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ForceField Energy Inc. – ‘10-K’ for 12/31/14 – ‘R6’

On:  Wednesday, 4/15/15, at 5:09pm ET   ·   For:  12/31/14   ·   Accession #:  1354488-15-1771   ·   File #:  1-36133

Previous ‘10-K’:  ‘10-K’ on 4/15/14 for 12/31/13   ·   Next & Latest:  ‘10-K/A’ on 4/30/15 for 12/31/14

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 4/15/15  ForceField Energy Inc.            10-K       12/31/14   97:8.3M                                   Issuer Direct/FA

Annual Report   —   Form 10-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   1.08M 
 2: EX-4.1      Covertible Promissory Note                          HTML     55K 
 3: EX-4.2      Warrant No.                                         HTML     52K 
 4: EX-21.1     Subsidiaries List                                   HTML     27K 
 5: EX-31.1     Certification -- §302 - SOA'02                      HTML     32K 
 6: EX-31.2     Certification -- §302 - SOA'02                      HTML     32K 
 7: EX-32       Certification -- §906 - SOA'02                      HTML     29K 
66: R1          Document and Entity Information                     HTML     54K 
53: R2          Consolidated Balance Sheets                         HTML    212K 
64: R3          Consolidated Balance Sheets (Parenthetical)         HTML     79K 
68: R4          Consolidated Statements of Operations and           HTML    163K 
                Comprehensive Loss                                               
87: R5          Consolidated Statement of Stockholders' Equity      HTML    136K 
55: R6          Consolidated Statements of Cash Flows               HTML    218K 
63: R7          1. Nature of Operations                             HTML     28K 
48: R8          2. Summary of Significant Accounting Policies       HTML     77K 
38: R9          3. Accounts Receivable                              HTML     34K 
88: R10         4. Costs and Estimated Earnings on Uncompleted      HTML     37K 
                Contracts                                                        
70: R11         5. Inventory                                        HTML     31K 
69: R12         6. Prepaid Expenses and Other Current Assets        HTML     33K 
75: R13         7. Property and Equipment                           HTML     39K 
76: R14         8. Business Combinations                            HTML     78K 
73: R15         9. Goodwill and Intangible Assets, Net              HTML     48K 
77: R16         10. Other Assets                                    HTML     29K 
65: R17         11. Accrued Liabilities                             HTML     34K 
67: R18         12. Related Party Payables                          HTML     27K 
72: R19         13. Other Noncurrent Liabilities                    HTML     29K 
97: R20         14. Income Taxes                                    HTML     65K 
83: R21         15. Debt                                            HTML     59K 
59: R22         16. Mandatorily Redeemable Non-Convertible          HTML     32K 
                Cummulative Preferred Stock                                      
71: R23         17. Stockholders' Equity                            HTML     64K 
61: R24         18. Commitments and Contingencies                   HTML     36K 
29: R25         19. Segment Information                             HTML     73K 
84: R26         20. Subsequent Events                               HTML     31K 
92: R27         2. Summary of Significant Accounting Policies       HTML    143K 
                (Policies)                                                       
43: R28         2. Summary of Significant Accounting Policies       HTML     39K 
                (Tables)                                                         
42: R29         3. Accounts Receivable (Tables)                     HTML     33K 
46: R30         4. Costs and Estimated Earnings on Uncompleted      HTML     37K 
                Contracts (Tables)                                               
47: R31         5. Inventory (Tables)                               HTML     30K 
49: R32         6. Prepaid Expenses and Other Current Assets        HTML     33K 
                (Tables)                                                         
22: R33         7. Property and Equipment (Tables)                  HTML     35K 
81: R34         8. Business Combinations (Tables)                   HTML     53K 
57: R35         9. Goodwill and Intangible Assets (Tables)          HTML     45K 
60: R36         10. Other Assets (Tables)                           HTML     29K 
33: R37         11. Accrued Liabilities (Tables)                    HTML     32K 
96: R38         13. Other Noncurrent Liabilities (Tables)           HTML     28K 
14: R39         14. Income Taxes (Tables)                           HTML     68K 
50: R40         15. Debt (Tables)                                   HTML     46K 
86: R41         17. Stockholders' Equity (Tables)                   HTML     37K 
31: R42         18. Commitments and Contingencies (Tables)          HTML     29K 
41: R43         19. Segment Information (Tables)                    HTML     59K 
45: R44         2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -     HTML     32K 
                Fair value (Details)                                             
54: R45         2. Summary of Significant Accounting Policies       HTML     31K 
                (Details)                                                        
21: R46         2. Summary of Significant Accounting Policies       HTML     34K 
                (Details Narrative)                                              
37: R47         3. Accounts Receivable (Details)                    HTML     47K 
16: R48         5. Inventory (Details)                              HTML     39K 
85: R49         6. Prepaid Expenses and Other Current Assets        HTML     48K 
                (Details)                                                        
30: R50         7. Property, Plant and Equipment (Details)          HTML     67K 
82: R51         7. Property, Plant and Equipment (Details           HTML     27K 
                Narrative)                                                       
34: R52         8. Business Combinations (Details)                  HTML     48K 
51: R53         8. Business Combinations (Details 1)                HTML     88K 
15: R54         8. Business Combinations (Details 2)                HTML     94K 
19: R55         8. Business Combinations (Details Narrative)        HTML     42K 
44: R56         9. Goodwill and Intangible Assets, Net (Details)    HTML     35K 
25: R57         9. Goodwill and Intangible Assets, Net (Details 1)  HTML     81K 
90: R58         9. Goodwill and Intangible Assets, Net (Details 2)  HTML     43K 
56: R59         10. Other Assets (Details)                          HTML     35K 
74: R60         11. Accrued Liabilities (Details)                   HTML     52K 
36: R61         12. Related Party Payables (Details)                HTML     29K 
39: R62         13. Other Noncurrent Liabilities (Details)          HTML     33K 
80: R63         14. Income Taxes (Details)                          HTML     77K 
78: R64         14. Income Taxes (Details 1)                        HTML     62K 
58: R65         14. Income Taxes (Details 2)                        HTML     38K 
79: R66         14. Income Taxes (Details 4)                        HTML     33K 
35: R67         14. Income Taxes (Details Narrative)                HTML     31K 
62: R68         15. Debt (Details)                                  HTML     40K 
91: R69         15. Debt (Details 1)                                HTML     95K 
18: R70         15. Debt (Details 2)                                HTML     35K 
28: R71         15. Debt (Details Narative)                         HTML     35K 
52: R72         16. Mandatorily Redeemable Non-Convertible          HTML     36K 
                Cummulative Preferred Stock (Details Narrative)                  
24: R73         17. Stockholders' Equity (Details)                  HTML     60K 
94: R74         17. Stockholders' Equity (Details 1)                HTML     42K 
32: R75         17. Stockholders' Equity (Details Narrative)        HTML     60K 
26: R76         18. Commitments and Contingencies (Details          HTML     29K 
                Narrative)                                                       
27: R77         19. Segment Information (Details)                   HTML    104K 
20: R78         19. Segment Information (Details 1)                 HTML     32K 
23: R79         19. Segment Information (Details 2)                 HTML     42K 
95: R9999       Uncategorized Items                                 HTML     37K 
93: XML         IDEA XML File -- Filing Summary                      XML    154K 
17: EXCEL       IDEA Workbook of Financial Reports                  XLSX    205K 
40: EXCEL       IDEA Workbook of Financial Reports (.xls)            XLS    874K 
 8: EX-101.INS  XBRL Instance -- ssie-20141231                       XML   1.44M 
10: EX-101.CAL  XBRL Calculations -- ssie-20141231_cal               XML    182K 
11: EX-101.DEF  XBRL Definitions -- ssie-20141231_def                XML    753K 
12: EX-101.LAB  XBRL Labels -- ssie-20141231_lab                     XML   1.24M 
13: EX-101.PRE  XBRL Presentations -- ssie-20141231_pre              XML    923K 
 9: EX-101.SCH  XBRL Schema -- ssie-20141231                         XSD    244K 
89: ZIP         XBRL Zipped Folder -- 0001354488-15-001771-xbrl      Zip    157K

‘R6’   —   Consolidated Statements of Cash Flows

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v2.4.1.9
Consolidated Statements of Cash Flows (USD $)
 12 Months Ended 8 Months Ended
Cash flows from operating activities of continuing operations:    
Net income (loss) $ 337,006us-gaap_NetIncomeLoss  
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 10,207us-gaap_DepreciationAndAmortization  
Amortization of debt discount     
Amortization of deferred financing costs     
Provision for (recovery of) doubtful accounts (60,082)us-gaap_ProvisionForDoubtfulAccounts  
Common stock issued for acquisition costs     
Common stock issued in exchange for fees and services     
Deferred taxes 221,381SSIE_DeferredIncomeTaxes  
Unrealized (gain) loss on change in fair value of contingent consideration     
Changes in operating assets and liabilities:    
Accounts receivable 2,006,374us-gaap_IncreaseDecreaseInAccountsReceivable  
Inventory 88,291us-gaap_IncreaseDecreaseInInventories  
Prepaid expenses and other current assets (1,755)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets  
Other assets     
Accounts payable (23,307)us-gaap_IncreaseDecreaseInAccountsPayable  
Accrued liabilities (400,988)us-gaap_IncreaseDecreaseInAccruedLiabilities  
Income taxes payable and other noncurrent liabilities     
Net cash provided by (used in) operating activities 2,177,127us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations  
Cash flows from investing activities:    
Cash consideration for acquisition of business     
Cash acquired in acquisition of business     
Purchase of fixed assets (4,845)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment  
Purchase of intangible assets     
Net cash provided by (used in) investing activities (4,845)SSIE_NetCashRequiredInvestingActivitiesTotal  
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of issuance costs     
Proceeds from exercise of common stock purchase warrants, net of issuance costs     
Proceeds from issuance of convertible debentures     
Proceeds from loans payable     
Proceeds from issuance of senior, secured promissory notes     
Proceeds from related party payables     
Dividend and redemption payments on preferred stock (2,050,000)SSIE_DividendAndRedemptionPaymentsOnPreferredStock  
Repayments of convertible debentures     
Repayments of loans payable     
Repayments of senior, secured promissory notes     
Repayments of related party payables     
Net cash provided by (used in) financing activities (2,050,000)SSIE_NetCashProvidedByFinancingActivitiesTotal  
Effect of exchange rates on cash and cash equivalents     
Net increase (decrease) in cash and cash equivalents 122,282us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease  
Cash and cash equivalents at beginning of period 216,729SSIE_CashAndCashEquivalentsAtBeginningOfPeriod  
Cash and cash equivalents at end of period 339,011SSIE_CashAndCashEquivalentsAtEndOfPeriod  
Supplemental disclosure of cash flow information:    
Cash paid for interest 150us-gaap_InterestPaid  
Cash paid for income taxes 351,069us-gaap_IncomeTaxesPaid  
Supplemental disclosure of non-cash investing and financing activities:    
Common stock issued related to acquisition of business     
Common stock issued with letter of intent to acquire a business     
Common stock issued for financing costs in connection with convertible debentures     
Common stock issued to reduce accounts payable and other accrued liabilities     
Conversion of convertible debentures into common stock     
Debt issued related to acquisition of a business     
Working capital adjustment payable related to acquisition of business     
Contingent purchase consideration     
Other accrued consideration related to acquisition of a business     
Accrued issuance costs related to common shares sold in private placements     
Deferred financing costs accrued in relation to the issuance of debt     
Discount for beneficial conversion features on convertible debentures     
Discount for fair value adjustment on promissory notes     
Accretion of preferred stock 139,436SSIE_AccretionOfPreferredStock  
Successor    
Cash flows from operating activities of continuing operations:    
Net income (loss)   (2,643,794)us-gaap_NetIncomeLoss
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization   559,871us-gaap_DepreciationAndAmortization
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Amortization of debt discount   105,393us-gaap_AmortizationOfDebtDiscountPremium
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Amortization of deferred financing costs   30,521us-gaap_AmortizationOfFinancingCosts
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Provision for (recovery of) doubtful accounts   14,837us-gaap_ProvisionForDoubtfulAccounts
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Common stock issued for acquisition costs   109,600SSIE_CommonStockIssuedAcquisitionCosts
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Common stock issued in exchange for fees and services   134,657us-gaap_IssuanceOfStockAndWarrantsForServicesOrClaims
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Deferred taxes   (351,884)SSIE_DeferredIncomeTaxes
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Unrealized (gain) loss on change in fair value of contingent consideration   (545,000)SSIE_UnrealizedGainLossOnChangeInFairValueOfContingentConsideration
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Changes in operating assets and liabilities:    
Accounts receivable   66,144us-gaap_IncreaseDecreaseInAccountsReceivable
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Costs and estimated earnings in excess of billings on uncompleted contracts   73,500us-gaap_IncreaseDecreaseInCostInExcessOfBillingOnUncompletedContract
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Inventory   (31,000)us-gaap_IncreaseDecreaseInInventories
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Prepaid expenses and other current assets   (768)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Other assets   (531)us-gaap_IncreaseDecreaseInOtherOperatingAssets
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Accounts payable   212,315us-gaap_IncreaseDecreaseInAccountsPayable
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Accrued liabilities   530,141us-gaap_IncreaseDecreaseInAccruedLiabilities
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Billings in excess of costs and estimated earnings on uncompleted contracts   (247,194)us-gaap_IncreaseDecreaseInBillingInExcessOfCostOfEarnings
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Income taxes payable and other noncurrent liabilities   14,521us-gaap_IncreaseDecreaseInAccruedTaxesPayable
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Net cash provided by (used in) operating activities   (2,100,959)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Cash flows from investing activities:    
Cash consideration for acquisition of business   (6,309,883)us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Cash acquired in acquisition of business   473,910us-gaap_CashAcquiredFromAcquisition
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Purchase of fixed assets   (5,575)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Purchase of intangible assets   (175,000)us-gaap_PaymentsToAcquireIntangibleAssets
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Net cash provided by (used in) investing activities   (6,016,548)SSIE_NetCashRequiredInvestingActivitiesTotal
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Cash flows from financing activities:    
Proceeds from issuance of common stock, net of issuance costs   2,471,750us-gaap_ProceedsFromIssuanceOfCommonStock
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Proceeds from exercise of common stock purchase warrants, net of issuance costs   1,957,500SSIE_ProceedsFromExerciseOfStockPurchaseWarrantsNetOfIssuanceCosts
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Proceeds from issuance of convertible debentures   1,210,000us-gaap_ProceedsFromConvertibleDebt
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Proceeds from loans payable   130,000us-gaap_ProceedsFromIssuanceOfLongTermDebt
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Proceeds from issuance of senior, secured promissory notes   2,000,000SSIE_ProceedsFromIssuanceOfSeniorSecuredPromissoryNotes
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Proceeds from related party payables   122,500us-gaap_ProceedsFromRelatedPartyDebt
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Dividend and redemption payments on preferred stock     
Repayments of convertible debentures   (100,000)us-gaap_RepaymentsOfConvertibleDebt
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Repayments of loans payable   (2,767)us-gaap_ProceedsFromRepaymentsOfDebt
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Repayments of senior, secured promissory notes   (1,819,645)SSIE_RepaymentsOfSeniorSecuredPromissoryNotes
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Repayments of related party payables   (15,000)us-gaap_RepaymentsOfRelatedPartyDebt
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Net cash provided by (used in) financing activities   5,954,338SSIE_NetCashProvidedByFinancingActivitiesTotal
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Effect of exchange rates on cash and cash equivalents   (3,388)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Net increase (decrease) in cash and cash equivalents   (2,166,557)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Cash and cash equivalents at beginning of period   2,937,763SSIE_CashAndCashEquivalentsAtBeginningOfPeriod
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Cash and cash equivalents at end of period   771,206SSIE_CashAndCashEquivalentsAtEndOfPeriod
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Supplemental disclosure of cash flow information:    
Cash paid for interest   109,959us-gaap_InterestPaid
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Cash paid for income taxes   4,716us-gaap_IncomeTaxesPaid
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Supplemental disclosure of non-cash investing and financing activities:    
Common stock issued related to acquisition of business   4,152,451SSIE_IssuanceOfStockRelatedToAcquisitions
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Common stock issued with letter of intent to acquire a business   137,000SSIE_CommonStockIssuedWithLetterOfIntentToAcquireBusiness
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Common stock issued for financing costs in connection with convertible debentures   95,100SSIE_CommonStockIssuedForFinancingCostsInConnectionWithConvertibleDebentures
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Common stock issued to reduce accounts payable and other accrued liabilities   208,500SSIE_CommonStockIssuedToReduceLoansPayableAndOtherAccruedLiabilities
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Conversion of convertible debentures into common stock   50,000SSIE_ConversionOfConvertibleDebenturesIntoCommonStock
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Debt issued related to acquisition of a business   4,150,000SSIE_DebtIssuedRelatedToAcquisitionOfBusiness
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Working capital adjustment payable related to acquisition of business   1,329,528SSIE_WorkingCapitalAdjustmentPayableRelatedToAcquisitionOfBusiness
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Contingent purchase consideration   3,871,000SSIE_ContingentPurchaseConsiderations
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Other accrued consideration related to acquisition of a business   850,000SSIE_OtherAccruedConsiderationRelatedToAcquisitionOfBusiness
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Accrued issuance costs related to common shares sold in private placements   261,500SSIE_AccruedIssuanceCostsRelatedToCommonSharesSoldInPrivatePlacements
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Deferred financing costs accrued in relation to the issuance of debt   110,000SSIE_DeferredFinancingCostsAccruedInRelationToIssuanceOfDebt
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Discount for beneficial conversion features on convertible debentures   108,164SSIE_DiscountForBeneficialConversionFeaturesOnConvertibleDebentures
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Discount for fair value adjustment on promissory notes   120,442SSIE_DiscountForFairValueAdjustmentOnPromissoryNotes
/ us-gaap_BusinessAcquisitionAxis
= us-gaap_SuccessorMember
Accretion of preferred stock     

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing    Date    Other Filings
Filed on:4/15/15
For Period end:12/31/1410-K/A,  NT 10-K
12/31/1310-K,  NT 10-K
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