The .lit file type was developed and released by Microsoft in 2000. As with a number of Microsoft file formats, the main drawbacks of the format centred around its lack of compatibility with other devices. The format was wound down in 2011 with sales ceasing and the format was dropped in August 2012.
The file type .mobi is an eBook format created by a French eBook company called Mobipocket which created a free software application for multiple devices including PDAs, smartphones and tablet devices. The company was bought by Amazon in 2005 and the support of the .mobi file extension was officially discontinued in 2011 with the AZW format superseding it.
Amazon Kindle Apple iBooks Mobipocket Reader Desktop