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Share Name | Share Symbol | Market | Type |
---|---|---|---|
J E M Capital Inc (CE) | USOTC:JEMC | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
Delaware
|
46-0525801
|
(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
|
Large accelerated filer ☐
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|
Accelerated filer ☐
|
|
|
|
Non-accelerated filer ☐
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Smaller reporting company ☒
|
|
(Do not check if a smaller reporting company)
|
||
Emerging growth company ☐
|
Page
|
|||
PART I. FINANCIAL INFORMATION
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|||
Item 1.
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Consolidated Financial Statements (Unaudited)
|
3 | |
Item 2.
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Management's Discussion and Analysis of Financial Condition and
Results of Operations |
13 | |
Item 3.
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Quantitative and Qualitative Disclosures About Market Risk
|
16 | |
Item 4.
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Controls and Procedures
|
16 | |
PART II. OTHER INFORMATION
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|||
Item 1.
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Legal Proceedings
|
17 | |
Item 1A.
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Risk Factors
|
17 | |
Item 2.
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Unregistered Sales of Equity Securities and Use of Proceeds
|
17 | |
Item 3.
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Defaults Upon Senior Securities
|
17 | |
Item 4.
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Mine Safety Disclosures
|
17 | |
Item 5.
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Other Information
|
17 | |
Item 6.
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Exhibits
|
18 | |
SIGNATURES
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19 |
Page
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Consolidated Balance Sheets as of June 30, 2018 (Unaudited) and as of December 31, 2017
|
4
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Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2018 and 2017 (Unaudited)
|
5
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Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2018 and 2017 (Unaudited)
|
6 |
Notes to Unaudited Consolidated Financial Statements | 7 |
June 30,
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December 31,
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|||||||
2018
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2017
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|||||||
(Unaudited)
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||||||||
ASSETS
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||||||||
Current assets:
|
||||||||
Cash
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$
|
384
|
$
|
166
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||||
Deposit paid
|
-
|
550
|
||||||
Total current assets
|
384
|
716
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||||||
Equipment, Net
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746
|
996
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||||||
Total assets
|
$
|
1,130
|
$
|
1,712
|
||||
LIABILITIES AND STOCKHOLDERS' DEFICIT
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||||||||
Current liabilities:
|
||||||||
Accounts payable and accrued expenses
|
$
|
35,299
|
$
|
24,459
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||||
Due to shareholder
|
32,429
|
-
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||||||
Total current liabilities
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$
|
67,728
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$
|
24,459
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||||
Total liabilities
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$
|
67,728
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$
|
24,459
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||||
Commitments and contingencies
|
-
|
-
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||||||
Stockholders' deficit:
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||||||||
Preferred stock, $0.0001 par value, 5,000,000 shares authorized; no shares issued or outstanding
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||||||||
Common stock, $0.0001 par value; 195,000,000 shares authorized, 12,032,400 shares and 12,032,400 shares issued and outstanding as of June 30, 2018 and December 31, 2017
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1,203
|
1,203
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||||||
Additional paid-in capital
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301,268
|
301,268
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||||||
Accumulated deficit
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(369,069
|
)
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(325,218
|
)
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||||
Total stockholders' deficit
|
(66,598
|
)
|
(22,747
|
)
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||||
Total liabilities and stockholders' deficit
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$
|
1,130
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$
|
1,712
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|
Three Months Ended
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|
Six Months Ended
|
|
||||||||||||
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June 30,
|
|
June 30,
|
|
||||||||||||
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2018
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|
2017
|
|
2018
|
|
2017
|
|
||||||||
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|
|||||||||||||||
Operating expense:
|
|
|
|
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||||||||||||
General and administrative
|
|
$
|
23,952
|
|
|
$
|
50,324
|
|
|
$
|
43,851
|
|
|
$
|
127,308
|
|
Total operating expense
|
|
|
23,952
|
|
|
|
50,324
|
|
|
|
43,851
|
|
|
|
127,308
|
|
Loss before provision for income taxes
|
|
|
(23,952
|
)
|
|
|
(50,324
|
)
|
|
|
(43,851
|
)
|
|
|
(127,308
|
)
|
Provision for income taxes
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
Net loss
|
|
$
|
(23,952
|
)
|
|
$
|
(50,324
|
)
|
|
$
|
(43,851
|
)
|
|
$
|
(127,308
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Net loss per common share - basic and diluted
|
|
$
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(0.00
|
)
|
|
$
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(0.00
|
)
|
|
$
|
(0.00
|
)
|
|
$
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(0.01
|
)
|
Weighted average number of common shares outstanding - basic and diluted
|
|
|
12,032,400
|
|
|
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12,143,811
|
|
|
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12,032,400
|
|
|
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11,977,002
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|
Six Months Ended June 30,
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||||||||
2018
|
2017
|
|||||||
Operating activities:
|
||||||||
Net loss
|
$
|
(43,851
|
)
|
$
|
(127,308
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Depreciation
|
250
|
790
|
||||||
Changes in operating assets and liabilities
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||||||||
Deposit paid
|
550
|
-
|
||||||
Accounts payable and accrued liabilities
|
10,840
|
29,373 | ||||||
Net cash used in operating activities
|
$
|
(32,211
|
)
|
$
|
(97,145
|
)
|
||
|
||||||||
Investing activities:
|
||||||||
Purchase of equipment
|
$
|
-
|
$
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(450
|
)
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|||
Net cash used in investing activities
|
$
|
-
|
$
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(450
|
)
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|||
Financing activities:
|
||||||||
Proceeds from director
|
$
|
-
|
$
|
98,019
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||||
Proceeds from shareholder
|
32,429
|
-
|
||||||
Net cash provided by financing activities
|
$
|
32,429
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$
|
98,019
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||||
Net increase in cash
|
218
|
424
|
||||||
Cash - Beginning of period
|
166
|
-
|
||||||
Cash - End of period
|
$
|
384
|
$
|
424
|
Computer hardware and software
|
3 years
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
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June 30,
|
June 30,
|
||||||||||||||
|
2018
|
2017
|
2018
|
2017
|
||||||||||||
|
(Consolidated and unaudited)
|
(Consolidated and unaudited)
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||||||||||||||
General and administrative expense:
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||||||||||||||||
Professional fees
|
$
|
6,575
|
$
|
9,114
|
$
|
15,129
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$
|
16,327
|
||||||||
Filing fees
|
1,130
|
1,325
|
2,540
|
5,768
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||||||||||||
Franchise Tax expense
|
-
|
840
|
409
|
3,307
|
||||||||||||
Salary and related expenses
|
14,884
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33,639
|
23,769
|
86,249
|
||||||||||||
Depreciation
|
125
|
407
|
250
|
789
|
||||||||||||
Other office expenses
|
1,238
|
4,999
|
1,754
|
14,868
|
||||||||||||
Total general and administrative expense
|
$
|
23,952
|
$
|
50,324
|
$
|
43,851
|
$
|
127,308
|
|
Three Months Ended
|
Six Months Ended
|
||||||||||||||
|
June 30,
|
June 30,
|
||||||||||||||
|
2018
|
2017
|
2018
|
2017
|
||||||||||||
|
(Consolidated and unaudited)
|
(Consolidated and unaudited)
|
||||||||||||||
|
||||||||||||||||
United States
|
$
|
13,772
|
$
|
10,523
|
$
|
24,247
|
$
|
24,658
|
||||||||
Foreign
|
10,180
|
39,801
|
19,604
|
102,650
|
||||||||||||
|
$
|
23,952
|
$
|
50,324
|
$
|
43,851
|
$
|
127,308
|
June 30,
2018
|
December 31,
2017
|
|||||||
Deferred tax assets: | ||||||||
Net operating loss carryforwards
|
$
|
46,080
|
$
|
39,323
|
||||
Total deferred tax assets
|
46,080
|
39,323
|
||||||
Less: Valuation allowance
|
(46,080
|
)
|
(39,323
|
)
|
||||
Net deferred tax assets
|
$
|
-
|
$
|
-
|
June 30,
2018
|
December 31,
2017
|
|||||||
At the beginning of the period/year
|
$ |
39,323
|
$ |
55,760
|
||||
Current period/year addition/(deduction)
|
6,757
|
(16,437
|
)
|
|||||
At the end of the period/year
|
$
|
46,080
|
$
|
39,323
|
June 30, 2018
(Unaudited) |
December 31, 2017
|
Change
|
||||||||||
$
|
384
|
$
|
166
|
$
|
218
|
|||||||
Deposit paid
|
-
|
550
|
(550
|
)
|
||||||||
Total Current Assets
|
384
|
716
|
(332
|
)
|
||||||||
Equipment, net
|
746
|
996
|
(250
|
)
|
||||||||
Total Assets
|
1,130
|
1,712
|
(582
|
)
|
||||||||
Total Current Liabilities
|
67,728
|
24,459
|
||||||||||
Total Liabilities
|
67,728
|
24,459
|
43,269
|
Item No.
|
Description
|
101.INS
|
XBRL Instance Document
|
101.SCH
|
XBRL Taxonomy Extension Schema Document
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
J.E.M. Capital, Inc.
|
||
Dated: August 14, 2018
|
By:
|
/s/ Earnest Leung
|
Earnest Leung
|
||
Chief Executive Officer
|
||
Dated: August 14, 2018
|
By:
|
/s/ Cheng Sze Ki
|
Cheng Sze Ki
|
||
Chief Financial Officer
|
1 Year J E M Capital (CE) Chart |
1 Month J E M Capital (CE) Chart |
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