AXION International Sells High-Quality Structural Composite Infrastructure Products in the Global Marketplace

Financials

v2.4.1.9
CONSOLIDATED BALANCE SHEETS (USD $)
Dec. 31, 2014
Dec. 31, 2013
Current assets:    
Cash and cash equivalents $ 221,437us-gaap_CashAndCashEquivalentsAtCarryingValue $ 883,936us-gaap_CashAndCashEquivalentsAtCarryingValue
Accounts receivable, net of allowance for doubtful accounts 1,109,524us-gaap_AccountsReceivableNetCurrent 888,214us-gaap_AccountsReceivableNetCurrent
Inventories 5,980,457us-gaap_InventoryNet 3,955,515us-gaap_InventoryNet
Prepaid expenses 294,053us-gaap_PrepaidExpenseAndOtherAssetsCurrent 280,140us-gaap_PrepaidExpenseAndOtherAssetsCurrent
Total current assets 7,605,471us-gaap_AssetsCurrent 6,007,805us-gaap_AssetsCurrent
Property and equipment, net 8,678,932us-gaap_PropertyPlantAndEquipmentNet 7,899,486us-gaap_PropertyPlantAndEquipmentNet
Goodwill 1,492,132us-gaap_Goodwill 1,492,132us-gaap_Goodwill
Other intangible assets 0us-gaap_OtherIntangibleAssetsNet 610,000us-gaap_OtherIntangibleAssetsNet
Total assets 17,776,535us-gaap_Assets 16,009,423us-gaap_Assets
Current liabilities:    
Accounts payable 2,417,803us-gaap_AccountsPayableCurrent 1,879,760us-gaap_AccountsPayableCurrent
Accrued liabilities 1,161,120us-gaap_AccruedLiabilitiesCurrent 713,394us-gaap_AccruedLiabilitiesCurrent
Derivative liabilities 2,053,000us-gaap_DerivativeLiabilitiesCurrent 17,190,000us-gaap_DerivativeLiabilitiesCurrent
12%convertible promissory notes, net of discounts 965,838us-gaap_ConvertibleNotesPayableCurrent 0us-gaap_ConvertibleNotesPayableCurrent
12% revolving credit agreement, net of discounts 1,907,957us-gaap_LinesOfCreditCurrent 0us-gaap_LinesOfCreditCurrent
12% secured notes 1,950,000us-gaap_SecuredDebtCurrent 0us-gaap_SecuredDebtCurrent
Current portion of long term debt 187,943us-gaap_OtherLongTermDebtCurrent 185,347us-gaap_OtherLongTermDebtCurrent
Total current liabilities 10,643,661us-gaap_LiabilitiesCurrent 19,968,501us-gaap_LiabilitiesCurrent
8% convertible promissory notes, net of discounts 14,393,746us-gaap_ConvertibleDebtNoncurrent 11,030,913us-gaap_ConvertibleDebtNoncurrent
12% revolving credit agreement, net of discounts 0us-gaap_LongTermLineOfCredit 1,873,716us-gaap_LongTermLineOfCredit
4.25% bank term loan 4,300,000us-gaap_LongTermLoansFromBank 4,400,000us-gaap_LongTermLoansFromBank
5% bank promissory loan 4,000,000us-gaap_NotesPayableToBank 0us-gaap_NotesPayableToBank
Other debt 191,900us-gaap_OtherLongTermDebtNoncurrent 300,127us-gaap_OtherLongTermDebtNoncurrent
Dividends payable on 10% convertible preferred stock 143,024axih_DividendsPayableOnTenPercentConvertiblePreferredStock 183,346axih_DividendsPayableOnTenPercentConvertiblePreferredStock
Fair value of 10% convertible preferred stock warrants 52,720us-gaap_DerivativeLiabilitiesNoncurrent 296,194us-gaap_DerivativeLiabilitiesNoncurrent
Total liabilities 33,725,051us-gaap_Liabilities 38,052,797us-gaap_Liabilities
10% convertible preferred stock, no par value, net; authorized 880,000 shares; 682,998 and 694,623 shares issued and outstanding at December 31, 2014 and 2013, respectively 6,829,980us-gaap_TemporaryEquityCarryingAmountAttributableToParent 6,724,844us-gaap_TemporaryEquityCarryingAmountAttributableToParent
Total temporary equity 6,829,980us-gaap_TemporaryEquityValueExcludingAdditionalPaidInCapital 6,724,844us-gaap_TemporaryEquityValueExcludingAdditionalPaidInCapital
Commitments and contingencies      
Stockholders' deficit:    
Common stock, no par value; authorized 250,000,000 shares; 70,825,215 and 31,168,905 shares issued and outstanding at December 31, 2014 and 2013, respectively 52,780,363us-gaap_CommonStockValue 30,500,445us-gaap_CommonStockValue
Accumulated deficit (75,558,859)us-gaap_RetainedEarningsAccumulatedDeficit (59,268,663)us-gaap_RetainedEarningsAccumulatedDeficit
Total stockholders' deficit (22,778,496)us-gaap_StockholdersEquity (28,768,218)us-gaap_StockholdersEquity
Total liabilities and stockholders' deficit $ 17,776,535us-gaap_LiabilitiesAndStockholdersEquity $ 16,009,423us-gaap_LiabilitiesAndStockholdersEquity
v2.4.1.9
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Revenue $ 14,378,352us-gaap_SalesRevenueNet $ 6,627,765us-gaap_SalesRevenueNet
Costs of sales:    
Production 16,972,593us-gaap_ProductionCosts 6,471,049us-gaap_ProductionCosts
Excess capacity & inventory adjustments 2,948,533axih_ExcessCapacityAndInventoryAdjustments 816,111axih_ExcessCapacityAndInventoryAdjustments
Gross margin (loss) (5,542,774)us-gaap_GrossProfit (659,395)us-gaap_GrossProfit
Operating expenses:    
Product development & quality management 329,285axih_ProductDevelopmentAndQualityManagement 1,556,203axih_ProductDevelopmentAndQualityManagement
Marketing and sales 1,285,738us-gaap_SellingAndMarketingExpense 927,061us-gaap_SellingAndMarketingExpense
General and administrative 23,300,836us-gaap_GeneralAndAdministrativeExpense 4,232,200us-gaap_GeneralAndAdministrativeExpense
Impairment of definite-life intangible assets 545,750us-gaap_ImpairmentOfIntangibleAssetsFinitelived 0us-gaap_ImpairmentOfIntangibleAssetsFinitelived
Total operating expenses 25,461,609us-gaap_OperatingExpenses 6,715,464us-gaap_OperatingExpenses
Loss from operations (31,004,383)us-gaap_OperatingIncomeLoss (7,374,859)us-gaap_OperatingIncomeLoss
Other (income) expenses:    
Interest expense 1,839,535us-gaap_InterestExpense 808,117us-gaap_InterestExpense
Amortization of debt discounts 2,878,834us-gaap_AmortizationOfFinancingCosts 685,761us-gaap_AmortizationOfFinancingCosts
Fair value of common stock issued in excess of fair value of warrants exchanged 883,422us-gaap_FairValueAdjustmentOfWarrants 0us-gaap_FairValueAdjustmentOfWarrants
Change in fair value of derivative liabilities (20,315,978)us-gaap_GainLossOnDerivativeInstrumentsNetPretax 15,320,865us-gaap_GainLossOnDerivativeInstrumentsNetPretax
Total other (income) expenses (14,714,187)us-gaap_NonoperatingIncomeExpense 16,814,743us-gaap_NonoperatingIncomeExpense
Net loss (16,290,196)us-gaap_NetIncomeLoss (24,189,602)us-gaap_NetIncomeLoss
Accretion of preferred dividends and beneficial conversion feature (860,639)us-gaap_PreferredStockDividendsAndOtherAdjustments (1,633,147)us-gaap_PreferredStockDividendsAndOtherAdjustments
Net loss attributable to common shareholders $ (17,150,835)us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic $ (25,822,749)us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic
Weighted average common shares -    
Weighted average common shares - basic and diluted 52,483,796us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted 29,945,608us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted
Net income (loss) per share -    
Basic and diluted net loss per share $ (0.33)us-gaap_IncomeLossFromExtraordinaryItemsNetOfTaxPerBasicAndDilutedShare $ (0.86)us-gaap_IncomeLossFromExtraordinaryItemsNetOfTaxPerBasicAndDilutedShare
v2.4.1.9
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Cash flows from operating activities:    
Net loss $ (16,290,196)us-gaap_NetIncomeLoss $ (24,189,602)us-gaap_NetIncomeLoss
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 1,056,659us-gaap_DepreciationDepletionAndAmortization 319,207us-gaap_DepreciationDepletionAndAmortization
Amortization of convertible debt discounts 2,878,834us-gaap_AmortizationOfDebtDiscountPremium 685,761us-gaap_AmortizationOfDebtDiscountPremium
Amortization of identifiable intangible assets 64,250us-gaap_AmortizationOfIntangibleAssets 0us-gaap_AmortizationOfIntangibleAssets
Change in fair value of 10% convertible preferred stock warrants (243,474)axih_IncreaseDecreaseInConvertiblePreferredStockWarrants 214,478axih_IncreaseDecreaseInConvertiblePreferredStockWarrants
Change in fair value of derivative liabilities (20,072,504)us-gaap_IncreaseDecreaseInDerivativeLiabilities 15,106,387us-gaap_IncreaseDecreaseInDerivativeLiabilities
Change in allowance for doubtful accounts 10,790axih_IncreaseDecreaseInValuationAllowance (131,996)axih_IncreaseDecreaseInValuationAllowance
Share-based compensation 854,680us-gaap_AllocatedShareBasedCompensationExpense 745,746us-gaap_AllocatedShareBasedCompensationExpense
Interest expense paid in shares of common stock 1,532,252us-gaap_PaidInKindInterest 541,515us-gaap_PaidInKindInterest
Fair value of common stock issued in excess of fair value of warrants tendered 19,957,800axih_FairValueOfCommonStockIssuedInExcessOfFairValueOfWarrantsTendered 0axih_FairValueOfCommonStockIssuedInExcessOfFairValueOfWarrantsTendered
Impairment of intangible assets 545,750us-gaap_ImpairmentOfIntangibleAssetsFinitelived 0us-gaap_ImpairmentOfIntangibleAssetsFinitelived
Changes in operating assets and liabilities, net of acquisition:    
Accounts receivable (232,100)us-gaap_IncreaseDecreaseInAccountsReceivable (438,349)us-gaap_IncreaseDecreaseInAccountsReceivable
Inventories (2,024,942)us-gaap_IncreaseDecreaseInInventories (629,562)us-gaap_IncreaseDecreaseInInventories
Prepaid expenses (13,913)us-gaap_IncreaseDecreaseInPrepaidExpense (46,517)us-gaap_IncreaseDecreaseInPrepaidExpense
Accounts payable 538,043us-gaap_IncreaseDecreaseInAccountsPayable 511,701us-gaap_IncreaseDecreaseInAccountsPayable
Accrued liabilities 447,726us-gaap_IncreaseDecreaseInAccruedLiabilities 118,278us-gaap_IncreaseDecreaseInAccruedLiabilities
Net cash used in operating activities (10,990,345)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations (7,192,953)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Cash flows from investing activities:    
Purchase of property and equipment (1,836,105)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (1,813,478)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Acquisition, net of cash 0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired (6,001,847)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
Net cash used in investing activities (1,836,105)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (7,815,325)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
Cash flows from financing activities:    
Proceeds from issuance of 12% revolving credit facility 0axih_ProceedsFromIssuanceOfRevolvingCreditFacility 2,000,000axih_ProceedsFromIssuanceOfRevolvingCreditFacility
Proceeds from issuance of 12% secured notes 1,950,000us-gaap_ProceedsFromIssuanceOfSecuredDebt 0us-gaap_ProceedsFromIssuanceOfSecuredDebt
Recovery of shareholder short swing profits 0axih_Proceedsfromrecoveryofshareholdershortswingprofits 3,095,308axih_Proceedsfromrecoveryofshareholdershortswingprofits
Repayments on long term debt obligations (313,999)us-gaap_RepaymentsOfConvertibleDebt 0us-gaap_RepaymentsOfConvertibleDebt
Net cash provided by financing activities 12,163,951us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations 15,545,309us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
Net increase (decrease) in cash and cash equivalents (662,499)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 537,031us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents at beginning of period 883,936us-gaap_CashAndCashEquivalentsAtCarryingValue 346,905us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents at end of period 221,437us-gaap_CashAndCashEquivalentsAtCarryingValue 883,936us-gaap_CashAndCashEquivalentsAtCarryingValue
Supplemental disclosures of cash flow information:    
Cash paid for interest 496,989us-gaap_InterestPaid 17,839us-gaap_InterestPaid
Non-cash investing and financing activities:    
Shares issued pursuant to conversion of preferred stock and debt 116,250us-gaap_StockIssued1 114,000us-gaap_StockIssued1
Shares issued in payment of dividends on 10% convertible preferred stock 679,575axih_SupplementalPreferredStockAccretionOfDiscount 533,569axih_SupplementalPreferredStockAccretionOfDiscount
Dividends on 10% convertible preferred stock 639,253us-gaap_DividendsPreferredStock 716,915us-gaap_DividendsPreferredStock
Amortization of conversion feature of 10% convertible preferred stock 221,386axih_AmortizationOfBeneficialConversionFeatureOfPreferredShare 916,232axih_AmortizationOfBeneficialConversionFeatureOfPreferredShare
Fair value of common stock issued as revolving credit fees 108,368axih_FairValueOfCommonStockIssuedAsRevolvingCreditFees 148,682axih_FairValueOfCommonStockIssuedAsRevolvingCreditFees
Fair value of common stock issued in exchange for warrants tendered and cancelled 24,824,069axih_StockIssuedInExchangeForWarrantsTenderedAndCancelledValue 0axih_StockIssuedInExchangeForWarrantsTenderedAndCancelledValue
8% Convertible promissory note    
Cash flows from financing activities:    
Proceeds from convertible debt 5,527,950us-gaap_ProceedsFromConvertibleDebt
/ us-gaap_ShortTermDebtTypeAxis
= axih_EightPercentageConvertiblePromissoryNoteMember
5,950,001us-gaap_ProceedsFromConvertibleDebt
/ us-gaap_ShortTermDebtTypeAxis
= axih_EightPercentageConvertiblePromissoryNoteMember
12% convertible promissory note    
Cash flows from financing activities:    
Proceeds from convertible debt 1,000,000us-gaap_ProceedsFromConvertibleDebt
/ us-gaap_ShortTermDebtTypeAxis
= axih_TwelvePercentageConvertiblePromissoryNoteMember
0us-gaap_ProceedsFromConvertibleDebt
/ us-gaap_ShortTermDebtTypeAxis
= axih_TwelvePercentageConvertiblePromissoryNoteMember
Proceeds from 4.25 bank term loans [Member]    
Cash flows from financing activities:    
Proceeds from bank term loans 0us-gaap_ProceedsFromBankDebt
/ us-gaap_ShortTermDebtTypeAxis
= axih_ProceedsFrom425BankTermLoansMember
4,500,000us-gaap_ProceedsFromBankDebt
/ us-gaap_ShortTermDebtTypeAxis
= axih_ProceedsFrom425BankTermLoansMember
Proceeds from 5 bank term loan [Member]    
Cash flows from financing activities:    
Proceeds from bank term loans $ 4,000,000us-gaap_ProceedsFromBankDebt
/ us-gaap_ShortTermDebtTypeAxis
= axih_ProceedsFrom5BankTermLoanMember
$ 0us-gaap_ProceedsFromBankDebt
/ us-gaap_ShortTermDebtTypeAxis
= axih_ProceedsFrom5BankTermLoanMember