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 | |
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 |