$DSS
DSS, INC.

2024 Q2 Form 10-Q Financial Statement

#000149315224019277 Filed on May 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $4.211M $3.871M
YoY Change -41.78% -67.54%
Cost Of Revenue $5.673M $4.990M
YoY Change 17.4% -41.52%
Gross Profit -$1.462M -$1.119M
YoY Change -160.89% -132.98%
Gross Profit Margin -34.72% -28.91%
Selling, General & Admin $3.473M $3.561M
YoY Change -60.76% -60.31%
% of Gross Profit
Research & Development $0.00 $50.00K
YoY Change -100.0% -72.07%
% of Gross Profit
Depreciation & Amortization $554.0K $582.0K
YoY Change -57.84% -56.34%
% of Gross Profit
Operating Expenses $9.146M $8.551M
YoY Change -33.16% -51.15%
Operating Profit -$4.935M -$4.680M
YoY Change -23.49% -16.13%
Interest Expense $142.0K $48.00K
YoY Change 2.9% -80.72%
% of Operating Profit
Other Income/Expense, Net $12.00K $21.00K
YoY Change -91.84% -132.31%
Pretax Income -$5.142M -$5.084M
YoY Change -86.37% -41.11%
Income Tax -$188.0K $25.00K
% Of Pretax Income
Net Earnings -$4.683M -$4.072M
YoY Change -87.65% -49.32%
Net Earnings / Revenue -111.21% -105.19%
Basic Earnings Per Share -$0.66 -$0.58
Diluted Earnings Per Share -$0.66 -$0.58
COMMON SHARES
Basic Shares Outstanding 7.067M shares 7.067M shares
Diluted Shares Outstanding 7.067M shares 7.067M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.72M $9.252M
YoY Change 5.28% -32.62%
Cash & Equivalents $10.70M $9.252M
Short-Term Investments
Other Short-Term Assets $46.97M $52.36M
YoY Change 1624.9% 2462.9%
Inventory $3.572M $3.627M
Prepaid Expenses
Receivables $2.531M $2.863M
Other Receivables $3.907M $4.062M
Total Short-Term Assets $67.70M $72.16M
YoY Change 127.23% 74.08%
LONG-TERM ASSETS
Property, Plant & Equipment $6.054M $6.225M
YoY Change -51.33% -54.26%
Goodwill $26.86M $26.86M
YoY Change -53.59% -55.91%
Intangibles
YoY Change
Long-Term Investments $135.0K $127.0K
YoY Change -2.88% -19.11%
Other Assets $139.0K $133.0K
YoY Change -46.74% -95.17%
Total Long-Term Assets $76.75M $76.34M
YoY Change -56.16% -58.8%
TOTAL ASSETS
Total Short-Term Assets $67.70M $72.16M
Total Long-Term Assets $76.75M $76.34M
Total Assets $144.4M $148.5M
YoY Change -29.49% -34.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.430M $4.084M
YoY Change 12.61% -19.84%
Accrued Expenses $2.650M $3.688M
YoY Change -28.63% -64.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $49.13M $47.51M
YoY Change 4.08% -2.59%
Total Short-Term Liabilities $57.67M $56.21M
YoY Change 3.92% -12.99%
LONG-TERM LIABILITIES
Long-Term Debt $7.029M $7.431M
YoY Change -2.62% 28.61%
Other Long-Term Liabilities $6.603M $6.752M
YoY Change 1202.37% 1231.76%
Total Long-Term Liabilities $7.029M $7.431M
YoY Change -9.01% 18.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $57.67M $56.21M
Total Long-Term Liabilities $7.029M $7.431M
Total Liabilities $64.70M $63.64M
YoY Change 2.34% -10.22%
SHAREHOLDERS EQUITY
Retained Earnings -$264.9M -$260.2M
YoY Change 19.59% 28.6%
Common Stock $140.0K $140.0K
YoY Change -95.01% -94.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $55.17M $59.86M
YoY Change
Total Liabilities & Shareholders Equity $144.4M $148.5M
YoY Change -29.49% -34.51%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$4.683M -$4.072M
YoY Change -87.65% -49.32%
Depreciation, Depletion And Amortization $554.0K $582.0K
YoY Change -57.84% -56.34%
Cash From Operating Activities -$3.424M -$2.150M
YoY Change -37.93% -84.86%
INVESTING ACTIVITIES
Capital Expenditures $26.00K $3.000K
YoY Change -126.53% -99.49%
Acquisitions
YoY Change
Other Investing Activities $3.705M $5.100M
YoY Change 112.81% -57.96%
Cash From Investing Activities $3.679M $5.097M
YoY Change 100.05% -55.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $1.062M
YoY Change -73.46%
Cash From Financing Activities 1.212M -$310.0K
YoY Change -5609.09% -89.3%
NET CHANGE
Cash From Operating Activities -3.424M -$2.150M
Cash From Investing Activities 3.679M $5.097M
Cash From Financing Activities 1.212M -$310.0K
Net Change In Cash 1.467M $2.637M
YoY Change -139.66% -147.45%
FREE CASH FLOW
Cash From Operating Activities -$3.424M -$2.150M
Capital Expenditures $26.00K $3.000K
Free Cash Flow -$3.450M -$2.153M
YoY Change -36.32% -85.45%

Facts In Submission

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CY2024Q1 us-gaap Use Of Estimates
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<p id="xdx_84C_eus-gaap--UseOfEstimates_zFhsqRelseAk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_868_zHrq6JOzXvEj">Use of Estimates</span> - </i></b>The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States requires the Company to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Actual results could differ materially from these estimates. On an ongoing basis, the Company evaluates its estimates, including those related to the accounts receivable, convertible notes receivable, inventory, fair values of investments, intangible assets and goodwill, useful lives of intangible assets and property and equipment, fair values of options and warrants to purchase the Company’s common stock, preferred stock, deferred revenue and income taxes, among others. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
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CY2024Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_842_eus-gaap--ConcentrationRiskCreditRisk_zi9tHLjPd7m8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span id="xdx_868_zsHqVVEvkqm3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentration of Credit Risk</i></b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">- The Company maintains its cash in bank deposit accounts, which at times may exceed federally insured limits. The Company believes it is not exposed to any significant credit risk because of any non-performance by the financial institutions. As of March 31, 2024, one customers accounted for approximately <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20240331__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_z5wkDizZUQh9">25</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of our consolidated revenue. As of March 31, 2024, one customers accounted for approximately <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20240331__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zQDI0ucz0048">44</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% of our trade accounts receivable balance. As of December 31, 2023, two customers accounted for approximately <span id="xdx_909_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zmNwOmw0YDd1">20</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% and <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__srt--MajorCustomersAxis__custom--CustomerTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--SalesRevenueNetMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zhobrHmW5hhd">11</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% of our consolidated revenue and <span id="xdx_900_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__srt--MajorCustomersAxis__custom--CustomerOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zQZkor8fX88g">39</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% and <span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20231231__srt--MajorCustomersAxis__custom--CustomerTwoMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--AccountsReceivableMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zwmq4yNHV1xf">30</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">% of our trade accounts receivable balance. As of March 31, 2024 and 2023, one vendor accounted for approximately <span id="xdx_901_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20240101__20240331__srt--MajorCustomersAxis__custom--VendorOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_zGl4avQwY4t6"><span>16</span></span>% and <span id="xdx_90E_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20230101__20230331__srt--MajorCustomersAxis__custom--VendorOneMember__us-gaap--ConcentrationRiskByBenchmarkAxis__us-gaap--CostOfGoodsProductLineMember__us-gaap--ConcentrationRiskByTypeAxis__us-gaap--CustomerConcentrationRiskMember_z092iyTTmTF4">11</span>%, respectively, of our cost of revenue.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2024Q1 us-gaap Other Assets
OtherAssets
65000 usd
CY2023 us-gaap Asset Impairment Charges
AssetImpairmentCharges
7418000 usd
CY2023Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
439000 usd
CY2024Q1 us-gaap Inventory Gross
InventoryGross
3642000 usd
CY2024Q1 us-gaap Cash
Cash
9300000 usd
CY2024Q1 us-gaap Cash
Cash
9300000 usd
CY2024Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
8500000 usd
CY2024Q1 DSS Principal And Interest On Note Receivable
PrincipalAndInterestOnNoteReceivable
723000 usd
CY2024Q1 us-gaap Assets Of Disposal Group Including Discontinued Operation Current
AssetsOfDisposalGroupIncludingDiscontinuedOperationCurrent
51600000 usd
CY2024Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2318000 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
2218000 usd
CY2023Q4 us-gaap Inventory Gross
InventoryGross
2837000 usd
CY2024Q1 us-gaap Inventory Adjustments
InventoryAdjustments
15000 usd
CY2023Q4 us-gaap Inventory Adjustments
InventoryAdjustments
18000 usd
CY2024Q1 us-gaap Inventory Net
InventoryNet
3627000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
2819000 usd
CY2024Q1 us-gaap Equity Method Investment Other Than Temporary Impairment
EquityMethodInvestmentOtherThanTemporaryImpairment
34881000 usd
CY2024Q1 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-17146000 usd
CY2024Q1 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
17735000 usd
CY2024Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
9252000 usd
CY2024Q1 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
8483000 usd
CY2023 us-gaap Equity Method Investment Other Than Temporary Impairment
EquityMethodInvestmentOtherThanTemporaryImpairment
33919000 usd
CY2023 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-17325000 usd
CY2023Q4 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
16594000 usd
CY2023Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
6615000 usd
CY2023Q4 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
9979000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
47509000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
858000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
902000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
948000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
996000 usd
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
3727000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
719000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
861000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
839000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
808000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
824000 usd
CY2024Q1 DSS Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
4913000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
8964000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1598000 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
7436000 usd
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
684000 usd
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
6752000 usd
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P10Y1M6D
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.041 pure
CY2024Q1 DSS Cash Paid For Leases
CashPaidForLeases
220000 usd
CY2023Q1 DSS Cash Paid For Leases
CashPaidForLeases
305000 usd
CY2024Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1 for 20
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
0 usd
CY2023Q2 us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
On May 10, 2023, the Company, the Company’s Board of Directors approved an amendment to the Articles of Incorporation of the Company to increase the total number of shares of Common Stock to 4,000,000,000 shares with a par value of $0.001. Each share of Common Stock when issued, shall have one (1) vote on all matters presented to the stockholders. Our Amended and Restated Articles of Incorporation also authorized 100,000,000 shares of preferred stock, par value $0.001 per share. On May 11, 2023, the Company effected a forward split. As a result, there were 3,877,282,251 shares of our Common Stock and no shares of preferred stock issued and outstanding. Prior to the split, there were 125,073,621 shares of our Common Stock and no shares of preferred stock issued and outstanding. On October 31, 2023, the Company effected a reverse stock split of 1 for 55. Also on October 31, 2023, DSS BioHealth Securities, Inc., the Company’s largest shareholder converted 60,496,041 shares of Common Stock into 60,496,041 shares of Series A Convertible Preferred Shares, reducing its ownership of the Company’s Common Stock from approximately 88% to approximately 12%. As of March 31, 2024 and December 31, 2023, there were 10,000,000 shares of our Common Stock and 60,496,041 shares of preferred stock issued and outstanding
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
337000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
249000 usd

Files In Submission

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