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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 8/19/14 ForceField Energy Inc. 10-Q 6/30/14 58:4.2M Issuer Direct/FA |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 614K 2: EX-31.1 Certification -- §302 - SOA'02 HTML 22K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 22K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 20K 38: R1 Document and Entity Information HTML 43K 29: R2 Consolidated Balance Sheets (Unaudited) HTML 151K 36: R3 Consolidated Balance Sheets (Parenthetical) HTML 48K (Unaudited) 40: R4 Consolidated Statements of Operations and HTML 91K Comprehensive Loss (Unaudited) 53: R5 Consolidated Statements of Cash Flows (Unaudited) HTML 110K 30: R6 Statements of Changes in Stockholders' Equity HTML 59K (Predecessor) and (Successor) 35: R7 1. Nature of Operations HTML 21K 26: R8 2. Summary of Significant Accounting Policies HTML 54K 17: R9 3. Accounts Receivable, Net HTML 25K 54: R10 4. Inventory HTML 25K 42: R11 5. Property and Equipment HTML 29K 41: R12 6. Business Combinations HTML 39K 46: R13 7. Goodwill and Intangible Assets, Net HTML 36K 47: R14 8. Income Taxes HTML 24K 45: R15 9. Debt HTML 31K 48: R16 10. Mandatorily Redeemable Non-Convertible HTML 24K Cummulative Preferred Stock 37: R17 11. Stockholders' Equity HTML 37K 39: R18 12. Commitments and Contingencies HTML 25K 44: R19 13. Segment Information HTML 60K 58: R20 14. Subsequent Events HTML 20K 50: R21 2. Summary of Significant Accounting Policies HTML 108K (Policies) 32: R22 2. Summary of Significant Accounting Policies HTML 20K (Tables) 43: R23 3. Accounts Receivable, Net (Tables) HTML 26K 34: R24 4. Inventory (Tables) HTML 24K 14: R25 5. Property and Equipment (Tables) HTML 26K 51: R26 6. Business Combinations (Tables) HTML 30K 55: R27 7. Goodwill and Intangible Assets, Net (Tables) HTML 33K 21: R28 9. Debt (Tables) HTML 22K 20: R29 11. Stockholders' Equity (Tables) HTML 25K 24: R30 13. Segment Information (Tables) HTML 52K 25: R31 2. Summary of Significant Accounting Policies HTML 21K (Details) 27: R32 3. Accounts Receivable, Net (Details) HTML 30K 13: R33 4. Inventory (Details) HTML 24K 49: R34 5. Property, Plant and Equipment (Details) HTML 32K 31: R35 5. Property, Plant and Equipment (Details HTML 18K Narrative) 33: R36 6. Business Combinations (Details) HTML 58K 16: R37 6. Business Combinations (Details 1) HTML 33K 57: R38 7. Goodwill and Intangible Assets, Net (Details) HTML 23K 11: R39 7. Goodwill and Intangible Assets, Net (Details 1) HTML 26K 28: R40 7. Goodwill and Intangible Assets, Net (Details HTML 20K Narrative) 52: R41 9. Debt (Details) HTML 35K 15: R42 11. Stockholders' Equity (Details) HTML 39K 19: R43 13. Segment Information (Details) HTML 70K 23: R44 13. Segment Information (Details 1) HTML 32K 56: XML IDEA XML File -- Filing Summary XML 82K 12: EXCEL IDEA Workbook of Financial Reports XLSX 106K 18: EXCEL IDEA Workbook of Financial Reports (.xls) XLS 407K 5: EX-101.INS XBRL Instance -- ssie-20140630 XML 765K 7: EX-101.CAL XBRL Calculations -- ssie-20140630_cal XML 141K 8: EX-101.DEF XBRL Definitions -- ssie-20140630_def XML 446K 9: EX-101.LAB XBRL Labels -- ssie-20140630_lab XML 676K 10: EX-101.PRE XBRL Presentations -- ssie-20140630_pre XML 533K 6: EX-101.SCH XBRL Schema -- ssie-20140630 XSD 118K 22: ZIP XBRL Zipped Folder -- 0001354488-14-004340-xbrl Zip 92K
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<us-gaap:NatureOfOperations contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">ForceField Energy Inc. (ForceField or the Company) and its subsidiaries collectively form an international organization that offers products and solutions which promote improved energy efficiency and sustainable energy technology. ForceField is a distributor for various light emitting diode (LED) and energy efficient lighting product manufacturers. Through its wholly-owned subsidiaries 17<sup>th</sup> Street ALD Management Corp (American Lighting or ALD), based in San Diego, California, and ForceField Energy SA (FFE SA), based in San Jose, Costa Rica, the Company has completed commercial lighting installations for varying organizations and facilities spanning numerous industries. Furthermore, through its 50.3% owned subsidiary TransPacific Energy, Inc. (TPE), based in Carlsbad, California, the Company is a licensee of renewable energy technology that utilizes modular recovery systems to convert waste heat generated from manufacturing and other sources into clean electricity.</p> </us-gaap:NatureOfOperations> | |||||||||||||||||||||
<SSIE:AccountsReceivableTextBlock contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The following table summarizes the composition of the Companys accounts receivable, net at June 30, 2014 and December 31, 2013:</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Successor</b></font></td> <td style="text-align: center; line-height: 107%"> </td> <td style="border-left: Black 1pt solid; text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Predecessor</b></font></td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>June 30, 2014</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-left: Black 1pt solid; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2013</b></p></td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-left: Black 1pt solid; line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Accounts receivable</font></td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="width: 8%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2,326,283</font></td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-left: Black 1pt solid; line-height: 107%"> </td> <td style="width: 1%; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="width: 8%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3,113,976</font></td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Allowance for doubtful accounts</font></td> <td style="line-height: 107%"> </td> <td> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(122,408</font></td> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">) </font></td> <td style="border-left: Black 1pt solid; line-height: 107%"> </td> <td> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(153,297</font></td> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">) </font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: 0.25in; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Net accounts receivable</font></td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2,203,875</font></td> <td style="line-height: 107%"> </td> <td style="border-left: Black 1pt solid; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2,960,677</font></td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Less: Noncurrent portion of accounts receivable, net</font></td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(</font></td> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td> <td style="border-left: Black 1pt solid; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(4,921</font></td> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: 0.25in; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Current portion of accounts receivable, net</font></td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2,203,875</font></td> <td style="line-height: 107%"> </td> <td style="border-left: Black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2,955,758</font></td> <td style="line-height: 107%"> </td></tr> </table> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p> </SSIE:AccountsReceivableTextBlock> | |||||||||||||||||||||
<us-gaap:InventoryDisclosureTextBlock contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The following table summarizes the composition of the Companys inventory at June 30, 2014 and December 31, 2013:</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Successor</b></font></td> <td style="line-height: 107%"> </td> <td style="border-left: Black 1pt solid; line-height: 107%"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Predecessor</b></font></td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>June 30, 2014</b></font></td> <td style="line-height: 107%"> </td> <td style="border-left: Black 1pt solid; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2013</b></p></td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-left: Black 1pt solid; line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Work in process</font></td> <td style="width: 1%; text-align: right; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="width: 8%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">186,237</font></td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-left: Black 1pt solid; text-align: right; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="width: 8%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">19,006</font></td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Finished goods</font></td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">570,475</font></td> <td style="line-height: 107%"> </td> <td style="border-left: Black 1pt solid; text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">193,783</font></td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td> <td style="text-align: right; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">756,712</font></td> <td style="line-height: 107%"> </td> <td style="border-left: Black 1pt solid; text-align: right; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">212,789</font></td> <td style="line-height: 107%"> </td></tr> </table> </us-gaap:InventoryDisclosureTextBlock> | |||||||||||||||||||||
<us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">Property and equipment at June 30, 2014 and December 31, 2013 were comprised of the following:</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Successor</b></font></td> <td style="text-align: center; line-height: 107%"> </td> <td style="border-left: Black 1pt solid; text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Predecessor</b></font></td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>June 30, 2014</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-left: Black 1pt solid; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2013</b></p></td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-left: Black 1pt solid; line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Computers and equipment</font></td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="width: 8%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">95,947</font></td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-left: Black 1pt solid; line-height: 107%"> </td> <td style="width: 1%; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="width: 8%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">87,996</font></td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Furniture and fixtures</font></td> <td style="line-height: 107%"> </td> <td> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">45,049</font></td> <td style="line-height: 107%"> </td> <td style="border-left: Black 1pt solid; line-height: 107%"> </td> <td> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">25,780</font></td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Leasehold improvements</font></td> <td style="line-height: 107%"> </td> <td> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">47,370</font></td> <td style="line-height: 107%"> </td> <td style="border-left: Black 1pt solid; line-height: 107%"> </td> <td> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">46,685</font></td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: 0.25in; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Total property and equipment, gross</font></td> <td style="line-height: 107%"> </td> <td> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">188,366</font></td> <td style="line-height: 107%"> </td> <td style="border-left: Black 1pt solid; line-height: 107%"> </td> <td> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">160,461</font></td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Less: Accumulated depreciation</font></td> <td style="line-height: 107%"> </td> <td> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(155,466</font></td> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td> <td style="border-left: Black 1pt solid; line-height: 107%"> </td> <td> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(148,825</font></td> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: 0.25in; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Total property and equipment, net</font></td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">32,900</font></td> <td style="line-height: 107%"> </td> <td style="border-left: Black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">11,636</font></td> <td style="line-height: 107%"> </td></tr> </table> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company recorded depreciation expense of $2,566 during the successor period of April 26, 2014 through June 30, 2014 and $3,334 during the predecessor period of January 1, 2014 through April 25, 2014. For the six month predecessor period ended June 30, 2013, the Company recorded depreciation expense of $5,078.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">Differences may arise in the amount of depreciation expense reported in the Company's operating results as compared to the corresponding change in accumulated depreciation due to foreign currency translation. These translation adjustments are reflected in accumulated other comprehensive income, a separate component of the Company's stockholders' equity.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> </us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock> | |||||||||||||||||||||
<us-gaap:GoodwillAndIntangibleAssetsDisclosureTextBlock contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the composition of the Companys goodwill at June 30, 2014 </p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify; line-height: 107%"> </td> <td style="text-align: justify; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>June 30, 2014</b></font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; line-height: 107%"> </td> <td style="text-align: justify; line-height: 107%"> </td> <td colspan="2" style="text-align: justify; line-height: 107%"> </td> <td style="text-align: justify; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 87%; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Goodwill American Lighting</font></td> <td style="width: 1%; text-align: justify; line-height: 107%"> </td> <td style="width: 1%; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">5,492,954</font></td> <td style="width: 1%; text-align: justify; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Goodwill Catalyst LEDs</font></td> <td style="text-align: justify; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">229,850</font></td> <td style="text-align: justify; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td> <td style="text-align: justify; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">5,722,804</font></td> <td style="text-align: justify; line-height: 107%"> </td></tr> </table> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify">The following table summarizes the composition of the Companys intangible assets at June 30, 2014:</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="11" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>June 30, 2014</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> <b>Amortization</b></font></td> <td style="line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Gross</b></font></td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Net</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Period</b></font></td> <td style="line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Carrying</b></font></td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Accumulated</b></font></td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Book</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>(Years)</b></font></td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Amount</b></font></td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Amortization</b></font></td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Value</b></font></td></tr> <tr> <td style="vertical-align: bottom; width: 34%; text-align: right; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 17%; text-align: right; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 13%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 15%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 13%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Intangible assets subject to amortization:</font></td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Exclusive distribution rights</font></td> <td style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">5</font></td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">780,000</font></td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> (286,000</font></td> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">494,000</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Technology</font></td> <td style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">15</font></td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,583,000</font></td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> (197,875</font></td> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,385,125</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2,363,000</font></td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(483,875</font></td> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,879,125</font></td></tr> </table> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">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 an established manufacturer and seller of numerous patented LED lighting products in China and throughout Asia. ForceField issued 150,000 shares of its restricted common stock valued at $780,000, which represents the trading price of $5.20 per share of the Companys common stock on the date of the transaction, as consideration for the rights. 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. In order to maintain its exclusivity and qualify for any automatic renewal periods beyond the five-year period, ForceField must achieve certain performance milestones.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company recorded amortization expense for intangible assets subject to amortization of $43,589 during the successor period of April 26, 2014 through June 30, 2014. No amortization expense was recorded during the predecessor periods in 2014 and 2013.</p> </us-gaap:GoodwillAndIntangibleAssetsDisclosureTextBlock> | |||||||||||||||||||||
<us-gaap:CommitmentsDisclosureTextBlock contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">On April 28, 2014, TransPacific Energy Inc., Karen Kahn, Alexander Goldberg, John Howard, Audrey Boston, Anne Howard, ACME Energy, Inc., and Samuel Sami (collectively, the Plaintiffs) filed a lawsuit against ForceField Energy, Inc.. The lawsuit is captioned <i>TransPacific Energy, Inc. et al. v. ForceField Energy, Inc.</i>, Case No. 37-2014-00013110-CU-BC-CTL (Cal. Super. Ct. filed April 28, 2014) and is pending before the Superior Court of the State of California for the County of San Diego.</p> <p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The lawsuit was filed after the parties had reached tentative agreement to resolve all matters in dispute and while the parties were in the process of negotiating a binding term sheet to document same. Plaintiffs claim various breaches by ForceField of the Share Exchange Agreement dated May 10, 2012 between ForceField, ACME Energy, Inc., Apela Holdings, and ABH Holdings, which lawsuit seeks unspecified damages in excess of $25,000. ForceField disputes all of these allegations by Plaintiffs, contends they lack basis in fact and law, intends to vigorously defend against them, and is asserting its own claims against in the appropriate venue. On June 3, 2014, ForceField moved to quash service of the summons for lack of jurisdiction over ForceField. ForceFields motion to quash is currently pending before the court.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">On July 14, 2014, ForceField, pursuant to the arbitration clause in the Share Exchange Agreement, commenced an arbitration suit against TPE, Anne Howard, Samuel Sami, and ACME Energy, Inc. (collectively, the Respondents) before the American Arbitration Association in New York City. ForceField asserts claims for breach of the Share Exchange Agreement, breach of fiduciary duty, intentional interference with contractual relations, fraudulent inducement, and breach of implied covenant, for Respondents conduct denying ForceFields contractual right to make equity investments in TPE, diluting ForceFields ownership in TPE, and otherwise harming the value of ForceFields investments in TPE. Respondents filed a challenge to the arbitrators jurisdiction, which ForceField plans to oppose. Respondents also filed counterclaims that are similar in substance to the claims they assert in the San Diego lawsuit. Again, ForceField disputes the Respondents allegations and plans to vigorously defend against them.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">No amounts have been accrued on the financial statements for any loss contingency because the Company deems the claims to be without merit and the amounts involved indeterminable. </p> </us-gaap:CommitmentsDisclosureTextBlock> | |||||||||||||||||||||
<SSIE:AcquisitionOfAmericanLighting contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">On April 25, 2014, the Company acquired American Lighting, a leading energy-efficient, commercial lighting specialist based, in San Diego, California (see Note 6 Business Combinations).</p> </SSIE:AcquisitionOfAmericanLighting> | |||||||||||||||||||||
<us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company considers all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents consist of cash on deposit with banks and money market funds, the fair value of which approximates cost. The Company maintains its cash balances with a high-credit-quality financial institution. At times, such cash may be in excess of the Federal Deposit Insurance Corporation-insured limit of $250,000. The Company has not experienced any losses in such accounts, and management believes the Company is not exposed to any significant credit risk on its cash and cash equivalents.</p> </us-gaap:CashAndCashEquivalentsPolicyTextBlock> | |||||||||||||||||||||
<us-gaap:ReceivablesPolicyTextBlock contextRef="From2014-01-01to2014-06-30"> <p style="margin: 0pt"></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Accounts receivable</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Accounts receivable balances consist of amounts due from customers and are recorded net of allowances for doubtful accounts, a reserve for sales adjustments and deferred payment plan discounts.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">For amounts due from direct customers, the Company has a non-interest-bearing payment plan for accounts receivable under which customers make installment payments of equal amounts over predetermined terms, usually a two-year period. In accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 310, <i>Receivables</i>, the Company estimates the present value of the payment plan for accounts receivable using imputed interest at the Company's borrowing rate at the end of the year (6.25% as of June 30, 2014 and December 31, 2013).</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The Company's long-term receivables are considered financing receivables. The credit quality of these customers is evaluated on an ongoing basis and the allowance for doubtful accounts is adjusted for any changes in assessed risk. During the successor period of April 26, 2014 through June 30, 2014, the Company recorded an increase of $6,430 in the provision and recorded $-0- in write-offs. During the predecessor period of January 1, 2014 through April 25, 2014, the Company recorded a decrease of $32,967in the provision and recorded $-0- in write-offs. During the six month predecessor period ended June 30, 2013, the Company recorded a decrease of $125,138 in the provision and recorded $-0- in write-offs.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The difference between the present value and face value is recorded as unamortized discounts, which will be amortized over the term of the payment plan. The allowance for discounts on deferred payment plan accounts receivable was $5,580 and $12,016 as of June 30, 2014 and December 31, 2013, respectively. The Company recorded $2,219 of interest income from deferred payment plan accounts receivable during the successor period of April 26, 2014 through June 30, 2014. The Company recorded $4,217 of interest income from deferred payment plan accounts receivable during the predecessor period of January 1, 2014 through April 25, 2014. The Company recorded $6,436 of interest income from deferred payment plan accounts receivable during the six month predecessor period ended June 30, 2014.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">For rebate receivables from utilities, the Company typically is entitled to receive a portion of such amounts upon completion of the project, and the remaining portion after specified conditions are proven to have been met.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="margin: 0pt"></p> </us-gaap:ReceivablesPolicyTextBlock> | |||||||||||||||||||||
<us-gaap:InventoryPolicyTextBlock contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">Inventory consists of finished goods and is stated at the lower of cost or market value. Cost is determined on a first-in, first-out ("FIFO") basis. Inventory is reviewed periodically for slow-moving and obsolete items. The Company believes that no reserve for obsolete inventory is necessary as of June 30, 2014 and December 31, 2013.</p> </us-gaap:InventoryPolicyTextBlock> | |||||||||||||||||||||
<us-gaap:DepreciationDepletionAndAmortizationPolicyTextBlock contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">In accordance with ASC 360, Property, Plant, and Equipment, if indicators of impairment exist, the Company assesses the recoverability of the affected long-lived assets by determining whether the carrying value of such assets can be recovered through the undiscounted future operating cash flows. If impairment is indicated, the Company measures the amount of such impairment by comparing the carrying value of the asset to the undiscounted cash flows associated with the use of the asset. The Company has not recognized any impairment losses for the periods ended June 30, 2014 and December 31, 2013.</p> </us-gaap:DepreciationDepletionAndAmortizationPolicyTextBlock> | |||||||||||||||||||||
<us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">Under ASC 350, the Company is required to perform an annual impairment test of the Companys goodwill and indefinite-lived intangibles. Annually on each December 31, management assesses the composition of the Companys assets and liabilities, as well as the events that have occurred and the circumstances that have changed since the most recent fair value determination. If events occur or circumstances change that would more likely than not reduce the fair value of goodwill and indefinite-lived intangibles below their carrying amounts, they will be tested for impairment. The Company will recognize an impairment charge if the carrying value of the asset exceeds the fair value determination. The impairment test that the Company has selected historically consisted of a ten year discounted cash flow analysis including the determination of a terminal value, and requires management to make various assumptions and estimates including revenue growth, future profitability, peer group comparisons, and a discount rate which management believes are reasonable.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The impairment test involves a two-step approach. Under the first step, the Company determines the fair value of each reporting subsidiary to which goodwill has been assigned. The Company then compares the fair value of each reporting subsidiary to its carrying value, including goodwill. The Company estimates the fair value of each reporting subsidiary by estimating the present value of the reporting subsidiaries' future cash flows. If the fair value exceeds the carrying value, no impairment loss is recognized. If the carrying value exceeds the fair value, the goodwill of the reporting unit is considered potentially impaired and the second step is completed in order to measure the impairment loss.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">Under the second step, the Company calculates the implied fair value of goodwill by deducting the fair value of all tangible and intangible net assets, including any unrecognized intangible assets, of the reporting unit from the fair value of the reporting unit, as determined in the first step. The Company then compares the implied fair value of goodwill to the carrying value of goodwill. If the implied fair value of goodwill is less than the carrying value of goodwill, the Company recognizes an impairment loss equal to the difference.</p> </us-gaap:GoodwillAndIntangibleAssetsPolicyTextBlock> | |||||||||||||||||||||
<us-gaap:BusinessCombinationsAndOtherPurchaseOfBusinessTransactionsPolicyTextBlock contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company has issued warrants to purchase shares of its common stock. Warrants have been accounted for as equity in accordance with FASB ASC 480,<i> Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Companys Own Stock,</i> <i>Distinguishing Liabilities from Equity.</i></p> </us-gaap:BusinessCombinationsAndOtherPurchaseOfBusinessTransactionsPolicyTextBlock> | |||||||||||||||||||||
<us-gaap:IncomeTaxPolicyTextBlock contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company accounts for income taxes under FASB ASC 740,<i> Accounting for Income Taxes</i>. Under FASB ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under FASB ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. FASB ASC 740-10-05,<i> Accounting for Uncertainty in Income Taxes</i> prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. We assess the validity of our conclusions regarding uncertain tax positions on a quarterly basis to determine if facts or circumstances have arisen that might cause us to change our judgment regarding the likelihood of a tax positions sustainability under audit.</p> </us-gaap:IncomeTaxPolicyTextBlock> | |||||||||||||||||||||
<us-gaap:EarningsPerSharePolicyTextBlock contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company computes net income (loss) per share in accordance with ASC 260,<i> Earnings per Share</i>. ASC 260 requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common stockholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.</p> </us-gaap:EarningsPerSharePolicyTextBlock> | |||||||||||||||||||||
<us-gaap:FairValueOfFinancialInstrumentsPolicy contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">Authoritative literature provides a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instruments categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement as follows:</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.</p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company does not have any assets or liabilities that are required to be measured and recorded at fair value on a recurring basis.</p> </us-gaap:FairValueOfFinancialInstrumentsPolicy> | |||||||||||||||||||||
<us-gaap:DescriptionOfNewAccountingPronouncementsNotYetAdopted contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0">The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position or results of operations.</p> </us-gaap:DescriptionOfNewAccountingPronouncementsNotYetAdopted> | |||||||||||||||||||||
<us-gaap:PropertyPlantAndEquipmentScheduleOfSignificantAcquisitionsAndDisposalsTextBlock contextRef="From2014-01-01to2014-06-30"> <p style="margin: 0pt"></p> <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="width: 50%"><font style="font-size: 8pt">Computers and equipment</font></td> <td style="width: 50%"><font style="font-size: 8pt">3 years</font></td></tr> <tr style="vertical-align: top; background-color: white"> <td><font style="font-size: 8pt">Furniture and fixtures</font></td> <td><font style="font-size: 8pt">5 years</font></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td><font style="font-size: 8pt">Leasehold improvements</font></td> <td><font style="font-size: 8pt">Lesser of economic life or lease term</font></td></tr> </table> <p style="margin: 0pt"></p> </us-gaap:PropertyPlantAndEquipmentScheduleOfSignificantAcquisitionsAndDisposalsTextBlock> | |||||||||||||||||||||
<us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock contextRef="From2014-01-01to2014-06-30"> <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Successor</b></font></td> <td style="text-align: center; line-height: 107%"> </td> <td style="border-left: Black 1pt solid; text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Predecessor</b></font></td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>June 30, 2014</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-left: Black 1pt solid; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2013</b></p></td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-left: Black 1pt solid; line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Accounts receivable</font></td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="width: 8%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2,326,283</font></td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-left: Black 1pt solid; line-height: 107%"> </td> <td style="width: 1%; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="width: 8%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">3,113,976</font></td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Allowance for doubtful accounts</font></td> <td style="line-height: 107%"> </td> <td> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(122,408</font></td> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">) </font></td> <td style="border-left: Black 1pt solid; line-height: 107%"> </td> <td> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(153,297</font></td> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">) </font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: 0.25in; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Net accounts receivable</font></td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2,203,875</font></td> <td style="line-height: 107%"> </td> <td style="border-left: Black 1pt solid; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2,960,677</font></td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Less: Noncurrent portion of accounts receivable, net</font></td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(</font></td> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td> <td style="border-left: Black 1pt solid; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(4,921</font></td> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: 0.25in; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Current portion of accounts receivable, net</font></td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2,203,875</font></td> <td style="line-height: 107%"> </td> <td style="border-left: Black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2,955,758</font></td> <td style="line-height: 107%"> </td></tr> </table> </us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock> | |||||||||||||||||||||
<us-gaap:ScheduleOfInventoryCurrentTableTextBlock contextRef="From2014-01-01to2014-06-30"> <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Successor</b></font></td> <td style="line-height: 107%"> </td> <td style="border-left: Black 1pt solid; line-height: 107%"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Predecessor</b></font></td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>June 30, 2014</b></font></td> <td style="line-height: 107%"> </td> <td style="border-left: Black 1pt solid; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2013</b></p></td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-left: Black 1pt solid; line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Work in process</font></td> <td style="width: 1%; text-align: right; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="width: 8%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">186,237</font></td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-left: Black 1pt solid; text-align: right; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="width: 8%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">19,006</font></td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Finished goods</font></td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">570,475</font></td> <td style="line-height: 107%"> </td> <td style="border-left: Black 1pt solid; text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">193,783</font></td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td> <td style="text-align: right; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">756,712</font></td> <td style="line-height: 107%"> </td> <td style="border-left: Black 1pt solid; text-align: right; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">212,789</font></td> <td style="line-height: 107%"> </td></tr> </table> </us-gaap:ScheduleOfInventoryCurrentTableTextBlock> | |||||||||||||||||||||
<us-gaap:PropertyPlantAndEquipmentTextBlock contextRef="From2014-01-01to2014-06-30"> <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: center; line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Successor</b></font></td> <td style="text-align: center; line-height: 107%"> </td> <td style="border-left: Black 1pt solid; text-align: center; line-height: 107%"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Predecessor</b></font></td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>June 30, 2014</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-left: Black 1pt solid; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>December 31,</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2013</b></p></td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-left: Black 1pt solid; line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 78%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Computers and equipment</font></td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="width: 8%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">95,947</font></td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; border-left: Black 1pt solid; line-height: 107%"> </td> <td style="width: 1%; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="width: 8%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">87,996</font></td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Furniture and fixtures</font></td> <td style="line-height: 107%"> </td> <td> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">45,049</font></td> <td style="line-height: 107%"> </td> <td style="border-left: Black 1pt solid; line-height: 107%"> </td> <td> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">25,780</font></td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Leasehold improvements</font></td> <td style="line-height: 107%"> </td> <td> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">47,370</font></td> <td style="line-height: 107%"> </td> <td style="border-left: Black 1pt solid; line-height: 107%"> </td> <td> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">46,685</font></td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: 0.25in; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Total property and equipment, gross</font></td> <td style="line-height: 107%"> </td> <td> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">188,366</font></td> <td style="line-height: 107%"> </td> <td style="border-left: Black 1pt solid; line-height: 107%"> </td> <td> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">160,461</font></td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Less: Accumulated depreciation</font></td> <td style="line-height: 107%"> </td> <td> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(155,466</font></td> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td> <td style="border-left: Black 1pt solid; line-height: 107%"> </td> <td> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(148,825</font></td> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td></tr> <tr style="vertical-align: bottom"> <td style="text-indent: 0.25in; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Total property and equipment, net</font></td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">32,900</font></td> <td style="line-height: 107%"> </td> <td style="border-left: Black 1pt solid; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">11,636</font></td> <td style="line-height: 107%"> </td></tr> </table> </us-gaap:PropertyPlantAndEquipmentTextBlock> | |||||||||||||||||||||
<us-gaap:ScheduleOfBusinessAcquisitionsByAcquisitionContingentConsiderationTextBlock contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"><b>Consideration:</b></font></td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 89%"><font style="font-size: 8pt">Cash and cash equivalents</font></td> <td style="width: 1%; text-align: right"> </td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 8pt">2,500,000</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 8pt">Common stock, 289,529 shares of ForceField common stock</font></td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">1,656,106</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 8pt">Senior, secured promissory notes</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">1,000,000</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 8pt">Working capital adjustment payable to sellers</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">1,329,528</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 8pt">Contingent purchase consideration</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">2,000,000</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 8pt">Fair value of total consideration </font></td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">8,485,634</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 8pt"><b>Recognized amount of identifiable assets acquired and liabilities assumed:</b></font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 8pt">Financial assets:</font></td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 0.25in"><font style="font-size: 8pt">Cash and cash equivalents</font></td> <td style="text-align: right"> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">407,912</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: 0.25in"><font style="font-size: 8pt">Trade receivables</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">1,708,411</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 8pt">Inventory</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">203,483</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 8pt">Other current assets</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">126,195</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 8pt">Property and equipment</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">11,071</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 8pt">Deferred tax assets</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">857,791</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 8pt">Financial liabilities:</font></td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">(322,183</font></td> <td><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: 0.25in"><font style="font-size: 8pt">Accounts payable and accrued liabilities</font></td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 8pt">Total identifiable net assets</font></td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">2,992,680</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 8pt">Goodwill</font></td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">5,492,954</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td style="text-align: right"> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">8,485,634</font></td> <td> </td></tr> </table> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> </us-gaap:ScheduleOfBusinessAcquisitionsByAcquisitionContingentConsiderationTextBlock> | |||||||||||||||||||||
<SSIE:FairValueOfConsiderationTransferredAndRecordingOfAssetsAcquired contextRef="From2014-01-01to2014-06-30"> <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Consideration:</b></font></td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 89%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Cash and cash equivalents</font></td> <td style="width: 1%; text-align: right; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="width: 8%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> 200,000</font></td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Common stock, 5,000 shares of ForceField common stock</font></td> <td style="text-align: right; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> 29,850</font></td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Fair value of total consideration </font></td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> 229,850</font></td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Recognized amount of identifiable assets acquired and liabilities assumed:</b></font></td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Total identifiable net assets</font></td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Goodwill</font></td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> 229,850</font></td> <td> </td></tr> </table> </SSIE:FairValueOfConsiderationTransferredAndRecordingOfAssetsAcquired> | |||||||||||||||||||||
<us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock contextRef="From2014-01-01to2014-06-30"> <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="11" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>June 30, 2014</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> <b>Amortization</b></font></td> <td style="line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Gross</b></font></td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Net</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Period</b></font></td> <td style="line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Carrying</b></font></td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Accumulated</b></font></td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Book</b></font></td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>(Years)</b></font></td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Amount</b></font></td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Amortization</b></font></td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>Value</b></font></td></tr> <tr> <td style="vertical-align: bottom; width: 34%; text-align: right; line-height: 107%"> </td> <td style="vertical-align: bottom; width: 17%; text-align: right; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 13%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 15%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 13%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Intangible assets subject to amortization:</font></td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Exclusive distribution rights</font></td> <td style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">5</font></td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">780,000</font></td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> (286,000</font></td> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 107%"> </td> <td style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">494,000</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Technology</font></td> <td style="text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">15</font></td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,583,000</font></td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> (197,875</font></td> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,385,125</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2,363,000</font></td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(483,875</font></td> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,879,125</font></td></tr> </table> </us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock> | |||||||||||||||||||||
<us-gaap:ScheduleOfDebtTableTextBlock contextRef="From2014-01-01to2014-06-30"> <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2014</b></p></td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="line-height: 107%"> </td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 87%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">7% Convertible debentures</font></td> <td style="width: 1%; text-align: right; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">200,000</font></td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">9% Convertible debentures</font></td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2,150,000</font></td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Less: Loan discounts</font></td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(262,701</font></td> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">) </font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 0.25in; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Convertible debentures, net of loan discounts</font></td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">2,087,299</font></td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Less: Current portion of convertible debentures, net</font></td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">100,000</font></td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 0.25in; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Noncurrent portion of convertible debentures, net</font></td> <td style="text-align: right; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">1,987,299</font></td> <td style="line-height: 107%"> </td></tr> </table> </us-gaap:ScheduleOfDebtTableTextBlock> | |||||||||||||||||||||
<SSIE:OutstandingAndExercisableWarrantsTableTextBlock contextRef="From2014-01-01to2014-06-30"> <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Number of</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Warrants</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Outstanding</b></p></td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Weighted Average</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Exercise Price</b></p></td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Average Remaining</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Contractual</b></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Life (Years)</b></p></td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 67%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Balance, April 25, 2014</font></td> <td style="width: 1%; text-align: right; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 8%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">887,778</font></td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $</font></td> <td style="width: 8%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">4.18</font></td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 1%; line-height: 107%"> </td> <td style="width: 8%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">0.64</font></td> <td style="width: 1%; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Warrants issued</font></td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">32,222</font></td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> 4.66</font></td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Warrants exercised</font></td> <td style="text-align: right; line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(</font></td> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">)</font></td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> $</font></td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"></font></td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="line-height: 107%"> </td> <td style="text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"> </font></td> <td style="line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Warrants expired</font></td> <td style="text-align: right; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">(</font></td> <td style="line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">) </font></td> <td style="line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid; 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<us-gaap:SignificantAccountingPoliciesTextBlock contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Acquisition of American Lighting</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">On April 25, 2014, the Company acquired American Lighting, a leading energy-efficient, commercial lighting specialist based, in San Diego, California (see Note 6 Business Combinations).</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Predecessor and Successor Reporting</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The ALD transaction was accounted for under purchase accounting. ALD is deemed the Predecessor and ForceField is the Successor for the purpose of financial reporting under the rules of the Securities and Exchange Commission (SEC). The assets and liabilities of ALD were provisionally recorded at their respective fair values as of the acquisition date. Fair value adjustments related to the transaction have been reflected in the books of ForceField, resulting in assets and liabilities of the Company being recorded at fair value at April 25, 2014. Therefore the Companys financial information prior to the transaction is not comparable to its financial information subsequent to the transaction.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">As a result of the impact of pushdown accounting, the financial statements and certain note presentations separate the Companys presentations into two distinct periods, the period before the consummation of the transaction (labeled Predecessor) and the period after that date (labeled Successor), to indicate the application of a different basis of accounting between the periods presented.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Basis of Presentation and Principles of Consolidation</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (US GAAP) and are expressed in United States dollars. The consolidated financial statements include the accounts of the Company; its wholly-owned subsidiaries SunSi Energies Hong Kong Limited (SSE HK), ForceField Energy USA Inc. (FFE USA), FFE SA, and American Lighting.; and its 50.3% owned subsidiary TPE. Predecessor balances and results of operations for the current year period were effective through April 30, 2014 as the impact of transactions from April 26, 2014 through April 30, 2014 were not material. All intercompany accounts and transactions are eliminated in consolidation.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Managements Representation of Interim Financial Statements</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The accompanying unaudited consolidated financial statements have been prepared by the Company without audit pursuant to the rules and regulations of the SEC. Certain information and disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These consolidated financial statements include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements at December 31, 2013 as presented in the Companys Annual Report on Form 10-K filed on April 15, 2014 with the Securities and Exchange Commission and with the audited financial statements for American Lighting as of December 31, 2013 as presented in Exhibit 99.1 on the Companys Form 8-K/A filed on July 11, 2014 with the Securities and Exchange Commission. </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Use of Estimates</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company continually evaluates its estimates, including but not limited to the allowance for doubtful accounts, the useful lives and impairment for property, plant and equipment, goodwill and acquired intangible assets, write-down in value of inventory and deferred income taxes. The Company bases its estimates on historical experience, known or expected trends and various other assumptions that are believed to be reasonable given the quality of information available as of the date of these financial statements. The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Revenue recognition</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The Company recognizes revenue from both direct customer sales and rebates from utility companies. Revenue is recognized once the Company has established that (i) there is evidence of an arrangement; (ii) delivery has occurred and the performance obligation is substantially complete; (iii) the fee is fixed or determinable; and (iv) collection is probable, which typically occurs at the completion of each energy-efficient lighting retrofit. The Company also recognizes revenues on rebates from utilities upon completion of each energy-efficient lighting retrofit. Certain utility rebate revenue is subject to refund rights in case specified energy savings are not met. The Company assesses each retrofit subject to refund rights to determine if the projected energy savings are likely to be met. As of June 30, 2014 and December 31, 2013, there were no retrofit jobs subject to this refund right which were not expected to meet the specified energy savings.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The utilities providing the retrofit rebate, at their discretion, can audit the Company's customer installations prior to payment. These audits often result in "sales adjustments" to the rebate, which are netted against revenues. In 2014 and 2013, a reserve for sales adjustments was recorded based on current year sales and historical adjustment amounts and are reflected in accounts receivable and revenue.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Cash and cash equivalents</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The Company considers all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. Cash and cash equivalents consist of cash on deposit with banks and money market funds, the fair value of which approximates cost. The Company maintains its cash balances with a high-credit-quality financial institution. At times, such cash may be in excess of the Federal Deposit Insurance Corporation-insured limit of $250,000. The Company has not experienced any losses in such accounts, and management believes the Company is not exposed to any significant credit risk on its cash and cash equivalents.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Accounts receivable</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Accounts receivable balances consist of amounts due from customers and are recorded net of allowances for doubtful accounts, a reserve for sales adjustments and deferred payment plan discounts.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">For amounts due from direct customers, the Company has a non-interest-bearing payment plan for accounts receivable under which customers make installment payments of equal amounts over predetermined terms, usually a two-year period. In accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") 310, <i>Receivables</i>, the Company estimates the present value of the payment plan for accounts receivable using imputed interest at the Company's borrowing rate at the end of the year (6.25% as of June 30, 2014 and December 31, 2013).</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The Company's long-term receivables are considered financing receivables. The credit quality of these customers is evaluated on an ongoing basis and the allowance for doubtful accounts is adjusted for any changes in assessed risk. During the successor period of April 26, 2014 through June 30, 2014, the Company recorded an increase of $6,430 in the provision and recorded $-0- in write-offs. During the predecessor period of January 1, 2014 through April 25, 2014, the Company recorded a decrease of $32,967in the provision and recorded $-0- in write-offs. During the six month predecessor period ended June 30, 2013, the Company recorded a decrease of $125,138 in the provision and recorded $-0- in write-offs.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The difference between the present value and face value is recorded as unamortized discounts, which will be amortized over the term of the payment plan. The allowance for discounts on deferred payment plan accounts receivable was $5,580 and $12,016 as of June 30, 2014 and December 31, 2013, respectively. The Company recorded $2,219 of interest income from deferred payment plan accounts receivable during the successor period of April 26, 2014 through June 30, 2014. The Company recorded $4,217 of interest income from deferred payment plan accounts receivable during the predecessor period of January 1, 2014 through April 25, 2014. The Company recorded $6,436 of interest income from deferred payment plan accounts receivable during the six month predecessor period ended June 30, 2014.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">For rebate receivables from utilities, the Company typically is entitled to receive a portion of such amounts upon completion of the project, and the remaining portion after specified conditions are proven to have been met.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Customer concentrations</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">During the successor period of April 26, 2014 through June 30, 2014, the Company had one customer that accounted for 17.1% of revenues and another that accounted for 11.7% of accounts receivable. During the predecessor period of January 1, 2014 through April 25, 2014, the Company had one customer that accounted for 21.6% of revenues and another two customers that accounted for 25.1% of accounts receivable. For the six month predecessor period ended June 30, 2013, the Company had one customer that accounted for 35.1% of revenues and another that accounted for 23.1% of accounts receivable.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Inventory</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Inventory consists of finished goods and is stated at the lower of cost or market value. Cost is determined on a first-in, first-out ("FIFO") basis. Inventory is reviewed periodically for slow-moving and obsolete items. The Company believes that no reserve for obsolete inventory is necessary as of June 30, 2014 and December 31, 2013.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Property and equipment</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Property and equipment are stated at historical cost less accumulated depreciation. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts, and any resulting gain or loss is credited or charged to income. Maintenance and minor replacements are charged to expense as incurred. The Company provides for depreciation using the straight-line method over the estimated useful lives of the assets as follows:</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="width: 50%"><font style="font-size: 8pt">Computers and equipment</font></td> <td style="width: 50%"><font style="font-size: 8pt">3 years</font></td></tr> <tr style="vertical-align: top; background-color: white"> <td><font style="font-size: 8pt">Furniture and fixtures</font></td> <td><font style="font-size: 8pt">5 years</font></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td><font style="font-size: 8pt">Leasehold improvements</font></td> <td><font style="font-size: 8pt">Lesser of economic life or lease term</font></td></tr> </table> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Impairment of long-lived assets</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">In accordance with ASC 360, Property, Plant, and Equipment, if indicators of impairment exist, the Company assesses the recoverability of the affected long-lived assets by determining whether the carrying value of such assets can be recovered through the undiscounted future operating cash flows. If impairment is indicated, the Company measures the amount of such impairment by comparing the carrying value of the asset to the undiscounted cash flows associated with the use of the asset. The Company has not recognized any impairment losses for the periods ended June 30, 2014 and December 31, 2013.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Goodwill and Intangible Assets</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Under ASC 350, the Company is required to perform an annual impairment test of the Companys goodwill and indefinite-lived intangibles. Annually on each December 31, management assesses the composition of the Companys assets and liabilities, as well as the events that have occurred and the circumstances that have changed since the most recent fair value determination. If events occur or circumstances change that would more likely than not reduce the fair value of goodwill and indefinite-lived intangibles below their carrying amounts, they will be tested for impairment. The Company will recognize an impairment charge if the carrying value of the asset exceeds the fair value determination. The impairment test that the Company has selected historically consisted of a ten year discounted cash flow analysis including the determination of a terminal value, and requires management to make various assumptions and estimates including revenue growth, future profitability, peer group comparisons, and a discount rate which management believes are reasonable.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The impairment test involves a two-step approach. Under the first step, the Company determines the fair value of each reporting subsidiary to which goodwill has been assigned. The Company then compares the fair value of each reporting subsidiary to its carrying value, including goodwill. The Company estimates the fair value of each reporting subsidiary by estimating the present value of the reporting subsidiaries' future cash flows. If the fair value exceeds the carrying value, no impairment loss is recognized. If the carrying value exceeds the fair value, the goodwill of the reporting unit is considered potentially impaired and the second step is completed in order to measure the impairment loss.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Under the second step, the Company calculates the implied fair value of goodwill by deducting the fair value of all tangible and intangible net assets, including any unrecognized intangible assets, of the reporting unit from the fair value of the reporting unit, as determined in the first step. The Company then compares the implied fair value of goodwill to the carrying value of goodwill. If the implied fair value of goodwill is less than the carrying value of goodwill, the Company recognizes an impairment loss equal to the difference.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Stock Purchase Warrants</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The Company has issued warrants to purchase shares of its common stock. Warrants have been accounted for as equity in accordance with FASB ASC 480,<i> Accounting for Derivative Financial Instruments Indexed to, and Potentially Settled in, a Companys Own Stock,</i> <i>Distinguishing Liabilities from Equity.</i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Income taxes</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The Company accounts for income taxes under FASB ASC 740,<i> Accounting for Income Taxes</i>. Under FASB ASC 740, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under FASB ASC 740, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. FASB ASC 740-10-05,<i> Accounting for Uncertainty in Income Taxes</i> prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The amount recognized is measured as the largest amount of benefit that is greater than 50 percent likely of being realized upon ultimate settlement. We assess the validity of our conclusions regarding uncertain tax positions on a quarterly basis to determine if facts or circumstances have arisen that might cause us to change our judgment regarding the likelihood of a tax positions sustainability under audit.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Basic and Diluted Net Income (Loss) Per Share</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The Company computes net income (loss) per share in accordance with ASC 260,<i> Earnings per Share</i>. ASC 260 requires presentation of both basic and diluted earnings per share (EPS) on the face of the income statement. Basic EPS is computed by dividing net income (loss) available to common stockholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Fair value measurements</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Authoritative literature provides a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instruments categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement as follows:</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: right; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The Company does not have any assets or liabilities that are required to be measured and recorded at fair value on a recurring basis.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Reclassifications</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on net earnings and financial position.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Recent accounting pronouncements</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position or results of operations.</p> </us-gaap:SignificantAccountingPoliciesTextBlock> | |||||||||||||||||||||
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<SSIE:ContingentPurchaseConsideration contextRef="From2014-04-26to2014-06-30_us-gaap_SuccessorMember" unitRef="USD" decimals="0"> 2000000 </SSIE:ContingentPurchaseConsideration> | |||||||||||||||||||||
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<SSIE:WorkingCapitalAdjustmentPayableRelatedToAcquisitionOfBusiness contextRef="From2013-01-01to2013-06-30_us-gaap_PredecessorMember" unitRef="USD" decimals="0"> 0 </SSIE:WorkingCapitalAdjustmentPayableRelatedToAcquisitionOfBusiness> | |||||||||||||||||||||
<SSIE:WorkingCapitalAdjustmentPayableRelatedToAcquisitionOfBusiness contextRef="From2014-04-26to2014-06-30_us-gaap_SuccessorMember" unitRef="USD" decimals="0"> 1329528 </SSIE:WorkingCapitalAdjustmentPayableRelatedToAcquisitionOfBusiness> | |||||||||||||||||||||
<SSIE:WorkingCapitalAdjustmentPayableRelatedToAcquisitionOfBusiness contextRef="From2014-01-01to2014-04-25_us-gaap_PredecessorMember" unitRef="USD" decimals="0"> 0 </SSIE:WorkingCapitalAdjustmentPayableRelatedToAcquisitionOfBusiness> | |||||||||||||||||||||
<us-gaap:NoncashOrPartNoncashAcquisitionDebtAssumed1 contextRef="From2013-01-01to2013-06-30_us-gaap_PredecessorMember" unitRef="USD" decimals="0"> 0 </us-gaap:NoncashOrPartNoncashAcquisitionDebtAssumed1> | |||||||||||||||||||||
<us-gaap:NoncashOrPartNoncashAcquisitionDebtAssumed1 contextRef="From2014-04-26to2014-06-30_us-gaap_SuccessorMember" unitRef="USD" decimals="0"> 1000000 </us-gaap:NoncashOrPartNoncashAcquisitionDebtAssumed1> | |||||||||||||||||||||
<us-gaap:NoncashOrPartNoncashAcquisitionDebtAssumed1 contextRef="From2014-01-01to2014-04-25_us-gaap_PredecessorMember" unitRef="USD" decimals="0"> 0 </us-gaap:NoncashOrPartNoncashAcquisitionDebtAssumed1> | |||||||||||||||||||||
<SSIE:IssuanceOfStockRelatedToAcquisitions contextRef="From2013-01-01to2013-06-30_us-gaap_PredecessorMember" unitRef="USD" decimals="0"> 0 </SSIE:IssuanceOfStockRelatedToAcquisitions> | |||||||||||||||||||||
<SSIE:IssuanceOfStockRelatedToAcquisitions contextRef="From2014-04-26to2014-06-30_us-gaap_SuccessorMember" unitRef="USD" decimals="0"> 1656106 </SSIE:IssuanceOfStockRelatedToAcquisitions> | |||||||||||||||||||||
<SSIE:IssuanceOfStockRelatedToAcquisitions contextRef="From2014-01-01to2014-04-25_us-gaap_PredecessorMember" unitRef="USD" decimals="0"> 0 </SSIE:IssuanceOfStockRelatedToAcquisitions> | |||||||||||||||||||||
<us-gaap:OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Basis of Presentation and Principles of Consolidation</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (US GAAP) and are expressed in United States dollars. The consolidated financial statements include the accounts of the Company; its wholly-owned subsidiaries SunSi Energies Hong Kong Limited (SSE HK), ForceField Energy USA Inc. (FFE USA), FFE SA, and American Lighting.; and its 50.3% owned subsidiary TPE. Predecessor balances and results of operations for the current year period were effective through April 30, 2014 as the impact of transactions from April 26, 2014 through April 30, 2014 were not material. All intercompany accounts and transactions are eliminated in consolidation.</p> </us-gaap:OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock> | |||||||||||||||||||||
<us-gaap:ConcentrationRiskCreditRisk contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">During the successor period of April 26, 2014 through June 30, 2014, the Company had one customer that accounted for 17.1% of revenues and another that accounted for 11.7% of accounts receivable. During the predecessor period of January 1, 2014 through April 25, 2014, the Company had one customer that accounted for 21.6% of revenues and another two customers that accounted for 25.1% of accounts receivable. For the six month predecessor period ended June 30, 2013, the Company had one customer that accounted for 35.1% of revenues and another that accounted for 23.1% of accounts receivable.</p> </us-gaap:ConcentrationRiskCreditRisk> | |||||||||||||||||||||
<us-gaap:BusinessCombinationDisclosureTextBlock contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Acquisition of American Lighting</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><i> </i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">On April 25, 2014, the Company completed the acquisition of American Lighting. Based in San Diego, California, American Lighting is a leading energy-efficient, commercial lighting specialist with over 20,000 installed customers and standing relationships with many California utilities. Under the terms of the purchase agreement, ForceField paid $2.5 million in cash, issued $1.5 million of its restricted common stock and $1.0 million in 5% senior secured notes in return for all of the outstanding equity of ALD; or total purchase consideration of approximately $5,000,000. The 289,529 restricted shares of ForceField Energys common stock issued are subject to an initial twelve month lock-up period and are then released in equal monthly installments over the following six months.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The sellers are also entitled to post- closing payments to excess working capital on ALDs closing balance sheet of up to $1,200,000 in cash collected from accounts receivables carried on ALDs balance sheet, as of the closing date, subject to certain adjustment, are due and payable from time to time on and after the closing date upon collection of such receivables. Pursuant to the terms of the closing agreement between the seller and the Company, determination of the final amounts due to the sellers is subject to final reconciliation of ALD balance sheet due to be submitted to the seller no later than August 23, 2014. At the closing date, the post-closing working capital adjustment amounted to $1,329,528.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Additionally, the former American Lighting equity holders will have the opportunity for contingent, earn-out payments of up to $2.0 million if certain increased ALD revenue and EBITDA thresholds over the three-year period post-closing, are achieved. The earn-out payments, if made, shall be equally allocated between cash and restricted common stock.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Fair Value of Consideration Transferred and Recording of Assets Acquired</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The following table summarizes the acquisition date fair value of the consideration paid, identifiable assets acquired, and liabilities assumed including an amount for goodwill:</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"><b>Consideration:</b></font></td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 89%"><font style="font-size: 8pt">Cash and cash equivalents</font></td> <td style="width: 1%; text-align: right"> </td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 8pt">2,500,000</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 8pt">Common stock, 289,529 shares of ForceField common stock</font></td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">1,656,106</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 8pt">Senior, secured promissory notes</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">1,000,000</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 8pt">Working capital adjustment payable to sellers</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">1,329,528</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 8pt">Contingent purchase consideration</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">2,000,000</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 8pt">Fair value of total consideration </font></td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">8,485,634</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 8pt"><b>Recognized amount of identifiable assets acquired and liabilities assumed:</b></font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 8pt">Financial assets:</font></td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 0.25in"><font style="font-size: 8pt">Cash and cash equivalents</font></td> <td style="text-align: right"> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">407,912</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: 0.25in"><font style="font-size: 8pt">Trade receivables</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">1,708,411</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 8pt">Inventory</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">203,483</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 8pt">Other current assets</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">126,195</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 8pt">Property and equipment</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">11,071</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 8pt">Deferred tax assets</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">857,791</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 8pt">Financial liabilities:</font></td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">(322,183</font></td> <td><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: 0.25in"><font style="font-size: 8pt">Accounts payable and accrued liabilities</font></td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 8pt">Total identifiable net assets</font></td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">2,992,680</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 8pt">Goodwill</font></td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">5,492,954</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td style="text-align: right"> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">8,485,634</font></td> <td> </td></tr> </table> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The contingent consideration and purchase consideration, allocated entirely to goodwill, are considered preliminary and subject to change upon the completion of a valuation analysis to be performed by the Company's management by December 31, 2014. The final valuation may identify certain intangible assets that could reduce the amount of recorded goodwill.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><i> </i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Acquisition of Catalyst LEDs LLC</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">On February 2, 2014, the Company completed a purchase of assets for consideration of $200,000 in cash and 5,000 shares of ForceField common stock valued at $5.97 per share for a total of $29,850 in common stock from Idaho-based Catalyst LEDs LLC (Catalyst), a provider of customized LED lighting products and solutions, and an authorized vendor for a number of leading companies. In connection with acquisition of Catalysts assets, the Company also entered into an employment agreement with the owner of Catalyst, under which agreement, he may achieve commission payments if certain milestones are attained. The transaction was considered as an acquisition of a business and accordingly the acquisition method of accounting has been applied.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Fair Value of Consideration Transferred and Recording of Assets Acquired</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The following table summarizes the acquisition date fair value of the consideration paid, identifiable assets acquired, and liabilities assumed including an amount for goodwill:</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td><font style="font-size: 8pt"><b>Consideration:</b></font></td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 89%"><font style="font-size: 8pt">Cash and cash equivalents</font></td> <td style="width: 1%; text-align: right"> </td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 8pt"> 200,000</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Common stock, 5,000 shares of ForceField common stock</font></td> <td style="padding-bottom: 1.5pt; text-align: right"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt"> 29,850</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 3pt"><font style="font-size: 8pt">Fair value of total consideration </font></td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt"> 229,850</font></td> <td style="padding-bottom: 3pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 8pt"><b>Recognized amount of identifiable assets acquired and liabilities assumed:</b></font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 8pt">Total identifiable net assets</font></td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt"> </font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 8pt">Goodwill</font></td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt"> 229,850</font></td> <td> </td></tr> </table> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The purchase consideration, allocated entirely to goodwill, is considered preliminary and subject to change upon the completion of a valuation analysis to be performed by the Company's management by December 31, 2014. The final valuation may identify certain intangible assets that could reduce the amount of recorded goodwill.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> </us-gaap:BusinessCombinationDisclosureTextBlock> | |||||||||||||||||||||
<us-gaap:IncomeTaxDisclosureTextBlock contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">As of June 30, 2014, the significant components of deferred tax assets include temporary differences in intangible assets, bad debt allowance and accrued vacation.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">As of June 30, 2014, the Company had federal, state and foreign net operating loss carryforwards aggregating approximately $9.6 million 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 2033. The federal and state net operating loss carryforwards expire at various dates through 2033. </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">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 2010 through 2013. 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.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">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 June 30, 2014 and December 31, 2013, the Company had unrecognized tax benefits of $34,895 and nil, respectively, that mainly related to state and city tax. The unrecognized tax benefit is recorded as non-current liabilities because the related payment is not anticipated within one year of the balance sheet date.</p> </us-gaap:IncomeTaxDisclosureTextBlock> | |||||||||||||||||||||
<us-gaap:DebtDisclosureTextBlock contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Convertible Debentures</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The following table summarizes the composition of the Companys convertible debentures at June 30, 2014:</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>June 30,</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>2014</b></p></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 89%"><font style="font-size: 8pt">7% Convertible debentures</font></td> <td style="width: 1%; text-align: right"> </td> <td style="width: 1%"><font style="font-size: 8pt">$</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 8pt">200,000</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 8pt">9% Convertible debentures</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">2,150,000</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Less: Loan discounts</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(262,701</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">) </font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 0.25in"><font style="font-size: 8pt">Convertible debentures, net of loan discounts</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">2,087,299</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Less: Current portion of convertible debentures, net</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">100,000</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 3pt; text-indent: 0.25in"><font style="font-size: 8pt">Noncurrent portion of convertible debentures, net</font></td> <td style="padding-bottom: 3pt; text-align: right"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">1,987,299</font></td> <td style="padding-bottom: 3pt"> </td></tr> </table> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">On October 15, 2011, the Company completed the private placement of an unsecured convertible debenture in the amount of $100,000. The debenture carries an interest rate of 9% per annum payable semi-annually in cash for a three year with a fixed conversion of $8.00 per share, or 12,500 of the Company's common stock.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">On November 16, 2012, the Company completed the private placement of an unsecured, convertible debenture in the amount of $50,000. The debenture carries an interest rate of 9% per annum, payable semiannually in cash, for a three-year term with a fixed conversion price of $5.00 per share, or 10,000 shares of the Companys common stock if converted within the first year of issuance or a fixed conversion price of $6.00 per share, or 8,333 shares of the Companys common stock if converted during the second or third year following issuance.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">During 2013, the Company completed the private placement of seven unsecured, convertible debentures for gross proceeds of $1,750,000 with six different investors. These debentures carry an interest rate of 9% per annum, payable semiannually in cash, for a three-year term with a fixed conversion price of $5.00 per share, or 350,000 shares of the Companys common stock if converted within the first year of issuance or a fixed conversion price of $6.00 per share, or 291,667 shares of the Companys common stock if converted during the second or third year following issuance. </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Additionally in 2013, the Company completed the private placement of three unsecured, convertible debentures for gross proceeds of $150,000 with three different investors. These debentures carry an interest rate of 7% per annum, payable semiannually in cash, for a three-year term with a fixed conversion price of $7.00 per share, or 21,429 shares of the Companys common stock if converted within the first year of issuance or a fixed conversion price of $9.00 per share, or 16,667 shares of the Companys common stock if converted during the second or third year following issuance.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">On January 13, 2014 and February 11, 2014, the Company completed the private placement of two unsecured, convertible debentures for gross proceeds of $300,000. The first debenture totaled $50,000 and carries an interest rate of 7% per annum, payable semiannually in cash, for a three-year term with a fixed conversion price of $7.00 per share, or 7,143 shares of the Companys common stock if converted within the first year of issuance or a fixed conversion price of $9.00 per share, or 5,556 shares of the Companys common stock if converted during the second or third year following issuance. The second debenture totaled $250,000 and carries an interest rate of 9% per annum, payable semiannually in cash, for a three-year term with a fixed conversion price of $5.00 per share, or 50,000 shares of the Companys common stock if converted within the first year of issuance or a fixed conversion price of $6.00 per share, or 41,667 shares of the Companys common stock if converted during the second or third year following issuance.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The convertible debentures were analyzed at issuance for a beneficial conversion feature and the Company concluded that a beneficial conversion feature exists. The beneficial conversion feature was measured using the commitment-date stock price and was determined to be $321,090. This amount was recorded as a debt discount and is amortized to interest expense over the term of the convertible debentures. The debt discount related to beneficial conversion feature was $262,701 as of June 30, 2014. The related amortization expense totaled $17,838 for the two month successor period ended June 30, 2014. The Company also analyzed the convertible debentures for derivative accounting consideration and determined that derivative accounting was not applicable.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Related Party Loan</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">On June 10, 2014, the ForceFields Executive Chairman loaned the Company $75,000 on an undefined term and on an interest free basis.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> </us-gaap:DebtDisclosureTextBlock> | |||||||||||||||||||||
<us-gaap:SegmentReportingDisclosureTextBlock contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The Companys operations are comprised of three reportable segments for financial reporting purposes. The LED segment includes the operations of ForceField USA Inc., ForceField Energy SA, Catalyst LEDs LLC and 17th Street ALD Management Corp., all of which are also reporting units. Collectively, these businesses sell, distribute and install energy efficient, commercial lighting products. The ORC segment includes the operations of TransPacific Energy, Inc., which is also a reporting unit. The company designs and installs proprietary modular Organic Rankine Cycle units utilizing patented multiple refrigerant mixtures to maximize heat recovery and convert waste heat directly from industrial processes, solar and geothermal, biomass converting it into electrical energy. The Corporate segment includes the operations, all of which are administrative or executive, of ForceField Energy Inc. and SunSi Energies Hong Kong Limited.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The Company utilized several criteria, including (i) the Companys organizational structure, (ii) the manner in which the Companys operations are managed, (iii) the criteria used by the Companys Chief Executive Officer, the Chief Operating Decision Maker (CODM), to evaluate segment performance and (iv) the availability of separate financial information, as a basis to identify its operating segments.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The Companys CODM reviews financial information presented on a consolidated basis, accompanied by disaggregated information by segment for purpose of evaluating financial performance.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Segment Results</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The following table sets forth operations by segment during the successor period of April 26, 2014 through June 30, 2014:</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>LED</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>ORC</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Corporate</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Consolidated</b></font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 52%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom"><font style="font-size: 8pt">Sales </font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt">992,941</font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"></font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"></font></td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt">992,941</font></td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; padding-bottom: 1.5pt"><font style="font-size: 8pt">Cost of goods sold </font></td> <td style="vertical-align: bottom; padding-bottom: 1.5pt"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid"> </td> <td style="vertical-align: top; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">723,448</font></td> <td style="vertical-align: bottom; padding-bottom: 1.5pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1.5pt"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid"> </td> <td style="vertical-align: top; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt"></font></td> <td style="vertical-align: bottom; padding-bottom: 1.5pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1.5pt"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid"> </td> <td style="vertical-align: top; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt"></font></td> <td style="vertical-align: bottom; padding-bottom: 1.5pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1.5pt"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid"> </td> <td style="vertical-align: top; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">723,448</font></td> <td style="vertical-align: bottom; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: 0.5in"><font style="font-size: 8pt">Gross margin </font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt"> 269,493</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt"> </font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt"> </font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt"> 269,493</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 8pt">Operating expenses: </font></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: 0.25in"><font style="font-size: 8pt">Depreciation and amortization </font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">28,049</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">17,589</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">517</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">46,155</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 0.25in"><font style="font-size: 8pt">Selling and marketing </font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">120,101</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt"></font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt"></font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">120,101</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: 0.25in"><font style="font-size: 8pt">General and administrative </font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">294238</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">11,885</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">341,422</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">647,545</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-indent: 0.25in"><font style="font-size: 8pt">Professional fees</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">1,282</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">3,998</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">307,952</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">313,232</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-indent: 0.5in"><font style="font-size: 8pt">Total operating expenses </font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">443,670</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">33,472</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">649,891</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">1,127,033</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 0.5in"><font style="font-size: 8pt">Loss from operations</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">(174,177</font></td> <td><font style="font-size: 8pt">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">(33,472</font></td> <td><font style="font-size: 8pt">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">(649,891</font></td> <td><font style="font-size: 8pt">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">(857,540</font></td> <td><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 8pt">Other income (expense):</font></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 0.25in"><font style="font-size: 8pt">Interest expense, net</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">5,700</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">31</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">(67,106</font></td> <td><font style="font-size: 8pt">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">(61,375</font></td> <td><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: 0.5in"><font style="font-size: 8pt">Total other income (expense)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">5,700</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">31</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">(67,106</font></td> <td><font style="font-size: 8pt">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">(61,375</font></td> <td><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 0.5in"><font style="font-size: 8pt">Loss from operations before income taxes</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">(168,477</font></td> <td><font style="font-size: 8pt">) </font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">(33,441</font></td> <td><font style="font-size: 8pt">) </font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">(716,997</font></td> <td><font style="font-size: 8pt">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">(918,915</font></td> <td><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Provision for income taxes (benefit) </font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt"></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt"></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt"></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt"></font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 3pt; text-indent: 0.5in"><font style="font-size: 8pt">Net loss</font></td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(168,477</font></td> <td style="padding-bottom: 3pt"><font style="font-size: 8pt">) </font></td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(33,441</font></td> <td style="padding-bottom: 3pt"><font style="font-size: 8pt">) </font></td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(716,997</font></td> <td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(918,915</font></td> <td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td></tr> </table> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><b><i> </i></b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Operating segments do not sell products to each other, and accordingly, there is no inter-segment revenue to be reported.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">All operations reported in the predecessor periods are attributable to the Companys LED segment.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><i> </i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Total Assets</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The following table sets forth the total assets by segment at June 30, 2014 and December 31, 2013:</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>LED</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>ORC</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Corporate</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Consolidated</b></font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 52%"><font style="font-size: 8pt">Total assets:</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 8pt">2014</font></td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">1,743,142</font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">10,012,009</font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">227,617</font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt"> 11,982,768</font></td> <td> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom"><font style="font-size: 8pt">2013</font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt">4,455,517</font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt"></font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"></font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt">4,455,517</font></td> <td style="vertical-align: bottom"> </td></tr> </table> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Goodwill, Intangible and Long-Lived Assets</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The following table sets forth the carrying amount of goodwill and intangible and long-lived assets by segment at June 30, 2014 and December 31, 2013:</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>LED</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>ORC</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Corporate</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Consolidated</b></font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 52%"><font style="font-size: 8pt">Intangible assets:</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom"><font style="font-size: 8pt">2014</font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt">494,000</font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,385,125</font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"></font></td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,879,125</font></td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom"><font style="font-size: 8pt">2013</font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"></font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt"></font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"></font></td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt"></font></td> <td style="vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 8pt">Goodwill by segment</font></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 8pt">2014</font></td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">5,722,804</font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt"></font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt"></font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">5,722,804</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 8pt">2013</font></td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt"></font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt"></font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt"></font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt"></font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 8pt">Property, plant and equipment:</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom"><font style="font-size: 8pt">2014</font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt">18,377</font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"></font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt">14,523</font></td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt">32,900</font></td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom"><font style="font-size: 8pt">2013</font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt">11,636</font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"></font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"></font></td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt">11,636</font></td> <td style="vertical-align: bottom"> </td></tr> </table> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><b><i> </i></b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Customer Concentration and Credit Risk</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">During the successor period of April 26, 2014 through June 30, 2014, the LED segment had one customer that accounted for 17.3% of revenues and another that accounted for 13.1% of accounts receivable. During the predecessor period of January 1, 2014 through April 25, 2014, the LED segment had one customer that accounted for 21.6% of revenues and another two customers that accounted for 25.1% of accounts receivable. For the six month predecessor period ended June 30, 2013, the LED segment had one customer that accounted for 35.1% of revenues and another that accounted for 23.1% of accounts receivable.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">During the successor period of April 26, 2014 through June 30, 2014, the ORC segment had one customer that accounted for 100% of accounts receivable. The ORC segment did not record any sales within during the successor period of April 26, 2014 through June 30, 2014. Furthermore, no customer sales or customer account balances were included within the predecessor periods results.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Geographic Information</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">During the successor period of April 26, 2014 through June 30, 2014, all of the Companys sales were generated within the United States with the exception of $5,141 in sales produced in Costa Rica. During the predecessor periods of April 1, 2014 through April 25, 2014 and January 1, 2014 through April 25, 2014, all of the Companys sales were made within the United States. For the three and six month predecessor periods ended June 30, 2013, all of the Companys sales were made within the United States.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> </us-gaap:SegmentReportingDisclosureTextBlock> | |||||||||||||||||||||
<us-gaap:SubsequentEventsTextBlock contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">On August 1, 2014, the Companys Executive Chairman converted the principal amount of a loan totaling $75,000 and $75,000 in unpaid compensation into 30,000 shares of the Companys common stock. The common stock was valued at $5.00 per share and is restricted for a period of one year.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">From July 1, 2014 through August 19, 2014, the Company accepted subscription agreements from investors and issued 94,250 shares of its common stock and 94,250 stock purchase warrants, and issued an additional 31,250 shares of common stock from the exercise of stock purchase warrants for gross proceeds totaling $596,250. The cost of these issuances was $49,625.</p> </us-gaap:SubsequentEventsTextBlock> | |||||||||||||||||||||
<us-gaap:DeferredTaxAssetsNetCurrent contextRef="AsOf2014-06-30_us-gaap_SuccessorMember" unitRef="USD" decimals="0"> 91654 </us-gaap:DeferredTaxAssetsNetCurrent> | |||||||||||||||||||||
<us-gaap:DeferredTaxAssetsNetCurrent contextRef="AsOf2013-12-31_us-gaap_PredecessorMember" unitRef="USD" decimals="0"> 91654 </us-gaap:DeferredTaxAssetsNetCurrent> | |||||||||||||||||||||
<us-gaap:CashAcquiredFromAcquisition contextRef="From2013-01-01to2013-06-30_us-gaap_PredecessorMember" unitRef="USD" decimals="0"> 0 </us-gaap:CashAcquiredFromAcquisition> | |||||||||||||||||||||
<us-gaap:CashAcquiredFromAcquisition contextRef="From2014-04-26to2014-06-30_us-gaap_SuccessorMember" unitRef="USD" decimals="0"> -2359313 </us-gaap:CashAcquiredFromAcquisition> | |||||||||||||||||||||
<us-gaap:CashAcquiredFromAcquisition contextRef="From2014-01-01to2014-04-25_us-gaap_PredecessorMember" unitRef="USD" decimals="0"> 0 </us-gaap:CashAcquiredFromAcquisition> | |||||||||||||||||||||
<us-gaap:InterestPaid contextRef="From2013-01-01to2013-06-30_us-gaap_PredecessorMember" unitRef="USD" decimals="0"> 104 </us-gaap:InterestPaid> | |||||||||||||||||||||
<us-gaap:InterestPaid contextRef="From2014-04-26to2014-06-30_us-gaap_SuccessorMember" unitRef="USD" decimals="0"> 14597 </us-gaap:InterestPaid> | |||||||||||||||||||||
<us-gaap:InterestPaid contextRef="From2014-01-01to2014-04-25_us-gaap_PredecessorMember" unitRef="USD" decimals="0"> 2187 </us-gaap:InterestPaid> | |||||||||||||||||||||
<us-gaap:IncomeTaxesPaid contextRef="From2013-01-01to2013-06-30_us-gaap_PredecessorMember" unitRef="USD" decimals="0"> 351069 </us-gaap:IncomeTaxesPaid> | |||||||||||||||||||||
<us-gaap:IncomeTaxesPaid contextRef="From2014-01-01to2014-04-25_us-gaap_PredecessorMember" unitRef="USD" decimals="0"> 6371 </us-gaap:IncomeTaxesPaid> | |||||||||||||||||||||
<SSIE:MandatorilyRedeemableNonconvertibleCummulativePreferredStockTextBlock contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Prior to being acquired by the Company on April 25, 2014, ALD the predecessor company was authorized to issue 1,000,000 shares of mandatorily redeemable non-convertible cumulative preferred stock ("Preferred Stock"). During 2003, the Company issued 410,000 shares of Preferred Stock, of which 294,480 had been redeemed as of December 31, 2013.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">To following are descriptions of rights and privileges of the Preferred Stock:</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Dividend provisions</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Holders of Preferred Stock were entitled to receive cumulative, preferential dividends on outstanding shares at a rate of 8%, compounded on a quarterly basis until declared and paid. Such dividends were payable in preference to any dividends for common stock declared by the ALD Board of Directors. When the preferred stock dividends were not declared or paid, the 8% preferential dividend was accreted and added to the value of the Preferred Stock. During the year ended December 31, 2013, the Company accreted and paid/declared dividends of $139,436 and $278,605, respectively.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Voting rights</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Preferred Stock carried no voting rights, except the stockholders had the right to vote for each share on matters of amending the Certificate of Incorporation regarding Preferred Stock rights or the issuance of additional in-parity or senior shares.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Redemption feature</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The terms of the Preferred Stock required that the Company redeem, and the holders of the outstanding Preferred Stock shall sell to the Company, outstanding Preferred Stock for an amount per share equal to the Preferred Stock stated value plus any unpaid cumulative dividends earned. In the event that the Company has "Net Cash Flow" (an amount calculated as 56.25% of the Company's net income, after provision for income taxes at an assumed annual rate of 43.84%, plus depreciation, plus amortization, plus any negative change in working capital, less any positive change in working capital, and less capital expenditures), mandatory redemption on a pro rata basis must be made annually, within 90 days of the Company's fiscal year end (each, a "Mandatory Redemption Date"), until all of the shares of Preferred Stock issued and outstanding had been redeemed. During the years ended December 31, 2013 ALD redeemed shares with a total value of $1,944,582. Under the Preferred Stock terms, the redemption represented a liability of ALD. At December 31, 2013 ALD has recorded a liability of $1,209,891.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">On April 25, 2014, concurrent with the closing of the ALD acquisition, all obligations related to the mandatorily redeemable non-convertible cumulative preferred stock were satisfied in full.</p> </SSIE:MandatorilyRedeemableNonconvertibleCummulativePreferredStockTextBlock> | |||||||||||||||||||||
<SSIE:PredecessorAndSuccessorReporting contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Predecessor and Successor Reporting</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The ALD transaction was accounted for under purchase accounting. ALD is deemed the Predecessor and ForceField is the Successor for the purpose of financial reporting under the rules of the Securities and Exchange Commission (SEC). The assets and liabilities of ALD were provisionally recorded at their respective fair values as of the acquisition date. Fair value adjustments related to the transaction have been reflected in the books of ForceField, resulting in assets and liabilities of the Company being recorded at fair value at April 25, 2014. Therefore the Companys financial information prior to the transaction is not comparable to its financial information subsequent to the transaction.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">As a result of the impact of pushdown accounting, the financial statements and certain note presentations separate the Companys presentations into two distinct periods, the period before the consummation of the transaction (labeled Predecessor) and the period after that date (labeled Successor), to indicate the application of a different basis of accounting between the periods presented.</p> </SSIE:PredecessorAndSuccessorReporting> | |||||||||||||||||||||
<SSIE:ManagementsRepresentationOfInterimFinancialStatementsPolicyTextBlock contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Managements Representation of Interim Financial Statements</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The accompanying unaudited consolidated financial statements have been prepared by the Company without audit pursuant to the rules and regulations of the SEC. Certain information and disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted as allowed by such rules and regulations, and management believes that the disclosures are adequate to make the information presented not misleading. These consolidated financial statements include all of the adjustments, which in the opinion of management are necessary to a fair presentation of financial position and results of operations. All such adjustments are of a normal and recurring nature. Interim results are not necessarily indicative of results for a full year. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements at December 31, 2013 as presented in the Companys Annual Report on Form 10-K filed on April 15, 2014 with the Securities and Exchange Commission and with the audited financial statements for American Lighting as of December 31, 2013 as presented in Exhibit 99.1 on the Companys Form 8-K/A filed on July 11, 2014 with the Securities and Exchange Commission. </p> </SSIE:ManagementsRepresentationOfInterimFinancialStatementsPolicyTextBlock> | |||||||||||||||||||||
<us-gaap:UseOfEstimates contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Use of Estimates</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company continually evaluates its estimates, including but not limited to the allowance for doubtful accounts, the useful lives and impairment for property, plant and equipment, goodwill and acquired intangible assets, write-down in value of inventory and deferred income taxes. The Company bases its estimates on historical experience, known or expected trends and various other assumptions that are believed to be reasonable given the quality of information available as of the date of these financial statements. The results of these assumptions provide the basis for making estimates about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates.</p> </us-gaap:UseOfEstimates> | |||||||||||||||||||||
<us-gaap:RevenueRecognitionAllowances contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Revenue recognition</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The Company recognizes revenue from both direct customer sales and rebates from utility companies. Revenue is recognized once the Company has established that (i) there is evidence of an arrangement; (ii) delivery has occurred and the performance obligation is substantially complete; (iii) the fee is fixed or determinable; and (iv) collection is probable, which typically occurs at the completion of each energy-efficient lighting retrofit. The Company also recognizes revenues on rebates from utilities upon completion of each energy-efficient lighting retrofit. Certain utility rebate revenue is subject to refund rights in case specified energy savings are not met. The Company assesses each retrofit subject to refund rights to determine if the projected energy savings are likely to be met. As of June 30, 2014 and December 31, 2013, there were no retrofit jobs subject to this refund right which were not expected to meet the specified energy savings.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The utilities providing the retrofit rebate, at their discretion, can audit the Company's customer installations prior to payment. These audits often result in "sales adjustments" to the rebate, which are netted against revenues. In 2014 and 2013, a reserve for sales adjustments was recorded based on current year sales and historical adjustment amounts and are reflected in accounts receivable and revenue.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> </us-gaap:RevenueRecognitionAllowances> | |||||||||||||||||||||
<us-gaap:PropertyPlantAndEquipmentPolicyTextBlock contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Property and equipment</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Property and equipment are stated at historical cost less accumulated depreciation. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts, and any resulting gain or loss is credited or charged to income. Maintenance and minor replacements are charged to expense as incurred. The Company provides for depreciation using the straight-line method over the estimated useful lives of the assets as follows:</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: top; background-color: #CCEEFF"> <td style="width: 50%"><font style="font-size: 8pt">Computers and equipment</font></td> <td style="width: 50%"><font style="font-size: 8pt">3 years</font></td></tr> <tr style="vertical-align: top; background-color: white"> <td><font style="font-size: 8pt">Furniture and fixtures</font></td> <td><font style="font-size: 8pt">5 years</font></td></tr> <tr style="vertical-align: top; background-color: #CCEEFF"> <td><font style="font-size: 8pt">Leasehold improvements</font></td> <td><font style="font-size: 8pt">Lesser of economic life or lease term</font></td></tr> </table> </us-gaap:PropertyPlantAndEquipmentPolicyTextBlock> | |||||||||||||||||||||
<us-gaap:Reclassifications contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Reclassifications</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">Certain prior year amounts have been reclassified to conform to the current period presentation. These reclassifications had no impact on net earnings and financial position.</p> </us-gaap:Reclassifications> | |||||||||||||||||||||
<us-gaap:StockholdersEquityNoteDisclosureTextBlock contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Preferred Stock</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">ForceField is authorized to issue 12,500,000 shares of preferred stock at a par value of $0.001. No shares of preferred stock were issued and outstanding as of either June 30, 2014 or December 31, 2013.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Common Stock</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">ForceField is authorized to issue 37,500,000 shares of common stock at a par value of $0.001 and had 17,558,169 shares of common stock, net of treasury shares issued and outstanding as of June 30, 2014.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Common Stock Held in Treasury at Cost</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">On February 19, 2014, the Company reacquired 1,462,097 shares of its common stock in the divestiture of the 60% equity investment in its former China based subsidiary, Wendeng He Xie Silicon Co., Ltd. The common stock is held in treasury by the Company.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Common Stock Issued in Private Placements</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">During the six month period ended June 30, 2014, the Company accepted subscription agreements from investors and issued 200,000 shares of its common stock and 200,000 stock purchase warrants, and issued an additional 16,500 shares of common stock from the exercise of stock purchase warrants for gross proceeds totaling $1,041,000. The cost of these issuances was $104,100.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Common Stock Issued in Exchange for Services</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">During the six month period ended June 30, 2014, the Company issued 525 shares of its common stock valued at $2,955 for promotional activities and 2,000 shares of its common stock valued at $10,680 for investor relations services. Additionally, the Company issued 6,432 shares of its common stock valued at $36,000 to its three independent directors in accordance with their board compensation agreements. Lastly, the Company issued 5,000 of its common stock valued at $26,300 to an employee as compensation. Each of these share issuances were valued based upon the closing trading share price of the Companys common stock on their respective dates of award.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><i> </i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Common Stock Issued in the Acquisition of a Business</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">In connection with the acquisition of the assets of Catalyst LED's LLC in February 2014 the Company issued 5,000 shares of restricted common stock valued at $5.97 per share or $29,850 in value.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">In connection with the acquisition of the ALD in April 2014, the Company issued 289,529 shares of restricted common stock valued at $5.72 per share or $1,656,106 in value.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"><i><u>Stock Purchase Warrants</u></i></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The following table reflects all outstanding and exercisable warrants at June 30, 2014. All stock warrants are exercisable for a period of one year from the date of issuance.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Number of</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Warrants</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Outstanding</b></p></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Weighted Average</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Exercise Price</b></p></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid"> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Average Remaining</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Contractual</b></p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><b>Life (Years)</b></p></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 67%"><font style="font-size: 8pt">Balance, April 25, 2014</font></td> <td style="width: 1%; text-align: right"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right"><font style="font-size: 8pt">912,778</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"><font style="font-size: 8pt"> $</font></td> <td style="width: 8%; text-align: right"><font style="font-size: 8pt">4.18</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 8%; text-align: right"><font style="font-size: 8pt">0.63</font></td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 8pt">Warrants issued</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">32,222</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt"> 4.66</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt"> </font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 8pt">Warrants exercised</font></td> <td style="text-align: right"> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">(</font></td> <td><font style="font-size: 8pt">)</font></td> <td> </td> <td><font style="font-size: 8pt"> $</font></td> <td style="text-align: right"><font style="font-size: 8pt"></font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt"> </font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Warrants expired</font></td> <td style="padding-bottom: 1.5pt; text-align: right"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">(25,000</font></td> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">) </font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">4.00</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt"> </font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 3pt"><font style="font-size: 8pt">Balance June 30, 2014</font></td> <td style="padding-bottom: 3pt; text-align: right"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">920,000</font></td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt"> $</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">4.19</font></td> <td style="padding-bottom: 3pt"> </td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 2.25pt double"> </td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">0.48</font></td> <td style="padding-bottom: 3pt"> </td></tr> </table> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0">The remaining contractual life of the warrants outstanding as of June 30, 2014 ranges from 0.07 to 1.00 years.</p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0"> </p> <p style="font: 8pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"> </p> </us-gaap:StockholdersEquityNoteDisclosureTextBlock> | |||||||||||||||||||||
<us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock contextRef="From2014-01-01to2014-06-30"> <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>LED</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>ORC</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Corporate</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Consolidated</b></font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 52%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom"><font style="font-size: 8pt">Sales </font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt">992,941</font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"></font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"></font></td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt">992,941</font></td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom; padding-bottom: 1.5pt"><font style="font-size: 8pt">Cost of goods sold </font></td> <td style="vertical-align: bottom; padding-bottom: 1.5pt"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid"> </td> <td style="vertical-align: top; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">723,448</font></td> <td style="vertical-align: bottom; padding-bottom: 1.5pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1.5pt"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid"> </td> <td style="vertical-align: top; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt"></font></td> <td style="vertical-align: bottom; padding-bottom: 1.5pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1.5pt"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid"> </td> <td style="vertical-align: top; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt"></font></td> <td style="vertical-align: bottom; padding-bottom: 1.5pt"> </td> <td style="vertical-align: bottom; padding-bottom: 1.5pt"> </td> <td style="vertical-align: bottom; border-bottom: black 1.5pt solid"> </td> <td style="vertical-align: top; border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">723,448</font></td> <td style="vertical-align: bottom; padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: 0.5in"><font style="font-size: 8pt">Gross margin </font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt"> 269,493</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt"> </font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt"> </font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt"> 269,493</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 8pt">Operating expenses: </font></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: 0.25in"><font style="font-size: 8pt">Depreciation and amortization </font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">28,049</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">17,589</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">517</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">46,155</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 0.25in"><font style="font-size: 8pt">Selling and marketing </font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">120,101</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt"></font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt"></font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">120,101</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: 0.25in"><font style="font-size: 8pt">General and administrative </font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">294238</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">11,885</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">341,422</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">647,545</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 1.5pt; text-indent: 0.25in"><font style="font-size: 8pt">Professional fees</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">1,282</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">3,998</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">307,952</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">313,232</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt; text-indent: 0.5in"><font style="font-size: 8pt">Total operating expenses </font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">443,670</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">33,472</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">649,891</font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt">1,127,033</font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 0.5in"><font style="font-size: 8pt">Loss from operations</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">(174,177</font></td> <td><font style="font-size: 8pt">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">(33,472</font></td> <td><font style="font-size: 8pt">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">(649,891</font></td> <td><font style="font-size: 8pt">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">(857,540</font></td> <td><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 8pt">Other income (expense):</font></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 0.25in"><font style="font-size: 8pt">Interest expense, net</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">5,700</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">31</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">(67,106</font></td> <td><font style="font-size: 8pt">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">(61,375</font></td> <td><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-indent: 0.5in"><font style="font-size: 8pt">Total other income (expense)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">5,700</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">31</font></td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">(67,106</font></td> <td><font style="font-size: 8pt">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">(61,375</font></td> <td><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-indent: 0.5in"><font style="font-size: 8pt">Loss from operations before income taxes</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">(168,477</font></td> <td><font style="font-size: 8pt">) </font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">(33,441</font></td> <td><font style="font-size: 8pt">) </font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">(716,997</font></td> <td><font style="font-size: 8pt">)</font></td> <td> </td> <td> </td> <td style="text-align: right"><font style="font-size: 8pt">(918,915</font></td> <td><font style="font-size: 8pt">)</font></td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="padding-bottom: 1.5pt"><font style="font-size: 8pt">Provision for income taxes (benefit) </font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt"></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt"></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt"></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right"><font style="font-size: 8pt"></font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="padding-bottom: 3pt; text-indent: 0.5in"><font style="font-size: 8pt">Net loss</font></td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(168,477</font></td> <td style="padding-bottom: 3pt"><font style="font-size: 8pt">) </font></td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(33,441</font></td> <td style="padding-bottom: 3pt"><font style="font-size: 8pt">) </font></td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(716,997</font></td> <td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td> <td style="padding-bottom: 3pt"> </td> <td style="border-bottom: black 2.25pt double"><font style="font-size: 8pt">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right"><font style="font-size: 8pt">(918,915</font></td> <td style="padding-bottom: 3pt"><font style="font-size: 8pt">)</font></td></tr> </table> </us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock> | |||||||||||||||||||||
<us-gaap:ScheduleOfIndefiniteLivedIntangibleAssetsTableTextBlock contextRef="From2014-01-01to2014-06-30"> <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>LED</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>ORC</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Corporate</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Consolidated</b></font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 52%"><font style="font-size: 8pt">Total assets:</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 8pt">2014</font></td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">1,743,142</font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">10,012,009</font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">227,617</font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt"> 11,982,768</font></td> <td> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom"><font style="font-size: 8pt">2013</font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt">4,455,517</font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt"></font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"></font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt">4,455,517</font></td> <td style="vertical-align: bottom"> </td></tr> </table> </us-gaap:ScheduleOfIndefiniteLivedIntangibleAssetsTableTextBlock> | |||||||||||||||||||||
<SSIE:GoodwillIntangibleLongLivedAssetsSegmentScheduleTextBlock contextRef="From2014-01-01to2014-06-30"> <table cellspacing="0" cellpadding="0" style="font: 8pt Times New Roman, Times, Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>LED</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>ORC</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Corporate</b></font></td> <td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center"><font style="font-size: 8pt"><b>Consolidated</b></font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td> <td> </td> <td colspan="2"> </td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="width: 52%"><font style="font-size: 8pt">Intangible assets:</font></td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 1%"> </td> <td style="width: 9%"> </td> <td style="width: 1%"> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom"><font style="font-size: 8pt">2014</font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt">494,000</font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,385,125</font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"></font></td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt">1,879,125</font></td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom"><font style="font-size: 8pt">2013</font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"></font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt"></font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"></font></td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: bottom; text-align: right"><font style="font-size: 8pt"></font></td> <td style="vertical-align: bottom"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 8pt">Goodwill by segment</font></td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 8pt">2014</font></td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">5,722,804</font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt"></font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt"></font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt">5,722,804</font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td><font style="font-size: 8pt">2013</font></td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt"></font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt"></font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt"></font></td> <td> </td> <td> </td> <td><font style="font-size: 8pt">$</font></td> <td style="text-align: right"><font style="font-size: 8pt"></font></td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td><font style="font-size: 8pt">Property, plant and equipment:</font></td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td style="text-align: right"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="background-color: #CCEEFF"> <td style="vertical-align: bottom"><font style="font-size: 8pt">2014</font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt">18,377</font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"></font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt">14,523</font></td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt">32,900</font></td> <td style="vertical-align: bottom"> </td></tr> <tr style="background-color: white"> <td style="vertical-align: bottom"><font style="font-size: 8pt">2013</font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt">11,636</font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"></font></td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt"></font></td> <td style="vertical-align: bottom; text-align: right"> </td> <td style="vertical-align: bottom"> </td> <td style="vertical-align: bottom"><font style="font-size: 8pt">$</font></td> <td style="vertical-align: top; text-align: right"><font style="font-size: 8pt">11,636</font></td> <td style="vertical-align: bottom"> </td></tr> </table> </SSIE:GoodwillIntangibleLongLivedAssetsSegmentScheduleTextBlock> | |||||||||||||||||||||
<SSIE:ConvertibleDebenturesSevenPercent contextRef="AsOf2014-06-30" unitRef="USD" decimals="0"> 200000 </SSIE:ConvertibleDebenturesSevenPercent> | |||||||||||||||||||||
<us-gaap:DebtInstrumentUnamortizedDiscountPremiumNet contextRef="AsOf2014-06-30" unitRef="USD" decimals="0"> -262701 </us-gaap:DebtInstrumentUnamortizedDiscountPremiumNet> | |||||||||||||||||||||
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="AsOf2014-06-30_WarrantMember" unitRef="Shares" decimals="INF"> 920000 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber> | |||||||||||||||||||||
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber contextRef="AsOf2014-04-25_us-gaap_WarrantMember" unitRef="Shares" decimals="INF"> 912778 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber> | |||||||||||||||||||||
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross contextRef="From2014-04-26to2014-06-30_us-gaap_WarrantMember" unitRef="Shares" decimals="INF"> 32222 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross> | |||||||||||||||||||||
<us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised contextRef="From2014-04-26to2014-06-30_us-gaap_WarrantMember" unitRef="Shares" decimals="INF"> 0 </us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised> | |||||||||||||||||||||
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice contextRef="From2014-04-26to2014-06-30_us-gaap_WarrantMember" unitRef="USDPShares" xsi:nil="true"/> | |||||||||||||||||||||
<us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice contextRef="From2014-04-26to2014-06-30_us-gaap_WarrantMember" unitRef="USDPShares" decimals="INF"> 4.66 </us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice> | |||||||||||||||||||||
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="AsOf2014-06-30_WarrantMember" unitRef="USDPShares" decimals="INF"> 4.19 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice> | |||||||||||||||||||||
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice contextRef="AsOf2014-04-25_us-gaap_WarrantMember" unitRef="USDPShares" decimals="INF"> 4.18 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice> | |||||||||||||||||||||
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice contextRef="From2014-04-26to2014-06-30_us-gaap_WarrantMember" unitRef="USDPShares" decimals="INF"> 4 </us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice> | |||||||||||||||||||||
<SSIE:WarrantsOutstandingRemainingContractualLifeBeginning contextRef="From2014-04-26to2014-06-30_us-gaap_WarrantMember"> P7M17D </SSIE:WarrantsOutstandingRemainingContractualLifeBeginning> | |||||||||||||||||||||
<us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1 contextRef="From2014-04-26to2014-06-30_us-gaap_WarrantMember"> P5M23D </us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1> | |||||||||||||||||||||
<us-gaap:ScheduleOfGoodwillTextBlock contextRef="From2014-01-01to2014-06-30"> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> <table cellspacing="0" cellpadding="0" style="font: 8pt Calibri, Helvetica, Sans-Serif; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: justify; line-height: 107%"> </td> <td style="text-align: justify; line-height: 107%"> </td> <td colspan="2" style="border-bottom: black 1.5pt solid; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif"><b>June 30, 2014</b></font></td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: justify; line-height: 107%"> </td> <td style="text-align: justify; line-height: 107%"> </td> <td colspan="2" style="text-align: justify; line-height: 107%"> </td> <td style="text-align: justify; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="width: 87%; text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Goodwill American Lighting</font></td> <td style="width: 1%; text-align: justify; line-height: 107%"> </td> <td style="width: 1%; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="width: 10%; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">5,492,954</font></td> <td style="width: 1%; text-align: justify; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: white"> <td style="text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Goodwill Catalyst LEDs</font></td> <td style="text-align: justify; line-height: 107%"> </td> <td style="border-bottom: black 1.5pt solid"> </td> <td style="border-bottom: black 1.5pt solid; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">229,850</font></td> <td style="text-align: justify; line-height: 107%"> </td></tr> <tr style="vertical-align: bottom; background-color: #CCEEFF"> <td style="text-align: justify; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">Total</font></td> <td style="text-align: justify; line-height: 107%"> </td> <td style="border-bottom: black 2.25pt double; text-align: center; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">$</font></td> <td style="border-bottom: black 2.25pt double; text-align: right; line-height: 107%"><font style="font: 8pt Times New Roman, Times, Serif">5,722,804</font></td> <td style="text-align: justify; line-height: 107%"> </td></tr> </table> <p style="font: 8pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"> </p> </us-gaap:ScheduleOfGoodwillTextBlock> | |||||||||||||||||||||
<us-gaap:OperatingIncomeLoss contextRef="From2014-04-26to2014-06-30_custom_OrganicRankineCycleMember" unitRef="USD" decimals="0"> -33472 </us-gaap:OperatingIncomeLoss> | |||||||||||||||||||||
<us-gaap:OperatingIncomeLoss contextRef="From2014-04-26to2014-06-30_custom_LedMember" unitRef="USD" decimals="0"> -174177 </us-gaap:OperatingIncomeLoss> | |||||||||||||||||||||
<us-gaap:OperatingIncomeLoss contextRef="From2014-04-26to2014-06-30_us-gaap_CorporateMember" unitRef="USD" decimals="0"> -649891 </us-gaap:OperatingIncomeLoss> | |||||||||||||||||||||
<us-gaap:OperatingIncomeLoss contextRef="From2014-04-26to2014-06-30_us-gaap_ConsolidatedEntitiesMember" unitRef="USD" decimals="0"> -857540 </us-gaap:OperatingIncomeLoss> | |||||||||||||||||||||
<us-gaap:InterestExpense contextRef="From2014-04-26to2014-06-30_custom_OrganicRankineCycleMember" unitRef="USD" decimals="0"> 31 </us-gaap:InterestExpense> | |||||||||||||||||||||
<us-gaap:InterestExpense contextRef="From2014-04-26to2014-06-30_custom_LedMember" unitRef="USD" decimals="0"> 5700 </us-gaap:InterestExpense> | |||||||||||||||||||||
<us-gaap:InterestExpense contextRef="From2014-04-26to2014-06-30_us-gaap_CorporateMember" unitRef="USD" decimals="0"> -67106 </us-gaap:InterestExpense> | |||||||||||||||||||||
<us-gaap:InterestExpense contextRef="From2014-04-26to2014-06-30_us-gaap_ConsolidatedEntitiesMember" unitRef="USD" decimals="0"> -61375 </us-gaap:InterestExpense> | |||||||||||||||||||||
</xbrli:xbrl> |