10-Q Filing

GREEN DRAGON WOOD PRODUCTS, INC. CIK: 1417172 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001185185-14-002398`
Period End Date	20140630
Filing Date	20140905
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	gdwp-20140630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 39 Cash Flow Statement 65 Stockholders Equity 18

Balance Sheet 71 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value (in Dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and cash equivalent	`CashAndCashEquivalentsAtCarryingValue`	$25.04K	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash and cash equivalent	`CashAndCashEquivalentsAtCarryingValue`	$90.03K	USD	Point-in-time
Cash and cash equivalent	`CashAndCashEquivalentsAtCarryingValue`	$342.33K	USD	Point-in-time
Cash and cash equivalent	`CashAndCashEquivalentsAtCarryingValue`	$34.60K	USD	Point-in-time
Restricted cash	`RestrictedCashAndInvestmentsCurrent`	$448.39K	USD	Point-in-time
Restricted cash	`RestrictedCashAndInvestmentsCurrent`	$395.89K	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$6.20M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$5.66M	USD	Point-in-time
Bills receivable	`NotesAndLoansReceivableGrossCurrent`	$1.19M	USD	Point-in-time
Common Stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Bills receivable	`NotesAndLoansReceivableGrossCurrent`	-	USD	Point-in-time
Common Stock, par value (in Dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	450.00M	shares	Point-in-time
Common stock, authorized	`CommonStockSharesAuthorized`	450.00M	shares	Point-in-time
Income tax recoverable	`IncomeTaxesReceivable`	$26.79K	USD	Point-in-time
Income tax recoverable	`IncomeTaxesReceivable`	$26.79K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	23.73M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	23.73M	shares	Point-in-time
Prepayments, deposits and other receivables	`PrepaidExpenseAndOtherAssetsCurrent`	$1.52M	USD	Point-in-time
Prepayments, deposits and other receivables	`PrepaidExpenseAndOtherAssetsCurrent`	$1.17M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	23.73M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	23.73M	shares	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$8.93M	USD	Point-in-time
TOTAL CURRENT ASSETS	`AssetsCurrent`	$7.83M	USD	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$31.05K	USD	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$34.10K	USD	Point-in-time
TOTAL NON-CURRENT ASSETS	`AssetsNoncurrent`	$31.05K	USD	Point-in-time
TOTAL NON-CURRENT ASSETS	`AssetsNoncurrent`	$34.10K	USD	Point-in-time
TOTAL ASSETS	`Assets`	$7.87M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$8.96M	USD	Point-in-time
Revolving lines of credit	`LinesOfCreditCurrent`	$4.90M	USD	Point-in-time
Revolving lines of credit	`LinesOfCreditCurrent`	$4.44M	USD	Point-in-time
Accounts payable, trade	`AccountsPayableCurrent`	$892.06K	USD	Point-in-time
Accounts payable, trade	`AccountsPayableCurrent`	$655.78K	USD	Point-in-time
Accrued liabilities and other payables	`AccountsPayableAndAccruedLiabilitiesCurrent`	$564.77K	USD	Point-in-time
Accrued liabilities and other payables	`AccountsPayableAndAccruedLiabilitiesCurrent`	$947.32K	USD	Point-in-time
Amount due to a director	`DueToOfficersOrStockholdersCurrent`	$16.32K	USD	Point-in-time
Amount due to a director	`DueToOfficersOrStockholdersCurrent`	$18.93K	USD	Point-in-time
Obligation under finance lease	`CapitalLeaseObligationsCurrent`	$12.22K	USD	Point-in-time
Obligation under finance lease	`CapitalLeaseObligationsCurrent`	$12.34K	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$6.77M	USD	Point-in-time
TOTAL CURRENT LIABILITIES	`LiabilitiesCurrent`	$5.69M	USD	Point-in-time
Obligation under finance lease	`CapitalLeaseObligationsNoncurrent`	$31.55K	USD	Point-in-time
Obligation under finance lease	`CapitalLeaseObligationsNoncurrent`	$28.42K	USD	Point-in-time
TOTAL NON-CURRENT LIABILITIES	`LiabilitiesNoncurrent`	$28.42K	USD	Point-in-time
TOTAL NON-CURRENT LIABILITIES	`LiabilitiesNoncurrent`	$31.55K	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$6.79M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$5.72M	USD	Point-in-time
Preferred stock, $0.001 par value; 50,000,000 preferred shares authorized; Series A Convertible Preferred Stock, 2,000,000 shares and 0 shares issued and outstanding, respectively.	`PreferredStockValueOutstanding`	$2.00K	USD	Point-in-time
Preferred stock, $0.001 par value; 50,000,000 preferred shares authorized; Series A Convertible Preferred Stock, 2,000,000 shares and 0 shares issued and outstanding, respectively.	`PreferredStockValueOutstanding`	$2.00K	USD	Point-in-time
Common stock, $0.001 par value; 450,000,000 shares authorized; 23,725,000 shares issued and outstanding	`CommonStockValueOutstanding`	$23.73K	USD	Point-in-time
Common stock, $0.001 par value; 450,000,000 shares authorized; 23,725,000 shares issued and outstanding	`CommonStockValueOutstanding`	$23.73K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.24M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$1.24M	USD	Point-in-time
Subscription receivable	`CommonStockShareSubscribedButUnissuedSubscriptionsReceivable`	$100.00K	USD	Point-in-time
Subscription receivable	`CommonStockShareSubscribedButUnissuedSubscriptionsReceivable`	$100.00K	USD	Point-in-time
Deferred stock-based compensation	`DeferredCompensationEquity`	$264.84K	USD	Point-in-time
Deferred stock-based compensation	`DeferredCompensationEquity`	$306.39K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.29M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$1.28M	USD	Point-in-time
Accumulated other comprehensive (loss) gain	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-6.63K	USD	Point-in-time
Accumulated other comprehensive (loss) gain	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-6.76K	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$2.17M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$2.14M	USD	Point-in-time
TOTAL STOCKHOLDERS' EQUITY	`StockholdersEquity`	$2.44M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$8.96M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$7.87M	USD	Point-in-time

Income Statement 39 line items

Line Item	Tag	Value	Unit	Period
Revenues, net	`Revenues`	$3.10M	USD	1 Quarter
Revenues, net	`Revenues`	$2.47M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$2.85M	USD	1 Quarter
Cost of revenue	`CostOfGoodsAndServicesSold`	$2.32M	USD	1 Quarter
Gross profit	`GrossProfit`	$251.62K	USD	1 Quarter
Gross profit	`GrossProfit`	$151.03K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$240.17K	USD	1 Quarter
General and administrative expenses	`GeneralAndAdministrativeExpense`	$277.57K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$277.57K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$240.17K	USD	1 Quarter
INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$-126.53K	USD	1 Quarter
INCOME (LOSS) FROM OPERATIONS	`OperatingIncomeLoss`	$11.46K	USD	1 Quarter
Foreign exchange (loss), net	`ForeignCurrencyTransactionGainLossBeforeTax`	$-11.35K	USD	1 Quarter
Foreign exchange (loss), net	`ForeignCurrencyTransactionGainLossBeforeTax`	$-17.92K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$329.00	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$8.78K	USD	1 Quarter
Interest expense	`InterestExpense`	$58.96K	USD	1 Quarter
Interest expense	`InterestExpense`	$62.45K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$41.23K	USD	1 Quarter
Other income	`OtherNonoperatingIncome`	$84.70K	USD	1 Quarter
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-113.43K	USD	1 Quarter
LOSS BEFORE INCOME TAXES	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-17.30K	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$9.10K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-122.53K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-17.30K	USD	1 Quarter
NET LOSS	`NetIncomeLoss`	$-419.35K	USD	Annual
- Reclassification adjustment for disposal of available-for-sales-securities	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax`	$52.36K	USD	Annual
- Reclassification adjustment for disposal of available-for-sales-securities	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax`	$52.36K	USD	1 Quarter
- Reclassification adjustment for disposal of available-for-sales-securities	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax`	-	USD	1 Quarter
- Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-5.80K	USD	Annual
- Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-3.68K	USD	1 Quarter
- Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$130.00	USD	1 Quarter
COMPREHENSIVE LOSS	`ComprehensiveIncomeNetOfTax`	$-178.57K	USD	1 Quarter
COMPREHENSIVE LOSS	`ComprehensiveIncomeNetOfTax`	$-17.16K	USD	1 Quarter
Net loss per share - Basic and diluted (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.07	USD	1 Quarter
Net loss per share - Basic and diluted (in Dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.55	USD	1 Quarter
Weighted average common shares outstanding during the period - Basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	23.73M	shares	1 Quarter
Weighted average common shares outstanding during the period - Basic and diluted (in Shares)	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	22.10M	shares	1 Quarter

Cash Flow Statement 65 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-122.53K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-17.30K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-419.35K	USD	Annual
Depreciation	`Depreciation`	$3.97K	USD	1 Quarter
Depreciation	`Depreciation`	$5.06K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$59.18K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$41.55K	USD	1 Quarter
Net gain on changes in fair value of life insurance	`LifeSettlementContractsFairValueMethodGainLoss`	-	USD	1 Quarter
Net gain on changes in fair value of life insurance	`LifeSettlementContractsFairValueMethodGainLoss`	$5.26K	USD	1 Quarter
Net gain on disposal of available-for-sales securities	`GainLossOnSaleOfSecuritiesNet`	-	USD	1 Quarter
Net gain on disposal of available-for-sales securities	`GainLossOnSaleOfSecuritiesNet`	$84.70K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-542.69K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-624.83K	USD	1 Quarter
Income tax recoverable	`IncreaseDecreaseInIncomeTaxesReceivable`	$-97.20K	USD	1 Quarter
Income tax recoverable	`IncreaseDecreaseInIncomeTaxesReceivable`	-	USD	1 Quarter
Prepayments, deposits and other receivables	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$267.67K	USD	1 Quarter
Prepayments, deposits and other receivables	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$348.50K	USD	1 Quarter
Accounts payable, trade	`IncreaseDecreaseInAccountsPayableTrade`	$-426.75K	USD	1 Quarter
Accounts payable, trade	`IncreaseDecreaseInAccountsPayableTrade`	$236.27K	USD	1 Quarter
Bills receivable	`IncreaseDecreaseInFinanceReceivables`	$1.19M	USD	1 Quarter
Bills receivable	`IncreaseDecreaseInFinanceReceivables`	-	USD	1 Quarter
Accrued liabilities and other payables	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$382.55K	USD	1 Quarter
Accrued liabilities and other payables	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-103.72K	USD	1 Quarter
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	$-94.20K	USD	1 Quarter
Income tax payable	`IncreaseDecreaseInAccruedIncomeTaxesPayable`	-	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-318.56K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-344.35K	USD	1 Quarter
Purchase of plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$926.00	USD	1 Quarter
Purchase of plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$64.00	USD	1 Quarter
Proceed from disposal of available-for-sale securities	`ProceedsFromSaleOfAvailableForSaleSecurities`	$393.36K	USD	1 Quarter
Proceed from disposal of available-for-sale securities	`ProceedsFromSaleOfAvailableForSaleSecurities`	-	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$393.30K	USD	1 Quarter
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-926.00	USD	1 Quarter
(Repayment of) proceeds from revolving lines of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$-607.06K	USD	1 Quarter
(Repayment of) proceeds from revolving lines of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$453.46K	USD	1 Quarter
Change in restricted cash	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	$-52.49K	USD	1 Quarter
Change in restricted cash	`ProceedsFromRepaymentsOfRestrictedCashFinancingActivities`	$386.06K	USD	1 Quarter
Repayment of insurance policy loan	`RepaymentsOfOtherLongTermDebt`	$19.81K	USD	1 Quarter
Repayment of insurance policy loan	`RepaymentsOfOtherLongTermDebt`	-	USD	1 Quarter
Repayment of finance lease	`RepaymentsOfLongTermCapitalLeaseObligations`	$2.85K	USD	1 Quarter
Repayment of finance lease	`RepaymentsOfLongTermCapitalLeaseObligations`	$3.01K	USD	1 Quarter
Repayment of short-term bank loan	`ProceedsFromRepaymentsOfShortTermDebt`	$-125.54K	USD	1 Quarter
Repayment of short-term bank loan	`ProceedsFromRepaymentsOfShortTermDebt`	-	USD	1 Quarter
Repayment of long-term bank loans	`RepaymentsOfLongTermDebt`	$37.91K	USD	1 Quarter
Repayment of long-term bank loans	`RepaymentsOfLongTermDebt`	-	USD	1 Quarter
Advance from (repayment) to a director	`RepaymentsOfRelatedPartyDebt`	$-2.62K	USD	1 Quarter
Advance from (repayment) to a director	`RepaymentsOfRelatedPartyDebt`	$959.00	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$400.58K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-408.07K	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$130.00	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$16.04K	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$55.44K	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-317.29K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$25.04K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$90.03K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$342.33K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$34.60K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$25.04K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$90.03K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$342.33K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$34.60K	USD	Point-in-time
Interest paid	`InterestPaid`	$58.96K	USD	1 Quarter
Interest paid	`InterestPaid`	$62.45K	USD	1 Quarter
Income tax paid	`IncomeTaxesPaid`	$6.08K	USD	1 Quarter
Income tax paid	`IncomeTaxesPaid`	-	USD	1 Quarter

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$2.17M	USD	Point-in-time
Balance	`StockholdersEquity`	$2.14M	USD	Point-in-time
Balance	`StockholdersEquity`	$2.44M	USD	Point-in-time
Amortization of deferred stock-based compensation	`AmortizationOfDeferredShareBasedCompensation`	$166.67K	USD	Annual
Amortization of deferred stock-based compensation	`AmortizationOfDeferredShareBasedCompensation`	$41.55K	USD	1 Quarter
Equity Settled Share based Payment	`StockIssuedDuringPeriodValueShareBasedCompensationGross`	$17.62K	USD	Annual
Reclassification adjustment for disposal on available-for-sales securities	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax`	$52.36K	USD	Annual
Reclassification adjustment for disposal on available-for-sales securities	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax`	$52.36K	USD	1 Quarter
Reclassification adjustment for disposal on available-for-sales securities	`OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax`	-	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-122.53K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-17.30K	USD	1 Quarter
Net Loss	`NetIncomeLoss`	$-419.35K	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-5.80K	USD	Annual
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-3.68K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$130.00	USD	1 Quarter
Balance	`StockholdersEquity`	$2.17M	USD	Point-in-time
Balance	`StockholdersEquity`	$2.14M	USD	Point-in-time
Balance	`StockholdersEquity`	$2.44M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.