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Is this item supposed to apply on Teemo's shrooms? They deal damage over time and yet they still apply the true damage.
Active: Teemo places a trap which stealths and arms after 1 second. The traps grant vision around a very small radius while armed. If an enemy steps on the trap, it will detonate, poisoning all nearby enemies for 4 seconds. The poison slows enemies and deals damage to them every second.
Spirit of the Elder Lizard
Unique Passive - Incinerate: Basic attacks and spells that do not inflict damage-over time deal 15-66 (based on level) bonus true damage over 3 seconds on hit.
Based on the descriptions, I don't see why Teemo shrooms should do the additional true damage.