Teletronics International, Inc.

CIK:0001612624|SEC Filings

Consolidated Statements of Operation and Comprehensive Loss (USD $)	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
Net revenue	$ 1,277,228us-gaap_SalesRevenueServicesNet	$ 1,782,824us-gaap_SalesRevenueServicesNet
Net revenue - related party	520,901us-gaap_RevenueFromRelatedParties	597,990us-gaap_RevenueFromRelatedParties
Total net revenue	1,798,129us-gaap_Revenues	2,380,814us-gaap_Revenues
Cost of revenue	459,086us-gaap_CostOfServices	796,035us-gaap_CostOfServices
Provision for inventory obsolescence	130,205us-gaap_InventoryWriteDown	62,727us-gaap_InventoryWriteDown
Total cost of revenue	589,291us-gaap_CostOfRevenue	858,762us-gaap_CostOfRevenue
Gross profit	1,208,838us-gaap_GrossProfit	1,522,052us-gaap_GrossProfit
Operating expenses:
Selling expenses	63,228us-gaap_SellingExpense	6,006us-gaap_SellingExpense
General and administrative expenses	1,656,657us-gaap_GeneralAndAdministrativeExpense	1,375,412us-gaap_GeneralAndAdministrativeExpense
Stock-based compensation	233,741us-gaap_ShareBasedCompensation
Total operating expenses	1,953,626us-gaap_OperatingExpenses	1,381,418us-gaap_OperatingExpenses
Income (Loss) from operations	(744,788)us-gaap_OperatingIncomeLoss	140,634us-gaap_OperatingIncomeLoss
Other income (expense):
Interest expense	(43,220)us-gaap_InterestExpense	(93,531)us-gaap_InterestExpense
Interest income	1,485us-gaap_InvestmentIncomeInterest	565us-gaap_InvestmentIncomeInterest
Equity in loss of unconsolidated investees	(99,790)	(223,771)
Gain on sale of investment	3,256us-gaap_GainOnSaleOfInvestments
Goodwill impairement	(451,901)us-gaap_GoodwillImpairmentLoss
Other income (expense), net	8,226us-gaap_OtherNonoperatingIncomeExpense	51,209us-gaap_OtherNonoperatingIncomeExpense
Total other income (loss), net	(581,944)us-gaap_NonoperatingIncomeExpense	(265,528)us-gaap_NonoperatingIncomeExpense
Loss before income tax provision	(1,326,732)	(124,894)
Income tax provision	(2,498)us-gaap_IncomeTaxExpenseBenefit	(4,620)us-gaap_IncomeTaxExpenseBenefit
Net loss	(1,329,230)us-gaap_NetIncomeLoss	(129,514)us-gaap_NetIncomeLoss
Comprehensive loss statement:
Net loss	(1,329,230)us-gaap_NetIncomeLoss	(129,514)us-gaap_NetIncomeLoss
Foreign currency translation income (loss)	1,618	(2,378)
Total comprehensive loss	$ (1,327,612)us-gaap_ComprehensiveIncomeNetOfTax	$ (131,892)us-gaap_ComprehensiveIncomeNetOfTax
Net Loss Per Common Share:
Basic	$ (0.08)us-gaap_EarningsPerShareBasic	$ (0.01)us-gaap_EarningsPerShareBasic
Diluted	$ (0.08)us-gaap_EarningsPerShareDiluted	$ (0.01)us-gaap_EarningsPerShareDiluted
Weighted Average Common Shares Outstanding:
Basic	17,649,444	15,997,528
Diluted	17,649,444	15,997,528

Consolidated Statements of Cash Flows (USD $)	12 Months Ended
Consolidated Statements of Cash Flows (USD $)	Dec. 31, 2014	Dec. 31, 2013
Cash flows from operating activities:
Net loss	$ (1,329,230)us-gaap_NetIncomeLoss	$ (129,514)us-gaap_NetIncomeLoss
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation	13,080us-gaap_Depreciation	263us-gaap_Depreciation
Allowance for doubtful accounts	(11,366)us-gaap_ProvisionForDoubtfulAccounts	13,468us-gaap_ProvisionForDoubtfulAccounts
Allowance for obsolete inventory	130,205TIIC_AllowanceForObsoleteInventory	62,727TIIC_AllowanceForObsoleteInventory
Equity in loss of unconsolidated investee	99,790	223,771
Stock-based compensation	233,741us-gaap_ShareBasedCompensation
Impairment loss on goodwill	451,901us-gaap_GoodwillImpairmentLoss
Amortization of intangible contract assets	(24,811)us-gaap_AmortizationOfIntangibleAssets
Gain on sale of long-term investment	(3,256)us-gaap_GainOnSaleOfInvestments
Changes in assets and liabilities:
Accounts receivable	(181,828)	(18,280)
Accounts receivable- related party	(487,010)
Other receivable	74,674	91,661
Costs in excess of billings on uncompleted contracts	8,113
Inventories	114,179us-gaap_IncreaseDecreaseInInventories	206,230us-gaap_IncreaseDecreaseInInventories
Advance to suppliers	22,751	(52,942)
Prepaid expenses	(9,524)	(862)
Restricted cash	(410)	48
Other assets	(7,000)	893
Accounts payable	(49,125)	(95,250)
Billings in excess of costs on uncompleted contracts	(10,864)
Deferred compensation	59,100	78,300
Accrued expenses and other current liabilities	113,191	(62,018)
Net cash provided (used) by operating activities	(793,699)	318,495
Cash flows from investing activities:
Purchase of property and equipment	(26,824)	(1,655)
Loan to related party	(82,584)
Purchase of long-term investment	(16,400)	(322,676)
Proceeds from sale of investment	3,256
Cash from acquisition	14,276us-gaap_CashAcquiredFromAcquisition
Net cash used in investing activities	(108,276)	(324,331)
Cash flows from financing activities:
Repayment of convertible debenture	(80,000)us-gaap_RepaymentsOfConvertibleDebt	(70,000)us-gaap_RepaymentsOfConvertibleDebt
Proceeds from shareholder	150,000us-gaap_ProceedsFromRelatedPartyDebt
Proceeds from issuance of common stock	164,250	850,000
Net cash provided by financing activities	234,250	780,000
Effect of exchange rate changes on cash and cash equivalents	2,802	(5,093)
Net increase (decrease) in cash	(667,725)	774,164
Cash and cash equivalents - beginning of year	893,183	124,112
Cash and cash equivalents - end of year	228,260	893,183
Cash paid during the period for:
Income taxes	4,661us-gaap_IncomeTaxesPaidNet
Interest	22,004us-gaap_InterestPaid	57,733us-gaap_InterestPaid
Supplemental disclosure of cash flows for non-cash transaction
Issuance of common shares in connection with exercise of convertible debentures and related interest payable		817,500
Forgiveness of accrued officer compensation and accrued interest		$ 563,804

Consolidated Balance Sheets (USD $)	Dec. 31, 2014	Dec. 31, 2013
Current Assets:
Cash and cash equivalents	$ 228,260	$ 893,183
Notes receivable	32,581
Accounts receivable, net of allowance for doubtful accounts of $6,598 and $17,964, respectively	535,147us-gaap_AccountsReceivableNetCurrent	122,675us-gaap_AccountsReceivableNetCurrent
Accounts receivable- Related party	487,383
Other receivable	240,069us-gaap_OtherReceivablesNetCurrent	92,065us-gaap_OtherReceivablesNetCurrent
Costs in excess of billings on uncompleted contracts ("CIE")	432,069
Inventories, net of inventory reserve of $255,754 and $469,082, respectively	911,540us-gaap_InventoryNet	499,340us-gaap_InventoryNet
Advance to suppliers	52,505us-gaap_DueFromRelatedPartiesCurrent	75,256us-gaap_DueFromRelatedPartiesCurrent
Investment	16,400TIIC_InvestmentCurrent
Prepaid expenses	47,117us-gaap_PrepaidExpenseCurrent	5,321us-gaap_PrepaidExpenseCurrent
Total current assets	2,983,071us-gaap_AssetsCurrent	1,687,840us-gaap_AssetsCurrent
Property and equipment, net	175,263us-gaap_PropertyPlantAndEquipmentNet	1,411us-gaap_PropertyPlantAndEquipmentNet
Long-term Investment		100,266us-gaap_LongTermInvestments
Restricted cash	200,257	199,847
Intangible contract assets	185,358
Other assets	30,188us-gaap_OtherAssets	12,379us-gaap_OtherAssets
Total assets	3,574,137us-gaap_Assets	2,001,743us-gaap_Assets
Current Liabilities:
Accounts payable	445,798us-gaap_AccountsPayableCurrent	79,566us-gaap_AccountsPayableCurrent
Billings in excess of costs on uncompleted contracts ("BIE")	371,256
Deferred compensation	560,713	501,613
Convertible debentures	100,000us-gaap_ConvertibleDebtCurrent	489,000us-gaap_ConvertibleDebtCurrent
Loan from shareholder	150,000us-gaap_DueFromOfficersOrStockholders
Short-term loan from related party	733,078
Accrued expenses and other current liabilities	601,008	142,221
Total current liabilities	2,961,853us-gaap_LiabilitiesCurrent	1,212,400us-gaap_LiabilitiesCurrent
Convertible debentures	309,000us-gaap_ConvertibleDebtNoncurrent
Deferred rent-non current	36,296us-gaap_DeferredRentCreditNoncurrent
Long-term loan from related party	407,266
Total liabilities	3,714,415us-gaap_Liabilities	1,212,400us-gaap_Liabilities
Stockholders' Equity (Deficit):
Preferred stock, $0.01 par value; authorized 5,000,000 shares, issued and outstanding 0 shares
Common stock, $0.01 par value; authorized 65,000,000 and 30,000,000 shares, issued and outstanding 17,754,562 and 17,595,062 shares	177,546us-gaap_CommonStockValue	175,951us-gaap_CommonStockValue
Additional paid-in capital	17,429,302us-gaap_AdditionalPaidInCapital	17,032,906us-gaap_AdditionalPaidInCapital
Accumulated other comprehensive loss	(950)	(2,568)
Accumulated deficit	(17,746,176)	(16,416,946)
Total stockholders' equity (deficit)	(140,278)us-gaap_StockholdersEquity	789,343us-gaap_StockholdersEquity
Total liabilities and stockholders' equity (deficit)	$ 3,574,137	$ 2,001,743