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ForceField Energy Inc. – ‘10-Q’ for 6/30/15 – ‘R5’

On:  Wednesday, 8/19/15, at 4:31pm ET   ·   For:  6/30/15   ·   Accession #:  1354488-15-3997   ·   File #:  1-36133

Previous ‘10-Q’:  ‘10-Q’ on 6/18/15 for 3/31/15   ·   Next & Latest:  ‘10-Q’ on 11/19/15 for 9/30/15

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

 8/19/15  ForceField Energy Inc.            10-Q        6/30/15   54:3.9M                                   Issuer Direct/FA

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

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Quarterly Report                                    HTML    660K 
 2: EX-10.1     Amendment to Stock Purchase Agreement               HTML     55K 
 3: EX-31.1     Certification -- §302 - SOA'02                      HTML     22K 
 4: EX-31.2     Certification -- §302 - SOA'02                      HTML     22K 
 5: EX-32.1     Certification -- §906 - SOA'02                      HTML     19K 
34: R1          Document and Entity Information                     HTML     42K 
25: R2          Consolidated Balance Sheets (Unaudited)             HTML    134K 
32: R3          Consolidated Balance Sheets (Parenthetical)         HTML     41K 
                (Unaudited)                                                      
36: R4          Consolidated Statements of Operations and           HTML    138K 
                Comprehensive Loss (Unaudited)                                   
48: R5          Consolidated Statements of Cash Flows (Unaudited)   HTML    185K 
26: R6          1. Nature of Operations                             HTML     22K 
31: R7          2. Summary of Significant Accounting Policies       HTML     59K 
22: R8          3. Accounts Receivable, Net                         HTML     29K 
17: R9          4. Property and Equipment                           HTML     29K 
49: R10         5. Business Divestitures                            HTML     43K 
38: R11         6. Discontinued Operations                          HTML     63K 
37: R12         7. Goodwill and Intangible Assets, Net              HTML     53K 
42: R13         8. Debt                                             HTML     46K 
43: R14         9. Stockholders' Equity                             HTML     41K 
41: R15         10. Commitments and Contingencies                   HTML     35K 
44: R16         11. Subsequent Events                               HTML     23K 
33: R17         2. Summary of Significant Accounting Policies       HTML     87K 
                (Policies)                                                       
35: R18         2. Summary of Significant Accounting Policies       HTML     27K 
                (Tables)                                                         
40: R19         3. Accounts Receivable, Net (Tables)                HTML     24K 
54: R20         4. Property and Equipment (Tables)                  HTML     27K 
46: R21         5. Business Divestitures (Tables)                   HTML     34K 
28: R22         6. Discontinued Operations (Tables)                 HTML     51K 
39: R23         7. Goodwill and Intangible Assets, Net (Tables)     HTML     48K 
30: R24         8. Debt (Tables)                                    HTML     30K 
15: R25         9. Stockholders' Equity (Tables)                    HTML     24K 
47: R26         2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES -     HTML     22K 
                Fair value (Details)                                             
50: R27         2. Summary of Significant Accounting Policies       HTML     22K 
                (Details Narrative)                                              
19: R28         3. Accounts Receivable, Net (Details)               HTML     31K 
18: R29         4. Property, Plant and Equipment (Details)          HTML     31K 
20: R30         4. Property, Plant and Equipment (Details           HTML     19K 
                Narrative)                                                       
21: R31         5. Business Divestitures (Details)                  HTML     54K 
23: R32         6. Discontinued Operations (Details)                HTML     48K 
14: R33         6. Discontinued Operations (Details1)               HTML     74K 
45: R34         7. Goodwill and Intangible Assets, Net (Details)    HTML     22K 
27: R35         7. Goodwill and Intangible Assets, Net (Details 1)  HTML     45K 
29: R36         7. Goodwill and Intangible Assets, Net (Details     HTML     20K 
                Narrative)                                                       
16: R37         8. Debt (Details)                                   HTML     32K 
53: R38         8. Debt (Details 1)                                 HTML     26K 
12: R39         9. Stockholders' Equity (Details)                   HTML     46K 
52: R9999       Uncategorized Items - ssie-20150630.xml             HTML     20K 
51: XML         IDEA XML File -- Filing Summary                      XML     89K 
13: EXCEL       IDEA Workbook of Financial Reports                  XLSX     65K 
 6: EX-101.INS  XBRL Instance -- ssie-20150630                       XML    828K 
 8: EX-101.CAL  XBRL Calculations -- ssie-20150630_cal               XML    125K 
 9: EX-101.DEF  XBRL Definitions -- ssie-20150630_def                XML    361K 
10: EX-101.LAB  XBRL Labels -- ssie-20150630_lab                     XML    812K 
11: EX-101.PRE  XBRL Presentations -- ssie-20150630_pre              XML    498K 
 7: EX-101.SCH  XBRL Schema -- ssie-20150630                         XSD    158K 
24: ZIP         XBRL Zipped Folder -- 0001354488-15-003997-xbrl      Zip    104K

‘R5’   —   Consolidated Statements of Cash Flows (Unaudited)

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v3.2.0.727
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
 2 Months Ended 4 Months Ended 6 Months Ended
Successor      
Cash flows from operating activities:      
Net Loss $ (830,731)   $ (11,060,417)
Net loss from discontinued operations 0   6,904,208
Adjustments to reconcile net income (loss) to cash used in operating activities:      
Depreciation and amortization 46,155   143,950
Amortization of debt discount 17,838   557,501
Amortization of deferred financing costs 0   132,583
Provision for (recovery of) doubtful accounts 6,430   (12,469)
Common stock issued for financing costs 0   116,659
Common stock issued in exchange for services 10,680   12,880
Deferred taxes 0   (7,006)
Impairment of goodwill and intangible assets 0   377,000
Loss on settlement of debt 0   733,414
Changes in operating assets and liabililites:      
Accounts receivable (114,815)   511,513
Costs and earnings in excess of billings (88,184)   73,151
Inventory (354,994)   161,867
Prepaid expenses and other current assets 105,914   (87,424)
Other assets 5,921   (27,658)
Accounts payable 520,623   (475,787)
Accrued liabilities (297,536)   (87,239)
Billings in excess of costs and earnings 0   (22,886)
Income taxes payable and other noncurrent liabilities 4,097   (19,444)
Net cash provided by (used in) operating activities -- continuing operations (968,602)   (2,075,604)
Net cash used in operating activities -- discontinued operations 0   (769,738)
Net cash provided by (used in) operating activities (968,602)   (2,845,342)
Cash flows from investing activities:      
Cash consideration for acquisition of business, net of cash acquired (2,359,313)   0
Cash forfeited in divestment of business (838)   (67,053)
Cash received in divestment of business 0   50,000
Purchase of fixed assets 0   5,724
Net cash used in financing activities -- continuing operations (2,360,151)   (11,329)
Net cash used in financing activities -- discontinued operations 0   (145,618)
Net cash used in investing activities (2,360,151)   (156,947)
Cash flows from financing activities:      
Proceeds from issuance of common stock, net of issuance costs 135,000   1,755,311
Proceeds from the exercise of common stock purchase warrants, net of issuance costs 0   936,000
Proceeds from the issuance of convertible debentures 0   400,000
Proceeds from loans payable 75,000   0
Dividend and redemption payments on preferred stock 0   0
Repayments of senior, secured promissory notes 0   (100,000)
Net cash provided by financing activities -- continuing operations 210,000   2,991,311
Net cash used in financing activities -- discontinued operations 0   (32,569)
Net cash provided by (used in) financing activities 210,000   2,958,742
Effect of exchange rates on cash and cash equivalents (1,917)   (3,451)
Net increase (decrease) in cash and cash equivalents (3,120,670)   (46,998)
Cash and cash equivalents at beginning of period 3,345,675   598,281
Cash and cash equivalents at end of period 225,005 $ 3,345,675 724,208
Supplemental disclosure of cash flow information:      
Cash paid for interest 14,597   156,670
Cash paid for income taxes 0   61,344
Supplemental disclosure of non-cash investing and financing activities:      
Accretion of preferred stock 0   0
Common stock issued related to acquisition of business 1,656,106   0
Common stock issued for financing costs incurred in connection with convertible and promissory notes 0   32,150
Common stock issued to reduce convertible and promissory notes payable 0   1,000,000
Common stock issued to reduce accounts payable and other accrued liabilities 0   36,000
Contingent purchase consideration 2,000,000   0
Debt issued related to acquisition of a business 1,000,000   0
Discount for beneficial conversion features on convertible debentures 0   67,636
Reallocation of amounts prepaid towards the acquisition of a business to consideration for an intangible asset — licensing rights 0   279,500
Working capital adjustment payable related to acquisition of business 1,329,528   $ 0
Predecessor      
Cash flows from operating activities:      
Net Loss   (243,616)  
Net loss from discontinued operations   0  
Adjustments to reconcile net income (loss) to cash used in operating activities:      
Depreciation and amortization   3,334  
Amortization of debt discount   0  
Amortization of deferred financing costs   0  
Provision for (recovery of) doubtful accounts   (32,967)  
Common stock issued for financing costs   0  
Common stock issued in exchange for services   0  
Deferred taxes   0  
Impairment of goodwill and intangible assets   0  
Loss on settlement of debt   0  
Changes in operating assets and liabililites:      
Accounts receivable   1,275,004  
Costs and earnings in excess of billings   0  
Inventory   9,307  
Prepaid expenses and other current assets   (42,637)  
Other assets   0  
Accounts payable   (487,915)  
Accrued liabilities   (120,270)  
Billings in excess of costs and earnings   0  
Income taxes payable and other noncurrent liabilities   (5,571)  
Net cash provided by (used in) operating activities -- continuing operations   354,669  
Net cash used in operating activities -- discontinued operations   0  
Net cash provided by (used in) operating activities   354,669  
Cash flows from investing activities:      
Cash consideration for acquisition of business, net of cash acquired   0  
Cash forfeited in divestment of business   0  
Cash received in divestment of business   0  
Purchase of fixed assets   (2,768)  
Net cash used in financing activities -- continuing operations   (2,768)  
Net cash used in financing activities -- discontinued operations   0  
Net cash used in investing activities   (2,768)  
Cash flows from financing activities:      
Proceeds from issuance of common stock, net of issuance costs   0  
Proceeds from the exercise of common stock purchase warrants, net of issuance costs   0  
Proceeds from the issuance of convertible debentures   0  
Proceeds from loans payable   0  
Dividend and redemption payments on preferred stock   (283,000)  
Repayments of senior, secured promissory notes   0  
Net cash provided by financing activities -- continuing operations   (283,000)  
Net cash used in financing activities -- discontinued operations   0  
Net cash provided by (used in) financing activities   (283,000)  
Effect of exchange rates on cash and cash equivalents   0  
Net increase (decrease) in cash and cash equivalents   68,901  
Cash and cash equivalents at beginning of period $ 407,912 339,011  
Cash and cash equivalents at end of period   407,912  
Supplemental disclosure of cash flow information:      
Cash paid for interest   2,187  
Cash paid for income taxes   6,371  
Supplemental disclosure of non-cash investing and financing activities:      
Accretion of preferred stock   31,054  
Common stock issued related to acquisition of business   0  
Common stock issued for financing costs incurred in connection with convertible and promissory notes   0  
Common stock issued to reduce convertible and promissory notes payable   0  
Common stock issued to reduce accounts payable and other accrued liabilities   0  
Contingent purchase consideration   0  
Debt issued related to acquisition of a business   0  
Discount for beneficial conversion features on convertible debentures   0  
Reallocation of amounts prepaid towards the acquisition of a business to consideration for an intangible asset — licensing rights   0  
Working capital adjustment payable related to acquisition of business   $ 0  

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-Q’ Filing    Date    Other Filings
Filed on:8/19/15
For Period end:6/30/15NT 10-Q
6/30/1410-Q,  NT 10-Q
4/25/148-K,  8-K/A
 List all Filings 
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Filing Submission 0001354488-15-003997   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)
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