10-Q Filing

ADAMANT DRI PROCESSING & MINERALS GROUP CIK: 1171008 Q2 2016

Filing Information

Form Type	10-Q
Accession Number	`0001193805-16-003730`
Period End Date	20160630
Filing Date	20160815
Fiscal Year	2016
Fiscal Period	Q2
XBRL Instance	uhfi-20160630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 78 Income Statement 76 Cash Flow Statement 54

Balance Sheet 78 line items

Line Item	Tag	Value	Unit	Period
Convertible Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Convertible Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash & equivalents	`CashAndCashEquivalentsAtCarryingValue`	$26.96K	USD	Point-in-time
Convertible Preferred stock, authorized shares	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Cash & equivalents	`CashAndCashEquivalentsAtCarryingValue`	$90.15K	USD	Point-in-time
Convertible Preferred stock, authorized shares	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Advance to suppliers	`AdvanceToSuppliers`	$47.43K	USD	Point-in-time
Advance to suppliers	`AdvanceToSuppliers`	$67.19K	USD	Point-in-time
Convertible Preferred stock, issued shares	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Convertible Preferred stock, issued shares	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Convertible Preferred stock, outstanding shares	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Value-added tax receivable	`ValueAddedTaxReceivable`	$2.84M	USD	Point-in-time
Convertible Preferred stock, outstanding shares	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Value-added tax receivable	`ValueAddedTaxReceivable`	$2.90M	USD	Point-in-time
Inventory, net	`InventoryGross`	$1.46M	USD	Point-in-time
Inventory, net	`InventoryGross`	$1.43M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$4.45M	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
Total current assets	`AssetsCurrent`	$4.40M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	63.76M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	63.76M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	63.76M	shares	Point-in-time
Advance to suppliers for construction and equipment	`AdvanceToSuppliersForConstructionAndEquipment`	$-37.27K	USD	Point-in-time
Advance to suppliers for construction and equipment	`AdvanceToSuppliersForConstructionAndEquipment`	-	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	63.76M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$25.29M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$26.99M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$3.20M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$3.32M	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	$8.07M	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	$8.02M	USD	Point-in-time
Goodwill	`Goodwill`	$6.03M	USD	Point-in-time
Goodwill	`Goodwill`	$6.16M	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$44.58M	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$42.54M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$49.03M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$46.95M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.09M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.09M	USD	Point-in-time
Accrued liabilities and other payables	`AccountsPayableAndOtherAccruedLiabilities`	$10.93M	USD	Point-in-time
Accrued liabilities and other payables	`AccountsPayableAndOtherAccruedLiabilities`	$11.22M	USD	Point-in-time
Income tax payable	`TaxesPayableCurrent`	$124.67K	USD	Point-in-time
Income tax payable	`TaxesPayableCurrent`	$127.31K	USD	Point-in-time
Short term loan	`ShortTermBorrowings`	$196.04K	USD	Point-in-time
Short term loan	`ShortTermBorrowings`	$200.20K	USD	Point-in-time
Payable to contractors	`PayableToContractors`	$846.99K	USD	Point-in-time
Payable to contractors	`PayableToContractors`	$829.41K	USD	Point-in-time
Advance from related parties	`DueToRelatedPartiesCurrent`	$39.95M	USD	Point-in-time
Advance from related parties	`DueToRelatedPartiesCurrent`	$39.86M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$57.32M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$57.14M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilities`	$17.11K	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilities`	$34.90K	USD	Point-in-time
Accrued expense	`OtherAccruedLiabilitiesNoncurrent`	$12.61K	USD	Point-in-time
Accrued expense	`OtherAccruedLiabilitiesNoncurrent`	$12.34K	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$47.50K	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$29.45K	USD	Point-in-time
Total liabilities	`Liabilities`	$57.19M	USD	Point-in-time
Total liabilities	`Liabilities`	$57.35M	USD	Point-in-time
Convertible preferred stock: $0.001 par value; 1,000,000 shares authorized, no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Convertible preferred stock: $0.001 par value; 1,000,000 shares authorized, no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value; authorized shares 100,000,000; issued and outstanding 63,760,110 shares	`CommonStockValue`	$63.76K	USD	Point-in-time
Common stock, $0.001 par value; authorized shares 100,000,000; issued and outstanding 63,760,110 shares	`CommonStockValue`	$63.76K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$6.95M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$6.95M	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`	$1.04M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossBeforeTax1`	$1.23M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-19.20M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-16.76M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-10.40M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-8.15M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$46.95M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$49.03M	USD	Point-in-time

Income Statement 76 line items

Line Item	Tag	Value	Unit	Period
Net Sales	`Revenues`	$488.46K	USD	1 Quarter
Net Sales	`Revenues`	$732.15K	USD	2 Qtrs
Net Sales	`Revenues`	-	USD	2 Qtrs
Net Sales	`Revenues`	-	USD	1 Quarter
Cost of Goods Sold	`CostOfRevenue`	-	USD	1 Quarter
Cost of Goods Sold	`CostOfRevenue`	$1.23M	USD	2 Qtrs
Cost of Goods Sold	`CostOfRevenue`	-	USD	2 Qtrs
Cost of Goods Sold	`CostOfRevenue`	$736.09K	USD	1 Quarter
Gross Loss	`GrossProfit`	-	USD	2 Qtrs
Gross Loss	`GrossProfit`	-	USD	1 Quarter
Gross Loss	`GrossProfit`	$-247.62K	USD	1 Quarter
Gross Loss	`GrossProfit`	$-494.76K	USD	2 Qtrs
Trial production related expenses	`OperatingCostsAndExpenses`	$885.00K	USD	2 Qtrs
Trial production related expenses	`OperatingCostsAndExpenses`	$524.28K	USD	1 Quarter
Trial production related expenses	`OperatingCostsAndExpenses`	-	USD	2 Qtrs
Trial production related expenses	`OperatingCostsAndExpenses`	-	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.92M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.30M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$916.75K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$727.25K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.19M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$916.75K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.25M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.92M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-2.68M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-1.92M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-916.75K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.50M	USD	1 Quarter
Interest income	`InterestIncomeExpenseNet`	$144.00	USD	1 Quarter
Interest income	`InterestIncomeExpenseNet`	$59.00	USD	1 Quarter
Interest income	`InterestIncomeExpenseNet`	$84.00	USD	2 Qtrs
Interest income	`InterestIncomeExpenseNet`	$436.00	USD	2 Qtrs
Other income (expenses)	`OtherExpenses`	$1.42K	USD	2 Qtrs
Other income (expenses)	`OtherExpenses`	$4.00	USD	1 Quarter
Other income (expenses)	`OtherExpenses`	$-10.00	USD	1 Quarter
Other income (expenses)	`OtherExpenses`	$-10.00	USD	2 Qtrs
Interest expense	`InterestExpenseDebt`	$291.70K	USD	1 Quarter
Interest expense	`InterestExpenseDebt`	$567.85K	USD	2 Qtrs
Interest expense	`InterestExpenseDebt`	$266.41K	USD	1 Quarter
Interest expense	`InterestExpenseDebt`	$533.91K	USD	2 Qtrs
Bank charges	`FinancialExpense`	$123.00	USD	1 Quarter
Bank charges	`FinancialExpense`	$284.00	USD	1 Quarter
Bank charges	`FinancialExpense`	$676.00	USD	2 Qtrs
Bank charges	`FinancialExpense`	$616.00	USD	2 Qtrs
Total non-operating expenses, net	`NonoperatingIncomeExpense`	$-266.62K	USD	1 Quarter
Total non-operating expenses, net	`NonoperatingIncomeExpense`	$-534.50K	USD	2 Qtrs
Total non-operating expenses, net	`NonoperatingIncomeExpense`	$-291.68K	USD	1 Quarter
Total non-operating expenses, net	`NonoperatingIncomeExpense`	$-569.44K	USD	2 Qtrs
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-2.46M	USD	2 Qtrs
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-1.79M	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-3.25M	USD	2 Qtrs
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-1.18M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-17.33K	USD	2 Qtrs
Income tax benefit	`IncomeTaxExpenseBenefit`	$-7.88K	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-15.26K	USD	2 Qtrs
Income tax benefit	`IncomeTaxExpenseBenefit`	$-9.12K	USD	1 Quarter
Net loss	`ProfitLoss`	$-1.17M	USD	1 Quarter
Net loss	`ProfitLoss`	$-2.44M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-1.78M	USD	1 Quarter
Net loss	`ProfitLoss`	$-3.24M	USD	2 Qtrs
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToNoncontrollingInterest`	$-6.93K	USD	2 Qtrs
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToNoncontrollingInterest`	$194.82K	USD	2 Qtrs
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToNoncontrollingInterest`	$-3.63K	USD	1 Quarter
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToNoncontrollingInterest`	$143.53K	USD	1 Quarter
Net comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-2.25M	USD	2 Qtrs
Net comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.79M	USD	1 Quarter
Net comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.03M	USD	1 Quarter
Net comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-3.24M	USD	2 Qtrs
Basic and diluted weighted average shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	63.76M	shares	2 Qtrs
Basic and diluted weighted average shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	63.76M	shares	1 Quarter
Basic and diluted weighted average shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	63.76M	shares	1 Quarter
Basic and diluted weighted average shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	63.76M	shares	2 Qtrs
Basic and diluted net loss per share	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	1 Quarter
Basic and diluted net loss per share	`EarningsPerShareBasicAndDiluted`	$-0.05	USD	2 Qtrs
Basic and diluted net loss per share	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Basic and diluted net loss per share	`EarningsPerShareBasicAndDiluted`	$-0.04	USD	2 Qtrs

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-1.17M	USD	1 Quarter
Net loss	`ProfitLoss`	$-2.44M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-1.78M	USD	1 Quarter
Net loss	`ProfitLoss`	$-3.24M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$1.44M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$1.61M	USD	2 Qtrs
Changes in deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-15.26K	USD	2 Qtrs
Changes in deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-17.33K	USD	2 Qtrs
Changes in deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-7.88K	USD	1 Quarter
Changes in deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-9.12K	USD	1 Quarter
Advance to suppliers	`IncreaseDecreaseAdvanceToSuppliers`	$-462.26K	USD	2 Qtrs
Advance to suppliers	`IncreaseDecreaseAdvanceToSuppliers`	$44.29K	USD	2 Qtrs
Other receivables	`IncreaseDecreaseInOtherReceivables`	$15.13K	USD	2 Qtrs
Other receivables	`IncreaseDecreaseInOtherReceivables`	$-1.04M	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$132.54K	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	-	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-17.14K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$102.51K	USD	2 Qtrs
Unearned revenue	`IncreaseDecreaseInDeferredRevenue`	$277.38K	USD	2 Qtrs
Unearned revenue	`IncreaseDecreaseInDeferredRevenue`	-	USD	2 Qtrs
Accrued liabilities and other payables	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$1.43M	USD	2 Qtrs
Accrued liabilities and other payables	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$538.63K	USD	2 Qtrs
Taxes payable	`IncreaseDecreaseInIncomeTaxes`	$76.78K	USD	2 Qtrs
Taxes payable	`IncreaseDecreaseInIncomeTaxes`	$-782.00	USD	2 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.62M	USD	2 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-560.67K	USD	2 Qtrs
Construction in progress	`ConstructionInProgressExpendituresIncurredButNotYetPaid`	$115.38K	USD	2 Qtrs
Construction in progress	`ConstructionInProgressExpendituresIncurredButNotYetPaid`	$106.58K	USD	2 Qtrs
Acquisition of fixed assets	`AcquisitionOfFixedAssets`	-	USD	2 Qtrs
Acquisition of fixed assets	`AcquisitionOfFixedAssets`	$39.47K	USD	2 Qtrs
Advance to suppliers for construction and equipment	`AdvanceToSupplierForConstructionAndEquipment`	$86.51K	USD	2 Qtrs
Advance to suppliers for construction and equipment	`AdvanceToSupplierForConstructionAndEquipment`	-	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-106.58K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-68.34K	USD	2 Qtrs
Advance from (repayment to) related parties	`ProceedsFromRelatedPartyDebt`	$-1.78M	USD	2 Qtrs
Advance from (repayment to) related parties	`ProceedsFromRelatedPartyDebt`	$731.94K	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.78M	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$731.94K	USD	2 Qtrs
EFFECT OF EXCHANGE RATE CHANGE ON CASH & EQUIVALENTS	`EffectOfExchangeRateOnCashContinuingOperations`	$-327.00	USD	2 Qtrs
EFFECT OF EXCHANGE RATE CHANGE ON CASH & EQUIVALENTS	`EffectOfExchangeRateOnCashContinuingOperations`	$-1.50K	USD	2 Qtrs
NET INCREASE (DECREASE) IN CASH & EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-227.75K	USD	2 Qtrs
NET INCREASE (DECREASE) IN CASH & EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$63.19K	USD	2 Qtrs
CASH & EQUIVALENTS, BEGINNING OF PERIOD	`Cash`	$269.25K	USD	Point-in-time
CASH & EQUIVALENTS, BEGINNING OF PERIOD	`Cash`	$90.15K	USD	Point-in-time
CASH & EQUIVALENTS, BEGINNING OF PERIOD	`Cash`	$26.96K	USD	Point-in-time
CASH & EQUIVALENTS, BEGINNING OF PERIOD	`Cash`	$41.50K	USD	Point-in-time
CASH & EQUIVALENTS, END OF PERIOD	`Cash`	$269.25K	USD	Point-in-time
CASH & EQUIVALENTS, END OF PERIOD	`Cash`	$90.15K	USD	Point-in-time
CASH & EQUIVALENTS, END OF PERIOD	`Cash`	$26.96K	USD	Point-in-time
CASH & EQUIVALENTS, END OF PERIOD	`Cash`	$41.50K	USD	Point-in-time
Income tax paid	`IncomeTaxesPaid`	-	USD	2 Qtrs
Income tax paid	`IncomeTaxesPaid`	-	USD	2 Qtrs
Interest paid	`InterestPaid`	$14.90K	USD	2 Qtrs
Interest paid	`InterestPaid`	$62.00K	USD	2 Qtrs

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