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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Flexible Solutions International Inc | AMEX:FSI | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.055 | -2.60% | 2.06 | 2.16 | 2.0033 | 2.16 | 22,077 | 00:11:14 |
Nevada
|
|
91-1922863
|
(State or other
jurisdiction of incorporation
or
organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
#206 – 920
Hillside Ave.
|
|
|
Victoria, British
Columbia, Canada
|
|
V8T
1Z8
|
(Address of
Issuer's Principal Executive Offices)
|
|
(Zip
Code)
|
Class of
Stock
|
No. Shares
Outstanding
|
Date
|
Common
|
11,451,991
|
November 11
2016
|
|
PART I.
|
FINANCIAL INFORMATION
|
|
|
|
|
|
|
Item
1.
|
Financial
Statements.
|
4
|
|
|
|
|
|
|
(
a)
|
Unaudited
Interim Condensed Consolidated Balance Sheets at September 30, 2016
and December 31, 2015.
|
4
|
|
|
|
|
|
(
b)
|
Unaudited
Interim Condensed Consolidated Statements of Operations for the
Three Months Ended September 30, 2016 and 2015.
|
5
|
|
|
|
|
|
(c)
|
Unaudited
Interim Condensed Consolidated Statements of Operations for the
Nine Months Ended September 30, 2016 and 2015.
|
6
|
|
|
|
|
|
(d
)
|
Unaudited
Interim Condensed Consolidated Statements of Cash Flows for the
Nine Months Ended September 30, 2016 and 2015.
|
7
|
|
|
|
|
|
(e)
|
Notes to Unaudited
Interim Condensed
Consolidated Financial Statements
for the
Period Ended September 30, 2016.
|
8
|
|
|
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition
and Results of Operation
.
|
21
|
|
|
|
|
|
Item
4.
|
Controls
and Procedures.
|
25
|
|
|
|
|
|
PART II.
|
OTHER INFORMATION
|
|
|
|
|
|
|
Item 6.
|
Exhibits.
|
26
|
|
|
|
|
|
SIGNATURES
|
|
27
|
|
|
|
|
|
Three Months
Ended
September
30,
|
|
|
2016
|
2015
|
Sales
|
$
3,117,034
|
$
3,303,216
|
Cost
of sales
|
1,997,597
|
2,094,258
|
|
|
|
Gross
profit
|
1,119,437
|
1,208,958
|
|
|
|
Operating
expenses
|
|
|
Wages
|
370,613
|
368,861
|
Administrative
salaries and benefits
|
209,256
|
172,607
|
Advertising
and promotion
|
5,902
|
4,082
|
Investor
relations and transfer agent fee
|
32,806
|
21,879
|
Office
and miscellaneous
|
67,026
|
94,211
|
Insurance
|
79,522
|
73,695
|
Interest
expense
|
11,318
|
11,867
|
Rent
|
23,060
|
31,748
|
Consulting
|
32,981
|
38,689
|
Professional
fees
|
77,151
|
35,459
|
Travel
|
22,420
|
29,497
|
Telecommunications
|
6,145
|
7,442
|
Shipping
|
2,424
|
4,938
|
Research
|
13,865
|
28,572
|
Commissions
|
5,351
|
2,585
|
Currency
exchange
|
(14,740
)
|
(36,807
)
|
Utilities
|
3,231
|
4,777
|
|
|
|
Total operating
expenses
|
948,331
|
894,102
|
|
|
|
Income
(loss) before other items and income tax
|
171,106
|
314,856
|
Gain
(loss) on sale of equipment
|
4,934
|
-
|
Interest
income
|
2,161
|
-
|
Income
(loss) before income tax
|
178,201
|
314,856
|
|
|
|
Provision
for income taxes
|
92,237
|
77,654
|
Net
income (loss)
|
85,964
|
237,202
|
|
|
|
Other
comprehensive income (loss)
|
196,503
|
(350,433
)
|
Comprehensive
income (loss)
|
282,467
|
(113,231
)
|
Net
income (loss) per share (basic and diluted)
|
$
0.01
|
$
0.02
|
Weighted
average number of common shares - basic
|
11,434,187
|
13,177,208
|
Weighted
average number of common shares – diluted
|
11,694,530
|
13,220,047
|
|
Nine Months
Ended
September
30,
|
|
|
2016
|
2015
|
|
|
|
Sales
|
$
12,162,852
|
$
12,168,025
|
Cost
of sales
|
6,821,554
|
7,432,944
|
|
|
|
Gross
profit
|
5,341,298
|
4,735,081
|
|
|
|
Operating
expenses
|
|
|
Wages
|
1,119,031
|
1,165,021
|
Administrative
salaries and benefits
|
632,773
|
546,985
|
Advertising
and promotion
|
17,228
|
30,033
|
Investor
relations and transfer agent fee
|
96,544
|
99,978
|
Office
and miscellaneous
|
215,455
|
207,803
|
Insurance
|
228,695
|
218,350
|
Interest
expense
|
33,876
|
44,044
|
Rent
|
69,261
|
96,114
|
Consulting
|
93,814
|
105,882
|
Professional
fees
|
145,838
|
129,925
|
Travel
|
106,939
|
86,924
|
Telecommunications
|
18,070
|
23,971
|
Shipping
|
12,056
|
14,707
|
Research
|
77,870
|
66,982
|
Commissions
|
65,078
|
73,530
|
Currency
exchange
|
(3,760
)
|
(47,724
)
|
Utilities
|
12,131
|
19,774
|
|
2,940,899
|
2,882,299
|
|
|
|
Income
(loss) before other items and income tax
|
2,400,399
|
1,852,782
|
Gain
(loss) on sale of equipment
|
6,848
|
(45,249
)
|
Interest
income
|
2,161
|
2,963
|
Income
(loss) before income tax
|
2,409,408
|
1,810,496
|
|
|
|
Provision
for income taxes
|
1,020,413
|
750,357
|
Net
income (loss)
|
1,388,995
|
1,060,139
|
|
|
|
Other
comprehensive income (loss)
|
130,933
|
(776,859
)
|
Comprehensive
income (loss)
|
1,519,928
|
283,280
|
|
|
|
Net
income (loss) per share (basic and diluted)
|
$
0.12
|
$
0.08
|
Weighted
average number of common shares - basic
|
11,468,392
|
13,172,423
|
Weighted
average number of common shares – diluted
|
11,616,265
|
13,284,267
|
|
Nine Months
Ended
September
30,
|
|
|
2016
|
2015
|
|
|
|
Operating
activities
|
|
|
Net
income (loss)
|
$
1,388,995
|
$
1,060,139
|
Stock
compensation expense
|
31,923
|
52,787
|
Depreciation
|
405,186
|
430,347
|
Changes in non-cash
working capital items:
|
|
|
(Increase)
Decrease in accounts receivable
|
(277,579
)
|
(249,171
)
|
(Increase)
Decrease in inventory
|
141,995
|
(311,450
)
|
(Increase)
Decrease in prepaid expenses
|
(38,213
)
|
(208,917
)
|
(Increase)
Decrease in deferred tax assets
|
133,572
|
-
|
Increase
(Decrease) in accounts payable
|
(36,959
)
|
(454,802
)
|
Increase
(Decrease) in taxes payable
|
434,444
|
137,425
|
Increase
(Decrease) in deferred revenue
|
-
|
(2,641
)
|
|
|
|
Cash
provided by (used in) operating activities
|
2,183,364
|
1,574,959
|
|
|
|
Investing
activities
|
|
|
Long
term deposits
|
(350
)
|
(5,440
)
|
Sale
(purchase) of property and equipment
|
(101,762
)
|
41,432
|
|
|
|
Cash
provided by (used in) investing activities
|
(102,112
)
|
35,992
|
|
|
|
Financing
activities
|
|
|
Short
term line of credit
|
50,000
|
(500,000
)
|
Loan
repayment
|
(150,895
)
|
(150,895
)
|
Repurchase
of common stock
|
(1,575,000
)
|
-
|
Proceeds
from issuance of common stock
|
26,080
|
8,000
|
|
|
|
Cash
provided (used) by financing activities
|
(1,649,815
)
|
(642,895
)
|
|
|
|
Effect of exchange
rate changes on cash
|
(7,937
)
|
(31,602
)
|
|
|
|
Inflow
(outflow) of cash
|
423,500
|
936,454
|
Cash and cash
equivalents, beginning
|
2,498,738
|
747,517
|
|
|
|
Cash
and cash equivalents, ending
|
$
2,922,238
|
$
1,683,971
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
Income taxes
paid
|
$
452,654
|
$
785,000
|
Interest
paid
|
$
33,876
|
$
44,044
|
|
|
|
Computer
hardware
|
|
30%
Declining balance
|
Furniture
and fixtures
|
|
20%
Declining balance
|
Manufacturing
equipment
|
|
20%
Declining balance
|
Office
equipment
|
|
20%
Declining balance
|
Boat
|
|
20%
Declining balance
|
Building
and improvements
|
|
10%
Declining balance
|
Technology
|
|
20%
Declining balance
|
Leasehold
improvements
|
|
Straight-line
over lease term
|
|
September
30,
2016
|
December
31,
2015
|
Accounts
receivable
|
$
2,259,273
|
$
1,990,283
|
Allowances for
doubtful accounts
|
(37,449
)
|
(35,406
)
|
|
$
2,221,823
|
$
1,954,877
|
|
September
30,
2016
|
December
31,
2015
|
Completed
goods
|
$
1,229,113
|
$
1,162,571
|
Work in
progress
|
5,695
|
10,466
|
Raw
materials
|
1,840,027
|
2,102,439
|
|
$
3,074,835
|
$
3,275,476
|
|
September 30,
2016
|
Accumulated
|
September 30,
2016
|
|
Cost
|
Depreciation
|
Net
|
Buildings
|
$
4,803,698
|
$
2,933,903
|
$
1,869,795
|
Computer
hardware
|
90,745
|
86,608
|
4,137
|
Furniture and
fixtures
|
32,824
|
22,931
|
9,893
|
Office
equipment
|
18,207
|
17,164
|
1,043
|
Manufacturing
equipment
|
5,307,976
|
4,088,028
|
1,219,948
|
Trailer
|
13,194
|
12,502
|
692
|
Boat
|
34,400
|
8,084
|
26,316
|
Leasehold
improvements
|
75,432
|
11,315
|
64,117
|
Technology
|
104,398
|
99,178
|
5,220
|
Land
|
411,571
|
-
|
411,571
|
|
$
10,892,445
|
$
7,279,713
|
$
3,612,732
|
|
|
|
|
|
December 31,
2015
|
Accumulated
|
December 31,
2015
|
|
Cost
|
Depreciation
|
Net
|
Buildings
|
$
4,766,282
|
$
2,774,306
|
$
1,991,976
|
Computer
hardware
|
88,026
|
82,811
|
5,215
|
Furniture and
fixtures
|
29,147
|
20,774
|
8,373
|
Office
equipment
|
17,214
|
16,054
|
1,160
|
Manufacturing
equipment
|
5,074,079
|
3,770,819
|
1,303,260
|
Trailer
|
12,474
|
11,630
|
844
|
Boat
|
34,400
|
3,440
|
30,960
|
Leasehold
Improvements
|
29,604
|
—
|
29,604
|
Technology
|
98,701
|
78,961
|
19,740
|
Land
|
399,977
|
—
|
399,977
|
|
$
10,549,904
|
$
6,758,795
|
$
3,791,109
|
|
September
30,
2016
Cost
|
Accumulated
Amortization
|
September
30,
2016
Net
|
Patents
|
$
202,591
|
$
102,591
|
$
100,000
|
|
December 31,
2015
Cost
|
Accumulated
Amortization
|
December 31,
2
015
Net
|
Patents
|
$
191,698
|
$
91,075
|
$
100,623
|
2016
|
$
15,408
|
2017
|
15,408
|
2018
|
15,408
|
2019
|
15,408
|
2020
|
15,408
|
|
September
30,
2016
|
December
31,
2015
|
Long term
deposits
|
$
15,348
|
$
10,169
|
2016
|
$
50,299
|
2017
|
$
201,193
|
2018
|
$
201,193
|
2019
|
$
150,895
|
Continuity
|
September
30,
2016
|
December
31,
2015
|
Balance,
beginning of period
|
$
754,475
|
$
1,112,689
|
Less:
Payments on loan
|
150,895
|
337,631
|
Effect
of exchange rate
|
-
|
(20,583
)
|
Balance,
end of period
|
$
603,580
|
$
754,475
|
Outstanding
balance at:
|
|
|
Long term debt
– Harris
|
603,580
|
754,475
|
Long term
debt
|
$
603,580
|
$
754,475
|
Less: current
portion
|
(201,193
)
|
(201,193
)
|
Balance
|
$
402,387
|
$
553,282
|
|
2015
|
Expected life
– years
|
3.0
|
Interest
rate
|
0.78 – 1.16
%
|
Volatility
|
58 - 77
%
|
Dividend
yield
|
--
%
|
Weighted average
fair value of options granted
|
$
0.36 – 0.37
|
|
EWCP
|
BPCA
|
Total
|
|
|
|
|
Revenue
|
$
750,415
|
$
11,412,437
|
$
12,162,852
|
Interest
revenue
|
1
|
2,160
|
2,161
|
Interest
expense
|
59
|
33,817
|
33,876
|
Depreciation
and
amortization
|
244,644
|
160,542
|
405,186
|
Segment profit
(loss)
|
(492,829
)
|
1,881,824
|
1,388,995
|
Segment
assets
|
2,097,841
|
1,614,891
|
3,712,732
|
Expenditures
for
segment
assets
|
(6,130
)
|
(95,632
)
|
(101,762
)
|
|
EWCP
|
BPCA
|
Total
|
|
|
|
|
Revenue
|
$
639,166
|
$
11,528,859
|
$
12,168,025
|
Interest
revenue
|
1
|
2,962
|
2,963
|
Interest
expense
|
2
|
44,042
|
44,044
|
Depreciation
and
amortization
|
292,898
|
137,449
|
430,347
|
Segment profit
(loss)
|
(815,193
)
|
1,875,332
|
1,060,139
|
Segment
assets
|
2,386,007
|
1,638,942
|
4,024,949
|
Expenditures
for
segment
assets
|
247,982
|
(206,550
)
|
41,432
|
|
Nine Months
Ended
September 30,
2016
|
Nine Months
Ended
September 30,
2015
|
Canada
|
$
361,683
|
$
261,057
|
United States and
abroad
|
11,801,169
|
11,906,968
|
Total
|
$
12,162,852
|
$
12,168,025
|
|
September
30,
2016
|
December
31,
2015
|
Canada
|
$
2,097,841
|
$
2,211,348
|
United
States
|
1,614,891
|
1,680,384
|
Total
|
$
3,712,732
|
$
3,891,732
|
|
|
|
2016
|
$
19,300
|
2017
|
$
74,221
|
2018
|
$
66,480
|
2019
|
$
67,680
|
2020
|
$
68,880
|
Item
|
Increase (I) or
Decrease
(D)
|
Reason
|
Sales
EWCP
products
|
I
|
Addition of new
customers.
|
BPCA
products
|
D
|
Lower customer
orders.
|
Gross Profit, as a
%
of
sales
|
I
|
Lower oil prices
reduced aspartic acid costs.
|
Administrative
salaries
and
benefits
|
I
|
Increased to retain
employees.
|
Interest
|
D
|
Reduction in amount
borrowed.
|
Rent
|
D
|
Relocation to new
premises.
|
Consulting
|
D
|
Reduced since the
Taber plant is no longer operational.
|
Professional
fess
|
I
|
Increased legal and
accounting costs.
|
|
|
|
Travel
|
I
|
Increased to build
future client base.
|
Commissions
|
D
|
Uncommissionable
sales increased against commissionable sales.
|
Item
|
Increase (I) or
Decrease
(D)
|
Reason
|
Sales
EWCP
products
|
D
|
Lower customer
orders
|
BPCA
products
|
D
|
Lower
customer orders.
|
Administrative
salaries
and
benefits
|
I
|
Increased to retain
employees.
|
Office and
miscellaneous
|
D
|
Reduced since the
Taber plant is no longer operational.
|
Rent
|
D
|
Relocation to new
premises.
|
Consulting
|
D
|
Reliance on
employees over consultants.
|
Professional
fess
|
I
|
Increased legal and
accounting costs.
|
Travel
|
I
|
Increased to build
future client base.
|
Commissions
|
D
|
Uncommissionable
sales increased against commissionable sales.
|
|
September
30
|
|
|
2016
|
2015
|
|
|
|
Company A
|
667,894
|
961,206
|
Company
B
|
642,425
|
420,223
|
|
2016
|
2015
|
Cash provided by
(used by) operations
|
2,183,364
|
1,574,959
|
Sales (purchases)
of equipment
|
(101,762
)
|
41,432
|
Long term
deposits
|
(350
)
|
(5,440
)
|
Advances from
(repayments of) short term line of credit
|
50,000
|
(500,000
)
|
Repayment of
loans
|
(150,895
)
|
(150,895
)
|
Repurchase of
common stock
|
(1,575,000
)
|
-
|
Proceeds from
issuance of common stock
|
26,080
|
8,000
|
Changes in exchange
rates
|
(7,937
)
|
(31,602
)
|
2016
|
$
19,300
|
2017
|
$
74,221
|
2018
|
$
66,480
|
2019
|
$
67,680
|
2020
|
$
68,880
|
Number
|
Description
|
3.1
|
Amended
and Restated Certificate of Incorporation of the registrant.
(1)
|
3.2
|
Bylaws
of the registrant. (1)
|
31.1
|
Certification
of Principal Executive Officer Pursuant to §302 of the
Sarbanes-Oxley Act of 2002.*
|
31.2
|
Certification
of Principal Financial Officer Pursuant to §302 of the
Sarbanes-Oxley Act of 2002.*
|
32.1
|
Certification
of Principal Executive and Financial Officer Pursuant to 18 U.S.C.
§1350 and §906 of the Sarbanes-Oxley Act of
2002.*
|
|
Flexible Solutions International, Inc
|
|
|
|
|
|
|
|
By:
|
/s/
Daniel
B. O’Brien
|
|
|
Name:
|
Daniel B.
O’Brien
|
|
|
Title:
|
President and
Principal Executive Officer
|
|
|
|
|
|
|
By:
|
/s/
Daniel
B. O’Brien
|
|
|
Name:
|
Daniel B.
O’Brien
|
|
|
Title:
|
Principal Financial
and Accounting Officer
|
|
1 Year Flexible Solutions Chart |
1 Month Flexible Solutions Chart |
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