Today, shares of Pollex, Inc. (OTCMKTS:PLLX) opened at $0.04 and hit a high of $0.08. So far more than 328K shares have exchanged hands. Today’s spike seems to be a direct result of promotional newsletters. The online gaming company recently updated its shareholders about the developments that took place during the three-month period ended on September 31, 2015. Pollex also released its financial report for the stated period.
Losses shrink
According to the report, Pollex disclosed its decision over the signed licensing agreements for nearly 15 games to be launched in South Korea. The agreement allowed the company to release beta testing version of one of the games back in 2011, which followed a commercial launch in 2012. However, the company decided in 2014 to withdraw from further engaging in its licensing agreement so as to focus on ‘The Great Merchant.’ The decision led to an impairment charge of $70,000. At the end of September 30, 2015, the company’s revenues stood at $23,086, down from $24,905 in the previous year’s quarter. The marginal decline of 7% or $1,819 in revenues was mainly on account of low business from online games. The selling, general and administrative costs stood at $60,000 during the mentioned quarter. The net loss of the company came in at $96,641 during the quarter versus net loss of $124,137 in the corresponding quarter of the previous year. The company attributed the decline in a net loss to the decline in selling and administrative expenses.
Opportunities galore
Empire Global Corp (OTCMKTS:EMGL), another company offering both online and offline gaming in Italy has reported big developments in the recent days. The company announced the addition of 30 online web-shop gaming arcades in Rome, Italy. It said that the new locations are generating betting wagers worth $3 million per year and have nearly 500 online gaming accounts. Empire’s CEO, Michele Ciavarella, asserted that the company is poised to make most of the opportunities that have sprung up following 2016 Stability Law in Italy. The stock of the company closed at $1.01 during the last trading session.
