Flexible Solutions International Inc (FSI) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

SEC Filings

Flexible Solutions International Inc

CIK: 1069394 Ticker: FSI



March 29, 2022

        Conference call is scheduled for Friday April 1st, 2022, 11:00am
                        Eastern time, 8:00am Pacific Time
                    See dial in number and explanation below

INC. (NYSE Amex:  FSI,  FRANKFURT:  FXT), 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
full year ended December 31, 2021.

Mr. Daniel B. O'Brien,  CEO,  states,  "We are very pleased with the results for
2021. In addition to the 10% revenue increase, profits were up 16% and operating
cash flow  increased by 24%. These results were achieved in a year when shipping
costs quintupled and raw materials  prices  increased very rapidly.  It's due to
the skill and hard work of the whole FSI team that we were so successful."

Mr. O'Brien continues,  "In 2021, we engaged with new prospective  customers and
introduced additional products to existing customers. We anticipate that much of
this  preparation  will result in new sales in 2022.  We  estimate  that we will
exceed last years growth and profit results in the 22 year."

     o    Sales for the Full Year were  $34,416,335,  up approximately  10% when
          compared to sales of  $31,407,454 in the  corresponding  period a year
          ago. The financials  show a Full Year,  2021 net profit of $3,449,162,
          or $0.28 per share,  compared to a net income of $2,977,050,  or $0.24
          per share, in Full Year,  2020.  Note: the financials do not take into
          account potential tariff rebates that are currently being applied for.
          The tariffs were  charged on some raw  materials  used to  manufacture
          products that were shipped in from 2019 through 2021.

     o    Basic  weighted  average  shares used in computing  earnings per share
          amounts were  12,316,254 and  12,240,641 for full year,  2021 and full
          year, 2020 respectively..

     o    Non-GAAP  operating cash flow:  For the 12 months ending  December 31,
          2021,   net   income   reflects   $1,176,047   of   non-cash   charges
          (depreciation,  stock option expenses), as well as Gain (loss) on sale
          of land,  Gain  (loss) on  disposition  of  equipment,  Gain (loss) on
          investment,   Interest  expense,   Interest  income,   write  down  of
          inventory,  Income  tax  expense/recovery,  and  pre  tax  Net  income
          attributable to non-controlling interests. These are items not related
          to current  operating  activities.  When these items are removed,  the
          financials  show operating cash flow of $5,645,095 or $0.46 per share.
          This compares with  operating  cash flow of $ 4,514,182,  or $0.37 per
          share in the  corresponding  12 months  of 2020  (see the  table  that
          follows 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 Friday  April 1st,  2022.  CEO,  Dan O'Brien  will be
presenting  and answering  questions on the  conference  call. To participate in
this call  please  dial  1-866-518-6930  (or  1-203-518-9713)  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  - Full Year 2021  Financials  will be

The above  information  and  following  table contain  supplemental  information
regarding income and cash flow from operations for the period ended December 31,
2021.  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 of the Non-GAAP financial measures is as follows:

                      Consolidated Statement of Operations
         For Full Year Ended December 31 (12 Months Operating Cash Flow)
                                                 12 months ended December 31
                                                    2021             2020
Revenue                                         $ 34,416,335  $  31,407,454

Income (loss) before income tax - GAAP          $  6,650,756  $   5,190,975

Provision for Income tax - net  - GAAP          $ (2,356,499) $  (1,607,441)

Net income (loss)  - GAAP                       $  3,449,162  $   2,977,050

Net income (loss) per common share - basic. -
GAAP                                            $  0.28        $   0.24

12 month weighted average shares used in
computing per share amounts - basic.-  GAAP       12,316,254     12,240,641

                                                 12 month Operating Cash Flow
                                                       Ended December 31
Operating Cash Flow (12 months). NON-GAAP       $5,645,095a,b,c $ 4,514,182a,b,c

Operating Cash Flow per share excluding
non-operating items and items not related
to current operations (12 months) - basic.
-NON-GAAP                                         0.46a,b,c        0.37a,b,c

Non-cash Adjustments (12 month) -GAAP           $1,176,047d     $ 1,007,684d

Shares (12 month basic weighted average)
used in computing per share amounts - basic
-GAAP                                           12,316,254       12,240,641

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 (2021 = $1,176,047,  2020 =  $1,007,684),  Interest
expense  (2021 = $199,930,  2020 = $260,657),  Interest  income (2021 = $77,999,
2020 = $53,101), Gain on investment (2021 = $507,143, 2020 = $877,358),  gain on
sale of equipment  (2021 = N/A, 2020 = 9,490),  Gain on sale of property (2021 =
$44,330,  2020 = N/A),  Gain on  acquisition  of ENP Realty (2021 = N/A,  2020 =
$133,341),  Deferred income tax recovery  (expense)  (2021 = ($363,317),  2020 =
($409,553)),  Income tax (2021 = $1,993,182, 2020 = $1,197,888),  and pretax Net
income  attributable to  non-controlling  interests  (2021 = $1,214,206,  2020 =
871,844). *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 is 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 (2021 =
$507,143,  and 2020 =  $877,358),  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

If you have  received  this news  release  by mistake or if you would like to be
removed from our update list please reply to:

To find out more information about Flexible  Solutions and our products,  please

The following information was filed by Flexible Solutions International Inc (FSI) on Friday, April 1, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Flexible Solutions International Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Flexible Solutions International Inc.


Assess how Flexible Solutions International Inc's management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Flexible Solutions International Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors


SEC Filing Tools

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Condensed Interim Consolidated Balance Sheets
Condensed Interim Consolidated Balance Sheets (Parenthetical)
Condensed Interim Consolidated Statements Of Cash Flows (Unaudited)
Condensed Interim Consolidated Statements Of Income And Comprehensive Income (Unaudited)
Condensed Interim Consolidated Statements Of Stockholders' Equity (Unaudited)
Accounts Receivable
Accounts Receivable (Tables)
Basis Of Presentation
Basis Of Presentation (Details Narrative)
Capital Stock
Capital Stock (Details Narrative)
Comparative Figures
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Details Narrative)
Goodwill And Intangible Assets (Tables)
Inventories (Tables)
Investments (Details Narrative)
Investments (Tables)
Leases (Details Narrative)
Leases (Tables)
Long Term Debt
Long Term Debt (Details Narrative)
Long Term Debt (Tables)
Long Term Deposits
Long Term Deposits (Tables)
Non-Controlling Interests
Non-Controlling Interests (Details Narrative)
Non-Controlling Interests (Tables)
Patents (Details Narrative)
Patents (Tables)
Property, Equipment &Amp; Leaseholds
Property, Equipment &Amp; Leaseholds (Details Narrative)
Property, Equipment &Amp; Leaseholds (Tables)
Schedule Of Accounts Receivable (Details)
Schedule Of Distributions (Details)
Schedule Of Equity Method Investment (Details)
Schedule Of Estimated Amortization Expense (Details)
Schedule Of Estimated Future Amortization Expense (Details)
Schedule Of Goodwill And Indefinite Lived Intangible Assets (Details)
Schedule Of Interest Loan Repayment (Details)
Schedule Of Inventories (Details)
Schedule Of Loan Covenants (Details)
Schedule Of Long Term Deposits (Details)
Schedule Of Long-Lived Assets Are Located In Canada And United States (Details)
Schedule Of Method Of Depreciation (Details)
Schedule Of Outstanding Balance Loan (Details)
Schedule Of Patents (Details)
Schedule Of Property, Equipment And Leaseholds (Details)
Schedule Of Reportable Segments (Details)
Schedule Of Revenue Generated In United States And Canada (Details)
Schedule Of Stock Option Activities (Details)
Schedule Of Stock Option Fair Value Assumptions (Details)
Schedule Of Undiscounted Rent Payments (Details)
Segmented, Significant Customer Information And Economic Dependency
Segmented, Significant Customer Information And Economic Dependency (Details Narrative)
Segmented, Significant Customer Information And Economic Dependency (Tables)
Short-Term Line Of Credit
Short-Term Line Of Credit (Details Narrative)
Significant Accounting Policies
Significant Accounting Policies (Details Narrative)
Significant Accounting Policies (Policies)
Significant Accounting Policies (Tables)
Stock Options
Stock Options (Details Narrative)
Stock Options (Tables)
Subsequent Events
Subsequent Events (Details Narrative)
Summary Of Profit And Loss Information Related To Equity Accounted Investment (Details)
Summary Of Right-Of-Use Asset And Lease Liability (Details)

Material Contracts, Statements, Certifications & more

Flexible Solutions International Inc provided additional information to their SEC Filing as exhibits

Ticker: FSI
CIK: 1069394
Form Type: 10-Q Quarterly Report
Accession Number: 0001493152-22-013777
Submitted to the SEC: Mon May 16 2022 4:07:58 PM EST
Accepted by the SEC: Mon May 16 2022
Period: Thursday, March 31, 2022
Industry: Miscellaneous Chemical Products

External Resources:
Stock Quote
Social Media

Bookmark the Permalink: