2014 Q2 Form 10-Q Financial Statement

#000114420414048889 Filed on August 12, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $4.883M $4.279M
YoY Change 14.12% 16.94%
Cost Of Revenue $3.197M $2.653M
YoY Change 20.49% 14.12%
Gross Profit $1.687M $1.626M
YoY Change 3.72% 21.86%
Gross Profit Margin 34.54% 38.0%
Selling, General & Admin $2.614M $3.338M
YoY Change -21.69% 70.32%
% of Gross Profit 154.96% 205.23%
Research & Development $110.0K $61.80K
YoY Change 78.01% -72.34%
% of Gross Profit 6.52% 3.8%
Depreciation & Amortization $1.290M $220.0K
YoY Change 486.36% 10.0%
% of Gross Profit 76.48% 13.53%
Operating Expenses $7.099M $6.108M
YoY Change 16.23% 170.36%
Operating Profit -$2.215M -$1.828M
YoY Change 21.16% 97.78%
Interest Expense $88.91K $49.55K
YoY Change 79.43% -9.37%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$2.339M -$1.921M
YoY Change 21.76% 93.97%
Income Tax $4.737K $4.737K
% Of Pretax Income
Net Earnings -$2.344M -$1.925M
YoY Change 21.71% 93.52%
Net Earnings / Revenue -47.99% -45.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$222.6K -$355.4K
COMMON SHARES
Basic Shares Outstanding 49.50M shares 12.16M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.300M $560.0K
YoY Change 132.14% -63.16%
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets $1.010M $330.0K
YoY Change 206.06% -2.94%
Inventory $919.7K $815.2K
Prepaid Expenses
Receivables $1.790M $2.118M
Other Receivables $0.00 $0.00
Total Short-Term Assets $5.020M $3.817M
YoY Change 31.51% -10.44%
LONG-TERM ASSETS
Property, Plant & Equipment $5.226M $4.217M
YoY Change 23.92% 8.51%
Goodwill $15.05M $3.323M
YoY Change 352.82% 0.0%
Intangibles $28.49M $1.737M
YoY Change 1540.07% -13.06%
Long-Term Investments
YoY Change
Other Assets $12.53M $222.6K
YoY Change 5528.63% -4.89%
Total Long-Term Assets $61.29M $9.500M
YoY Change 545.17% 0.62%
TOTAL ASSETS
Total Short-Term Assets $5.020M $3.817M
Total Long-Term Assets $61.29M $9.500M
Total Assets $66.31M $13.32M
YoY Change 397.93% -2.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.455M $1.389M
YoY Change 4.71% -13.32%
Accrued Expenses $1.420M $1.470M
YoY Change -3.4% 51.55%
Deferred Revenue
YoY Change
Short-Term Debt $850.0K $786.3K
YoY Change 8.1% 2.12%
Long-Term Debt Due $521.7K $333.7K
YoY Change 56.32% 0.2%
Total Short-Term Liabilities $4.243M $4.053M
YoY Change 4.7% 8.97%
LONG-TERM LIABILITIES
Long-Term Debt $5.771M $2.013M
YoY Change 186.7% -8.66%
Other Long-Term Liabilities $361.8K $51.78K
YoY Change 598.76% -61.12%
Total Long-Term Liabilities $6.133M $2.065M
YoY Change 197.03% -11.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.243M $4.053M
Total Long-Term Liabilities $6.133M $2.065M
Total Liabilities $10.38M $6.118M
YoY Change 69.61% 1.01%
SHAREHOLDERS EQUITY
Retained Earnings -$50.26M -$50.51M
YoY Change -0.5% 11.65%
Common Stock $100.2M $57.63M
YoY Change 73.83% 8.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $54.56M $7.062M
YoY Change
Total Liabilities & Shareholders Equity $66.31M $13.32M
YoY Change 397.92% -2.82%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$2.344M -$1.925M
YoY Change 21.71% 93.52%
Depreciation, Depletion And Amortization $1.290M $220.0K
YoY Change 486.36% 10.0%
Cash From Operating Activities -$610.0K -$590.0K
YoY Change 3.39% -36.56%
INVESTING ACTIVITIES
Capital Expenditures -$1.180M -$110.0K
YoY Change 972.73% -31.25%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$1.180M -$110.0K
YoY Change 972.73% -31.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 160.0K 70.00K
YoY Change 128.57% -143.75%
NET CHANGE
Cash From Operating Activities -610.0K -590.0K
Cash From Investing Activities -1.180M -110.0K
Cash From Financing Activities 160.0K 70.00K
Net Change In Cash -1.630M -630.0K
YoY Change 158.73% -49.6%
FREE CASH FLOW
Cash From Operating Activities -$610.0K -$590.0K
Capital Expenditures -$1.180M -$110.0K
Free Cash Flow $570.0K -$480.0K
YoY Change -218.75% -37.66%

Facts In Submission

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MinorityInterest
4500000 USD
CY2014Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2014Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
66309172 USD
CY2013Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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CY2013Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
49411486 shares
CY2014Q2 us-gaap Lines Of Credit Current
LinesOfCreditCurrent
USD
CY2013Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
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CY2014Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
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CY2013Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
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CY2014Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2014Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2013Q4 us-gaap Common Stock Par Or Stated Value Per Share
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CY2013Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
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CY2013Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2013Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
dei Trading Symbol
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DSS
us-gaap Professional Fees
ProfessionalFees
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dss Professional Fees Future Monthly Payments
ProfessionalFeesFutureMonthlyPayments
105000 USD
CY2013Q2 us-gaap Assets
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CY2014Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
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CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2013Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
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dss Proceeds From Restricted Payments Of Costs And Expenses
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CY2014Q2 us-gaap Debt Instrument Fair Value
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CY2013Q4 us-gaap Debt Instrument Fair Value
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us-gaap Use Of Estimates
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style=" font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"><strong><em><font style=" font-size: 10pt;">Use of Estimates - </font></em></strong><font style=" font-size: 10pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates and assumptions. In preparing these financial statements, the Company has evaluated events and transactions for potential recognition or disclosure.<br/> </font>&#160;</p> </div>
us-gaap Increase Decrease In Fair Value Of Interest Rate Fair Value Hedging Instruments1
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
250206 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1103677 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-937936 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
157789 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
82312 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
750000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
1196980 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
52506 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2104769 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-134818 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
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-158087 USD
us-gaap Cash Period Increase Decrease
CashPeriodIncreaseDecrease
-672375 USD
us-gaap Cash Period Increase Decrease
CashPeriodIncreaseDecrease
-1327877 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1288689 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
2691000 USD
us-gaap Depreciation And Amortization
DepreciationAndAmortization
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us-gaap Increase Decrease In Restricted Cash For Operating Activities
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-254521 USD
us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
-301974 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
-80000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2536071 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Proceeds From Repayments Of Lines Of Credit
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us-gaap Repayments Of Long Term Debt
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us-gaap Repayments Of Long Term Debt
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CY2012Q4 us-gaap Cash
Cash
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CY2013Q2 us-gaap Cash
Cash
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us-gaap Depreciation And Amortization
DepreciationAndAmortization
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us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
51915 USD
dei Entity Registrant Name
EntityRegistrantName
DOCUMENT SECURITY SYSTEMS INC
dei Entity Central Index Key
EntityCentralIndexKey
0000771999
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
42213737 shares
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
33081 USD
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style=" font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"><strong><em>Concentration of Credit Risk </em></strong><em>-</em> The Company maintains its cash in bank deposit accounts, which at times may exceed federally insured limits.&#160; The Company believes it is not exposed to any significant credit risk as a result of any non-performance by the financial institutions.</p> <p style=" font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;">&#160;</p> <p style=" font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;">During the six months ended June 30, 2014 and <font>2013</font>, <font>one</font> customer accounted for <font>30</font>% and <font>22</font>%, respectively, of the Company's consolidated revenue. As of June 30, 2014 and <font>2013</font>, this customer accounted for <font>20</font>% and <font>20</font>%, respectively, of the Company's trade accounts receivable balance. The risk with respect to trade receivables is mitigated by credit evaluations the Company performs on its customers, the short duration of its payment terms for the significant majority of its customer contracts and by the diversification of its customer base.</p> </div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style=" font: 10pt/normal Times New Roman, Times, Serif; margin: 0pt 0px; text-align: justify; text-indent: 0.5in; font-size-adjust: none; font-stretch: normal;"><strong><em>Reclassifications</em></strong><font style=" font-size: 10pt;"> - Certain prior year amounts have been reclassified to conform to the current year presentation.</font></p> </div>
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
27570 USD
us-gaap Extinguishment Of Debt Gain Loss Net Of Tax
ExtinguishmentOfDebtGainLossNetOfTax
-26252 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
9474 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
9474 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-359137 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-5338 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
84680 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-2466 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
174616 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
69859 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
124863 USD
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
387188 USD

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