Jintai Mining Group, Inc.

CIK:0001498352|SEC Filings

Statements of Operations (USD $)	3 Months Ended		6 Months Ended
Statements of Operations (USD $)	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Revenues
Sales	$ 6,671,124	$ 11,210,479	$ 20,494,099	$ 20,701,541
Cost of goods sold	4,760,046	5,424,984	11,633,201	7,280,171
Gross profits	1,911,078	5,785,495	8,860,898	13,421,370
Operating expenses
Selling and marketing	35,964	59,973	159,421	71,264
General and administrative	865,104	1,025,056	1,772,693	1,723,389
Impairment loss	0	0	0	2,463,128
Total Operating Expenses	901,068	1,085,029	1,932,114	4,257,781
Income (Loss) from continuing operations	1,010,010	4,700,466	6,928,784	9,163,589
Other income (expenses)
Change in fair value of warrant liability	(282,131)	0	(112,308)	0
Interest (expenses)	(18,206)	0	(243,997)	0
Other Income	12,467	0	12,595	0
Other (expenses)	22,226	(4,458)	21,164	(7,827)
Total other income (loss)	(265,644)	(4,458)	(322,546)	(7,827)
Income (loss) before income tax provision	744,366	4,696,008	6,606,238	9,155,762
Income taxes	285,742	858,594	1,885,900	2,410,050
Net Income	458,624	3,837,414	4,720,337	6,745,712
Other comprehensive income (loss)
Foreign currency translation gain (loss)	630,451	498,576	1,337,277	735,008
Comprehensive income (loss)	$ 1,089,075	$ 4,335,990	$ 6,057,615	$ 7,480,720
Earnings per common share
Basic	$ 0.01	$ 0.12	$ 0.14	$ 0.21
Diluted	$ 0.01	$ 0.12	$ 0.14	$ 0.21
Weighted average common shares outstanding
Basic	35,733,333	32,000,000	33,866,667	32,000,000
Diluted	35,733,333	32,666,667	33,866,667	32,333,333

Statements of Cash Flows (USD $)	6 Months Ended
Statements of Cash Flows (USD $)	Sep. 30, 2011	Sep. 30, 2010
Cash flows from operating activities:
Net income (loss) from continued operations	$ 4,720,337	$ 6,745,712
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Change of Common stock warrant liability	112,308	0
Amortization of discount on debt	77,463	0
Loss on fixed assets abandoned	0	2,463,128
Depreciation	472,881	66,344
Accounts receivable ,trade	(938,580)	(15,271,994)
Other receivable	(1,273,702)	(4,496,844)
Inventory	20,534	(609,522)
Paid in advance	(9,119,082)	(4,240,300)
Prepaid expense	(234,676)	0
Amortization of mining right	0	19,324
Accounts payable	3,082,928	444,460
Other payable	908,718	3,517,360
Salary payable	4,511	6,796
Tax payable	1,376,900	4,286,315
Accrued expenses	166,534	0
Deferred tax	18,116	0
Received in advance	(2,839,475)	1,023,413
Net cash provided by operating activities	(3,444,284)	(6,045,808)
Cash flows from investing activities:
Construction in Progress	0	(33,259)
Purchase of property, plant and equipment	(431,941)	(220,182)
Net cash provided by (used in) investing activities	(431,941)	(253,441)
Cash flows from financing activities:
Cash from investor	0	4,463
convertible note	0	7,006,312
Proceed from short-term loan	5,871,223	0
payment to short-term loan	(5,871,223)	0
Due to related party	417,567	(549,732)
Net cash provided by financing activities	417,567	6,461,043
Foreign currency translation adjustment	79,914	215,246
Net increase (decrease) in cash and cash equivalents	(3,378,745)	377,040
Cash and cash equivalents:
Beginning of period	3,601,657	6,355,927
End of period	222,912	6,732,967
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	0	0
Cash paid for income tax	592,330	0
Non-cash financing activity:
Common stock issued for conversion of convertible debt	$ 20,000,000	$ 0

Balance Sheets (USD $)	Sep. 30, 2011	Mar. 31, 2011
CURRENT ASSETS
Cash and cash equivalents	$ 222,912	$ 3,601,657
Accounts receivable, net	15,143,045	13,816,063
Inventory	11,753,110	11,411,998
Prepaid expenses	1,148,046	883,044
Paid in advance	18,382,485	8,860,462
Other receivable	1,575,946	461,747
Environment restoration deposit	288,704	279,831
TOTAL CURRENT ASSETS	48,514,248	39,314,802
NON-CURRENT ASSETS
Land,equipment, and mining claims	17,237,790	16,285,198
Accumulated depreciation	(2,332,701)	(1,798,118)
Land, equipment, and mining claims, net	14,905,089	14,487,080
Construction in progress	43,564,411	42,225,532
Accounts receivable, non-current	215,715	151,919
Other receivable, non-current	187,735	934
Paid in advance, non-current	424,869	442,433
Other non-current assets	182,681	194,800
TOTAL NON-CURRENT ASSETS	59,480,500	57,502,698
TOTAL ASSETS	107,994,748	96,817,500
CURRENT LIABILITIES
Accounts payable	13,570,087	10,135,230
Salary payable	27,997	22,721
Tax payable	10,057,147	8,400,243
Received in advance	1,492,044	4,225,681
Other payable	1,110,619	186,963
Common stock warrant liability	1,411,029	1,257,728
Accured expenses and other liabilities	461,633	284,429
Due to related party	1,388,684	937,259
Convertible Note	0	20,377,036
Discount on Convertible Note	0	(1,427,683)
TOTAL CURRENT LIABILITIES	29,519,240	44,399,607
TOTAL LIABILITIES	29,519,240	44,399,607
STOCKHOLDERS' EQUITY
Common Stock; 100,000,000 shares authorized at $0.0001 par value, 36,000,000 shares issued and outstanding	3,600	3,200
Paid in capital	20,242,491	242,891
Statutory reserves	144,882	144,882
Accumulated other comprehensive Income	4,465,800	3,128,523
Retained earnings	53,618,735	48,898,397
TOTAL STOCKHOLDERS' EQUITY	78,475,508	52,417,893
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$ 107,994,748	$ 96,817,500