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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (date of earliest event reported): August 14, 2023
FLEXIBLE
SOLUTIONS INTERNATIONAL, INC.
(Exact
name of Registrant as specified in its charter)
| Nevada |
|
000-29649 |
|
91-1922863 |
| (State
or other jurisdiction |
|
(Commission
|
|
(IRS
Employer |
| of
incorporation) |
|
File No.) |
|
Identification
No.) |
6001
54 Ave.
Tabor, Alberta T1G
1X4
(Address
of principal executive offices, including Zip Code)
Registrant’s
telephone number, including area code: (250) 477-9969
Check
appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any
of the following provisions (see General Instruction A.2. below).
| ☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ |
Pre-commencement
communications pursuant to Rule 13e-14(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of Each Class |
|
Trading
Symbol(s) |
|
Name
of Each Exchange on Which Registered |
| Common
Stock |
|
FSI |
|
NYSE
American |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§203.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§204.12b-2 of this chapter.
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item
2.02 | Results
of Operations and Financial Condition |
On
August 14, 2023, the Company issued a press release announcing the Company’s financial results for the first quarter ended June
30, 2023.
On
August 15, 2023 the Company held a conference call to discuss its financial results for the quarter ended June 30, 2023, as well as other
information regarding the Company.
| Item
9.01. |
Financial
Statements and Exhibits |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
| Date:
August 15, 2023 |
|
|
| |
FLEXIBLE
SOLUTIONS INTERNATIONAL INC. |
| |
|
|
| |
By: |
/s/
Daniel B. O’Brien |
| |
|
Daniel
B. O’Brien, President and Chief Executive |
| |
|
Officer |
EXHIBIT 99.1
NEWS RELEASE
August 14, 2023
FSI ANNOUNCES SECOND QUARTER, 2023 FINANCIAL RESULTS
A Conference call is scheduled for Tuesday August
15th, 2023, 11:00am Eastern Time
See dial in number below
VICTORIA, BRITISH COLUMBIA, August 14, 2023 –
FLEXIBLE SOLUTIONS INTERNATIONAL, INC. (NYSE Amex: FSI), is the developer and manufacturer of biodegradable polymers for oil extraction,
detergent ingredients and water treatment as well as crop nutrient availability chemistry. Flexible Solutions also manufactures biodegradable
and environmentally safe water and energy conservation technologies. Today the Company announces financial results for second quarter
ended June 30, 2023.
Mr. Daniel B. O’Brien, CEO, states, “Second
quarter was disappointing. We had predicted a rebound which did not occur. Sales in our new food products have been slow to come and
we think it may take longer than expected to develop this market vertical.” “Mr. O’Brien continues, “We are observing
headwinds in most of our markets now and expect full year revenue to be flat to mildly down compared to 2022.”
| ● |
Sales for the second quarter (Q2) were $10,331,291, down approximately 7% when compared to sales of $11,165,143 in the corresponding period a year ago. |
| ● |
Q2, 2023 net income was $809,865, or $0.07 per share, compared to a net income of $1,662,455, or $0.13 per share, in Q1, 2022. |
| ● |
The lower earnings reported for Q2, 2023 were due to higher cost of goods, lower sales and product mix. |
| ● |
Basic weighted average shares used in computing earnings per share amounts were 12,435,532 and 12,384,131 for Q2, 2023 and Q2, 2022 respectively. |
| ● |
Q2, 2023 Non-GAAP operating cash flow: The Company shows 6 months operating cash flow of $3,220,674, or $0.26 per share. This compares with operating cash flow of $4,422,664, or $0.36 per share, in the corresponding 6 months of 2022 (see the table and notes that follow for details of these calculations). |
The NanoChem division and ENP subsidiary continue
to be the dominant sources of revenue and cash flow for the Company. New opportunities continue to unfold in detergent, water treatment,
oil field extraction, turf, ornamental and agricultural use to further increase sales in these divisions.
Conference call
A conference call has been scheduled
for 11:00 am Eastern Time, 8:00 am Pacific Time, on Tuesday August 15th, 2023. CEO, Dan O’Brien will be presenting and answering
questions on the conference call. To participate in this call please dial 1-800-225-9448 (or 1-203-518-9708) just prior to the scheduled
call time. To join the call participants will be requested to give their name and company affiliation. The conference ID:
SOLUTIONS and/ or call title Flexible Solutions International – Second Quarter, 2023 Financials may be requested
The above information and following table contain
supplemental information regarding income and cash flow from operations for the period ended June 30, 2023. Adjustments to exclude depreciation,
stock option expenses and one time charges are given. This financial information is a Non-GAAP financial measure as defined by SEC regulation
G. The GAAP financial measure most directly comparable is net income.
The reconciliation of each Non-GAAP financial measure
is as follows:
FLEXIBLE SOLUTIONS INTERNATIONAL, INC.
Consolidated Statement of Operations
For The 3 Months Ended June 30 (6 Months Operating
Cash Flow)
(Unaudited)
| |
|
3 months ended June 30 |
| |
|
2023 |
|
|
2022 |
|
| Revenue |
|
$ |
10,331,291 |
|
|
$ |
11,165,143 |
|
| Income (loss) before income tax – GAAP |
|
$ |
1,349,099 |
|
|
$ |
2,371,372 |
|
| Provision for Income tax – net - GAAP |
|
$ |
(354,372 |
) |
|
$ |
(542,802 |
) |
| Net income (loss) - controlling interest - GAAP |
|
$ |
809,865 |
|
|
$ |
1,662,455 |
|
| Net income (loss) per common share – basic. – GAAP |
|
$ |
0.07 |
|
|
$ |
0.13 |
|
| 3 month weighted average shares used in computing per share amounts – basic.- GAAP |
|
|
12,435,532 |
|
|
|
12,384,131 |
|
| |
|
|
6 month Operating Cash
Flow
Ended June 30 |
| Operating Cash Flow (6 months). NON-GAAP |
|
$ |
3,220,674 |
a,b,c |
|
$ |
4,422,664 |
a,b,c |
| Operating Cash Flow per share excluding non-operating items and items not related to current operations (6 months) – basic. -NON-GAAP |
|
$ |
0.26 |
a,b,c |
|
$ |
0.36 |
a,b,c |
| Non-cash Adjustments (6 month) -GAAP |
|
|
$ 1,118,100 d |
|
|
|
$ 581,743 d |
|
| Shares (6 month basic weighted average) used in computing per share amounts – basic -GAAP |
|
|
12,434,230 |
|
|
|
12,372,785 |
|
Notes: certain items not related to “operations”
of the Company’s net income are listed below.
a) Non-GAAP – Flexible Solutions International
purchased 65% of ENP in 4th quarter, 2018 (October 2018). Therefore Operating Cash Flow is adjusted by the pre-tax Net income
or loss of the non-controlling interest in ENP. An adjustment to Operating cash flow has been made to account for the use of a pre-tax
amount versus an after tax amount which was originally used in that year.
b) Non-GAAP – amounts exclude certain
cash and non-cash items: Depreciation and Stock compensation expense (2023 = $1,118,100, 2022 = $581,743), Gain on acquisition of ENP
Peru (2023 = N/A, 2022 = $335,051), Interest expense (2023 = $250,368, 2022 = $109,757), Interest income (2023 = $53,185, 2022 = $32,141),
Gain on investment (2023 = $326,703, 2022 = $214,316), Income tax (2023 = ($654,149), 2022 = ($1,255,248), and pretax Net income attributable
to non-controlling interests (2023 = $381,276, 2022 = $448,682). Although included in operating expenses these onetime expenditures were
not related to operations of FSI. *See the financial statements for all adjustments.
c) The revenue and gain from the 50% investment
in the private Florida LLC announced in January 2019 are not treated as revenue or profit from operations by Flexible Solutions given
the Company only purchased 50% of the LLC. The profit is treated as investment income and therefore occurs below Operating income in the
Statement of Operations. As a result, the gains from all investments, including those from the Florida LLC, are removed from the calculation
to arrive at Operating Cash Flow.
d) Non-GAAP – amounts represent depreciation
and stock compensation expense.
Safe Harbor Provision
The Private Securities Litigation Reform Act of 1995 provides a “Safe
Harbor” for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward
looking statement with respect to events, the occurrence of which involve risks and uncertainties. These forward-looking statements may
be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the company
is detailed from time to time in the company’s reports filed with the Securities and Exchange Commission.
Flexible Solutions International
6001 54th Ave, Taber, Alberta, CANADA
T1G 1X4
Company Contacts
Jason Bloom
Toll Free: 800 661 3560
Fax: 403 223 2905
E-mail: info@flexiblesolutions.com
If you have received this news release by mistake
or if you would like to be removed from our update list please reply to: info@flexiblesolutions.com
To find out more information about Flexible Solutions
and our products, please visit www.flexiblesolutions.com.
EXHIBIT 99.2
Q2 2023 Speech
Good morning. I’m Dan O’Brien, CEO of
Flexible Solutions.
Safe Harbor provision:
The Private Securities Litigation Reform Act of 1995
provides a “Safe Harbor” for forward-looking statements. Certain of the statements contained herein, which are not historical
facts, are forward looking statements with respect to events, the occurrence of which involve risks and uncertainties. These forward-looking
statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect
the company is detailed from time to time in the company’s reports filed with the Securities and Exchange Commission.
Welcome to the FSI conference call for Second Quarter
2023.
First, I would like to talk about our Company condition
and our product lines along with what we think might occur in Q3 and Q4 2023. Afterward, I will comment on our financials.
NanoChem division: NCS represents approximately
70% of FSI’s revenue. This division makes thermal poly-aspartic acid, called TPA for short, a biodegradable polymer with many valuable
uses. NCS also manufactures SUN 27™ and N Savr 30™ which are used to reduce nitrogen fertilizer loss from soil. In 2022, NCS
started food grade toll operations using the spray dryer we installed over the last several years.
TPA is used in agriculture to significantly
increase crop yield. It acts by slowing crystal growth between fertilizer ions and other ions in the soil resulting in the fertilizer
remaining available longer for the plants to use.
TPA is also a biodegradable way of treating oilfield
water to prevent pipes from plugging with mineral scale. TPA’s effect is prevention of mineral scale from minerals that are part
of the water fraction of oil as it exits the rock formation. Preventing scale keeps the oil recovery pipes from clogging.
TPA is also sold as a biodegradable ingredient in
cleaning products, for certain food uses and as a water treatment chemical.
SUN 27™ and N Savr 30™ are nitrogen
conservation products. Nitrogen is a critical fertilizer that can be lost through bacterial breakdown, evaporation and soil runoff.
SUN 27™ is used to conserve nitrogen from attack
by soil bacterial enzymes that cause evaporation while N Savr 30™ is effective at reducing nitrogen loss from leaching.
Food products: Our IL plant is food grade inspected
and we have received our FDA number. We have commercialized one food grade product based on polyaspartates that was developed fully in
house. We have a pipeline of additional products in development that are either our ideas, toll production of outside ideas or a mixture
where an outside idea is being optimized by our team. NCS will focus on food products equally with our other market verticals because
we have determined that this is an area with large markets that we are skilled in servicing and where we can obtain good margins. We have
not received the food product orders we had hoped for in Q2. Although we are still convinced that this is a viable future business, it
may take several more quarters to obtain significant sales.
ENP Division: ENP represents most of our other
revenue. ENP is focused on sales into the greenhouse, turf and golf markets, while, our NCS sales are into row crop agriculture. The opening
of the economy after the pandemic has affected ENP sales into the home gardening market, especially home cannabis. We expect little revenue
growth in 2023 and do not have any clarity regarding 2024 yet.
The Florida LLC investment: The LLC was profitable
for first half 2023 and was one area where some revenue growth has occurred in 2023. The Company is focused on international sales into
multiple countries all of which face different issues and respond in varied ways. Revenue was strong in Q1 and Q2 but, the remainder of
the year cannot be predicted. Also, the LLC remains exposed to high costs of goods while experiencing difficulty passing all the costs
to its customers. As a result, margins are compressed and earnings may not reach historical levels for some time. Our sales to the LLC
grew in first half and we were able to retain a positive margin.
Merger with Lygos did not proceed
On April 18th 2022, FSI and Lygos announced
their intent to merge subject to shareholder approval. The merger was not completed by the end date of the agreement, September 30 2022
and did not close.
Strategic investment in Lygos: In December
2020, FSI invested $500,000 in Lygos in return for equity. We made a second investment of $500,000 in June 2021. Lygos is using the investment
toward development of a microbial route to aspartic acid using sugar as a feedstock. FSI will be the major user of aspartic acid derived
this way and believes that sustainable aspartic acid will allow us to obtain large new customers and develop valuable new products that
both biodegrade and come from sustainable sources.
We remain optimistic that we can continue to work
with Lygos in ways that do not involve merging. FSI is dedicated to the goal of sustainability while finding a route to this goal that
is, profitable for us, for our suppliers and for Lygos.
Q3 and Q4 2023
Agricultural products were not as strong in Q2 2023
as they were in Q2 2022. As a result, total revenue for first half was also below the previous year period. The orders that we thought
were delayed from Q1 did not appear. We now expect that agriculture sales may remain slower than 2022 for the remainder of 2023.
Oil, gas and industrial sales of TPA have been lower
in Q2 2023 and this is likely to continue for the remainder of the year. Customers are reducing inventory and reassessing their needs
now that shipping has become reliable again.
Tariffs: Since 2019, several of our raw materials
imported from China have included a 25% tariff. International customers are not charged the tariffs because we have applied for the export
rebates available to recover the tariffs. The tariffs are affecting our cost of goods, our cash flow and our profits negatively. Rebates
can take many years to arrive; we submitted our initial applications more than 4 years ago. The total dollar amount due back to us is
well in excess of $1 MM. We will persevere until we succeed in recovering our funds.
Shipping and Inventory: Ocean shipping from
Asia to the US and ocean shipments from the US to international ports are back to pre-covid speeds and have settled at prices very close
to historic levels. Land transport inside the US is continuing to stabilize. We coped with shipping issues by ordering far ahead and carrying
additional inventory in 2022 resulting in costs that we were unable to pass on to our customers. In 2023, we have been reducing inventory
to a more normal level and are continuing to replace expensive raw materials with somewhat less expensive ones. As this proceeds margins
may stabilize at slightly higher levels but it will take more time.
Raw material prices do not appear to be reverting
to historic levels. Instead, they seem to be stabilizing at a new base level that is also experiencing inflation. Passing price increases,
even small inflation related ones, along to customers can take several months, is not always possible and will probably result in constrained
margins throughout the year.
We believe that the sum of the issues we face during
the rest of 2023 will result in lower revenue, lower cash flow and lower profits for the second half and the full year.
Highlights of the financial results:
We are disappointed with the results for Q2 2023.
Year over year revenue and operating cash flow were down. Profits were negatively affected by product mix, cost of goods and reduced sales
volume. We now estimate that year over year growth in revenue, cash flow and profits will not be possible in 2023.
Sales for the quarter decreased 7% to 10.33
million, compared with 11.17 million for Q2 2022.
Profits: Q2 profits were $810 thousand or $0.07
per share, compared to a net income of $1.66 million, or $0.13 per share, in Q2 2022.
Operating Cash Flow: This non-GAAP number is
useful to show our progress with non-cash items removed for clarity. For first half 2023, it was $3.22 million or 26 cents per share down
from $4.42 million or 36 cents per share in the 2022 period.
Long term debt: We continue to pay down our
long-term debt according to the terms of the loans. However, we have consolidated all our debt for ENP and NCS with Stock Yards Bank.
This has resulted in increased lines of credit with lower interest rates and reduced interest rates on our long-term debt. At the same
time, we bought all the units we did not already own in ENP Peru Investments LLC and guaranteed the mortgage held by the LLC. The LLC
owns the 5 acres and 60,000 square feet of building in Peru IL on the SW corner of our property. This action returns full ownership of
the 20-acre parcel and 120,000 square feet of buildings to FSI with a mortgage at favorable terms.
Additional factory space in Illinois: In the
second quarter we invested to acquire 80% of an LLC called 317 Mendota that in turn purchased a large building on 37 acres of land in
Mendota IL. We have determined that 240,000 square feet is available for our use or for rental. The ENP division will move all operations
to 60,000 square feet of this building. The remaining 180,000 square feet will be rented as suitable tenants are found. The NCS division
will recover the use of 30,000 sq. ft. in Peru IL from ENP making room for possible growth in 2024 and beyond.
Working capital is adequate for all our purposes.
We have lines of credit with Stock Yards Bank for the ENP and NCS subsidiaries. We are confident that we can execute our plans with our
existing capital.
The text of this speech will be available as an 8K
filing on www.sec.gov by Wednesday August 16th. Email or fax copies can be requested from Jason Bloom at Jason@flexiblesolutions.com.
Thank you, the floor is open for questions.
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-Name Securities Act
-Number 230
-Section 425
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Flexible Solutions (AMEX:FSI)
Historical Stock Chart
From Nov 2023 to Dec 2023
Flexible Solutions (AMEX:FSI)
Historical Stock Chart
From Dec 2022 to Dec 2023
