HII Technologies Inc. - Oilfield Services

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Investor Relations

Financial Statements

v2.4.1.9
CONSOLIDATED BALANCE SHEETS (USD $)
Mar. 31, 2015
Dec. 31, 2014
Current assets:    
Cash and cash equivalents $ 1,069,524us-gaap_CashAndCashEquivalentsAtCarryingValue $ 1,330,507us-gaap_CashAndCashEquivalentsAtCarryingValue
Restricted cash 1,886,887us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue 1,666,652us-gaap_RestrictedCashAndCashEquivalentsAtCarryingValue
Accounts receivable, net of allowance of $517,224 and $291,672 9,789,147us-gaap_AccountsReceivableNetCurrent 10,529,742us-gaap_AccountsReceivableNetCurrent
Note receivable 290,000us-gaap_NotesAndLoansReceivableNetCurrent 290,000us-gaap_NotesAndLoansReceivableNetCurrent
Current portion of deferred financing costs 50,850us-gaap_DeferredFinanceCostsCurrentNet 50,850us-gaap_DeferredFinanceCostsCurrentNet
Prepaid expense and other current assets 258,348us-gaap_PrepaidExpenseAndOtherAssetsCurrent 168,916us-gaap_PrepaidExpenseAndOtherAssetsCurrent
Total current assets 13,344,756us-gaap_AssetsCurrent 14,036,667us-gaap_AssetsCurrent
Property and equipment, net of accumulated depreciation of $1,640,100 and $1,100,274 8,291,079us-gaap_PropertyPlantAndEquipmentNet 8,909,483us-gaap_PropertyPlantAndEquipmentNet
Assets under capital lease, net 4,442,756us-gaap_CapitalLeasesBalanceSheetAssetsByMajorClassNet 4,673,166us-gaap_CapitalLeasesBalanceSheetAssetsByMajorClassNet
Deposits 259,963us-gaap_DepositsAssetsNoncurrent 257,723us-gaap_DepositsAssetsNoncurrent
Deferred financing costs, net of current portion 47,390us-gaap_DeferredFinanceCostsNoncurrentNet 60,103us-gaap_DeferredFinanceCostsNoncurrentNet
Intangible assets, net of accumulated amortization and impairment of $2,651,704 and $2,642,454 325,296us-gaap_IntangibleAssetsNetExcludingGoodwill 334,546us-gaap_IntangibleAssetsNetExcludingGoodwill
Deferred tax asset 5,639,233us-gaap_DeferredTaxAssetsLiabilitiesNetNoncurrent 5,639,233us-gaap_DeferredTaxAssetsLiabilitiesNetNoncurrent
Goodwill 4,675,820us-gaap_Goodwill 4,675,820us-gaap_Goodwill
Total assets 37,026,293us-gaap_Assets 38,586,741us-gaap_Assets
Current liabilities:    
Accounts payable 5,932,445us-gaap_AccountsPayableCurrent 4,357,868us-gaap_AccountsPayableCurrent
Accounts payable and other liabilities, related parties 2,611,871us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent 2,611,871us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent
Accrued expenses and other liabilities 1,727,539us-gaap_AccruedLiabilitiesCurrent 1,692,121us-gaap_AccruedLiabilitiesCurrent
Secured borrowings 6,550,051us-gaap_SecuredDebtCurrent 6,131,917us-gaap_SecuredDebtCurrent
Current portion of capital lease obligation 1,758,320us-gaap_CapitalLeaseObligationsCurrent 1,637,296us-gaap_CapitalLeaseObligationsCurrent
Current portion of notes payable - related parties 515,000us-gaap_NotesPayableRelatedPartiesClassifiedCurrent 515,000us-gaap_NotesPayableRelatedPartiesClassifiedCurrent
Current portion of secured notes payable 1,298,920us-gaap_NotesPayableCurrent 11,847,676us-gaap_NotesPayableCurrent
Total current liabilities 20,394,146us-gaap_LiabilitiesCurrent 28,793,749us-gaap_LiabilitiesCurrent
Long term liabilities:    
Capital lease obligation, net of current portion 1,817,621us-gaap_CapitalLeaseObligationsNoncurrent 2,306,972us-gaap_CapitalLeaseObligationsNoncurrent
Notes payable - secured, net of current portion 10,262,856hiit_LongTermNotesPayableSecured 73,856hiit_LongTermNotesPayableSecured
Notes payable - related parties net of current portion 70,958us-gaap_NotesPayableRelatedPartiesNoncurrent 70,958us-gaap_NotesPayableRelatedPartiesNoncurrent
Total liabilities 32,545,581us-gaap_Liabilities 31,245,535us-gaap_Liabilities
Commitments and contingencies      
Stockholders' equity    
Preferred stock, $.001 par value, 10,000,000 shares authorized, Series A Convertible Preferred stock, $1,000 stated value, 4,000 shares authorized, 2,890 and 3,750 shares issued and outstanding 2,203,883us-gaap_PreferredStockValue 2,848,093us-gaap_PreferredStockValue
Common stock, $.001 par value, 250,000,000 shares authorized, 57,232,436 and 55,644,711 shares issued and outstanding 57,231us-gaap_CommonStockValue 55,644us-gaap_CommonStockValue
Additional paid-in-capital 35,130,210us-gaap_AdditionalPaidInCapital 34,217,479us-gaap_AdditionalPaidInCapital
Accumulated deficit (32,910,612)us-gaap_RetainedEarningsAccumulatedDeficit (29,780,010)us-gaap_RetainedEarningsAccumulatedDeficit
Total stockholders' equity 4,480,712us-gaap_StockholdersEquity 7,341,206us-gaap_StockholdersEquity
Total liabilities and stockholders' equity $ 37,026,293us-gaap_LiabilitiesAndStockholdersEquity $ 38,586,741us-gaap_LiabilitiesAndStockholdersEquity
v2.4.1.9
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]    
REVENUES $ 8,503,232us-gaap_Revenues $ 7,505,061us-gaap_Revenues
COST OF REVENUES 8,047,857us-gaap_CostOfRevenue 5,464,794us-gaap_CostOfRevenue
GROSS PROFIT 455,375us-gaap_GrossProfit 2,040,267us-gaap_GrossProfit
OPERATING EXPENSES:    
Selling, general and administrative 2,414,558us-gaap_SellingGeneralAndAdministrativeExpense 1,905,504us-gaap_SellingGeneralAndAdministrativeExpense
Bad debt expense 289,553us-gaap_ProvisionForDoubtfulAccounts   
Total operating expenses 2,704,111us-gaap_OperatingExpenses 1,905,504us-gaap_OperatingExpenses
INCOME (LOSS) FROM OPERATIONS (2,248,736)us-gaap_OperatingIncomeLoss 134,763us-gaap_OperatingIncomeLoss
OTHER EXPENSE    
Interest expense, net (778,545)us-gaap_InterestExpense (139,810)us-gaap_InterestExpense
NET LOSS BEFORE INCOME TAXES (3,027,281)us-gaap_IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet (5,047)us-gaap_IncomeLossFromContinuingOperationsBeforeInterestExpenseInterestIncomeIncomeTaxesExtraordinaryItemsNoncontrollingInterestsNet
PROVISION FOR INCOME TAXES    
Current (103,321)us-gaap_CurrentIncomeTaxExpenseBenefit (19,804)us-gaap_CurrentIncomeTaxExpenseBenefit
NET LOSS (3,130,602)us-gaap_NetIncomeLoss (24,851)us-gaap_NetIncomeLoss
CUMULATIVE DIVIDEND (72,250)us-gaap_Dividends   
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS $ (3,202,852)us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic $ (24,851)us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic
BASIC AND DILUTED EARNINGS PER COMMON SHARE    
Basic net income (loss) per share $ (0.06)us-gaap_EarningsPerShareBasicAndDiluted $ 0.00us-gaap_EarningsPerShareBasicAndDiluted
Weighted average shares outstanding-Basic and Diluted 56,492,134us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted 44,558,106us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted
v2.4.1.9
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (3,130,602)us-gaap_NetIncomeLoss $ (24,851)us-gaap_NetIncomeLoss
Adjustments to reconcile net loss to net cash used in operating activities:    
Amortization of deferred finance costs 12,712us-gaap_AmortizationOfFinancingCosts 18,859us-gaap_AmortizationOfFinancingCosts
Stock-based compensation 270,108us-gaap_ShareBasedCompensation 54,440us-gaap_ShareBasedCompensation
Depreciation and amortization 780,589us-gaap_DepreciationDepletionAndAmortization 123,580us-gaap_DepreciationDepletionAndAmortization
Bad debt expense 289,553us-gaap_ProvisionForDoubtfulAccounts   
(Gain) loss on asset sale (17,140)us-gaap_GainLossOnDispositionOfAssets1 8,275us-gaap_GainLossOnDispositionOfAssets1
Changes in:    
Accounts receivable 451,042us-gaap_IncreaseDecreaseInAccountsReceivable (2,785,573)us-gaap_IncreaseDecreaseInAccountsReceivable
Prepaid expense and other current assets (76,394)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets (48,857)us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
Other assets (2,240)us-gaap_IncreaseDecreaseInOtherOperatingAssets   
Accounts payable 1,942,327us-gaap_IncreaseDecreaseInAccountsPayable 1,214,754us-gaap_IncreaseDecreaseInAccountsPayable
Accounts payable and other liabilities - related parties    75,000us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties
Accrued expenses and other liabilities 35,417us-gaap_IncreaseDecreaseInAccruedLiabilities 684,210us-gaap_IncreaseDecreaseInAccruedLiabilities
Net cash provided by (used in) operating activities 555,372us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations (680,163)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
CASH FLOWS FROM INVESTING ACTIVITIES:    
Cash received from the sale of property and equipment 11,000us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment   
Cash paid for purchase of property and equipment (297,173)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (1,086,222)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Net cash used in investing activities (286,173)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (1,086,222)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from exercise of warrants and options    12,500hiit_ProceedsFromWarrantsAndStockOptionsExercised
Payments for deferred financing costs    (4,167)us-gaap_PaymentsOfFinancingCosts
Proceeds from notes payable    130,000us-gaap_ProceedsFromNotesPayable
Proceeds from line of credit, net    1,009,142us-gaap_ProceedsFromLinesOfCredit
Proceeds from secured borrowings, net 197,900us-gaap_ProceedsFromRepaymentsOfSecuredDebt   
Payments on notes payable (359,756)us-gaap_RepaymentsOfNotesPayable (190,378)us-gaap_RepaymentsOfNotesPayable
Payments on capital lease obligation (368,326)us-gaap_RepaymentsOfLongTermCapitalLeaseObligations   
Net cash provided by (used in) financing activities (530,182)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations 957,097us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
NET DECREASE IN CASH AND CASH EQUIVALENTS (260,983)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease (809,288)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
CASH AND CASH EQUIVALENTS, beginning of period 1,330,507us-gaap_CashAndCashEquivalentsAtCarryingValue 866,035us-gaap_CashAndCashEquivalentsAtCarryingValue
CASH AND CASH EQUIVALENTS, end of period 1,069,524us-gaap_CashAndCashEquivalentsAtCarryingValue 56,747us-gaap_CashAndCashEquivalentsAtCarryingValue
Supplemental disclosures:    
Cash paid for income taxes 54,687us-gaap_IncomeTaxesPaid   
Cash paid for interest 689,288us-gaap_InterestPaid 115,634us-gaap_InterestPaid
Noncash investing and financing activities    
Notes issued in consideration for property and equipment    117,120us-gaap_NotesIssued1
Notes issued in consideration for intangible assets    370,000hiit_NotesIssued2
Cashless exercise of warrants 359hiit_WarrantsExercisedDebtReduction 117hiit_WarrantsExercisedDebtReduction
Restricted cash reserve account paid directly from secured borrowings 220,234hiit_NoncashRepaymentsOfRestrictedCashReserveUsingProceedsFromSecuredBorrowingsAndNotesPayable   
Common shares issued for conversion of Preferred Series A shares 644,210us-gaap_StockIssued1   
Equipment sold through sale-leaseback $ 367,748hiit_EquipmentSoldThroughSaleLeaseback