ADAMANT DRI PROCESSING & MINERALS GROUP

ADMGdata completeness 50%12 fiscal years on file

The thesis, from the filings

ADAMANT DRI PROCESSING & MINERALS GROUP earns about 4769% on equity, and has bought back 76% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2017	FY 2018	FY 2020	FY 2021	FY 2022
Revenue	$1,006¹	$48,749¹	—	—	—
Net income	−$7.17M²	$21.3M²	−$2,500³	−$60,899⁴	−$71,843⁴
Operating cash flow	−$291,184⁵	−$471,907⁵	−$2,500⁶	−$38,581⁷	−$78,908⁷
Capital expenditure	$13,030⁸	—	—	—	—
Free cash flow (derived)	−$304,214⁵	—	—	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$24,793⁹	$34,389⁹	—	—	—
Diluted shares	66.8M	16.0M	16.1M	20.6M	16.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

−$0.02

your share of equity

Profit it earned you last year

−$0.04

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on −$0.02 of net worth that earned you −$0.04 last year.

iii. Is this a good business?

Moat signal · return on equity

4769% avg · 5y

FY17 —FY18 4769%FY20 —FY21 —FY22 —

It earned an average 4769% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

−76% shares · 5y

Share count is down 76% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 2 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 2 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2017-12-31 · accession 0001493152-19-005472 (RevenueFromContractWithCustomerExcludingAssessedTax)
10-K · period ending 2017-12-31 · accession 0001493152-19-005472 (NetIncomeLoss)
10-K/A · period ending 2020-12-31 · accession 0001493152-22-017464 (NetIncomeLoss)
10-K/A · period ending 2021-12-31 · accession 0001493152-23-018566 (NetIncomeLoss)
10-K · period ending 2017-12-31 · accession 0001493152-19-005472 (NetCashProvidedByUsedInOperatingActivities)
10-K/A · period ending 2020-12-31 · accession 0001493152-22-017464 (NetCashProvidedByUsedInOperatingActivities)
10-K/A · period ending 2021-12-31 · accession 0001493152-23-018566 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2017-12-31 · accession 0001493152-19-005472 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2017-12-31 · accession 0001493152-19-005472 (CashAndCashEquivalentsAtCarryingValue)