10-Q Filing

U.S. CHINA MINING GROUP, INC. CIK: 1145761 Q1 2013

Filing Information

Form Type	10-Q
Accession Number	`0001214659-13-002873`
Period End Date	20130331
Filing Date	20130520
Fiscal Year	2013
Fiscal Period	Q1
XBRL Instance	sgzh-20130331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 84 Income Statement 38 Cash Flow Statement 51

Balance Sheet 84 line items

Line Item	Tag	Value	Unit	Period
Asset retirement obligation, deposit for mine restoration	`DepositOnAssetRetirementObligation`	$1.31M	USD	Point-in-time
Asset retirement obligation, deposit for mine restoration	`DepositOnAssetRetirementObligation`	$1.31M	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 & equivalents	`CashAndCashEquivalentsAtCarryingValue`	$41.80M	USD	Point-in-time
Cash & equivalents	`CashAndCashEquivalentsAtCarryingValue`	$40.29M	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 & equivalents	`CashAndCashEquivalentsAtCarryingValue`	$44.54M	USD	Point-in-time
Cash & equivalents	`CashAndCashEquivalentsAtCarryingValue`	$39.55M	USD	Point-in-time
Series A Preferred Stock, shares issued	`PreferredStockSharesIssued`	400,000.00	shares	Point-in-time
Series A Preferred Stock, shares issued	`PreferredStockSharesIssued`	400,000.00	shares	Point-in-time
Other receivables and prepaid expense	`PrepaidExpenseAndOtherAssetsCurrent`	$242.91K	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
Other receivables and prepaid expense	`PrepaidExpenseAndOtherAssetsCurrent`	$275.45K	USD	Point-in-time
Common stock, par value per share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value per share	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Taxes receivable	`IncomeTaxReceivable`	$631.35K	USD	Point-in-time
Taxes receivable	`IncomeTaxReceivable`	$611.26K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Deposit for coal trading	`DepositsAssetsCurrent`	$2.09M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Deposit for coal trading	`DepositsAssetsCurrent`	$2.00M	USD	Point-in-time
Inventory	`InventoryNet`	$515.37K	USD	Point-in-time
Inventory	`InventoryNet`	$516.74K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	18.85M	shares	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
Total current assets	`AssetsCurrent`	$42.95M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$43.76M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	18.85M	shares	Point-in-time
Deposits for mine acquisition	`DepositsAssetsNoncurrent`	$4.77M	USD	Point-in-time
Deposits for mine acquisition	`DepositsAssetsNoncurrent`	$4.79M	USD	Point-in-time
Prepaid mining rights, net	`PrepaidMiningRightsNet`	$13.68M	USD	Point-in-time
Prepaid mining rights, net	`PrepaidMiningRightsNet`	$13.69M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$13.42M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$13.11M	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	$19.01M	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	$19.44M	USD	Point-in-time
Deferred tax asset, net	`DeferredTaxAssetsNetNoncurrent`	$688.38K	USD	Point-in-time
Deferred tax asset, net	`DeferredTaxAssetsNetNoncurrent`	$700.44K	USD	Point-in-time
Asset retirement cost, net	`AssetRetirementCostNet`	$2.43M	USD	Point-in-time
Asset retirement cost, net	`AssetRetirementCostNet`	$2.43M	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$54.00M	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$54.15M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$97.76M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$97.10M	USD	Point-in-time
Unearned revenue	`DeferredRevenueCurrent`	$82.48K	USD	Point-in-time
Unearned revenue	`DeferredRevenueCurrent`	$248.86K	USD	Point-in-time
Accrued liabilities and other payables	`AccruedLiabilitiesCurrent`	$3.17M	USD	Point-in-time
Accrued liabilities and other payables	`AccruedLiabilitiesCurrent`	$3.59M	USD	Point-in-time
Taxes payable	`TaxesPayableCurrent`	$3.62M	USD	Point-in-time
Taxes payable	`TaxesPayableCurrent`	$4.12M	USD	Point-in-time
Warrant derivative liability	`DerivativeLiabilitiesCurrent`	$750.03K	USD	Point-in-time
Warrant derivative liability	`DerivativeLiabilitiesCurrent`	$919.19K	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`	$7.63M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.87M	USD	Point-in-time
Asset retirement obligation, net of deposit for mine restoration of $1,309,517 in 2013 and $1,306,059 in 2012, respectively	`AssetRetirementObligationsNoncurrent`	$4.94M	USD	Point-in-time
Asset retirement obligation, net of deposit for mine restoration of $1,309,517 in 2013 and $1,306,059 in 2012, respectively	`AssetRetirementObligationsNoncurrent`	$4.86M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$4.94M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$4.86M	USD	Point-in-time
Total liabilities	`Liabilities`	$13.81M	USD	Point-in-time
Total liabilities	`Liabilities`	$12.49M	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	`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	`CommonStockValue`	$18.85K	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$41.20M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$41.21M	USD	Point-in-time
Statutory reserves	`RetainedEarningsAppropriated`	$13.48M	USD	Point-in-time
Statutory reserves	`RetainedEarningsAppropriated`	$13.59M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$9.99M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$9.77M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$20.81M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$18.49M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$83.29M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$85.28M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$97.76M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$97.10M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$14.49M	USD	1 Quarter
Net sales	`Revenues`	$538.86K	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	$484.71K	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	$10.41M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.08M	USD	1 Quarter
Gross profit	`GrossProfit`	$54.14K	USD	1 Quarter
Selling	`SellingExpense`	$424.34K	USD	1 Quarter
Selling	`SellingExpense`	$1.99M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.85M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.65M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.07M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.83M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$250.06K	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-2.02M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$48.03K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$38.20K	USD	1 Quarter
Interest expense	`InterestExpense`	$76.64K	USD	1 Quarter
Interest expense	`InterestExpense`	$62.26K	USD	1 Quarter
Other expenses	`OtherNonoperatingExpense`	$7.26K	USD	1 Quarter
Other expenses	`OtherNonoperatingExpense`	$195.00	USD	1 Quarter
Warrant derivative expense	`UnrealizedGainLossOnDerivatives`	$-169.15K	USD	1 Quarter
Warrant derivative expense	`UnrealizedGainLossOnDerivatives`	$-150.99K	USD	1 Quarter
Total non-operating expenses, net	`NonoperatingIncomeExpense`	$-200.48K	USD	1 Quarter
Total non-operating expenses, net	`NonoperatingIncomeExpense`	$-179.80K	USD	1 Quarter
Income (loss) before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.22M	USD	1 Quarter
Income (loss) before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$70.26K	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$427.19K	USD	1 Quarter
Income tax expense (benefit)	`IncomeTaxExpenseBenefit`	$-10.22K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-356.93K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.21M	USD	1 Quarter
Foreign currency translation gain	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$219.16K	USD	1 Quarter
Foreign currency translation gain	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$93.48K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-263.44K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-1.99M	USD	1 Quarter
Basic and diluted weighted average shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.85M	shares	1 Quarter
Basic and diluted weighted average shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	18.85M	shares	1 Quarter
Basic and diluted net loss per share	`EarningsPerShareBasicAndDiluted`	$-0.12	USD	1 Quarter
Basic and diluted net loss per share	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter

Cash Flow Statement 51 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-356.93K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.21M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.35M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$380.24K	USD	1 Quarter
Changes in fair value of warrant derivative	`UnrealizedGainLossOnDerivatives`	$-169.15K	USD	1 Quarter
Changes in fair value of warrant derivative	`UnrealizedGainLossOnDerivatives`	$-150.99K	USD	1 Quarter
Accretion of interest on asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$59.57K	USD	1 Quarter
Accretion of interest on asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$62.26K	USD	1 Quarter
Accretion of interest on asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$238.10K	USD	Annual
Stock option compensation	`StockOptionPlanExpense`	$6.72K	USD	1 Quarter
Stock option compensation	`StockOptionPlanExpense`	$29.16K	USD	1 Quarter
Changes in deferred tax	`DeferredIncomeTaxExpenseBenefit`	$-10.22K	USD	1 Quarter
Changes in deferred tax	`DeferredIncomeTaxExpenseBenefit`	$-80.89K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.31M	USD	1 Quarter
Other receivables, deposits and prepaid expense	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-2.28K	USD	1 Quarter
Other receivables, deposits and prepaid expense	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-58.24K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	-	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$5.41M	USD	1 Quarter
Deposit for mine restoration	`IncreaseDecreaseInDepositOtherAssets`	-	USD	1 Quarter
Deposit for mine restoration	`IncreaseDecreaseInDepositOtherAssets`	$-99.94K	USD	1 Quarter
Unearned revenue	`IncreaseDecreaseInDeferredRevenue`	$165.91K	USD	1 Quarter
Unearned revenue	`IncreaseDecreaseInDeferredRevenue`	$-306.44K	USD	1 Quarter
Accrued liabilities and other payables	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$218.49K	USD	1 Quarter
Accrued liabilities and other payables	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$25.03K	USD	1 Quarter
Taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$506.94K	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`	$-846.04K	USD	1 Quarter
Disposal of fixed assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	1 Quarter
Disposal of fixed assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$181.00	USD	1 Quarter
Acquisition of property, plant & equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	-	USD	1 Quarter
Acquisition of property, plant & equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$16.23K	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$181.00	USD	1 Quarter
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-16.23K	USD	1 Quarter
EFFECT OF EXCHANGE RATE CHANGE ON CASH & EQUIVALENTS	`EffectOfExchangeRateOnCashAndCashEquivalents`	$105.14K	USD	1 Quarter
EFFECT OF EXCHANGE RATE CHANGE ON CASH & EQUIVALENTS	`EffectOfExchangeRateOnCashAndCashEquivalents`	$41.09K	USD	1 Quarter
NET DECREASE IN CASH & EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.74M	USD	1 Quarter
NET DECREASE IN CASH & EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-740.72K	USD	1 Quarter
CASH & CASH EQUIVALENTS, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$41.80M	USD	Point-in-time
CASH & CASH EQUIVALENTS, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$40.29M	USD	Point-in-time
CASH & CASH EQUIVALENTS, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$44.54M	USD	Point-in-time
CASH & CASH EQUIVALENTS, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$39.55M	USD	Point-in-time
CASH & EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$41.80M	USD	Point-in-time
CASH & EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$40.29M	USD	Point-in-time
CASH & EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$44.54M	USD	Point-in-time
CASH & EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$39.55M	USD	Point-in-time
Income tax paid	`IncomeTaxesPaid`	$2.75M	USD	1 Quarter
Income tax paid	`IncomeTaxesPaid`	-	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.