10-Q Filing

ADAMANT DRI PROCESSING & MINERALS GROUP CIK: 1171008 Q3 2016

Filing Information

Form Type	10-Q
Accession Number	`0001193805-16-004254`
Period End Date	20160930
Filing Date	20161114
Fiscal Year	2016
Fiscal Period	Q3
XBRL Instance	uhfi-20160930.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
Convertible Preferred stock, authorized shares	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Cash & equivalents	`CashAndCashEquivalentsAtCarryingValue`	$89.95K	USD	Point-in-time
Convertible Preferred stock, authorized shares	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Cash & equivalents	`CashAndCashEquivalentsAtCarryingValue`	$26.96K	USD	Point-in-time
Convertible Preferred stock, issued shares	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Advance to suppliers	`AdvanceToSuppliers`	$49.08K	USD	Point-in-time
Convertible Preferred stock, issued shares	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Advance to suppliers	`AdvanceToSuppliers`	$67.19K	USD	Point-in-time
Value-added tax receivable	`ValueAddedTaxReceivable`	$2.90M	USD	Point-in-time
Convertible Preferred stock, outstanding shares	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Value-added tax receivable	`ValueAddedTaxReceivable`	$2.86M	USD	Point-in-time
Convertible Preferred stock, outstanding shares	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Inventory, net	`InventoryGross`	$1.42M	USD	Point-in-time
Inventory, net	`InventoryGross`	$1.46M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Total current assets	`AssetsCurrent`	$4.42M	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`	$4.45M	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
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
Common stock, shares outstanding	`CommonStockSharesOutstanding`	63.76M	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$26.99M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$24.44M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$3.32M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$3.16M	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	$8.07M	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	$7.96M	USD	Point-in-time
Goodwill	`Goodwill`	$6.16M	USD	Point-in-time
Goodwill	`Goodwill`	$5.99M	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$41.55M	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$44.58M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$45.97M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$49.03M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.08M	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`	$11.19M	USD	Point-in-time
Income tax payable	`TaxesPayableCurrent`	$127.31K	USD	Point-in-time
Income tax payable	`TaxesPayableCurrent`	$123.80K	USD	Point-in-time
Short term loan	`ShortTermBorrowings`	$200.20K	USD	Point-in-time
Short term loan	`ShortTermBorrowings`	$194.68K	USD	Point-in-time
Payable to contractors	`PayableToContractors`	$823.62K	USD	Point-in-time
Payable to contractors	`PayableToContractors`	$846.99K	USD	Point-in-time
Advance from related parties	`DueToRelatedPartiesCurrent`	$40.19M	USD	Point-in-time
Advance from related parties	`DueToRelatedPartiesCurrent`	$39.95M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$57.60M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$57.14M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilities`	$8.28K	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`	$12.26K	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$47.50K	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$20.54K	USD	Point-in-time
Total liabilities	`Liabilities`	$57.62M	USD	Point-in-time
Total liabilities	`Liabilities`	$57.19M	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`	$1.30M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-20.52M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-16.76M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-8.15M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-11.65M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$49.03M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$45.97M	USD	Point-in-time

Income Statement 76 line items

Line Item	Tag	Value	Unit	Period
Net Sales	`Revenues`	$1.48K	USD	3 Qtrs
Net Sales	`Revenues`	$1.48K	USD	1 Quarter
Net Sales	`Revenues`	$732.15K	USD	3 Qtrs
Net Sales	`Revenues`	-	USD	1 Quarter
Cost of Goods Sold	`CostOfRevenue`	-	USD	3 Qtrs
Cost of Goods Sold	`CostOfRevenue`	-	USD	1 Quarter
Cost of Goods Sold	`CostOfRevenue`	$1.23M	USD	3 Qtrs
Cost of Goods Sold	`CostOfRevenue`	-	USD	1 Quarter
Gross Loss	`GrossProfit`	-	USD	1 Quarter
Gross Loss	`GrossProfit`	$1.48K	USD	3 Qtrs
Gross Loss	`GrossProfit`	$-494.76K	USD	3 Qtrs
Gross Loss	`GrossProfit`	$1.48K	USD	1 Quarter
Trial production related expenses	`OperatingCostsAndExpenses`	$770.32K	USD	1 Quarter
Trial production related expenses	`OperatingCostsAndExpenses`	-	USD	3 Qtrs
Trial production related expenses	`OperatingCostsAndExpenses`	-	USD	1 Quarter
Trial production related expenses	`OperatingCostsAndExpenses`	$1.66M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.99M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.16M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.07M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$854.33K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.62M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.81M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$2.99M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$1.07M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.62M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-4.31M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-1.06M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.99M	USD	3 Qtrs
Interest income	`InterestIncomeExpenseNet`	$99.00	USD	3 Qtrs
Interest income	`InterestIncomeExpenseNet`	$452.00	USD	3 Qtrs
Interest income	`InterestIncomeExpenseNet`	$16.00	USD	1 Quarter
Interest income	`InterestIncomeExpenseNet`	$15.00	USD	1 Quarter
Other income (expenses)	`OtherExpenses`	$-10.00	USD	3 Qtrs
Other income (expenses)	`OtherExpenses`	$17.09K	USD	1 Quarter
Other income (expenses)	`OtherExpenses`	$18.50K	USD	3 Qtrs
Other income (expenses)	`OtherExpenses`	-	USD	1 Quarter
Interest expense	`InterestExpenseDebt`	$281.57K	USD	1 Quarter
Interest expense	`InterestExpenseDebt`	$263.65K	USD	1 Quarter
Interest expense	`InterestExpenseDebt`	$797.56K	USD	3 Qtrs
Interest expense	`InterestExpenseDebt`	$849.42K	USD	3 Qtrs
Bank charges	`FinancialExpense`	$887.00	USD	3 Qtrs
Bank charges	`FinancialExpense`	$689.00	USD	1 Quarter
Bank charges	`FinancialExpense`	$1.30K	USD	3 Qtrs
Bank charges	`FinancialExpense`	$211.00	USD	1 Quarter
Total non-operating expenses, net	`OtherOperatingIncomeExpenseNet`	$-798.34K	USD	3 Qtrs
Total non-operating expenses, net	`OtherOperatingIncomeExpenseNet`	$-263.84K	USD	1 Quarter
Total non-operating expenses, net	`OtherOperatingIncomeExpenseNet`	$-299.33K	USD	1 Quarter
Total non-operating expenses, net	`OtherOperatingIncomeExpenseNet`	$-868.78K	USD	3 Qtrs
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-1.33M	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-5.18M	USD	3 Qtrs
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-3.79M	USD	3 Qtrs
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-1.92M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-26.58K	USD	3 Qtrs
Income tax benefit	`IncomeTaxExpenseBenefit`	$-11.31K	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-26.05K	USD	3 Qtrs
Income tax benefit	`IncomeTaxExpenseBenefit`	$-8.72K	USD	1 Quarter
Net loss	`ProfitLoss`	$-3.76M	USD	3 Qtrs
Net loss	`ProfitLoss`	$-1.91M	USD	1 Quarter
Net loss	`ProfitLoss`	$-5.15M	USD	3 Qtrs
Net loss	`ProfitLoss`	$-1.32M	USD	1 Quarter
Foreign currency translation gain	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToNoncontrollingInterest`	$113.62K	USD	1 Quarter
Foreign currency translation gain	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToNoncontrollingInterest`	$266.26K	USD	3 Qtrs
Foreign currency translation gain	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToNoncontrollingInterest`	$71.43K	USD	1 Quarter
Foreign currency translation gain	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToNoncontrollingInterest`	$106.69K	USD	3 Qtrs
Net comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-3.49M	USD	3 Qtrs
Net comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.25M	USD	1 Quarter
Net comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-5.04M	USD	3 Qtrs
Net comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.80M	USD	1 Quarter
Basic and diluted weighted average shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	63.76M	shares	3 Qtrs
Basic and diluted weighted average shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	63.76M	shares	3 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 net loss per share	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	1 Quarter
Basic and diluted net loss per share	`EarningsPerShareBasicAndDiluted`	$-0.08	USD	3 Qtrs
Basic and diluted net loss per share	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Basic and diluted net loss per share	`EarningsPerShareBasicAndDiluted`	$-0.06	USD	3 Qtrs

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-3.76M	USD	3 Qtrs
Net loss	`ProfitLoss`	$-1.91M	USD	1 Quarter
Net loss	`ProfitLoss`	$-5.15M	USD	3 Qtrs
Net loss	`ProfitLoss`	$-1.32M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$2.14M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$2.38M	USD	3 Qtrs
Inventory impairment provision	`InventoryImpairmentProvision`	-	USD	3 Qtrs
Inventory impairment provision	`InventoryImpairmentProvision`	$177.37K	USD	3 Qtrs
Changes in deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-11.31K	USD	1 Quarter
Changes in deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-8.72K	USD	1 Quarter
Changes in deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-26.05K	USD	3 Qtrs
Changes in deferred taxes	`DeferredIncomeTaxExpenseBenefit`	$-26.58K	USD	3 Qtrs
Advance to suppliers	`IncreaseDecreaseAdvanceToSuppliers`	$-232.63K	USD	3 Qtrs
Advance to suppliers	`IncreaseDecreaseAdvanceToSuppliers`	$45.99K	USD	3 Qtrs
Other receivables	`IncreaseDecreaseInOtherReceivables`	$-185.00	USD	3 Qtrs
Other receivables	`IncreaseDecreaseInOtherReceivables`	$-1.10M	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-621.00	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-423.85K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$129.50K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$2.64M	USD	3 Qtrs
Unearned revenue	`IncreaseDecreaseInDeferredRevenue`	$275.36K	USD	3 Qtrs
Unearned revenue	`IncreaseDecreaseInDeferredRevenue`	-	USD	3 Qtrs
Accrued liabilities and other payables	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$-403.35K	USD	3 Qtrs
Accrued liabilities and other payables	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$452.46K	USD	3 Qtrs
Taxes payable	`IncreaseDecreaseInIncomeTaxes`	$-46.52K	USD	3 Qtrs
Taxes payable	`IncreaseDecreaseInIncomeTaxes`	$59.66K	USD	3 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.72M	USD	3 Qtrs
Net cash provided by (used in) operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.16M	USD	3 Qtrs
Construction in progress	`ConstructionInProgressExpendituresIncurredButNotYetPaid`	$163.46K	USD	3 Qtrs
Construction in progress	`ConstructionInProgressExpendituresIncurredButNotYetPaid`	$105.82K	USD	3 Qtrs
Acquisition of fixed assets	`AcquisitionOfFixedAssets`	$75.72K	USD	3 Qtrs
Acquisition of fixed assets	`AcquisitionOfFixedAssets`	-	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-239.18K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-105.82K	USD	3 Qtrs
Advance from (repayment to) related parties	`ProceedsFromRelatedPartyDebt`	$1.33M	USD	3 Qtrs
Advance from (repayment to) related parties	`ProceedsFromRelatedPartyDebt`	$-1.70M	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.70M	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.33M	USD	3 Qtrs
EFFECT OF EXCHANGE RATE CHANGE ON CASH & EQUIVALENTS	`EffectOfExchangeRateOnCashContinuingOperations`	$-3.76K	USD	3 Qtrs
EFFECT OF EXCHANGE RATE CHANGE ON CASH & EQUIVALENTS	`EffectOfExchangeRateOnCashContinuingOperations`	$-1.62K	USD	3 Qtrs
NET INCREASE (DECREASE) IN CASH & EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$62.99K	USD	3 Qtrs
NET INCREASE (DECREASE) IN CASH & EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-221.10K	USD	3 Qtrs
CASH & EQUIVALENTS, BEGINNING OF PERIOD	`Cash`	$26.96K	USD	Point-in-time
CASH & EQUIVALENTS, BEGINNING OF PERIOD	`Cash`	$269.25K	USD	Point-in-time
CASH & EQUIVALENTS, BEGINNING OF PERIOD	`Cash`	$89.95K	USD	Point-in-time
CASH & EQUIVALENTS, BEGINNING OF PERIOD	`Cash`	$48.15K	USD	Point-in-time
CASH & EQUIVALENTS, END OF PERIOD	`Cash`	$26.96K	USD	Point-in-time
CASH & EQUIVALENTS, END OF PERIOD	`Cash`	$269.25K	USD	Point-in-time
CASH & EQUIVALENTS, END OF PERIOD	`Cash`	$89.95K	USD	Point-in-time
CASH & EQUIVALENTS, END OF PERIOD	`Cash`	$48.15K	USD	Point-in-time
Income tax paid	`IncomeTaxesPaid`	-	USD	3 Qtrs
Income tax paid	`IncomeTaxesPaid`	-	USD	3 Qtrs
Interest paid	`InterestPaid`	$14.80K	USD	3 Qtrs
Interest paid	`InterestPaid`	$17.09K	USD	3 Qtrs

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