Attached files
| file | filename |
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| EXCEL - IDEA: XBRL DOCUMENT - ADAMANT DRI PROCESSING & MINERALS GROUP | Financial_Report.xls |
| EX-32.1 - ADAMANT DRI PROCESSING & MINERALS GROUP | v230075_ex32-1.htm |
| EX-31.1 - ADAMANT DRI PROCESSING & MINERALS GROUP | v230075_ex31-1.htm |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
x Quarterly report under section 13 or 15(d) of the Securities Act of 1934.
For the quarterly period ended June 30, 2011
o Transition report under section 13 or 15(d) of the Securities Act of 1934.
For the Transition period from _______ to _______.
Commission file number: 000-49729
UHF Incorporated
(Exact Name of Small Business Issuer as Specified in its Charter)
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Michigan
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38-1740889
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(State or Other Jurisdiction of Incorporation or Organization)
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(I.R.S. Employer Identification Number)
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60 Port Perry Road
North Versailles, PA 15137
(Address of Principal Executive Offices)
(412) 824-2120
(Issuer’s Telephone Number, Including Area Code)
Check whether the issuer (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities and Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes x No o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes x No o
The number of shares of the issuer’s common stock outstanding, as of July 29, 2011 was 9,480,754.
Transitional Small Business Disclosure Format: Yes o No x
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting Company” in Rule 12b-2 of the Exchange Act.
(Check One)
| Large Accelerated Filer o | Accelerated Filer o | |
| Non-accelerated Filer o
(Do not check if a smaller reporting company)
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Smaller reporting company x |
PART I - FINANCIAL INFORMATION
ITEM I
UHF INCORPORATED
BALANCE SHEETS
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June 30,
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December 31,
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|||||||
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2011
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2010
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|||||||
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(Unaudited)
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||||||||
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ASSETS
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||||||||
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CASH
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$ | - | $ | - | ||||
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ORGANIZATION COST
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- | - | ||||||
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TOTAL ASSETS
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$ | - | $ | - | ||||
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LIABILITIES AND STOCKHOLDERS' DEFICIT
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||||||||
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ACCRUED EXPENSES
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$ | 34,500 | $ | 31,500 | ||||
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Total liabilities
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34,500 | 31,500 | ||||||
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COMMITMENTS AND CONTINGENCIES
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- | - | ||||||
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STOCKHOLDERS' DEFICIT
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||||||||
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Common stock, $.001 par value; 50,000,000 authorized
shares, 9,480,754 issued and outstanding |
9,481 | 9,481 | ||||||
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PAID IN CAPITAL
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(9,481 | ) | (9,481 | ) | ||||
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RETAINED DEFICIT
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(34,500 | ) | (31,500 | ) | ||||
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Total stockholders' deficit
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(34,500 | ) | (31,500 | ) | ||||
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TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT
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$ | - | $ | - | ||||
The accompanying notes are an integral part of these financial statements.
UHF INCORPORATED
STATEMENTS OF OPERATIONS AND RETAINED DEFICIT
(UNAUDITED)
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Three Month Period Ended June 30,
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Six Month Period Ended June 30,
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|||||||||||||||
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2011
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2010
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2011
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2010
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REVENUE
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$ | - | $ | - | $ | - | $ | - | ||||||||
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OPERATING EXPENSES
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1,500 | 1,500 | 3,000 | 3,000 | ||||||||||||
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NET LOSS
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(1,500 | ) | (1,500 | ) | (3,000 | ) | (3,000 | ) | ||||||||
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Retained Deficit - Beginning of Period
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(33,000 | ) | (26,500 | ) | (31,500 | ) | (25,000 | ) | ||||||||
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RETAINED DEFICIT - END OF PERIOD
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$ | (34,500 | ) | $ | (28,000 | ) | $ | (34,500 | ) | $ | (28,000 | ) | ||||
The accompanying notes are an integral part of these financial statements.
UHF INCORPORATED
STATEMENTS OF CASH FLOWS
(UNAUDITED)
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Six Month Period Ended June 30,
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||||||||
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2011
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2010
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CASH FLOWS FROM OPERATING ACTIVITY - NONE
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$ | - | $ | - | ||||
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CASH FLOW FROM INVESTING ACTIVITIES - NONE
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- | - | ||||||
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CASH FLOWS FROM FINANCING ACTIVITIES - NONE
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- | - | ||||||
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Net change in cash
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- | - | ||||||
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Cash - Beginning of Year
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- | - | ||||||
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CASH - END OF PERIOD
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$ | - | $ | - | ||||
The accompanying notes are an integral part of these financial statements.
UHF INCORPORATED
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
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1.
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UNAUDITED INTERIM FINANCIAL STATEMENTS
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In the opinion of management, the accompanying unaudited financial statements contain all adjustments necessary to present fairly the Company’s financial position as of June 30, 2011 and the results of its operations for the three and six month periods ended June 30, 2011 and 2010 and its cash flows for the six month periods ended June 30, 2011 and 2010.
The quarterly financial statements are presented in accordance with the requirements of the Form 10-Q and do not include all of the disclosures required by accounting principles generally accepted in the United States of America. For additional information, reference is made to the Company’s audited financial statements filed with Form 10-K for the years ended December 31, 2010 and December 31, 2009. The results of operations for the six month period ended June 30, 2011 and 2010 are not necessarily indicative of operating results for the full year.
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2.
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RELATED PARTY TRANSACTIONS
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The Company’s majority shareholder has paid the Company’s ongoing expenses related to the independent auditor fees. The accrued fees represent the amount paid to date by the majority shareholder on the Company’s behalf. No note exists between the majority shareholder and the Company related to these amounts. All amounts are due on demand and the outstanding amount does not accrue interest.
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3.
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SUBSEQUENT EVENTS
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The Company has evaluated subsequent events in accordance with Accounting Standards Codification Topic 855, Subsequent Events, through the date which the financial statements were available to be issued. During our evaluation, no subsequent event items were identified.
ITEM 4 T. Controls and Procedures
Disclosure Controls and Procedures
As of the end of the reporting period covered by this report, June 30, 2011, our Chief Executive Officer, who also serves as our Chief Financial Officer, carried out an evaluation of the effectiveness of our disclosure controls and procedures as defined in Securities Exchange Act Rule 13a-15(e).
Based upon that evaluation our management concluded that our disclosure controls and procedures were adequate and effective.
Changes in Internal Control Over Financial Reporting
During the most recent fiscal quarter, there were no changes in the Company’s internal control over financial reporting identified in connection with the evaluation required by paragraph (d) of Exchange Act Rules 13(a)-15 or 15d-15 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
PART II: OTHER INFORMATION
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Item 6.
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Exhibits and Reports on Form 8-K
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(a)
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Exhibits.
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Restated Articles of Incorporation and By-Laws, as amended to date, filed as Exhibit 2 to the Company’s Registration Statement on Form 10-SB, and incorporated herein by reference.
Exhibit 31.1 - Certification of the Principal Executive Officer and Principal Financial Officer, filed herewith.
Exhibit 32.1 - Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes - Oxley Act of 2002, filed herewith.
SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| UHF INCORPORATED | |||
| (Registrant) | |||
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Date: July 29, 2011
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By:
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/s/ Ronald C. Schmeiser | |
| Ronald C. Schmeiser | |||
| President, Chief Executive Officer and Chief Financial Officer | |||