| Section 16 Filings Only |
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LAPOLLA INDUSTRIES, INC.
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Year Ended December 31,
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|
2011
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|
2010
|
|
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|
|
|
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|
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Cash Flows From Operating Activities
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|
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Net Income (Loss):
|
|
|
|
|
|
|
|
Continuing Operations
|
|
$ |
(3,506,289 |
) |
|
$ |
2,101,064 |
|
|
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by (Used in) Operating Activities:
|
|
|
|
|
|
|
|
|
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Depreciation
|
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|
556,409 |
|
|
|
481,894 |
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Amortization of Other Intangible Assets
|
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|
449,568 |
|
|
|
386,252 |
|
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Provision for Losses on Accounts Receivable
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|
762,500 |
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|
423,956 |
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|
Amortization of Discount on Convertible Term and Revolving Credit Notes
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|
|
— |
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|
702,233 |
|
|
Share Based Compensation Expense
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|
1,293,214 |
|
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|
100,831 |
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|
Gain on Derivative Liability
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|
(137,722 |
) |
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|
(279,624 |
) |
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Gain on Disposal of Asset
|
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(12,864 |
) |
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|
— |
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Changes in Assets and Liabilities:
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Trade Receivables
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|
(1,289,857 |
) |
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|
(3,175,303 |
) |
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Inventories
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(869,104 |
) |
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(878,852 |
) |
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Prepaid Expenses and Other Current Assets
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(170,775 |
) |
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(368,358 |
) |
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Deposits and Other Non Current Assets
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(593,430 |
) |
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|
(386,232 |
) |
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Accounts Payable
|
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|
3,957,760 |
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|
2,771,464 |
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Accrued Expenses and Other Current Liabilities
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|
(166,610 |
) |
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|
870,530 |
|
|
Net Cash Provided by Operating Activities
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|
272,800 |
|
|
|
2,749,855 |
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Cash Flows From Investing Activities
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Additions to Property, Plant and Equipment
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(458,066 |
) |
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(606,544 |
) |
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Proceeds from Disposal of Property, Plant and Equipment
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|
16,061 |
|
|
|
— |
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Payment for AirTight Asset Purchase
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|
|
— |
|
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|
(180,172 |
) |
|
Net Cash (Used in) Investing Activities
|
|
$ |
(442,005 |
) |
|
$ |
(786,716 |
) |
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Cash Flows From Financing Activities
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Proceeds from Revolving Credit Note
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|
|
— |
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|
800,000 |
|
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Principal Repayments to Revolving Credit Note
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|
— |
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|
(9,330,191 |
) |
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Proceeds from Revolver Loan
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|
88,564,955 |
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|
8,631,031 |
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Principal Repayments to Revolver Loan
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(87,010,063 |
) |
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(1,052,769 |
) |
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Principal Repayments to Convertible Term Note
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|
— |
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|
(2,500,000 |
) |
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Proceeds from Term Loan
|
|
|
— |
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|
2,500,000 |
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Principal Repayments to Term Loan
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(1,250,000 |
) |
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|
(312,501 |
) |
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Principal Repayments on Long Term Debt
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|
(44,477 |
) |
|
|
(101,657 |
) |
|
Payment of Preferred Stock Dividends
|
|
|
— |
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|
(875,000 |
) |
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Payments for Voluntary Redemption of Preferred Stock
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|
|
— |
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|
(100,000 |
) |
|
Net Cash (Used in) Provided by Financing Activities
|
|
|
260,415 |
|
|
|
(2,341,087 |
) |
| |
|
|
|
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Net Effect of Exchange Rate Changes on Cash
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|
(91,507 |
) |
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|
(22,575 |
) |
| |
|
|
|
|
|
|
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Net Increase (Decrease) In Cash
|
|
|
(298 |
) |
|
|
(400,523 |
) |
|
Cash at Beginning of Year
|
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|
298 |
|
|
|
400,821 |
|
|
Cash at End of Year
|
|
$ |
— |
|
|
$ |
298 |
|
| |
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|
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Supplemental Disclosure of Cash Flow Information:
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Cash Payments for Income Taxes
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|
$ |
— |
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|
$ |
— |
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Cash Payments for Interest
|
|
|
565,586 |
|
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|
759,304 |
|
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Supplemental Schedule of Non Cash Investing and Financing Activities:
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Exchange of Common Stock for Preferred Stock
|
|
$ |
1,653,000 |
|
|
$ |
— |
|
|
Exchange of Accrued Preferred Stock Dividends for Preferred Stock
|
|
|
315,000 |
|
|
|
1,406,670 |
|
|
Exchange of Preferred Stock for Common Stock
|
|
|
7,210,000 |
|
|
|
— |
|
|
Exchange of Accrued Preferred Stock Dividends for Common Stock
|
|
|
418,773 |
|
|
|
388,304 |
|
|
Accrued Preferred Stock Dividends
|
|
|
— |
|
|
|
1,328,131 |
|
|
Conversion of Loan Payable - Related Party to Preferred Stock
|
|
$ |
— |
|
|
|
200 |
|
The Accompanying Notes are an Integral Part of the Financial Statements
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Prior SEC Filings are through the
SEC EDGAR SERVICE.
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