Nevada
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87-0645394
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(State or other jurisdiction of
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(I.R.S. Employer Identification No.)
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incorporation or organization)
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Large accelerated filer
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[ ]
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Accelerated filer
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[ ]
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Non-accelerated filer
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[ ]
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Smaller reporting company
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[X]
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Class
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Outstanding as of May 15, 2012
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Common Stock, $0.001 par value
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2,633,750
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Exhibit 31.1
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Certification of C.E.O. and Principal Accounting Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.**
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Exhibit 32.1
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Certification of C.E.O. and Principal Accounting Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
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Exhibit 101
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Interactive Data Files*
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LILM, INC.
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Date: May 21, 2012
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By: /S/ George I. Norman, III
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George I. Norman, III
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President, C.E.O. and Director
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(Principal Accounting Officer)
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CERTIFICATION PURSUANT TO
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SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
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I, George I. Norman, III, certify that:
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1.
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I have reviewed this quarterly report on Form 10-Q/A of LILM, Inc.;
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2.
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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3.
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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4.
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The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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a.
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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b.
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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c.
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Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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d.
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Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
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a.
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
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b.
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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Equipment-Production Mold
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3 Months Ended |
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Mar. 31, 2012
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Property, Plant, and Equipment | |
Property, Plant and Equipment Disclosure [Text Block] | 4. EQUIPMENT PRODUCTION MOLD
On August 2, 2010, the Company purchased an injection mold from a China consortium for $1,700 to produce the base and stand for the LiL Marc training urinal. The Company has determined the mold went into service on or about January 1, 2011 and is being depreciated over a 5 year period. Depreciation expense for the 3 months ended March 31, 2012 and 2011 was $85, for each period. |
Inventory
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3 Months Ended |
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Mar. 31, 2012
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Inventory {1} | |
Inventory Disclosure [Text Block] | 3. INVENTORY
The product is a stand alone product made of plastic consisting of a urinal produced in California using a blow mold and a stand and base produced in China with an injection mold. All inventory is shipped to Salt Lake City, Utah, and stored in a small warehouse. The product is sold via the internet, is assembled at time of shipping by the Company, and is delivered to customers or to wholesale resellers using a ground courier service. During December 2010, the Company paid a deposit of $2,990 to a China consortium for parts to be used in its training urinal product. 200 samples were delivered to the Company in January 2011 and sold to customers. Another 2,100 were delivered to the company in February 2011 and are currently being sold to customers. Inventory is reported at the lower of cost or net realizable value. |
CONSOLIDATED BALANCE SHEETS (USD $)
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Mar. 31, 2012
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Dec. 31, 2011
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Cash | $ 598 | |
Deposits | ||
Inventory | 1,889 | 2,454 |
Total Current Assets | 2,487 | 2,454 |
Equipment-Production Mold, Net | 1,275 | 1,360 |
Total Assets | 3,762 | 3,814 |
Accounts Payable and Accrued Expenses | 25,376 | 20,874 |
Notes Payable- Related Party | 47,116 | 46,153 |
Total Current Liabilities | 72,492 | 67,027 |
Common Stock 25,000,000 shares authorized at $0.001 par value; 2,633,750 shares issued and outstanding | 2,634 | 2,634 |
Capital in excess of par value | 147,561 | 147,561 |
Accumulated deficit during development stage | (218,925) | (213,408) |
Total Stockholders' Deficiency | (68,730) | (63,213) |
Total Liabilities and Stockholders' Deficiency | $ 3,762 | $ 3,814 |
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Organization
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3 Months Ended |
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Mar. 31, 2012
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|
Organization, Consolidation and Presentation of Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. ORGANIZATION
The Company was incorporated under the laws of the state of Nevada on December 30, 1999 with authorized common stock of 25,000,000 shares with a par value of $.001.
The principal business activity of the Company is to manufacture and market the LiL Marc urinal used in the training of young boys.
During January 2005 the Company organized LiL Marc, Inc., in the state of Utah, and transferred all its assets, liabilities, and operations to LiL Marc Inc. in exchange for all of the outstanding stock of LiL Marc, Inc. for the purpose of continuing the operations in the subsidiary.
LiL Marc, Inc. (predecessor) was incorporated under the laws of the state of Nevada on April 22, 1997 for the purpose of marketing and sales of the LiL Marc training urinal for use by young boys. The marketing and sales activity was transferred to LILM, Inc. on December 30, 1999.
Included in the following financial statements are the combined statements of operations of LIL Marc, Inc. (predecessor) for the period April 22, 1997 to December 30, 1999 and LILM, Inc., and its subsidiary, for the period December 30, 1999 to March 31, 2012. |
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Summary of Significant Accounting Policies
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3 Months Ended |
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Mar. 31, 2012
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Accounting Policies | |
Significant Accounting Policies [Text Block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Accounting Method
The Company recognizes income and expenses based on the accrual method of accounting.
Dividend Policy
The Company has not yet adopted a policy regarding payment of dividends.
Income Taxes
The Company utilizes the liability method of accounting for income taxes. Under the liability method deferred tax assets and liabilities are determined based on the differences between financial reporting and the tax bases of the assets and liabilities and are measured using the enacted tax rates and laws that will be in effect, when the differences are expected to reverse. An allowance against deferred tax assets is recorded, when it is more likely than not, that such tax benefits will not be realized.
On March 31, 2012, the Company had a net operating loss available for carryforward of $163,494. The income tax benefit of approximately $49,000 from the carryforward has been fully offset by a valuation allowance as we have determined the ability to use the future tax benefit is doubtful. The net operating loss will expire starting in 2017.
Revenue Recognition
Revenue is recognized upon the completion of the sale and shipment of the training urinal products.
Advertising and Market Development
The company expenses advertising and market development costs as incurred.
Financial Instruments
The carrying amounts of financial instruments, including cash and accounts payable, are considered by management to be their estimated fair values due to their short term maturities.
Basic and Diluted Net Income (Loss) Per Share
Basic net incomes (loss) per share amounts are computed based on the weighted average number of shares actually outstanding. Diluted net income (loss) per share amounts are computed using the weighted average number of common shares and common equivalent shares outstanding as if shares had been issued on the exercise of any common share rights unless the exercise becomes antidilutive and then the basic and diluted per share amounts are the same.
Financial and Concentrations Risk
The Company does not have any concentration or related financial credit risk.
Estimates and Assumptions
Management uses estimates and assumptions in preparing financial statements in accordance with accounting principles generally accepted in the United States of America. Those estimates and assumptions affect the reported amounts of the assets and liabilities, the disclosure of contingent assets and liabilities, and the reported revenues and expenses. Actual results could vary from the estimates that were assumed in preparing these financial statements.
Principles of Consolidation
The accompanying consolidated financial statements include the accounts of the Company and its subsidiary from its inception. All significant intercompany accounts and balances have been eliminated in consolidation.
Recent Accounting Pronouncements
The Company does not expect that the adoption of recent accounting pronouncements will have a material impact on its financial statements. |
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)
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Mar. 31, 2012
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Dec. 31, 2011
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Common stock par value | $ 0.001 | $ 0.001 |
Common stock shares authorized | 25,000,000 | 25,000,000 |
Common stock shares issued | 2,633,750 | 2,633,750 |
Common stock shares outstanding | 2,633,750 | 2,633,750 |
Document and Entity Information
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3 Months Ended | |
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Mar. 31, 2012
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May 15, 2012
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|
Document and Entity Information | ||
Entity Registrant Name | LILM, Inc. | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2012 | |
Amendment Flag | false | |
Entity Central Index Key | 0001357671 | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 2,633,750 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Document Fiscal Year Focus | 2012 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED STATEMENT OF OPERATIONS (USD $)
Share data in Thousands, except Per Share data, unless otherwise specified |
3 Months Ended | 179 Months Ended | |
---|---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
Mar. 31, 2012
|
|
Sales | $ 4,804 | $ 6,061 | $ 54,395 |
Cost of Goods Sold | (570) | (848) | (3,096) |
Gross Profit | 4,234 | 5,213 | 51,299 |
General and administrative | 9,149 | 7,758 | 240,144 |
Royalties | 58 | 76 | 546 |
Depreciation and amortization | 85 | 85 | 29,075 |
Total Expenses | 9,292 | 7,919 | 269,765 |
Interest expense | 459 | 459 | |
Net Loss | $ (5,517) | $ (2,706) | $ (218,925) |
Basic and dilluted | $ 0.00 | $ 0.00 | |
Basic and diluted (stated in 1000's) | 2,634 | 2,634 |
Private Placement
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3 Months Ended |
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Mar. 31, 2012
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Equity | |
Stockholders' Equity Note Disclosure [Text Block] | 7. PRIVATE PLACEMENT
On September 17, 2009 the Company commenced a private placement offering of 2,200,000 of its common shares $.001 par value at a price of $0.25 per share. On November 3, 2009 the Company sold 20,000 shares of that offering. On April 6, 2010 the Company sold 20,000 shares of that offering. On June 29, 2010 the Company sold 10,000 shares of that offering. |
Significant Related Party Transactions
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3 Months Ended |
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Mar. 31, 2012
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Related Party Disclosures | |
Related Party Transactions Disclosure [Text Block] | 6. SIGNIFICANT TRANSACTIONS WITH RELATED PARTIES
The Chief Executive Officer (CEO) and two Directors have acquired 72% of the outstanding common stock of the Company. During the three months ended March 31, 2012, the Company received loans from the CEO and Directors in the amount of $1,000 and repaid prior loans of $37. From inception (April 22, 1997) to March, 31, 2012, net loans from the CEO and Directors are $47,116, which are payable on demand.
As of January 1, 2012, the Companys Board of Directors approved a modification of the terms of these loans to include an annual, simple interest rate of 4%. Related interest expense for the three months ended March 31, 2012 was $459. |
Going Concern
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3 Months Ended |
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Mar. 31, 2012
|
|
Organization, Consolidation and Presentation of Financial Statements {1} | |
Going Concern Note | 8. GOING CONCERN
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company does not have sufficient working capital for its planned activity, and to service its debt, which raises substantial doubt about its ability to continue as a going concern.
Continuation of the Company as a going concern is dependent upon obtaining additional working capital and the management of the Company has developed a strategy, which it believes will accomplish this objective through short term loans from an officer-director, and additional equity investment, which will enable the Company to continue operations for the coming year. |
CONSOLIDATED STATEMENT OF CASH FLOWS (USD $)
|
3 Months Ended | 179 Months Ended | |
---|---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
Mar. 31, 2012
|
|
Net Loss | $ (5,517) | $ (2,706) | $ (218,925) |
Contributions to capital- expenses | 100 | ||
Issuance of common stock for expenses | 8,700 | ||
Depreciation and amortization | 85 | 85 | 29,075 |
Change in inventory | 565 | 963 | (1,889) |
Change in accounts payable | 4,502 | (2,807) | 22,155 |
Net Cash Flows (Used in) Operations | (365) | (6,391) | (160,784) |
Purchase of patent | (28,650) | ||
Purchase of Equipment | (1,700) | ||
Purchase office equipment | (2,096) | ||
Net Cash Flows (Used in) Investing Activities | (32,446) | ||
Notes Payable from related party | 1,000 | 10,617 | 62,488 |
Payments to related party | (37) | (3,690) | (15,372) |
Proceeds from issuance of common stock | 146,712 | ||
Net Cash Flows provided by Financing Activities | 963 | 6,927 | 193,828 |
Net Change in Cash | 598 | 536 | 598 |
Cash at End of Period | 598 | 536 | 598 |
Issuance of 922,900 common shares for a patent- 2000 | 11,963 | ||
Contributions to capital- expenses- 2001 | $ 100 |
Patent
|
3 Months Ended |
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Mar. 31, 2012
|
|
Intangible Assets, Goodwill and Other | |
Intangible Assets Disclosure [Text Block] | 5. PATENT
The Company acquired a patent from a related party, for the LiL Marc training urinal and was recorded at the predecessor cost, less amortization. The patent was issued on July 16, 1991 and has been fully amortized.
The terms of the acquisition of the patent includes a royalty of $.25, due to the inventor, on the sale of each training urinal. |