2016 Q1 Form 10-Q Financial Statement
#000114420416102132 Filed on May 16, 2016
Income Statement
| Concept | 2016 Q1 | 2015 Q1 |
|---|---|---|
| Revenue | $1.560M | $1.181M |
| YoY Change | 32.08% | -32.47% |
| Cost Of Revenue | $1.710M | $894.5K |
| YoY Change | 91.16% | -33.4% |
| Gross Profit | -$150.0K | $286.5K |
| YoY Change | -152.35% | -29.38% |
| Gross Profit Margin | -9.62% | 24.26% |
| Selling, General & Admin | $310.0K | $282.3K |
| YoY Change | 9.81% | -31.24% |
| % of Gross Profit | 98.52% | |
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | $275.3K | $215.6K |
| YoY Change | 27.67% | 11.84% |
| % of Gross Profit | 75.25% | |
| Operating Expenses | $310.0K | $282.3K |
| YoY Change | 9.81% | -31.24% |
| Operating Profit | -$460.0K | $4.242K |
| YoY Change | -10943.94% | -188.25% |
| Interest Expense | -$90.00K | $101.9K |
| YoY Change | -188.32% | -2.82% |
| % of Operating Profit | 2402.24% | |
| Other Income/Expense, Net | -$90.09K | |
| YoY Change | -13.9% | |
| Pretax Income | -$540.0K | -$85.84K |
| YoY Change | 529.06% | -21.56% |
| Income Tax | $0.00 | $208.00 |
| % Of Pretax Income | ||
| Net Earnings | -$543.1K | -$86.05K |
| YoY Change | 531.19% | -21.58% |
| Net Earnings / Revenue | -34.82% | -7.29% |
| Basic Earnings Per Share | -$0.02 | |
| Diluted Earnings Per Share | -$82.44K | -$0.02 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 6.553M shares | 5.719M shares |
| Diluted Shares Outstanding | 5.719M shares |
Balance Sheet
| Concept | 2016 Q1 | 2015 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $370.0K | $260.0K |
| YoY Change | 42.31% | -58.73% |
| Cash & Equivalents | $371.9K | $260.9K |
| Short-Term Investments | ||
| Other Short-Term Assets | $1.850M | $1.320M |
| YoY Change | 40.15% | -56.86% |
| Inventory | $6.060M | $6.410M |
| Prepaid Expenses | ||
| Receivables | $8.510M | $8.020M |
| Other Receivables | $0.00 | $0.00 |
| Total Short-Term Assets | $16.79M | $16.01M |
| YoY Change | 4.87% | 22.52% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $21.83M | $15.10M |
| YoY Change | 44.58% | 4.81% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | ||
| YoY Change | ||
| Total Long-Term Assets | $24.63M | $29.62M |
| YoY Change | -16.85% | -0.37% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $16.79M | $16.01M |
| Total Long-Term Assets | $24.63M | $29.62M |
| Total Assets | $41.42M | $45.63M |
| YoY Change | -9.23% | 6.62% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $4.110M | $4.580M |
| YoY Change | -10.26% | 201.32% |
| Accrued Expenses | ||
| YoY Change | ||
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $6.200M | $6.548M |
| YoY Change | -5.31% | -5.81% |
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $11.39M | $14.14M |
| YoY Change | -19.43% | 25.8% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | ||
| YoY Change | ||
| Total Long-Term Liabilities | $0.00 | $0.00 |
| YoY Change | ||
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $11.39M | $14.14M |
| Total Long-Term Liabilities | $0.00 | $0.00 |
| Total Liabilities | $11.39M | $14.14M |
| YoY Change | -19.43% | 25.8% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | ||
| YoY Change | ||
| Common Stock | $9.893M | |
| YoY Change | 1.96% | |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $30.03M | $31.49M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $41.42M | $45.63M |
| YoY Change | -9.22% | 6.61% |
Cashflow Statement
| Concept | 2016 Q1 | 2015 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$543.1K | -$86.05K |
| YoY Change | 531.19% | -21.58% |
| Depreciation, Depletion And Amortization | $275.3K | $215.6K |
| YoY Change | 27.67% | 11.84% |
| Cash From Operating Activities | -$20.00K | -$870.0K |
| YoY Change | -97.7% | 64.15% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $0.00 | $174.1K |
| YoY Change | -100.0% | 14745.78% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | ||
| YoY Change | ||
| Cash From Investing Activities | $0.00 | -$170.0K |
| YoY Change | -100.0% | |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | -50.00K | 0.000 |
| YoY Change | -100.0% | |
| NET CHANGE | ||
| Cash From Operating Activities | -20.00K | -870.0K |
| Cash From Investing Activities | 0.000 | -170.0K |
| Cash From Financing Activities | -50.00K | 0.000 |
| Net Change In Cash | -70.00K | -1.040M |
| YoY Change | -93.27% | 166.67% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$20.00K | -$870.0K |
| Capital Expenditures | $0.00 | $174.1K |
| Free Cash Flow | -$20.00K | -$1.044M |
| YoY Change | -98.08% | 96.57% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2015Q4 | nfec |
Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
|
603726 | USD |
| CY2015Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
13976167 | USD |
| CY2015Q4 | us-gaap |
Liabilities
Liabilities
|
13976167 | USD |
| CY2015Q4 | us-gaap |
Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
|
2807340 | USD |
| CY2015Q4 | us-gaap |
Retained Earnings Unappropriated
RetainedEarningsUnappropriated
|
13730803 | USD |
| CY2015Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
30377475 | USD |
| CY2015Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
260924 | USD |
| CY2016Q1 | nfec |
Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
|
645687 | USD |
| CY2016Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
11392430 | USD |
| CY2016Q1 | us-gaap |
Liabilities
Liabilities
|
11392430 | USD |
| CY2016Q1 | us-gaap |
Retained Earnings Appropriated
RetainedEarningsAppropriated
|
2227634 | USD |
| CY2015Q4 | us-gaap |
Retained Earnings Appropriated
RetainedEarningsAppropriated
|
2227634 | USD |
| CY2016Q1 | us-gaap |
Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
|
3002945 | USD |
| CY2016Q1 | us-gaap |
Retained Earnings Unappropriated
RetainedEarningsUnappropriated
|
13187655 | USD |
| CY2016Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
30029932 | USD |
| CY2016Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
41422362 | USD |
| CY2015Q4 | us-gaap |
Liabilities And Stockholders Equity
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|
44353642 | USD |
| CY2016Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-543148 | USD |
| CY2016Q1 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
195605 | USD |
| CY2015Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-86051 | USD |
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Depreciation And Amortization
DepreciationAndAmortization
|
232455 | USD |
| CY2016Q1 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
291316 | USD |
| CY2015Q1 | us-gaap |
Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
|
-1141438 | USD |
| CY2016Q1 | us-gaap |
Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
|
190422 | USD |
| CY2016Q1 | nfec |
Retention Receivable Cost
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|
935983 | USD |
| CY2015Q4 | nfec |
Retention Receivable Cost
RetentionReceivableCost
|
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| CY2015Q1 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
740436 | USD |
| CY2016Q1 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-1027044 | USD |
| CY2015Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
450593 | USD |
| CY2016Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-152838 | USD |
| CY2015Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
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Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
|
290190 | USD |
| CY2016Q1 | us-gaap |
Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
|
38189 | USD |
| CY2015Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-873965 | USD |
| CY2016Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-16922 | USD |
| CY2015Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
174141 | USD |
| CY2016Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
0 | USD |
| CY2015Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-174141 | USD |
| CY2016Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
0 | USD |
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Proceeds From Bank Debt
ProceedsFromBankDebt
|
6519117 | USD |
| CY2016Q1 | us-gaap |
Proceeds From Bank Debt
ProceedsFromBankDebt
|
6116704 | USD |
| CY2015Q1 | us-gaap |
Repayments Of Bank Debt
RepaymentsOfBankDebt
|
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Repayments Of Bank Debt
RepaymentsOfBankDebt
|
6116704 | USD |
| CY2015Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
0 | USD |
| CY2016Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-45875 | USD |
| CY2015Q1 | us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
|
4900 | USD |
| CY2016Q1 | us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
|
146 | USD |
| CY2015Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-1043206 | USD |
| CY2016Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
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| CY2014Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
1304130 | USD |
| CY2015Q1 | us-gaap |
Interest Paid
InterestPaid
|
79403 | USD |
| CY2016Q1 | us-gaap |
Interest Paid
InterestPaid
|
101570 | USD |
| CY2016Q1 | nfec |
Warrant Period
WarrantPeriod
|
P12M | |
| CY2016Q1 | us-gaap |
Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
|
8345649 | USD |
| CY2015Q4 | us-gaap |
Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
|
8348652 | USD |
| CY2016Q1 | us-gaap |
Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
767059 | USD |
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Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
|
762001 | USD |
| CY2016Q1 | nfec |
Accounts And Retention Receivable Net
AccountsAndRetentionReceivableNet
|
8514573 | USD |
| CY2015Q4 | nfec |
Accounts And Retention Receivable Net
AccountsAndRetentionReceivableNet
|
8266575 | USD |
| CY2016Q1 | nfec |
Percentage Of Accounts Receivable Recovered
PercentageOfAccountsReceivableRecovered
|
0.02 | pure |
| CY2016Q1 | us-gaap |
Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
|
384902 | USD |
| CY2015Q4 | us-gaap |
Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
|
441692 | USD |
| CY2016Q1 | us-gaap |
Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
|
5475080 | USD |
| CY2015Q4 | us-gaap |
Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
|
6177112 | USD |
| CY2016Q1 | us-gaap |
Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
|
196391 | USD |
| CY2015Q4 | us-gaap |
Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
|
432394 | USD |
| CY2008 | nfec |
Estimated Construction Cost
EstimatedConstructionCost
|
24000000 | USD |
| CY2016Q1 | us-gaap |
Customer Deposits Current
CustomerDepositsCurrent
|
256210 | USD |
| CY2015Q4 | us-gaap |
Customer Deposits Current
CustomerDepositsCurrent
|
177718 | USD |
| CY2016Q1 | nfec |
Value Added Taxes Payable Current
ValueAddedTaxesPayableCurrent
|
58911 | USD |
| CY2015Q4 | nfec |
Value Added Taxes Payable Current
ValueAddedTaxesPayableCurrent
|
5978 | USD |
| CY2016Q1 | nfec |
Accrued Operating Expenses Current
AccruedOperatingExpensesCurrent
|
310805 | USD |
| CY2015Q4 | nfec |
Accrued Operating Expenses Current
AccruedOperatingExpensesCurrent
|
324805 | USD |
| CY2016Q1 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
|
19761 | USD |
| CY2015Q4 | us-gaap |
Other Liabilities Current
OtherLiabilitiesCurrent
|
95225 | USD |
| CY2015Q1 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.25 | pure |
| CY2016Q1 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.25 | pure |
| CY2016Q1 | us-gaap |
Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
|
-132156 | USD |
| CY2016Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
50000000 | shares |
| CY2015Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
6553289 | shares |
| CY2016Q1 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
6553289 | shares |
| CY2015Q1 | us-gaap |
Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
|
-12211 | USD |
| CY2015Q1 | us-gaap |
Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
|
12419 | USD |
| CY2016Q1 | us-gaap |
Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
|
0 | USD |
| CY2015Q1 | us-gaap |
Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
|
0 | USD |
| CY2016Q1 | nfec |
Income Before Income Taxes
IncomeBeforeIncomeTaxes
|
-528623 | USD |
| CY2015Q1 | nfec |
Income Before Income Taxes
IncomeBeforeIncomeTaxes
|
-48843 | USD |
| CY2016Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
6553289 | shares |
| CY2015Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
| CY2016Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
| CY2015Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
50000000 | shares |
| CY2015Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
6553289 | shares |
| CY2015Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
157288 | USD |
| CY2016Q1 | us-gaap |
Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
|
1835011 | USD |
| CY2015Q1 | us-gaap |
Proceeds From Repayments Of Restricted Cash Financing Activities
ProceedsFromRepaymentsOfRestrictedCashFinancingActivities
|
1955735 | USD |
| CY2016Q1 | us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
1880886 | USD |
| CY2016Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-347543 | USD |
| CY2015Q1 | us-gaap |
Repayments Of Notes Payable
RepaymentsOfNotesPayable
|
3911470 | USD |
| CY2016Q1 | us-gaap |
Basis Of Accounting
BasisOfAccounting
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -1in; MARGIN: 0pt 0px 0pt 1in; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <strong>NOTE <font style="FONT-FAMILY:Times New Roman, Times, Serif">–</font> 1        BASIS OF PRESENTATION</strong> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The accompanying unaudited condensed consolidated financial statements have been prepared by management in accordance with both accounting principles generally accepted in the United States (“GAAP”), and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in audited financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted pursuant to those rules and regulations, although the Company believes that the disclosures made are adequate to make the information not misleading.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">In the opinion of management, the consolidated balance sheet as of December 31, 2015 which has been derived from audited financial statements and these unaudited condensed consolidated financial statements reflect all normal and recurring adjustments considered necessary to state fairly the results for the periods presented. The results for the period ended March 31, 2016 are not necessarily indicative of the results to be expected for the entire fiscal year ending December 31, 2016 or for any future period.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">These unaudited condensed consolidated financial statements and notes thereto should be read in conjunction with the Management’s Discussion and the audited financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2015.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2016Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -65.65pt; MARGIN: 0pt 0px 0pt 65.65pt; FONT: 10pt Times New Roman, Times, Serif" align="justify"><strong>NOTE <font style="FONT-FAMILY:Times New Roman, Times, Serif">–</font> 2        ORGANIZATION AND BUSINESS BACKGROUND</strong></div>   <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">NF Energy Saving Corporation (the “Company” or “NFEC”) was incorporated in the State of Delaware in the name of Galli Process, Inc. on October 31, 2000. On February 7, 2002, the Company changed its name to “Global Broadcast Group, Inc.” On November 12, 2004, the Company changed its name to “Diagnostic Corporation of America.” On March 15, 2007, the Company changed its name to “NF Energy Saving Corporation of America.” On August 24, 2009, the Company further changed its name to “NF Energy Saving Corporation.”</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The Company, through its subsidiary, mainly engages in the production of heavy industrial components and products such as valves and the provision of technical service and re-engineering projects in the energy saving related industry in the People’s Republic of China (the “PRC”). All the customers are located in the PRC.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><u><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>Description of subsidiaries</u></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-ALIGN:Left; TEXT-INDENT: 0in; WIDTH: 100%"> <table style="MARGIN: 0in; WIDTH: 100%; BORDER-COLLAPSE: collapse; OVERFLOW: visible" cellspacing="0" cellpadding="0" align="left"> <tr style="HEIGHT: 12px"> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="25%"> <div>Name</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="23%"> <div>Place of incorporation <br/> and kind of<br/>  legal entity</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="25%"> <div>Principal activities<br/>  and place of operation</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>Particulars of issued/ <br/> registered share <br/> capital</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="BORDER-BOTTOM: #000000 1px solid; TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="11%" colspan="2"> <div>Effective<br/> interest<br/>  held</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="25%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="23%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="25%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; BORDER-TOP: #000000 1px solid; FONT-WEIGHT: 400" width="10%"> <div> </div> </td> <td style="TEXT-ALIGN: center; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #ffffff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> </tr> <tr style="HEIGHT: 12px"> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="25%"> <div>Liaoning Nengfa Weiye Energy Technology Co. Ltd (“Nengfa Energy”)</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="23%"> <div>The PRC, a limited liability company</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="25%"> <div>Production of a variety of industrial valve components which are widely used in water supply and sewage system, coal and gas fields, power generation stations, petroleum and chemical industries in the PRC</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="1%"> <div>US$</div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="10%"> <div>5,000,000</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: bottom; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: middle; FONT-WEIGHT: 400" width="1%"> <div> </div> </td> <td style="TEXT-ALIGN: right; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="10%"> <div>100</div> </td> <td style="TEXT-ALIGN: left; FONT-STYLE: normal; FONT-FAMILY: times new roman; BACKGROUND: #cceeff; FONT-SIZE: 10pt; VERTICAL-ALIGN: top; FONT-WEIGHT: 400" width="1%"> <div>%</div> </td> </tr> </table> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">NFEC and its subsidiary are hereinafter referred to as (the “Company”).</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2016Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">In preparing these condensed consolidated financial statements, management makes estimates and assumptions that affect the reported amounts of assets and liabilities in the balance sheet and revenues and expenses during the periods reported. Actual results may differ from these estimates.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2016Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
|
64005 | USD |
| CY2016Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
|
64005 | USD |
| CY2016Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
|
64005 | USD |
| CY2016Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
|
64005 | USD |
| CY2016Q1 | us-gaap |
Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
|
64005 | USD |
| CY2016Q1 | us-gaap |
Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
|
132156 | USD |
| CY2016Q1 | nfec |
Value Added Tax Rate
ValueAddedTaxRate
|
0.17 | pure |
| CY2016Q1 | us-gaap |
Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
|
6.4479 | pure |
| CY2016Q1 | nfec |
Weighted Average Exchange Rate
WeightedAverageExchangeRate
|
6.5395 | pure |
| CY2015Q1 | nfec |
Weighted Average Exchange Rate
WeightedAverageExchangeRate
|
6.1358 | pure |
| CY2015Q1 | us-gaap |
Foreign Currency Exchange Rate Translation1
ForeignCurrencyExchangeRateTranslation1
|
6.1091 | pure |
| CY2016Q1 | nfec |
Accounts And Retention Receivable Gross
AccountsAndRetentionReceivableGross
|
9281632 | USD |
| CY2015Q4 | nfec |
Accounts And Retention Receivable Gross
AccountsAndRetentionReceivableGross
|
9028576 | USD |
| CY2016Q1 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
| CY2015Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
| CY2016Q1 | nfec |
Percentage Of Income Tax Examination Minimum Likelihood Of Tax Benefits Being Realized Upon Settlement
PercentageOfIncomeTaxExaminationMinimumLikelihoodOfTaxBenefitsBeingRealizedUponSettlement
|
0.5 | pure |
| CY2015Q1 | us-gaap |
Cost Of Goods And Services Sold Depreciation And Amortization
CostOfGoodsAndServicesSoldDepreciationAndAmortization
|
192828 | USD |
| CY2016Q1 | us-gaap |
Cost Of Goods And Services Sold Depreciation And Amortization
CostOfGoodsAndServicesSoldDepreciationAndAmortization
|
243775 | USD |
