$OSS
ONE STOP SYSTEMS, INC.

2018 Q4 Form 10-Q Financial Statement

#000156459018028553 Filed on November 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $14.38M $9.633M $6.661M
YoY Change 103.97% 44.63% 37.9%
Cost Of Revenue $10.07M $6.463M $4.670M
YoY Change 97.45% 38.4% 40.66%
Gross Profit $4.310M $3.170M $1.991M
YoY Change 121.03% 59.25% 30.96%
Gross Profit Margin 29.97% 32.91% 29.89%
Selling, General & Admin $4.210M $1.559M $893.6K
YoY Change 141.95% 74.46% -20.22%
% of Gross Profit 97.68% 49.18% 44.89%
Research & Development $1.180M $890.0K $551.1K
YoY Change 25.53% 61.5% 45.02%
% of Gross Profit 27.38% 28.07% 27.68%
Depreciation & Amortization $510.0K $310.0K $220.0K
YoY Change 112.5% 40.91% 46.67%
% of Gross Profit 11.83% 9.78% 11.05%
Operating Expenses $5.390M $1.559M $2.127M
YoY Change 101.12% -26.7% 41.78%
Operating Profit -$1.080M $1.611M -$136.0K
YoY Change 47.95% -1284.7% -780.0%
Interest Expense -$10.00K $160.00 -$50.00K
YoY Change -83.33% -100.32% -16.67%
% of Operating Profit 0.01%
Other Income/Expense, Net $180.0K -$25.68K $10.00K
YoY Change 800.0% -356.79%
Pretax Income -$910.0K -$305.7K -$180.0K
YoY Change 19.74% 69.85% 350.0%
Income Tax -$720.0K -$1.448M $20.00K
% Of Pretax Income
Net Earnings -$120.0K $1.281M -$119.2K
YoY Change 0.0% -1175.27% 495.8%
Net Earnings / Revenue -0.83% 13.3% -1.79%
Basic Earnings Per Share $0.10 -$0.02
Diluted Earnings Per Share -$8.457K $0.09 -$0.02
COMMON SHARES
Basic Shares Outstanding 14.18M 13.21M 5.415M
Diluted Shares Outstanding 14.55M 5.415M

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.270M $7.060M $490.0K
YoY Change 1094.74% 1340.82%
Cash & Equivalents $2.272M $7.057M $488.6K
Short-Term Investments
Other Short-Term Assets $670.0K $430.0K $420.0K
YoY Change -31.63% 2.38%
Inventory $6.824M $3.409M $4.340M
Prepaid Expenses
Receivables $10.54M $8.078M $3.990M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $20.30M $18.97M $9.230M
YoY Change 101.95% 105.53%
LONG-TERM ASSETS
Property, Plant & Equipment $1.759M $1.557M $1.160M
YoY Change 11.21% 34.22%
Goodwill $7.914M $6.461M
YoY Change 138.08%
Intangibles $3.525M $2.048M
YoY Change 479.43%
Long-Term Investments
YoY Change
Other Assets $2.560M $1.720M $930.0K
YoY Change 89.63% 84.95%
Total Long-Term Assets $15.75M $11.79M $6.130M
YoY Change 129.52% 92.32%
TOTAL ASSETS
Total Short-Term Assets $20.30M $18.97M $9.230M
Total Long-Term Assets $15.75M $11.79M $6.130M
Total Assets $36.06M $30.76M $15.36M
YoY Change 113.14% 100.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.709M $2.462M $2.200M
YoY Change -5.01% 11.91%
Accrued Expenses $2.800M $830.0K $1.410M
YoY Change 45.08% -41.13%
Deferred Revenue
YoY Change
Short-Term Debt $1.580M $0.00 $2.460M
YoY Change -52.55% -100.0%
Long-Term Debt Due $0.00 $0.00 $760.0K
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $9.219M $4.429M $8.020M
YoY Change -7.34% -44.77%
LONG-TERM LIABILITIES
Long-Term Debt $270.0K $0.00 $550.0K
YoY Change -22.86% -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $270.0K $0.00 $550.0K
YoY Change -22.86% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.219M $4.429M $8.020M
Total Long-Term Liabilities $270.0K $0.00 $550.0K
Total Liabilities $9.484M $4.429M $9.110M
YoY Change -7.89% -51.38%
SHAREHOLDERS EQUITY
Retained Earnings -$854.9K -$734.5K
YoY Change -403.76%
Common Stock $1.422K $1.407K
YoY Change 158.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $26.57M $26.26M $6.240M
YoY Change
Total Liabilities & Shareholders Equity $36.06M $30.76M $15.36M
YoY Change 113.14% 100.26%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$120.0K $1.281M -$119.2K
YoY Change 0.0% -1175.27% 495.8%
Depreciation, Depletion And Amortization $510.0K $310.0K $220.0K
YoY Change 112.5% 40.91% 46.67%
Cash From Operating Activities $1.240M -$1.280M $570.0K
YoY Change -282.35% -324.56% -178.08%
INVESTING ACTIVITIES
Capital Expenditures -$540.0K -$20.00K -$110.0K
YoY Change 74.19% -81.82% 57.14%
Acquisitions
YoY Change
Other Investing Activities -$4.820M -$470.0K $0.00
YoY Change -100.0%
Cash From Investing Activities -$5.360M -$490.0K -$110.0K
YoY Change 1629.03% 345.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -660.0K -430.0K -430.0K
YoY Change -197.06% 0.0% -156.58%
NET CHANGE
Cash From Operating Activities 1.240M -1.280M 570.0K
Cash From Investing Activities -5.360M -490.0K -110.0K
Cash From Financing Activities -660.0K -430.0K -430.0K
Net Change In Cash -4.780M -2.200M 30.00K
YoY Change 1441.94% -7433.33% 0.0%
FREE CASH FLOW
Cash From Operating Activities $1.240M -$1.280M $570.0K
Capital Expenditures -$540.0K -$20.00K -$110.0K
Free Cash Flow $1.780M -$1.260M $680.0K
YoY Change -581.08% -285.29% -203.03%

Facts In Submission

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oss Reclassification Of Prepaid Initial Public Offering Expenses To Additional Paid In Capital
ReclassificationOfPrepaidInitialPublicOfferingExpensesToAdditionalPaidInCapital
887450
oss Disposal Of Obsolete Inventory
DisposalOfObsoleteInventory
947400
oss Disposal Of Obsolete Inventory
DisposalOfObsoleteInventory
867538
oss Change In Labor And Overhead Applied To Inventory
ChangeInLaborAndOverheadAppliedToInventory
957694
oss Change In Labor And Overhead Applied To Inventory
ChangeInLaborAndOverheadAppliedToInventory
-149014
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 ION in July 2017 and CDI in August 2018, 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>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <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 September 30, 2018, the Company had $6,753,981 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 September 30, 2018 and December 31, 2017, three customers accounted for 78% and 69%, respectively, of net trade accounts receivable. Three customers accounted for approximately 72% and 48% of net revenue for the three month periods ended September 30, 2018 and 2017, respectively, and 58% and 46% of net revenue for the nine month periods ended September 30, 2018 and 2017, respectively.</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;">The Company made purchases from three suppliers which represented approximately 48% and 53% for the three month periods ended September 30, 2018 and 2017, respectively, and 46% and 47% for the nine month periods ended September 30, 2018 and 2017, respectively.</p></div>
CY2018Q3 oss Maximum Basic Deposit Coverage Per Owner
MaximumBasicDepositCoveragePerOwner
250000
CY2018Q3 us-gaap Time Deposits At Or Above Fdic Insurance Limit
TimeDepositsAtOrAboveFDICInsuranceLimit
6753981
CY2018Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
97784
CY2017Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2101
CY2018Q3 us-gaap Unbilled Receivables Current
UnbilledReceivablesCurrent
31836
us-gaap Number Of Reporting Units
NumberOfReportingUnits
2
CY2018Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2017Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2018Q3 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
CY2017Q3 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
0
CY2018Q3 us-gaap Revenue Recognition Milestone Method Revenue Recognized
RevenueRecognitionMilestoneMethodRevenueRecognized
187702
us-gaap Revenue Recognition Milestone Method Revenue Recognized
RevenueRecognitionMilestoneMethodRevenueRecognized
187702
CY2018Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
57905
CY2018Q1 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
24830
CY2018Q3 us-gaap Advertising Expense
AdvertisingExpense
20790
CY2017Q3 us-gaap Advertising Expense
AdvertisingExpense
7942
us-gaap Advertising Expense
AdvertisingExpense
65170
us-gaap Advertising Expense
AdvertisingExpense
104179
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2018Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1186683
CY2017Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1186683
CY2017Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
578278
CY2017Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
608405
CY2018Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
98660
CY2017Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
98767
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
295980
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
296946
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
98660
CY2018Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-3638
CY2017Q3 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0
CY2018Q3 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
8176091
CY2017Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
5194831
CY2018Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
1999553
CY2017Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
2079589
CY2018Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
97784
CY2017Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
2101
CY2018Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
213764
CY2018Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
312424
CY2018Q3 us-gaap Other Inventories Spare Parts
OtherInventoriesSpareParts
1209688
CY2017Q4 us-gaap Other Inventories Spare Parts
OtherInventoriesSpareParts
2417095
CY2018Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
242315
CY2018Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
90949
CY2018Q3 us-gaap Inventory Gross
InventoryGross
3542505
CY2017Q4 us-gaap Inventory Gross
InventoryGross
4496684
CY2018Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
133594
CY2017Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
800354
CY2018Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3629101
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3270177
CY2018Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2072160
CY2017Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1688363
CY2018Q3 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
661254
CY2017Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
457152
CY2018Q3 us-gaap Deferred Revenue
DeferredRevenue
1139681
CY2017Q4 us-gaap Deferred Revenue
DeferredRevenue
1033845
CY2018Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
59270
CY2017Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
56774
CY2018Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
107099
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
386206
CY2018Q3 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
0
CY2017Q3 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
5959
CY2018Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
us-gaap Preferred Stock Conversion Basis
PreferredStockConversionBasis
one-for-one basis
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
us-gaap Convertible Preferred Stock Terms Of Conversion
ConvertiblePreferredStockTermsOfConversion
Series A Preferred Stock, Series B Preferred Stock, and Series C Preferred Stock (“Preferred Shares”) were 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
CY2018Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
356431
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y3M
CY2018Q3 us-gaap Share Based Compensation
ShareBasedCompensation
214846
CY2018Q3 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
0
CY2017Q3 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
6087
us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
16599
us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
20979
CY2018Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
13208864
CY2017Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
5414637
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
12052175
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
5429997
CY2018Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1340490
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
4110493
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2

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