The following Management's Discussion and Analysis of Financial Condition and
Results of Operations, and other sections in this Quarterly Report, should be
read in conjunction with our Annual Report on Form 10-K for the year ended
December 31, 2013, as well as our unaudited consolidated financial statements
and notes thereto contained elsewhere in this Quarterly Report on Form 10-Q.
Such financial statements are subject to risks and uncertainties that could
cause actual results to differ materially from those described. We expressly
disclaim any obligation or undertaking to update these financial statements in
Description of the Company
Although the Company is seeking business opportunities, as of June 30, 2014
since April 2006
, we did not have any business operations that generated
("Intercomsoft") is our wholly owned subsidiary. Although
its does not currently have any operations, through April 2006
, pursuant to a
Contract on Leasing Equipment and Licensing Technology (the "Supply Agreement")
awarded to Intercomsoft in April 1996
by the Ministry of Economics
, Republic of
, Intercomsoft provided Moldova
with a National Register
and a National Passport System. Under the terms of the Supply Agreement,
Intercomsoft supplied all of the equipment, technology, software, materials and
consumables utilized by the Government of Moldova
for the production of all
national passports, drivers' licenses, vehicle permits, identification cards and
other government authorized identification documents used in the Republic of
asserted that the Supply Agreement expired by its terms on
April 29, 2006
and was not renewed. The non-renewal of the Supply Agreement has
been disputed by Intercomsoft and is the subject of two pending legal actions.
(See Part II Item 1 - Legal Proceedings).
As used in this report, unless otherwise required by the context, Trimol Group,
and its subsidiary are sometimes collectively referred to as the "Company"
or are implicit in the terms "we", "us" and "our".
RESULTS OF OPERATIONS
During the three and six month periods ended June 30, 2014
, our operations
consisted solely of administrative activities, activities concerning exploration
of potential business opportunities and those activities related to pursuing
breach of contract claims against the Republic of Moldova
as more fully
described herein in Part II Item 1 - Legal Proceedings.
Comparison of Three and Six Month Periods Ended June 30, 2014
to June 30, 2013
During the three and six months ended June 30, 2014
, we did not generate any
revenues from operations and similarly generated no revenues in the comparable
periods in 2013.
Total operating expenses for the three months ended June 30, 2014
, and were $55,000
in the comparable three month period in
2013. Total operating expenses for the six months ended June 30, 2014
and were $102,000
in the comparable period in 2013.
Such operating expenses resulted in a net loss from operations of approximately
for the three month periods ended June 30, 2014
respectively and $83,000
for the six month periods ended June 30,
Liquidity & Capital Resources
We have not generated any revenue since the first quarter of 2006. At June 30,
our cash balance was approximately $8,000
which is not sufficient to fund
our operating expenses for the foreseeable future.
Since approximately April 2006
, we have funded our operating expenses from loans
and advances provided by our Chairman of the Board
and Royal HTM Group, Inc.
our majority shareholder, a company owned and controlled by our Chief Executive
Officer and Chief Financial Officer, who also serve as the two members of our
Board of Directors. We are dependent upon these loans and advances to fund our
future operating expenses.
None of our officers, directors or shareholders are under any obligation to
provide us with any future loans or advances. However, if they do not loan or
advance us funds at a time when funds are necessary, we may be forced to suspend
our limited operations.
Our assets are nominal and our liabilities currently exceed our assets by
. These circumstances, among others, raise substantial
doubt about our ability to continue operations.
Off-Balance Sheet Arrangements
We have no off-balance sheet arrangements.
Stock Compensation Plans
There were no options to purchase shares of our common stock issued or exercised
during the three or six month periods ended June 30, 2014
, and as of such date
we have no options to purchase shares of our common stock issued or outstanding.
We are subject to the informational requirements of the Securities Exchange Act
of 1934, as amended (the "Exchange Act"), and, in accordance therewith, file
reports, proxy and information statements and other information with the SEC
All reports filed by us with the SEC
are available free of charge via EDGAR
through the SEC
web site at www.sec.gov
. In addition, the public may read and
copy materials we file with the SEC
at the public reference facilities
maintained by the SEC
at its public reference room located at 100 F Street, N.E.Washington, D.C.
20549. We will also provide copies of such material to
shareholders upon written request.
No person has been authorized to give any information or to make any
representation other than as contained or incorporated by reference in this
Quarterly Report and, if given or made, such information or representation must
not be relied upon as having been authorized by us.