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ForceField Energy Inc. – ‘10-K’ for 12/31/14 – ‘R20’

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

‘R20’   —   14. Income Taxes

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v2.4.1.9
14. INCOME TAXES
 12 Months Ended
Income Tax Disclosure [Abstract]  
INCOME TAXES

The following table sets forth the components of the Company’s income tax expense (benefit) for the years ended December 31, 2014 and 2013.

 

    Successor     Predecessor  
   

December 31,

2014

    

December 31,

2013

  
             
Current:            
Federal   $ -     $ 7,754  
State and local     12,778       7,999  
Foreign     -       -  
Total current     12,778       15,753  
Deferred:                
Federal     (300,508 )      171,111  
State and local     (51,376 )      50,270  
Foreign     -       -  
Total deferred     (351,884 )       221,381  
Total   $ (339,106 )    $ 237,134  

 

During the predecessor period of January 1, 2014 through April 25, 2014, the Company recorded income tax expense of $2,100, all of which was related to state and local taxes.

 

The following table sets forth a reconciliation of the Company’s income tax expense (benefit) at the federal statutory rate to recorded income tax expense (benefit) for the years ended December 31, 2014 and 2013.

 

  Successor     Predecessor  
 

December 31,

2014

    

December 31,

2013

  
           
Federal statutory rate 34.00   %   34.00   %
State and local taxes 5.24   %   6.93   % 
Foreign rate differential (0.82 ) %   0.00   %
Change in valuation allowance 1.87   %   0.00   %
Change in deferred tax rate (10.17 ) %   0.00   %
Tax benefit from divestment of business (21.50 ) %   0.00   %
Other (2.75 ) %   0.37   %
     Total 11.37   %   41.30   %

 

The following tables set forth the components of the Company’s income taxes payable as of December 31, 2014 and 2013.

 

    Successor     Predecessor  
   

December 31,

2014

    

December 31,

2013

  
             
Federal   $ -     $ 4,687  
State and local     27,902       4,331  
Foreign     -       -  
Total current   $ 27,902     $ 9,018  

  

The following tables set forth the components of the Company’s deferred income taxes as of December 31, 2014 and 2013.

 

    Successor     Predecessor  
   

December 31,

2014

    

December 31,

2013

  
             
Current deferred tax assets (liabilities):   $       $    
Accrued vacation     -       30,317  
Bad debt and other allowances     51,525       61,065  
State taxes     -       272  
Less: Valuation allowance     (51,525 )     -  
Total current deferred tax asset (liability)     -       91,654  
                 
Noncurrent deferred tax assets (liabilities):                
Intangible assets     (2,336,080 )      753,139  
Fixed assets     (8,520 )     (3,281 )
Net operating loss carryforwards     3,797,043       -  
Long-term liability for contingent earn-out and others     171,325       -  
Other     -       16,279  
Less: Valuation allowance     (3,578,616 )      -  
Total noncurrent deferred tax asset (liability)     (1,954,848 )      766,137  
                 
Total deferred tax asset (liability)   $ (1,954,848 )    $ 857,791  

 

As of December 31, 2014, the Company had federal, state and foreign net operating loss carryforwards aggregating approximately $8,885,000 that are available to offset future liabilities for income taxes. The Company has generally established a valuation allowance against these carryforwards based on an assessment that it is more likely than not that these benefits will not be realized in future years. The federal and state net operating loss carryforwards expire at various dates through 2034.

 

The Company remains subject to examination in federal, state and foreign jurisdictions in which the Company conducts its operations and files tax returns. These tax years range from 2011 through 2014. The Company believes that the results of current or any prospective audits will not have a material effect on its financial position or results of operations as adequate reserves have been provided to cover any potential exposures related to these ongoing audits.

 

The Company has made its assessment of the level of tax authority for each tax position (including the potential application of interest and penalties) based on the technical merits, and has measured the unrecognized tax benefits associated with the tax positions. As of December 31, 2014 and 2013, the Company had additional unrecognized tax benefits of $16,486 and $12,374, respectively, that mainly related to state and city tax. The unrecognized tax benefit is recorded as non-current liabilities because the related payment is not anticipated within one year of the balance sheet date. The Company classifies interest and/or penalties related to income tax matters in interest expense. A reconciliation of the beginning and ending amount of unrecognized tax benefits for 2014 and 2013 is as follows:

 

Balance, December 31, 2012   $ 28,702  
Additions     12,374  
Interest and penalties     4,261  
Balance, December 31, 2013     45,337  
Additions     16,486  
Interest and penalties     5,889  
Balance, December 31, 2014   $ 67,712  

 

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
4/25/148-K,  8-K/A
1/1/14
12/31/1310-K,  NT 10-K
12/31/1210-K,  NT 10-K
 List all Filings 
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Filing Submission 0001354488-15-001771   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
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