$DSS
DSS, INC.

2015 Q3 Form 10-Q Financial Statement

#000114420415049039 Filed on August 13, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2015 Q2 2014 Q4
Revenue $4.420M $4.196M $4.810M
YoY Change -10.96% -14.07% -6.6%
Cost Of Revenue $2.560M $2.663M $3.180M
YoY Change -17.71% -16.68% -0.63%
Gross Profit $1.860M $1.533M $1.630M
YoY Change 0.37% -9.13% -16.41%
Gross Profit Margin 42.08% 36.53% 33.89%
Selling, General & Admin $2.226M $2.237M $2.000M
YoY Change -9.57% -14.43% -31.97%
% of Gross Profit 119.69% 145.93% 122.7%
Research & Development $120.0K $120.0K $120.0K
YoY Change 0.0% 9.09% 50.0%
% of Gross Profit 6.45% 7.83% 7.36%
Depreciation & Amortization $400.0K $390.0K $1.350M
YoY Change -69.7% -69.77% 3.05%
% of Gross Profit 21.51% 25.44% 82.82%
Operating Expenses $5.187M $5.291M $3.970M
YoY Change -72.18% -25.47% -12.75%
Operating Profit -$767.2K -$1.095M -$2.340M
YoY Change -94.39% -50.59% -10.0%
Interest Expense $88.55K $90.33K -$60.00K
YoY Change -0.29% 1.6% -33.33%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$855.7K -$1.039M -$27.69M
YoY Change -93.79% -55.59% 981.64%
Income Tax $4.737K $4.737K $0.00
% Of Pretax Income
Net Earnings -$860.4K -$1.043M -$27.69M
YoY Change -89.34% -55.48% 3318.52%
Net Earnings / Revenue -19.47% -24.86% -575.68%
Basic Earnings Per Share
Diluted Earnings Per Share -$73.50K -$89.81K -$2.622M
COMMON SHARES
Basic Shares Outstanding 46.30M shares 46.30M shares 42.21M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q3 2015 Q2 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.240M $1.010M $2.340M
YoY Change -34.74% -22.31% 18.18%
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets $770.0K $740.0K $790.0K
YoY Change -32.46% -26.73% -29.46%
Inventory $1.240M $1.120M $869.3K
Prepaid Expenses
Receivables $2.052M $1.670M $2.098M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $5.303M $4.538M $6.095M
YoY Change -12.45% -9.62% 0.12%
LONG-TERM ASSETS
Property, Plant & Equipment $5.177M $5.295M $5.017M
YoY Change 0.2% 1.33% -2.74%
Goodwill $12.05M $12.05M $12.05M
YoY Change -19.94% -19.94% -19.94%
Intangibles $3.217M $3.445M $3.908M
YoY Change -88.23% -87.91% -86.8%
Long-Term Investments
YoY Change
Other Assets $621.0K $626.3K $686.9K
YoY Change -19.83% -95.0% -94.0%
Total Long-Term Assets $21.06M $21.41M $21.66M
YoY Change -56.42% -65.06% -64.64%
TOTAL ASSETS
Total Short-Term Assets $5.303M $4.538M $6.095M
Total Long-Term Assets $21.06M $21.41M $21.66M
Total Assets $26.37M $25.95M $27.75M
YoY Change -51.52% -60.86% -58.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.017M $1.625M $1.037M
YoY Change 36.37% 11.66% -27.04%
Accrued Expenses $1.580M $1.450M $2.000M
YoY Change -6.51% 2.11% 36.99%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $1.331M $1.555M $754.7K
YoY Change 186.73% 198.11% 23.03%
Total Short-Term Liabilities $4.926M $4.633M $3.789M
YoY Change 9.84% 9.18% -15.3%
LONG-TERM LIABILITIES
Long-Term Debt $6.689M $6.792M $7.439M
YoY Change -4.82% 17.69% 140.95%
Other Long-Term Liabilities $539.6K $517.6K $520.2K
YoY Change 7.32% 43.07% 1787.03%
Total Long-Term Liabilities $7.229M $7.309M $7.959M
YoY Change -4.01% 19.18% 155.52%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.926M $4.633M $3.789M
Total Long-Term Liabilities $7.229M $7.309M $7.959M
Total Liabilities $12.16M $11.94M $11.75M
YoY Change 1.16% 15.09% 54.82%
SHAREHOLDERS EQUITY
Retained Earnings -$88.71M -$86.02M
YoY Change 76.5% 91.74%
Common Stock $1.012M $102.6M $101.9M
YoY Change -98.99% 2.44% 3.2%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.05M $13.85M $15.86M
YoY Change
Total Liabilities & Shareholders Equity $26.37M $25.95M $27.75M
YoY Change -51.52% -60.86% -58.79%

Cashflow Statement

Concept 2015 Q3 2015 Q2 2014 Q4
OPERATING ACTIVITIES
Net Income -$860.4K -$1.043M -$27.69M
YoY Change -89.34% -55.48% 3318.52%
Depreciation, Depletion And Amortization $400.0K $390.0K $1.350M
YoY Change -69.7% -69.77% 3.05%
Cash From Operating Activities -$240.0K -$400.0K -$810.0K
YoY Change -50.0% -34.43% -34.15%
INVESTING ACTIVITIES
Capital Expenditures -$60.00K -$30.00K -$50.00K
YoY Change -50.0% -97.46% -44.44%
Acquisitions
YoY Change
Other Investing Activities $0.00 $50.00K $0.00
YoY Change -100.0%
Cash From Investing Activities -$60.00K $20.00K -$50.00K
YoY Change -50.0% -101.69% -107.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 530.0K -190.0K 1.300M
YoY Change -55.46% -218.75% -750.0%
NET CHANGE
Cash From Operating Activities -240.0K -400.0K -810.0K
Cash From Investing Activities -60.00K 20.00K -50.00K
Cash From Financing Activities 530.0K -190.0K 1.300M
Net Change In Cash 230.0K -570.0K 440.0K
YoY Change -61.02% -65.03% -157.89%
FREE CASH FLOW
Cash From Operating Activities -$240.0K -$400.0K -$810.0K
Capital Expenditures -$60.00K -$30.00K -$50.00K
Free Cash Flow -$180.0K -$370.0K -$760.0K
YoY Change -50.0% -164.91% -33.33%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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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 Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"><b><i>Use of Estimates - </i></b>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.</p> </div>
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us-gaap Concentration Risk Credit Risk
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<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';"> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;"><b><i>Concentration of Credit Risk </i></b><i>-</i> 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 Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;">&#160;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in;">During the six months ended June 30, 2015 and 2014, one customer accounted for <font>22</font>% and <font>30</font>%, respectively, of the Company's consolidated revenue and accounted for <font>14</font>% and <font>20</font>%, respectively, of the Company's accounts receivable balance as of June 30, 2015 and December 31, 2014. The risk with respect to accounts 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
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CY2015Q2 us-gaap Line Of Credit
LineOfCredit
509009 USD
CY2015Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
41000 USD
CY2015Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
6000 USD
CY2015Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
100000 shares
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
53550 shares
CY2015Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.60
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.726 pure
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0166 pure
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
dss Share Based Compensation Diluted Earnings Per Share
ShareBasedCompensationDilutedEarningsPerShare
0.01
dss Share Based Compensation Diluted Earnings Per Share
ShareBasedCompensationDilutedEarningsPerShare
0.02
CY2015Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
685000 USD
CY2015Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
536000 USD
CY2015Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
30000 shares
CY2015Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
11000 USD
CY2011Q4 us-gaap Loss Contingency Damages Sought
LossContingencyDamagesSought
<div id='EdgarSAA123457890000' style="font-family : 'Times New Roman';">10</div>
us-gaap Interest Paid
InterestPaid
125000 USD
us-gaap Interest Paid
InterestPaid
151000 USD
us-gaap Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments
GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments
3000 USD
us-gaap Gain Loss On Interest Rate Derivative Instruments Not Designated As Hedging Instruments
GainLossOnInterestRateDerivativeInstrumentsNotDesignatedAsHedgingInstruments
-25000 USD
dss Settlement Of Accrued Liabilities With Related Parties With Equity
SettlementOfAccruedLiabilitiesWithRelatedPartiesWithEquity
USD
dss Settlement Of Accrued Liabilities With Related Parties With Equity
SettlementOfAccruedLiabilitiesWithRelatedPartiesWithEquity
134000 USD
dss Financing Of Equipment Purchase
FinancingOfEquipmentPurchase
525000 USD
dss Financing Of Equipment Purchase
FinancingOfEquipmentPurchase
USD
dss Financing Of Building Improvements
FinancingOfBuildingImprovements
USD
dss Financing Of Building Improvements
FinancingOfBuildingImprovements
200000 USD
us-gaap Minority Interest Change In Redemption Value
MinorityInterestChangeInRedemptionValue
USD
CY2015Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
391000 USD
CY2015Q2 us-gaap Share Based Compensation
ShareBasedCompensation
318000 USD
CY2014Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
1288000 USD
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
293000 USD
CY2014Q2 us-gaap Assets
Assets
66309000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
643138 USD
us-gaap Share Based Compensation
ShareBasedCompensation
840879 USD
us-gaap Paid In Kind Interest
PaidInKindInterest
44000 USD
us-gaap Paid In Kind Interest
PaidInKindInterest
USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
46283 USD
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Period End Date
DocumentPeriodEndDate
2015-06-30
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Entity Registrant Name
EntityRegistrantName
DOCUMENT SECURITY SYSTEMS INC
dei Entity Central Index Key
EntityCentralIndexKey
0000771999
CY2015Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
46302404 shares
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Type
DocumentType
10-Q
us-gaap Depreciation And Amortization
DepreciationAndAmortization
770126 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
9474 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
9474 USD
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
29400 USD
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-16420 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-430140 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-359137 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
251155 USD
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
84680 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-60165 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
174616 USD
us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
-49578 USD
us-gaap Increase Decrease In Restricted Cash For Operating Activities
IncreaseDecreaseInRestrictedCashForOperatingActivities
-254521 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
587160 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2104769 USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
USD
us-gaap Proceeds From Repayments Of Lines Of Credit
ProceedsFromRepaymentsOfLinesOfCredit
-158087 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
386787 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
298816 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
USD
CY2013Q4 us-gaap Cash
Cash
1977031 USD
CY2014Q2 us-gaap Cash
Cash
1304656 USD
us-gaap Increase Decrease In Accounts Payable
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33081 USD
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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-523629 USD
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
387188 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-927591 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1103677 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
57486 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
157789 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
46283 USD
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
750000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
3237 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
1196980 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-14440 USD
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
2691000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
-301974 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-386787 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2536071 USD
us-gaap Cash Period Increase Decrease
CashPeriodIncreaseDecrease
-1328818 USD
us-gaap Cash Period Increase Decrease
CashPeriodIncreaseDecrease
-672375 USD

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