Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2014 | Jul. 14, 2015 | Jun. 30, 2014 | |
Document Information [Line Items] | |||
Entity Registrant Name | TRIMOL GROUP INC | ||
Entity Central Index Key | 1,011,733 | ||
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-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2014 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,014 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 160,000 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2014 | Dec. 31, 2013 |
Current assets: | ||
Cash | $ 10,000 | $ 12,000 |
Total current assets | 10,000 | 12,000 |
TOTAL ASSETS | 10,000 | 12,000 |
Current liabilities: | ||
Related parties | 6,565,000 | 6,405,000 |
Accrued expenses | 856,000 | 836,000 |
TOTAL CURRENT LIABILITIES AND LIABILITIES | $ 7,421,000 | $ 7,241,000 |
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 issued and outstanding at December 31, 2014 and December 31, 2013 | $ 1,005,000 | $ 1,005,000 |
Additional Paid In Capital | 5,739,000 | 5,739,000 |
Retained Earnings | (14,155,000) | (13,973,000) |
TOTAL SHAREHOLDERS’ DEFICIENCY | (7,411,000) | (7,229,000) |
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIENCY | $ 10,000 | $ 12,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2014 | Dec. 31, 2013 |
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 STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
REVENUES | $ 0 | $ 0 |
GENERAL AND ADMINISTRATIVE EXPENSES | 182,000 | 217,000 |
NET LOSS | $ (182,000) | $ (217,000) |
Net loss per share (basic and diluted) (in dollars per share) | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING-BASIC AND DILUTED (in shares) | 100,472,328 | 100,472,328 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIENCY) - USD ($) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
BALANCE at Dec. 31, 2012 | $ (7,012,000) | $ 1,005,000 | $ 5,739,000 | $ (13,756,000) |
BALANCE (in shares) at Dec. 31, 2012 | 100,472,328 | |||
NET LOSS | (217,000) | $ 0 | 0 | (217,000) |
BALANCE at Dec. 31, 2013 | (7,229,000) | $ 1,005,000 | 5,739,000 | (13,973,000) |
BALANCE (in shares) at Dec. 31, 2013 | 100,472,328 | |||
NET LOSS | (182,000) | $ 0 | 0 | (182,000) |
BALANCE at Dec. 31, 2014 | $ (7,411,000) | $ 1,005,000 | $ 5,739,000 | $ (14,155,000) |
BALANCE (in shares) at Dec. 31, 2014 | 100,472,328 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (182,000) | $ (217,000) |
ADJUSTMENTS TO RECONCILE NET LOSS TO NET CASH USED IN OPERATING ACTIVITIES | ||
Accrued expenses to related parties | 60,000 | 60,000 |
CHANGES IN OPERATING ASSETS AND LIABILITIES | ||
Accrued expenses | 20,000 | 3,000 |
NET CASH USED IN OPERATING ACTIVITIES | (102,000) | (154,000) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from related parties | 100,000 | 151,000 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 100,000 | 151,000 |
(DECREASE) IN CASH | (2,000) | (3,000) |
CASH - BEGINNING OF YEAR | 12,000 | 15,000 |
CASH - END OF YEAR | $ 10,000 | $ 12,000 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Basis of Accounting [Text Block] | NOTE 1 DESCRIPTION OF BUSINESS Trimol Group, Inc. (the “Company”) was incorporated in 1953 in Delaware. Although the Company is seeking business opportunities, as of December 31, 2014, and for the past eight years, it did not have any operations other than administrative operations and did not have any business operations that generated revenue. The Company owns all of the outstanding shares of Intercomsoft Limited “(Intercomsoft”), a company which, until April 2006, was engaged in the operation of a computerized photo identification and database management system utilized in the production of secure essential government identification documents such as passports, drivers’ licenses, national identification documents and other forms of essential personal government identification. As more detailed in Note 4, the Company is pursuing legal actions related to the prior operations of Intercomsoft. |
GOING CONCERN
GOING CONCERN | 12 Months Ended |
Dec. 31, 2014 | |
Going Concern [Abstract] | |
Going Concern [Text Block] | NOTE 2 - GOING CONCERN The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which contemplate the Company’s continuation as a going concern. However, 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 consolidated balance sheet, the Company has a shareholder’s deficiency of $7,411,000. 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 POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements of the Company include the accounts of the Company and its wholly-owned subsidiary, Intercomsoft. Intercompany transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Revenue Recognition Historically, revenue from Intercomsoft was recognized upon the quantity of product (number of computerized documents) produced during the period reported. However, Intercomsoft did not generate any revenue in year 2014 or in year 2013, nor has it generated revenue since April 2006. Income Taxes The Company uses the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized. ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The Company has no material uncertain tax positions for any of the reporting periods presented. Income (Loss) Per Share Income (loss) per share of common stock has been computed on the basis of the weighted average number of shares of common stock outstanding. Diluted earnings per share are based on the weighted average number of shares and common stock equivalents outstanding. The Company had no common stock equivalents outstanding during the periods presented. Fair Value Measurements The Company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures”, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements. The estimated fair value of certain financial instruments, including cash and cash equivalents, payables to related parties, and accounts payable and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: Level 1 quoted prices in active markets for identical assets or liabilities Level 2 quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 inputs that are unobservable (for example cash flow modeling inputs based on assumptions) New Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future either will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations, and cash flows when implemented. |
LEGAL PROCEEDINGS
LEGAL PROCEEDINGS | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Matters and Contingencies [Text Block] | NOTE 4 - LEGAL PROCEEDINGS In the normal course of business, the Company may become subject to lawsuits and other claims and proceedings. Such matters are subject to uncertainty and outcomes are not predictable with assurance. Management is not aware of any pending or threatened lawsuits or proceedings which would have a material effect on the Company’s financial position, liquidity, or results of operations other than as follows: The Swiss Proceeding In March 2009, Intercomsoft commenced an action in the court of first instance in Geneva Switzerland for the appointment of an arbitration tribunal in connection with its claims against the Ministry of Economics of the Republic of Moldova and the Government of the Republic of Moldova (the “Moldovan Defendants”) seeking damages for breach of contract and an injunction to prohibit Moldova from further producing essential government documents for the Republic of Moldova including passports, driver’s licenses, permits and national identification documents which Intercomsoft had produced from 1996 to 2006, pursuant to the terms of the ten year Supply Agreement (the “Swiss Proceeding”). The Swiss court granted Intercomsoft’s request to establish an ad hoc arbitration panel to hear the merits of its claims in such proceeding. Such action is pending and there can be no assurances as to its outcome. The Moldovan Proceeding In November 2010, the Moldovan Defendants commenced an action before the courts of Moldova claiming that the Supply Agreement was properly terminated on April 29, 2006 and seeking reimbursement of legal costs (the “Moldovan Proceeding”). Intercomsoft asserted a counterclaim seeking redress for various claims and damages for breach of the Supply Agreement, including interest and penalties which continue to accrue pursuant to the terms of the Supply Agreement. A judgement issued in favor of Intercomsoft in September 2012 was annulled in 2013 and was remanded to a lower court for reconsideration. T here can be no assurance as to the outcome of such legal action. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 5 - SHAREHOLDERS’ EQUITY The Company has authorized 130,000,000 shares of $0.01 par value common stock, 100,472,328 of which were issued and outstanding as of December 31, 2014 and 2013. The Company has authorized 10,000 shares of $1.00 par value shares of preferred stock, none of which were issued and outstanding as of December 31, 2014 and 2013. |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 6 - RELATED PARTY TRANSACTIONS AND BALANCES The following schedule sets forth various obligations of the Company to related parties. Transactions 2014 2013 Compensation and related expenses due to the Company’s Chairman of the Board and Chief Executive Officer (1) $ 30,000 $ 30,000 Compensation due to the Company’s Chief Financial Officer (2) 30,000 30,000 Cash loans and advances from Royal HTM Group, Inc. (3) 100,000 151,000 $ 160,000 $ 211,000 1) Boris Birshtein serves as the Company’s Chairman of the Board of Directors and its Chief Executive Officer on a month-to-month basis. Mr. Birshtein owns 50% of Royal HTM Group, Inc. our majority shareholder. 2) Jack Braverman serves as a member of the Company’s Board of Directors and as the Company’s Chief Financial Officer on a month-to-month basis. Mr. Braverman owns 50% of Royal HTM Group, Inc. our majority shareholder. 3) Royal HTM Group, Inc., a Canadian company owned and controlled by the Company’s two officers and the two members of its Board of Directors, renders certain business development services to the Company. Royal HTM Group, Inc. has also loaned and advanced money to the Company to fund its expenses, and is the Company’s majority shareholder. Balances Payables to related parties consist of the following: DECEMBER 31, 2014 2013 Amount due to Royal HTM Group $ 3,878,000 $ 3,778,000 Accrued compensation due to the Company’s Chief Financial Officer 540,000 510,000 Accrued compensation due to the Company’s Chairman of the Board 2,147,000 2,117,000 $ 6,565,000 $ 6,405,000 These amounts are non-interest bearing and due on demand. |
STOCK COMPENSATION PLANS
STOCK COMPENSATION PLANS | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 7 - STOCK COMPENSATION PLANS Pursuant to the Company’s 2001 Omnibus Plan, as amended, eligible persons, as defined therein, may be granted (a) stock options which may be designated as nonqualified stock options or incentive stock options, (b) stock appreciation rights, (c) restricted stock awards, (d) performance awards, or (e) other forms of stock-based incentive awards. The maximum number of shares with respect to which the awards may be granted under the 2001 Omnibus Plan, as amended, is 10,000,000 shares of common stock; provided, however, that such number of shares of common stock may also be subject to adjustment, from time to time, at the discretion of the Board of Directors of the Company. As of December 31, 2014 and 2013, there were no options issued and outstanding under the Company’s 2001 Omnibus Plan, as amended. |
INCOME TAX
INCOME TAX | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 8 - INCOME TAX DECEMBER 31, 2014 2013 Income tax benefit at statutory rate of 34% $ 62,000 $ 74,000 Change in valuation allowance (62,000) (74,000) $ - $ - DECEMBER 31, 2014 2013 Deferred tax assets (liabilities): Net operating loss carryforward $ 7,638,000 $ 7,576,000 Valuation allowance (see Note 2) (7,638,000) (7,576,000) $ - $ - As of December 31, 2014, the Company had approximately $ 21,680,000 begin to expire in 2026 greater than 50% ownership In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the assessment, the Company has established a full valuation allowance against all of the deferred tax assets for every period because it is more likely than not that all of the deferred tax assets will not be realized. The Company is currently open to audit for all years ended December 31, 2001 December 31, 2011 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 9 - SUBSEQUENT EVENTS The Company evaluated all events or transactions that occurred subsequent to December 31, 2014 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 the financial statements. |
SIGNIFICANT ACCOUNTING POLICI16
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements of the Company include the accounts of the Company and its wholly-owned subsidiary, Intercomsoft. Intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Historically, revenue from Intercomsoft was recognized upon the quantity of product (number of computerized documents) produced during the period reported. However, Intercomsoft did not generate any revenue in year 2014 or in year 2013, nor has it generated revenue since April 2006. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company uses the asset and liability method of accounting for income taxes in accordance with ASC Topic 740, “Income Taxes.” Under this method, income tax expense is recognized for the amount of: (i) taxes payable or refundable for the current year and (ii) deferred tax consequences of temporary differences resulting from matters that have been recognized in an entity’s financial statements or tax returns. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the results of operations in the period that includes the enactment date. A valuation allowance is provided to reduce the deferred tax assets reported if based on the weight of the available positive and negative evidence, it is more likely than not some portion or all of the deferred tax assets will not be realized. ASC Topic 740.10.30 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740.10.40 provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. The Company has no material uncertain tax positions for any of the reporting periods presented. |
Earnings Per Share, Policy [Policy Text Block] | Income (Loss) Per Share Income (loss) per share of common stock has been computed on the basis of the weighted average number of shares of common stock outstanding. Diluted earnings per share are based on the weighted average number of shares and common stock equivalents outstanding. The Company had no common stock equivalents outstanding during the periods presented. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements The Company adopted the provisions of ASC Topic 820, “Fair Value Measurements and Disclosures”, which defines fair value as used in numerous accounting pronouncements, establishes a framework for measuring fair value and expands disclosure of fair value measurements. The estimated fair value of certain financial instruments, including cash and cash equivalents, payables to related parties, and accounts payable and accrued expenses are carried at historical cost basis, which approximates their fair values because of the short-term nature of these instruments. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value: Level 1 quoted prices in active markets for identical assets or liabilities Level 2 quoted prices for similar assets and liabilities in active markets or inputs that are observable Level 3 inputs that are unobservable (for example cash flow modeling inputs based on assumptions) |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board or other standard setting bodies that may have an impact on the Company’s accounting and reporting. The Company believes that such recently issued accounting pronouncements and other authoritative guidance for which the effective date is in the future either will not have an impact on its accounting or reporting or that such impact will not be material to its financial position, results of operations, and cash flows when implemented. |
RELATED PARTY TRANSACTIONS AN17
RELATED PARTY TRANSACTIONS AND BALANCES (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | Transactions 2014 2013 Compensation and related expenses due to the Company’s Chairman of the Board and Chief Executive Officer (1) $ 30,000 $ 30,000 Compensation due to the Company’s Chief Financial Officer (2) 30,000 30,000 Cash loans and advances from Royal HTM Group, Inc. (3) 100,000 151,000 $ 160,000 $ 211,000 1) Boris Birshtein serves as the Company’s Chairman of the Board of Directors and its Chief Executive Officer on a month-to-month basis. Mr. Birshtein owns 50% of Royal HTM Group, Inc. our majority shareholder. 2) Jack Braverman serves as a member of the Company’s Board of Directors and as the Company’s Chief Financial Officer on a month-to-month basis. Mr. Braverman owns 50% of Royal HTM Group, Inc. our majority shareholder. 3) Royal HTM Group, Inc., a Canadian company owned and controlled by the Company’s two officers and the two members of its Board of Directors, renders certain business development services to the Company. Royal HTM Group, Inc. has also loaned and advanced money to the Company to fund its expenses, and is the Company’s majority shareholder. |
Schedule of Related Party Payables [Table Text Block] | Payables to related parties consist of the following: DECEMBER 31, 2014 2013 Amount due to Royal HTM Group $ 3,878,000 $ 3,778,000 Accrued compensation due to the Company’s Chief Financial Officer 540,000 510,000 Accrued compensation due to the Company’s Chairman of the Board 2,147,000 2,117,000 $ 6,565,000 $ 6,405,000 |
INCOME TAX (Tables)
INCOME TAX (Tables) | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The Company’s income tax benefit differs from the expected income tax benefit by applying the U.S. Federal statutory rate of 34% to net income (loss) as follows: DECEMBER 31, 2014 2013 Income tax benefit at statutory rate of 34% $ 62,000 $ 74,000 Change in valuation allowance (62,000) (74,000) $ - $ - |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred tax assets consist of: DECEMBER 31, 2014 2013 Deferred tax assets (liabilities): Net operating loss carryforward $ 7,638,000 $ 7,576,000 Valuation allowance (see Note 2) (7,638,000) (7,576,000) $ - $ - |
GOING CONCERN (Details Textual)
GOING CONCERN (Details Textual) | Dec. 31, 2014USD ($) |
GOING CONCERN [Line Items] | |
Working Capital Deficit | $ 7,411,000 |
SHAREHOLDERS' EQUITY (Details T
SHAREHOLDERS' EQUITY (Details Textual) - $ / shares | Dec. 31, 2014 | Dec. 31, 2013 |
Class of Stock [Line Items] | ||
Common Stock, Shares Authorized | 130,000,000 | 130,000,000 |
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 |
Common Stock, Shares, Issued | 100,472,328 | 100,472,328 |
Common Stock, Shares, Outstanding | 100,472,328 | 100,472,328 |
Preferred Stock, Shares Authorized | 10,000 | 10,000 |
Preferred Stock, Par or Stated Value Per Share | $ 1 | $ 1 |
RELATED PARTY TRANSACTIONS AN21
RELATED PARTY TRANSACTIONS AND BALANCES (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | ||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 160,000 | $ 211,000 | |
Board of Directors Chairman [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | [1] | 30,000 | 30,000 |
Chief Financial Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | [2] | 30,000 | 30,000 |
Royal HTM Group Inc [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | [3] | $ 100,000 | $ 151,000 |
[1] | Boris Birshtein serves as the Company’s Chairman of the Board of Directors and its Chief Executive Officer on a month-to-month basis. Mr. Birshtein owns 50% of Royal HTM Group, Inc. our majority shareholder. | ||
[2] | Jack Braverman serves as a member of the Company’s Board of Directors and as the Company’s Chief Financial Officer on a month-to-month basis. Mr. Braverman owns 50% of Royal HTM Group, Inc. our majority shareholder. | ||
[3] | Royal HTM Group, Inc., a Canadian company owned and controlled by the Company’s two officers and the two members of its Board of Directors, renders certain business development services to the Company. Royal HTM Group, Inc. has also loaned and advanced money to the Company to fund its expenses, and is the Company’s majority shareholder. |
RELATED PARTY TRANSACTIONS AN22
RELATED PARTY TRANSACTIONS AND BALANCES (Details 1) - USD ($) | Dec. 31, 2014 | Dec. 31, 2013 |
Related Party Transaction [Line Items] | ||
Payables to related parties | $ 6,565,000 | $ 6,405,000 |
Royal HTM Group Inc [Member] | ||
Related Party Transaction [Line Items] | ||
Payables to related parties | 3,878,000 | 3,778,000 |
Chief Financial Officer [Member] | ||
Related Party Transaction [Line Items] | ||
Payables to related parties | 540,000 | 510,000 |
Board of Directors Chairman [Member] | ||
Related Party Transaction [Line Items] | ||
Payables to related parties | $ 2,147,000 | $ 2,117,000 |
RELATED PARTY TRANSACTIONS AN23
RELATED PARTY TRANSACTIONS AND BALANCES (Details Textual) | Dec. 31, 2014 |
Board of Directors Chairman [Member] | |
Related Party Transaction [Line Items] | |
Equity Method Investment, Ownership Percentage | 50.00% |
Chief Financial Officer [Member] | |
Related Party Transaction [Line Items] | |
Equity Method Investment, Ownership Percentage | 50.00% |
STOCK COMPENSATION PLANS (Detai
STOCK COMPENSATION PLANS (Details Textual) | Dec. 31, 2014shares |
Omnibus Plan 2001 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 10,000,000 |
INCOME TAX (Details)
INCOME TAX (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Contingency [Line Items] | ||
Income tax benefit at statutory rate of 34% | $ 62,000 | $ 74,000 |
Change in valuation allowance | (62,000) | (74,000) |
Income Tax Expense (Benefit), Continuing Operations | $ 0 | $ 0 |
INCOME TAX (Details 1)
INCOME TAX (Details 1) - USD ($) | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred tax assets (liabilities): | ||
Net operating loss carryforward | $ 7,638,000 | $ 7,576,000 |
Valuation allowance (see Note 2) | (7,638,000) | (7,576,000) |
Deferred Tax Assets, Net | $ 0 | $ 0 |
INCOME TAX (Details Textual)
INCOME TAX (Details Textual) - Dec. 31, 2014 - USD ($) | Total |
Income Tax Contingency [Line Items] | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% |
State and Local Jurisdiction [Member] | |
Income Tax Contingency [Line Items] | |
Operating Loss Carryforwards | $ 21,680,000 |
Operating Loss Carryforwards Expiration Period | begin to expire in 2026 |
Internal Revenue Service (IRS) [Member] | |
Income Tax Contingency [Line Items] | |
Operating Loss Carryforwards, Limitations on Use | greater than 50% ownership |