10-K Filing

TITAN ENERGY WORLDWIDE, INC. CIK: 1080398 FY 2011

Filing Information

Form Type	10-K
Accession Number	`0001144204-12-024388`
Period End Date	20111231
Filing Date	20120427
Fiscal Year	2011
Fiscal Period	FY
XBRL Instance	tewi-20111231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 52 Cash Flow Statement 67 Stockholders Equity 25

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$45.40K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$139.43K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$968.42K	USD	Point-in-time
Accounts receivable less allowance for doubtful accounts	`AccountsReceivableNetCurrent`	$2.29M	USD	Point-in-time
Accounts receivable less allowance for doubtful accounts	`AccountsReceivableNetCurrent`	$2.05M	USD	Point-in-time
Inventory, net	`InventoryNet`	$619.52K	USD	Point-in-time
Inventory, net	`InventoryNet`	$693.01K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$279.40K	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$53.00K	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	1.80B	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	1.80B	shares	Point-in-time
Total current assets	`AssetsCurrent`	$2.86M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$4.23M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$566.22K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$747.57K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	31.47M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	30.37M	shares	Point-in-time
Customer and distribution lists, net	`FiniteLivedIntangibleAssetsNet`	$787.37K	USD	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	1.70M	shares	Point-in-time
Treasury stock, shares	`TreasuryStockShares`	1.55M	shares	Point-in-time
Customer and distribution lists, net	`FiniteLivedIntangibleAssetsNet`	$628.12K	USD	Point-in-time
In-process research & development	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	-	USD	Point-in-time
In-process research & development	`IndefiniteLivedIntangibleAssetsExcludingGoodwill`	$341.14K	USD	Point-in-time
Goodwill	`Goodwill`	$1.35M	USD	Point-in-time
Goodwill	`Goodwill`	$1.35M	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$60.06K	USD	Point-in-time
Other assets	`OtherAssetsNoncurrent`	$31.09K	USD	Point-in-time
Total assets	`Assets`	$7.34M	USD	Point-in-time
Total assets	`Assets`	$5.62M	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$2.40M	USD	Point-in-time
Accounts Payable	`AccountsPayableCurrent`	$2.42M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.81M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$1.65M	USD	Point-in-time
Customer deposits and deferred revenue	`CustomerDepositsAndDeferredRevenueCurrent`	$234.34K	USD	Point-in-time
Customer deposits and deferred revenue	`CustomerDepositsAndDeferredRevenueCurrent`	$265.22K	USD	Point-in-time
Short- term credit facility	`ShortTermBorrowings`	-	USD	Point-in-time
Short- term credit facility	`ShortTermBorrowings`	$992.56K	USD	Point-in-time
Factoring obligation	`FactoringObligation`	$959.87K	USD	Point-in-time
Factoring obligation	`FactoringObligation`	-	USD	Point-in-time
Notes payable - current portion	`NotesPayableCurrent`	$165.86K	USD	Point-in-time
Notes payable - current portion	`NotesPayableCurrent`	$210.37K	USD	Point-in-time
Current portion of convertible debt, net of discount	`ConvertibleDebtCurrent`	$1.22M	USD	Point-in-time
Current portion of convertible debt, net of discount	`ConvertibleDebtCurrent`	$2.55M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.17M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$6.71M	USD	Point-in-time
Notes payable, less current portion	`LongTermNotesPayable`	-	USD	Point-in-time
Notes payable, less current portion	`LongTermNotesPayable`	$7.41K	USD	Point-in-time
Convertible debt, net of unamortized discount	`ConvertibleDebtNoncurrent`	$185.52K	USD	Point-in-time
Convertible debt, net of unamortized discount	`ConvertibleDebtNoncurrent`	-	USD	Point-in-time
Other long term liabilities	`BusinessAcquisitionContingentConsiderationPotentialCashPayment`	$122.25K	USD	Point-in-time
Other long term liabilities	`BusinessAcquisitionContingentConsiderationPotentialCashPayment`	$117.90K	USD	Point-in-time
Total long -term liabilities	`LiabilitiesNoncurrent`	$122.25K	USD	Point-in-time
Total long -term liabilities	`LiabilitiesNoncurrent`	$310.82K	USD	Point-in-time
Total liabilities	`Liabilities`	$8.29M	USD	Point-in-time
Total liabilities	`Liabilities`	$7.02M	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock 1,800,000,000 shares authorized, $.0001 par value, issued 31,472,127and 30,371,522 shares, respectively	`CommonStockValue`	$3.15K	USD	Point-in-time
Common stock 1,800,000,000 shares authorized, $.0001 par value, issued 31,472,127and 30,371,522 shares, respectively	`CommonStockValue`	$3.04K	USD	Point-in-time
Treasury stock, at cost, held 1,550,000 and 1,700,000 shares, respectively	`TreasuryStockValue`	$850.00K	USD	Point-in-time
Treasury stock, at cost, held 1,550,000 and 1,700,000 shares, respectively	`TreasuryStockValue`	$775.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$31.09M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$31.46M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-29.93M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-33.36M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$317.24K	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$-2.67M	USD	Point-in-time
Total stockholders' equity (deficit)	`StockholdersEquity`	$1.52M	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$5.62M	USD	Point-in-time
Total liabilities and stockholders' equity (deficit)	`LiabilitiesAndStockholdersEquity`	$7.34M	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Sales of equipment	`SalesRevenueGoodsNet`	$10.07M	USD	Annual
Sales of equipment	`SalesRevenueGoodsNet`	$9.06M	USD	Annual
Sales of service and parts	`SalesRevenueServicesNet`	$5.01M	USD	Annual
Sales of service and parts	`SalesRevenueServicesNet`	$3.98M	USD	Annual
Net sales	`SalesRevenueNet`	$14.04M	USD	Annual
Net sales	`SalesRevenueNet`	$14.07M	USD	Annual
Material cost and labor for equipment	`CostOfGoodsSold`	$7.59M	USD	Annual
Material cost and labor for equipment	`CostOfGoodsSold`	$8.33M	USD	Annual
Material cost and labor for service and parts	`CostOfServices`	$1.85M	USD	Annual
Material cost and labor for service and parts	`CostOfServices`	$2.50M	USD	Annual
Total cost of sales	`CostOfGoodsAndServicesSold`	$10.09M	USD	Annual
Total cost of sales	`CostOfGoodsAndServicesSold`	$10.19M	USD	Annual
Gross profit	`GrossProfit`	$3.98M	USD	Annual
Gross profit	`GrossProfit`	$3.86M	USD	Annual
Selling and service expenses	`SellingExpense`	$2.73M	USD	Annual
Selling and service expenses	`SellingExpense`	$2.57M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.27M	USD	Annual
General and administrative expenses	`GeneralAndAdministrativeExpense`	$1.79M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$194.24K	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$353.56K	USD	Annual
Corporate overhead	`CorporateOverhead`	$1.75M	USD	Annual
Corporate overhead	`CorporateOverhead`	$1.28M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$250.36K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$352.23K	USD	Annual
Gain on sale of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$-3.81K	USD	Annual
Gain on sale of fixed assets	`GainLossOnSaleOfPropertyPlantEquipment`	$3.93K	USD	Annual
Total operating expenses	`OperatingExpenses`	$6.35M	USD	Annual
Total operating expenses	`OperatingExpenses`	$6.18M	USD	Annual
Operating Loss	`OperatingIncomeLoss`	$-2.49M	USD	Annual
Operating Loss	`OperatingIncomeLoss`	$-2.20M	USD	Annual
Interest expense, net	`InterestExpense`	$520.02K	USD	Annual
Interest expense, net	`InterestExpense`	$236.37K	USD	Annual
Amortization of debt discount and financing costs	`AmortizationOfFinancingCostsAndDiscounts`	$1.07M	USD	Annual
Amortization of debt discount and financing costs	`AmortizationOfFinancingCostsAndDiscounts`	$1.04M	USD	Annual
Present value of lease obligation	`PresentValueOfLeaseObligation`	$-105.69K	USD	Annual
Present value of lease obligation	`PresentValueOfLeaseObligation`	-	USD	Annual
Loss on modification of convertible debt	`LossOnModificationOfConvertibleDebt`	$253.18K	USD	Annual
Loss on modification of convertible debt	`LossOnModificationOfConvertibleDebt`	-	USD	Annual
Change in fair value of embedded conversion feature	`DebtInstrumentConvertibleBeneficialConversionFeature`	-	USD	Annual
Change in fair value of embedded conversion feature	`DebtInstrumentConvertibleBeneficialConversionFeature`	$-246.86K	USD	Annual
Change in fair value of contingent consideration	`ChangeInFairValueOfContingentConsideration`	$-117.90K	USD	Annual
Change in fair value of contingent consideration	`ChangeInFairValueOfContingentConsideration`	-	USD	Annual
Change in fair value of warrants	`ChangeInFairValueOfWarrants`	$-350.24K	USD	Annual
Change in fair value of warrants	`ChangeInFairValueOfWarrants`	$-90.67K	USD	Annual
Total Other Expense, net	`TotalOtherIncomeExpenseNet`	$1.23M	USD	Annual
Total Other Expense, net	`TotalOtherIncomeExpenseNet`	$1.18M	USD	Annual
Net loss	`NetIncomeLoss`	$-3.67M	USD	Annual
Net loss	`NetIncomeLoss`	$-3.44M	USD	Annual
Weighted average number of shares outstanding (in shares)	`WeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted`	31.04M	shares	Annual
Weighted average number of shares outstanding (in shares)	`WeightedAverageNumberOfCommonSharesOutstandingBasicAndDiluted`	23.26M	shares	Annual
Basic and diluted (loss) per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.11	USD	Annual
Basic and diluted (loss) per common share (in dollars per share)	`EarningsPerShareBasicAndDiluted`	$-0.16	USD	Annual

Cash Flow Statement 67 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.67M	USD	Annual
Net loss	`NetIncomeLoss`	$-3.44M	USD	Annual
Compensation paid by issuance of stock and stock options	`ShareBasedCompensation`	$478.81K	USD	Annual
Compensation paid by issuance of stock and stock options	`ShareBasedCompensation`	$274.91K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$352.23K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$250.36K	USD	Annual
Amortization of debt discount and financing costs	`AmortizationOfFinancingCostsAndDiscounts`	$1.07M	USD	Annual
Amortization of debt discount and financing costs	`AmortizationOfFinancingCostsAndDiscounts`	$1.04M	USD	Annual
Stock and stock options for services	`IssuanceOfStockAndWarrantsForServicesOrClaims`	$365.55K	USD	Annual
Change in fair value of lease obligation	`ChangeInFairValueOfLeaseObligation`	-	USD	Annual
Change in fair value of lease obligation	`ChangeInFairValueOfLeaseObligation`	$122.25K	USD	Annual
Loss on modification of convertible debt	`LossOnModificationOfConvertibleDebt`	$253.18K	USD	Annual
Loss on modification of convertible debt	`LossOnModificationOfConvertibleDebt`	-	USD	Annual
Loss (Gain) on sales of fixed assets	`GainLossOnDispositionOfAssets`	$5.23K	USD	Annual
Loss (Gain) on sales of fixed assets	`GainLossOnDispositionOfAssets`	$-3.81K	USD	Annual
Change in fair value of embedded conversion	`ChangeInFairValueOfEmbeddedConversion`	$33.00	USD	Annual
Change in fair value of contingent consideration	`ChangeInFairValueOfContingentConsideration`	$-117.90K	USD	Annual
Change in fair value of contingent consideration	`ChangeInFairValueOfContingentConsideration`	-	USD	Annual
Change in fair value of warrants	`ChangeInFairValueOfWarrants`	$-350.24K	USD	Annual
Change in fair value of warrants	`ChangeInFairValueOfWarrants`	$-90.67K	USD	Annual
Accounts Receivables	`IncreaseDecreaseInAccountsReceivable`	$371.27K	USD	Annual
Accounts Receivables	`IncreaseDecreaseInAccountsReceivable`	$-246.07K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-61.49K	USD	Annual
Inventory	`IncreaseDecreaseInInventories`	$-188.82K	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-30.66K	USD	Annual
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-90.34K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$971.87K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-19.33K	USD	Annual
Accrued liabilities and customer deposits	`IncreaseDecreaseInAccruedLiabilitiesAndCustomerDeposits`	$153.94K	USD	Annual
Accrued liabilities and customer deposits	`IncreaseDecreaseInAccruedLiabilitiesAndCustomerDeposits`	$300.42K	USD	Annual
Net cash (used) provided in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-665.01K	USD	Annual
Net cash (used) provided in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.09M	USD	Annual
Purchase of fixed assets	`PaymentsToAcquireProductiveAssets`	$29.94K	USD	Annual
Purchase of fixed assets	`PaymentsToAcquireProductiveAssets`	$111.63K	USD	Annual
Asset purchased in business acquisitions	`AssetPurchasedInBusinessAcquisitions`	$240.59K	USD	Annual
Asset purchased in business acquisitions	`AssetPurchasedInBusinessAcquisitions`	-	USD	Annual
Proceeds from sales of fixed assets	`ProceedsFromSaleOfProductiveAssets`	-	USD	Annual
Proceeds from sales of fixed assets	`ProceedsFromSaleOfProductiveAssets`	$18.41K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-333.81K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-29.94K	USD	Annual
Net change short term revolving line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$385.00K	USD	Annual
Net change short term revolving line of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$-992.56K	USD	Annual
Proceeds provided by convertible debt	`ProceedsFromConvertibleDebt`	$330.00K	USD	Annual
Proceeds provided by convertible debt	`ProceedsFromConvertibleDebt`	$2.11M	USD	Annual
Net borrowings from factoring obligation	`NetProceedsFromFactoringObligation`	$959.87K	USD	Annual
Net borrowings from factoring obligation	`NetProceedsFromFactoringObligation`	-	USD	Annual
Proceeds from stock warrant exercised	`ProceedsFromWarrantExercises`	$2.25K	USD	Annual
Proceed of short term note	`ProceedsFromOtherShortTermDebt`	-	USD	Annual
Proceed of short term note	`ProceedsFromOtherShortTermDebt`	$100.00K	USD	Annual
Payment of convertible debt	`RepaymentsOfConvertibleDebt`	-	USD	Annual
Payment of convertible debt	`RepaymentsOfConvertibleDebt`	$135.00K	USD	Annual
Payment of notes payable	`RepaymentsOfNotesPayable`	$106.41K	USD	Annual
Payment of notes payable	`RepaymentsOfNotesPayable`	$264.40K	USD	Annual
Payment of financing costs	`PaymentsOfFinancingCosts`	$173.76K	USD	Annual
Payment of financing costs	`PaymentsOfFinancingCosts`	-	USD	Annual
Costs associated with preferred stock	`PaymentsOfStockIssuanceCosts`	$270.00	USD	Annual
Costs associated with preferred stock	`PaymentsOfStockIssuanceCosts`	-	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$1.92M	USD	Annual
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$292.88K	USD	Annual
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-828.98K	USD	Annual
Increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$923.01K	USD	Annual
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$45.40K	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$139.43K	USD	Point-in-time
Cash and cash equivalents, beginning of year	`CashAndCashEquivalentsAtCarryingValue`	$968.42K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$45.40K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$139.43K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$968.42K	USD	Point-in-time

Stockholders Equity 25 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$317.24K	USD	Point-in-time
Balance	`StockholdersEquity`	$-2.67M	USD	Point-in-time
Balance	`StockholdersEquity`	$1.52M	USD	Point-in-time
Stock issued for the conversion of Preferred D	`StockIssuedDuringPeriodValueConversionOfConvertiblePreferredStock`	-	USD	Annual
Stock issued for the conversion of Preferred D	`StockIssuedDuringPeriodValueConversionOfConvertiblePreferredStock`	-	USD	Annual
Stock issued for conversion of convertible notes	`StockIssuedDuringPeriodValueConversionOfConvertibleNotes`	$39.99K	USD	Annual
Stock issued for conversion of convertible notes	`StockIssuedDuringPeriodValueConversionOfConvertibleNotes`	$431.15K	USD	Annual
Stock issued for the exercise of options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$1.64K	USD	Annual
Stock issued for the purchase of Stanza Technology	`StockIssuedDuringPeriodValueAcquisitions`	$186.00K	USD	Annual
Stock issued for services	`StockIssuedDuringPeriodValueIssuedForServices`	$22.50K	USD	Annual
Stock option issued for services	`AdjustmentsToAdditionalPaidInCapitalStockOptionsIssuedForServices`	$125.00K	USD	Annual
Stock option issued for services	`AdjustmentsToAdditionalPaidInCapitalStockOptionsIssuedForServices`	$216.46K	USD	Annual
Stock options issued for compensation	`AdjustmentsToAdditionalPaidInCapitalStockOptionsIssuedForCompensation`	$228.81K	USD	Annual
Stock options issued for compensation	`AdjustmentsToAdditionalPaidInCapitalStockOptionsIssuedForCompensation`	$274.91K	USD	Annual
Beneficial conversion feature on Convertible debt	`AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature`	$1.32M	USD	Annual
Beneficial conversion feature on Convertible debt	`AdjustmentsToAdditionalPaidInCapitalConvertibleDebtWithConversionFeature`	$4.00K	USD	Annual
Stock options issued for the purchase of SSI	`AdjustmentsToAdditionalPaidInCapitalStockOptionsIssuedForPurchaseOfAcquisitions`	$71.67K	USD	Annual
Cost of issuing stock certificates	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$-270.00	USD	Annual
Cost of issuing stock certificates	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$-5.38K	USD	Annual
Other	`AdjustmentsToAdditionalPaidInCapitalOther`	$318.00	USD	Annual
Net loss for the year	`NetIncomeLoss`	$-3.67M	USD	Annual
Net loss for the year	`NetIncomeLoss`	$-3.44M	USD	Annual
Balance	`StockholdersEquity`	$317.24K	USD	Point-in-time
Balance	`StockholdersEquity`	$-2.67M	USD	Point-in-time
Balance	`StockholdersEquity`	$1.52M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.