2015 Q3 Form 10-K Financial Statement
#000114420415071908 Filed on December 21, 2015
Income Statement
| Concept | 2015 Q3 | 2015 | 2014 Q3 |
|---|---|---|---|
| Revenue | $14.05M | $56.90M | $13.69M |
| YoY Change | 2.63% | 19.4% | 441.11% |
| Cost Of Revenue | $10.25M | $40.60M | $9.160M |
| YoY Change | 11.9% | 26.65% | 252.31% |
| Gross Profit | $3.800M | $16.30M | $4.530M |
| YoY Change | -16.11% | 4.52% | -6571.43% |
| Gross Profit Margin | 27.05% | 28.65% | 33.09% |
| Selling, General & Admin | $3.180M | $13.80M | $3.640M |
| YoY Change | -12.64% | 9.52% | -7380.0% |
| % of Gross Profit | 83.68% | 84.66% | 80.35% |
| Research & Development | |||
| YoY Change | |||
| % of Gross Profit | |||
| Depreciation & Amortization | $310.0K | $770.0K | $300.0K |
| YoY Change | 3.33% | 57.14% | |
| % of Gross Profit | 8.16% | 4.72% | 6.62% |
| Operating Expenses | $3.180M | $13.80M | $3.640M |
| YoY Change | -12.64% | 9.68% | -7380.0% |
| Operating Profit | $620.0K | $2.500M | $890.0K |
| YoY Change | -30.34% | -17.03% | -4550.0% |
| Interest Expense | -$30.00K | -$500.0K | -$150.0K |
| YoY Change | -80.0% | -214.45% | 1400.0% |
| % of Operating Profit | -4.84% | -20.0% | -16.85% |
| Other Income/Expense, Net | -$60.00K | $800.0K | $50.00K |
| YoY Change | -220.0% | -382.34% | |
| Pretax Income | $530.0K | $2.800M | $790.0K |
| YoY Change | -32.91% | 2.57% | -2733.33% |
| Income Tax | $120.0K | $0.00 | $30.00K |
| % Of Pretax Income | 22.64% | 0.0% | 3.8% |
| Net Earnings | $420.0K | $2.800M | $770.0K |
| YoY Change | -45.45% | 4.91% | 1183.33% |
| Net Earnings / Revenue | 2.99% | 4.92% | 5.62% |
| Basic Earnings Per Share | |||
| Diluted Earnings Per Share | $451.6K | $3.111M | $151.9K |
| COMMON SHARES | |||
| Basic Shares Outstanding | 6.964M shares | ||
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2015 Q3 | 2015 | 2014 Q3 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $1.490M | $1.490M | $710.0K |
| YoY Change | 109.86% | 109.86% | 914.29% |
| Cash & Equivalents | $1.487M | $1.490M | $146.1K |
| Short-Term Investments | $0.00 | $0.00 | $560.0K |
| Other Short-Term Assets | $773.5K | $890.0K | $530.0K |
| YoY Change | 45.94% | 67.92% | 23.26% |
| Inventory | $6.370M | $6.370M | $6.270M |
| Prepaid Expenses | |||
| Receivables | $4.771M | $4.770M | $4.038M |
| Other Receivables | $0.00 | $0.00 | $0.00 |
| Total Short-Term Assets | $13.52M | $13.52M | $11.55M |
| YoY Change | 17.11% | 17.06% | 360.71% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $8.143M | $8.140M | $7.399M |
| YoY Change | 10.05% | 10.0% | 79263.9% |
| Goodwill | $845.0K | $845.0K | |
| YoY Change | 0.0% | ||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $35.63K | $40.00K | $52.43K |
| YoY Change | -32.04% | -20.0% | 1140.9% |
| Total Long-Term Assets | $9.023M | $9.020M | $8.297M |
| YoY Change | 8.76% | 8.81% | 2156.34% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $13.52M | $13.52M | $11.55M |
| Total Long-Term Assets | $9.023M | $9.020M | $8.297M |
| Total Assets | $22.54M | $22.54M | $19.84M |
| YoY Change | 13.62% | 13.61% | 590.46% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $4.209M | $4.390M | $2.722M |
| YoY Change | 54.64% | 61.4% | 376.25% |
| Accrued Expenses | $309.1K | $310.0K | $440.4K |
| YoY Change | -29.81% | -29.55% | 592.24% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $1.930M | $1.930M | $690.0K |
| YoY Change | 179.71% | 179.71% | |
| Long-Term Debt Due | $654.0K | $2.130M | $689.8K |
| YoY Change | -5.18% | -9.75% | |
| Total Short-Term Liabilities | $8.827M | $8.830M | $3.914M |
| YoY Change | 125.53% | 40.83% | 516.26% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $6.590M | $6.590M | $9.930M |
| YoY Change | -33.64% | -33.64% | 794.59% |
| Other Long-Term Liabilities | |||
| YoY Change | |||
| Total Long-Term Liabilities | $6.590M | $6.590M | $9.930M |
| YoY Change | -33.64% | -33.64% | 794.59% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $8.827M | $8.830M | $3.914M |
| Total Long-Term Liabilities | $6.590M | $6.590M | $9.930M |
| Total Liabilities | $15.42M | $15.42M | $16.20M |
| YoY Change | -4.82% | -4.81% | 829.58% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | $6.431M | $3.593M | |
| YoY Change | 79.0% | 288.89% | |
| Common Stock | $7.158K | $6.767K | |
| YoY Change | 5.78% | -83.33% | |
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $7.126M | $7.130M | $3.644M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $22.54M | $22.54M | $19.84M |
| YoY Change | 13.62% | 13.61% | 590.46% |
Cashflow Statement
| Concept | 2015 Q3 | 2015 | 2014 Q3 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | $420.0K | $2.800M | $770.0K |
| YoY Change | -45.45% | 4.91% | 1183.33% |
| Depreciation, Depletion And Amortization | $310.0K | $770.0K | $300.0K |
| YoY Change | 3.33% | 57.14% | |
| Cash From Operating Activities | $930.0K | $4.040M | -$1.000M |
| YoY Change | -193.0% | -272.65% | -933.33% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$570.0K | -$1.520M | -$720.0K |
| YoY Change | -20.83% | -80.71% | |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $0.00 | $560.0K | $4.870M |
| YoY Change | -100.0% | -140.0% | |
| Cash From Investing Activities | -$570.0K | -$960.0K | $4.140M |
| YoY Change | -113.77% | -89.67% | |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 250.0K | -1.740M | -4.300M |
| YoY Change | -105.81% | -114.86% | 1553.85% |
| NET CHANGE | |||
| Cash From Operating Activities | 930.0K | 4.040M | -1.000M |
| Cash From Investing Activities | -570.0K | -960.0K | 4.140M |
| Cash From Financing Activities | 250.0K | -1.740M | -4.300M |
| Net Change In Cash | 610.0K | 1.340M | -1.160M |
| YoY Change | -152.59% | 1575.0% | 728.57% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | $930.0K | $4.040M | -$1.000M |
| Capital Expenditures | -$570.0K | -$1.520M | -$720.0K |
| Free Cash Flow | $1.500M | $5.560M | -$280.0K |
| YoY Change | -635.71% | 0.36% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
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Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
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Effective Income Tax Rate Reconciliation Tax Credits
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|
0.00 | pure |
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Short Term Investments
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|
0 | USD |
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Commitments And Contingencies
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Stockholders Equity
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|
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Convertible Notes Payable Current
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|
1274000 | USD |
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Convertible Notes Payable Current
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|
0 | USD |
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Preferred Stock Value
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1000 | USD |
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Preferred Stock Value
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1000 | USD |
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Interest Paid
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Income Taxes Paid
IncomeTaxesPaid
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Share Based Compensation
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Payments For Proceeds From Short Term Investments
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Repayments Of Bank Debt
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Proceeds From Convertible Debt
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Payments To Acquire Interest In Subsidiaries And Affiliates
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Increase Decrease In Due From Related Parties Current
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-1560522 | USD |
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Allowance For Doubtful Accounts Receivable
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65002 | USD |
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68101 | USD |
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Inventory Finished Goods
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Inventory Finished Goods
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Inventory Adjustments
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Inventory Adjustments
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Land And Land Improvements
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Buildings And Improvements Gross
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Furniture And Fixtures Gross
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Furniture And Fixtures Gross
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Machinery And Equipment Gross
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2234423 | USD |
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1517905 | USD |
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Shares Reserved For Debt Conversion
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Common Stock Shares Authorized
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0.001 | |
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Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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391500 | shares |
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Entity Well Known Seasoned Issuer
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|
Yes | |
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Entity Voluntary Filers
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No | |
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Entity Current Reporting Status
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Smaller Reporting Company | |
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Trading Symbol
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CETX | |
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Short Term Bank Loans And Notes Payable
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0.001 | |
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Preferred Stock Shares Authorized
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10000000 | shares |
| CY2014Q3 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | shares |
| CY2015Q3 | us-gaap |
Preferred Stock Shares Issued
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1000000 | shares |
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Nature Of Operations
NatureOfOperations
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<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: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="center"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <b>NOTE 1 – ORGANIZATION AND PLAN OF OPERATIONS</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Cemtrex Inc. ("Cemtrex" or the "Company") is a leading diversified technology company offering a range of products, systems, and solutions in a wide variety of industries around the world to meet today’s industrial and manufacturing challenges. Cemtrex, through its wholly owned subsidiaries provides electronic manufacturing services of custom engineered advanced electronics system assemblies, emission monitors & instruments for industrial processes, and environmental control & air filtration systems for industries & utilities.</div>   <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Cemtrex, through its Electronics Manufacturing Services (EMS) group, provides end to end electronic manufacturing services, which includes product design and sustaining engineering services, printed circuit board assembly and production, cabling and wire harnessing, systems integration, comprehensive testing services and completely assembled electronic products.</div> <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;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif; font-size-adjust: none; font-stretch: normal" align="justify">Cemtrex, through its Environmental Products and Systems (EPS) group, sells a complete line of air filtration and environmental control products to a wide variety of industrial and manufacturing industries worldwide. The Company also manufactures sells, and services monitoring instruments, software and systems for measurement of emissions of Greenhouse gases, hazardous gases, particulate and other regulated pollutants used in emissions trading globally as well as for industrial processes. The Company also markets monitoring and analysis equipment for gas and liquid measurement for various downstream oil & gas applications as well as various industrial process applications.</div>   <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Cemtrex, Inc. was incorporated as Diversified American Holding, Inc. on <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">April 27, 1998</font>. On December 16, 2004, the Company changed its name to Cemtrex, Inc.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">On <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">October 31, 2013</font>, the Company completed the acquisition of the privately held <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">ROB Group</font>, a leader in electronics manufacturing solutions located in Neulingen, Germany. The ROB Group, founded in 1989, consisted of 4 distinct operating companies, forming a complete electronics design, manufacturing, assembly, and cabling solutions provider that serves the electronics and cabling needs of some of the largest companies in the world in the Medical, Automation, Industrial, and Renewable Energy industries. ROB Group also has a manufacturing facility in Sibiu, Romania. ROB Cemtrex GmbH now operates as a subsidiary of Cemtrex, Inc. (see NOTE 10).</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2014Q3 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
1000000 | shares |
| CY2015Q3 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
1000000 | shares |
| CY2014Q3 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
1000000 | shares |
| CY2014Q3 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
| CY2014Q3 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
20000000 | shares |
| CY2015Q3 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
7158087 | shares |
| CY2015Q3 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
7158087 | shares |
| CY2014Q3 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
6766587 | shares |
| CY2014Q3 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
6766587 | shares |
| CY2015 | us-gaap |
Fiscal Period
FiscalPeriod
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <i>Fiscal Year-End</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The Company elected September 30 as its fiscal year-end date.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2015 | 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;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif"> <i>Use of Estimates and Assumptions and Critical Accounting Estimates and Assumptions</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date(s) of the financial statements and the reported amounts of revenues and expenses during the reporting period(s).</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Critical accounting estimates are estimates for which (a) the nature of the estimate is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change and (b) the impact of the estimate on financial condition or operating performance is material. The Company’s critical accounting estimates and assumptions affecting the financial statements were:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"></td> <td style="WIDTH: 0.25in"> <div>i.</div> </td> <td style="TEXT-ALIGN: justify"> <div>Allowance for doubtful accounts : Management’s estimate of the allowance for doubtful accounts is based on historical sales, historical loss levels, and an analysis of the collectability of individual accounts; and general economic conditions that may affect a client’s ability to pay. The Company evaluated the key factors and assumptions used to develop the allowance in determining that it is reasonable in relation to the financial statements taken as a whole;</div> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td> <div> </div> </td> <td> <div> </div> </td> <td> <div> </div> </td> </tr> </table> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"></td> <td style="WIDTH: 0.25in"> <div>ii.</div> </td> <td style="TEXT-ALIGN: justify"> <div>Inventory Obsolescence and Markdowns : The Company’s estimate of potentially excess and slow-moving inventories is based on evaluation of inventory levels and aging, review of inventory turns and historical sales experiences. The Company’s estimate of reserve for inventory shrinkage is based on the historical results of physical inventory cycle counts;</div> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td> <div> </div> </td> <td> <div> </div> </td> <td> <div> </div> </td> </tr> </table> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"></td> <td style="WIDTH: 0.25in"> <div>iii.</div> </td> <td style="TEXT-ALIGN: justify"> <div>Fair value of long-lived assets : Fair value is generally determined using the asset’s expected future discounted cash flows or market value, if readily determinable. If long-lived assets are determined to be recoverable, but the newly determined remaining estimated useful lives are shorter than originally estimated, the net book values of the long-lived assets are depreciated over the newly determined remaining estimated useful lives. The Company considers the following to be some examples of important indicators that may trigger an impairment review:</div> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td> <div> </div> </td> <td> <div> </div> </td> <td> <div> </div> </td> </tr> </table> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.75in"></td> <td style="WIDTH: 0.25in"> <div>i.</div> </td> <td style="TEXT-ALIGN: justify"> <div>significant under-performance or losses of assets relative to expected historical or projected future operating results;</div> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td> <div> </div> </td> <td> <div> </div> </td> <td> <div> </div> </td> </tr> </table> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.75in"></td> <td style="WIDTH: 0.25in"> <div>ii.</div> </td> <td style="TEXT-ALIGN: justify"> <div>significant changes in the manner or use of assets or in the Company’s overall strategy with respect to the manner or use of the acquired assets or changes in the Company’s overall business strategy;</div> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td> <div> </div> </td> <td> <div> </div> </td> <td> <div> </div> </td> </tr> </table> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.75in"></td> <td style="WIDTH: 0.25in"> <div>iii.</div> </td> <td> <div>significant negative industry or economic trends;</div> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td> <div> </div> </td> <td> <div> </div> </td> <td> <div> </div> </td> </tr> </table> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.75in"></td> <td style="WIDTH: 0.25in"> <div>iv.</div> </td> <td> <div>increased competitive pressures;</div> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td> <div> </div> </td> <td> <div> </div> </td> <td> <div> </div> </td> </tr> </table> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.75in"></td> <td style="WIDTH: 0.25in"> <div>v.</div> </td> <td style="TEXT-ALIGN: justify"> <div>a significant decline in the Company’s stock price for a sustained period of time; and</div> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td> <div> </div> </td> <td> <div> </div> </td> <td> <div> </div> </td> </tr> </table> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.75in"></td> <td style="WIDTH: 0.25in"> <div>vi.</div> </td> <td style="TEXT-ALIGN: justify"> <div>regulatory changes. The Company evaluates acquired assets for potential impairment indicators at least annually and more frequently upon the occurrence of such events.</div> </td> </tr> <tr style="VERTICAL-ALIGN: top"> <td> <div> </div> </td> <td> <div> </div> </td> <td> <div> </div> </td> </tr> </table> <table style="MARGIN-TOP: 0px; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0px" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0.25in"></td> <td style="WIDTH: 0.25in"> <div>iv.</div> </td> <td style="TEXT-ALIGN: justify"> <div>Valuation allowance for deferred tax assets: Management assumes that the realization of the Company’s net deferred tax assets resulting from its net operating loss (“NOL”) carry–forwards for Federal income tax purposes that may be offset against future taxable income was not considered more likely than not and accordingly, the potential tax benefits of the net loss carry- forwards are offset by a full valuation allowance. Management made this assumption based on (a) the Company has incurred recurring losses, (b) general economic conditions, and (c) its ability to raise additional funds to support its daily operations by way of a public or private offering, among other factors.</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px 0px 0px 0.5in; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">These significant accounting estimates or assumptions bear the risk of change due to the fact that there are uncertainties attached to these estimates or assumptions, and certain estimates or assumptions are difficult to measure or value.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Management bases its estimates on historical experience and on various assumptions that are believed to be reasonable in relation to the financial statements taken as a whole under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Management regularly evaluates the key factors and assumptions used to develop the estimates utilizing currently available information, changes in facts and circumstances, historical experience and reasonable assumptions. After such evaluations, if deemed appropriate, those estimates are adjusted accordingly.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Actual results could differ from those estimates.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2015 | us-gaap |
Payments To Acquire Investments
PaymentsToAcquireInvestments
|
0 | USD |
| CY2015 | us-gaap |
Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><i>Reclassifications</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><i> </i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Certain reclassifications have been made to prior period amounts to conform to the current period presentation.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2013Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
1131182 | USD |
| CY2014 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
-156559 | USD |
| CY2015 | us-gaap |
Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
|
-177329 | USD |
| CY2015 | us-gaap |
Inventory Write Down
InventoryWriteDown
|
148967 | USD |
| CY2015 | us-gaap |
Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
|
764016 | USD |
| CY2015 | us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
12990 | USD |
| CY2015 | us-gaap |
Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
44267 | USD |
| CY2014Q3 | us-gaap |
Accounts Receivable Gross
AccountsReceivableGross
|
4106441 | USD |
| CY2014 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.0560 | pure |
| CY2015 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
67569 | shares |
| CY2014 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
0 | shares |
| CY2015Q3 | us-gaap |
Accounts Receivable Gross
AccountsReceivableGross
|
4836046 | USD |
| CY2015Q3 | us-gaap |
Accounts Receivable Net
AccountsReceivableNet
|
4771044 | USD |
| CY2014Q3 | us-gaap |
Accounts Receivable Net
AccountsReceivableNet
|
4038340 | USD |
| CY2015Q3 | us-gaap |
Inventory Gross
InventoryGross
|
6518483 | USD |
| CY2014Q3 | us-gaap |
Inventory Gross
InventoryGross
|
6419294 | USD |
| CY2015Q3 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
9660428 | USD |
| CY2014Q3 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
8051137 | USD |
| CY2015 | us-gaap |
Preferred Stock Voting Rights
PreferredStockVotingRights
|
Each issued and outstanding Series A Preferred Share shall be entitled to the number of votes equal to the result of: (i) the number of shares of common stock of the Company issued and outstanding at the time of such vote multiplied by 1.01; divided by (ii) the total number of Series A Preferred Shares issued and outstanding at the time of such vote, at each meeting of shareholders of the Company with respect to any and all matters presented to the shareholders of the Company for their action or consideration, including the election of directors. Holders of Series A Preferred Shares shall vote together with the holders of Common Shares as a single class. | |
| CY2015Q2 | us-gaap |
Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
|
On April 3, 2015, our Board of Directors approved a reverse split of our common stock, par value $0.001, at a ratio of one-for-six. This reverse stock split became effective on April 15, 2015 | |
| CY2015Q3 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
0 | USD |
| CY2014Q3 | us-gaap |
Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
|
0 | USD |
| CY2015Q3 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
0 | USD |
| CY2014Q3 | us-gaap |
Deferred Tax Assets Net
DeferredTaxAssetsNet
|
0 | USD |
| CY2013Q4 | us-gaap |
Business Acquisition Name Of Acquired Entity
BusinessAcquisitionNameOfAcquiredEntity
|
ROB Group | |
| CY2014 | us-gaap |
Inventory Write Down
InventoryWriteDown
|
148967 | USD |
| CY2015 | us-gaap |
Effective Income Tax Rate Reconciliation Deductions
EffectiveIncomeTaxRateReconciliationDeductions
|
-0.4297 | pure |
| CY2015 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.0003 | pure |
| CY2015 | us-gaap |
Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
|
0.00 | pure |
