Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2015 | Aug. 10, 2015 | |
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-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2015 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,015 |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) | Mar. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash | $ 5,000 | $ 10,000 |
TOTAL CURRENT ASSETS | 5,000 | 10,000 |
TOTAL ASSETS | 5,000 | 10,000 |
Current liabilities: | ||
Related parties | 6,593,000 | 6,565,000 |
Accrued expenses | 861,000 | 856,000 |
TOTAL CURRENT LIABILITIES | $ 7,454,000 | $ 7,421,000 |
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 March 31, 2015 and December 31, 2014 | $ 1,005,000 | $ 1,005,000 |
Additional paid-in capital | 5,739,000 | 5,739,000 |
Accumulated deficit | (14,193,000) | (14,155,000) |
TOTAL SHAREHOLDERS’ DEFICIENCY | (7,449,000) | (7,411,000) |
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIENCY | $ 5,000 | $ 10,000 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - $ / shares | Mar. 31, 2015 | Dec. 31, 2014 |
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 OPERA
CONSOLIDATED STATEMENT OF OPERATIONS - USD ($) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
REVENUES | $ 0 | $ 0 |
OPERATING EXPENSES | 38,000 | 39,000 |
NET LOSS | $ (38,000) | $ (39,000) |
Net loss per share (basic and diluted) (in dollars per share) | $ 0 | $ 0 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING (in shares) | 100,472,328 | 100,472,328 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
NET LOSS | $ (38,000) | $ (39,000) |
ADJUSTMENTS TO RECONCILE NET LOSS TO NET CASH (USED IN) OPERATING ACTIVITIES: | ||
Accrued expenses to related parties | 15,000 | 15,000 |
CHANGES IN ASSETS AND LIABILITIES: | ||
Accrued expenses | 5,000 | (1,000) |
NET CASH USED IN OPERATING ACTIVITIES | (18,000) | (25,000) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds of loans from related parties | 13,000 | 17,000 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 13,000 | 17,000 |
DECREASE IN CASH | (5,000) | (8,000) |
CASH - BEGINNING OF PERIOD | 10,000 | 12,000 |
CASH - END OF PERIOD | $ 5,000 | $ 4,000 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting [Text Block] | Note 1 - Basis of presentation The accompanying consolidated 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 months March 31, 2015 are not necessarily indicative of the results that may be expected for the year ended December 31, 2015 or any other period. The balance sheet at December 31, 2014 has been derived from the audited consolidated 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, 2014. 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, 2014 filed with the Securities and Exchange Commission (“SEC”). |
GOING CONCERN
GOING CONCERN | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015, 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 unaudited balance sheet, the Company’s liabilities exceeded its assets by approximately $ 7,449,000 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2015 | |
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, 2014 filed with the SEC and dated July 31, 2015. |
OPERATIONS
OPERATIONS | 3 Months Ended |
Mar. 31, 2015 | |
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 March 31, 2015, and for the past eight years, it did not have any operations other than administrative operations and has not generated any revenue since 2006. |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND BALANCES | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 5 - RELATED PARTY TRANSACTIONS AND BALANCES Three Months Ended March 31, 2015 2014 Compensation to the Chief Executive Officer (1) $ 7,500 $ 7,500 Compensation to the Chief Financial Officer (2) 7,500 7,500 Cash advance from Royal HTM Group, Inc. (3) 13,000 17,000 $ 28,000 $ 32,000 1) Boris Birshtein serves as the Company’s Chairman of the Board of Directors and its Chief Executive Officer. Mr. Birshtein owns 50 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 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 Amount due to Royal HTM Group, Inc. $ 3,936,000 Accrued compensation due to the Chief Financial Officer 525,000 Accrued compensation due to the Chief Executive Officer 2,132,000 $ 6,593,000 These amounts are non-interest bearing and due on demand. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 6 - SUBSEQUENT EVENTS The Company evaluated all events or transactions that occurred subsequent to March 31, 2015 up to the date these consolidated financial statements were issued and has determined that there are no material subsequent events or transactions which would require recognition or disclosure in the consolidated financial statements. |
RELATED PARTY TRANSACTIONS AN12
RELATED PARTY TRANSACTIONS AND BALANCES (Tables) | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | Transactions Three Months Ended March 31, 2015 2014 Compensation to the Chief Executive Officer (1) $ 7,500 $ 7,500 Compensation to the Chief Financial Officer (2) 7,500 7,500 Cash advance from Royal HTM Group, Inc. (3) 13,000 17,000 $ 28,000 $ 32,000 1) Boris Birshtein serves as the Company’s Chairman of the Board of Directors and its Chief Executive Officer. Mr. Birshtein owns 50 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 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] | As of March 31, 2015 payables to related parties consist of the following: Amount due to Royal HTM Group, Inc. $ 3,936,000 Accrued compensation due to the Chief Financial Officer 525,000 Accrued compensation due to the Chief Executive Officer 2,132,000 $ 6,593,000 |
GOING CONCERN (Details Textual)
GOING CONCERN (Details Textual) | Mar. 31, 2015USD ($) |
GOING CONCERN [Line Items] | |
Working Capital Deficit | $ 7,449,000 |
RELATED PARTY TRANSACTIONS AN14
RELATED PARTY TRANSACTIONS AND BALANCES (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | ||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 28,000 | $ 32,000 | |
Chief Executive Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | [1] | 7,500 | 7,500 |
Chief Financial Officer [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Expenses from Transactions with Related Party | [2] | 7,500 | 7,500 |
Royal HTM Group Inc [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Amounts of Transaction | [3] | $ 13,000 | $ 17,000 |
[1] | Boris Birshtein serves as the Company’s Chairman of the Board of Directors 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] | 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 AN15
RELATED PARTY TRANSACTIONS AND BALANCES (Details 1) - USD ($) | Mar. 31, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||
Payables to related parties | $ 6,593,000 | $ 6,565,000 |
Royal HTM Group Inc [Member] | ||
Related Party Transaction [Line Items] | ||
Payables to related parties | 3,936,000 | |
Chief Financial Officer [Member] | ||
Related Party Transaction [Line Items] | ||
Payables to related parties | 525,000 | |
Chief Executive Officer [Member] | ||
Related Party Transaction [Line Items] | ||
Payables to related parties | $ 2,132,000 |
RELATED PARTY TRANSACTIONS AN16
RELATED PARTY TRANSACTIONS AND BALANCES (Details Textual) | Mar. 31, 2015 |
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% |