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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 6/18/15 ForceField Energy Inc. 10-Q 3/31/15 58:4.6M Issuer Direct/FA |
Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 483K 2: EX-31.1 Certification -- §302 - SOA'02 HTML 23K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 23K 4: EX-32.1 Cerfification HTML 20K 38: R1 Document and Entity Information HTML 44K 29: R2 Consolidated Balance Sheets (Unaudited) HTML 154K 36: R3 Consolidated Balance Sheets (Unaudited) HTML 45K (Parenthetical) 40: R4 Consolidated Statements of Operations and HTML 131K Comprehensive Loss (Unaudited) 53: R5 Consolidated Statements of Cash Flows (Unaudited) HTML 189K 30: R6 1. Nature of Operations HTML 22K 35: R7 2. Summary of Significant Accounting Policies HTML 57K 26: R8 3. Accounts Receivable, Net HTML 29K 18: R9 4. Prepaid Expenses and Other Current Assets HTML 26K 54: R10 5. Property and Equipment HTML 34K 42: R11 6. Business Divestiture HTML 40K 41: R12 7. Goodwill and Intangible Assets, Net HTML 91K 46: R13 8. Related Party Payables HTML 20K 47: R14 9. Debt HTML 67K 45: R15 10. Stockholders' Equity HTML 53K 48: R16 11. Commitments and Contingencies HTML 30K 37: R17 12. Subsequent Events HTML 32K 39: R18 2. Summary of Significant Accounting Policies HTML 88K (Policies) 44: R19 2. Summary of Significant Accounting Policies HTML 30K (Tables) 58: R20 3. Accounts Receivable, Net (Tables) HTML 25K 50: R21 4. Prepaid Expenses and Other Current Assets HTML 25K (Tables) 32: R22 5. Property and Equipment (Tables) HTML 31K 43: R23 6. Business Divestiture (Tables) HTML 35K 34: R24 7. Goodwill and Intangible Assets (Tables) HTML 81K 15: R25 9. Debt (Tables) HTML 42K 51: R26 10. Stockholders' Equity (Tables) HTML 31K 55: R27 2. Summary of Significant Accounting Policies HTML 24K (Details) 22: R28 2. Summary of Significant Accounting Policies HTML 25K (Details 1) 21: R29 2. Summary of Significant Accounting Policies HTML 22K (Details Narrative) 24: R30 3. Accounts Receivable, Net (Details) HTML 36K 25: R31 3. Accounts Receivable, Net (Details Narrative) HTML 40K 27: R32 4. Prepaid Expenses and Other Current Assets HTML 35K (Details) 13: R33 5. Property and Equipment (Details) HTML 50K 49: R34 5. Property and Equipment (Details Narrative) HTML 22K 31: R35 6. Business Divestiture (Details) HTML 69K 33: R36 7. Goodwill and Intangible Assets, Net (Details) HTML 24K 17: R37 7. Goodwill and Intangible Assets, Net (Details 1) HTML 81K 57: R38 7. Goodwill and Intangible Assets, Net (Details HTML 32K Narrative) 11: R39 8. Related Party Payables (Details) HTML 28K 28: R40 9. Debt (Details) HTML 35K 52: R41 9. Debt (Details 1) HTML 29K 16: R42 9. Debt (Details Narative) HTML 50K 20: R43 10. Stockholders' Equity (Details) HTML 45K 23: R44 10. Stockholders' Equity (Details Narrative) HTML 74K 56: XML IDEA XML File -- Filing Summary XML 81K 12: EXCEL IDEA Workbook of Financial Reports XLSX 118K 19: EXCEL IDEA Workbook of Financial Reports (.xls) XLS 581K 5: EX-101.INS XBRL Instance -- ssie-20150331 XML 839K 7: EX-101.CAL XBRL Calculations -- ssie-20150331_cal XML 153K 8: EX-101.DEF XBRL Definitions -- ssie-20150331_def XML 360K 9: EX-101.LAB XBRL Labels -- ssie-20150331_lab XML 763K 10: EX-101.PRE XBRL Presentations -- ssie-20150331_pre XML 520K 6: EX-101.SCH XBRL Schema -- ssie-20150331 XSD 129K 14: ZIP XBRL Zipped Folder -- 0001354488-15-003058-xbrl Zip 102K
þ
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Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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o
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Transition Report pursuant to 13 or 15(d) of the Securities Exchange Act of 1934
|
Nevada
|
20-8584329
|
|
(State or other jurisdiction of incorporation or organization)
|
(IRS Employer Identification No.)
|
245 Park Avenue, 39th Floor
|
||
(Address of principal executive offices)
|
(Zip Code)
|
Large accelerated filer
|
o
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Accelerated filer
|
o
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Non-Accelerated filer
|
o
|
Smaller reporting company
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þ
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Page
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3
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4
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11
|
|||
11
|
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PART II – OTHER INFORMATION
|
|||
12
|
|||
12
|
|||
14
|
|||
14
|
|||
14
|
|||
15
|
|||
15
|
F-1
|
Consolidated Balance Sheets (Successor) as of March 31, 2015 (Unaudited) and December 31, 2014
|
F-2
|
Interim Unaudited Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended March 31, 2015 (Successor) and the Three Months Ended March 31, 2014 (Predecessor)
|
F-3
|
Interim Unaudited Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2015 (Successor) and the Three Months Ended March 31, 2014 (Predecessor)
|
F-4
|
Notes to Interim Unaudited Consolidated Financial Statements
|
March 31,
|
||||||||
2014
|
||||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
1,504,646
|
$
|
771,206
|
||||
Accounts receivable, net
|
3,310,417
|
4,519,589
|
||||||
Costs and estimated earnings in excess of billings on uncompleted contracts
|
618,763
|
652,007
|
||||||
Inventory, net
|
578,471
|
431,585
|
||||||
Prepaid expenses and other current assets
|
285,160
|
487,396
|
||||||
Total current assets
|
6,297,457
|
6,861,783
|
||||||
Accounts receivable, net — noncurrent
|
23,423
|
33,093
|
||||||
Property and equipment, net
|
160,259
|
167,831
|
||||||
Goodwill
|
5,394,647
|
12,388,431
|
||||||
Intangible assets, net
|
4,446,291
|
7,976,980
|
||||||
Other assets
|
104,061
|
185,902
|
||||||
Total assets
|
$
|
16,426,138
|
$
|
27,614,020
|
||||
LIABILITIES AND EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
1,271,901
|
$
|
2,017,698
|
||||
Accrued liabilities
|
1,295,537
|
1,517,258
|
||||||
Billings in excess of costs and estimated earnings on uncompleted contracts
|
95,743
|
1,045,687
|
||||||
Convertible debentures, net — current
|
1,360,000
|
50,000
|
||||||
Loans payable — current
|
142,304
|
142,644
|
||||||
Senior secured promissory notes, net — current
|
1,155,355
|
2,243,358
|
||||||
Related party payables
|
487,500
|
507,500
|
||||||
Income taxes payable
|
5,808
|
27,902
|
||||||
Total current liabilities
|
5,814,148
|
7,552,047
|
||||||
Convertible debentures, net of loan discounts
|
2,191,598
|
2,949,666
|
||||||
Loans payable
|
7,589
|
10,384
|
||||||
Senior secured promissory notes, net of loan discounts
|
2,012,141
|
1,998,479
|
||||||
Deferred tax liabilities, net — noncurrent
|
1,288,400
|
1,954,848
|
||||||
Contingent purchase consideration
|
641,000
|
3,326,000
|
||||||
Other noncurrent liabilities
|
492,712
|
492,712
|
||||||
Total liabilities
|
12,447,588
|
18,284,136
|
||||||
Commitments and contingencies
|
—
|
—
|
||||||
Equity:
|
||||||||
ForceField Energy Inc. stockholders' equity:
|
||||||||
Preferred stock, $0.001 par value. 12,500,000 shares authorized; zero shares issued and outstanding
|
—
|
—
|
||||||
Common stock, $0.001 par value. 37,500,000 shares authorized; 19,933,691 and 19,200,005 shares issued and 18,216,243 and 17,737,908 shares outstanding as of March 31, 2015 and December 31, 2014, respectively
|
19,934
|
19,200
|
||||||
Common stock held in treasury, at cost, 1,717,448 and 1,462,097 shares held at March 31, 2015 and December 31, 2014
|
(1,935,423
|
)
|
(1,166,071
|
)
|
||||
Additional paid-in capital
|
31,488,614
|
27,132,299
|
||||||
Accumulated deficit
|
(25,605,845
|
)
|
(16,767,876
|
)
|
||||
Accumulated other comprehensive income
|
11,270
|
12,573
|
||||||
Total ForceField Energy Inc. stockholders' equity
|
3,978,550
|
9,230,125
|
||||||
Noncontrolling interests
|
—
|
99,759
|
||||||
Total equity
|
3,978,550
|
9,329,884
|
||||||
Total liabilities and equity
|
$
|
16,426,138
|
$
|
27,614,020
|
Successor
|
Predecessor
|
|||||||
Three-Month
Period Ended
March 31,
|
Three-Month
Period Ended
|
|||||||
2014
|
||||||||
Sales
|
$
|
2,852,857
|
$
|
1,300,775
|
||||
Cost of goods sold
|
2,106,414
|
875,636
|
||||||
Gross margin
|
746,443
|
425,139
|
||||||
Operating expenses:
|
||||||||
Depreciation and amortization
|
344,138
|
2,521
|
||||||
Selling and marketing
|
167,863
|
154,492
|
||||||
General and administrative
|
1,436,313
|
350,448
|
||||||
Professional fees
|
256,858
|
245
|
||||||
Impairment of goodwill and intangible assets
|
9,156,190
|
—
|
||||||
Total operating expenses
|
11,361,362
|
507,706
|
||||||
Loss from operations
|
(10,614,919
|
)
|
(82,567
|
)
|
||||
Other income (expense)
|
||||||||
Interest income (expense), net
|
(612,267
|
)
|
5,054
|
|||||
Loss on settlement of debt
|
(733,414
|
)
|
||||||
Other gains (losses)
|
2,685,000
|
—
|
||||||
Total other income
|
1,339,319
|
5,054
|
||||||
Loss before income taxes
|
(9,275,600
|
)
|
(77,513
|
)
|
||||
Provision for income taxes (benefit)
|
(431,244
|
)
|
1,775
|
|||||
Net loss
|
(8,844,356
|
)
|
(79,288
|
)
|
||||
Less: Accretion of preferred stock
|
—
|
24,197
|
||||||
Less: Net loss attributable to noncontrolling interests
|
(6,387
|
)
|
—
|
|||||
Net loss attributable to ForceField Energy Inc. stockholders
|
$
|
(8,837,969
|
)
|
$
|
(103,485
|
)
|
||
Basic loss per common share attributable to ForceField Energy Inc. common stockholders:
|
$
|
(0.48
|
)
|
$
|
(0.08
|
)
|
||
Diluted loss per common share attributable to ForceField Energy Inc. common stockholders:
|
$
|
(0.48
|
)
|
$
|
(0.08
|
)
|
||
Weighted-average number of common shares outstanding:
|
||||||||
Basic and diluted
|
18,265,723
|
1,252,403
|
||||||
Comprehensive loss:
|
||||||||
Net loss
|
$
|
(8,844,356
|
)
|
$
|
(79,288
|
)
|
||
Foreign currency translation adjustment
|
(1,303
|
)
|
—
|
|||||
Comprehensive loss
|
(8,845,659
|
)
|
(79,288
|
)
|
||||
Comprehensive loss attributable to noncontrolling interests
|
(6,387
|
)
|
—
|
|||||
Comprehensive loss attributable to ForceField Energy Inc. common stockholders
|
$
|
(8,839,272
|
)
|
$
|
(79,288
|
)
|
Successor
|
Predecessor
|
|||||||
Three-Month
Period Ended
March 31,
|
Three-Month
Period Ended
|
|||||||
2014
|
||||||||
Cash flows from operating activities:
|
||||||||
Net loss
|
$
|
(8,844,356
|
)
|
$
|
(79,288
|
)
|
||
Adjustments to reconcile net loss to cash used in operating activities:
|
||||||||
Depreciation and amortization
|
344,138
|
2,521
|
||||||
Amortization of debt discount
|
277,377
|
—
|
||||||
Amortization of deferred financing costs
|
59,847
|
—
|
||||||
Recovery of doubtful accounts
|
(9,299
|
)
|
(17,188
|
)
|
||||
Common stock issued for financing costs
|
116,659
|
—
|
||||||
Common stock issued in exchange for fees and services
|
12,880
|
—
|
||||||
Deferred taxes
|
(416,206
|
)
|
—
|
|||||
Impairment of goodwill and intangible assets
|
9,156,190
|
—
|
||||||
Loss on settlement of debt
|
733,414
|
—
|
||||||
Unrealized gain on change in fair value of contingent consideration
|
(2,685,000
|
)
|
—
|
|||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
1,228,364
|
668,970
|
||||||
Costs and estimated earnings in excess of billings on uncompleted contracts
|
33,244
|
—
|
||||||
Inventory
|
(144,248
|
)
|
(56,691
|
)
|
||||
Prepaid expenses and other current assets
|
(76,991
|
)
|
(46,312
|
)
|
||||
Other assets
|
(28,000
|
)
|
—
|
|||||
Accounts payable
|
(729,542
|
)
|
(313,477
|
)
|
||||
Accrued liabilities
|
(138,011
|
)
|
(68,002
|
)
|
||||
Billings in excess of costs and estimated earnings on uncompleted contracts
|
(764,117
|
)
|
—
|
|||||
Income taxes payable and other noncurrent liabilities
|
(21,294
|
)
|
(2,125
|
)
|
||||
Net cash provided by (used in) operating activities
|
(1,894,951
|
)
|
88,408
|
|||||
Cash flows from investing activities:
|
||||||||
Cash paid in divestment of business, net of cash acquired
|
(17,053
|
)
|
—
|
|||||
Purchase of fixed assets
|
(3,388
|
)
|
(1,673
|
)
|
||||
Net cash used in investing activities
|
(20,441
|
)
|
(1,673
|
)
|
||||
Cash flows from financing activities:
|
||||||||
Proceeds from issuance of common stock, net of issuance costs
|
1,462,810
|
—
|
||||||
Proceeds from exercise of common stock purchase warrants, net of issuance costs
|
913,500
|
—
|
||||||
Proceeds from issuance of convertible debentures
|
400,000
|
—
|
||||||
Repayments of convertible debentures
|
(100,000
|
)
|
—
|
|||||
Repayments of loans payable
|
(3,135
|
)
|
—
|
|||||
Repayments of related party payables
|
(20,000
|
)
|
—
|
|||||
Net cash provided by financing activities
|
2,653,175
|
—
|
||||||
Effect of exchange rates on cash and cash equivalents
|
(4,343
|
)
|
—
|
|||||
Net increase in cash and cash equivalents
|
733,440
|
86,735
|
||||||
Cash and cash equivalents at beginning of period
|
771,206
|
339,011
|
||||||
Cash and cash equivalents at end of period
|
$
|
1,504,646
|
$
|
425,746
|
||||
Supplemental disclosure of cash flow information:
|
||||||||
Cash paid for interest
|
$
|
83,895
|
$
|
5
|
||||
Cash paid for income taxes
|
$
|
61,344
|
$
|
4,140
|
||||
Supplemental disclosure of non-cash investing and financing activities:
|
||||||||
Accretion of preferred stock
|
$
|
—
|
$
|
24,197
|
||||
Common stock issued for financing costs in connection with convertible debentures and promissory notes
|
$
|
32,150
|
$
|
—
|
||||
Common stock issued to reduce promissory notes payable
|
$
|
1,000,000
|
$
|
—
|
||||
Common stock issued to reduce accounts payable and other accrued liabilities
|
$
|
18,000
|
$
|
—
|
||||
Discount for beneficial conversion features on convertible debentures
|
$
|
67,636
|
$
|
—
|
||||
Reallocation of amounts prepaid towards the acquisition of a business to consideration for an intangible asset — licensing rights
|
$
|
279,500
|
$
|
—
|
1.
|
NATURE OF OPERATIONS
|
2.
|
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
|
Level 1
|
Level 2
|
Level 3
|
||||||||||
Earnout liability
|
$ | — | $ | — | $ | 641,000 |
2015
|
||||
Fair value, January 1, 2015
|
$
|
3,326,000
|
||
Fair value of contingent consideration issued during the period
|
—
|
|||
Change in fair value
|
(2,685,000
|
)
|
||
Fair value, March 31, 2015
|
$
|
641,000
|
3.
|
ACCOUNTS RECEIVABLE, NET
|
Accounts and contracts receivable
|
$
|
2,557,167
|
$
|
3,755,498
|
||||
Retainage
|
853,048
|
894,892
|
||||||
Allowance for doubtful accounts
|
(76,375
|
)
|
(97,708
|
)
|
||||
Total accounts receivable, net
|
3,333,840
|
4,552,682
|
||||||
Less: Noncurrent portion of accounts receivable, net
|
(23,423
|
)
|
(33,093
|
)
|
||||
Current portion of accounts receivable, net
|
$
|
3,310,417
|
$
|
4,519,589
|
4.
|
PREPAID EXPENSES AND OTHER CURRENT ASSETS
|
Advance payments to employees and representatives
|
$
|
11,604
|
$
|
41,110
|
||||
Advance payments to suppliers
|
—
|
47,946
|
||||||
Other prepaid expenses and current assets
|
77,976
|
55,310
|
||||||
Payments on letter of intent to acquire a business
|
—
|
279,500
|
||||||
Prepaid income taxes and other tax receivables
|
66,706
|
20,476
|
||||||
Prepaid insurance and surety bonds
|
128,874
|
43,054
|
||||||
Total
|
$
|
285,160
|
$
|
487,396
|
5.
|
PROPERTY AND EQUIPMENT
|
Cost
|
Accumulated Depreciation
|
Net Book Value
|
Cost
|
Accumulated Depreciation
|
Net Book Value
|
|||||||||||||||||||
Computers and equipment
|
$
|
51,167
|
$
|
(12,873
|
)
|
$
|
38,334
|
$
|
48,767
|
$
|
(8,556
|
)
|
$
|
40,211
|
||||||||||
Furniture and fixtures
|
22,769
|
(3,657
|
)
|
19,112
|
22,584
|
(3,241
|
)
|
19,343
|
||||||||||||||||
Leasehold improvements
|
18,471
|
(908
|
)
|
17,563
|
18,471
|
(638
|
)
|
17,833
|
||||||||||||||||
Vehicles
|
55,465
|
(8,656
|
)
|
46,809
|
55,465
|
(3,462
|
)
|
52,003
|
||||||||||||||||
Construction in process
|
38,441
|
—
|
38,441
|
38,441
|
—
|
38,441
|
||||||||||||||||||
Total
|
$
|
186,313
|
$
|
(26,054
|
)
|
$
|
160,259
|
$
|
183,728
|
$
|
(15,897
|
)
|
$
|
167,831
|
6.
|
BUSINESS DIVESTITURE
|
Successor
|
||||
Three-Month
Period Ended
|
||||
Sales
|
$
|
—
|
||
Cost of goods sold
|
—
|
|||
Gross margin
|
—
|
|||
Operating expenses:
|
||||
Depreciation and amortization
|
17,589
|
|||
Selling and marketing
|
752
|
|||
General and administrative
|
(2,816
|
)
|
||
Professional fees
|
4,340
|
|||
Total operating expenses
|
19,865
|
|||
Loss from operations
|
(19,865
|
)
|
||
Other income (expense)
|
||||
Interest expense, net
|
8
|
|||
Total other income
|
8
|
|||
Loss before income taxes
|
(19,857
|
)
|
||
Income tax benefit
|
(7,006
|
)
|
||
Net loss
|
$
|
(12,851
|
)
|
7.
|
GOODWILL AND INTANGIBLE ASSETS, NET
|
2015
|
||||
Balance, January 1
|
$
|
12,388,431
|
||
Impairment charge
|
(6,993,784
|
)
|
||
Balance, March 31
|
$
|
5,394,647
|
Amortization Period (Years)
|
Cost
|
Accumulated Amortization
and Impairment Charges
|
Net Book Value
|
|||||||||||||
Intangible assets subject to amortization:
|
||||||||||||||||
Customer relationships
|
4.0
|
1,515,000
|
(1,313,000
|
)
|
202,000
|
|||||||||||
Distribution and license rights
|
5.0
|
1,234,500
|
(419,570
|
)
|
814,930
|
|||||||||||
Production backlog
|
0.5
|
132,333
|
(108,000
|
)
|
24,333
|
|||||||||||
Non-compete agreements
|
3.0
|
265,000
|
(80,972
|
)
|
184,028
|
|||||||||||
Subtotal
|
3,146,833
|
(1,921,542
|
)
|
1,225,291
|
||||||||||||
Intangible assets not subject to amortization:
|
||||||||||||||||
Trade names
|
—
|
4,244,000
|
(1,023,000
|
)
|
3,221,000
|
|||||||||||
Total
|
$
|
7,390,833
|
$
|
(2,944,542
|
)
|
$
|
4,446,291
|
Amortization Period (Years)
|
Cost
|
Accumulated Amortization
|
Net Book Value
|
|||||||||||||
Intangible assets subject to amortization:
|
||||||||||||||||
Customer relationships
|
4.0
|
$
|
1,515,000
|
$
|
(78,906
|
)
|
$
|
1,436,094
|
||||||||
Distribution and license rights
|
5.0
|
955,000
|
(366,917
|
)
|
588,083
|
|||||||||||
Production backlog
|
0.5
|
400,000
|
(229,666
|
)
|
170,334
|
|||||||||||
Non-compete agreements
|
3.0
|
265,000
|
(58,889
|
)
|
206,111
|
|||||||||||
Technology
|
15.0
|
1,583,000
|
(250,642
|
)
|
1,332,358
|
|||||||||||
Subtotal
|
4,718,000
|
(985,020
|
)
|
3,732,980
|
||||||||||||
Intangible assets not subject to amortization:
|
||||||||||||||||
Trade names
|
—
|
4,244,000
|
—
|
4,244,000
|
||||||||||||
Total
|
$
|
8,962,000
|
$
|
(985,020
|
)
|
$
|
7,976,980
|
8.
|
RELATED PARTY PAYABLES
|
9.
|
DEBT
|
7% Convertible debentures
|
$
|
200,000
|
$
|
200,000
|
||||
9% Convertible debentures
|
3,610,000
|
3,210,000
|
||||||
Loan discounts
|
(258,402
|
)
|
(410,334
|
)
|
||||
Total convertible debentures, net
|
3,551,598
|
2,999,666
|
||||||
Less: Current portion of convertible debentures, net
|
1,360,000
|
50,000
|
||||||
Noncurrent portion of convertible debentures net
|
$
|
2,191,598
|
$
|
2,949,666
|
Promissory notes
|
$
|
3,230,355
|
$
|
4,330,355
|
||||
Loan discounts
|
(62,859
|
)
|
(88,518
|
)
|
||||
Total promissory notes, net
|
3,167,496
|
4,241,837
|
||||||
Less: Current portion of convertible debentures, net
|
1,155,355
|
2,243,358
|
||||||
Noncurrent portion of convertible debentures net
|
$
|
2,012,141
|
$
|
1,998,479
|
10.
|
STOCKHOLDERS’ EQUITY
|
Number of
Warrants
Outstanding
|
Weighted Average
Exercise Price
|
Average Remaining
Contractual
Life (Years)
|
||||||||||
Balance, January 1, 2015
|
796,000
|
$
|
4.73
|
0.57
|
||||||||
Warrants issued
|
480,361
|
$
|
5.42
|
—
|
||||||||
Warrants exercised
|
(225,500
|
)
|
$
|
—
|
—
|
|||||||
Warrants expired
|
—
|
$
|
—
|
—
|
||||||||
Balance March 31, 2015
|
1,050,861
|
$
|
5.19
|
0.68
|
11.
|
COMMITMENTS AND CONTINGENCIES
|
12.
|
SUBSEQUENT EVENTS
|
Successor
|
Predecessor
|
|||||||
Three-Month
Period Ended
March 31,
|
Three-Month
Period Ended
|
|||||||
2014
|
||||||||
Sales
|
$
|
2,852,857
|
$
|
1,300,775
|
||||
Cost of goods sold
|
2,106,414
|
875,636
|
||||||
Gross margin
|
746,443
|
425,139
|
||||||
Operating expenses:
|
||||||||
Depreciation and amortization
|
344,138
|
2,521
|
||||||
Selling and marketing
|
167,863
|
154,492
|
||||||
General and administrative
|
1,436,313
|
350,448
|
||||||
Professional fees
|
256,858
|
245
|
||||||
Impairment of goodwill and intangible assets
|
9,156,190
|
—
|
||||||
Total operating expenses
|
11,361,362
|
507,706
|
||||||
Loss from operations
|
(10,614,919
|
)
|
(82,567
|
)
|
||||
Other income (expense)
|
||||||||
Interest income (expense), net
|
(612,267
|
)
|
5,054
|
|||||
Loss on settlement of debt
|
(733,414
|
)
|
||||||
Other gains (losses)
|
2,685,000
|
—
|
||||||
Total other income
|
1,339,319
|
5,054
|
||||||
Loss before income taxes
|
(9,275,600
|
)
|
(77,513
|
)
|
||||
Provision for income taxes (benefit)
|
(431,244
|
)
|
1,775
|
|||||
Net loss
|
(8,844,356
|
)
|
(79,288
|
)
|
||||
Less: Accretion of preferred stock
|
—
|
24,197
|
||||||
Less: Net loss attributable to noncontrolling interests
|
(6,387
|
)
|
—
|
|||||
Net loss attributable to ForceField Energy Inc. stockholders
|
$
|
(8,837,969
|
)
|
$
|
(103,485
|
)
|
Exhibit Number
|
Description of Exhibit
|
|
31.1
|
Certification of the Chief Executive Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
31.2
|
Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
32
|
Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
|
101.INS
|
XBRL Instance Document
|
|
101.SCH
|
XBRL Taxonomy Extension Schema
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase
|
FORCEFIELD ENERGY INC.
|
|||
By:
|
/s/ David Natan
|
||
Chief Executive Officer
|
By:
|
/s/ Jason Williams
|
||
Chief Accounting and Financial Officer
|
This ‘10-Q’ Filing | Date | Other Filings | ||
---|---|---|---|---|
4/17/16 | ||||
12/31/15 | NTN 10K | |||
6/30/15 | 10-Q, NT 10-Q | |||
Filed on: | 6/18/15 | |||
6/1/15 | ||||
5/15/15 | NT 10-Q | |||
5/13/15 | ||||
5/11/15 | 25 | |||
5/4/15 | ||||
5/1/15 | 8-K | |||
4/30/15 | 10-K/A | |||
4/27/15 | 8-K | |||
4/24/15 | ||||
4/21/15 | 8-K | |||
4/20/15 | 8-K | |||
4/19/15 | ||||
4/17/15 | ||||
4/15/15 | 10-K | |||
4/3/15 | 4 | |||
4/1/15 | 4 | |||
For Period end: | 3/31/15 | NT 10-K, NT 10-Q | ||
3/5/15 | 8-K | |||
1/16/15 | ||||
1/12/15 | ||||
1/9/15 | ||||
1/1/15 | ||||
12/31/14 | 10-K, 10-K/A, NT 10-K | |||
12/26/14 | ||||
12/21/14 | ||||
12/5/14 | ||||
12/1/14 | ||||
11/16/14 | ||||
10/31/14 | ||||
10/17/14 | 8-K, 8-K/A | |||
10/15/14 | ||||
10/13/14 | ||||
9/5/14 | ||||
7/26/14 | ||||
7/14/14 | ||||
4/30/14 | DEF 14A | |||
4/28/14 | 8-K, D | |||
4/26/14 | ||||
4/25/14 | 8-K, 8-K/A | |||
3/31/14 | 10-Q, NT 10-K, NT 10-Q | |||
1/1/14 | ||||
9/16/13 | ||||
5/10/12 | 8-K | |||
List all Filings |