Trimol (TMOL) 10-Q 14 Nov 13 2013 Q3 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 14, 2013
Document Information [Line Items]	'	'
Entity Registrant Name	'TRIMOL GROUP INC	'
Entity Central Index Key	'0001011733	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Trading Symbol	'TMOL	'
Entity Common Stock, Shares Outstanding	'	100,472,328
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-13	'
Document Fiscal Period Focus	'Q3	'
Document Fiscal Year Focus	'2013	'

CONSOLIDATED_BALANCE_SHEET

CONSOLIDATED BALANCE SHEET (USD $)	Sep. 30, 2013	Dec. 31, 2012
ASSETS	'	'
Cash	$7,000	$15,000
TOTAL CURRENT ASSETS	7,000	15,000
TOTAL ASSETS	7,000	15,000
LIABILITIES AND SHAREHOLDERS’ DEFICIENCY	'	'
Related parties	6,348,000	6,194,000
Accrued expenses	828,000	833,000
TOTAL CURRENT LIABILITIES	7,176,000	7,027,000
SHAREHOLDERS’ DEFICIENCY:	'	'
Preferred Stock: $1.00 par value, 10,000 shares authorized, no shares issued and outstanding	'	'
Common Stock: $0.01 par value, 130,000,000 shares authorized, 100,472,328 shares issued and outstanding at September 30, 2013 and December 31, 2012	1,005,000	1,005,000
Additional paid-in capital	5,739,000	5,739,000
Accumulated deficit	-13,913,000	-13,756,000
TOTAL SHAREHOLDERS’ DEFICIENCY	-7,169,000	-7,012,000
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIENCY	$7,000	$15,000

CONSOLIDATED_BALANCE_SHEET_Par

CONSOLIDATED BALANCE SHEET (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Preferred stock, par value (in dollars per share)	$1	$1
Preferred stock, shares authorized	10,000	10,000
Common stock, par value (in dollars per share)	$0.01	$0.01
Common stock, shares authorized	130,000,000	130,000,000
Common stock, shares issued	100,472,328	100,472,328
Common stock, shares outstanding	100,472,328	100,472,328

CONSOLIDATED_STATEMENT_OF_OPER

CONSOLIDATED STATEMENT OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
REVENUES	$0	$0	$0	$0
OPERATING EXPENSES	55,000	156,000	157,000	474,000
NET LOSS	($55,000)	($156,000)	($157,000)	($474,000)
Net loss per share (basic and diluted) (in dollars per share)	($0.00)	($0.00)	($0.00)	($0.01)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING (in shares)	100,472,328	100,472,328	100,472,328	100,472,328

CONSOLIDATED_STATEMENT_OF_CASH

CONSOLIDATED STATEMENT OF CASH FLOWS (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net loss	($157,000)	($474,000)
ADJUSTMENTS TO RECONCILE NET INCOME TO NET CASH USED IN OPERATING ACTIVITIES:	'	'
Accrued expenses to related parties	45,000	350,000
CHANGES IN ASSETS AND LIABILITIES:	'	'
Accrued expenses	-5,000	-8,000
NET CASH USED IN OPERATING ACTIVITIES	-117,000	-132,000
CASH FLOW FROM FINANCING ACTIVITIES:	'	'
Proceeds of loans from related parties	109,000	135,000
NET CASH PROVIDED BY FINANCING ACTIVITIES	109,000	135,000
INCREASE IN CASH	8,000	3,000
CASH - BEGINNING OF PERIOD	15,000	12,000
CASH - END OF PERIOD	$7,000	$15,000

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Basis of Accounting [Text Block]	'
	Note 1 - Basis of presentation
	The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X relating to smaller reporting companies.  Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles (“GAAP”) for complete financial statements.  In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.  Operating results for the three and nine months September 30, 2013 are not necessarily indicative of the results that may be expected for the year ended December 31, 2013 or any other period.
	The balance sheet at December 31, 2012 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by GAAP for complete financial statements.
	The accounting policies followed by the Company are set forth in Note 3 to the Company’s consolidated financial statements in its Annual Report on Form 10-K for the year ended December 31, 2012.
	For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 filed with the Securities and Exchange Commission (“SEC”).

GOING_CONCERN

GOING CONCERN	9 Months Ended
	Sep. 30, 2013
Going Concern [Abstract]	'
Going Concern [Text Block]	'
	NOTE 2 – GOING CONCERN
	The accompanying unaudited consolidated interim financial statements have been prepared in conformity with GAAP, which contemplates the Company’s continuation as a going concern.
	As of September 30, 2013, the Company does not have any current operations that generate revenue and has not generated any revenue since April 2006. Further, as shown on the accompanying balance sheet, the Company’s liabilities exceeded its assets by approximately $7,169,000. These circumstances, among others, raise substantial doubt about its ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

SIGNIFICANT_ACCOUNTING_POLICIE

SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2013
Accounting Policies [Abstract]	'
Significant Accounting Policies [Text Block]	'
	NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES
	The preparation of the consolidated interim financial statements in conformity with accounting principles generally accepted in the United States requires the Company to make assumptions, estimates and judgments that affect the amounts reported in these consolidated interim financial statements, including the notes thereto, and related disclosures of commitments and contingencies, if any. The Company relies on historical experience and on other assumptions believed to be reasonable under the circumstances in making required judgments and estimates. Actual results could differ materially from those estimates. The significant accounting policies which the Company believes are most critical to aid in fully understanding or evaluating its reported financial results are set forth in Note 3 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012 filed with the SEC and dated April 16, 2013.

OPERATIONS

OPERATIONS	9 Months Ended
	Sep. 30, 2013
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Nature of Operations [Text Block]	'
	NOTE 4 – OPERATIONS
	Although the Company is seeking business opportunities, as of September 30, 2013, and for over six years, it did not have any operations other than administrative operations and has not generated any revenue since April 2006.

RELATED_PARTY_TRANSACTIONS_AND

RELATED PARTY TRANSACTIONS AND BALANCES	9 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]	'
Related Party Transactions Disclosure [Text Block]	'
	NOTE 5 - RELATED PARTY TRANSACTIONS AND BALANCES
	Transactions
			Nine Months Ended September 30,
			2013		2012
	Compensation and related expenses to the Chairman (1)		$	22,000	$	222,000
	Compensation to the Chief Financial Officer (2)			22,000		90,000
	Cash advance from Royal HTM Group, Inc. (3)			109,000		135,000
	Business development services (4)			-		33,000
			$	153,000	$	480,000
		1)	Boris Birshtein serves as the Company’s Chairman of the Board of Directors (the “Chairman”) and its Chief Executive Officer. Mr. Birshtein owns 50% of Royal HTM Group, Inc., the Company’s majority shareholder.
		2)	Jack Braverman serves as a member of the Company’s Board of Directors and as the Company’s Chief Financial Officer. Mr. Braverman owns 50% of Royal HTM Group, Inc., the Company’s majority shareholder.
		3)	Although it is under no obligation to do so, Royal HTM Group, Inc., a Canadian company owned by Messrs Birshtein and Braverman, lends funds to the Company (and advances funds on its behalf) to cover the Company’s on-going expenses.
		4)	Royal HTM Group, Inc. renders certain business development services to the Company. During the 2012 fiscal year, the monthly fee for such services was $2,500, together with a quarterly expense allowance of $5,000. Effective January 1, 2013 the Company no longer accrues any fees or expenses related to such business development services.
	Balances
	As of September 30, 2013, payables to related parties consist of the following:
	Amount due to Royal HTM Group, Inc.	$	3,736,000
	Accrued compensation due to the Chief Financial Officer		503,000
	Accrued compensation due to the Chairman		2,109,000
		$	6,348,000
	These amounts are non-interest bearing and due on demand.

STOCK_COMPENSATION_PLANS

STOCK COMPENSATION PLANS	9 Months Ended
	Sep. 30, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	'
	NOTE 6 - STOCK COMPENSATION PLANS
	During the nine months ended September 30, 2013, the Company did not issue any options to purchase its common stock. As of September 30, 2013, there were no options outstanding pursuant to the Company’s 2001 Omnibus Plan, as amended.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2013
Subsequent Events [Abstract]	'
Subsequent Events [Text Block]	'
	NOTE 7 - SUBSEQUENT EVENTS
	The Company evaluated all events or transactions that occurred subsequent to September 30, 2013, to the date these financial statements were issued, and has determined that there are no material subsequent events or transactions which would require recognition or disclosure in these financial statements.

RELATED_PARTY_TRANSACTIONS_AND1

RELATED PARTY TRANSACTIONS AND BALANCES (Tables)	9 Months Ended
	Sep. 30, 2013
Related Party Transactions [Abstract]	'
Schedule of Related Party Transactions [Table Text Block]	'
	Transactions
			Nine Months Ended September 30,
			2013		2012
	Compensation and related expenses to the Chairman (1)		$	22,000	$	222,000
	Compensation to the Chief Financial Officer (2)			22,000		90,000
	Cash advance from Royal HTM Group, Inc. (3)			109,000		135,000
	Business development services (4)			-		33,000
			$	153,000	$	480,000
		1)	Boris Birshtein serves as the Company’s Chairman of the Board of Directors (the “Chairman”) and its Chief Executive Officer. Mr. Birshtein owns 50% of Royal HTM Group, Inc., the Company’s majority shareholder.
		2)	Jack Braverman serves as a member of the Company’s Board of Directors and as the Company’s Chief Financial Officer. Mr. Braverman owns 50% of Royal HTM Group, Inc., the Company’s majority shareholder.
		3)	Although it is under no obligation to do so, Royal HTM Group, Inc., a Canadian company owned by Messrs Birshtein and Braverman, lends funds to the Company (and advances funds on its behalf) to cover the Company’s on-going expenses.
		4)	Royal HTM Group, Inc. renders certain business development services to the Company. During the 2012 fiscal year, the monthly fee for such services was $2,500, together with a quarterly expense allowance of $5,000. Effective January 1, 2013 the Company no longer accrues any fees or expenses related to such business development services.
Schedule of Related Party Payables [Table Text Block]	'
	As of September 30, 2013, payables to related parties consist of the following:
	Amount due to Royal HTM Group, Inc.	$	3,736,000
	Accrued compensation due to the Chief Financial Officer		503,000
	Accrued compensation due to the Chairman		2,109,000
		$	6,348,000

GOING_CONCERN_Details_Textual

GOING CONCERN (Details Textual) (USD $)	Sep. 30, 2013
Working Capital Deficit	$7,169,000

RELATED_PARTY_TRANSACTIONS_AND2

RELATED PARTY TRANSACTIONS AND BALANCES (Details) (USD $)	9 Months Ended
	Sep. 30, 2013		Sep. 30, 2012
Related Party Transaction, Amounts of Transaction	$153,000		$480,000
Board of Directors Chairman [Member]	'		'
Related Party Transaction, Expenses from Transactions with Related Party	22,000	[1]	222,000	[1]
Chief Financial Officer [Member]	'		'
Related Party Transaction, Expenses from Transactions with Related Party	22,000	[2]	90,000	[2]
Royal HTM Group Inc [Member]	'		'
Related Party Transaction, Expenses from Transactions with Related Party	109,000	[3]	135,000	[3]
Business Development Services [Member]	'		'
Related Party Transaction, Expenses from Transactions with Related Party	$0	[4]	$33,000	[4]
[1]	Boris Birshtein serves as the Companybs Chairman of the Board of Directors (the bChairmanb) and its Chief Executive Officer. Mr. Birshtein owns 50% of Royal HTM Group, Inc., the Companybs majority shareholder.
[2]	Jack Braverman serves as a member of the Companybs Board of Directors and as the Companybs Chief Financial Officer. Mr. Braverman owns 50% of Royal HTM Group, Inc., the Companybs majority shareholder.
[3]	Although it is under no obligation to do so, Royal HTM Group, Inc., a Canadian company owned by Messrs Birshtein and Braverman, lends funds to the Company (and advances funds on its behalf) to cover the Companybs on-going expenses.
[4]	Royal HTM Group, Inc. renders certain business development services to the Company. During the 2012 fiscal year, the monthly fee for such services was $2,500, together with a quarterly expense allowance of $5,000. Effective January 1, 2013 the Company no longer accrues any fees or expenses related to such business development services.

RELATED_PARTY_TRANSACTIONS_AND3

RELATED PARTY TRANSACTIONS AND BALANCES (Details 1) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Payables to related parties	$6,348,000	$6,194,000
Royal HTM Group Inc [Member]	'	'
Payables to related parties	3,736,000	'
Chief Financial Officer [Member]	'	'
Payables to related parties	503,000	'
Board of Directors Chairman [Member]	'	'
Payables to related parties	$2,109,000	'

RELATED_PARTY_TRANSACTIONS_AND4

RELATED PARTY TRANSACTIONS AND BALANCES (Details Textual) (USD $)	Sep. 30, 2013	Sep. 30, 2013	Dec. 31, 2012
	Board of Directors Chairman [Member]	Chief Financial Officer [Member]	Business Development Services Provided by Royal HTM Group [Member]
Equity Method Investment, Ownership Percentage	50.00%	50.00%	'
Monthly Rate for Service Fees	'	'	$2,500
Additional Quarterly Expense Allowance	'	'	$5,000