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

Financials

v2.4.1.9
CONSOLIDATED BALANCE SHEETS (USD $)
Mar. 31, 2015
Dec. 31, 2014
Current assets:    
Cash and cash equivalents $ 444,967us-gaap_CashAndCashEquivalentsAtCarryingValue $ 221,437us-gaap_CashAndCashEquivalentsAtCarryingValue
Accounts receivable, net of allowance 1,402,236us-gaap_AccountsReceivableNetCurrent 1,109,524us-gaap_AccountsReceivableNetCurrent
Inventories 8,490,224us-gaap_InventoryNet 5,980,457us-gaap_InventoryNet
Prepaid expenses 267,024us-gaap_PrepaidExpenseAndOtherAssetsCurrent 294,053us-gaap_PrepaidExpenseAndOtherAssetsCurrent
Total current assets 10,604,451us-gaap_AssetsCurrent 7,605,471us-gaap_AssetsCurrent
Property and equipment, net 9,186,827us-gaap_PropertyPlantAndEquipmentNet 8,678,932us-gaap_PropertyPlantAndEquipmentNet
Goodwill 1,492,132us-gaap_Goodwill 1,492,132us-gaap_Goodwill
Total assets 21,283,410us-gaap_Assets 17,776,535us-gaap_Assets
Current liabilities:    
Accounts payable 4,282,259us-gaap_AccountsPayableCurrent 2,417,803us-gaap_AccountsPayableCurrent
Accrued liabilities 1,414,332us-gaap_AccruedLiabilitiesCurrent 1,161,120us-gaap_AccruedLiabilitiesCurrent
Derivative liabilities 539,000us-gaap_DerivativeLiabilitiesCurrent 2,053,000us-gaap_DerivativeLiabilitiesCurrent
12% convertible promissory notes, net of discounts 1,000,000us-gaap_ConvertibleNotesPayableCurrent 965,838us-gaap_ConvertibleNotesPayableCurrent
12% revolving credit agreement, net of discounts 1,949,220us-gaap_LinesOfCreditCurrent 1,907,957us-gaap_LinesOfCreditCurrent
12% secured notes 6,394,664us-gaap_SecuredDebtCurrent 1,950,000us-gaap_SecuredDebtCurrent
Current portion of long term debt 188,604us-gaap_OtherLongTermDebtCurrent 187,943us-gaap_OtherLongTermDebtCurrent
Total current liabilities 15,768,079us-gaap_LiabilitiesCurrent 10,643,661us-gaap_LiabilitiesCurrent
8% convertible promissory notes, net of discounts 15,061,303us-gaap_ConvertibleDebtNoncurrent 14,393,746us-gaap_ConvertibleDebtNoncurrent
4.25% bank term loans 4,300,000us-gaap_LongTermLoansFromBank 4,300,000us-gaap_LongTermLoansFromBank
5% bank promissory note 4,000,000us-gaap_NotesPayableToBank 4,000,000us-gaap_NotesPayableToBank
Other debt 169,500us-gaap_OtherLongTermDebtNoncurrent 191,900us-gaap_OtherLongTermDebtNoncurrent
Dividends payable on 10% convertible preferred stock 172,935axih_DividendsPayableOnTenPercentConvertiblePreferredStock 143,024axih_DividendsPayableOnTenPercentConvertiblePreferredStock
Fair value of 10% convertible preferred stock warrants 52,720us-gaap_DerivativeLiabilitiesNoncurrent 52,720us-gaap_DerivativeLiabilitiesNoncurrent
Total liabilities 39,524,537us-gaap_Liabilities 33,725,051us-gaap_Liabilities
Commitments and contingencies      
10% convertible preferred stock, no par value; authorized 880,000 shares; 682,998 shares issued and outstanding at March 31, 2015 and December 31, 2014, net of discounts 6,829,980us-gaap_TemporaryEquityCarryingAmountAttributableToParent 6,829,980us-gaap_TemporaryEquityCarryingAmountAttributableToParent
Stockholders' deficit:    
Common stock, no par value; authorized, 250,000,000 shares; 72,251,280 and 70,825,215 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively 53,408,813us-gaap_CommonStockValue 52,780,363us-gaap_CommonStockValue
Accumulated deficit (78,479,920)us-gaap_RetainedEarningsAccumulatedDeficit (75,558,859)us-gaap_RetainedEarningsAccumulatedDeficit
Total stockholders' deficit (25,071,107)us-gaap_StockholdersEquity (22,778,496)us-gaap_StockholdersEquity
Total liabilities and stockholders' deficit $ 21,283,410us-gaap_LiabilitiesAndStockholdersEquity $ 17,776,535us-gaap_LiabilitiesAndStockholdersEquity
v2.4.1.9
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Revenue $ 2,292,867us-gaap_SalesRevenueNet $ 4,850,943us-gaap_SalesRevenueNet
Costs of sales:    
Production 2,449,673us-gaap_ProductionCosts 5,607,425us-gaap_ProductionCosts
Excess capacity & inventory adjustments 1,144,460axih_ExcessCapacityAndInventoryAdjustments 465,666axih_ExcessCapacityAndInventoryAdjustments
Gross margin (loss) (1,301,266)us-gaap_GrossProfit (1,222,148)us-gaap_GrossProfit
Operating expenses:    
Product development and quality management 0axih_ProductDevelopmentAndQualityManagement 79,482axih_ProductDevelopmentAndQualityManagement
Marketing and sales 366,168us-gaap_SellingAndMarketingExpense 300,711us-gaap_SellingAndMarketingExpense
General and administrative 1,309,040us-gaap_GeneralAndAdministrativeExpense 980,434us-gaap_GeneralAndAdministrativeExpense
Total operating expenses 1,675,208us-gaap_OperatingExpenses 1,360,627us-gaap_OperatingExpenses
Loss from operations (2,976,474)us-gaap_OperatingIncomeLoss (2,582,775)us-gaap_OperatingIncomeLoss
Other (income) expenses:    
Interest expense 715,605us-gaap_InterestExpense 383,657us-gaap_InterestExpense
Amortization of debt discount 742,982us-gaap_AmortizationOfFinancingCosts 436,409us-gaap_AmortizationOfFinancingCosts
Change in fair value of derivative liabilities (1,514,000)us-gaap_GainLossOnDerivativeInstrumentsNetPretax (6,972,477)us-gaap_GainLossOnDerivativeInstrumentsNetPretax
Total other (income) (55,413)us-gaap_NonoperatingIncomeExpense (6,152,411)us-gaap_NonoperatingIncomeExpense
Net income (loss) (2,921,061)us-gaap_NetIncomeLoss 3,569,636us-gaap_NetIncomeLoss
Accretion of preferred stock dividends and beneficial conversion feature (172,935)us-gaap_PreferredStockDividendsAndOtherAdjustments (381,183)us-gaap_PreferredStockDividendsAndOtherAdjustments
Net income (loss) attributable to common shareholders $ (3,093,996)us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic $ 3,188,453us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic
Weighted average common shares -    
Basic 72,062,040us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 31,874,213us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
Diluted 72,062,040us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 90,963,201us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding
Net income (loss) per share -    
Basic $ (0.04)us-gaap_EarningsPerShareBasic $ 0.10us-gaap_EarningsPerShareBasic
Diluted $ (0.04)us-gaap_EarningsPerShareDiluted $ 0.04us-gaap_EarningsPerShareDiluted
v2.4.1.9
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Cash flow from operating activities:    
Net income (loss) $ (2,921,061)us-gaap_NetIncomeLoss $ 3,569,636us-gaap_NetIncomeLoss
Adjustments to reconcile net income (loss) to net cash used in operating activities:    
Depreciation and amortization 316,256us-gaap_DepreciationDepletionAndAmortization 254,815us-gaap_DepreciationDepletionAndAmortization
Amortization of identifiable intangible assets 0us-gaap_AmortizationOfIntangibleAssets 19,750us-gaap_AmortizationOfIntangibleAssets
Amortization of debt discounts 742,982us-gaap_AmortizationOfDebtDiscountPremium 436,408us-gaap_AmortizationOfDebtDiscountPremium
Change in fair value of derivative liabilities (1,514,000)us-gaap_IncreaseDecreaseInDerivativeLiabilities (6,851,504)us-gaap_IncreaseDecreaseInDerivativeLiabilities
Change in fair value of 10% convertible preferred stock warrants 0axih_IncreaseDecreaseInConvertiblePreferredStockWarrants (120,973)axih_IncreaseDecreaseInConvertiblePreferredStockWarrants
Change in allowance for doubtful accounts 51,534axih_IncreaseDecreaseInValuationAllowance 0axih_IncreaseDecreaseInValuationAllowance
Interest expense paid in shares of common stock 304,189us-gaap_PaidInKindInterest 385,269us-gaap_PaidInKindInterest
Share-based compensation 354,172us-gaap_AllocatedShareBasedCompensationExpense 221,785us-gaap_AllocatedShareBasedCompensationExpense
Changes in operating assets and liability:    
Accounts receivable (344,246)us-gaap_IncreaseDecreaseInAccountsReceivable (499,449)us-gaap_IncreaseDecreaseInAccountsReceivable
Inventories (2,509,767)us-gaap_IncreaseDecreaseInInventories 467,758us-gaap_IncreaseDecreaseInInventories
Prepaid expenses and deposits 27,029us-gaap_IncreaseDecreaseInPrepaidExpense 59,250us-gaap_IncreaseDecreaseInPrepaidExpense
Accounts payable 1,864,456us-gaap_IncreaseDecreaseInAccountsPayable (14,853)us-gaap_IncreaseDecreaseInAccountsPayable
Accrued liabilities 253,212us-gaap_IncreaseDecreaseInAccruedLiabilities 242,478us-gaap_IncreaseDecreaseInAccruedLiabilities
Net cash used in operating activities (3,375,244)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations (1,829,630)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Cash flows from investing activities:    
Purchase of property and equipment (824,151)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment (377,855)us-gaap_PaymentsToAcquirePropertyPlantAndEquipment
Net cash used in investing activities (824,151)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations (377,855)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
Cash flows from financing activities:    
Repayments of other debt (21,739)us-gaap_RepaymentsOfOtherDebt (41,381)us-gaap_RepaymentsOfOtherDebt
Net cash provided by financing activities 4,422,925us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations 2,652,982us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
Net increase in cash 223,530us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 445,497us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents at beginning of period 221,437us-gaap_CashAndCashEquivalentsAtCarryingValue 883,936us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents at end of period 444,967us-gaap_CashAndCashEquivalentsAtCarryingValue 1,329,433us-gaap_CashAndCashEquivalentsAtCarryingValue
Supplemental disclosures of cash flow information:    
Cash paid for interest 187,039us-gaap_InterestPaid 75,312us-gaap_InterestPaid
Non-cash investing and financing activities    
Shares issued in payment of dividends on 10% convertible preferred stock 143,024axih_SupplementalPreferredStockAccretionOfDiscount 183,346axih_SupplementalPreferredStockAccretionOfDiscount
Dividends on 10% convertible preferred stock 172,935us-gaap_DividendsPreferredStock 159,797us-gaap_DividendsPreferredStock
Amortization of conversion feature of 10% convertible preferred stock 0axih_AmortizationOfBeneficialConversionFeatureOfPreferredShare 221,386axih_AmortizationOfBeneficialConversionFeatureOfPreferredShare
8% Convertible promissory note    
Cash flows from financing activities:    
Proceeds from convertible debt 0us-gaap_ProceedsFromConvertibleDebt
/ us-gaap_ShortTermDebtTypeAxis
= axih_EightPercentageConvertiblePromissoryNoteMember
2,694,363us-gaap_ProceedsFromConvertibleDebt
/ us-gaap_ShortTermDebtTypeAxis
= axih_EightPercentageConvertiblePromissoryNoteMember
12% convertible promissory note    
Cash flows from financing activities:    
Proceeds from convertible debt $ 4,444,664us-gaap_ProceedsFromConvertibleDebt
/ us-gaap_ShortTermDebtTypeAxis
= axih_TwelvePercentageConvertiblePromissoryNoteMember
$ 0us-gaap_ProceedsFromConvertibleDebt
/ us-gaap_ShortTermDebtTypeAxis
= axih_TwelvePercentageConvertiblePromissoryNoteMember