10-Q Filing

U.S. CHINA MINING GROUP, INC. CIK: 1145761 Q1 2014

Filing Information

Form Type	10-Q
Accession Number	`0001214659-14-003798`
Period End Date	20140331
Filing Date	20140520
Fiscal Year	2014
Fiscal Period	Q1
XBRL Instance	sgzh-20140331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 95 Income Statement 38 Cash Flow Statement 47

Balance Sheet 95 line items

Line Item	Tag	Value	Unit	Period
Asset retirement obligation, deposit for mine restoration	`DepositOnAssetRetirementObligation`	$1.34M	USD	Point-in-time
Asset retirement obligation, deposit for mine restoration	`DepositOnAssetRetirementObligation`	$1.36M	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`	$27.26M	USD	Point-in-time
Series A Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	8.00M	shares	Point-in-time
Cash & equivalents	`CashAndCashEquivalentsAtCarryingValue`	$31.20M	USD	Point-in-time
Cash & equivalents	`CashAndCashEquivalentsAtCarryingValue`	$40.29M	USD	Point-in-time
Cash & equivalents	`CashAndCashEquivalentsAtCarryingValue`	$39.55M	USD	Point-in-time
Series A Preferred Stock, shares authorized	`PreferredStockSharesAuthorized`	8.00M	shares	Point-in-time
Series A Preferred Stock, shares issued	`PreferredStockSharesIssued`	400,000.00	shares	Point-in-time
Other receivables and prepaid expenses	`PrepaidExpenseAndOtherAssetsCurrent`	$4.94M	USD	Point-in-time
Series A Preferred Stock, shares issued	`PreferredStockSharesIssued`	400,000.00	shares	Point-in-time
Other receivables and prepaid expenses	`PrepaidExpenseAndOtherAssetsCurrent`	$15.03K	USD	Point-in-time
Series A Preferred Stock, shares outstanding	`PreferredStockSharesOutstanding`	400,000.00	shares	Point-in-time
Taxes receivable	`IncomeTaxReceivable`	$744.15K	USD	Point-in-time
Taxes receivable	`IncomeTaxReceivable`	$758.53K	USD	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
Deposit for coal trading	`DepositsAssetsCurrent`	$1.69M	USD	Point-in-time
Deposit for coal trading	`DepositsAssetsCurrent`	$1.77M	USD	Point-in-time
Common stock, par value per share	`CommonStockParOrStatedValuePerShare`	$0.00	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
Deposit for brokerage account	`OtherShortTermInvestments`	-	USD	Point-in-time
Deposit for brokerage account	`OtherShortTermInvestments`	$5.00K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	18.85M	shares	Point-in-time
Inventory	`InventoryNet`	$265.67K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	18.85M	shares	Point-in-time
Inventory	`InventoryNet`	$263.27K	USD	Point-in-time
Advance to shareholder	`DueFromRelatedPartiesCurrent`	$277.11K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	18.85M	shares	Point-in-time
Advance to shareholder	`DueFromRelatedPartiesCurrent`	$282.62K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	18.85M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$35.25M	USD	Point-in-time
Treasury shares	`TreasuryStockShares`	400.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$34.21M	USD	Point-in-time
Deposits for mine acquisition	`DepositsAssetsNoncurrent`	$4.92M	USD	Point-in-time
Deposits for mine acquisition	`DepositsAssetsNoncurrent`	$4.88M	USD	Point-in-time
Coal production safety deposit	`SecurityDeposit`	$4.88M	USD	Point-in-time
Coal production safety deposit	`SecurityDeposit`	$4.93M	USD	Point-in-time
Prepaid mining rights, net	`PrepaidMiningRightsNet`	$14.07M	USD	Point-in-time
Prepaid mining rights, net	`PrepaidMiningRightsNet`	$13.95M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$18.43M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$17.85M	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	$15.52M	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	$15.66M	USD	Point-in-time
Deferred tax asset, net	`DeferredTaxAssetsNetNoncurrent`	$772.03K	USD	Point-in-time
Deferred tax asset, net	`DeferredTaxAssetsNetNoncurrent`	$774.67K	USD	Point-in-time
Asset retirement cost, net	`OtherDeferredCostsNet`	$2.46M	USD	Point-in-time
Asset retirement cost, net	`OtherDeferredCostsNet`	$2.43M	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$60.28M	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$61.25M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$94.49M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$96.51M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$173.33K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$199.76K	USD	Point-in-time
Advance from customers	`DeferredRevenueCurrent`	$40.37K	USD	Point-in-time
Advance from customers	`DeferredRevenueCurrent`	$9.85K	USD	Point-in-time
Accrued liabilities and other payables	`AccruedLiabilitiesCurrent`	$923.56K	USD	Point-in-time
Accrued liabilities and other payables	`AccruedLiabilitiesCurrent`	$832.55K	USD	Point-in-time
Taxes payable	`TaxesPayableCurrent`	$6.18M	USD	Point-in-time
Taxes payable	`TaxesPayableCurrent`	$5.65M	USD	Point-in-time
Warrant derivative liability	`DerivativeLiabilitiesCurrent`	$50.31K	USD	Point-in-time
Warrant derivative liability	`DerivativeLiabilitiesCurrent`	$103.12K	USD	Point-in-time
Loan payable	`ShortTermBorrowings`	$4.39M	USD	Point-in-time
Loan payable	`ShortTermBorrowings`	$4.43M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.72M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$11.26M	USD	Point-in-time
Asset retirement obligation, net of deposit for mine restoration of $1,343,598 and $1,355,763 as of March 31, 2014 and December 31, 2013, respectively	`AssetRetirementObligationsNoncurrent`	$5.26M	USD	Point-in-time
Asset retirement obligation, net of deposit for mine restoration of $1,343,598 and $1,355,763 as of March 31, 2014 and December 31, 2013, respectively	`AssetRetirementObligationsNoncurrent`	$5.28M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$5.28M	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$5.26M	USD	Point-in-time
Total liabilities	`Liabilities`	$16.51M	USD	Point-in-time
Total liabilities	`Liabilities`	$17.00M	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, 18,852,182 and 18,852,582 shares issued and outstanding as of March 31, 2014 and December 31, 2013	`CommonStockValue`	$18.85K	USD	Point-in-time
Common stock, $0.001 par value, 100,000,000 shares authorized, 18,852,182 and 18,852,582 shares issued and outstanding as of March 31, 2014 and December 31, 2013	`CommonStockValue`	$18.85K	USD	Point-in-time
Treasury stock, 400 shares	`TreasuryStockValue`	-	USD	Point-in-time
Treasury stock, 400 shares	`TreasuryStockValue`	-	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$41.21M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapitalCommonStock`	$41.21M	USD	Point-in-time
Statutory reserves	`RetainedEarningsAppropriated`	$13.68M	USD	Point-in-time
Statutory reserves	`RetainedEarningsAppropriated`	$13.69M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$12.22M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$11.52M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$11.05M	USD	Point-in-time
Retained earnings	`RetainedEarningsUnappropriated`	$12.86M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$79.99M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$77.49M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$96.51M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	`LiabilitiesAndStockholdersEquity`	$94.49M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$305.33K	USD	1 Quarter
Net sales	`Revenues`	$538.86K	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	$316.91K	USD	1 Quarter
Cost of goods sold	`CostOfRevenue`	$484.71K	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$-11.58K	USD	1 Quarter
Gross profit (loss)	`GrossProfit`	$54.14K	USD	1 Quarter
Selling	`SellingExpense`	$424.34K	USD	1 Quarter
Selling	`SellingExpense`	$226.97K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.65M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.52M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.07M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.75M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.76M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.02M	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$29.11K	USD	1 Quarter
Interest income	`InvestmentIncomeInterest`	$38.20K	USD	1 Quarter
Interest expense	`InterestExpense`	$132.67K	USD	1 Quarter
Interest expense	`InterestExpense`	$62.26K	USD	1 Quarter
Other expenses	`OtherNonoperatingExpense`	$1.98K	USD	1 Quarter
Other expenses	`OtherNonoperatingExpense`	$7.26K	USD	1 Quarter
Warrant derivative income (expense)	`UnrealizedGainLossOnDerivatives`	$52.81K	USD	1 Quarter
Warrant derivative income (expense)	`UnrealizedGainLossOnDerivatives`	$-169.15K	USD	1 Quarter
Total non-operating expense, net	`NonoperatingIncomeExpense`	$-200.48K	USD	1 Quarter
Total non-operating expense, net	`NonoperatingIncomeExpense`	$-52.73K	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-1.81M	USD	1 Quarter
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.22M	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-10.22K	USD	1 Quarter
Income tax benefit	`IncomeTaxExpenseBenefit`	$-4.33K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.21M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.81M	USD	1 Quarter
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$-694.18K	USD	1 Quarter
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$219.16K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-2.50M	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`	$-0.10	USD	1 Quarter

Cash Flow Statement 47 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.21M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.81M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$380.24K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$424.42K	USD	1 Quarter
Changes in fair value of warrant derivative	`UnrealizedGainLossOnDerivatives`	$52.81K	USD	1 Quarter
Changes in fair value of warrant derivative	`UnrealizedGainLossOnDerivatives`	$-169.15K	USD	1 Quarter
Accretion of interest on asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$251.63K	USD	Annual
Accretion of interest on asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$62.26K	USD	1 Quarter
Accretion of interest on asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$66.47K	USD	1 Quarter
Stock option compensation	`StockOptionPlanExpense`	$1.89K	USD	1 Quarter
Stock option compensation	`StockOptionPlanExpense`	$6.72K	USD	1 Quarter
Changes in deferred tax	`DeferredIncomeTaxExpenseBenefit`	$-4.33K	USD	1 Quarter
Changes in deferred tax	`DeferredIncomeTaxExpenseBenefit`	$-10.22K	USD	1 Quarter
Other receivables, deposits and prepaid expenses	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-58.24K	USD	1 Quarter
Other receivables, deposits and prepaid expenses	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-4.99M	USD	1 Quarter
Deposit for mine brokerage account	`IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities`	-	USD	1 Quarter
Deposit for mine brokerage account	`IncreaseDecreaseInFinancialInstrumentsUsedInOperatingActivities`	$5.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-26.44K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	-	USD	1 Quarter
Advance from customers	`IncreaseDecreaseInDeferredRevenue`	$165.91K	USD	1 Quarter
Advance from customers	`IncreaseDecreaseInDeferredRevenue`	$-30.33K	USD	1 Quarter
Accrued liabilities and other payables	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$25.03K	USD	1 Quarter
Accrued liabilities and other payables	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$98.85K	USD	1 Quarter
Taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$557.69K	USD	1 Quarter
Taxes payable	`IncreaseDecreaseInAccruedTaxesPayable`	$506.94K	USD	1 Quarter
Net cash used in (provided by) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-846.04K	USD	1 Quarter
Net cash used in (provided by) operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$4.22M	USD	1 Quarter
Disposal of fixed assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$181.00	USD	1 Quarter
Disposal of fixed assets	`ProceedsFromSaleOfPropertyPlantAndEquipment`	-	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	-	USD	1 Quarter
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$181.00	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`	$-267.85K	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH & EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-740.72K	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH & EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.95M	USD	1 Quarter
CASH & CASH EQUIVALENTS, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$27.26M	USD	Point-in-time
CASH & CASH EQUIVALENTS, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$31.20M	USD	Point-in-time
CASH & CASH EQUIVALENTS, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$40.29M	USD	Point-in-time
CASH & CASH EQUIVALENTS, BEGINNING OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$39.55M	USD	Point-in-time
CASH & EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$27.26M	USD	Point-in-time
CASH & EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$31.20M	USD	Point-in-time
CASH & EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$40.29M	USD	Point-in-time
CASH & EQUIVALENTS, END OF PERIOD	`CashAndCashEquivalentsAtCarryingValue`	$39.55M	USD	Point-in-time
Income tax paid	`IncomeTaxesPaid`	-	USD	1 Quarter
Income tax paid	`IncomeTaxesPaid`	-	USD	1 Quarter
Interest paid	`InterestPaid`	-	USD	1 Quarter
Interest paid	`InterestPaid`	-	USD	1 Quarter

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