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ForceField Energy Inc. – ‘10-K’ for 12/31/13 – ‘R15’

On:  Tuesday, 4/15/14, at 4:10pm ET   ·   For:  12/31/13   ·   Accession #:  1354488-14-1893   ·   File #:  1-36133

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

 4/15/14  ForceField Energy Inc.            10-K       12/31/13   94:7.4M                                   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   1.00M 
 2: EX-10.1     Amendment No. 1 to Product Exclusive Distributor    HTML     38K 
                Agreement                                                        
 3: EX-10.2     Amendment No. 2 to Product Exclusive Distributor    HTML     33K 
                Agreement                                                        
 4: EX-21.1     List of Subsidiaries                                HTML     25K 
 5: EX-31.1     Certification -- §302 - SOA'02                      HTML     32K 
 6: EX-31.2     Certification -- §302 - SOA'02                      HTML     32K 
 7: EX-32.1     Certification -- §906 - SOA'02                      HTML     28K 
65: R1          Document and Entity Information                     HTML     53K 
52: R2          Consolidated Balance Sheets                         HTML    134K 
63: R3          Consolidated Balance Sheets (Parenthetical)         HTML     46K 
67: R4          Consolidated Statements of Operations and           HTML    117K 
                Comprehensive Loss                                               
86: R5          Consolidated Statement of Stockholders' Equity      HTML     77K 
                (Deficit)                                                        
54: R6          Consolidated Statements of Cash Flows               HTML    162K 
62: R7          1. Nature of Operations                             HTML     28K 
47: R8          2. Summary of Significant Accounting Policies       HTML     72K 
36: R9          3. the Effect of Recently Issued Accounting         HTML     35K 
                Standards                                                        
87: R10         4. Accounts Receivable                              HTML     34K 
69: R11         5. Inventory                                        HTML     31K 
68: R12         6. Prepaid Expenses and Other Current Assets        HTML     31K 
74: R13         7. Property, Plant and Equipment                    HTML     45K 
75: R14         8. Business Combinations                            HTML     48K 
72: R15         9. Goodwill and Intangible Assets, Net              HTML     54K 
76: R16         10. Related Party Receivables                       HTML     32K 
64: R17         11. Other Assets                                    HTML     30K 
66: R18         12. Accounts Payable and Accrued Liabilities        HTML     35K 
71: R19         13. Related Party Payables                          HTML     30K 
94: R20         14. Discontinued Operations                         HTML     77K 
82: R21         15. Income Taxes                                    HTML     64K 
58: R22         16. Debt                                            HTML     55K 
70: R23         17. Stockholders' Equity                            HTML     64K 
60: R24         18. Commitments and Contingencies                   HTML     32K 
27: R25         19. Segment Information                             HTML     97K 
83: R26         20. Subsequent Events                               HTML     33K 
90: R27         2. Summary of Significant Accounting Policies       HTML    153K 
                (Policies)                                                       
42: R28         2. Summary of Significant Accounting Policies       HTML     29K 
                (Tables)                                                         
41: R29         4. Accounts Receivable (Tables)                     HTML     30K 
45: R30         5. Inventory (Tables)                               HTML     32K 
46: R31         6. Prepaid Expenses and Other Current Assets        HTML     32K 
                (Tables)                                                         
48: R32         7. Property, Plant and Equipment (Tables)           HTML     38K 
21: R33         8. Business Combinations (Tables)                   HTML     32K 
80: R34         9. Goodwill and Intangible Assets (Tables)          HTML     49K 
56: R35         10. Related Party Receivables - Trade (Tables)      HTML     28K 
59: R36         11. Other Assets (Tables)                           HTML     28K 
31: R37         12. Accounts Payable and Accrued Liabilities        HTML     35K 
                (Tables)                                                         
93: R38         13. Related Party Payables (Tables)                 HTML     28K 
14: R39         14. Discontinued Operations (Tables)                HTML     79K 
49: R40         15. Income Taxes (Tables)                           HTML     67K 
85: R41         16. Debt (Tables)                                   HTML     52K 
29: R42         17. Stockholders' Equity (Tables)                   HTML     49K 
40: R43         19. Segment Information (Tables)                    HTML     60K 
44: R44         2. Summary of Significant Accounting Policies       HTML     34K 
                (Details)                                                        
53: R45         4. Accounts Receivable, Net (Details)               HTML     40K 
20: R46         4. Accounts Receivable, Net (Details Narrative)     HTML     25K 
35: R47         5. Inventory (Details)                              HTML     32K 
16: R48         5. Inventory (Details Narrative)                    HTML     25K 
84: R49         6. Prepaid Expenses and Other Current Assets        HTML     37K 
                (Details)                                                        
28: R50         7. Property, Plant and Equipment (Details)          HTML     31K 
81: R51         7. Property, Plant and Equipment (Details           HTML     26K 
                Narrative)                                                       
32: R52         8. Business Combinations (Details)                  HTML     54K 
50: R53         8. Business Combinations (Details Narrative)        HTML     28K 
15: R54         9. Goodwill and Intangible Assets, Net (Details)    HTML     30K 
19: R55         9. Goodwill and Intangible Assets, Net (Details 1)  HTML     37K 
43: R56         9. Goodwill and Intangible Assets, Net (Details 2)  HTML     40K 
23: R57         9. Goodwill and Intangible Assets, Net (Details     HTML     30K 
                Narrative)                                                       
88: R58         10. Related Party Receivables - Trade (Details)     HTML     27K 
55: R59         11. Other Assets (Details)                          HTML     27K 
73: R60         12. Accounts Payable and Accrued Liabilities        HTML     45K 
                (Details)                                                        
34: R61         13. Related Party Payables (Details)                HTML     28K 
38: R62         14. Discontinued Operations (Details)               HTML     51K 
79: R63         14. Discontinued Operations (Details 1)             HTML    112K 
77: R64         15. Income Taxes (Details)                          HTML     60K 
57: R65         15. Income Taxes (Details 1)                        HTML     48K 
78: R66         15. Income Taxes (Details 2)                        HTML     33K 
33: R67         15. Income Taxes (Details 3)                        HTML     48K 
61: R68         15. Income Taxes (Details Narrative)                HTML     28K 
89: R69         16. Debt (Details)                                  HTML     40K 
18: R70         16. Debt (Details 1)                                HTML     54K 
26: R71         17. Stockholders' Equity (Details)                  HTML     48K 
51: R72         17. Stockholders' Equity (Details 1)                HTML     34K 
22: R73         17. Stockholders' Equity (Details Narrative)        HTML     55K 
92: R74         19. Segment Information (Details)                   HTML     49K 
30: R75         19. Segment Information (Details 1)                 HTML     26K 
24: R76         19. Segment Information (Details 2)                 HTML     35K 
25: R77         19. Segment Information (Details Narrative)         HTML     31K 
91: XML         IDEA XML File -- Filing Summary                      XML    132K 
17: EXCEL       IDEA Workbook of Financial Reports                  XLSX    184K 
39: EXCEL       IDEA Workbook of Financial Reports (.xls)            XLS    903K 
 8: EX-101.INS  XBRL Instance -- ssie-20131231                       XML   1.45M 
10: EX-101.CAL  XBRL Calculations -- ssie-20131231_cal               XML    187K 
11: EX-101.DEF  XBRL Definitions -- ssie-20131231_def                XML    331K 
12: EX-101.LAB  XBRL Labels -- ssie-20131231_lab                     XML    979K 
13: EX-101.PRE  XBRL Presentations -- ssie-20131231_pre              XML    725K 
 9: EX-101.SCH  XBRL Schema -- ssie-20131231                         XSD    200K 
37: ZIP         XBRL Zipped Folder -- 0001354488-14-001893-xbrl      Zip    136K

‘R15’   —   9. Goodwill and Intangible Assets, Net

This is an IDEA Financial Report.  [ Alternative Formats ]

 
v2.4.0.8
9. GOODWILL AND INTANGIBLE ASSETS, NET
 12 Months Ended
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS, NET

 

The carrying amount of goodwill at December 31, 2013 and 2012 was comprised of the following:

 

   

December 31,

2013

    

December 31,

2012

  
             
Goodwill – TransPacific Energy, Inc.   $ 1,342,834     $ 1,342,834  
Impairment charge     (1,342,834 )     —  
                 
Goodwill, net at December 31, 2013   $ —     $ 1,342,834  

 

Goodwill Impairment

 

Goodwill represents the excess of cost over fair value of assets of businesses acquired. Goodwill acquired in a business combination is not amortized. The Company evaluates the carrying amount of goodwill for impairment annually on December 31 and whenever events or circumstances indicate impairment may have occurred.

 

When evaluating whether goodwill is impaired, the Company compares the fair value of the reporting unit to which the goodwill is assigned to the reporting unit’s carrying amount, including goodwill. The fair value of the reporting unit is estimated using a combination of the income, or discounted cash flows, approach and the market approach, which utilizes comparable companies’ data. If the carrying amount of a reporting unit exceeds its fair value, then the amount of the impairment loss must be measured. The impairment loss would be calculated by comparing the implied fair value of reporting unit goodwill to its carrying amount. In calculating the implied fair value of reporting unit goodwill, the fair value of the reporting unit is allocated to all of the other assets and liabilities of that unit based on their fair values. The excess of the fair value of a reporting unit over the amount assigned to its other assets and liabilities is the implied fair value of goodwill. An impairment loss would be recognized when the carrying amount of goodwill exceeds its implied fair value.

 

Due to the inability to meet anticipated sales growth, the Company assessed the acquired goodwill at the reporting unit level for impairment as of December 31, 2013. Based on a discounted cash flows model utilizing estimated future earnings, the fair value of the reporting unit was less than the carrying value of the acquired goodwill. The Company’s evaluation of goodwill resulted in a total impairment charge of $1,342,834 for the year ended December 31, 2013. The total impairment charge was recorded to the Company’s ORC segment.

 

Intangible assets at December 31, 2013 and 2012 were comprised of the following:

 

        December 31, 2013   December 31, 2012  
    Amortization   Gross       Net   Gross       Net  
    Period   Carrying   Accumulated   Book   Carrying   Accumulated   Book  
    (Years)   Amount   Amortization   Value   Amount   Amortization   Value  
                                           
Intangible assets subject to amortization:                                          
Exclusive distribution rights     5.0       780,000       (208,000)       572,000       780,000       (52,000)       728,000  
Technology     15.0       1,583,000       (145,108)       1,437,892       1,583,000       (39,575)       1,543,425  
                                                         
Total           $ 2,363,000     $ (353,108)     $ 2,009,892     $ 2,363,000     $ (91,575)     $ 2,271,425  

 

On August 27, 2012, the Company entered into a five year distribution agreement with Shanghai Lightsky Optoelectronics Technology Co., Ltd. (“Lightsky”), located in Shanghai, China, whereby ForceField became the exclusive distributor of Lightsky LED lighting products in the United States, Canada and Mexico. Lightsky is a manufacturer and seller of numerous patented LED lighting products in China and throughout Asia.

 

As consideration for this exclusivity, ForceField issued 150,000 shares of its common stock valued at $780,000, or $5.20 per share, which represented the quoted market price on the date of the transaction. This amount will be amortized using the straight-line method over the five year expected life of the distribution rights. The shares are restricted for an eighteen-month period from their date of issuance. ForceField must achieve certain performance milestones in order to maintain its exclusivity and qualify for any automatic renewal periods beyond the initial five year term.

 

Amortization expense for the intangible assets subject to amortization totaled $261,533 and $91,575 for the years ended December 31, 2013 and 2012, respectively.

 

The following table provides information regarding estimated amortization expense for intangible assets subject to amortization for each of the following years ending December 31:

 

2014   $ 261,533  
2015     261,533  
2016     261,534  
2017     209,533  
2018     105,533  
Thereafter     910,226  
    $ 2,009,892  

 

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing    Date    Other Filings
Filed on:4/15/14
For Period end:12/31/13NT 10-K
12/31/1210-K,  NT 10-K
8/27/128-K
 List all Filings 

3 Subsequent Filings that Reference this Filing

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

11/06/14  SEC                               UPLOAD10/07/17    1:126K ForceField Energy Inc.
10/21/14  SEC                               UPLOAD10/07/17    1:138K ForceField Energy Inc.
 9/12/14  SEC                               UPLOAD10/07/17    1:175K ForceField Energy Inc.
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