10-Q Filing

ADDENTAX GROUP CORP. CIK: 1650101 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001493152-23-027959`
Period End Date	20230630
Filing Date	20230814
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	form10-q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 77 Income Statement 41 Cash Flow Statement 54 Stockholders Equity 17

Balance Sheet 77 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	35.45M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	3.74M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	3.74M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	35.45M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$487.21K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$562.71K	USD	Point-in-time
Restricted cash	`RestrictedCash`	$5.75M	USD	Point-in-time
Restricted cash	`RestrictedCash`	-	USD	Point-in-time
Accounts receivables, net	`AccountsReceivableNetCurrent`	$1.96M	USD	Point-in-time
Accounts receivables, net	`AccountsReceivableNetCurrent`	$1.86M	USD	Point-in-time
Debt securities held-to-maturity	`DebtSecuritiesCurrent`	$17.72M	USD	Point-in-time
Debt securities held-to-maturity	`DebtSecuritiesCurrent`	$17.50M	USD	Point-in-time
Debt securities held-to-maturity	`DebtSecuritiesCurrent`	$17.83M	USD	Point-in-time
Inventories	`InventoryNet`	$265.74K	USD	Point-in-time
Inventories	`InventoryNet`	$285.53K	USD	Point-in-time
Prepayments and other receivables	`PrepaidExpenseAndOtherAssets`	$959.20K	USD	Point-in-time
Prepayments and other receivables	`PrepaidExpenseAndOtherAssets`	$8.51M	USD	Point-in-time
Advances to suppliers	`Supplies`	$1.90M	USD	Point-in-time
Advances to suppliers	`Supplies`	$1.28M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$23.04M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$37.21M	USD	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$649.12K	USD	Point-in-time
Plant and equipment, net	`PropertyPlantAndEquipmentNet`	$586.49K	USD	Point-in-time
Long-term prepayments	`PrepaidExpenseNoncurrent`	$57.88K	USD	Point-in-time
Long-term prepayments	`PrepaidExpenseNoncurrent`	$90.03K	USD	Point-in-time
Restricted cash	`RestrictedCashNoncurrent`	-	USD	Point-in-time
Restricted cash	`RestrictedCashNoncurrent`	$14.75M	USD	Point-in-time
Long-term receivables	`LongTermAccountsNotesAndLoansReceivableNetNoncurrent`	$2.50M	USD	Point-in-time
Long-term receivables	`LongTermAccountsNotesAndLoansReceivableNetNoncurrent`	$2.50M	USD	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	$272.49K	USD	Point-in-time
Operating lease right of use asset	`OperatingLeaseRightOfUseAsset`	$232.35K	USD	Point-in-time
Total non-current assets	`AssetsNoncurrent`	$18.26M	USD	Point-in-time
Total non-current assets	`AssetsNoncurrent`	$3.38M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$40.59M	USD	Point-in-time
TOTAL ASSETS	`Assets`	$41.30M	USD	Point-in-time
Short-term loan	`ShortTermBorrowings`	$130.18K	USD	Point-in-time
Short-term loan	`ShortTermBorrowings`	$137.47K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$254.29K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$267.50K	USD	Point-in-time
Advances from customers	`ContractWithCustomerLiabilityCurrent`	-	USD	Point-in-time
Advances from customers	`ContractWithCustomerLiabilityCurrent`	$2.15K	USD	Point-in-time
Accrued expenses and other payables	`AccruedLiabilitiesCurrent`	$462.47K	USD	Point-in-time
Accrued expenses and other payables	`AccruedLiabilitiesCurrent`	$606.84K	USD	Point-in-time
Operating lease liability current portion	`OperatingLeaseLiabilityCurrent`	$127.10K	USD	Point-in-time
Operating lease liability current portion	`OperatingLeaseLiabilityCurrent`	$120.36K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.06M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$3.53M	USD	Point-in-time
Convertible debts	`ConvertibleDebtNoncurrent`	$11.22M	USD	Point-in-time
Convertible debts	`ConvertibleDebtNoncurrent`	$8.51M	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilitiesNoncurrent`	$2.29M	USD	Point-in-time
Derivative liabilities	`DerivativeLiabilitiesNoncurrent`	$4.58M	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$145.39K	USD	Point-in-time
Operating lease liability	`OperatingLeaseLiabilityNoncurrent`	$111.99K	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$13.66M	USD	Point-in-time
Total non-current liabilities	`LiabilitiesNoncurrent`	$13.20M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$17.18M	USD	Point-in-time
TOTAL LIABILITIES	`Liabilities`	$16.27M	USD	Point-in-time
Common stock ($0.001 par value, 250,000,000 shares authorized, 3,739,581 and 35,454,670 shares issued and outstanding at June 30 and March 31, 2023, respectively)	`CommonStockValue`	$3.74K	USD	Point-in-time
Common stock ($0.001 par value, 250,000,000 shares authorized, 3,739,581 and 35,454,670 shares issued and outstanding at June 30 and March 31, 2023, respectively)	`CommonStockValue`	$35.45K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$32.41M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$29.53M	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-5.45M	USD	Point-in-time
Accumulated Deficit	`RetainedEarningsAccumulatedDeficit`	$-8.18M	USD	Point-in-time
Statutory reserve	`StatutoryReserve`	$28.46K	USD	Point-in-time
Statutory reserve	`StatutoryReserve`	$28.46K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-19.47K	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$67.98K	USD	Point-in-time
Total equity	`StockholdersEquity`	$-71.37K	USD	Point-in-time
Total equity	`StockholdersEquity`	$24.33M	USD	Point-in-time
Total equity	`StockholdersEquity`	$24.12M	USD	Point-in-time
Total equity	`StockholdersEquity`	$130.45K	USD	Point-in-time
TOTAL LIABILITIES AND EQUITY	`LiabilitiesAndStockholdersEquity`	$40.59M	USD	Point-in-time
TOTAL LIABILITIES AND EQUITY	`LiabilitiesAndStockholdersEquity`	$41.30M	USD	Point-in-time

Income Statement 41 line items

Line Item	Tag	Value	Unit	Period
REVENUES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$2.39M	USD	1 Quarter
REVENUES	`RevenueFromContractWithCustomerExcludingAssessedTax`	$1.05M	USD	1 Quarter
COST OF REVENUES	`CostOfRevenue`	$815.60K	USD	1 Quarter
COST OF REVENUES	`CostOfRevenue`	$1.93M	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$456.68K	USD	1 Quarter
GROSS PROFIT	`GrossProfit`	$236.91K	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	$5.64K	USD	1 Quarter
Selling and marketing	`SellingAndMarketingExpense`	-	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$404.94K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$497.86K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$410.58K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$497.86K	USD	1 Quarter
(LOSS) INCOME FROM OPERATIONS	`OperatingIncomeLoss`	$-260.95K	USD	1 Quarter
(LOSS) INCOME FROM OPERATIONS	`OperatingIncomeLoss`	$46.10K	USD	1 Quarter
Fair value gain or loss	`FairValueAdjustmentOfWarrants`	$1.29M	USD	1 Quarter
Fair value gain or loss	`FairValueAdjustmentOfWarrants`	$3.90M	USD	Point-in-time
Fair value gain or loss	`FairValueAdjustmentOfWarrants`	-	USD	1 Quarter
Interest income	`InterestAndOtherIncome`	$1.72K	USD	1 Quarter
Interest income	`InterestAndOtherIncome`	$3.24K	USD	1 Quarter
Interest expenses	`InterestExpense`	$2.46K	USD	1 Quarter
Interest expenses	`InterestExpense`	$1.29M	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$51.08K	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$112.49K	USD	1 Quarter
(LOSS) INCOME BEFORE INCOME TAX EXPENSE	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.73M	USD	1 Quarter
(LOSS) INCOME BEFORE INCOME TAX EXPENSE	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$97.97K	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$1.29K	USD	1 Quarter
INCOME TAX EXPENSE	`IncomeTaxExpenseBenefit`	$1.26K	USD	1 Quarter
NET (LOSS) INCOME	`NetIncomeLoss`	$-2.73M	USD	1 Quarter
NET (LOSS) INCOME	`NetIncomeLoss`	$96.67K	USD	1 Quarter
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$87.45K	USD	1 Quarter
Foreign currency translation gain (loss)	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$105.15K	USD	1 Quarter
TOTAL COMPREHENSIVE (LOSS) INCOME	`ComprehensiveIncomeNetOfTax`	$201.82K	USD	1 Quarter
TOTAL COMPREHENSIVE (LOSS) INCOME	`ComprehensiveIncomeNetOfTax`	$-2.64M	USD	1 Quarter
Earnings (Loss) per share, Basic	`EarningsPerShareBasic`	-	USD	1 Quarter
Earnings (Loss) per share, Basic	`EarningsPerShareBasic`	$-0.83	USD	1 Quarter
Earnings (Loss) per share, Diluted	`EarningsPerShareDiluted`	-	USD	1 Quarter
Earnings (Loss) per share, Diluted	`EarningsPerShareDiluted`	$-0.83	USD	1 Quarter
Weighted average number of shares outstanding - Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	26.69M	shares	1 Quarter
Weighted average number of shares outstanding - Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	3.27M	shares	1 Quarter
Weighted average number of shares outstanding - Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	26.69M	shares	1 Quarter
Weighted average number of shares outstanding - Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	3.27M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`NetIncomeLoss`	$-2.73M	USD	1 Quarter
Net (loss) income	`NetIncomeLoss`	$96.67K	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$35.88K	USD	1 Quarter
Depreciation	`DepreciationAndAmortization`	$74.78K	USD	1 Quarter
Non-cash financial cost	`AmortizationOfAboveAndBelowMarketLeases`	-	USD	1 Quarter
Non-cash financial cost	`AmortizationOfAboveAndBelowMarketLeases`	$1.29M	USD	1 Quarter
Investment income	`InvestmentIncome`	-	USD	1 Quarter
Investment income	`InvestmentIncome`	$109.38K	USD	1 Quarter
Fair value gain or loss	`FairValueGainOrLoss`	$-1.29M	USD	1 Quarter
Fair value gain or loss	`FairValueGainOrLoss`	-	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$104.40K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-27.22K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-19.79K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-3.34K	USD	1 Quarter
Advances to suppliers	`IncreaseDecreaseInPrepaidSupplies`	$-91.38K	USD	1 Quarter
Advances to suppliers	`IncreaseDecreaseInPrepaidSupplies`	$622.09K	USD	1 Quarter
Other receivables	`IncreaseDecreaseInOtherReceivables`	$47.49K	USD	1 Quarter
Other receivables	`IncreaseDecreaseInOtherReceivables`	$443.14K	USD	1 Quarter
Accounts payables	`IncreaseDecreaseInAccountsPayable`	$-25.66K	USD	1 Quarter
Accounts payables	`IncreaseDecreaseInAccountsPayable`	$-83.53K	USD	1 Quarter
Accrued expenses and other payables	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$549.88K	USD	1 Quarter
Accrued expenses and other payables	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-144.37K	USD	1 Quarter
Advances from customers	`IncreaseDecreaseInContractWithCustomerLiability`	$-2.15K	USD	1 Quarter
Advances from customers	`IncreaseDecreaseInContractWithCustomerLiability`	$321.00	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$278.02K	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.11M	USD	1 Quarter
Proceeds from related party borrowings	`ProceedsFromRelatedPartyDebt`	$980.72K	USD	1 Quarter
Proceeds from related party borrowings	`ProceedsFromRelatedPartyDebt`	$1.45M	USD	1 Quarter
Repayment of related party borrowings	`RepaymentsOfRelatedPartyDebt`	$1.83M	USD	1 Quarter
Repayment of related party borrowings	`RepaymentsOfRelatedPartyDebt`	$364.45K	USD	1 Quarter
Release of restricted cash	`PaymentForRestrictedCash`	$-1.35M	USD	1 Quarter
Release of restricted cash	`PaymentForRestrictedCash`	-	USD	1 Quarter
Repayment of bank borrowings	`RepaymentsOfBankDebt`	$424.00	USD	1 Quarter
Repayment of bank borrowings	`RepaymentsOfBankDebt`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$969.78K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$615.85K	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-141.09K	USD	1 Quarter
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$893.87K	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-52.16K	USD	1 Quarter
Effect of exchange rate changes on cash and cash equivalents	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$65.60K	USD	1 Quarter
Cash and cash equivalents, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.23M	USD	Point-in-time
Cash and cash equivalents, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.39M	USD	Point-in-time
Cash and cash equivalents, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$562.71K	USD	Point-in-time
Cash and cash equivalents, beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$487.21K	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF THE PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$2.23M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF THE PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$1.39M	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF THE PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$562.71K	USD	Point-in-time
CASH AND CASH EQUIVALENTS, END OF THE PERIOD	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$487.21K	USD	Point-in-time
Cash paid during the period for interest	`InterestPaidNet`	-	USD	1 Quarter
Cash paid during the period for interest	`InterestPaidNet`	-	USD	1 Quarter
Cash paid during the period for income tax	`IncomeTaxesPaidNet`	$1.26K	USD	1 Quarter
Cash paid during the period for income tax	`IncomeTaxesPaidNet`	$1.29K	USD	1 Quarter
Right-of-use assets obtained in exchange for operating lease obligations	`RightOfUseAssetObtainedExchangeForOperatingLeaseLiability`	$1.22K	USD	1 Quarter
Right-of-use assets obtained in exchange for operating lease obligations	`RightOfUseAssetObtainedExchangeForOperatingLeaseLiability`	-	USD	1 Quarter

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Balance, value	`StockholdersEquity`	$-71.37K	USD	Point-in-time
Balance, value	`StockholdersEquity`	$24.33M	USD	Point-in-time
Balance, value	`StockholdersEquity`	$24.12M	USD	Point-in-time
Balance, value	`StockholdersEquity`	$130.45K	USD	Point-in-time
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$87.45K	USD	1 Quarter
Foreign currency translation	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent`	$105.15K	USD	1 Quarter
Net income for the period	`NetIncomeLoss`	$-2.73M	USD	1 Quarter
Net income for the period	`NetIncomeLoss`	$96.67K	USD	1 Quarter
Issuance of new shares	`StockIssuedDuringPeriodValueNewIssues`	-	USD	1 Quarter
Reverse stock split	`StockIssuedDuringPeriodValueReverseStockSplits`	-	USD	1 Quarter
Reverse stoc split, shares	`StockIssuedDuringPeriodSharesReverseStockSplits`	3.74M	shares	1 Quarter
New shares for round up of fragmental shares	`StockIssuedDuringPeriodValueOther`	-	USD	1 Quarter
Additional paid-in capital from conversion of convertible debts	`AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature`	$2.85M	USD	1 Quarter
Balance, value	`StockholdersEquity`	$-71.37K	USD	Point-in-time
Balance, value	`StockholdersEquity`	$24.33M	USD	Point-in-time
Balance, value	`StockholdersEquity`	$24.12M	USD	Point-in-time
Balance, value	`StockholdersEquity`	$130.45K	USD	Point-in-time

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