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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 | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 2.115 | 0 | 09:00:00 |
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)
|
Large accelerated filer
|
☐
|
Accelerated filer
|
☐
|
Non-accelerated
filer
|
☐
(Do not check if a smaller reporting company)
|
Smaller reporting company
|
☒
|
|
|
Emerging
growth company
|
☐
|
Class of
Stock
|
No. Shares
Outstanding
|
Date
|
Common
|
11,460,991
|
May 15,
2017
|
PART I.
|
FINANCIAL INFORMATION
|
4
|
|
|
|
|
|
Item
1.
|
Financial
Statements.
|
4
|
|
|
|
|
|
|
(
a)
|
Unaudited
Interim Condensed Consolidated Balance Sheets at March 31, 2017 and
December 31, 2016.
|
4
|
|
|
|
|
|
(
b)
|
Unaudited
Interim Condensed Consolidated Statements of Operations and
Comprehensive Loss for the Three Months Ended March 31, 2017 and
2016.
|
5
|
|
|
|
|
|
(c
)
|
Unaudited
Interim Condensed Consolidated Statements of Cash Flows for the
Three Months Ended
March
31, 2017 and 2016.
|
6
|
|
|
|
|
|
(d)
|
Notes to Unaudited
Interim Condensed
Consolidated Financial Statements
for the
Three Months Ended March 31, 2017.
|
7
|
|
|
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition
and Results of Operations.
|
21
|
|
|
|
|
|
Item
4
|
Controls
and Procedures.
|
24
|
|
|
|
|
|
PART II.
|
OTHER INFORMATION
|
25
|
|
|
|
|
|
Item 6.
|
Exhibits.
|
25
|
|
|
|
|
|
SIGNATURES
|
|
26
|
|
|
|
|
|
Three Months
Ended March 31,
|
|
|
2017
|
2016
|
|
|
|
Sales
|
$
4,663,708
|
$
5,312,635
|
Cost
of sales
|
2,569,675
|
3,073,932
|
|
|
|
Gross
profit
|
2,094,033
|
2,238,703
|
Operating
expenses
|
|
|
Wages
|
358,417
|
354,090
|
Administrative
salaries and benefits
|
249,082
|
204,745
|
Advertising
and promotion
|
9,577
|
9,305
|
Investor
relations and transfer agent fee
|
37,341
|
19,457
|
Office
and miscellaneous
|
34,902
|
35,729
|
Insurance
|
81,609
|
73,648
|
Interest
expense
|
11,567
|
10,944
|
Rent
|
55,514
|
21,983
|
Consulting
|
34,296
|
29,836
|
Professional
fees
|
57,552
|
19,909
|
Travel
|
33,899
|
38,515
|
Telecommunications
|
6,296
|
4,591
|
Shipping
|
3,862
|
3,394
|
Research
|
11,144
|
35,728
|
Commissions
|
40,655
|
55,534
|
Bad
debt expense
|
380
|
-
|
Currency
exchange
|
9,004
|
17,995
|
Utilities
|
6,695
|
3,500
|
Total operating
expenses
|
1,042,062
|
938,903
|
|
|
|
Income
before other items and income tax
|
1,051,971
|
1,299,800
|
Gain
on involuntary disposition
|
2,572,288
|
-
|
Write
down of inventory
|
(51,346
)
|
-
|
Interest
income
|
33
|
-
|
|
|
|
Income
before income tax
|
3,572,946
|
1,299,800
|
Deferred
income tax expense
|
23,404
|
-
|
Provision
for income taxes
|
296,875
|
558,006
|
Net
income
|
3,252,667
|
741,794
|
|
|
|
Other
comprehensive income (loss)
|
39,667
|
(77,142
)
|
Comprehensive
income (loss)
|
3,292,334
|
664,652
|
|
|
|
Net
income per share (basic and diluted)
|
$
0.28
|
$
0.06
|
Weighted
average number of common shares (basic)
|
11,458,170
|
11,543,376
|
Weighted
average number of common shares (diluted)
|
11,638,732
|
11,566,717
|
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
|
|
March
31,
2017
|
December
31,
2016
|
Accounts
receivable
|
$
3,430,391
|
$
3,044,652
|
Allowances for
doubtful accounts
|
(37,225
)
|
(36,499
)
|
|
$
3,393,166
|
$
3,008,153
|
|
March
31,
2017
|
December
31,
2016
|
Completed
goods
|
$
1,885,611
|
$
1,646,465
|
Work in
progress
|
-
|
2,572
|
Raw
materials
|
2,653,518
|
2,137,056
|
|
$
4,539,129
|
$
3,786,093
|
|
March 31,
2017
|
Accumulated
|
March 31,
2017
|
|
Cost
|
Depreciation
|
Net
|
Buildings
|
$
3,164,847
|
$
2,333,427
|
$
831,420
|
Computer
hardware
|
40,904
|
38,913
|
1,991
|
Furniture and
fixtures
|
17,673
|
9,934
|
7,739
|
Manufacturing
equipment
|
2,430,642
|
2,005,424
|
425,218
|
Boat
|
34,400
|
10,871
|
23,529
|
Leasehold
Improvements
|
85,432
|
19,691
|
65,741
|
Land
|
358,085
|
-
|
358,085
|
|
$
6,131,983
|
$
4,418,260
|
$
1,713,723
|
|
December 31,
2016
|
Accumulated
|
December 31,
2016
|
|
Cost
|
Depreciation
|
Net
|
Buildings
|
$
4,762,094
|
$
2,967,370
|
$
1,794,724
|
Computer
hardware
|
89,480
|
85,784
|
3,696
|
Furniture and
fixtures
|
32,439
|
23,142
|
9,297
|
Office
equipment
|
17,745
|
16,788
|
957
|
Manufacturing
equipment
|
5,236,404
|
4,102,635
|
1,133,769
|
Trailer
|
12,859
|
12,250
|
609
|
Boat
|
34,400
|
9,632
|
24,768
|
Leasehold
improvements
|
85,432
|
15,419
|
70,013
|
Technology
|
101,748
|
101,748
|
-
|
Land
|
356,111
|
-
|
356,111
|
|
$
10,728,712
|
$
7,334,768
|
$
3,393,944
|
|
March
31
,
2017
Cost
|
Accumulated
Amortization
|
March 31,
2017
Net
|
Patents
|
$
199,330
|
$
107,549
|
$
91,781
|
|
December 31,
2016
Cost
|
Accumulated
Amortization
|
December 31,
2
016
Net
|
Patents
|
$
197,448
|
$
101,558
|
$
95,890
|
2017
|
$
16,438
|
2018
|
16,438
|
2019
|
16,438
|
2020
|
16,438
|
2021
|
16,438
|
|
March 31,
2017
|
December 31,
2016
|
|
|
|
Long term
deposits
|
$
26,248
|
$
26,163
|
Balance, January 1,
2016
|
-
|
Capital
contributions
|
$
150,066
|
Return of
equity
|
(12,500
)
|
Loss in equity
method investment
|
(15,086
)
|
Balance, December
31, 2016
|
$
122,480
|
Return of
equity
|
(6,250
)
|
Balance, March 31,
2017
|
$
116,230
|
2017
|
$
150,896
|
2018
|
$
201,193
|
2019
|
$
150,895
|
|
March 31,
2017
|
December 31,
2016
|
Outstanding
balance at:
|
|
|
Long term debt
– Harris
|
502,984
|
553,282
|
Long term
debt
|
$
502,984
|
$
553,282
|
Less: current
portion
|
(201,193
)
|
(201,193
)
|
Balance
|
$
301,791
|
$
352,089
|
|
2016
|
Expected life
– years
|
3.0
|
Interest
rate
|
1.37
%
|
Volatility
|
75.64
%
|
Dividend
yield
|
--
%
|
Weighted average
fair value of options granted
|
$
0.7073
|
|
EWCP
|
BPCA
|
Total
|
Revenue
|
$
247,726
|
$
4,415,982
|
$
4,663,708
|
Interest
expense
|
55
|
11,512
|
11,567
|
Depreciation
and
amortization
|
31,971
|
48,404
|
80,375
|
Segment profit
(loss)
|
1,770,391
|
593,545
|
3,252,667
|
Segment
assets
|
323,228
|
1,482,276
|
1,805,504
|
Expenditures
for
segment
assets
|
(22,497
)
|
(7,406
)
|
(29,903
)
|
|
EWCP
|
BPCA
|
Total
|
Revenue
|
$
327,713
|
$
4,984,922
|
$
5,312,635
|
Interest
expense
|
-
|
10,944
|
10,944
|
Depreciation
and
amortization
|
78,478
|
53,109
|
131,587
|
Segment profit
(loss)
|
(130,408
)
|
872,202
|
741,794
|
Segment
assets
|
2,274,377
|
1,717,392
|
3,991,769
|
Expenditures
for
segment
assets
|
-
|
(90,701
)
|
(90,701
)
|
|
Three months
ended March 31, 2017
|
Three months
ended March 31, 2016
|
Canada
|
$
74,835
|
$
135,779
|
United States and
abroad
|
4,588,873
|
5,176,856
|
Total
|
$
4,663,708
|
$
5,312,635
|
|
March 31,
2017
|
December 31,
2016
|
Canada
|
$
323,232
|
$
1,966,564
|
United
States
|
1,482,276
|
1,523,270
|
Total
|
$
1,805,504
|
$
3,489,834
|
2017
|
$
154,630
|
2018
|
$
201,840
|
2019
|
$
205,580
|
2020
|
$
209,400
|
2021
|
$
111,100
|
Item
|
|
Increase (I) or
Decrease (D)
|
|
Reason
|
Sales
|
|
|
|
|
EWCP
products
|
|
D
|
|
Loss of Taber, AB manufacturing facility to fire.
|
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
wages to retain employees.
|
Rent
|
|
I
|
|
Additional
storage and capacity space for BCPS products.
|
Professional
fess
|
|
I
|
|
Increased
legal fees associated with IP and general legal representation
along with increased accounting costs.
|
|
|
|
|
|
Commissions
|
|
D
|
|
Uncommissioned
sales increased against commissioned sales.
|
|
Three Months Ended March 31,
|
|
|
2017
|
2016
|
Company
A
|
$
1,458,352
|
$
1,423,418
|
Company
B
|
$
704,375
|
$
1,311,532
|
Company
C
|
$
480,247
|
$
538,867
|
|
2017
|
2016
|
Cash provided
(used) by operations
|
(1,894,207)
|
186,463
|
Long term
deposits
|
-
|
350
|
Investment
|
6,250
|
-
|
Loss from
fire
|
4,053,612
|
-
|
Acquisition of
equipment
|
(29,903
)
|
(90,701
)
|
Borrowings from
line of credit
|
450,000
|
250,000
|
Repayment of
loans
|
(50,298
)
|
(50,298
)
|
Proceeds of
issuance of common stock
|
2,250
|
-
|
Repurchase of
common stock
|
-
|
(1,575,000
)
|
Changes in exchange
rates
|
(138,350
)
|
29,785
|
2017
|
$
154,630
|
2018
|
$
201,840
|
2019
|
$
205,580
|
2020
|
$
209,400
|
2021
|
$
111,100
|
Number
|
Description
|
3.1
|
Amended
and Restated Articles of Incorporation. (1)
|
3.2
|
Bylaws
(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.
|
|
|
|
|
|
|
May 15,
2017
|
By:
|
/s/
Daniel
B. O’Brien
|
|
|
|
Daniel B.
O’Brien
|
|
|
|
P
resident
and Principal Executive Officer
|
|
|
|
|
|
|
|
|
|
May 15,
2017
|
By:
|
/s/
Daniel
B. O’Brien
|
|
|
|
Daniel B.
O’Brien
|
|
|
|
Principal Financial
and Accounting Officer
|
|
1 Year Flexible Solutions Chart |
1 Month Flexible Solutions Chart |
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