2018 Q2 Form 10-Q Financial Statement

#000149315218011780 Filed on August 14, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q4 2017 Q2
Revenue $4.138M $2.840M $4.722M
YoY Change -12.38% -30.39% 26.5%
Cost Of Revenue $2.601M $1.820M $2.841M
YoY Change -8.45% -25.1% 62.34%
Gross Profit $1.537M $1.010M $1.881M
YoY Change -18.32% -38.79% -5.13%
Gross Profit Margin 37.14% 35.56% 39.84%
Selling, General & Admin $1.060M $1.100M $1.080M
YoY Change -1.85% 15.79% 5.88%
% of Gross Profit 68.98% 108.91% 57.41%
Research & Development $17.35K $30.00K $20.39K
YoY Change -14.94% 50.0% -27.88%
% of Gross Profit 1.13% 2.97% 1.08%
Depreciation & Amortization $60.00K $100.0K $60.00K
YoY Change 0.0% -23.08% -57.14%
% of Gross Profit 3.9% 9.9% 3.19%
Operating Expenses $970.6K $1.130M $1.146M
YoY Change -15.29% 16.49% 8.75%
Operating Profit $566.0K -$120.0K $735.5K
YoY Change -23.05% -117.65% -20.87%
Interest Expense $7.087K -$60.00K $12.73K
YoY Change -44.32% 200.0% 9.6%
% of Operating Profit 1.25% 1.73%
Other Income/Expense, Net $0.00
YoY Change
Pretax Income $2.293M -$70.00K $409.0K
YoY Change 460.68% -110.45% -56.09%
Income Tax $157.3K $1.420M $135.4K
% Of Pretax Income 6.86% 33.1%
Net Earnings $2.136M -$1.490M $273.6K
YoY Change 680.6% -472.5% -51.25%
Net Earnings / Revenue 51.62% -52.46% 5.79%
Basic Earnings Per Share
Diluted Earnings Per Share $184.0K -$129.2K $22.98K
COMMON SHARES
Basic Shares Outstanding 11.63M shares 11.52M shares 11.47M shares
Diluted Shares Outstanding 11.79M shares 11.75M shares

Balance Sheet

Concept 2018 Q2 2017 Q4 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.31M $6.910M $6.260M
YoY Change 64.7% 179.76% 142.64%
Cash & Equivalents $10.31M $6.912M $6.256M
Short-Term Investments
Other Short-Term Assets $90.00K $260.0K $150.0K
YoY Change -40.0% 13.04% -54.55%
Inventory $4.361M $4.687M $3.819M
Prepaid Expenses $90.34K $255.1K $155.0K
Receivables $2.433M $2.105M $3.825M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $17.19M $13.96M $14.05M
YoY Change 22.31% 47.05% 62.81%
LONG-TERM ASSETS
Property, Plant & Equipment $1.827M $1.939M $1.696M
YoY Change 7.76% -42.88% -54.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $914.00 $13.41K $140.0K
YoY Change -99.35% -89.05% 1300.0%
Other Assets $1.020M $1.760M $2.530M
YoY Change -59.68% -13.3% 33.86%
Total Long-Term Assets $2.934M $3.814M $4.453M
YoY Change -34.12% -32.68% -22.67%
TOTAL ASSETS
Total Short-Term Assets $17.19M $13.96M $14.05M
Total Long-Term Assets $2.934M $3.814M $4.453M
Total Assets $20.12M $17.77M $18.51M
YoY Change 8.73% 17.25% 28.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $550.0K $940.0K $660.0K
YoY Change -16.67% 4.44% 13.79%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $250.0K $250.0K $600.0K
YoY Change -58.33% 0.0% -20.0%
Long-Term Debt Due $201.2K $201.2K $201.2K
YoY Change 0.0% 0.0% 0.0%
Total Short-Term Liabilities $2.531M $2.701M $1.962M
YoY Change 28.99% 15.29% -11.81%
LONG-TERM LIABILITIES
Long-Term Debt $50.30K $150.9K $251.5K
YoY Change -80.0% -57.14% -44.11%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $50.30K $150.9K $251.5K
YoY Change -80.0% -57.14% -44.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.531M $2.701M $1.962M
Total Long-Term Liabilities $50.30K $150.9K $251.5K
Total Liabilities $2.581M $2.851M $2.213M
YoY Change 16.61% 5.82% -17.02%
SHAREHOLDERS EQUITY
Retained Earnings $3.291M $451.6K $2.223M
YoY Change 48.04% -134.66% -223.96%
Common Stock $15.21M $15.13M $14.93M
YoY Change 1.88% 1.83% 1.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $17.54M $14.92M $16.29M
YoY Change
Total Liabilities & Shareholders Equity $20.12M $17.77M $18.51M
YoY Change 8.73% 17.25% 28.61%

Cashflow Statement

Concept 2018 Q2 2017 Q4 2017 Q2
OPERATING ACTIVITIES
Net Income $2.136M -$1.490M $273.6K
YoY Change 680.6% -472.5% -51.25%
Depreciation, Depletion And Amortization $60.00K $100.0K $60.00K
YoY Change 0.0% -23.08% -57.14%
Cash From Operating Activities $1.450M $1.000M $1.480M
YoY Change -2.03% -350.0% 39.62%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$370.0K -$30.00K
YoY Change -66.67% 3600.0% -400.0%
Acquisitions
YoY Change
Other Investing Activities $2.430M -$40.00K -$320.0K
YoY Change -859.38% -60.0%
Cash From Investing Activities $2.410M -$410.0K -$350.0K
YoY Change -788.57% 241.67% -3600.0%
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 50.00K -120.0K
YoY Change -58.33% -225.0% -148.0%
NET CHANGE
Cash From Operating Activities 1.450M 1.000M 1.480M
Cash From Investing Activities 2.410M -410.0K -350.0K
Cash From Financing Activities -50.00K 50.00K -120.0K
Net Change In Cash 3.810M 640.0K 1.010M
YoY Change 277.23% -214.29% -23.48%
FREE CASH FLOW
Cash From Operating Activities $1.450M $1.000M $1.480M
Capital Expenditures -$10.00K -$370.0K -$30.00K
Free Cash Flow $1.460M $1.370M $1.510M
YoY Change -3.31% -451.28% 43.81%

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us-gaap Payments For Proceeds From Investments
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us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
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1.19
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1.22
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
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us-gaap Number Of Reporting Units
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2 segments
us-gaap Revenues
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us-gaap Revenues
Revenues
9386074 usd
CY2018Q2 us-gaap Revenues
Revenues
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CY2017Q2 us-gaap Revenues
Revenues
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CY2017Q4 FSI Property Equipment Leasehold And Patents
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CY2018Q2 FSI Property Equipment Leasehold And Patents
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1898530 usd
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
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CY2017Q4 us-gaap Equity Method Investments
EquityMethodInvestments
13414 usd
CY2017Q1 us-gaap Increase Decrease In Recoverable Property Damage Costs
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1659404 usd
CY2017 FSI Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Granted Options Exercise Price
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeGrantedOptionsExercisePrice
1.70
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SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeGrantedOptionsExercisePrice
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us-gaap Depreciation Depletion And Amortization
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112271 usd
us-gaap Depreciation Depletion And Amortization
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us-gaap Deferred Income Tax Expense Benefit
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DeferredIncomeTaxExpenseBenefit
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dei Entity Registrant Name
EntityRegistrantName
FLEXIBLE SOLUTIONS INTERNATIONAL INC
dei Entity Central Index Key
EntityCentralIndexKey
0001069394
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2018-06-30
dei Amendment Flag
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false
dei Current Fiscal Year End Date
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--12-31
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Trading Symbol
TradingSymbol
FSI
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
CY2018Q2 us-gaap Earnings Per Share Basic And Diluted
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0.18
CY2017Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.02
us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
56306 usd
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
526000 shares
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.08
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
16438 usd
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
16438 usd
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
16438 usd
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
16438 usd
CY2018Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
16438 usd
CY2018Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
100596 usd
CY2018Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
150896 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P5Y
us-gaap Lease Expiration Date1
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2021-10-31
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
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101130 usd
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
205580 usd
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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209400 usd
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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118850 usd
CY2017Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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CY2018Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0269 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0223 pure
CY2017Q4 us-gaap Commitments And Contingencies
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CY2018Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
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us-gaap Provision For Doubtful Accounts
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us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1191 usd
CY2018Q2 us-gaap Provision For Doubtful Accounts
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CY2017Q2 us-gaap Provision For Doubtful Accounts
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811 usd
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.24
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.31
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.24
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.30
FSI Shipping Cost
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7729 usd
us-gaap Gain Loss On Disposition Of Assets1
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1714261 usd
us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
2245718 usd
CY2018Q2 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
1721977 usd
CY2017Q2 us-gaap Gain Loss On Disposition Of Assets1
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-326570 usd
FSI Shipping Cost
ShippingCost
8773 usd
CY2018Q2 FSI Shipping Cost
ShippingCost
3620 usd
CY2017Q2 FSI Shipping Cost
ShippingCost
4911 usd
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
321330 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P3Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P3Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.5400 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.7309 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.8344
CY2018Q2 us-gaap Lessee Operating Lease Term Of Contract
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P3Y
FSI Segment Property Equipment Leaseholds And Patents
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1898530 usd
FSI Segment Property Equipment Leaseholds And Patents
SegmentPropertyEquipmentLeaseholdsAndPatents
1783323 usd
FSI Increase Decrease In Deferred Tax Assets
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FSI Increase Decrease In Deferred Tax Assets
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23404 usd
CY2017Q4 us-gaap Accounts Receivable Gross
AccountsReceivableGross
2145803 usd
CY2018Q2 us-gaap Accounts Receivable Gross
AccountsReceivableGross
2471759 usd
CY2017Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
40332 usd
CY2018Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
38424 usd
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018

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