this gets better and better (NOT!)
"On May 24, 2018, the board of directors of Adamant DRI Processing and Minerals Group (the “Company”) concluded, based on the recommendation of management, that its consolidated financial statements for the year ended and as at December 31, 2016 (the “2016 Financial Statements”) included in its annual report on Form 10-K for the year ended December 31, 2016 (“2016 Form 10-K”), need to be restated as described below and that investors should no longer rely upon those consolidated financial statements. The Company will file an amendment to its 2016 Form 10-K to restate its 2016 Financial Statements as soon as practicable.
During the preparation of the Company’s December 31, 2017 consolidated financial statements, the Company discovered that certain expenses related to lawsuits against Haixing Huaxin Mining Industry Co., Ltd. which occurred during 2016 and for prior years were not properly recorded and reflected in the 2016 Financial Statements. The Company estimates these non-recorded expenses were $959,739 for fiscal year 2016 and $736,476 for fiscal years prior to 2016. The aggregate effect will be to reduce the net income of the Company for the year ended December 31, 2016 and to reduce stockholders’ equity of the Company at December 31, 2016.
The Company’s management have discussed their findings and conclusions relating to the periods described above with MJF & Associates, the Company’s current independent registered public accounting firm. "
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That all said, at least they are not closing shop and continue to remain a viable entity. Not sure what else I can say here, but I am dying to know when the hay are they going to start making steel, I wish they could just give us an update, as I am not even confident the 10-K will cover that, but I would hope that the 10-Q would touch upon it.
How such a great opportunity became such a disaster I have no idea, I never, I repeat, NEVER saw any of this coming. Nothing to do but wait it out. I would actually consider buying more if I had the funds, proving I guess that I am crazy.
