10-Q Filing

ADAMANT DRI PROCESSING & MINERALS GROUP CIK: 1171008 Q2 2014

Filing Information

Form Type	10-Q
Accession Number	`0001193805-14-001763`
Period End Date	20140630
Filing Date	20140827
Fiscal Year	2014
Fiscal Period	Q2
XBRL Instance	uhfi-20140630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 80 Income Statement 64 Cash Flow Statement 54

Balance Sheet 80 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Cash & equivalents	`CashAndCashEquivalentsAtCarryingValue`	$633.27K	USD	Point-in-time
Cash & equivalents	`CashAndCashEquivalentsAtCarryingValue`	$27.31K	USD	Point-in-time
Inventory	`InventoryGross`	$692.86K	USD	Point-in-time
Inventory	`InventoryGross`	$3.32M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	24.79M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	45.92M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	24.79M	shares	Point-in-time
Value-added tax receivable	`ValueAddedTaxReceivable`	-	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	45.92M	shares	Point-in-time
Value-added tax receivable	`ValueAddedTaxReceivable`	$2.31M	USD	Point-in-time
Other receivables	`OtherReceivablesNetCurrent`	$4.89K	USD	Point-in-time
Other receivables	`OtherReceivablesNetCurrent`	$2.78M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, authorized shares	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$9.04M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$725.06K	USD	Point-in-time
Preferred stock, authorized shares	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, issued shares	`PreferredStockSharesIssued`	1.00	shares	Point-in-time
Preferred stock, issued shares	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$31.88M	USD	Point-in-time
Preferred stock, outstanding shares	`PreferredStockSharesOutstanding`	1.00	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$8.07M	USD	Point-in-time
Preferred stock, outstanding shares	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$5.38M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$536.70K	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	$8.79M	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	$7.43M	USD	Point-in-time
Advance to suppliers for construction and equipment	`AdvanceToSuppliersForConstructionAndEquipment`	$-1.05M	USD	Point-in-time
Advance to suppliers for construction and equipment	`AdvanceToSuppliersForConstructionAndEquipment`	$-1.48M	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsGross`	-	USD	Point-in-time
Deferred tax assets	`DeferredTaxAssetsGross`	$3.36K	USD	Point-in-time
Goodwill	`Goodwill`	$6.21M	USD	Point-in-time
Goodwill	`Goodwill`	-	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$17.10M	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$53.74M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$62.79M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$17.82M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.40M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$248.00	USD	Point-in-time
Accrued liabilities and other payables	`AccountsPayableAndOtherAccruedLiabilities`	$14.99M	USD	Point-in-time
Accrued liabilities and other payables	`AccountsPayableAndOtherAccruedLiabilities`	$608.62K	USD	Point-in-time
Income tax payable	`TaxesPayableCurrent`	$135.59K	USD	Point-in-time
Income tax payable	`TaxesPayableCurrent`	$134.36K	USD	Point-in-time
Payable to contractors	`PayableToContractors`	$893.90K	USD	Point-in-time
Payable to contractors	`PayableToContractors`	$902.10K	USD	Point-in-time
Advance from related parties	`AdvanceFromRelatedParty`	$29.15M	USD	Point-in-time
Advance from related parties	`AdvanceFromRelatedParty`	$9.47M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$47.56M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.11M	USD	Point-in-time
Accrued expense	`AccruedExpense`	$-13.30K	USD	Point-in-time
Accrued expense	`AccruedExpense`	$-13.43K	USD	Point-in-time
Advance from related party	`AdvanceFromRelatedParty1`	$10.69M	USD	Point-in-time
Advance from related party	`AdvanceFromRelatedParty1`	-	USD	Point-in-time
Deferred tax liability, net	`DeferredTaxAssetsLiabilitiesNet`	$-23.91K	USD	Point-in-time
Deferred tax liability, net	`DeferredTaxAssetsLiabilitiesNet`	-	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$13.43K	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$10.72M	USD	Point-in-time
Total liabilities	`Liabilities`	$11.13M	USD	Point-in-time
Total liabilities	`Liabilities`	$58.29M	USD	Point-in-time
Preferred stock: $0.001 par value; 10,000,000 shares authorized, 1 and no share issued and outstanding at June 30, 2014 and December 31, 2013, respectively	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock: $0.001 par value; 10,000,000 shares authorized, 1 and no share issued and outstanding at June 30, 2014 and December 31, 2013, respectively	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value; authorized shares 100,000,000; issued and outstanding 45,920,310 and 24,786,212 shares.	`CommonStockValue`	$45.92K	USD	Point-in-time
Common stock, $0.001 par value; authorized shares 100,000,000; issued and outstanding 45,920,310 and 24,786,212 shares.	`CommonStockValue`	$24.79K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$7.02M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$5.28M	USD	Point-in-time
Statutory reserves	`StatutoryReserves`	$557.25K	USD	Point-in-time
Statutory reserves	`StatutoryReserves`	$557.25K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossBeforeTax1`	$734.54K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossBeforeTax1`	$794.67K	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$-3.86M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$38.99K	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$4.50M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$6.70M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$62.79M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$17.82M	USD	Point-in-time

Income Statement 64 line items

Line Item	Tag	Value	Unit	Period
General and administrative	`GeneralAndAdministrativeExpense`	$782.75K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$3.47M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.53M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$401.01K	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-401.01K	USD	1 Quarter
Loss from operations	`IncomeLossFromContinuingOperations`	$-3.47M	USD	2 Qtrs
Loss from operations	`IncomeLossFromContinuingOperations`	$-782.75K	USD	2 Qtrs
Loss from operations	`IncomeLossFromContinuingOperations`	$-2.53M	USD	1 Quarter
Interest income	`InterestIncomeExpenseNet`	$-20.00	USD	1 Quarter
Interest income	`InterestIncomeExpenseNet`	$314.00	USD	1 Quarter
Interest income	`InterestIncomeExpenseNet`	$-39.00	USD	2 Qtrs
Interest income	`InterestIncomeExpenseNet`	$-44.00	USD	2 Qtrs
Interest expense	`InterestExpenseDebt`	-	USD	1 Quarter
Interest expense	`InterestExpenseDebt`	-	USD	2 Qtrs
Interest expense	`InterestExpenseDebt`	$-440.81K	USD	2 Qtrs
Interest expense	`InterestExpenseDebt`	$-440.81K	USD	1 Quarter
Financial expense	`FinancialExpense`	$-47.00	USD	1 Quarter
Financial expense	`FinancialExpense`	$-538.00	USD	2 Qtrs
Financial expense	`FinancialExpense`	$-325.00	USD	1 Quarter
Financial expense	`FinancialExpense`	$-269.00	USD	2 Qtrs
Other expense	`OtherExpenses`	-	USD	2 Qtrs
Other expense	`OtherExpenses`	-	USD	1 Quarter
Other expense	`OtherExpenses`	-	USD	1 Quarter
Other expense	`OtherExpenses`	$-1.63K	USD	2 Qtrs
Total non-operating expenses, net	`OperatingExpenses`	$-230.00	USD	2 Qtrs
Total non-operating expenses, net	`OperatingExpenses`	$-441.45K	USD	1 Quarter
Total non-operating expenses, net	`OperatingExpenses`	$-442.94K	USD	2 Qtrs
Total non-operating expenses, net	`OperatingExpenses`	$-27.00	USD	1 Quarter
Loss before income tax	`LossBeforeIncomeTax`	$3.91M	USD	2 Qtrs
Loss before income tax	`LossBeforeIncomeTax`	$782.99K	USD	2 Qtrs
Loss before income tax	`LossBeforeIncomeTax`	$2.97M	USD	1 Quarter
Loss before income tax	`LossBeforeIncomeTax`	$401.04K	USD	1 Quarter
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	-	USD	1 Quarter
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$86.77K	USD	1 Quarter
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	-	USD	2 Qtrs
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$-15.36K	USD	2 Qtrs
Net loss	`ProfitLoss`	$-3.90M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-401.04K	USD	1 Quarter
Net loss	`ProfitLoss`	$-782.99K	USD	2 Qtrs
Net loss	`ProfitLoss`	$-3.06M	USD	1 Quarter
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToNoncontrollingInterest`	$-130.65K	USD	1 Quarter
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToNoncontrollingInterest`	$139.00K	USD	2 Qtrs
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToNoncontrollingInterest`	$117.07K	USD	1 Quarter
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToNoncontrollingInterest`	$-60.13K	USD	2 Qtrs
Net comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-283.97K	USD	1 Quarter
Net comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-3.19M	USD	1 Quarter
Net comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-643.99K	USD	2 Qtrs
Net comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-3.96M	USD	2 Qtrs
Basic weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	24.79M	shares	1 Quarter
Basic weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	24.79M	shares	2 Qtrs
Basic weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	40.79M	shares	2 Qtrs
Basic weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	43.40M	shares	1 Quarter
Diluted weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	42.63M	shares	1 Quarter
Diluted weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	61.24M	shares	1 Quarter
Diluted weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	59.54M	shares	2 Qtrs
Diluted weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	42.63M	shares	2 Qtrs
Basic net loss per share	`EarningsPerShareBasic`	$-0.03	USD	2 Qtrs
Basic net loss per share	`EarningsPerShareBasic`	$-0.07	USD	1 Quarter
Basic net loss per share	`EarningsPerShareBasic`	$-0.02	USD	1 Quarter
Basic net loss per share	`EarningsPerShareBasic`	$-0.10	USD	2 Qtrs
Diluted net loss per share	`EarningsPerShareDiluted`	$-0.02	USD	1 Quarter
Diluted net loss per share	`EarningsPerShareDiluted`	$-0.03	USD	2 Qtrs
Diluted net loss per share	`EarningsPerShareDiluted`	$-0.10	USD	2 Qtrs
Diluted net loss per share	`EarningsPerShareDiluted`	$-0.07	USD	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-3.90M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-401.04K	USD	1 Quarter
Net loss	`ProfitLoss`	$-782.99K	USD	2 Qtrs
Net loss	`ProfitLoss`	$-3.06M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$529.25K	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$1.44M	USD	2 Qtrs
Change in deferred tax	`ChangeInDeferredTax`	$-15.36K	USD	2 Qtrs
Change in deferred tax	`ChangeInDeferredTax`	-	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$238.00	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$244.21K	USD	2 Qtrs
Other receivable	`IncreaseDecreaseInOtherReceivables`	-	USD	2 Qtrs
Other receivable	`IncreaseDecreaseInOtherReceivables`	$-2.56M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	-	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-286.38K	USD	2 Qtrs
Accrued liabilities and other payables	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$-13.91M	USD	2 Qtrs
Accrued liabilities and other payables	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$67.84K	USD	2 Qtrs
Tax payable	`IncreaseDecreaseInIncomeTaxes`	-	USD	2 Qtrs
Tax payable	`IncreaseDecreaseInIncomeTaxes`	$-120.42K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-185.65K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-19.10M	USD	2 Qtrs
Construction in progress	`ConstructionInProgressExpendituresIncurredButNotYetPaid`	$1.44M	USD	2 Qtrs
Construction in progress	`ConstructionInProgressExpendituresIncurredButNotYetPaid`	$1.20M	USD	2 Qtrs
Advance to suppliers for construction and equipment	`AdvanceSuppliersConstructionEquipment1`	$-722.87K	USD	2 Qtrs
Advance to suppliers for construction and equipment	`AdvanceSuppliersConstructionEquipment1`	-	USD	2 Qtrs
Acquisition of property, plant & equipment	`AcquisitionOfPropertyPlantEquipment`	$8.81K	USD	2 Qtrs
Acquisition of property, plant & equipment	`AcquisitionOfPropertyPlantEquipment`	$185.59K	USD	2 Qtrs
Acquisition of China Huaxin, net of cash acquired	`AcquisitionOfChinaHuaxinNetOfCashAcquired`	$1.50M	USD	2 Qtrs
Acquisition of China Huaxin, net of cash acquired	`AcquisitionOfChinaHuaxinNetOfCashAcquired`	-	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.21M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.40M	USD	2 Qtrs
Proceeds from convertible debts	`ProceedsFromConvertibleDebt`	$1.64M	USD	2 Qtrs
Proceeds from convertible debts	`ProceedsFromConvertibleDebt`	-	USD	2 Qtrs
Advance from related party	`ProceedsFromRelatedPartyDebt`	$1.39M	USD	2 Qtrs
Advance from related party	`ProceedsFromRelatedPartyDebt`	$20.47M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.39M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$22.11M	USD	2 Qtrs
EFFECT OF EXCHANGE RATE CHANGE ON CASH & EQUIVALENTS	`EffectOfExchangeRateOnCashContinuingOperations`	$477.00	USD	2 Qtrs
EFFECT OF EXCHANGE RATE CHANGE ON CASH & EQUIVALENTS	`EffectOfExchangeRateOnCashContinuingOperations`	$-1.07K	USD	2 Qtrs
NET INCREASE (DECREASE) IN CASH & EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-810.00	USD	2 Qtrs
NET INCREASE (DECREASE) IN CASH & EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$605.96K	USD	2 Qtrs
CASH & EQUIVALENTS, BEGINNING OF PERIOD	`Cash`	$27.49K	USD	Point-in-time
CASH & EQUIVALENTS, BEGINNING OF PERIOD	`Cash`	$28.30K	USD	Point-in-time
CASH & EQUIVALENTS, BEGINNING OF PERIOD	`Cash`	$27.31K	USD	Point-in-time
CASH & EQUIVALENTS, BEGINNING OF PERIOD	`Cash`	$633.27K	USD	Point-in-time
CASH & EQUIVALENTS, END OF PERIOD	`Cash`	$27.49K	USD	Point-in-time
CASH & EQUIVALENTS, END OF PERIOD	`Cash`	$28.30K	USD	Point-in-time
CASH & EQUIVALENTS, END OF PERIOD	`Cash`	$27.31K	USD	Point-in-time
CASH & EQUIVALENTS, END OF PERIOD	`Cash`	$633.27K	USD	Point-in-time
Income tax paid	`IncomeTaxesPaid`	-	USD	2 Qtrs
Income tax paid	`IncomeTaxesPaid`	-	USD	2 Qtrs
Interest paid	`InterestPaid`	-	USD	2 Qtrs
Interest paid	`InterestPaid`	-	USD	2 Qtrs
Conversion of convertible debts into common stock	`ConversionOfConvertibleDebtsIntoCommonStock`	-	USD	2 Qtrs
Conversion of convertible debts into common stock	`ConversionOfConvertibleDebtsIntoCommonStock`	$1.64M	USD	2 Qtrs

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