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Wednesday, October 19, 2005

Lam Liang Corp (LLNG)

Lam Liang Corp (new website) is based out of Thailand.
We were formed to design, produce and sell fashionable computer laptop cases for women through our subsidiary, Maha San Lam Liang Co. Ltd., a Thai corporation, in Bangkok, Thailand. In November, 2004, we acquired 99.94% ownership in a privately-held company, registered under the laws of Thailand under the name of Maha San Lam Liang Co. Ltd. The company was formed and registered in Thailand on November 5, 2004 by Dr. Anchana Chayawatana and she is the sole officer and director of the company. The Company intends to develop a website for the purpose of generating retail orders from the public at some point in the future, although no work towards this website has been completed as of January 31, 2005.
They have no revenues. They have only $49,098 in assets, but almost all of it is equity. There's a $14 accounts payable debt (down from $15 in the prior quarter) and a loan from officer (since there's only one officer, we know who it is) of $1,847 (was $802 prior quarter).
As of July 31, 2005, the Company owns office equipment and furniture totaling $1,724.
2.1 million total shares (1 million owned by Dr. Chayawatana). The last trade was 10,000 shares at 82 cents, which would be a market cap of $1.72 million... for a company with no revenues, $49,098 in assets, a semi-functional website, and plans to make women's fashionable laptop cases (you can see the rough plans on the website).
Since inception, we have completed the initial design of our first bags; however, we have been unable to locate and engage the services of a manufacturing facility to satisfactorily produce the bags to our specifications. We have had 3 different manufacturers attempt to produce prototypes, but the finished products were not satisfactory. It is our intent to produce "high-end", quality computer bags for women and we are determined to find a local manufacturer who will produce quality bags for a reasonable price.
I sincerely wish them luck. I can't stand laptop cases and any competition is good. I have to give credit to Dr. Chayawatana for getting listed on OTC BB, doing the SEC reporting, getting legal both in Thailand and the US, and keeping the outside debt down to a managable $14.

But geez, there was a time when becoming a public company was a sign of success and corporate maturity. Nowadays, it means nothing.
update: stop following

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