HII Technologies, Inc.

CIK:0001085254|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	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	2,414,558	1,905,504
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)	(5,047)
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)	$ (24,851)
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	56,492,134	44,558,106

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	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	780,589	123,580
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	451,042	(2,785,573)
Prepaid expense and other current assets	(76,394)	(48,857)
Other assets	(2,240)
Accounts payable	1,942,327	1,214,754
Accounts payable and other liabilities - related parties		75,000
Accrued expenses and other liabilities	35,417	684,210
Net cash provided by (used in) operating activities	555,372	(680,163)
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash received from the sale of property and equipment	11,000
Cash paid for purchase of property and equipment	(297,173)	(1,086,222)
Net cash used in investing activities	(286,173)	(1,086,222)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of warrants and options		12,500
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	197,900
Payments on notes payable	(359,756)us-gaap_RepaymentsOfNotesPayable	(190,378)us-gaap_RepaymentsOfNotesPayable
Payments on capital lease obligation	(368,326)
Net cash provided by (used in) financing activities	(530,182)	957,097
NET DECREASE IN CASH AND CASH EQUIVALENTS	(260,983)	(809,288)
CASH AND CASH EQUIVALENTS, beginning of period	1,330,507	866,035
CASH AND CASH EQUIVALENTS, end of period	1,069,524	56,747
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	220,234
Common shares issued for conversion of Preferred Series A shares	644,210us-gaap_StockIssued1
Equipment sold through sale-leaseback	$ 367,748hiit_EquipmentSoldThroughSaleLeaseback

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 1,069,524	$ 1,330,507
Restricted cash	1,886,887	1,666,652
Accounts receivable, net of allowance of $517,224 and $291,672	9,789,147us-gaap_AccountsReceivableNetCurrent	10,529,742us-gaap_AccountsReceivableNetCurrent
Note receivable	290,000	290,000
Current portion of deferred financing costs	50,850us-gaap_DeferredFinanceCostsCurrentNet	50,850us-gaap_DeferredFinanceCostsCurrentNet
Prepaid expense and other current assets	258,348	168,916
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	4,442,756	4,673,166
Deposits	259,963us-gaap_DepositsAssetsNoncurrent	257,723us-gaap_DepositsAssetsNoncurrent
Deferred financing costs, net of current portion	47,390	60,103
Intangible assets, net of accumulated amortization and impairment of $2,651,704 and $2,642,454	325,296	334,546
Deferred tax asset	5,639,233	5,639,233
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	2,611,871	2,611,871
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	515,000	515,000
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	1,817,621	2,306,972
Notes payable - secured, net of current portion	10,262,856hiit_LongTermNotesPayableSecured	73,856hiit_LongTermNotesPayableSecured
Notes payable - related parties net of current portion	70,958	70,958
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)	(29,780,010)
Total stockholders' equity	4,480,712us-gaap_StockholdersEquity	7,341,206us-gaap_StockholdersEquity
Total liabilities and stockholders' equity	$ 37,026,293	$ 38,586,741