10-Q Filing

U.S. CHINA MINING GROUP, INC. CIK: 1145761 Q1 2012

Filing Information

Form Type	10-Q
Accession Number	`0001214659-12-002386`
Period End Date	20120331
Filing Date	20120521
Fiscal Year	2012
Fiscal Period	Q1
XBRL Instance	sgzh-20120331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 90 Income Statement 42 Cash Flow Statement 62

Balance Sheet 90 line items

Line Item	Tag	Value	Unit	Period
Asset retirement obligation, deposit for mine restoration	`DepositOnAssetRetirementObligation`	$1.22M	USD	Point-in-time
Asset retirement obligation, deposit for mine restoration	`DepositOnAssetRetirementObligation`	$1.22M	USD	Point-in-time
Series A Preferred Stock, par value per share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Series A Preferred Stock, par value per share	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$41.80M	USD	Point-in-time
Series A Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	8.00M	shares	Point-in-time
Series A Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	8.00M	shares	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$49.68M	USD	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$44.54M	USD	Point-in-time
Cash and equivalents	`CashAndCashEquivalentsAtCarryingValue`	$46.22M	USD	Point-in-time
Series A Preferred Stock, shares issued	`PreferredStockSharesIssued`	400,000.00	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$3.00M	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$3.00M	USD	Point-in-time
Series A Preferred Stock, shares issued	`PreferredStockSharesIssued`	400,000.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	-	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$2.31M	USD	Point-in-time
Series A Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	400,000.00	shares	Point-in-time
Series A Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	400,000.00	shares	Point-in-time
Common stock, par value per share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Other receivables and deposits	`PrepaidExpenseAndOtherAssetsCurrent`	$4.77M	USD	Point-in-time
Other receivables and deposits	`PrepaidExpenseAndOtherAssetsCurrent`	$4.77M	USD	Point-in-time
Common stock, par value per share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Taxes receivable	`IncomeTaxReceivable`	$124.52K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Taxes receivable	`IncomeTaxReceivable`	$200.19K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	18.85M	shares	Point-in-time
Deposit for coal trading	`DepositsAssetsCurrent`	$2.84M	USD	Point-in-time
Deposit for coal trading	`DepositsAssetsCurrent`	$2.94M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	18.85M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	18.85M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	18.85M	shares	Point-in-time
Inventory	`InventoryNet`	$915.87K	USD	Point-in-time
Inventory	`InventoryNet`	$6.33M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$58.67M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$58.86M	USD	Point-in-time
Goodwill	`Goodwill`	$26.18M	USD	Point-in-time
Goodwill	`Goodwill`	$26.18M	USD	Point-in-time
Prepaid mining rights, net	`PrepaidMiningRightsNet`	$13.98M	USD	Point-in-time
Prepaid mining rights, net	`PrepaidMiningRightsNet`	$14.73M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$12.93M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$12.50M	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	$13.52M	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	$13.51M	USD	Point-in-time
Deferred tax asset, net	`DeferredTaxAssetsNetNoncurrent`	$393.64K	USD	Point-in-time
Deferred tax asset, net	`DeferredTaxAssetsNetNoncurrent`	$475.11K	USD	Point-in-time
Asset retirement cost, net	`AssetRetirementCostNet`	$2.63M	USD	Point-in-time
Asset retirement cost, net	`AssetRetirementCostNet`	$2.50M	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$70.37M	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$69.16M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$128.03M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$129.04M	USD	Point-in-time
Unearned revenue	`DeferredRevenueCurrent`	$527.24K	USD	Point-in-time
Unearned revenue	`DeferredRevenueCurrent`	$220.72K	USD	Point-in-time
Accrued liabilities and other payables	`AccruedLiabilitiesCurrent`	$1.40M	USD	Point-in-time
Accrued liabilities and other payables	`AccruedLiabilitiesCurrent`	$1.18M	USD	Point-in-time
Taxes payable	`TaxesPayableCurrent`	$1.56M	USD	Point-in-time
Taxes payable	`TaxesPayableCurrent`	$647.12K	USD	Point-in-time
Loan payable	`ShortTermBorrowings`	$3.00M	USD	Point-in-time
Loan payable	`ShortTermBorrowings`	$3.00M	USD	Point-in-time
Warrant derivative liability	`DerivativeLiabilitiesCurrent`	$2.00M	USD	Point-in-time
Warrant derivative liability	`DerivativeLiabilitiesCurrent`	$1.85M	USD	Point-in-time
Advance from shareholder	`DueToOfficersOrStockholdersCurrent`	$2.00K	USD	Point-in-time
Advance from shareholder	`DueToOfficersOrStockholdersCurrent`	$2.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.12M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.27M	USD	Point-in-time
Asset retirement obligation, net of deposit for mine restoration of $1,224,796 in 2012 and $1,223,513 in 2011, respectively	`AssetRetirementObligationsNoncurrent`	$4.75M	USD	Point-in-time
Asset retirement obligation, net of deposit for mine restoration of $1,224,796 in 2012 and $1,223,513 in 2011, respectively	`AssetRetirementObligationsNoncurrent`	$4.69M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$4.69M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$4.75M	USD	Point-in-time
Total liabilities	`Liabilities`	$12.80M	USD	Point-in-time
Total liabilities	`Liabilities`	$12.02M	USD	Point-in-time
CONTINGENCIES AND COMMITMENTS	`CommitmentsAndContingencies`	-	USD	Point-in-time
CONTINGENCIES AND COMMITMENTS	`CommitmentsAndContingencies`	-	USD	Point-in-time
Series A Preferred Stock, $0.001 par value, 8,000,000 shares authorized, 400,000 shares issued and outstanding	`PreferredStockValue`	$400.00	USD	Point-in-time
Series A Preferred Stock, $0.001 par value, 8,000,000 shares authorized, 400,000 shares issued and outstanding	`PreferredStockValue`	$400.00	USD	Point-in-time
Common stock, $0.001 par value, 100,000,000 shares authorized, 18,852,582 shares issued and outstanding at 2012 and 2011, respectively 18,852 18,852 Additional paid in capital	`CommonStockValue`	$18.85K	USD	Point-in-time
Common stock, $0.001 par value, 100,000,000 shares authorized, 18,852,582 shares issued and outstanding at 2012 and 2011, respectively 18,852 18,852 Additional paid in capital	`CommonStockValue`	$18.85K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$41.14M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$41.12M	USD	Point-in-time
Statutory reserves	`RetainedEarningsAppropriated`	$11.91M	USD	Point-in-time
Statutory reserves	`RetainedEarningsAppropriated`	$13.31M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$9.58M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$9.67M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$51.86M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$53.62M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$116.23M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$116.00M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$129.04M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$128.03M	USD	Point-in-time

Income Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$14.49M	USD	1 Quarter
Net sales	`Revenues`	$22.24M	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	$10.41M	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	$13.54M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.08M	USD	1 Quarter
Gross profit	`GrossProfit`	$8.69M	USD	1 Quarter
Selling	`SellingExpense`	$1.99M	USD	1 Quarter
Selling	`SellingExpense`	$359.65K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.52M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.85M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.88M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.83M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$5.81M	USD	1 Quarter
Income from operations	`OperatingIncomeLoss`	$250.06K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$48.03K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$51.13K	USD	1 Quarter
Interest expense	`InterestExpense`	$68.70K	USD	1 Quarter
Interest expense	`InterestExpense`	$76.64K	USD	1 Quarter
Warrant derivative income (expense)	`UnrealizedGainLossOnDerivatives`	$-150.99K	USD	1 Quarter
Warrant derivative income (expense)	`UnrealizedGainLossOnDerivatives`	$5.56M	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-187.00	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-195.00	USD	1 Quarter
Total non-operating income (expenses), net	`NonoperatingIncomeExpense`	$5.54M	USD	1 Quarter
Total non-operating income (expenses), net	`NonoperatingIncomeExpense`	$-179.80K	USD	1 Quarter
Income before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$11.35M	USD	1 Quarter
Income before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$70.26K	USD	1 Quarter
Provision for income tax	`IncomeTaxExpenseBenefit`	$427.19K	USD	1 Quarter
Provision for income tax	`IncomeTaxExpenseBenefit`	$1.70M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$9.65M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-356.93K	USD	1 Quarter
Foreign currency translation gain	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$93.48K	USD	1 Quarter
Foreign currency translation gain	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$760.32K	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-263.44K	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$10.41M	USD	1 Quarter
Basic weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	18.59M	shares	1 Quarter
Basic weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	18.85M	shares	1 Quarter
Diluted weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	18.99M	shares	1 Quarter
Diluted weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	19.25M	shares	1 Quarter
Basic net earnings (loss) per share	`EarningsPerShareBasic`	$-0.02	USD	1 Quarter
Basic net earnings (loss) per share	`EarningsPerShareBasic`	$0.52	USD	1 Quarter
Diluted net earnings (loss) per share	`EarningsPerShareDiluted`	$0.51	USD	1 Quarter
Diluted net earnings (loss) per share	`EarningsPerShareDiluted`	$-0.02	USD	1 Quarter

Cash Flow Statement 62 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$9.65M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-356.93K	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$1.35M	USD	1 Quarter
Depreciation and amortization	`Depreciation`	$1.54M	USD	1 Quarter
Changes in fair value of warrants	`UnrealizedGainLossOnDerivatives`	$-150.99K	USD	1 Quarter
Changes in fair value of warrants	`UnrealizedGainLossOnDerivatives`	$5.56M	USD	1 Quarter
Accretion of interest on asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$59.57K	USD	1 Quarter
Accretion of interest on asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$54.86K	USD	1 Quarter
Imputed interest on shareholder's loan	`ImputedInterestExpense`	$3.82K	USD	1 Quarter
Imputed interest on shareholder's loan	`ImputedInterestExpense`	-	USD	1 Quarter
Stock warrants compensation	`IssuanceOfStockAndWarrantsForServicesOrClaims`	-	USD	1 Quarter
Stock warrants compensation	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$250.70K	USD	1 Quarter
Stock option compensation	`StockOptionPlanExpense`	$29.16K	USD	1 Quarter
Stock option compensation	`StockOptionPlanExpense`	$36.34K	USD	1 Quarter
Changes in deferred tax	`DeferredIncomeTaxExpenseBenefit`	$-80.89K	USD	1 Quarter
Changes in deferred tax	`DeferredIncomeTaxExpenseBenefit`	$91.94K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.31M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-41.69K	USD	1 Quarter
Other receivables and deposits	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$4.52M	USD	1 Quarter
Other receivables and deposits	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.28K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$5.41M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$1.49M	USD	1 Quarter
Deposit for mine restoration	`IncreaseDecreaseInDepositOtherAssets`	-	USD	1 Quarter
Deposit for mine restoration	`IncreaseDecreaseInDepositOtherAssets`	$-99.94K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-20.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	-	USD	1 Quarter
Unearned revenue	`IncreaseDecreaseInDeferredRevenue`	$175.70K	USD	1 Quarter
Unearned revenue	`IncreaseDecreaseInDeferredRevenue`	$-306.44K	USD	1 Quarter
Accrued liabilities and other payables	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-781.36K	USD	1 Quarter
Accrued liabilities and other payables	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$218.49K	USD	1 Quarter
Taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$-550.63K	USD	1 Quarter
Taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$-833.27K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.77M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.08M	USD	1 Quarter
Acquisition of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$16.23K	USD	1 Quarter
Acquisition of property, plant and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Construction in progress	`CashUsedInConstructionInProgress`	$6.76M	USD	1 Quarter
Construction in progress	`CashUsedInConstructionInProgress`	-	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-16.23K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.76M	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$13.65M	USD	1 Quarter
Repayment to shareholder's advance	`RepaymentsOfShortTermRelatedPartyDebt`	$2.80M	USD	1 Quarter
Repayment to shareholder's advance	`RepaymentsOfShortTermRelatedPartyDebt`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$10.85M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
EFFECT OF EXCHANGE RATE CHANGE ON CASH AND EQUIVALENTS	`EffectOfExchangeRateOnCashAndCashEquivalents`	$41.09K	USD	1 Quarter
EFFECT OF EXCHANGE RATE CHANGE ON CASH AND EQUIVALENTS	`EffectOfExchangeRateOnCashAndCashEquivalents`	$442.53K	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.46M	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH AND EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.74M	USD	1 Quarter
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$41.80M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$49.68M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$44.54M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$46.22M	USD	Point-in-time
CASH AND EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$41.80M	USD	Point-in-time
CASH AND EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$49.68M	USD	Point-in-time
CASH AND EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$44.54M	USD	Point-in-time
CASH AND EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$46.22M	USD	Point-in-time
Income tax paid	`IncomeTaxesPaid`	$1.67M	USD	1 Quarter
Income tax paid	`IncomeTaxesPaid`	$2.75M	USD	1 Quarter
Interest paid	`InterestPaid`	-	USD	1 Quarter
Interest paid	`InterestPaid`	$17.06K	USD	1 Quarter

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