10-K Filing

ADAMANT DRI PROCESSING & MINERALS GROUP CIK: 1171008 FY 2017

Filing Information

Form Type	10-K
Accession Number	`0001493152-18-007936`
Period End Date	20171231
Filing Date	20180529
Fiscal Year	2017
Fiscal Period	FY
XBRL Instance	admg-20171231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 99 Income Statement 40 Cash Flow Statement 60 Stockholders Equity 13

Balance Sheet 99 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, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Convertible preferred stock, shares authorized	`PreferredStockSharesAuthorized`	1.00M	shares	Point-in-time
Cash & equivalents	`CashAndCashEquivalentsAtCarryingValue`	$86.52K	USD	Point-in-time
Convertible preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Convertible preferred stock, shares issued	`PreferredStockSharesIssued`	-	shares	Point-in-time
Cash & equivalents	`CashAndCashEquivalentsAtCarryingValue`	$24.79K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$9.38K	USD	Point-in-time
Convertible preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalents`	$94.32K	USD	Point-in-time
Convertible preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	-	shares	Point-in-time
Prepaid expense	`PrepaidExpenseAndOtherAssets`	-	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Prepaid expense	`PrepaidExpenseAndOtherAssets`	$459.38K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Advance to suppliers, net	`AdvanceToSuppliers`	$680.00	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
Advance to suppliers, net	`AdvanceToSuppliers`	$16.35K	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
Common stock, shares issued	`CommonStockSharesIssued`	63.76M	shares	Point-in-time
Value-added tax receivable	`ValueAddedTaxReceivable`	$2.82M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.00M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	63.76M	shares	Point-in-time
Inventory, net	`InventoryGross`	$458.40K	USD	Point-in-time
Inventory, net	`InventoryGross`	$693.52K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	66.76M	shares	Point-in-time
Assets held for exchange	`AssetsHeldForSaleNotPartOfDisposalGroupCurrent`	$4.01M	USD	Point-in-time
Assets held for exchange	`AssetsHeldForSaleNotPartOfDisposalGroupCurrent`	-	USD	Point-in-time
Total current assets	`AssetsCurrent`	$7.79M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.54M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$24.58M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$23.11M	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	$6.04M	USD	Point-in-time
Construction in progress	`ConstructionInProgressGross`	-	USD	Point-in-time
Material for construction use	`MaterialForConstructionUse`	$438.50K	USD	Point-in-time
Material for construction use	`MaterialForConstructionUse`	-	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$3.01M	USD	Point-in-time
Intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$3.10M	USD	Point-in-time
Goodwill	`Goodwill`	$5.77M	USD	Point-in-time
Goodwill	`Goodwill`	$6.12M	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$39.40M	USD	Point-in-time
Total noncurrent assets	`AssetsNoncurrent`	$32.77M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$42.94M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$40.56M	USD	Point-in-time
Bank overdraft	`BankOverdrafts`	$94.17K	USD	Point-in-time
Bank overdraft	`BankOverdrafts`	-	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.04M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.86M	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$2.53M	USD	Point-in-time
Notes payable	`NotesPayableCurrent`	$2.69M	USD	Point-in-time
Accrued liabilities and other payables	`AccountsPayableAndOtherAccruedLiabilities`	$12.25M	USD	Point-in-time
Accrued liabilities and other payables	`AccountsPayableAndOtherAccruedLiabilities`	$10.36M	USD	Point-in-time
Income tax payable	`TaxesPayableCurrent`	$219.17K	USD	Point-in-time
Income tax payable	`TaxesPayableCurrent`	$119.17K	USD	Point-in-time
Short term loan	`ShortTermBorrowings`	$187.40K	USD	Point-in-time
Short term loan	`ShortTermBorrowings`	-	USD	Point-in-time
Payable to contractors	`PayableToContractors`	$841.73K	USD	Point-in-time
Payable to contractors	`PayableToContractors`	$792.85K	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$7.38M	USD	Point-in-time
Notes payable - related parties	`NotesPayableRelatedPartiesClassifiedCurrent`	$7.02M	USD	Point-in-time
Advance from related parties	`DueToRelatedPartiesCurrent`	$902.10K	USD	Point-in-time
Advance from related parties	`DueToRelatedPartiesCurrent`	$2.08M	USD	Point-in-time
Advance from related parties	`DueToRelatedPartiesCurrent`	$33.18M	USD	Point-in-time
Advance from related parties	`DueToRelatedPartiesCurrent`	$1.47M	USD	Point-in-time
Advance from related parties	`DueToRelatedPartiesCurrent`	$35.41M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$61.82M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$57.14M	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilities`	$2.48K	USD	Point-in-time
Deferred tax liability	`DeferredIncomeTaxLiabilities`	-	USD	Point-in-time
Loan term payable	`LongTermLoansFromBank`	-	USD	Point-in-time
Loan term payable	`LongTermLoansFromBank`	$198.95K	USD	Point-in-time
Accrued expense	`OtherAccruedLiabilitiesNoncurrent`	$11.80K	USD	Point-in-time
Accrued expense	`OtherAccruedLiabilitiesNoncurrent`	$12.53K	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$211.48K	USD	Point-in-time
Total noncurrent liabilities	`LiabilitiesNoncurrent`	$14.29K	USD	Point-in-time
Total liabilities	`Liabilities`	$62.03M	USD	Point-in-time
Total liabilities	`Liabilities`	$57.16M	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 December 31, 2017 and 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 December 31, 2017 and 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`	$745.89K	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossBeforeTax1`	$1.83M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-17.50M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-23.69M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-30.84M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-21.48M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-8.89M	USD	Point-in-time
Total stockholders deficit	`StockholdersEquity`	$-14.22M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT	`LiabilitiesAndStockholdersEquity`	$40.56M	USD	Point-in-time
TOTAL LIABILITIES AND STOCKHOLDERS DEFICIT	`LiabilitiesAndStockholdersEquity`	$42.94M	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Net sales	`Revenues`	$613.29K	USD	Annual
Net sales	`Revenues`	$1.76M	USD	Annual
Cost of goods sold	`CostOfRevenue`	$293.79K	USD	Annual
Cost of goods sold	`CostOfRevenue`	$1.62M	USD	Annual
Gross profit	`GrossProfit`	$136.87K	USD	Annual
Gross profit	`GrossProfit`	$319.50K	USD	Annual
Selling expense	`SellingExpense`	-	USD	Annual
Selling expense	`SellingExpense`	$533.00	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$4.17M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$4.43M	USD	Annual
Total operating expenses	`OperatingExpenses`	$4.43M	USD	Annual
Total operating expenses	`OperatingExpenses`	$4.17M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-4.04M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-4.11M	USD	Annual
Loss on assets disposal and exchange	`GainLossOnDispositionOfAssets`	$-1.96M	USD	Annual
Loss on assets disposal and exchange	`GainLossOnDispositionOfAssets`	-	USD	Annual
Interest income	`InterestIncomeExpenseNet`	$212.00	USD	Annual
Interest income	`InterestIncomeExpenseNet`	$176.00	USD	Annual
Other expenses	`OtherExpenses`	$1.06M	USD	Annual
Other expenses	`OtherExpenses`	$131.62K	USD	Annual
Interest expense	`InterestExpenseDebt`	$1.04M	USD	Annual
Interest expense	`InterestExpenseDebt`	$1.05M	USD	Annual
Bank charges	`FinancialExpense`	$994.00	USD	Annual
Bank charges	`FinancialExpense`	$309.00	USD	Annual
Total non-operating expenses, net	`OtherOperatingIncomeExpenseNet`	$-3.13M	USD	Annual
Total non-operating expenses, net	`OtherOperatingIncomeExpenseNet`	$-2.11M	USD	Annual
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-7.16M	USD	Annual
Loss before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic`	$-6.22M	USD	Annual
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$-31.65K	USD	Annual
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$9.50K	USD	Annual
Net loss	`ProfitLoss`	$-6.19M	USD	Annual
Net loss	`ProfitLoss`	$-7.17M	USD	Annual
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToNoncontrollingInterest`	$1.08M	USD	Annual
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToNoncontrollingInterest`	$-791.06K	USD	Annual
Net comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-5.40M	USD	Annual
Net comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-8.26M	USD	Annual
Basic and diluted weighted average shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	63.76M	shares	Annual
Basic and diluted weighted average shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	66.74M	shares	Annual
Basic and diluted net loss per share	`EarningsPerShareBasicAndDiluted`	$-0.11	USD	Annual
Basic and diluted net loss per share	`EarningsPerShareBasicAndDiluted`	$-0.10	USD	Annual

Cash Flow Statement 60 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-6.19M	USD	Annual
Net loss	`ProfitLoss`	$-7.17M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$2.88M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$2.85M	USD	Annual
Bad debt provision	`ProvisionForDoubtfulAccounts`	-	USD	Annual
Bad debt provision	`ProvisionForDoubtfulAccounts`	$14.81K	USD	Annual
Gain on sale of subsidiary	`GainOrLossOnSaleOfStockInSubsidiary`	-	USD	Annual
Gain on sale of subsidiary	`GainOrLossOnSaleOfStockInSubsidiary`	$27.09K	USD	Annual
Stock compensation expense	`ShareBasedCompensation`	$65.62K	USD	Annual
Stock compensation expense	`ShareBasedCompensation`	$525.00K	USD	Annual
Inventory impairment provision	`InventoryWriteDown`	$-209.26K	USD	Annual
Inventory impairment provision	`InventoryWriteDown`	$-813.81K	USD	Annual
Changes in deferred taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$1.38K	USD	Annual
Changes in deferred taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$31.65K	USD	Annual
Loss on assets disposal and exchange	`GainLossOnSaleOfOtherAssets`	$-1.96M	USD	Annual
Loss on assets disposal and exchange	`GainLossOnSaleOfOtherAssets`	-	USD	Annual
Advance to suppliers	`IncreaseDecreaseAdvanceToSuppliers`	$-1.78K	USD	Annual
Advance to suppliers	`IncreaseDecreaseAdvanceToSuppliers`	$-1.33K	USD	Annual
Other receivables	`IncreaseDecreaseInOtherReceivables`	$-15.24K	USD	Annual
Other receivables	`IncreaseDecreaseInOtherReceivables`	$-2.74K	USD	Annual
Restricted cash	`IncreaseDecreaseInRestrictedCash`	$98.50K	USD	Annual
Restricted cash	`IncreaseDecreaseInRestrictedCash`	$-87.83K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-478.17K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-1.51M	USD	Annual
Bank overdraft	`IncreaseDecreaseInBookOverdrafts`	$-96.75K	USD	Annual
Bank overdraft	`IncreaseDecreaseInBookOverdrafts`	$98.35K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$3.21K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$21.50K	USD	Annual
Accrued liabilities and other payables	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$-587.98K	USD	Annual
Accrued liabilities and other payables	`IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities`	$1.26M	USD	Annual
Taxes payable	`IncreaseDecreaseInIncomeTaxes`	$82.69K	USD	Annual
Taxes payable	`IncreaseDecreaseInIncomeTaxes`	$64.77K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-203.36K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.10M	USD	Annual
Acquisition of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$317.88K	USD	Annual
Acquisition of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$13.03K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-317.88K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-13.03K	USD	Annual
Notes payable	`ProceedsFromNotesPayable`	-	USD	Annual
Notes payable	`ProceedsFromNotesPayable`	$2.64M	USD	Annual
Notes payable - related parties	`ProceedsFromRepaymentsOfNotesPayable`	$7.26M	USD	Annual
Notes payable - related parties	`ProceedsFromRepaymentsOfNotesPayable`	$-74.05K	USD	Annual
Advance from related parties	`ProceedsFromRelatedPartyDebt`	$225.65K	USD	Annual
Advance from related parties	`ProceedsFromRelatedPartyDebt`	$-6.42M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$151.59K	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.48M	USD	Annual
EFFECT OF EXCHANGE RATE CHANGE ON CASH & EQUIVALENTS	`EffectOfExchangeRateOnCashContinuingOperations`	$-4.27K	USD	Annual
EFFECT OF EXCHANGE RATE CHANGE ON CASH & EQUIVALENTS	`EffectOfExchangeRateOnCashContinuingOperations`	$3.07K	USD	Annual
NET INCREASE (DECREASE) IN CASH & EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-61.73K	USD	Annual
NET INCREASE (DECREASE) IN CASH & EQUIVALENTS	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$59.56K	USD	Annual
CASH & EQUIVALENTS, BEGINNING OF YEAR	`Cash`	$26.96K	USD	Point-in-time
CASH & EQUIVALENTS, BEGINNING OF YEAR	`Cash`	$86.52K	USD	Point-in-time
CASH & EQUIVALENTS, BEGINNING OF YEAR	`Cash`	$24.79K	USD	Point-in-time
CASH & EQUIVALENTS, END OF YEAR	`Cash`	$26.96K	USD	Point-in-time
CASH & EQUIVALENTS, END OF YEAR	`Cash`	$86.52K	USD	Point-in-time
CASH & EQUIVALENTS, END OF YEAR	`Cash`	$24.79K	USD	Point-in-time
Income tax paid	`IncomeTaxesPaid`	$6.16K	USD	Annual
Income tax paid	`IncomeTaxesPaid`	-	USD	Annual
Interest paid	`InterestPaidNet`	$9.90K	USD	Annual
Interest paid	`InterestPaidNet`	$19.40K	USD	Annual

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$-21.48M	USD	Point-in-time
Balance	`StockholdersEquity`	$-8.89M	USD	Point-in-time
Balance	`StockholdersEquity`	$-14.22M	USD	Point-in-time
Shares issued for consulting service	`StockIssuedDuringPeriodValueIssuedForServices`	$65.62K	USD	Annual
Shares issued for consulting service	`StockIssuedDuringPeriodValueIssuedForServices`	$984.38K	USD	Annual
Net loss	`ProfitLoss`	$-6.19M	USD	Annual
Net loss	`ProfitLoss`	$-7.17M	USD	Annual
Disposal of Deweishi	`DisposalOfOther`	$16.73K	USD	Annual
Foreign currency translation gain loss	`OtherComprehensiveIncomeLossNetOfTax`	$791.06K	USD	Annual
Foreign currency translation gain loss	`OtherComprehensiveIncomeLossNetOfTax`	$-1.08M	USD	Annual
Balance	`StockholdersEquity`	$-21.48M	USD	Point-in-time
Balance	`StockholdersEquity`	$-8.89M	USD	Point-in-time
Balance	`StockholdersEquity`	$-14.22M	USD	Point-in-time

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