$OSS
ONE STOP SYSTEMS, INC.

2019 Q3 Form 10-Q Financial Statement

#000156459019041715 Filed on November 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q3
Revenue $14.94M $9.633M
YoY Change 55.08% 44.63%
Cost Of Revenue $9.909M $6.463M
YoY Change 53.31% 38.4%
Gross Profit $5.030M $3.170M
YoY Change 58.67% 59.25%
Gross Profit Margin 33.67% 32.91%
Selling, General & Admin $2.190M $1.559M
YoY Change 40.48% 74.46%
% of Gross Profit 43.54% 49.18%
Research & Development $1.036M $890.0K
YoY Change 16.45% 61.5%
% of Gross Profit 20.6% 28.07%
Depreciation & Amortization $350.0K $310.0K
YoY Change 12.9% 40.91%
% of Gross Profit 6.96% 9.78%
Operating Expenses $4.610M $1.559M
YoY Change 195.74% -26.7%
Operating Profit $419.6K $1.611M
YoY Change -73.96% -1284.7%
Interest Expense $52.18K $160.00
YoY Change 32513.75% -100.32%
% of Operating Profit 12.44% 0.01%
Other Income/Expense, Net $74.29K -$25.68K
YoY Change -389.31% -356.79%
Pretax Income $493.9K -$305.7K
YoY Change -261.53% 69.85%
Income Tax -$51.05K -$1.448M
% Of Pretax Income -10.34%
Net Earnings $544.9K $1.281M
YoY Change -57.47% -1175.27%
Net Earnings / Revenue 3.65% 13.3%
Basic Earnings Per Share $0.03 $0.10
Diluted Earnings Per Share $0.03 $0.09
COMMON SHARES
Basic Shares Outstanding 15.78M 13.21M
Diluted Shares Outstanding 16.39M 14.55M

Balance Sheet

Concept 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.230M $7.060M
YoY Change -40.08% 1340.82%
Cash & Equivalents $4.226M $7.057M
Short-Term Investments
Other Short-Term Assets $820.0K $430.0K
YoY Change 90.7% 2.38%
Inventory $8.230M $3.409M
Prepaid Expenses
Receivables $9.210M $8.078M
Other Receivables $0.00 $0.00
Total Short-Term Assets $22.48M $18.97M
YoY Change 18.5% 105.53%
LONG-TERM ASSETS
Property, Plant & Equipment $3.370M $1.557M
YoY Change 116.45% 34.22%
Goodwill $6.461M
YoY Change
Intangibles $2.048M
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.100M $1.720M
YoY Change 80.23% 84.95%
Total Long-Term Assets $15.12M $11.79M
YoY Change 28.25% 92.32%
TOTAL ASSETS
Total Short-Term Assets $22.48M $18.97M
Total Long-Term Assets $15.12M $11.79M
Total Assets $37.60M $30.76M
YoY Change 22.24% 100.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.590M $2.462M
YoY Change 45.81% 11.91%
Accrued Expenses $2.600M $830.0K
YoY Change 213.25% -41.13%
Deferred Revenue
YoY Change
Short-Term Debt $220.0K $0.00
YoY Change -100.0%
Long-Term Debt Due $2.206M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $9.560M $4.429M
YoY Change 115.83% -44.77%
LONG-TERM LIABILITIES
Long-Term Debt $603.7K $0.00
YoY Change -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $603.7K $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.560M $4.429M
Total Long-Term Liabilities $603.7K $0.00
Total Liabilities $10.15M $4.429M
YoY Change 129.15% -51.38%
SHAREHOLDERS EQUITY
Retained Earnings -$734.5K
YoY Change
Common Stock $1.407K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $27.45M $26.26M
YoY Change
Total Liabilities & Shareholders Equity $37.60M $30.76M
YoY Change 22.24% 100.26%

Cashflow Statement

Concept 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income $544.9K $1.281M
YoY Change -57.47% -1175.27%
Depreciation, Depletion And Amortization $350.0K $310.0K
YoY Change 12.9% 40.91%
Cash From Operating Activities -$1.320M -$1.280M
YoY Change 3.13% -324.56%
INVESTING ACTIVITIES
Capital Expenditures -$700.0K -$20.00K
YoY Change 3400.0% -81.82%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$470.0K
YoY Change -100.0%
Cash From Investing Activities -$700.0K -$490.0K
YoY Change 42.86% 345.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.488M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.340M -430.0K
YoY Change -411.63% 0.0%
NET CHANGE
Cash From Operating Activities -1.320M -1.280M
Cash From Investing Activities -700.0K -490.0K
Cash From Financing Activities 1.340M -430.0K
Net Change In Cash -680.0K -2.200M
YoY Change -69.09% -7433.33%
FREE CASH FLOW
Cash From Operating Activities -$1.320M -$1.280M
Capital Expenditures -$700.0K -$20.00K
Free Cash Flow -$620.0K -$1.260M
YoY Change -50.79% -285.29%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;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:6pt;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 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 acquired net assets of CDI in August 2018 with reevaluation in April 2019, and Bressner Technology GmbH in October 2018, dissolution expenses for SkyScale, the allowance for doubtful accounts, fair value of stock options, recoverability of inventories and long-lived assets, and realizability of deferred tax assets.&nbsp;&nbsp;Actual results could differ from those estimates.</p>
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<p style="margin-top:18pt;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:6pt;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 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, 2019, the Company had $3,300,966 in excess of the insurance limits.&nbsp;&nbsp;The Company has not experienced any such losses in these accounts.&nbsp;&nbsp;In Germany, the deposit insurance is &#8364;100,000 per bank, per customer.&nbsp;&nbsp;As of September 30, 2019, Bressner has &#8364;347,000 (US$378,990) on deposit with banks in excess of the insurance limits. </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:5.24%;font-size:10pt;">&nbsp;</p> <p style="margin-bottom:0pt;margin-top:2pt;text-indent:5.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In the three month periods ended September 30, 2019, and 2018, the Company has two customers for which each of such customers represented greater than 10% of the Company&#8217;s revenue.&nbsp;&nbsp;Collectively, these customers represented approximately 30%, and 68% of sales, respectively, and approximately 35% and 55% for the nine month periods ended September 30, 2019, and 2018, respectively. <font style="font-size:12pt;">&#160;&#160;</font>As of September 30, 2019 and December 31, 2018, three customers accounted for 48%, and&#160;74% of net trade accounts receivables, respectively.</p> <p style="margin-bottom:0pt;margin-top:12pt;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 certain suppliers for which each represented greater than 10% of the Company&#8217;s vendor purchases on an annual basis.&nbsp;&nbsp;Collectively these vendors represented approximately 24% and 48% of purchases for the three month periods ended September 30, 2019, and 2018, respectively, and approximately 11% and 46% for the nine month periods ended September 30, 2019 and 2018, respectively</p>
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RevenueFromContractWithCustomerExcludingAssessedTax
14938964
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
39883099
CY2018 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
us-gaap Extended Product Warranty Description
ExtendedProductWarrantyDescription
The Company offers customers extended warranties beyond the standard one-year warranty on the product. The customer can purchase extended warranties from one to five years, in the bronze, silver or gold categories.
oss Term Of Customers Product Warranty
TermOfCustomersProductWarranty
P1Y
oss Purchase Price Allocation Period
PurchasePriceAllocationPeriod
P1Y
CY2019Q3 us-gaap Advertising Expense
AdvertisingExpense
44274
CY2018Q3 us-gaap Advertising Expense
AdvertisingExpense
20790
us-gaap Advertising Expense
AdvertisingExpense
271813
us-gaap Advertising Expense
AdvertisingExpense
65170
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2019Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
3538793
CY2019Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2018076
CY2019Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1520717
CY2018Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
4733793
CY2018Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1208536
CY2018Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
3525257
CY2019Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
174526
CY2019Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
683935
CY2019Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
556872
CY2019Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
63231
CY2019Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
42154
CY2019Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
190970
CY2018Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
132883
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
809540
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
330203
CY2019Q3 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
14938964
CY2018Q3 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
14466775
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
39883099
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
37100798
CY2019Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
544901
CY2018Q3 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
1466393
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-1994461
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-410840
CY2019Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.03
CY2018Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
0.11
us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
-0.13
us-gaap Business Acquisition Pro Forma Earnings Per Share Basic
BusinessAcquisitionProFormaEarningsPerShareBasic
-0.03
CY2019Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.03
CY2018Q3 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
0.10
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
-0.13
us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
-0.03
CY2019Q3 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
9221764
CY2018Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
10553553
CY2019Q3 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
13598
CY2018Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
13403
CY2019Q3 oss Provision For Recovery Of Doubtful Accounts
ProvisionForRecoveryOfDoubtfulAccounts
2150
CY2018Q3 oss Provision For Recovery Of Doubtful Accounts
ProvisionForRecoveryOfDoubtfulAccounts
3638
CY2019Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
2779299
CY2018Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
2248520
CY2019Q3 us-gaap Other Inventories Spare Parts
OtherInventoriesSpareParts
1775759
CY2018Q4 us-gaap Other Inventories Spare Parts
OtherInventoriesSpareParts
1198071
CY2019Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
504908
CY2018Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
311072
CY2019Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
3630949
CY2018Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
3466419
CY2019Q3 us-gaap Inventory Gross
InventoryGross
8690915
CY2018Q4 us-gaap Inventory Gross
InventoryGross
7224082
CY2019Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
463348
CY2018Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
400152
CY2019Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4340417
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3196133
CY2019Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2270600
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1880167
CY2019Q3 oss Property Plant And Equipment Net Excluding Construction In Progress And Software Implementation
PropertyPlantAndEquipmentNetExcludingConstructionInProgressAndSoftwareImplementation
2069817
CY2018Q4 oss Property Plant And Equipment Net Excluding Construction In Progress And Software Implementation
PropertyPlantAndEquipmentNetExcludingConstructionInProgressAndSoftwareImplementation
1315966
CY2019Q3 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
1029577
CY2018Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
1183653
CY2019Q3 oss Contract With Customer Liability And Customer Deposits
ContractWithCustomerLiabilityAndCustomerDeposits
971138
CY2018Q4 oss Contract With Customer Liability And Customer Deposits
ContractWithCustomerLiabilityAndCustomerDeposits
1135470
CY2019Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
403802
CY2018Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
416313
CY2019Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1164498
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1195282
CY2019Q3 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
7520
CY2018Q3 us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
5959
CY2019Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
2206463
CY2019Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
603674
CY2019Q3 us-gaap Long Term Debt
LongTermDebt
2810137
CY2019Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
2206463
CY2019Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
603674
CY2019Q3 oss Long Term Debt Maturities Repayments Of Principal In Year Two Discount
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwoDiscount
30079
CY2019Q3 oss Long Term Debt Maturities Repayments Of Principal In Year Three Discount
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThreeDiscount
16293
CY2019Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
46372
CY2019Q3 us-gaap Debt Instrument Unamortized Discount Current
DebtInstrumentUnamortizedDiscountCurrent
30079
CY2019Q3 us-gaap Debt Instrument Unamortized Discount Noncurrent
DebtInstrumentUnamortizedDiscountNoncurrent
16293
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2017Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000
CY2018Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
us-gaap Preferred Stock Conversion Basis
PreferredStockConversionBasis
one-for-one basis
oss Proceeds From Stock Options Exercised And Warrants Exercised
ProceedsFromStockOptionsExercisedAndWarrantsExercised
29149
CY2019Q3 us-gaap Share Based Compensation
ShareBasedCompensation
164857
CY2018Q3 us-gaap Share Based Compensation
ShareBasedCompensation
214846
us-gaap Defined Contribution Plan Plan Name
DefinedContributionPlanPlanName
401(k)
oss Defined Contribution Plan Employee Pre Tax Earnings
DefinedContributionPlanEmployeePreTaxEarnings
0.20
us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
1.00
us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.05
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
284780
CY2018Q3 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
81873
CY2019Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
154029
CY2018Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
163392
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
493045
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
459953
CY2019Q3 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
23545
CY2018Q3 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
0
us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
46768
us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
16599
CY2019Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
15777158
CY2018Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
13208864
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
14825351
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
12052175
CY2019Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
613048
CY2018Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1340490
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2019Q3 oss Gross Profit Percentage
GrossProfitPercentage
0.337
CY2018Q3 oss Gross Profit Percentage
GrossProfitPercentage
0.329
oss Gross Profit Percentage
GrossProfitPercentage
0.310

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