse outcome related to the case. The Company has not recorded any reserve related to this dispute as of June 30, 2018.

In addition, from time to time we may be involved in litigation incidental to the conduct of our business. In the ordinary course of business, we may be a party to inquiries, legal proceedings and claims including, from time to time, disagreements with vendors and customers. Currently, no legal proceedings, government actions, administrative actions, investigations or claims are pending against the Company or involve the Company that, in the opinion of management, could reasonably be expected to have a material adverse effect on its business and financial condition except for the Shinwoo matter described herein.

ITEM 1A. RISK FACTORS.

As a “smaller reporting company” as defined by Item 10 of Regulation S-K, the Company is not required to provide information required by this Item.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES

None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

None.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

None.

ITEM 6. EXHIBITS

Exhibit No.		Description

31.1		Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2		Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1		Certification of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS		XBRL Instance Document
101 SCH		XBRL Taxonomy Extension Schema Document
101.CAL		XBRL Taxonomy Extension Calculation Linkbase Document
101 LAB		XBRL Extension Labels Linkbase Document
101.PRE		XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF		XBRL Taxonomy Extension Definition Linkbase Document

SIGNATURES

In accordance with the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

	EMARINE GLOBAL INC.

Date: August 14, 2018	By:	/s/ Ung Gyu Kim
		Ung Gyu Kim
		Chief Executive Officer

EX-31.1 2 ex31-1.htm

EXHIBIT 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

I, Ung Gyu Kim, certify that:

	1.	I have reviewed this Form 10-Q for the period ended June 30, 2018 of eMarine Global Inc.;

	2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

	3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

	4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	e.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	f.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 14, 2018

/s/ Ung Gyu Kim
Ung Gyu Kim
Principal Executive Officer

EX-31.2 3 ex31-2.htm

EXHIBIT 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002

(18 U.S.C. SECTION 1350)

I, Ung Gyu Kim, certify that:

	1.	I have reviewed this Form 10-Q for the period ended June 30, 2018 of eMarine Global Inc.;

	2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

	3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

	4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

	a.	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b.	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c.	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d.	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

	e.	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	f.	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 14, 2018

/s/ Ung Gyu Kim
Ung Gyu Kim
Principal Financial Officer

EX-32.1 4 ex32-1.htm

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO SECTION 906
OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of eMarine Global Inc. (the “Company”) on Form 10-Q for the period ended June 30, 2018, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. The Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 (the “Report”), fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

2. Information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

IN WITNESS WHEREOF, each of the undersigned has executed this statement this 14th day of August, 2018.

	/s/ Ung Gyu Kim
	Ung Gyu Kim
	Chief Executive Officer
	Chief Financial Officer

A signed original of this written statement required by Section 906 has been provided to EMARINE GLOBAL INC. and will be retained by EMARINE GLOBAL INC. and furnished to the Securities and Exchange Commission or its staff upon request.

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The following securities were not included in the diluted net loss per share calculation because their effect was anti-dilutive for the years presented.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2018</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2017</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; line-height: 107%">Common stock warrants</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="width: 14%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">12,916,688</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="width: 14%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">-</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Potential dilutive shares</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">12,916,688</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> </table>

The components of the long-term debt, including the current portion, are as follows (in thousands of Korean Won):   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2018</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">December 31, 2017</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Loans from Small & medium Business Corporation borrowed at March 23, 2016 with the maturity of March 22, 2021 and at an interest of 4.22% and 4.22% per annum for 2018 and 2017, respectively, guaranteed by Ung Gyu Kim, President</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">458,040</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">500,000</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 62%; line-height: 107%">Loans from Small & medium Business Corporation borrowed at February 28, 2017 with the maturity of February 28, 2022 and at an interest of 2.65% per annum, guaranteed by Ung Gyu Kim, President</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 16%; text-align: right; line-height: 107%">200,000</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 16%; text-align: right; line-height: 107%">200,000</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Loans from Kwangju Bank borrowed at September 24, 2015 with the maturity of September 24, 2018 and at an interest of 6.06% and 6.08% per annum for 2018 and 2017, respectively, guaranteed by Ung Gyu Kim, President. The borrowings are secured by the personal property owned by Ung Gyu Kim, President</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">170,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">230,000</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">828,040</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">930,000</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Less: current portion</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">(358,960</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">(245,240</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Total long-term debt less current portion</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">469,080</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">684,760</td> <td style="line-height: 107%"> </td></tr> </table>

Maturities of the long-term debt for each of the next five years and thereafter are as follows (in thousands of Korean Won):   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Year Ending June 30,</td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">2019</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">358,960 </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 86%; line-height: 107%">2020</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 11%; text-align: right; line-height: 107%">233,160</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">2021</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">191,520</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">2022</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">44,400</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">828,040 </td> <td style="line-height: 107%"> </td></tr> </table>

The following table includes the estimates and assumptions used in the Black-Scholes model:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 86%; line-height: 107%">Stock price</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">0.57</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Exercise price</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">$</td> <td style="text-align: right; line-height: 107%">0.08</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Contractual term (Years)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">3</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Volatility</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">70.22</td> <td style="line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Risk-free rate</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1.53</td> <td style="line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Expected dividend rate</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.00</td> <td style="line-height: 107%">%</td></tr> </table>

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NOTE 1 – DESCRIPTION OF BUSINESS AND ORGANIZATION   eMarine Global Inc. is a Nevada corporation (the “Company”) formed under the name of Web Views Corporation on November 2, 2001. On October 20, 2008, the Company changed its name to Pollex, Inc. (“Pollex”)   On July 25, 2017, the Company entered into a share exchange agreement (the “Exchange Agreement”) with e-Marine Co., Ltd., a corporation organized under the laws of the Republic of Korea (“e-Marine”), and the shareholders of e-Marine (the “e-Marine Shareholders”), pursuant to which the e-Marine Shareholders assigned, transferred and delivered, free and clear of all liens, 100% of the issued and outstanding shares of common stock of e-Marine, representing 100% of the equity interest in e-Marine (the “e-Marine Shares”) in exchange for 14,975,000 restricted shares of its common stock (the “Share Exchange”). As a result of the Share Exchange, e-Marine became the Company’s wholly-owned subsidiary, and the e-Marine Shareholders acquired a controlling interest in the Company.   For accounting purposes, the Share Exchange was treated as an acquisition of Pollex and a recapitalization of the Company. The Company is the accounting acquirer, and the results of its operations carryover. Accordingly, the operations of Pollex are not carried over and have been adjusted to ￦0. The assets and liabilities of the Company have been brought forward at its book value and no goodwill has been recognized as a result of the transaction.   At the time of the Share Exchange, the Company was engaged in the online games business by acquiring gaming licenses in order to make them commercially available abroad. As a result of the Share Exchange, the Company assumed e-Marine’s business operations as its own. The acquisition of e-Marine is treated as a reverse acquisition, and the business of e-Marine became the business of the Company.   As part of the recapitalization, the Pollex Shareholders assigned, transferred and delivered, free and clear of all liens, 1,012,233 of the issued and outstanding shares of common stock of Pollex, in exchange for 1,026,317 restricted shares of its common stock.   e-Marine Co., Ltd. was organized under the laws of the Republic of Korea on January 2, 2001, and is a maritime information and communications technology provider based in South Korea. e-Marine seeks to achieve safety of life at sea through the use of various technologies, such as e-Navigation, Maritime Internet-of-Things (otherwise known as “I.o.T.”) and marine big data technology (collectively, “Maritime ICT Convergence”). e-Marine’s main products and services are divided into four categories: (1) Electronic Chart Display & Information System (“ECDIS”); (2) Smart Ship; (3) Overseas Solutions Distributions; and (4) Aids to Navigation.   On August 15, 2017, the Company entered into an agreement and plan of (the “Merger Agreement”), pursuant to which it merged with and into a newly formed wholly-owned subsidiary (the “Merger Sub” and, the transaction, the “Merger”).   As permitted by Chapter 92A.180 of Nevada Revised Statutes, the purpose of the Merger was to effect a change of the Company’s name from Pollex, Inc. to eMARINE Global Inc. Upon the filing of articles of merger with the Secretary of State of Nevada on August 15, 2017 in order to effect the Merger, the Company’s articles of incorporation were deemed amended to reflect the change in the Company’s corporate name. Upon consummation of the Merger, the separate existence of Merger Sub ceased.

NOTE 2 – LIQUIDITY FINANCIAL CONDITION AND MANAGEMENT PLANS   These consolidated financial statements have been prepared on the basis of a going concern which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.   As of June 30, 2018, the Company had cash of ￦166,228 thousand. Historically, the Company had net losses and negative cash flows from operations. The Company continues to experience liquidity constraints due to the continuing losses. These factors contributed to the Company’s substantial doubt of its ability to continue as a going concern.   During the six months ended June 30, 2018 and the year ended December 31, 2017, management has addressed going concern remediation through funding through the private placement and is continuing initiatives to raise capital to meet future working capital requirements. However, additional capital is required to reduce the risk of going concern uncertainties for the Company beyond the next twelve months as of the reporting date. There is no certainty that the Company will be able to arrange sufficient funding to continue its operations.

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (“SEC”) and on the same basis as the Company prepares its annual audited consolidated financial statements. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of such interim results.   The results for the condensed consolidated statement of operations are not necessarily indicative of results to be expected for the year ending December 31, 2018 or for any future interim period. The condensed consolidated balance sheet at June 30, 2018 has been derived from unaudited financial statements; however, it does not include all of the information and notes required by U.S. GAAP for complete financial statements. The accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements for the year ended December 31, 2017, and notes thereto included in the Company’s annual report on Form 10-K filed on April 17, 2018.   There have been no material changes in the Company’s significant accounting policies to those previously disclosed in the Company’s annual report on Form 10-K, which was filed with the Securities and Exchange Commission on April 17, 2018.   Earnings (Loss) Per Share   Earnings (loss) per share are calculated in accordance with Accounting Standards Codification (“ASC”) 260 “Earnings Per Share,” which provides for the calculation of “basic” and “diluted” earnings (loss) per share. Basic earnings (loss) per share includes no dilution and is computed by dividing net earnings by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflect, in periods in which they have a dilutive effect, the effect of common shares issuable upon exercise of stock options. The following securities were not included in the diluted net loss per share calculation because their effect was anti-dilutive for the years presented.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2018</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2017</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; line-height: 107%">Common stock warrants</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="width: 14%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">12,916,688</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="width: 14%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">-</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Potential dilutive shares</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">12,916,688</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> </table>   These shares were excluded due to their antidilutive effect.   Recent Accounting Pronouncements   In February 2016, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842). This ASU will increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Certain qualitative and quantitative disclosures are required, as well as a retrospective recognition and measurement of impacted leases. This ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating this ASU to determine its impact on the Company’s operations, financial position, cash flows and disclosures.   In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. In August 2015, FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which deferred the effective date of ASU 2014-09 to reporting periods beginning after December 15, 2017, with early adoption permitted for reporting periods beginning after December 15, 2016. Subsequently, FASB issued ASUs in 2016 containing implementation guidance related to ASU 2014-09, including: ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) , which is intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations; ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing , which is intended to clarify two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance; and ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients , which contains certain provision and practical expedients in response to identified implementation issues. The Company has adopted ASU 2014-09 and related ASUs on January 1, 2018. Companies may use either a full retrospective or a modified retrospective approach to adopt these ASUs. On January 1, 2018, the Company adopted ASU 2014-09, using the full retrospective method, which requires reporting entities to apply the standard as of the earliest period presented in their financial statements. The Company completed its review of its material revenue streams and determined that the adoption of Topic 606 did not have a material impact on the Company’s condensed consolidated statements of operations and condensed consolidated balance sheets.   In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This ASU eliminates Step 2 along with amending other parts of the goodwill impairment test. Under ASU 2017-04, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of the reporting unit with its carrying amount, and should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value with the loss not exceeding the total amount of goodwill allocated to that reporting unit. This ASU is effective for annual periods beginning after December 15, 2019, and interim periods therein with early adoption permitted for interim or annual goodwill impairment tests performed after January 1, 2017. At adoption, this update will require a prospective approach. The Company is currently evaluating this ASU to determine its impact on the Company’s operations, financial position, cash flows and disclosures.   Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.

NOTE 4 — INVENTORIES   The components of inventories are as follows (in thousands of Korean Won):   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2018</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">December 31, 2017</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 107%">Finished goods</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 62%; padding-left: 10pt; line-height: 107%">Raw materials</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="width: 16%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">87,422</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="width: 16%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">6,200</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">87,422</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">6,200</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 107%">Less: Inventory reserve</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Total, net</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">87,422</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">6,200</td> <td style="line-height: 107%"> </td></tr> </table>

NOTE 5 — PROPERTY AND EQUIPMENT   The components of property and equipment are as follows (in thousands of Korean Won):   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2018</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">December 31, 2017</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Office equipment</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">219,980 </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">219,980</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 62%; line-height: 107%">Fixtures and furniture</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 16%; text-align: right; line-height: 107%">48,520</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 16%; text-align: right; line-height: 107%">48,520</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Other</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">285,113</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">285,113</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Total, at cost</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">553,613</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">553,613</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 107%">Less: Accumulated depreciation</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">(501,687</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">(493,805</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Total, net</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">51,926 </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">59,808</td> <td style="line-height: 107%"> </td></tr> </table>   Depreciation expense amounted to ￦7,882 thousand and ￦8,761 thousand for the six month period ended June 30, 2018 and 2017, respectively.

NOTE 6 – GOODWILL   In 2011, the Company acquired Intra-Ship Integrated Gateway business from Hyundai BS&C Co., Ltd. and recognized the goodwill of ￦1,430,625 thousand along with the other identifiable assets and liabilities.   The Company assessed relevant events and circumstances in evaluating whether it was more likely than not that its fair value of the reporting unit was less than reporting unit’s carrying amount. The Company concluded that it is more likely than not that the fair value of a reporting unit is not less than its carrying amount and did not perform the two–step impairment test.

NOTE 7 – INTANGIBLE ASSETS   The components of intangible assets that are carried at cost less accumulated amortization are as follows (in thousands of Korean Won):   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2018</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">December 31, 2017</td> <td style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Description</td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Gross Carrying Amount</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Accumulated Amortization</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Net Carrying Amount</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Gross Carrying Amount</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Accumulated Amortization</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Net Carrying Amount</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Industrial Property Rights</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">5,960</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">(5,051</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">909 </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">5,960</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">(4,841</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">1,119</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 40%; line-height: 107%">Software</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 7%; text-align: right; line-height: 107%">62,782</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 7%; text-align: right; line-height: 107%">(62,782</td> <td style="width: 1%; line-height: 107%">)</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 7%; text-align: right; line-height: 107%">-</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 7%; text-align: right; line-height: 107%">62,782</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 7%; text-align: right; line-height: 107%">(62,782</td> <td style="width: 1%; line-height: 107%">)</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 7%; text-align: right; line-height: 107%">-</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Customers relationship</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">500,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(150,000</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">350,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">500,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(100,000</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">400,000</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Other</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">22,021</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">(20,326</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">1,695</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">22,020</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">(20,086</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">1,934</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">590,763 </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">(238,159</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">352,604 </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">590,762</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">(187,709</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">403,053</td> <td style="line-height: 107%"> </td></tr> </table>   Amortization expense for intangible assets was ￦50,450 thousand and ￦6,133 thousand for the periods ended June 30, 2018 and 2017, respectively.   The following table outlines the estimated future amortization expense related to intangible assets held as of June 30, 2018 (in thousands of Korean Won):   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Year Ending December 31,</td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">2018</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">50,449 </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 86%; line-height: 107%">2019</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 11%; text-align: right; line-height: 107%">100,899</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">2020</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">100,759</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">2021</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">100,479</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">2022</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">18</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">352,604 </td> <td style="line-height: 107%"> </td></tr> </table>

NOTE 8 — DEBT   Short-term Borrowings   The Company borrowed ￦260,000 thousand from Kookmin Bank at October 8, 2015 with the maturity of October 2, 2018. The borrowings bear an interest at 4.70% per annum for 2018 and 2017. The Company paid ￦26,000 thousand and entered into a refinancing agreement at September 29, 2017. At June 30, 2018 and December 31, 2017, the balance for the borrowings was ￦234,000 thousand and ￦234,000 thousand, respectively. The borrowings are guaranteed by Korea Technology Finance Corporation, a government-funded institution.   The Company borrowed ￦260,000 thousand from Kookmin Bank at November 4, 2015 with the maturity of November 2, 2018. The borrowings bear an interest at 5.05% per annum for 2018 and 2017. The Company paid ￦26,000 thousand and entered into a refinancing agreement at November 3. 2017. At June 30, 2018 and December 31, 2017, the balance for the borrowings was ￦234,000 thousand and ￦234,000 thousand, respectively. The borrowings are guaranteed by Korea Technology Finance Corporation, a government-funded institution.   The Company borrowed ￦1,000,000 thousand from Woori Bank at June 2, 2015 with the maturity of June 1, 2018. The borrowings bear an interest at 4.27% per annum for 2018 and 2017. The Company paid ￦1,000,000 thousand and entered into an extension agreement at May 25, 2018, through which the maturity was extended one more year. At June 30, 2018 and December 31, 2017, the balance for the borrowings was ￦900,000 thousand and ￦1,000,000 thousand, respectively. The borrowings are guaranteed by Korea Technology Finance Corporation, a government-funded institution.   The Company had a bank overdraft from Woori Bank. The overdraft bears an interest at 14.00% per annum for 2018 and 2017. At June 30, 2018 and December 31, 2017, the balance for the bank overdraft was ￦61,492 thousand and ￦57,886 thousand, respectively. The overdraft is collateralized by the savings account of ￦5,000 thousand and guaranteed by Ung Gyu Kim, President.   The Company borrowed ￦500,000 thousand from Suhyup Bank at July 18, 2016 with the original maturity of July 18, 2018. The maturity was extended 1 year, which is July 18, 2019. The borrowings bear an interest at 2.50 % per annum for 2018 and 2017. At June 30, 2018 and December 31, 2017, the balance for the borrowings was ￦464,000 thousand and ￦464,000 thousand, respectively. The borrowings are collateralized by the savings account of ￦3,000 thousand and guaranteed by Hyundai BS&C Co., Ltd., a nonaffiliated company.   The Company borrowed ￦300,000 thousand from Hana Bank at August 4, 2017 with the maturity of August 1, 2018. The borrowings bear an interest at 2.56% per annum for 2018 and 2017. The borrowings were paid off at maturity. At June 30, 2018 and December 31, 2017, the balance for the borrowings was nil and ￦300,000 thousand, respectively. The borrowings are collateralized by the savings account of ￦300,000 thousand.   The Company borrowed ￦550,000 thousand from GMT Co., Ltd. at April 19, 2017 with the maturity of November 30, 2017. The borrowings bear an interest at 6.00 % per annum for 2017. At June 30, 2018 and December 31, 2017, the balance for the borrowings was ￦200,000 thousand. The balance is currently in default. The Company is in negotiation with the lender to extend the maturity.   The Company borrowed ￦300,000 thousand from GNC Co., Ltd. at April 18, 2017 with the maturity of November 30, 2017. The borrowings bear an interest at 6.00 % per annum for 2017. At June 30, 2018 and December 31, 2017, the balance for the borrowings was ￦300,000 thousand. The balance is currently in default. The Company is in negotiation with the lender to extend the maturity.   As of June 30, 2018 and December 31, 2017, the estimated fair value of the short-term borrowings approximate their carrying values.   Long-term Debt   The components of the long-term debt, including the current portion, are as follows (in thousands of Korean Won):   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2018</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">December 31, 2017</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Loans from Small & medium Business Corporation borrowed at March 23, 2016 with the maturity of March 22, 2021 and at an interest of 4.22% and 4.22% per annum for 2018 and 2017, respectively, guaranteed by Ung Gyu Kim, President</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">458,040</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">500,000</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 62%; line-height: 107%">Loans from Small & medium Business Corporation borrowed at February 28, 2017 with the maturity of February 28, 2022 and at an interest of 2.65% per annum, guaranteed by Ung Gyu Kim, President</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 16%; text-align: right; line-height: 107%">200,000</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 16%; text-align: right; line-height: 107%">200,000</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Loans from Kwangju Bank borrowed at September 24, 2015 with the maturity of September 24, 2018 and at an interest of 6.06% and 6.08% per annum for 2018 and 2017, respectively, guaranteed by Ung Gyu Kim, President. The borrowings are secured by the personal property owned by Ung Gyu Kim, President</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">170,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">230,000</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">828,040</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">930,000</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Less: current portion</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">(358,960</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">(245,240</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Total long-term debt less current portion</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">469,080</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">684,760</td> <td style="line-height: 107%"> </td></tr> </table>   As of June 30, 2018 and December 31, 2017, the estimated fair value of the long-term debt, including the current portion, were ￦828,040 and ￦930,000, respectively.   Maturities of the long-term debt for each of the next five years and thereafter are as follows (in thousands of Korean Won):   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Year Ending June 30,</td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">2019</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">358,960 </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 86%; line-height: 107%">2020</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 11%; text-align: right; line-height: 107%">233,160</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">2021</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">191,520</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">2022</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">44,400</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">828,040 </td> <td style="line-height: 107%"> </td></tr> </table>   As of June 30, 2018 and December 31, 2017, respectively, the Company was in compliance with the financial covenant in credit agreements as defined in the credit agreements.

NOTE 9 – PENSION PLANS   The Company has a defined benefit plans covering all full time employees who met certain requirements of age, length of service and hours worked per year. Benefits paid to retirees are based upon age at retirement and years of credited service.   Information with respect to changes in benefit obligation and the funded status of the plans is as follows (in thousands of Korean Won):   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2018</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">December 31, 2017</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Change in projected benefit liability</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Liability at beginning of year</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">930,098</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">880,656</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%; line-height: 107%">Service cost</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 16%; text-align: right; line-height: 107%">102,871</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 16%; text-align: right; line-height: 107%">226,787</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Interest cost</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">5,587</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">10,991</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Benefit payments</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(30,895</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(146,892</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Prior service cost</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Remeasurement of defined benefit liabilities</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">9,981</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">(41,444</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Liability at end of year</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,017,642</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">930,098</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Plan assets at end of year</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Funded status and net liability recognized</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">(1,017,642)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">(930,098)</td> <td style="line-height: 107%"> </td></tr> </table>   The components of benefit expense are as follows (in thousands of Korean Won):   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2018</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">December 31, 2017</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Service cost</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">102,871</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">226,787</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 62%; line-height: 107%">Interest cost</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 16%; text-align: right; line-height: 107%">5,587</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 16%; text-align: right; line-height: 107%">10,991</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Prior service cost</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">108,458</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">237,778</td> <td style="line-height: 107%"> </td></tr> </table>   The weighted-average assumptions used to determine projected benefit liability and benefit expense for pension plans are as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2018</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">December 31, 2017</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%; line-height: 107%">Discount rate</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 16%; text-align: right; line-height: 107%">3.23</td> <td style="width: 1%; line-height: 107%">%</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 16%; text-align: right; line-height: 107%">3.21</td> <td style="width: 1%; line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Expected long-term rate of return on plan assets</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">N/A</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">N/A</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Rate of compensation increase</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">2.00</td> <td style="line-height: 107%">%</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">2.00</td> <td style="line-height: 107%">%</td></tr> </table>   The estimated future benefit payments are as follows (in thousands of Korean Won):   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Year Ending June 30,</td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">2019</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">46,552</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 86%; line-height: 107%">2020</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 11%; text-align: right; line-height: 107%">60,381</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">2021</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">54,697</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">2022</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">59,070</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">2023</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">62,514</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Thereafter</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">2,265,061</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">2,548,275 </td> <td style="line-height: 107%"> </td></tr> </table>

NOTE 10 – REDEEMABLE CONVERTIBLE PREFERRED STOCK   On May 17, 2016, the Company entered into a securities purchase agreement with an accredited investor to place 12,800 redeemable convertible preferred shares (the “Preferred Stock”), par value ￦10,000 per share, in the aggregate principal amount of ￦640,000 thousand (the “Transaction”). The proceeds from sales of the Preferred Stock, net of issuance cost of ￦3,993 thousand were fully received at June 8, 2016.   On May 30, 2017, all redeemable convertible preferred shares were converted into 12,800 shares of common stock of e-Marine Co. Ltd. On July 25, 2017, as a result of the Share Exchange, the Company acquired all of the issued and outstanding equity interests of e-Marine Co. Ltd., and e-Marine Co., Ltd. became the Company’s wholly-owned subsidiary.

NOTE 11 – STOCKHOLDERS’ DEFICIT   Authorized and Outstanding Capital Stock   The Company authorized 300,000,000 shares of common stock, par value $0.001, of which 22,927,992 are currently issued and outstanding. The Company also has 10,000,000 shares of “blank check” preferred stock, par value $0.001 per share. There are currently no shares of preferred stock outstanding.   Common Stock   The shareholders of common stock (the “Shareholders”) have equal ratable rights to dividends from funds legally available therefore, when, as and if declared by the Board of Directors and are entitled to share ratably in all of the Company’s assets available for distribution to the Shareholders upon the liquidation, dissolution or winding up of business. The Shareholders do not have preemptive, subscription or conversion rights.   The Shareholders are entitled to one vote per share on all matters which they are entitled to vote upon at all meetings of the Shareholders. The Shareholders do not have cumulative voting rights, which would allow the Shareholders of more than 50% of outstanding voting securities to elect all of directors.   The payment of dividends, if any, in the future rests within the sole discretion of the Board of Directors and will depend, among other things, upon earnings, capital requirements and financial condition, as well as other relevant factors. The Company has not paid any dividends since its inception and do not intend to pay any cash dividends in the foreseeable future, but intend to retain all earnings, if any, for use in its business.   Blank Check Preferred Stock   The Board of Directors will be authorized, subject to any limitations prescribed by law, without further vote or action by the Shareholders, to issue from time to time preferred stock in one or more series. Each series of preferred stock will have the number of shares, designations, preferences, voting powers, qualifications and special or relative rights or privileges as shall be determined by the Board of Directors, which may include, among other things, dividend rights, voting rights, liquidation preferences, conversion rights and preemptive rights.   Warrants   As of June 30, 2018, the Company has outstanding warrants to purchase up to an aggregate of 12,916,688 shares of common stock, par value $0.001 per share, for a period of three years from the date of issuance, July 25, 2017, at an exercise price of $0.60 per share, subject to adjustments as set forth in the warrant. The Company also has outstanding warrants to purchase up to an aggregate of 1,100,000 shares of common stock, par value $0.001 per share, for a period of three years from the date of issuance, July 25, 2017, at an exercise price of $0.08 per share, subject to adjustments as set forth in the warrant.   The Company may issue warrants to non-employees in capital raising transactions or for services. In accordance with ASC 718, “Compensation—Stock Compensation”, the cost of warrants issued to non-employees is measured on the grant date based on the fair value. The fair value is determined using the Black-Scholes option pricing model. The resulting amount is charged to expense on the straight-line basis over the period in which the Company expects to receive the benefit, which is generally the vesting period. For the year ended December 31, 2017, ￦620,994 thousand was charged to expense.   Private Placement Offering   On July 25, 2017, the Company entered into a subscription agreement with selected accredited investors. Pursuant to the terms of the subscription agreement, the Company offered in a private placement $2,250,000 of units. Each unit has a purchase price of $0.50 and consisted of (i) one (1) share of the Company’s common stock, par value $0.001 per share; and (ii) warrants to purchase two and one-half (2.5) shares of the Company’s common stock. The warrants are exercisable for a period of three (3) years from the date of issuance at an exercise price of $0.60 per share, subject to adjustment as provided in the agreement evidencing the warrants.   The offering closed on July 25, 2017. At the closing, the Company received subscriptions for the full offering of $2,250,000, with gross proceeds of $1,765,000 (approximately ￦2,009,844 thousand) being received by the Company as of such date. The Company issued a total of 3,530,000 shares and 8,825,000 warrants to purchase up to 8,825,000 shares of the Company’s common stock.   Since the closing, the Company received gross proceeds in the amount of $165,000 (approximately ￦184,190 thousand), and issued to the relevant investors an aggregate of 330,000 shares and warrants to purchase 825,000 shares.   On March 23, 2018, the Company entered into a subscription agreement with selected accredited investors. Pursuant to the terms of the Subscription Agreement, the Company sold in a private placement an aggregate of 866,675 units at a purchase price of $0.60 per unit. Each unit consists of (i) one (1) share of the Company’s common stock, par value $0.001 per share; and (ii) warrants to purchase two and one-half (2.5) shares of the Company’s common stock. The warrants are exercisable for a period of three (3) years from the date of issuance at an exercise price of $0.70 per share, subject to adjustment as provided in the agreement evidencing the warrants.   At closing, the Company issued an aggregate of 866,675 shares and 2,166,688 warrants for total gross proceeds of $520,005.   Consulting Agreement   On July 25, 2017, the Company entered into a consulting agreement (the “Consulting Agreement”) with Peach Management LLC, a limited liability company organized under the laws of the Commonwealth of Puerto Rico (“Consultant”), for a term of twenty four months, effective as of July 25, 2017 (the “Term”). Pursuant to the terms of the Consulting Agreement, Consultant will assist the Company with introductions to investor relation firms located within and outside the United States to develop and implement capital markets messaging reflected in press releases, shareholder letters, PowerPoint presentations, social media and traditional media (the “Services”) during the Term. In consideration of the Services to be rendered by Consultant, the Company shall issue to Consultant warrants to purchase up to 1,100,000 shares of the Company’s common stock, par value $0.001 per share (the “Consultant Warrants”). The Consultant Warrants shall have a term of three years and have an exercise price equal to $0.08 per share.   In connection with the issuance of these warrants, the Company charged approximately ￦620,994 thousand of professional fees to expense.   The fair value of stock warrants was determined at the date of grant using the Black-Scholes option pricing model (the “Black-Scholes model”) The Black-Scholes model requires management to make various estimates and assumptions, including expected term, expected volatility, risk-free rate, and dividend yield. The expected term represents the period of time that stock-based compensation awards granted are expected to be outstanding and is estimated based on considerations including the vesting period, contractual term and anticipated employee exercise patterns. Expected volatility is based on the historical volatility of the Company’s stock. The risk-free rate is based on the U.S. Treasury yield curve in relation to the contractual life of stock-based compensation instrument. The dividend yield assumption is based on historical patterns and future expectations for the Company dividends.   The following table includes the estimates and assumptions used in the Black-Scholes model:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 86%; line-height: 107%">Stock price</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%">$</td> <td style="width: 11%; text-align: right; line-height: 107%">0.57</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Exercise price</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">$</td> <td style="text-align: right; line-height: 107%">0.08</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Contractual term (Years)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">3</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Volatility</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">70.22</td> <td style="line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Risk-free rate</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1.53</td> <td style="line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Expected dividend rate</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">0.00</td> <td style="line-height: 107%">%</td></tr> </table>   Other Issuances   In connection with the Exchange Agreement and Subscription Agreement, the Company issued to RedChip Companies, Inc. and Sichenzia Ross Ference Kesner LLP an aggregate of 2,200,000 shares of the Company’s common stock, par value $0.001 per share. The fair value of such shares issued is approximately ￦1,417,159 thousand and is recorded as additional paid in capital as these shares were issued as the consideration for the capital raising.

NOTE 12 – INCOME TAXES   The provision for income taxes consisted of the following (in thousands of Korean Won):   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2018</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2017</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Current</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 66%; line-height: 107%">Deferred</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="width: 14%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">2,196</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="width: 14%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">(27,879</td> <td style="width: 1%; line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">2,196</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">(27,879</td> <td style="line-height: 107%">)</td></tr> </table>   The table below summarizes the differences between the Company’s effective tax rate and the statutory federal rate as follows for the six months ended June 30, 2018 and 2017:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2018</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2017</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; text-align: justify; line-height: 107%">Income taxes at Federal statutory rate</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 14%; text-align: right; line-height: 107%">21.00</td> <td style="width: 1%; line-height: 107%">%</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 14%; text-align: right; line-height: 107%">34.00</td> <td style="width: 1%; line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 107%">Foreign tax rate differential</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1.00</td> <td style="line-height: 107%">%</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(12.00</td> <td style="line-height: 107%">)%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 107%">Change in valuation allowance</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(22.00</td> <td style="line-height: 107%">)%</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(22.00</td> <td style="line-height: 107%">)%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 107%">Other</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%">%</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 107%">Effective tax rate</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%">%</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%">% </td></tr> </table>

NOTE 13 – RELATED PARTY TRANSACTIONS   As of June 30, 2018 and December 31, 2017, the Company loaned nil and ￦290,812 thousand, respectively to the Company’s officers and employees. The loans receivable bear an interest of 6.9% and 4.6% per annum for 2018 and 2017, respectively, and are redeemable on demand.   The Company borrowed ￦53,000 thousand from Min Sik Park, Senior Vice President, at December 31, 2015 with the maturity of December 30, 2018. The borrowings bear an interest at 9.50 % per annum. At June 30, 2018 and December 31, 2017, the balance for the borrowings was ￦9,606 thousand and ￦18,895 thousand, respectively.   The Company borrowed ￦141,216 thousand from Ung Gyu Kim, President, at February 26, 2018 with the maturity of February 25, 2019. The borrowings bear an interest at 4.60 % per annum. At June 30, 2018 and December 31, 2017, the balance for the borrowings was ￦48,044 thousand and nil, respectively

NOTE 14 – COMMITMENTS AND CONTINGENCIES   Maintenance Bond   In connection with service agreements with certain customers, the Company is required to provide a maintenance bond to guarantee the maintenance for a specified period of time following completion of service. The Company purchases maintenance bonds from third-party guarantors and is not exposed to contingent liabilities.   Legal Proceedings   From time to time the Company may be named in claims arising in the ordinary course of business. Currently, no legal proceedings, government actions, administrative actions, investigations or claims are pending against the Company or involve the Company that, in the opinion of management, could reasonably be expected to have a material adverse effect on its business and financial condition except for the lawsuit against Shinwoo E&D Co., Ltd. (“Shinwoo”). There was an unpaid amount due ￦84,095,000 from Shinwoo in dispute as of December 31, 2017. The Company filed a lawsuit and the ruling by the district court at January 18, 2018 was in favor of the Company. Shinwoo appealed against the court decision at February 1, 2018. The Company believes it is probable that it will not suffer from an adverse outcome related to the case. The Company has not recorded any reserve related to this dispute as of June 30, 2018.

NOTE 15 — CONCENTRATION OF CREDIT RISK   Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of accounts receivable. Credit risk with respect to trade accounts receivable was concentrated with five and three of the Company’s customers in June 30, 2018 and December 31, 2017, respectively.   At June 30, 2018, Research Institute of Medium & small Shipbuilding, Korea Hydrography and Research Association, Hanjin Heavy Industries and Construction Co., Ltd., and Shinwoo E&D Co., Ltd. represented 32%, 23%, 15% and 11% of accounts receivable outstanding.   At December 31, 2017, Naval Logistics Command, Hyundai Heavy Industries Co., Ltd. and Shinwoo E&D Co., Ltd. represented 38%, 22% and 17% of accounts receivable outstanding.   The Company performs ongoing credit evaluations of its customers’ financial condition to mitigate its credit risk. The deterioration of the financial condition of its major customers could adversely impact the Company’s operations. From time to time where the Company determines that circumstances warrant, the Company extends payment terms beyond its standard payment terms.   During the period ended June 30, 2018, Naval Logistics Command and Research Institute of Medium & small Shipbuilding represented 25% and 10% of the Company’s net sales.   During the period ended June 30, 2017, Naval Logistics Command, Hyundai Heavy Industries, Gaon IT Co., Ltd. and Research Institute of Medium & small Shipbuilding represented 19%, 14%,12% and 10% of the Company’s net sales.

NOTE 17 — SUBSEQUENT EVENTS   The Company has evaluated events that have occurred after the balance sheet date but before the consolidated financial statements are issued and determined that there were no subsequent events or transactions that required recognition or disclosure in the consolidated financial statements.

Earnings (Loss) Per Share   Earnings (loss) per share are calculated in accordance with Accounting Standards Codification (“ASC”) 260 “Earnings Per Share,” which provides for the calculation of “basic” and “diluted” earnings (loss) per share. Basic earnings (loss) per share includes no dilution and is computed by dividing net earnings by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per share reflect, in periods in which they have a dilutive effect, the effect of common shares issuable upon exercise of stock options. The following securities were not included in the diluted net loss per share calculation because their effect was anti-dilutive for the years presented.   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2018</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2017</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; line-height: 107%">Common stock warrants</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="width: 14%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">12,916,688</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="width: 14%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">-</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Potential dilutive shares</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">12,916,688</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> </table>   These shares were excluded due to their antidilutive effect.

Recent Accounting Pronouncements   In February 2016, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases (Topic 842). This ASU will increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Certain qualitative and quantitative disclosures are required, as well as a retrospective recognition and measurement of impacted leases. This ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating this ASU to determine its impact on the Company’s operations, financial position, cash flows and disclosures.   In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. In August 2015, FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date, which deferred the effective date of ASU 2014-09 to reporting periods beginning after December 15, 2017, with early adoption permitted for reporting periods beginning after December 15, 2016. Subsequently, FASB issued ASUs in 2016 containing implementation guidance related to ASU 2014-09, including: ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net) , which is intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations; ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing , which is intended to clarify two aspects of Topic 606: identifying performance obligations and the licensing implementation guidance; and ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients , which contains certain provision and practical expedients in response to identified implementation issues. The Company has adopted ASU 2014-09 and related ASUs on January 1, 2018. Companies may use either a full retrospective or a modified retrospective approach to adopt these ASUs. On January 1, 2018, the Company adopted ASU 2014-09, using the full retrospective method, which requires reporting entities to apply the standard as of the earliest period presented in their financial statements. The Company completed its review of its material revenue streams and determined that the adoption of Topic 606 did not have a material impact on the Company’s condensed consolidated statements of operations and condensed consolidated balance sheets.   In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. This ASU eliminates Step 2 along with amending other parts of the goodwill impairment test. Under ASU 2017-04, an entity should perform its annual or interim goodwill impairment test by comparing the fair value of the reporting unit with its carrying amount, and should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value with the loss not exceeding the total amount of goodwill allocated to that reporting unit. This ASU is effective for annual periods beginning after December 15, 2019, and interim periods therein with early adoption permitted for interim or annual goodwill impairment tests performed after January 1, 2017. At adoption, this update will require a prospective approach. The Company is currently evaluating this ASU to determine its impact on the Company’s operations, financial position, cash flows and disclosures.   Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated financial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on or are unrelated to its financial condition, results of operations, cash flows or disclosures.

The components of inventories are as follows (in thousands of Korean Won):   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2018</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">December 31, 2017</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 107%">Finished goods</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 62%; padding-left: 10pt; line-height: 107%">Raw materials</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="width: 16%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">87,422</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="width: 16%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">6,200</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">87,422</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">6,200</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-left: 10pt; line-height: 107%">Less: Inventory reserve</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Total, net</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">87,422</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">6,200</td> <td style="line-height: 107%"> </td></tr> </table>

The components of property and equipment are as follows (in thousands of Korean Won):   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2018</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">December 31, 2017</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Office equipment</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">219,980 </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">219,980</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 62%; line-height: 107%">Fixtures and furniture</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 16%; text-align: right; line-height: 107%">48,520</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 16%; text-align: right; line-height: 107%">48,520</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Other</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">285,113</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">285,113</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Total, at cost</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">553,613</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">553,613</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-left: 10pt; line-height: 107%">Less: Accumulated depreciation</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">(501,687</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">(493,805</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Total, net</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">51,926 </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">59,808</td> <td style="line-height: 107%"> </td></tr> </table>

The components of intangible assets that are carried at cost less accumulated amortization are as follows (in thousands of Korean Won):   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2018</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="10" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">December 31, 2017</td> <td style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">Description</td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Gross Carrying Amount</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Accumulated Amortization</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Net Carrying Amount</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Gross Carrying Amount</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Accumulated Amortization</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> Net Carrying Amount</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Industrial Property Rights</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">5,960</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">(5,051</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">909 </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">5,960</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">(4,841</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">1,119</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 40%; line-height: 107%">Software</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 7%; text-align: right; line-height: 107%">62,782</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 7%; text-align: right; line-height: 107%">(62,782</td> <td style="width: 1%; line-height: 107%">)</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 7%; text-align: right; line-height: 107%">-</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 7%; text-align: right; line-height: 107%">62,782</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 7%; text-align: right; line-height: 107%">(62,782</td> <td style="width: 1%; line-height: 107%">)</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 7%; text-align: right; line-height: 107%">-</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Customers relationship</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">500,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(150,000</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">350,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">500,000</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(100,000</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">400,000</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Other</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">22,021</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">(20,326</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">1,695</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">22,020</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">(20,086</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">1,934</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">590,763 </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">(238,159</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">352,604 </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">590,762</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">(187,709</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">403,053</td> <td style="line-height: 107%"> </td></tr> </table>

The following table outlines the estimated future amortization expense related to intangible assets held as of June 30, 2018 (in thousands of Korean Won):   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Year Ending December 31,</td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">2018</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">50,449 </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 86%; line-height: 107%">2019</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 11%; text-align: right; line-height: 107%">100,899</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">2020</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">100,759</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">2021</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">100,479</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">2022</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">18</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">352,604 </td> <td style="line-height: 107%"> </td></tr> </table>

Information with respect to changes in benefit obligation and the funded status of the plans is as follows (in thousands of Korean Won):   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2018</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">December 31, 2017</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Change in projected benefit liability</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Liability at beginning of year</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">930,098</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">880,656</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%; line-height: 107%">Service cost</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 16%; text-align: right; line-height: 107%">102,871</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 16%; text-align: right; line-height: 107%">226,787</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Interest cost</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">5,587</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">10,991</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Benefit payments</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(30,895</td> <td style="line-height: 107%">)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(146,892</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Prior service cost</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Remeasurement of defined benefit liabilities</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">9,981</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">(41,444</td> <td style="line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Liability at end of year</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1,017,642</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">930,098</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Plan assets at end of year</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Funded status and net liability recognized</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">(1,017,642)</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">(930,098)</td> <td style="line-height: 107%"> </td></tr> </table>

The components of benefit expense are as follows (in thousands of Korean Won):   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2018</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">December 31, 2017</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Service cost</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">102,871</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">226,787</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 62%; line-height: 107%">Interest cost</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 16%; text-align: right; line-height: 107%">5,587</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 16%; text-align: right; line-height: 107%">10,991</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Prior service cost</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">108,458</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">237,778</td> <td style="line-height: 107%"> </td></tr> </table>

The weighted-average assumptions used to determine projected benefit liability and benefit expense for pension plans are as follows:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2018</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">December 31, 2017</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 62%; line-height: 107%">Discount rate</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 16%; text-align: right; line-height: 107%">3.23</td> <td style="width: 1%; line-height: 107%">%</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 16%; text-align: right; line-height: 107%">3.21</td> <td style="width: 1%; line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Expected long-term rate of return on plan assets</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">N/A</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">N/A</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Rate of compensation increase</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">2.00</td> <td style="line-height: 107%">%</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">2.00</td> <td style="line-height: 107%">%</td></tr> </table>

The estimated future benefit payments are as follows (in thousands of Korean Won):   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%">Year Ending June 30,</td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">2019</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">46,552</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 86%; line-height: 107%">2020</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 11%; text-align: right; line-height: 107%">60,381</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">2021</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">54,697</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">2022</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">59,070</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">2023</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">62,514</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%">Thereafter</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">2,265,061</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">2,548,275 </td> <td style="line-height: 107%"> </td></tr> </table>

The provision for income taxes consisted of the following (in thousands of Korean Won):   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2018</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2017</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Current</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">-</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 66%; line-height: 107%">Deferred</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="width: 14%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">2,196</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="width: 14%; border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">(27,879</td> <td style="width: 1%; line-height: 107%">)</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">2,196</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%">￦</td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">(27,879</td> <td style="line-height: 107%">)</td></tr> </table>

The table below summarizes the differences between the Company’s effective tax rate and the statutory federal rate as follows for the six months ended June 30, 2018 and 2017:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2018</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2017</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 66%; text-align: justify; line-height: 107%">Income taxes at Federal statutory rate</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 14%; text-align: right; line-height: 107%">21.00</td> <td style="width: 1%; line-height: 107%">%</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 14%; text-align: right; line-height: 107%">34.00</td> <td style="width: 1%; line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 107%">Foreign tax rate differential</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">1.00</td> <td style="line-height: 107%">%</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(12.00</td> <td style="line-height: 107%">)%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 107%">Change in valuation allowance</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(22.00</td> <td style="line-height: 107%">)%</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">(22.00</td> <td style="line-height: 107%">)%</td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 107%">Other</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%">%</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%">%</td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 107%">Effective tax rate</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%">%</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%">-</td> <td style="line-height: 107%">% </td></tr> </table>

1026317

-930098000

-1017642000

358960000

233160000

191520000

44400000

2548275000

2265061000

62514000

59070000

54697000

60381000

46552000

0.57

0.08

30895000

146892000

338000000

76000000

480673000

754002000

6200000

87422000

65087000

75732000

1163276000

1159384000

59808000

51926000

1430625000

403053000

352604000

120499000

100199000

3177261000

3094738000

1129854000

1202074000

1131517000 1253617000

193048000

192784000

2789886000

2393492000

245240000

358960000

5508440000

5410533000

684760000

469080000

48044000

930098000

1017642000

7123298000

6945299000

25265000

26198000

6577829000

7136825000

-56593000

-64700000

-10492538000

-10948884000

-3946037000

-3850561000

3177261000

3094738000

10000000

0.001

12916688

1100000

2.5

8825000

1100000

8825000

825000

2.5

P3Y P3Y P3Y P3Y

0.60

0.08

0.60

0.08

0.70

620994000

0.50

0.60

P3Y

2250000

184190000 2009844000 1765000 165000

3530000

330000

866675

2166688

520005

620994000

2200000

1417159000

NOTE 16 — REVENUE RECOGNITION   Revenue from the sale of products and services is recorded when the performance obligation is fulfilled, usually at the time of shipment or when the service is provided, at the net sales price (transaction price). The Company elected to present revenue net of value added tax and other similar taxes and account for shipping and handling activities as fulfillment costs rather than separate performance obligations.   The Company recognizes revenue in accordance with the following five-step model:   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: top"> <td style="width: 24px; line-height: 107%"> </td> <td style="width: 24px; text-align: justify; line-height: 107%">●</td> <td style="text-align: justify; line-height: 107%">identify arrangements with customers;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 107%"> </td> <td style="text-align: justify; line-height: 107%">●</td> <td style="text-align: justify; line-height: 107%">identify performance obligations;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 107%"> </td> <td style="text-align: justify; line-height: 107%">●</td> <td style="text-align: justify; line-height: 107%">determine transaction price;</td></tr> <tr style="vertical-align: top"> <td style="line-height: 107%"> </td> <td style="text-align: justify; line-height: 107%">●</td> <td style="text-align: justify; line-height: 107%">allocate transaction price to the separate performance obligations in the arrangement, if more than one exists; and</td></tr> <tr style="vertical-align: top"> <td style="line-height: 107%"> </td> <td style="text-align: justify; line-height: 107%">●</td> <td style="text-align: justify; line-height: 107%">recognize revenue as performance obligations are satisfied.</td></tr> </table>   Disaggregation of Revenue   Selected financial information for the Company’s operating revenue for disaggregated revenue purposes by revenue source are as follows (in thousands of Korean Won):   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">For the Three Months Ended</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">For the Six Months Ended</td> <td style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2018</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2017</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2018</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2017</td> <td style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Products</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">e-Navigation</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">709,737</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">448,142</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">953,243</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">810,151</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 16%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 16%; line-height: 107%">Smart Ship</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 14%; text-align: right; line-height: 107%">59,695</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 14%; text-align: right; line-height: 107%">19,700</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 13%; text-align: right; line-height: 107%">65,190</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 13%; text-align: right; line-height: 107%">88,650</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Projects</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">e-Navigation</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">144,510</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">430,153</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">745,245</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">904,491</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">Smart Ship</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">135,260</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">105,476</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">595,007</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">166,831</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">1,049,202</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">1,003,471</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">2,358,685</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">1,970,123</td> <td style="line-height: 107%"> </td></tr> </table>

Selected financial information for the Company’s operating revenue for disaggregated revenue purposes by revenue source are as follows (in thousands of Korean Won):   <table cellspacing="0" cellpadding="0" style="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">For the Three Months Ended</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="6" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">For the Six Months Ended</td> <td style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2018</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2017</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2018</td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%">June 30, 2017</td> <td style="text-align: center; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Products</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">e-Navigation</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">709,737</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">448,142</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">953,243</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">810,151</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="width: 16%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 16%; line-height: 107%">Smart Ship</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 14%; text-align: right; line-height: 107%">59,695</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 14%; text-align: right; line-height: 107%">19,700</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 13%; text-align: right; line-height: 107%">65,190</td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 13%; text-align: right; line-height: 107%">88,650</td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Projects</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">e-Navigation</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">144,510</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">430,153</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">745,245</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%">904,491</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">Smart Ship</td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">135,260</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">105,476</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">595,007</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%">166,831</td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%">Total</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">1,049,202</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">1,003,471</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">2,358,685</td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%">￦</td> <td style="text-align: right; line-height: 107%">1,970,123</td> <td style="line-height: 107%"> </td></tr> </table>

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[Member] Product and Service [Axis] Product [Member] Service [Member] Extension Agreement [Member] Subsegments [Axis] Products [Member] E- Navigation [Member] Projects [Member] Smart Ship [Member] Document And Entity Information Entity Registrant Name Entity Central Index Key Document Type Document Period End Date Amendment Flag Current Fiscal Year End Date Entity Filer Category Entity Common Stock, Shares Outstanding Trading Symbol Document Fiscal Period Focus Document Fiscal Year Focus Statement of Financial Position [Abstract] ASSETS CURRENT ASSETS: Cash and cash equivalents Short-term financial instruments Accounts receivable, net of allowance for doubtful accounts of 11,227 and 11,227, as of June 30, 2018 and December 31, 2017, respectively Inventories Loans to related parties Other current assets Total Current Assets Property and equipment, net Goodwill Intangible assets, net Deposits Total Assets LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES: Accounts payable Nontrade payables Other current liabilities Short-term borrowings Loans from related parties Current portion of long-term debt Total Current Liabilities Long-term debt Loans from related parties Accrued benefit pension liability Total Liabilities Commitments and Contingencies (Note 14) STOCKHOLDERS' DEFICIT : Common stock, $0.001 par value, 300,000,000 shares authorized, 22,927,992 and 22,061,317 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively Additional paid-in capital Accumulated other comprehensive loss Accumulated deficit Total Stockholders' Deficit Total Liabilities and Stockholders' Deficit Allowance for doubtful accounts, accounts receivable Common stock, par value Common stock, shares authorized Common stock, shares issued Common stock, shares, outstanding Statement [Table] Statement [Line Items] Revenue Total revenue Cost of revenue Total cost of revenue Gross margin Selling, general and administrative expenses Loss from operations Other expense: Interest expense, net Other income (expense), net Total other expense Loss before provision for income taxes Income tax provision (benefit) Net loss Net loss per common share Weighted average common shares outstanding Net loss Other comprehensive income: Foreign exchange translation loss Remeasurement of pension liabilities Other comprehensive income (loss), net of tax: Comprehensive loss Statement of Cash Flows [Abstract] CASH FLOWS FROM OPERATING ACTIVITIES: Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization Pension plan expenses Bad debt Deferred income taxes Foreign currency loss Changes in operating assets and liabilities: Accounts receivable Inventories Other current assets Deposits Accounts payable Nontrade payables Other current liabilities Pension benefits payments NET CASH USED IN OPERATING ACTIVITIES CASH FLOWS FROM INVESTING ACTIVITIES: Increase in loans to related parties Decrease in loans to related parties Proceeds from disposals of short-term financial instruments Purchase of property and equipment Purchase of intangible assets NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from private placement, net Drawdown of short-term borrowings Repayment of short-term borrowings Repayment of current portion of long-term debt Borrowings of long-term debt Repayment of long-term debt Increase in loans from related parties Repayment of loans from related parties NET CASH PROVIDED BY FINANCING ACTIVITIES Effect of exchange rate on cash and cash equivalents NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS- beginning of year EX-101.PRE 10 emrn-20180630_pre.xml XBRL PRESENTATION FILE XML 11 R1.htm IDEA: XBRL DOCUMENT

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2018	Aug. 14, 2018
Document And Entity Information
Entity Registrant Name	EMARINE GLOBAL INC.
Entity Central Index Key	0001178377
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		22,927,992
Trading Symbol	EMRN
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2018

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Condensed Consolidated Balance Sheets - KRW (₩) ₩ in Thousands	Jun. 30, 2018	Dec. 31, 2017
CURRENT ASSETS:
Cash and cash equivalents	₩ 166,228	₩ 109,316
Short-term financial instruments	76,000	338,000
Accounts receivable, net of allowance for doubtful accounts of 11,227 and 11,227, as of June 30, 2018 and December 31, 2017, respectively	754,002	480,673
Inventories	87,422	6,200
Loans to related parties		164,000
Other current assets	75,732	65,087
Total Current Assets	1,159,384	1,163,276
Property and equipment, net	51,926	59,808
Goodwill	1,430,625	1,430,625
Intangible assets, net	352,604	403,053
Deposits	100,199	120,499
Total Assets	3,094,738	3,177,261
CURRENT LIABILITIES:
Accounts payable	1,202,074	1,129,854
Nontrade payables	1,253,617	1,131,517
Other current liabilities	192,784	193,048
Short-term borrowings	2,393,492	2,789,886
Loans from related parties	9,606	18,895
Current portion of long-term debt	358,960	245,240
Total Current Liabilities	5,410,533	5,508,440
Long-term debt	469,080	684,760
Loans from related parties	48,044
Accrued benefit pension liability	1,017,642	930,098
Total Liabilities	6,945,299	7,123,298
Commitments and Contingencies (Note 14)
STOCKHOLDERS' DEFICIT :
Common stock, $0.001 par value, 300,000,000 shares authorized, 22,927,992 and 22,061,317 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively	26,198	25,265
Additional paid-in capital	7,136,825	6,577,829
Accumulated other comprehensive loss	(64,700)	(56,593)
Accumulated deficit	(10,948,884)	(10,492,538)
Total Stockholders' Deficit	(3,850,561)	(3,946,037)
Total Liabilities and Stockholders' Deficit	₩ 3,094,738	₩ 3,177,261

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Statement of Financial Position [Abstract]
Allowance for doubtful accounts, accounts receivable \| ₩	₩ 11,227	₩ 11,227
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Common stock, shares issued	22,927,992	22,061,317
Common stock, shares, outstanding	22,927,992	22,061,317

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Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) ₩ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2018 $ / shares	Jun. 30, 2018 KRW (₩) shares	Jun. 30, 2017 $ / shares	Jun. 30, 2017 KRW (₩) shares	Jun. 30, 2018 $ / shares	Jun. 30, 2018 KRW (₩) shares	Jun. 30, 2017 $ / shares	Jun. 30, 2017 KRW (₩) shares
Revenue
Total revenue		₩ 1,049,202		₩ 1,003,471		₩ 2,358,685		₩ 1,970,123
Cost of revenue
Total cost of revenue		690,973		606,236		1,545,988		1,924,960
Gross margin		358,229		397,235		812,697		45,163
Selling, general and administrative expenses		771,105		475,570		1,195,183		987,123
Loss from operations		(412,876)		(78,335)		(382,486)		(941,960)
Other expense:
Interest expense, net		(39,089)		(65,354)		(78,905)		(103,484)
Other income (expense), net		11,286		(3,990)		7,241		(9,478)
Total other expense		(27,803)		(69,344)		(71,664)		(112,962)
Loss before provision for income taxes		(440,679)		(147,679)		(454,150)		(1,054,922)
Income tax provision (benefit)		5,126		(27,879)		2,196		(27,879)
Net loss		₩ (445,805)		₩ (119,800)		₩ (456,346)		₩ (1,027,043)
Net loss per common share \| $ / shares	$ (19)		$ (486)		$ (20)		$ (7,799)
Weighted average common shares outstanding \| shares		22,927,992		246,290		22,525,778		131,681
Net loss		₩ (445,805)		₩ (119,800)		₩ (456,346)		₩ (1,027,043)
Other comprehensive income:
Foreign exchange translation loss		(13,135)				(14,919)
Remeasurement of pension liabilities		(18,174)		98,845		(7,786)		98,845
Other comprehensive income (loss), net of tax:		(31,309)		98,845		(22,705)		98,845
Comprehensive loss		(477,117)		(20,955)		(479,051)		(928,198)
Product [Member]
Revenue
Total revenue		769,432		467,842		1,018,433		898,801
Cost of revenue
Total cost of revenue		493,431		175,922		675,818		842,290
Service [Member]
Revenue
Total revenue		279,770		535,629		1,340,252		1,071,322
Cost of revenue
Total cost of revenue		₩ 197,542		₩ 430,314		₩ 870,170		₩ 1,082,670

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Condensed Consolidated Statements of Cash Flows (Unaudited) - KRW (₩) ₩ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	₩ (456,346)	₩ (1,027,043)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	58,332	14,894
Pension plan expenses	108,458	118,889
Bad debt		17,209
Deferred income taxes	2,196
Foreign currency loss	9,659	4,647
Changes in operating assets and liabilities:
Accounts receivable	(284,561)	122,066
Inventories	(81,222)	221,440
Other current assets	(10,645)	12,868
Deposits	20,300	(12,350)
Accounts payable	73,793	7,813
Nontrade payables	122,100	(99,357)
Other current liabilities	14,184	75,418
Pension benefits payments	(30,895)	(163,500)
NET CASH USED IN OPERATING ACTIVITIES	(454,647)	(707,006)
CASH FLOWS FROM INVESTING ACTIVITIES:
Increase in loans to related parties	(2,710)	(11,485)
Decrease in loans to related parties	165,166
Proceeds from disposals of short-term financial instruments	262,000	34,999
Purchase of property and equipment		(24,004)
Purchase of intangible assets		(2,395)
NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES	424,456	(2,885)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from private placement, net	557,336
Drawdown of short-term borrowings	122,113	851,275
Repayment of short-term borrowings	(518,508)	(274,000)
Repayment of current portion of long-term debt	(101,960)	(60,000)
Borrowings of long-term debt		24,702
Repayment of long-term debt		53,695
Increase in loans from related parties	181,016	10,673
Repayment of loans from related parties	(142,262)	(53,695)
NET CASH PROVIDED BY FINANCING ACTIVITIES	97,735	552,650
Effect of exchange rate on cash and cash equivalents	(10,632)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	56,912	(157,241)
CASH AND CASH EQUIVALENTS- beginning of year	109,316	157,971
CASH AND CASH EQUIVALENTS- end of period	166,228	730
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Interest	78,652	164,248
Income taxes

XML 16 R6.htm IDEA: XBRL DOCUMENT

Description of Business and Organization

6 Months Ended

Jun. 30, 2018

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of Business and Organization

NOTE 1 – DESCRIPTION OF BUSINESS AND ORGANIZATION

XML 17 R7.htm IDEA: XBRL DOCUMENT

Liquidity Financial Condition and Management Plans

6 Months Ended

Jun. 30, 2018

Liquidity Financial Condition And Management Plans

Liquidity Financial Condition and Management Plans

NOTE 2 – LIQUIDITY FINANCIAL CONDITION AND MANAGEMENT PLANS

XML 18 R8.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Earnings (Loss) Per Share

	June 30, 2018		June 30, 2017
Common stock warrants		12,916,688		-
Potential dilutive shares		12,916,688		-

These shares were excluded due to their antidilutive effect.

Recent Accounting Pronouncements

XML 19 R9.htm IDEA: XBRL DOCUMENT

Inventories

6 Months Ended

Jun. 30, 2018

Inventory Disclosure [Abstract]

Inventories

NOTE 4 — INVENTORIES

The components of inventories are as follows (in thousands of Korean Won):

	June 30, 2018		December 31, 2017
Finished goods	￦	-	￦	-
Raw materials		87,422		6,200
		87,422		6,200
Less: Inventory reserve		-		-
Total, net	￦	87,422	￦	6,200

XML 20 R10.htm IDEA: XBRL DOCUMENT

Property and Equipment

6 Months Ended

Jun. 30, 2018

Property, Plant and Equipment [Abstract]

Property and Equipment

NOTE 5 — PROPERTY AND EQUIPMENT

The components of property and equipment are as follows (in thousands of Korean Won):

	June 30, 2018			December 31, 2017
Office equipment	￦	219,980		￦	219,980
Fixtures and furniture		48,520			48,520
Other		285,113			285,113
Total, at cost		553,613			553,613
Less: Accumulated depreciation		(501,687	)		(493,805	)
Total, net	￦	51,926		￦	59,808

Depreciation expense amounted to ￦7,882 thousand and ￦8,761 thousand for the six month period ended June 30, 2018 and 2017, respectively.

XML 21 R11.htm IDEA: XBRL DOCUMENT

Goodwill

6 Months Ended

Jun. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill

NOTE 6 – GOODWILL

XML 22 R12.htm IDEA: XBRL DOCUMENT

Intangible Assets

6 Months Ended

Jun. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets

NOTE 7 – INTANGIBLE ASSETS

The components of intangible assets that are carried at cost less accumulated amortization are as follows (in thousands of Korean Won):

	June 30, 2018							December 31, 2017
Description	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Industrial Property Rights	￦	5,960	￦	(5,051	)	￦	909	￦	5,960	￦	(4,841	)	￦	1,119
Software		62,782		(62,782	)		-		62,782		(62,782	)		-
Customers relationship		500,000		(150,000	)		350,000		500,000		(100,000	)		400,000
Other		22,021		(20,326	)		1,695		22,020		(20,086	)		1,934
Total	￦	590,763	￦	(238,159	)	￦	352,604	￦	590,762	￦	(187,709	)	￦	403,053

Amortization expense for intangible assets was ￦50,450 thousand and ￦6,133 thousand for the periods ended June 30, 2018 and 2017, respectively.

The following table outlines the estimated future amortization expense related to intangible assets held as of June 30, 2018 (in thousands of Korean Won):

Year Ending December 31,
2018	￦	50,449
2019		100,899
2020		100,759
2021		100,479
2022		18
Total	￦	352,604

XML 23 R13.htm IDEA: XBRL DOCUMENT

Debt

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Debt

NOTE 8 — DEBT

Short-term Borrowings

As of June 30, 2018 and December 31, 2017, the estimated fair value of the short-term borrowings approximate their carrying values.

Long-term Debt

The components of the long-term debt, including the current portion, are as follows (in thousands of Korean Won):

	June 30, 2018			December 31, 2017
Loans from Small & medium Business Corporation borrowed at March 23, 2016 with the maturity of March 22, 2021 and at an interest of 4.22% and 4.22% per annum for 2018 and 2017, respectively, guaranteed by Ung Gyu Kim, President	￦	458,040		￦	500,000
Loans from Small & medium Business Corporation borrowed at February 28, 2017 with the maturity of February 28, 2022 and at an interest of 2.65% per annum, guaranteed by Ung Gyu Kim, President		200,000			200,000
Loans from Kwangju Bank borrowed at September 24, 2015 with the maturity of September 24, 2018 and at an interest of 6.06% and 6.08% per annum for 2018 and 2017, respectively, guaranteed by Ung Gyu Kim, President. The borrowings are secured by the personal property owned by Ung Gyu Kim, President		170,000			230,000
Total		828,040			930,000

Less: current portion		(358,960	)		(245,240	)
Total long-term debt less current portion	￦	469,080		￦	684,760

As of June 30, 2018 and December 31, 2017, the estimated fair value of the long-term debt, including the current portion, were ￦828,040 and ￦930,000, respectively.

Maturities of the long-term debt for each of the next five years and thereafter are as follows (in thousands of Korean Won):

Year Ending June 30,
2019	￦	358,960
2020		233,160
2021		191,520
2022		44,400
Total	￦	828,040

As of June 30, 2018 and December 31, 2017, respectively, the Company was in compliance with the financial covenant in credit agreements as defined in the credit agreements.

XML 24 R14.htm IDEA: XBRL DOCUMENT

Pension Plans

6 Months Ended

Jun. 30, 2018

Retirement Benefits [Abstract]

Pension Plans

NOTE 9 – PENSION PLANS

Information with respect to changes in benefit obligation and the funded status of the plans is as follows (in thousands of Korean Won):

	June 30, 2018			December 31, 2017
*Change in projected benefit liability*
Liability at beginning of year	￦	930,098		￦	880,656
Service cost		102,871			226,787
Interest cost		5,587			10,991
Benefit payments		(30,895	)		(146,892	)
Prior service cost		-			-
Remeasurement of defined benefit liabilities		9,981			(41,444	)
Liability at end of year		1,017,642			930,098

Plan assets at end of year		-			-

Funded status and net liability recognized	￦	(1,017,642)		￦	(930,098)

The components of benefit expense are as follows (in thousands of Korean Won):

	June 30, 2018		December 31, 2017

Service cost	￦	102,871	￦	226,787
Interest cost		5,587		10,991
Prior service cost		-		-
Total	￦	108,458	￦	237,778

The weighted-average assumptions used to determine projected benefit liability and benefit expense for pension plans are as follows:

	June 30, 2018			December 31, 2017
Discount rate		3.23	%		3.21	%
Expected long-term rate of return on plan assets		N/A			N/A
Rate of compensation increase		2.00	%		2.00	%

The estimated future benefit payments are as follows (in thousands of Korean Won):

Year Ending June 30,
2019	￦	46,552
2020		60,381
2021		54,697
2022		59,070
2023		62,514
Thereafter		2,265,061
Total	￦	2,548,275

XML 25 R15.htm IDEA: XBRL DOCUMENT

Redeemable Convertible Preferred Stock

6 Months Ended

Jun. 30, 2018

Temporary Equity Disclosure [Abstract]

Redeemable Convertible Preferred Stock

NOTE 10 – REDEEMABLE CONVERTIBLE PREFERRED STOCK

XML 26 R16.htm IDEA: XBRL DOCUMENT

Stockholders' Deficit

6 Months Ended

Jun. 30, 2018

Equity [Abstract]

Stockholders' Deficit

NOTE 11 – STOCKHOLDERS’ DEFICIT

Authorized and Outstanding Capital Stock

Common Stock

Blank Check Preferred Stock

Warrants

Private Placement Offering

At closing, the Company issued an aggregate of 866,675 shares and 2,166,688 warrants for total gross proceeds of $520,005.

Consulting Agreement

In connection with the issuance of these warrants, the Company charged approximately ￦620,994 thousand of professional fees to expense.

The following table includes the estimates and assumptions used in the Black-Scholes model:

Stock price	$	0.57
Exercise price	$	0.08
Contractual term (Years)		3
Volatility		70.22	%
Risk-free rate		1.53	%
Expected dividend rate		0.00	%

Other Issuances

XML 27 R17.htm IDEA: XBRL DOCUMENT

Income Taxes

6 Months Ended

Jun. 30, 2018

Income Tax Disclosure [Abstract]

Income Taxes

NOTE 12 – INCOME TAXES

The provision for income taxes consisted of the following (in thousands of Korean Won):

	June 30, 2018		June 30, 2017
Current	￦	-	￦	-
Deferred		2,196		(27,879	)
Total	￦	2,196	￦	(27,879	)

The table below summarizes the differences between the Company’s effective tax rate and the statutory federal rate as follows for the six months ended June 30, 2018 and 2017:

	June 30, 2018			June 30, 2017
Income taxes at Federal statutory rate		21.00	%		34.00	%
Foreign tax rate differential		1.00	%		(12.00	)%
Change in valuation allowance		(22.00	)%		(22.00	)%
Other		-	%		-	%
Effective tax rate		-	%		-	%

XML 28 R18.htm IDEA: XBRL DOCUMENT

Related Party Transactions

6 Months Ended

Jun. 30, 2018

Related Party Transactions

NOTE 13 – RELATED PARTY TRANSACTIONS

XML 29 R19.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies

6 Months Ended

Jun. 30, 2018

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

NOTE 14 – COMMITMENTS AND CONTINGENCIES

Maintenance Bond

Legal Proceedings

XML 30 R20.htm IDEA: XBRL DOCUMENT

Concentration of Credit Risk

6 Months Ended

Jun. 30, 2018

Risks and Uncertainties [Abstract]

Concentration of Credit Risk

NOTE 15 — CONCENTRATION OF CREDIT RISK

At December 31, 2017, Naval Logistics Command, Hyundai Heavy Industries Co., Ltd. and Shinwoo E&D Co., Ltd. represented 38%, 22% and 17% of accounts receivable outstanding.

During the period ended June 30, 2018, Naval Logistics Command and Research Institute of Medium & small Shipbuilding represented 25% and 10% of the Company’s net sales.

XML 31 R21.htm IDEA: XBRL DOCUMENT

Revenue Recognition

6 Months Ended

Jun. 30, 2018

Revenue Recognition and Deferred Revenue [Abstract]

Revenue Recognition

NOTE 16 — REVENUE RECOGNITION

The Company recognizes revenue in accordance with the following five-step model:

	●	identify arrangements with customers;
	●	identify performance obligations;
	●	determine transaction price;
	●	allocate transaction price to the separate performance obligations in the arrangement, if more than one exists; and
	●	recognize revenue as performance obligations are satisfied.

Disaggregation of Revenue

Selected financial information for the Company’s operating revenue for disaggregated revenue purposes by revenue source are as follows (in thousands of Korean Won):

		For the Three Months Ended				For the Six Months Ended
		June 30, 2018		June 30, 2017		June 30, 2018		June 30, 2017
Products	e-Navigation	￦	709,737	￦	448,142	￦	953,243	￦	810,151
	Smart Ship		59,695		19,700		65,190		88,650
Projects	e-Navigation		144,510		430,153		745,245		904,491
	Smart Ship		135,260		105,476		595,007		166,831
Total		￦	1,049,202	￦	1,003,471	￦	2,358,685	￦	1,970,123

XML 32 R22.htm IDEA: XBRL DOCUMENT

Subsequent Events

6 Months Ended

Jun. 30, 2018

Subsequent Events [Abstract]

Subsequent Events

NOTE 17 — SUBSEQUENT EVENTS

XML 33 R23.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Earnings (Loss) Per Share

	June 30, 2018		June 30, 2017
Common stock warrants		12,916,688		-
Potential dilutive shares		12,916,688		-

These shares were excluded due to their antidilutive effect.

Recent Accounting Pronouncements

XML 34 R24.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2018

Accounting Policies [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following securities were not included in the diluted net loss per share calculation because their effect was anti-dilutive for the years presented.

	June 30, 2018		June 30, 2017
Common stock warrants		12,916,688		-
Potential dilutive shares		12,916,688		-

XML 35 R25.htm IDEA: XBRL DOCUMENT

Inventories (Tables)

6 Months Ended

Jun. 30, 2018

Inventory Disclosure [Abstract]

Schedule of Inventories

The components of inventories are as follows (in thousands of Korean Won):

	June 30, 2018		December 31, 2017
Finished goods	￦	-	￦	-
Raw materials		87,422		6,200
		87,422		6,200
Less: Inventory reserve		-		-
Total, net	￦	87,422	￦	6,200

XML 36 R26.htm IDEA: XBRL DOCUMENT

Property and Equipment (Tables)

6 Months Ended

Jun. 30, 2018

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

The components of property and equipment are as follows (in thousands of Korean Won):

	June 30, 2018			December 31, 2017
Office equipment	￦	219,980		￦	219,980
Fixtures and furniture		48,520			48,520
Other		285,113			285,113
Total, at cost		553,613			553,613
Less: Accumulated depreciation		(501,687	)		(493,805	)
Total, net	￦	51,926		￦	59,808

XML 37 R27.htm IDEA: XBRL DOCUMENT

Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2018

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Intangible Assets

The components of intangible assets that are carried at cost less accumulated amortization are as follows (in thousands of Korean Won):

	June 30, 2018							December 31, 2017
Description	Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount		Gross Carrying Amount		Accumulated Amortization			Net Carrying Amount
Industrial Property Rights	￦	5,960	￦	(5,051	)	￦	909	￦	5,960	￦	(4,841	)	￦	1,119
Software		62,782		(62,782	)		-		62,782		(62,782	)		-
Customers relationship		500,000		(150,000	)		350,000		500,000		(100,000	)		400,000
Other		22,021		(20,326	)		1,695		22,020		(20,086	)		1,934
Total	￦	590,763	￦	(238,159	)	￦	352,604	￦	590,762	￦	(187,709	)	￦	403,053

Schedule of Estimated Future Amortization Expense Related to Intangible Assets

The following table outlines the estimated future amortization expense related to intangible assets held as of June 30, 2018 (in thousands of Korean Won):

Year Ending December 31,
2018	￦	50,449
2019		100,899
2020		100,759
2021		100,479
2022		18
Total	￦	352,604

XML 38 R28.htm IDEA: XBRL DOCUMENT

Debt (Tables)

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Schedule of Long-term Debt

The components of the long-term debt, including the current portion, are as follows (in thousands of Korean Won):

	June 30, 2018			December 31, 2017
Loans from Small & medium Business Corporation borrowed at March 23, 2016 with the maturity of March 22, 2021 and at an interest of 4.22% and 4.22% per annum for 2018 and 2017, respectively, guaranteed by Ung Gyu Kim, President	￦	458,040		￦	500,000
Loans from Small & medium Business Corporation borrowed at February 28, 2017 with the maturity of February 28, 2022 and at an interest of 2.65% per annum, guaranteed by Ung Gyu Kim, President		200,000			200,000
Loans from Kwangju Bank borrowed at September 24, 2015 with the maturity of September 24, 2018 and at an interest of 6.06% and 6.08% per annum for 2018 and 2017, respectively, guaranteed by Ung Gyu Kim, President. The borrowings are secured by the personal property owned by Ung Gyu Kim, President		170,000			230,000
Total		828,040			930,000

Less: current portion		(358,960	)		(245,240	)
Total long-term debt less current portion	￦	469,080		￦	684,760

Schedule of Future Principal Payments of Long-term Debt

Maturities of the long-term debt for each of the next five years and thereafter are as follows (in thousands of Korean Won):

Year Ending June 30,
2019	￦	358,960
2020		233,160
2021		191,520
2022		44,400
Total	￦	828,040

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-Section 45
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-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=114775744&loc=d3e28551-108399

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
-SubTopic 30
-Section 55
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

XML 39 R29.htm IDEA: XBRL DOCUMENT

Pension Plans (Tables)

6 Months Ended

Jun. 30, 2018

Retirement Benefits [Abstract]

Schedule of Changes in Benefit Obligation

Information with respect to changes in benefit obligation and the funded status of the plans is as follows (in thousands of Korean Won):

	June 30, 2018			December 31, 2017
*Change in projected benefit liability*
Liability at beginning of year	￦	930,098		￦	880,656
Service cost		102,871			226,787
Interest cost		5,587			10,991
Benefit payments		(30,895	)		(146,892	)
Prior service cost		-			-
Remeasurement of defined benefit liabilities		9,981			(41,444	)
Liability at end of year		1,017,642			930,098

Plan assets at end of year		-			-

Funded status and net liability recognized	￦	(1,017,642)		￦	(930,098)

Schedule of Components of Benefit Expense

The components of benefit expense are as follows (in thousands of Korean Won):

	June 30, 2018		December 31, 2017

Service cost	￦	102,871	￦	226,787
Interest cost		5,587		10,991
Prior service cost		-		-
Total	￦	108,458	￦	237,778

Schedule of Weighted Average Assumption Used

The weighted-average assumptions used to determine projected benefit liability and benefit expense for pension plans are as follows:

	June 30, 2018			December 31, 2017
Discount rate		3.23	%		3.21	%
Expected long-term rate of return on plan assets		N/A			N/A
Rate of compensation increase		2.00	%		2.00	%

Schedule of Estimated Future Benefit Payments

The estimated future benefit payments are as follows (in thousands of Korean Won):

Year Ending June 30,
2019	￦	46,552
2020		60,381
2021		54,697
2022		59,070
2023		62,514
Thereafter		2,265,061
Total	￦	2,548,275

XML 40 R30.htm IDEA: XBRL DOCUMENT

Stockholders' Deficit (Tables)

6 Months Ended

Jun. 30, 2018

Equity [Abstract]

Schedule of Estimates and Assumptions Used

The following table includes the estimates and assumptions used in the Black-Scholes model:

Stock price	$	0.57
Exercise price	$	0.08
Contractual term (Years)		3
Volatility		70.22	%
Risk-free rate		1.53	%
Expected dividend rate		0.00	%

XML 41 R31.htm IDEA: XBRL DOCUMENT

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2018

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense (Benefit)

The provision for income taxes consisted of the following (in thousands of Korean Won):

	June 30, 2018		June 30, 2017
Current	￦	-	￦	-
Deferred		2,196		(27,879	)
Total	￦	2,196	￦	(27,879	)

Schedule of Effective Tax Rate

The table below summarizes the differences between the Company’s effective tax rate and the statutory federal rate as follows for the six months ended June 30, 2018 and 2017:

	June 30, 2018			June 30, 2017
Income taxes at Federal statutory rate		21.00	%		34.00	%
Foreign tax rate differential		1.00	%		(12.00	)%
Change in valuation allowance		(22.00	)%		(22.00	)%
Other		-	%		-	%
Effective tax rate		-	%		-	%

XML 42 R32.htm IDEA: XBRL DOCUMENT

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2018

Revenue Recognition and Deferred Revenue [Abstract]

Schedule of Disaggregation of Revenue

Selected financial information for the Company’s operating revenue for disaggregated revenue purposes by revenue source are as follows (in thousands of Korean Won):

		For the Three Months Ended				For the Six Months Ended
		June 30, 2018		June 30, 2017		June 30, 2018		June 30, 2017
Products	e-Navigation	￦	709,737	￦	448,142	￦	953,243	￦	810,151
	Smart Ship		59,695		19,700		65,190		88,650
Projects	e-Navigation		144,510		430,153		745,245		904,491
	Smart Ship		135,260		105,476		595,007		166,831
Total		￦	1,049,202	￦	1,003,471	￦	2,358,685	￦	1,970,123

XML 43 R33.htm IDEA: XBRL DOCUMENT

Description of Business and Organization (Details Narrative) - KRW (₩) ₩ in Thousands		6 Months Ended
	Jul. 25, 2017	Jun. 30, 2018	Dec. 31, 2017
Common stock, shares issued		22,927,992	22,061,317
Common stock, shares outstanding		22,927,992	22,061,317
Pollex, Inc. [Member]
Adjustment of operation		₩ 0
Common stock, shares issued		1,012,233
Common stock, shares outstanding		1,012,233
Number of restricted shares exchange of common stock		1,026,317
Share Exchange Agreement [Member] \| e-Marine Co., Ltd [Member]
Equity interest, percentage	100.00%
Share Exchange Agreement [Member] \| e-Marine Co., Ltd [Member] \| Restricted Stock [Member]
Equity interest shares exchange during the period	14,975,000

XML 44 R34.htm IDEA: XBRL DOCUMENT

Liquidity Financial Condition and Management Plans (Details Narrative) - KRW (₩) ₩ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Liquidity Financial Condition And Management Plans
Cash	₩ 166,228	₩ 109,316	₩ 730	₩ 157,971

XML 45 R35.htm IDEA: XBRL DOCUMENT

Summary of Significant Accounting Policies - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Potential dilutive shares	12,916,688
Common Stock Warrants [Member]
Potential dilutive shares	12,916,688

XML 46 R36.htm IDEA: XBRL DOCUMENT

Inventories - Schedule of Inventories (Details) - KRW (₩) ₩ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Inventory Disclosure [Abstract]
Finished goods
Raw materials	87,422	6,200
Inventory, gross	87,422	6,200
Less: Inventory reserve
Total, net	₩ 87,422	₩ 6,200

XML 47 R37.htm IDEA: XBRL DOCUMENT

Property and Equipment (Details Narrative) - KRW (₩) ₩ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
Depreciation expense	₩ 7,882	₩ 8,761

XML 48 R38.htm IDEA: XBRL DOCUMENT

Property and Equipment - Schedule of Property and Equipment (Details) - KRW (₩) ₩ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Property, Plant and Equipment [Abstract]
Office equipment	₩ 219,980	₩ 219,980
Fixtures and furniture	48,520	48,520
Other	285,113	285,113
Total, at cost	553,613	553,613
Less: Accumulated depreciation	(501,687)	(493,805)
Total, net	₩ 51,926	₩ 59,808

XML 49 R39.htm IDEA: XBRL DOCUMENT

Goodwill (Details Narrative) - KRW (₩) ₩ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	₩ 1,430,625	₩ 1,430,625

XML 50 R40.htm IDEA: XBRL DOCUMENT

Intangible Assets (Details Narrative) - KRW (₩) ₩ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense for intangible assets	₩ 50,450	₩ 6,133

XML 51 R41.htm IDEA: XBRL DOCUMENT

Intangible Assets - Schedule of Intangible Assets (Details) - KRW (₩) ₩ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Gross Carrying Amount	₩ 590,763	₩ 590,762
Accumulated Amortization	(238,159)	(187,709)
Net Carrying Amount	352,604	403,053
Industrial Property Rights [Member]
Gross Carrying Amount	5,960	5,960
Accumulated Amortization	(5,051)	(4,841)
Net Carrying Amount	909	1,119
Software [Member]
Gross Carrying Amount	62,782	62,782
Accumulated Amortization	(62,782)	(62,782)
Net Carrying Amount
Customers Relationship [Member]
Gross Carrying Amount	500,000	500,000
Accumulated Amortization	(150,000)	(100,000)
Net Carrying Amount	350,000	400,000
Other [Member]
Gross Carrying Amount	22,021	22,020
Accumulated Amortization	(20,326)	(20,086)
Net Carrying Amount	₩ 1,695	₩ 1,934

XML 52 R42.htm IDEA: XBRL DOCUMENT

Intangible Assets - Schedule of Estimated Future Amortization Expense Related to Intangible Assets (Details) - KRW (₩) ₩ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
2018	₩ 50,449
2019	100,899
2020	100,759
2021	100,479
2022	18
Total	₩ 352,604	₩ 403,053

XML 53 R43.htm IDEA: XBRL DOCUMENT

Debt (Details Narrative) - KRW (₩) ₩ in Thousands											6 Months Ended		12 Months Ended
Debt (Details Narrative) - KRW (₩) ₩ in Thousands	May 25, 2018	Nov. 03, 2017	Sep. 29, 2017	Aug. 04, 2017	Apr. 19, 2017	Apr. 18, 2017	Jul. 18, 2016	Nov. 04, 2015	Oct. 08, 2015	Jun. 02, 2015	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Short-term borrowings											₩ 122,113	₩ 851,275
Repayments of short term borrowings											518,508	₩ 274,000
Long term debt											828,040		₩ 930,000
Short Term Borrowings One [Member] \| Refinancing Agreement [Member]
Repayments of short term borrowings			₩ 26,000
Short Term Borrowings One [Member] \| Kookmin Bank [Member]
Short-term borrowings									₩ 260,000		₩ 234,000		₩ 234,000
Debt instrument maturity date									Oct. 02, 2018
Debt instrument, rate of interest											4.70%		4.70%
Short Term Borrowings Two [Member] \| Refinancing Agreement [Member]
Repayments of short term borrowings		₩ 26,000
Short Term Borrowings Two [Member] \| Kookmin Bank [Member]
Short-term borrowings								₩ 260,000			₩ 234,000		₩ 234,000
Debt instrument maturity date								Nov. 02, 2018
Debt instrument, rate of interest											5.05%		5.05%
Short Term Borrowings Three [Member] \| Extension Agreement [Member]
Repayments of short term borrowings	₩ 1,000,000
Short Term Borrowings Three [Member] \| Woori Bank [Member]
Short-term borrowings										₩ 1,000,000	₩ 900,000		₩ 1,000,000
Debt instrument maturity date										Jun. 01, 2018
Debt instrument, rate of interest											4.27%		4.27%
Short Term Borrowings Three [Member] \| Woori Bank [Member] \| Extension Agreement [Member]
Debt instrument extended maturity date	May 25, 2018
Short Term Borrowings Four [Member] \| Woori Bank [Member]
Debt instrument, rate of interest											14.00%		14.00%
Bank overdraft											₩ 61,492		₩ 57,886
Debt collateralized in savings account											5,000
Short Term Borrowings Five [Member] \| Suhyup Bank [Member]
Short-term borrowings							₩ 500,000				₩ 464,000		₩ 464,000
Debt instrument maturity date							Jul. 18, 2018
Debt instrument, rate of interest											2.50%		2.50%
Debt instrument extended maturity date							Jul. 18, 2019
Debt collateralized in savings account											₩ 3,000
Short Term Borrowings Six [Member] \| Hana Bank [Member]
Short-term borrowings				₩ 300,000							₩ 300,000		₩ 300,000
Debt instrument maturity date				Aug. 01, 2018
Debt instrument, rate of interest											2.56%		2.56%
Debt collateralized in savings account											₩ 300,000
Short Term Borrowings Seven [Member] \| GMT Co., Ltd. [Member]
Short-term borrowings					₩ 550,000						200,000		₩ 200,000
Debt instrument maturity date					Nov. 30, 2017
Debt instrument, rate of interest													600.00%
Short Term Borrowings Eight [Member] \| GNC Co., Ltd. [Member]
Short-term borrowings						₩ 300,000					₩ 300,000		₩ 300,000
Debt instrument maturity date						Nov. 30, 2017
Debt instrument, rate of interest													600.00%

XML 54 R44.htm IDEA: XBRL DOCUMENT

Debt - Schedule of Long Term Debt (Details) - KRW (₩) ₩ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Total	₩ 828,040	₩ 930,000
Less: current portion	(358,960)	(245,240)
Total long-term debt less current portion	469,080	684,760
Long Term Debt One [Member]
Total	458,040	500,000
Long Term Debt Two [Member]
Total	200,000	200,000
Long Term Debt Three [Member]
Total	₩ 170,000	₩ 230,000

XML 55 R45.htm IDEA: XBRL DOCUMENT

Debt - Schedule of Long Term Debt (Details) (Parenthetical)	Feb. 28, 2017	Mar. 23, 2016	Sep. 24, 2015	Jun. 30, 2018	Dec. 31, 2017
Long Term Debt One [Member]
Debt instrument maturity date		Mar. 22, 2021
Debt instrument interest rate				4.22%	4.22%
Long Term Debt Two [Member]
Debt instrument maturity date	Feb. 28, 2022
Debt instrument interest rate	2.65%
Long Term Debt Three [Member]
Debt instrument maturity date			Sep. 24, 2018
Debt instrument interest rate				6.06%	6.08%

XML 56 R46.htm IDEA: XBRL DOCUMENT

Debt - Schedule of Future Principal Payments of Long Term Debt (Details) - KRW (₩) ₩ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
2019	₩ 358,960
2020	233,160
2021	191,520
2022	44,400
Total	₩ 828,040	₩ 930,000

XML 57 R47.htm IDEA: XBRL DOCUMENT

Pension Plans - Schedule of Changes in Benefit Obligation (Details) - KRW (₩) ₩ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Retirement Benefits [Abstract]
Liability at beginning of year	₩ 930,098	₩ 880,656
Service cost	102,871	226,787
Interest cost	5,587	10,991
Benefit payments	(30,895)	(146,892)
Prior service cost
Remeasurement of defined benefit liabilities	9,981	(41,444)
Liability at end of year	1,017,642	930,098
Plan assets at end of year
Funded status and net liability recognized	₩ (1,017,642)	₩ (930,098)

XML 58 R48.htm IDEA: XBRL DOCUMENT

Pension Plans - Schedule of Components of Benefit Expense (Details) - KRW (₩) ₩ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Retirement Benefits [Abstract]
Service cost	₩ 102,871		₩ 226,787
Interest cost	5,587		10,991
Prior service cost
Total	₩ 108,458	₩ 118,889	₩ 237,778

XML 59 R49.htm IDEA: XBRL DOCUMENT

Pension Plans - Schedule of Weighted Average Assumption Used (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Retirement Benefits [Abstract]
Discount rate	3.23%	3.21%
Expected long-term rate of return on plan assets	0.00%	0.00%
Rate of compensation increase	2.00%	2.00%

XML 60 R50.htm IDEA: XBRL DOCUMENT

Pension Plans - Schedule of Estimated Future Benefit Payments (Details) ₩ in Thousands	Jun. 30, 2018 KRW (₩)
Retirement Benefits [Abstract]
2019	₩ 46,552
2020	60,381
2021	54,697
2022	59,070
2023	62,514
Thereafter	2,265,061
Total	₩ 2,548,275

XML 61 R51.htm IDEA: XBRL DOCUMENT

Redeemable Convertible Preferred Stock (Details Narrative) - Redeemable Convertible Preferred Stock [Member] - KRW (₩) ₩ / shares in Units, ₩ in Thousands	Jun. 08, 2016	May 30, 2017	May 17, 2016
Number of preferred shares converted into common shares		12,800
Securities Purchase Agreement [Member] \| Accredited Investor [Member]
Number of preferred stock shares sold			12,800
Preferred stock par value per share			₩ 10,000
Preferred stock principal amount			₩ 640,000
Proceeds from sale of preferred stock	₩ 3,993

XML 62 R52.htm IDEA: XBRL DOCUMENT

Stockholders' Deficit (Details Narrative)				6 Months Ended			12 Months Ended
Stockholders' Deficit (Details Narrative)	Mar. 23, 2018 KRW (₩) shares	Jul. 25, 2017 KRW (₩) shares	Jul. 25, 2017 USD ($) $ / shares shares	Jun. 30, 2018 KRW (₩) shares	Jun. 30, 2018 USD ($) $ / shares shares	Jun. 30, 2017 KRW (₩)	Dec. 31, 2017 KRW (₩)	Mar. 23, 2018 $ / shares shares	Dec. 31, 2017 $ / shares shares
Common stock, shares authorized					300,000,000				300,000,000
Common stock, par value \| $ / shares					$ 0.001				$ 0.001
Common stock, shares issued					22,927,992				22,061,317
Common stock, shares outstanding					22,927,992				22,061,317
Common stock voting rights				The Shareholders are entitled to one vote per share on all matters which they are entitled to vote upon at all meetings of the Shareholders. The Shareholders do not have cumulative voting rights, which would allow the Shareholders of more than 50% of outstanding voting securities to elect all of directors.	The Shareholders are entitled to one vote per share on all matters which they are entitled to vote upon at all meetings of the Shareholders. The Shareholders do not have cumulative voting rights, which would allow the Shareholders of more than 50% of outstanding voting securities to elect all of directors.
Number of outstanding warrants to purchase common stock			8,825,000
Warrant expenses \| ₩							₩ 620,994,000
Proceeds from private placement \| ₩				₩ 557,336,000
Gross proceeds from subscriptions \| ₩		₩ 2,009,844,000		184,190,000
Number of common stock shares issued		3,530,000	3,530,000
Warrants issued for professional service \| ₩
Number of common stock shares issued for services \| ₩
USD [Member]
Proceeds from subscriptions \| $			$ 2,250,000
Gross proceeds from subscriptions \| $			$ 1,765,000		$ 165,000
Investor [Member]
Number of outstanding warrants to purchase common stock					825,000
Number of common stock shares issued				330,000	330,000
Subscription Agreement [Member] \| Investor [Member]
Common stock, par value \| $ / shares			$ 0.001
Number of outstanding warrants to purchase common stock			2.5
Warrant exercise price \| $ / shares			$ 0.60
Proceeds from private placement \| ₩		₩ 2,250,000
Purchase price of each unit \| $ / shares			$ 0.50
Warrants exercisable, term		3 years	3 years
Subscription Agreement [Member] \| Accredited Investors [Member]
Common stock, par value \| $ / shares								$ 0.001
Number of outstanding warrants to purchase common stock								2.5
Warrants, term	3 years
Warrant exercise price \| $ / shares								$ 0.70
Purchase price of each unit \| $ / shares								$ 0.60
Number of common stock shares issued	866,675
Number of warrants issued during the period	2,166,688
Gross proceed from warrants \| ₩	₩ 520,005
Consulting Agreement [Member] \| Peach Management LLC [Member]
Common stock, par value \| $ / shares			$ 0.001
Number of outstanding warrants to purchase common stock			1,100,000
Warrants, term		3 years	3 years
Warrant exercise price \| $ / shares			$ 0.08
Warrants issued for professional service \| ₩		₩ 620,994,000
Exchange and Subscription Agreement [Member] \| Consultants [Member]
Common stock, par value \| $ / shares					$ 0.001
Number of common stock shares issued for services, shares				2,200,000	2,200,000
Number of common stock shares issued for services \| ₩				₩ 1,417,159,000
Capital Stock [Member]
Common stock, shares authorized					300,000,000
Common stock, par value \| $ / shares					$ 0.001
Common stock, shares issued					22,927,992
Common stock, shares outstanding					22,927,992
Blank Check Preferred Stock [Member]
Preferred stock, shares authorized					10,000,000
Preferred stock, par value \| $ / shares					$ 0.001
Preferred stock, shares outstanding
Warrants [Member]
Common stock, par value \| $ / shares					$ 0.001
Number of outstanding warrants to purchase common stock					12,916,688
Warrants, term				3 years	3 years
Warrant exercise price \| $ / shares					$ 0.60
Warrants One [Member]
Common stock, par value \| $ / shares					$ 0.001
Number of outstanding warrants to purchase common stock					1,100,000
Warrants, term				3 years	3 years
Warrant exercise price \| $ / shares					$ 0.08
Common Stock [Member]
Number of outstanding warrants to purchase common stock			8,825,000

XML 63 R53.htm IDEA: XBRL DOCUMENT

Stockholders' Deficit - Schedule of Estimates and Assumptions Used (Details)	6 Months Ended
	Jun. 30, 2018 $ / shares
Equity [Abstract]
Stock price	$ 0.57
Exercise price	$ 0.08
Contractual term (Years)	3 years
Volatility	70.22%
Risk-free rate	1.53%
Expected dividend rate	0.00%

XML 64 R54.htm IDEA: XBRL DOCUMENT

Income Taxes - Schedule of Income Tax Expense (Benefit) (Details) - KRW (₩) ₩ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Current
Deferred			2,196	(27,879)
Total	₩ 5,126	₩ (27,879)	₩ 2,196	₩ (27,879)

XML 65 R55.htm IDEA: XBRL DOCUMENT

Income Taxes - Schedule of Effective Tax Rate (Details)	6 Months Ended
Income Taxes - Schedule of Effective Tax Rate (Details)	Jun. 30, 2018	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income taxes at Federal statutory rate	21.00%	34.00%
Foreign tax rate differential	1.00%	(12.00%)
Change in valuation allowance	(22.00%)	(22.00%)
Other	0.00%	0.00%
Effective tax rate	0.00%	0.00%

XML 66 R56.htm IDEA: XBRL DOCUMENT

Related Party Transactions (Details Narrative) - KRW (₩) ₩ in Thousands		12 Months Ended
	Feb. 26, 2018	Dec. 31, 2015	Jun. 30, 2018	Dec. 31, 2017
Due from related parties				₩ 164,000
Due to related party			9,606	18,895
Officers and Employees [Member]
Due from related parties				₩ 290,812
Debt instrument, interest rate			6.90%	4.60%
Min Sik Park [Member]
Debt instrument, interest rate			9.50%
Due to related party		₩ 53,000	₩ 9,606	₩ 18,895
Debt instrument maturity date		Dec. 30, 2018
Ung Gyu Kim [Member]
Debt instrument, interest rate	4.60%
Due to related party	₩ 141,216		₩ 48,044
Debt instrument maturity date	Feb. 25, 2019

XML 67 R57.htm IDEA: XBRL DOCUMENT

Commitments and Contingencies (Details Narrative) - KRW (₩) ₩ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Due from related parties		₩ 164,000
Shinwoo E&D Co., Ltd [Member]
Due from related parties		₩ 84,095

XML 68 R58.htm IDEA: XBRL DOCUMENT

Concentration of Credit Risk (Details Narrative)	6 Months Ended		12 Months Ended
Concentration of Credit Risk (Details Narrative)	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Research Institute of Medium & Small Shipbuilding [Member] \| Accounts Receivable [Member]
Concentration risk percentage	32.00%
Research Institute of Medium & Small Shipbuilding [Member] \| Sales Revenue, Net [Member]
Concentration risk percentage	10.00%	10.00%
Korea Hydrography and Research Association [Member] \| Accounts Receivable [Member]
Concentration risk percentage	23.00%
Hanjin Heavy Industries and Construction Co., Ltd [Member] \| Accounts Receivable [Member]
Concentration risk percentage	15.00%
Shinwoo E&D Co., Ltd [Member] \| Accounts Receivable [Member]
Concentration risk percentage	11.00%		17.00%
Naval Logistics Command [Member] \| Accounts Receivable [Member]
Concentration risk percentage			38.00%
Naval Logistics Command [Member] \| Sales Revenue, Net [Member]
Concentration risk percentage	25.00%	19.00%
Hyundai Heavy Industries Co., Ltd., [Member] \| Accounts Receivable [Member]
Concentration risk percentage			22.00%
Hyundai Heavy Industries Co., Ltd., [Member] \| Sales Revenue, Net [Member]
Concentration risk percentage		14.00%
Gaon IT Co., Ltd. [Member] \| Sales Revenue, Net [Member]
Concentration risk percentage		12.00%

XML 69 R59.htm IDEA: XBRL DOCUMENT

Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - KRW (₩)	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Total	₩ 1,049,202,000	₩ 1,003,471,000	₩ 2,358,685,000	₩ 1,970,123,000
Products [Member] \| E- Navigation [Member]
Total	709,737,000	448,142,000	953,243,000	810,151,000
Products [Member] \| Smart Ship [Member]
Total	59,695,000	19,700,000	65,190,000	88,650,000
Projects [Member] \| E- Navigation [Member]
Total	144,510,000	430,153,000	745,245,000	904,491,000
Projects [Member] \| Smart Ship [Member]
Total	₩ 135,260,000	₩ 105,476,000	₩ 595,007,000	₩ 166,831,000

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