10-Q Filing

ADAMANT DRI PROCESSING & MINERALS GROUP CIK: 1171008 Q2 2017

Filing Information

Form Type	10-Q
Accession Number	`0001193805-17-001466`
Period End Date	20170630
Filing Date	20170814
Fiscal Year	2017
Fiscal Period	Q2
XBRL Instance	adam-20170630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 72 Cash Flow Statement 63

Balance Sheet 84 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`	$35.24K	USD	Point-in-time
Cash & equivalents	`CashAndCashEquivalentsAtCarryingValue`	$86.52K	USD	Point-in-time
Convertible Preferred stock, authorized shares	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$94.32K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$8.91K	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
Prepaid expense	`PrepaidExpenseAndOtherAssets`	$721.88K	USD	Point-in-time
Prepaid expense	`PrepaidExpenseAndOtherAssets`	-	USD	Point-in-time
Convertible Preferred stock, outstanding shares	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Advance to suppliers, net	`AdvanceToSuppliers`	$16.35K	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
Advance to suppliers, net	`AdvanceToSuppliers`	$170.38K	USD	Point-in-time
Value-added tax receivable	`ValueAddedTaxReceivable`	$2.65M	USD	Point-in-time
Value-added tax receivable	`ValueAddedTaxReceivable`	$2.72M	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
Common stock, shares issued	`CommonStockSharesIssued`	66.76M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	63.76M	shares	Point-in-time
Inventory, net	`InventoryGross`	$710.87K	USD	Point-in-time
Inventory, net	`InventoryGross`	$693.52K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.54M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	66.76M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	63.76M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$4.37M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$23.72M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$24.58M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$3.04M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$3.01M	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	$6.04M	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	$6.04M	USD	Point-in-time
Goodwill	`Goodwill`	$5.77M	USD	Point-in-time
Goodwill	`Goodwill`	$5.91M	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$39.40M	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$38.71M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$43.07M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$42.94M	USD	Point-in-time
Bank overdraft	`BankOverdrafts`	-	USD	Point-in-time
Bank overdraft	`BankOverdrafts`	$94.17K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.85M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.86M	USD	Point-in-time
Accrued liabilities and other payables	`AccountsPayableAndOtherAccruedLiabilities`	$12.00M	USD	Point-in-time
Accrued liabilities and other payables	`AccountsPayableAndOtherAccruedLiabilities`	$11.28M	USD	Point-in-time
Unearned revenue	`FinancialGuaranteeInsuranceContractsPremiumReceivedOverContractPeriodUnearnedPremiumRevenue`	$179.50K	USD	Point-in-time
Unearned revenue	`FinancialGuaranteeInsuranceContractsPremiumReceivedOverContractPeriodUnearnedPremiumRevenue`	-	USD	Point-in-time
Income tax payable	`TaxesPayableCurrent`	$119.17K	USD	Point-in-time
Income tax payable	`TaxesPayableCurrent`	$122.03K	USD	Point-in-time
Short term loan	`ShortTermBorrowings`	$187.40K	USD	Point-in-time
Short term loan	`ShortTermBorrowings`	$191.90K	USD	Point-in-time
Payable to contractors	`PayableToContractors`	$792.85K	USD	Point-in-time
Payable to contractors	`PayableToContractors`	$811.88K	USD	Point-in-time
Advance from related parties	`DueToRelatedPartiesCurrent`	$41.52M	USD	Point-in-time
Advance from related parties	`DueToRelatedPartiesCurrent`	$40.20M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$57.68M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$55.54M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilities`	$2.48K	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilities`	-	USD	Point-in-time
Accrued expense	`OtherAccruedLiabilitiesNoncurrent`	$12.08K	USD	Point-in-time
Accrued expense	`OtherAccruedLiabilitiesNoncurrent`	$11.80K	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$12.08K	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$14.29K	USD	Point-in-time
Total liabilities	`Liabilities`	$57.70M	USD	Point-in-time
Total liabilities	`Liabilities`	$55.55M	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 66,760,110 and 63,760,110 shares as of June 30, 2017 and December 31, 2016	`CommonStockValue`	$66.76K	USD	Point-in-time
Common stock, 0.001 par value; authorized shares 100,000,000; issued and outstanding 66,760,110 and 63,760,110 shares as of June 30, 2017 and December 31, 2016	`CommonStockValue`	$63.76K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$8.00M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$7.02M	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`	$1.74M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossBeforeTax1`	$1.42M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-21.99M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-24.66M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-12.61M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-14.62M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$43.07M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$42.94M	USD	Point-in-time

Income Statement 72 line items

Line Item	Tag	Value	Unit	Period
Net Sales	`Revenues`	-	USD	1 Quarter
Net Sales	`Revenues`	-	USD	2 Qtrs
Net Sales	`Revenues`	-	USD	1 Quarter
Net Sales	`Revenues`	-	USD	2 Qtrs
Cost of Goods Sold	`CostOfRevenue`	-	USD	2 Qtrs
Cost of Goods Sold	`CostOfRevenue`	-	USD	1 Quarter
Cost of Goods Sold	`CostOfRevenue`	-	USD	2 Qtrs
Cost of Goods Sold	`CostOfRevenue`	-	USD	1 Quarter
Gross Loss	`GrossProfit`	-	USD	1 Quarter
Gross Loss	`GrossProfit`	-	USD	2 Qtrs
Gross Loss	`GrossProfit`	-	USD	2 Qtrs
Gross Loss	`GrossProfit`	-	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.02M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$916.75K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.02M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.92M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$1.92M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$916.75K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.02M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$1.02M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.92M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-916.75K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.02M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.02M	USD	2 Qtrs
Interest income	`InterestIncomeExpenseNet`	$72.00	USD	2 Qtrs
Interest income	`InterestIncomeExpenseNet`	$84.00	USD	2 Qtrs
Interest income	`InterestIncomeExpenseNet`	$23.00	USD	1 Quarter
Interest income	`InterestIncomeExpenseNet`	$59.00	USD	1 Quarter
Other income (expenses)	`OtherExpenses`	$-10.00	USD	2 Qtrs
Other income (expenses)	`OtherExpenses`	$-10.00	USD	1 Quarter
Other income (expenses)	`OtherExpenses`	$144.18K	USD	2 Qtrs
Other income (expenses)	`OtherExpenses`	$104.09K	USD	1 Quarter
Interest expense	`InterestExpenseDebt`	$533.91K	USD	2 Qtrs
Interest expense	`InterestExpenseDebt`	$505.57K	USD	2 Qtrs
Interest expense	`InterestExpenseDebt`	$254.65K	USD	1 Quarter
Interest expense	`InterestExpenseDebt`	$266.41K	USD	1 Quarter
Bank charges	`FinancialExpense`	$169.00	USD	2 Qtrs
Bank charges	`FinancialExpense`	$44.00	USD	1 Quarter
Bank charges	`FinancialExpense`	$284.00	USD	1 Quarter
Bank charges	`FinancialExpense`	$676.00	USD	2 Qtrs
Total non-operating expenses, net	`OtherOperatingIncomeExpenseNet`	$-358.77K	USD	1 Quarter
Total non-operating expenses, net	`OtherOperatingIncomeExpenseNet`	$-266.62K	USD	1 Quarter
Total non-operating expenses, net	`OtherOperatingIncomeExpenseNet`	$-649.85K	USD	2 Qtrs
Total non-operating expenses, net	`OtherOperatingIncomeExpenseNet`	$-534.50K	USD	2 Qtrs
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-2.67M	USD	2 Qtrs
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-2.46M	USD	2 Qtrs
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-1.37M	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-1.18M	USD	1 Quarter
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$-2.24K	USD	2 Qtrs
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$-17.33K	USD	2 Qtrs
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$-9.12K	USD	1 Quarter
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$256.00	USD	1 Quarter
Net loss	`ProfitLoss`	$-1.17M	USD	1 Quarter
Net loss	`ProfitLoss`	$-1.37M	USD	1 Quarter
Net loss	`ProfitLoss`	$-2.44M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-2.67M	USD	2 Qtrs
Foreign currency translation loss	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToNoncontrollingInterest`	$143.53K	USD	1 Quarter
Foreign currency translation loss	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToNoncontrollingInterest`	$194.82K	USD	2 Qtrs
Foreign currency translation loss	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToNoncontrollingInterest`	$-321.04K	USD	2 Qtrs
Foreign currency translation loss	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToNoncontrollingInterest`	$-257.66K	USD	1 Quarter
Net comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-2.99M	USD	2 Qtrs
Net comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-2.25M	USD	2 Qtrs
Net comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.63M	USD	1 Quarter
Net comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.03M	USD	1 Quarter
Basic and diluted weighted average shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	66.71M	shares	2 Qtrs
Basic and diluted weighted average shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	63.76M	shares	1 Quarter
Basic and diluted weighted average shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	66.76M	shares	1 Quarter
Basic and diluted weighted average shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	63.76M	shares	2 Qtrs
Basic and diluted net loss per share	`EarningsPerShareBasicAndDiluted`	$-0.04	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
Basic and diluted net loss per share	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter

Cash Flow Statement 63 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-1.17M	USD	1 Quarter
Net loss	`ProfitLoss`	$-1.37M	USD	1 Quarter
Net loss	`ProfitLoss`	$-2.44M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-2.67M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$1.41M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$1.44M	USD	2 Qtrs
Bad debt allowance for advance to suppliers	`BadDebtAllowanceForAdvanceToSuppliers`	$14.56K	USD	2 Qtrs
Bad debt allowance for advance to suppliers	`BadDebtAllowanceForAdvanceToSuppliers`	-	USD	2 Qtrs
Stock compensation expense	`ShareBasedCompensation`	-	USD	2 Qtrs
Stock compensation expense	`ShareBasedCompensation`	$262.50K	USD	2 Qtrs
Stock compensation expense	`ShareBasedCompensation`	$131.25K	USD	1 Quarter
Changes in deferred taxes	`IncomeTaxExpenseBenefit`	$-2.24K	USD	2 Qtrs
Changes in deferred taxes	`IncomeTaxExpenseBenefit`	$-17.33K	USD	2 Qtrs
Changes in deferred taxes	`IncomeTaxExpenseBenefit`	$-9.12K	USD	1 Quarter
Changes in deferred taxes	`IncomeTaxExpenseBenefit`	$256.00	USD	1 Quarter
Loss on asset disposal	`GainLossOnSaleOfOtherAssets`	-	USD	2 Qtrs
Loss on asset disposal	`GainLossOnSaleOfOtherAssets`	$-104.00K	USD	2 Qtrs
Advance to suppliers	`IncreaseDecreaseAdvanceToSuppliers`	$44.29K	USD	2 Qtrs
Advance to suppliers	`IncreaseDecreaseAdvanceToSuppliers`	$166.06K	USD	2 Qtrs
Other receivables	`IncreaseDecreaseInOtherReceivables`	-	USD	2 Qtrs
Other receivables	`IncreaseDecreaseInOtherReceivables`	$15.13K	USD	2 Qtrs
Restricted cash	`IncreaseDecreaseInRestrictedCash`	$-86.46K	USD	2 Qtrs
Restricted cash	`IncreaseDecreaseInRestrictedCash`	-	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	-	USD	2 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$697.00	USD	2 Qtrs
Bank overdraft	`IncreaseDecreaseInBookOverdrafts`	$-95.09K	USD	2 Qtrs
Bank overdraft	`IncreaseDecreaseInBookOverdrafts`	-	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-74.32K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-17.14K	USD	2 Qtrs
Accrued liabilities and other payables	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$486.42K	USD	2 Qtrs
Accrued liabilities and other payables	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$538.63K	USD	2 Qtrs
Unearned revenue	`IncreaseDecreaseInDeferredRevenue`	-	USD	2 Qtrs
Unearned revenue	`IncreaseDecreaseInDeferredRevenue`	$177.01K	USD	2 Qtrs
Taxes payable	`IncreaseDecreaseInIncomeTaxes`	$-6.86K	USD	2 Qtrs
Taxes payable	`IncreaseDecreaseInIncomeTaxes`	$-782.00	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-560.67K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-478.39K	USD	2 Qtrs
Construction in progress	`ConstructionInProgressExpendituresIncurredButNotYetPaid`	-	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`	$1.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-106.58K	USD	2 Qtrs
Advance from related parties	`ProceedsFromRelatedPartyDebt`	$426.82K	USD	2 Qtrs
Advance from related parties	`ProceedsFromRelatedPartyDebt`	$731.94K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$731.94K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$426.82K	USD	2 Qtrs
EFFECT OF EXCHANGE RATE CHANGE ON CASH & EQUIVALENTS	`EffectOfExchangeRateOnCashContinuingOperations`	$1.30K	USD	2 Qtrs
EFFECT OF EXCHANGE RATE CHANGE ON CASH & EQUIVALENTS	`EffectOfExchangeRateOnCashContinuingOperations`	$-1.50K	USD	2 Qtrs
NET INCREASE (DECREASE) IN CASH & EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$63.19K	USD	2 Qtrs
NET INCREASE (DECREASE) IN CASH & EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-51.28K	USD	2 Qtrs
CASH & EQUIVALENTS, BEGINNING OF PERIOD	`Cash`	$35.24K	USD	Point-in-time
CASH & EQUIVALENTS, BEGINNING OF PERIOD	`Cash`	$86.52K	USD	Point-in-time
CASH & EQUIVALENTS, BEGINNING OF PERIOD	`Cash`	$26.96K	USD	Point-in-time
CASH & EQUIVALENTS, BEGINNING OF PERIOD	`Cash`	$90.15K	USD	Point-in-time
CASH & EQUIVALENTS, END OF PERIOD	`Cash`	$35.24K	USD	Point-in-time
CASH & EQUIVALENTS, END OF PERIOD	`Cash`	$86.52K	USD	Point-in-time
CASH & EQUIVALENTS, END OF PERIOD	`Cash`	$26.96K	USD	Point-in-time
CASH & EQUIVALENTS, END OF PERIOD	`Cash`	$90.15K	USD	Point-in-time
Income tax paid	`IncomeTaxesPaid`	-	USD	2 Qtrs
Income tax paid	`IncomeTaxesPaid`	-	USD	2 Qtrs
Interest paid	`InterestPaid`	$9.45K	USD	2 Qtrs
Interest paid	`InterestPaid`	$14.90K	USD	2 Qtrs

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