$OSS
ONE STOP SYSTEMS, INC.

2018 Q2 Form 10-Q Financial Statement

#000156459018011778 Filed on May 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 Q1
Revenue $5.893M $7.120M $6.336M
YoY Change -21.31% 12.36%
Cost Of Revenue $4.250M $4.907M $4.279M
YoY Change -11.83% 14.67%
Gross Profit $1.640M $2.213M $2.057M
YoY Change -38.58% 7.57%
Gross Profit Margin 27.83% 31.08% 32.46%
Selling, General & Admin $1.800M $1.073M $1.300M
YoY Change -1.1% -17.46%
% of Gross Profit 109.76% 48.49% 63.2%
Research & Development $960.0K $972.6K $587.5K
YoY Change 57.38% 65.57%
% of Gross Profit 58.54% 43.95% 28.56%
Depreciation & Amortization $280.0K $250.0K $180.0K
YoY Change 40.0% 38.89%
% of Gross Profit 17.07% 11.3% 8.75%
Operating Expenses $2.760M $2.915M $1.883M
YoY Change 13.58% 54.77%
Operating Profit -$1.120M -$701.8K $173.8K
YoY Change -566.67% -503.7%
Interest Expense $0.00 $55.66K $50.00K
YoY Change -100.0% 11.32%
% of Operating Profit 28.76%
Other Income/Expense, Net $54.43K $11.95K -$50.07K
YoY Change -123.86%
Pretax Income -$1.064M -$689.9K $123.8K
YoY Change -632.09% -657.35%
Income Tax $555.6K $217.1K $44.63K
% Of Pretax Income 36.06%
Net Earnings -$1.620M -$794.4K $79.15K
YoY Change -729.52% -1103.72%
Net Earnings / Revenue -27.49% -11.16% 1.25%
Basic Earnings Per Share -$0.08 $0.01
Diluted Earnings Per Share -$117.5K -$0.08 $0.01
COMMON SHARES
Basic Shares Outstanding 12.77M 10.14M 5.379M
Diluted Shares Outstanding 10.14M 9.757M

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.270M $9.130M
YoY Change 1960.0%
Cash & Equivalents $9.267M $9.127M $8.684K
Short-Term Investments
Other Short-Term Assets $400.0K $420.0K
YoY Change 81.82%
Inventory $3.360M $3.340M
Prepaid Expenses
Receivables $4.510M $5.214M
Other Receivables $0.00 $0.00
Total Short-Term Assets $17.54M $18.10M
YoY Change 65.0%
LONG-TERM ASSETS
Property, Plant & Equipment $1.760M $1.824M
YoY Change 89.25%
Goodwill $3.324M
YoY Change
Intangibles $509.7K
YoY Change
Long-Term Investments
YoY Change
Other Assets $560.0K $1.130M
YoY Change -39.78%
Total Long-Term Assets $6.050M $6.792M
YoY Change 1.0%
TOTAL ASSETS
Total Short-Term Assets $17.54M $18.10M
Total Long-Term Assets $6.050M $6.792M
Total Assets $23.59M $24.89M
YoY Change 41.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.270M $1.101M
YoY Change -65.01%
Accrued Expenses $560.0K $590.0K
YoY Change -45.63%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $2.750M $2.561M
YoY Change -69.24%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.750M $2.561M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $2.960M $2.561M
YoY Change -71.29%
SHAREHOLDERS EQUITY
Retained Earnings -$513.0K
YoY Change
Common Stock $1.277K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.63M $22.01M
YoY Change
Total Liabilities & Shareholders Equity $23.59M $24.89M
YoY Change 41.94%

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$1.620M -$794.4K $79.15K
YoY Change -729.52% -1103.72%
Depreciation, Depletion And Amortization $280.0K $250.0K $180.0K
YoY Change 40.0% 38.89%
Cash From Operating Activities $180.0K -$4.031M $1.199M
YoY Change -112.24% -436.16%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K $13.39K $51.76K
YoY Change -225.0% -74.14%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$50.00K -$13.39K -$51.76K
YoY Change -225.0% -74.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $19.50M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 12.99M -1.153M
YoY Change -100.0% -1226.4%
NET CHANGE
Cash From Operating Activities 180.0K -4.031M 1.199M
Cash From Investing Activities -50.00K -13.39K -51.76K
Cash From Financing Activities 0.000 12.99M -1.153M
Net Change In Cash 130.0K 8.941M -5.513K
YoY Change -71.11% -162282.66%
FREE CASH FLOW
Cash From Operating Activities $180.0K -$4.031M $1.199M
Capital Expenditures -$50.00K $13.39K $51.76K
Free Cash Flow $230.0K -$4.044M $1.147M
YoY Change -115.23% -452.49%

Facts In Submission

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CY2018Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Use of Estimates</font></p> <p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:5.24%;">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and disclosures of contingent assets, liabilities, and expenses at the date of the consolidated financial statements during the reporting period.&nbsp;&nbsp;</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:5.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Significant estimates made by management include, among others, the fair value of net assets of Magma acquired in July 2016 and ION in July 2017, the allowance for doubtful accounts, fair value of stock options and warrants, recoverability of inventories and long-lived assets, and realizability of deferred tax assets.&nbsp;&nbsp;Actual results could differ from those estimates.</p></div>
CY2018Q1 us-gaap Concentration Risk Credit Risk
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<div> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Concentration Risks</font></p> <p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:5.24%;">At times, deposits held with financial institutions may exceed the amount of insurance provided by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;), which provides basic deposit coverage with limits up to $250,000 per owner.&nbsp;&nbsp;As of March 31, 2018, the Company had $8,766,990 in excess of the insurance limits.&nbsp;&nbsp;The Company has not experienced any such losses in these accounts. </p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:5.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At March 31, 2018 and December 31, 2017, three customers accounted for 63% and 69% respectively of net trade accounts receivable.&nbsp;&nbsp;For the three month periods ended March 31, 2018 and 2017, three customers accounted for 54% and 46% of net revenue.&nbsp;&nbsp;During the three month periods ended March 31, 2018 and 2017, the Company made purchases from three suppliers which represented approximately 48% and 45% of materials purchased.</p></div>
CY2018Q1 oss Maximum Basic Deposit Coverage Per Owner
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CY2018Q1 us-gaap Allowance For Doubtful Accounts Receivable
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CY2018Q1 us-gaap Number Of Reporting Units
NumberOfReportingUnits
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CY2018Q1 us-gaap Goodwill Impairment Loss
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0
CY2017Q1 us-gaap Goodwill Impairment Loss
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0
CY2018Q1 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
CY2017Q1 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
CY2018Q1 us-gaap Advertising Expense
AdvertisingExpense
17626
CY2017Q1 us-gaap Advertising Expense
AdvertisingExpense
32088
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2018Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1186683
CY2017Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1186683
CY2018Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
676938
CY2017Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
578278
CY2018Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
509745
CY2017Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
608405
CY2018Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
98660
CY2017Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
99208
CY2018Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
295981
CY2018Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
213764
CY2018Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
5306779
CY2017Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
5194831
CY2018Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
93228
CY2017Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
2101
CY2018Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
1790781
CY2017Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
2079589
CY2018Q1 us-gaap Other Inventories Spare Parts
OtherInventoriesSpareParts
1891462
CY2017Q4 us-gaap Other Inventories Spare Parts
OtherInventoriesSpareParts
2417095
CY2018Q1 us-gaap Inventory Gross
InventoryGross
3682243
CY2017Q4 us-gaap Inventory Gross
InventoryGross
4496684
CY2018Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
342482
CY2017Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
800354
CY2018Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3667882
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3270177
CY2018Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1843460
CY2017Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1688363
CY2018Q1 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
479055
CY2017Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
457152
CY2018Q1 us-gaap Deferred Revenue
DeferredRevenue
871803
CY2017Q4 us-gaap Deferred Revenue
DeferredRevenue
1033845
CY2018Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
58100
CY2017Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
56774
CY2018Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
51202
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
386206
CY2018Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2018Q1 us-gaap Preferred Stock Conversion Basis
PreferredStockConversionBasis
one-for-one basis
CY2018Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
one vote for each share
CY2018Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
380000
CY2018Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
6.00
CY2018Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2017Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
11000000
CY2018Q1 us-gaap Convertible Preferred Stock Terms Of Conversion
ConvertiblePreferredStockTermsOfConversion
Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock (“Preferred Shares”) are convertible at any time at the option of the holder into one share of common stock.
CY2017Q4 us-gaap Preferred Stock No Par Value
PreferredStockNoParValue
CY2018Q1 oss Share Based Compensation Arrangement By Share Based Payment Award Options Issued During Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsIssuedDuringPeriod
0
CY2017Q1 oss Share Based Compensation Arrangement By Share Based Payment Award Options Issued During Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsIssuedDuringPeriod
0
CY2018Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
215760
CY2018Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y
CY2018Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
143928
CY2017Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
103858
CY2018Q1 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
16599
CY2017Q1 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
11312
CY2018Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
10140459
CY2017Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
5379141
CY2017Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
4378088
CY2018Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1

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