10-Q Filing

ADAMANT DRI PROCESSING & MINERALS GROUP CIK: 1171008 Q3 2017

Filing Information

Form Type	10-Q
Accession Number	`0001193805-17-003510`
Period End Date	20170930
Filing Date	20171117
Fiscal Year	2017
Fiscal Period	Q3
XBRL Instance	admg-20170930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 72 Cash Flow Statement 61

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
Convertible Preferred stock, authorized shares	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Cash & equivalents	`CashAndCashEquivalentsAtCarryingValue`	$78.37K	USD	Point-in-time
Convertible Preferred stock, issued shares	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash & equivalents	`CashAndCashEquivalentsAtCarryingValue`	$86.52K	USD	Point-in-time
Convertible Preferred stock, issued shares	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$94.32K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$9.11K	USD	Point-in-time
Convertible Preferred stock, outstanding shares	`PreferredStockSharesOutstanding`	0.00	shares	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
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expense	`PrepaidExpenseAndOtherAssets`	$590.62K	USD	Point-in-time
Prepaid expense	`PrepaidExpenseAndOtherAssets`	-	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Advance to suppliers, net	`AdvanceToSuppliers`	$16.35K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Advance to suppliers, net	`AdvanceToSuppliers`	$549.86K	USD	Point-in-time
Value-added tax receivable	`ValueAddedTaxReceivable`	$2.65M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	66.76M	shares	Point-in-time
Value-added tax receivable	`ValueAddedTaxReceivable`	$2.78M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	63.76M	shares	Point-in-time
Inventory, net	`InventoryGross`	$724.64K	USD	Point-in-time
Inventory, net	`InventoryGross`	$693.52K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	63.76M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	66.76M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$4.73M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.54M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$23.47M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$24.58M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$3.08M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$3.01M	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	$6.16M	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	$6.04M	USD	Point-in-time
Goodwill	`Goodwill`	$5.77M	USD	Point-in-time
Goodwill	`Goodwill`	$6.03M	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$38.74M	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$39.40M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$43.47M	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`	$2.86M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.86M	USD	Point-in-time
Accrued liabilities and other payables	`AccountsPayableAndOtherAccruedLiabilities`	$12.54M	USD	Point-in-time
Accrued liabilities and other payables	`AccountsPayableAndOtherAccruedLiabilities`	$11.28M	USD	Point-in-time
Unearned revenue	`FinancialGuaranteeInsuranceContractsPremiumReceivedOverContractPeriodUnearnedPremiumRevenue`	-	USD	Point-in-time
Unearned revenue	`FinancialGuaranteeInsuranceContractsPremiumReceivedOverContractPeriodUnearnedPremiumRevenue`	$580.67K	USD	Point-in-time
Income tax payable	`TaxesPayableCurrent`	$119.17K	USD	Point-in-time
Income tax payable	`TaxesPayableCurrent`	$126.62K	USD	Point-in-time
Short term loan	`ShortTermBorrowings`	$195.88K	USD	Point-in-time
Short term loan	`ShortTermBorrowings`	$187.40K	USD	Point-in-time
Payable to contractors	`PayableToContractors`	$828.70K	USD	Point-in-time
Payable to contractors	`PayableToContractors`	$792.85K	USD	Point-in-time
Advance from related parties	`DueToRelatedPartiesCurrent`	$40.20M	USD	Point-in-time
Advance from related parties	`DueToRelatedPartiesCurrent`	$42.56M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$55.54M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$59.69M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilities`	-	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilities`	$2.48K	USD	Point-in-time
Accrued expense	`OtherAccruedLiabilitiesNoncurrent`	$12.33K	USD	Point-in-time
Accrued expense	`OtherAccruedLiabilitiesNoncurrent`	$11.80K	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$14.29K	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$12.33K	USD	Point-in-time
Total liabilities	`Liabilities`	$59.71M	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 September 30, 2017 and December 31, 2016	`CommonStockValue`	$63.76K	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 September 30, 2017 and December 31, 2016	`CommonStockValue`	$66.76K	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`	$1.09M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-25.94M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-21.99M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-12.61M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-16.24M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	`LiabilitiesAndStockholdersEquity`	$43.47M	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`	$1.48K	USD	3 Qtrs
Net Sales	`Revenues`	$590.42K	USD	3 Qtrs
Net Sales	`Revenues`	$590.42K	USD	1 Quarter
Net Sales	`Revenues`	$1.48K	USD	1 Quarter
Cost of Goods Sold	`CostOfRevenue`	-	USD	3 Qtrs
Cost of Goods Sold	`CostOfRevenue`	$586.01K	USD	1 Quarter
Cost of Goods Sold	`CostOfRevenue`	$586.01K	USD	3 Qtrs
Cost of Goods Sold	`CostOfRevenue`	-	USD	1 Quarter
Gross Profit (Loss)	`GrossProfit`	$1.48K	USD	1 Quarter
Gross Profit (Loss)	`GrossProfit`	$1.48K	USD	3 Qtrs
Gross Profit (Loss)	`GrossProfit`	$4.41K	USD	1 Quarter
Gross Profit (Loss)	`GrossProfit`	$4.41K	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.03M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$3.05M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.07M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.99M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$2.99M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$1.03M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.05M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$1.07M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.02M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.99M	USD	3 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-1.06M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-3.05M	USD	3 Qtrs
Interest income	`InterestIncomeExpenseNet`	$99.00	USD	3 Qtrs
Interest income	`InterestIncomeExpenseNet`	$46.00	USD	1 Quarter
Interest income	`InterestIncomeExpenseNet`	$15.00	USD	1 Quarter
Interest income	`InterestIncomeExpenseNet`	$118.00	USD	3 Qtrs
Other income (expenses)	`OtherExpenses`	$144.18K	USD	3 Qtrs
Other income (expenses)	`OtherExpenses`	-	USD	1 Quarter
Other income (expenses)	`OtherExpenses`	-	USD	1 Quarter
Other income (expenses)	`OtherExpenses`	$-10.00	USD	3 Qtrs
Interest expense	`InterestExpenseDebt`	$762.24K	USD	3 Qtrs
Interest expense	`InterestExpenseDebt`	$263.65K	USD	1 Quarter
Interest expense	`InterestExpenseDebt`	$256.67K	USD	1 Quarter
Interest expense	`InterestExpenseDebt`	$797.56K	USD	3 Qtrs
Bank charges	`FinancialExpense`	$83.00	USD	1 Quarter
Bank charges	`FinancialExpense`	$252.00	USD	3 Qtrs
Bank charges	`FinancialExpense`	$887.00	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`	$-256.70K	USD	1 Quarter
Total non-operating expenses, net	`OtherOperatingIncomeExpenseNet`	$-906.55K	USD	3 Qtrs
Total non-operating expenses, net	`OtherOperatingIncomeExpenseNet`	$-263.84K	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-1.28M	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-3.95M	USD	3 Qtrs
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-1.33M	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-3.79M	USD	3 Qtrs
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$-26.05K	USD	3 Qtrs
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$-448.00	USD	3 Qtrs
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$1.79K	USD	1 Quarter
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$-8.72K	USD	1 Quarter
Net loss	`ProfitLoss`	$-1.32M	USD	1 Quarter
Net loss	`ProfitLoss`	$-3.95M	USD	3 Qtrs
Net loss	`ProfitLoss`	$-3.76M	USD	3 Qtrs
Net loss	`ProfitLoss`	$-1.28M	USD	1 Quarter
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToNoncontrollingInterest`	$266.26K	USD	3 Qtrs
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToNoncontrollingInterest`	$71.43K	USD	1 Quarter
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToNoncontrollingInterest`	$-656.36K	USD	3 Qtrs
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToNoncontrollingInterest`	$-335.32K	USD	1 Quarter
Net comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.25M	USD	1 Quarter
Net comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-4.61M	USD	3 Qtrs
Net comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.62M	USD	1 Quarter
Net comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-3.49M	USD	3 Qtrs
Basic and diluted weighted average shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	66.76M	shares	1 Quarter
Basic and diluted weighted average shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	66.73M	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 net loss per share	`EarningsPerShareBasicAndDiluted`	$-0.06	USD	3 Qtrs
Basic and diluted net loss per share	`EarningsPerShareBasicAndDiluted`	$-0.06	USD	3 Qtrs
Basic and diluted net loss per share	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
Basic and diluted net loss per share	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter

Cash Flow Statement 61 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-1.32M	USD	1 Quarter
Net loss	`ProfitLoss`	$-3.95M	USD	3 Qtrs
Net loss	`ProfitLoss`	$-3.76M	USD	3 Qtrs
Net loss	`ProfitLoss`	$-1.28M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$2.14M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$2.15M	USD	3 Qtrs
Bad debt provision	`ProvisionForDoubtfulAccounts`	$8.42K	USD	3 Qtrs
Bad debt provision	`ProvisionForDoubtfulAccounts`	-	USD	3 Qtrs
Stock compensation expense	`ShareBasedCompensation`	$393.75K	USD	3 Qtrs
Stock compensation expense	`ShareBasedCompensation`	-	USD	3 Qtrs
Stock compensation expense	`ShareBasedCompensation`	$131.25K	USD	1 Quarter
Changes in deferred taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$1.60K	USD	3 Qtrs
Changes in deferred taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$26.05K	USD	3 Qtrs
Loss on asset disposal	`GainLossOnSaleOfOtherAssets`	$-104.00K	USD	3 Qtrs
Loss on asset disposal	`GainLossOnSaleOfOtherAssets`	-	USD	3 Qtrs
Advance to suppliers	`IncreaseDecreaseAdvanceToSuppliers`	$523.12K	USD	3 Qtrs
Advance to suppliers	`IncreaseDecreaseAdvanceToSuppliers`	$45.99K	USD	3 Qtrs
Other receivables	`IncreaseDecreaseInOtherReceivables`	$-185.00	USD	3 Qtrs
Other receivables	`IncreaseDecreaseInOtherReceivables`	-	USD	3 Qtrs
Restricted cash	`IncreaseDecreaseInRestrictedCash`	-	USD	3 Qtrs
Restricted cash	`IncreaseDecreaseInRestrictedCash`	$-86.46K	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-227.00	USD	3 Qtrs
Inventory	`IncreaseDecreaseInInventories`	$-621.00	USD	3 Qtrs
Bank overdraft	`IncreaseDecreaseInBookOverdrafts`	-	USD	3 Qtrs
Bank overdraft	`IncreaseDecreaseInBookOverdrafts`	$-95.09K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$129.50K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-114.52K	USD	3 Qtrs
Accrued liabilities and other payables	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$762.62K	USD	3 Qtrs
Accrued liabilities and other payables	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$452.46K	USD	3 Qtrs
Unearned revenue	`IncreaseDecreaseInDeferredRevenue`	-	USD	3 Qtrs
Unearned revenue	`IncreaseDecreaseInDeferredRevenue`	$560.99K	USD	3 Qtrs
Taxes payable	`IncreaseDecreaseInIncomeTaxes`	$-4.87K	USD	3 Qtrs
Taxes payable	`IncreaseDecreaseInIncomeTaxes`	$-46.52K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.16M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-629.14K	USD	3 Qtrs
Construction in progress	`ConstructionInProgressExpendituresIncurredButNotYetPaid`	-	USD	3 Qtrs
Construction in progress	`ConstructionInProgressExpendituresIncurredButNotYetPaid`	$105.82K	USD	3 Qtrs
Acquisition of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	3 Qtrs
Acquisition of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$6.10K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.10K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-105.82K	USD	3 Qtrs
Advance from related parties	`ProceedsFromRelatedPartyDebt`	$1.33M	USD	3 Qtrs
Advance from related parties	`ProceedsFromRelatedPartyDebt`	$623.65K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$623.65K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.33M	USD	3 Qtrs
EFFECT OF EXCHANGE RATE CHANGE ON CASH & EQUIVALENTS	`EffectOfExchangeRateOnCashContinuingOperations`	$-1.62K	USD	3 Qtrs
EFFECT OF EXCHANGE RATE CHANGE ON CASH & EQUIVALENTS	`EffectOfExchangeRateOnCashContinuingOperations`	$3.45K	USD	3 Qtrs
NET INCREASE (DECREASE) IN CASH & EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-8.14K	USD	3 Qtrs
NET INCREASE (DECREASE) IN CASH & EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$62.99K	USD	3 Qtrs
CASH & EQUIVALENTS, BEGINNING OF PERIOD	`Cash`	$78.37K	USD	Point-in-time
CASH & EQUIVALENTS, BEGINNING OF PERIOD	`Cash`	$89.95K	USD	Point-in-time
CASH & EQUIVALENTS, BEGINNING OF PERIOD	`Cash`	$26.96K	USD	Point-in-time
CASH & EQUIVALENTS, BEGINNING OF PERIOD	`Cash`	$86.52K	USD	Point-in-time
CASH & EQUIVALENTS, END OF PERIOD	`Cash`	$78.37K	USD	Point-in-time
CASH & EQUIVALENTS, END OF PERIOD	`Cash`	$89.95K	USD	Point-in-time
CASH & EQUIVALENTS, END OF PERIOD	`Cash`	$26.96K	USD	Point-in-time
CASH & EQUIVALENTS, END OF PERIOD	`Cash`	$86.52K	USD	Point-in-time
Income tax paid	`IncomeTaxesPaid`	-	USD	3 Qtrs
Income tax paid	`IncomeTaxesPaid`	$2.09K	USD	3 Qtrs
Interest paid	`InterestPaidNet`	$14.80K	USD	3 Qtrs
Interest paid	`InterestPaidNet`	$9.45K	USD	3 Qtrs

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