17 July 2014securities registration● Neutral
HII Technologies, Inc. filed notice of an exempt private placement.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
3 July 2014capital raising announcement● NeutralMajor
Between June 21 and July 2, 2014 HII sold 4,000 units at $1,000 each to 22 accredited investors for $4,000,000 gross. Each unit has one Series A convertible preferred share (convertible at $0.70 per common share) and warrants for 550 common shares at $1.00 for 3 years. Of the proceeds, $124,250 went to placement agent fees and about $500,000 repaid 10% promissory notes, with the rest for working capital and growth opportunities. The authorized Series A shares were raised from 3,000 to 4,000, and the issue adds dilution for existing common holders.
14 May 2014quarterly activities report▼ Bad
HII Technologies, Inc. reported quarterly revenue of $7.5 million and a net loss of $25 thousand for the period ended 2014-03-31.
8 Apr 2014material agreement● Neutral
On April 7, 2014 the Rosenthal & Rosenthal receivables facility was amended again, raising the maximum from $4 million to $5 million. The company also announced preliminary unaudited results for the quarter ended March 31, 2014 via a press release; the filing text does not give the figures, and says no significant changes are expected.
30 Jan 2014material agreement● Neutral
On January 27, 2014 the Rosenthal & Rosenthal receivables facility, borrowed by Aqua, Apache and KMHVC, was amended to raise the maximum from $3 million to $4 million. This continues the stepwise expansion of that facility begun in June 2013.
21 Jan 2014asset acquisition disposition● Neutral
This amendment adds the audited financial statements of Aqua Handling of Texas (inception through September 30, 2013) and pro forma combined financials, which the November 2013 report on the Aqua purchase had promised. The deal terms are unchanged from that report. The financial figures are in exhibits not reproduced here, so nothing new on the numbers can be stated.
26 Nov 2013material agreement● Neutral
On November 20, 2013 newly acquired Aqua Handling of Texas became an additional borrower under the June 2013 Rosenthal & Rosenthal receivables facility, pledging its assets, with a new HII guaranty. The maximum available rose from $2 million to $3 million. This continues the Rosenthal facility, now extended to cover Aqua.
14 Nov 2013quarterly activities report▼ Bad
HII Technologies, Inc. reported quarterly revenue of $3.9 million and a net loss of $175 thousand for the period ended 2013-09-30.
13 Nov 2013asset acquisition disposition● NeutralMajor
On November 12, 2013 HII bought Aqua Handling of Texas, LLC for $300,000 cash, $500,000 of 5% subordinated secured notes due November 1, 2016 and 1,443,696 common shares. To fund it, HII issued $750,000 of 10% convertible notes (convertible at $0.50 a share, two-year term) to six investors, of which $600,000 was new cash and $150,000 replaced an earlier note. Aqua's co-owner Chris George got a three-year employment agreement and an option for 250,000 shares at $0.38. This is a second acquisition after Apache, adding debt and some dilution; the acquired company's financial statements were promised by amendment.
21 Oct 2013quarterly activities report▼ Bad
HII Technologies, Inc. reported quarterly revenue of $3.9 million and a net loss of $175 thousand for the period ended 2013-09-30.
14 Aug 2013quarterly activities report▼ Bad
HII Technologies, Inc. reported quarterly revenue of $3.2 million and a net loss of $374 thousand for the period ended 2013-06-30.
1 July 2013material agreement● NeutralMajor
On June 26, 2013, subsidiaries KMHVC, Inc. and Apache Energy Services entered a $2 million revolving receivables financing facility with Rosenthal & Rosenthal. Borrowing is capped at the lesser of $2 million or 85% of eligible receivables, at prime plus 4.00%, secured by the borrowers' assets and guaranteed by HII with its own assets. The initial term is two years, with a $30,000 closing fee, $20,000 annual fee and monthly charges. This is new bank-style debt backing the Apache business.
15 May 2013quarterly activities report▼ Bad
HII Technologies, Inc. reported quarterly revenue of $2.6 million and a net loss of $114 thousand for the period ended 2013-03-31.
6 Dec 2012asset acquisition disposition● Neutral
This amendment adds the audited financial statements of Apache Energy Services LLC and pro forma combined financials, which the original October 2012 report on the Apache purchase had left out. It also restates the deal terms: closing on September 27, 2012 for $290,000 cash ($250,000 at closing, $40,000 in six monthly installments), $1,300,000 of 5% notes due November 1, 2015 and 6,500,000 shares vesting 500,000 per quarter. The $300,000 of 10% notes with Class A and B warrants, and Brent Mulliniks' board seat and the $180,000 employment agreements for him and Billy Cox, are also repeated. The financial figures sit in exhibits not reproduced here. The note maturity is given as September 23, 2013 here, versus September 13 in the earlier summary.
19 Nov 2012quarterly activities report▼ Bad
HII Technologies, Inc. reported quarterly revenue of $105 thousand and a net loss of $110 thousand for the period ended 2012-09-30.
13 Nov 2012late filing notice▼ Bad
HII Technologies, Inc. notified the SEC that its quarterly report would be filed late.
2 Oct 2012asset acquisition disposition● NeutralMajor
On September 26, 2012 HII Technologies bought all of Apache Energy Services LLC for $290,000 in cash, $1,300,000 of 5% subordinated secured notes (maturing November 1, 2015) and 6,500,000 restricted shares vesting 500,000 per quarter from December 31, 2012. Apache's founders Brent Mulliniks and Billy Cox got three-year employment agreements at $180,000 a year plus quarterly bonuses, and Mulliniks joined the board. The company also sold $300,000 of 10% secured notes due September 13, 2013, with Class A warrants for 1,800,000 shares and Class B warrants for up to 900,000 shares, both at $0.10. This is a new business after the earlier asset sales, and it adds debt and share dilution.
14 Aug 2012quarterly activities report▼ Bad
HII Technologies, Inc. reported a quarterly net loss of $79 thousand for the period ended 2012-06-30.
11 May 2012quarterly activities report▼ Bad
HII Technologies, Inc. reported a quarterly net loss of $76 thousand for the period ended 2012-03-31.
14 Nov 2011quarterly activities report▼ Bad
HII Technologies, Inc. reported quarterly revenue of $0 and a net loss of $74 thousand for the period ended 2011-09-30.
8 Dec 2010listing compliance notice▼ BadMajor
HII Technologies, Inc. deregistered its securities, ending its obligation to file reports with the SEC.
8 July 2010capital raising announcement● NeutralMajor
On June 30, 2010 Eads Investments I and D. Bradley McWilliams bought the company's Stillwater National Bank debt, and Stillwater released the company and Hemiwedge Valve Corporation. The debt was replaced by a 10% note for $706,125 due June 30, 2011, secured by all assets and the subsidiary's stock, with forbearance from accelerating the loans. The new lenders also got 5-year warrants for 2,875,000 shares at $0.10, cut to 575,000 if the note is sold or repaid by August 15, 2010; interest can be paid in stock at 5,000 shares per day. This ends the long Stillwater lending relationship.
10 July 2009listing compliance notice▼ BadMajor
The company, now named Hemiwedge Industries, was told on June 19, 2009 that its Q1 2009 quarterly report was incomplete, so it is not current in its filings. Unless the filing was received by July 20, 2009, its stock would be removed from the OTC Bulletin Board (effective July 22) and trade on the pink sheets. The company said it did not intend to appeal or expect to fix the filing in time, but plans to reapply when current. It also said it is still evaluating strategic options, including a merger, sale of all or part of the company, restructuring or recapitalization, with no plan adopted.
15 May 2009late filing notice▼ Bad
HII Technologies, Inc. notified the SEC that its quarterly report would be filed late.
31 Mar 2009late filing notice▼ Bad
HII Technologies, Inc. notified the SEC that its annual report would be filed late.
13 Feb 2009director interest notice● Neutral
Leo B Womack became a HII Technologies, Inc. director and company insider (initial ownership filing).
26 Jan 2009director interest notice● Neutral
Larry C Shumate became a HII Technologies, Inc. company insider (initial ownership filing).
19 Dec 2008director interest notice● Neutral
HII Technologies, Inc. Vice President and COO Russ Clark received a stock option grant for 30,000 shares.
19 Dec 2008director interest notice● Neutral
HII Technologies, Inc. Exec VP, CFO, Treasurer, Sec Matthew C Flemming received a stock option grant for 40,000 shares.
18 Dec 2008director interest notice● Neutral
HII Technologies, Inc. President and CEO Kenton Chickering III bought 12,700 shares on the open market.