$TSSI
TSS, Inc.

2015 Form 10-K Financial Statement

#000114420416091505 Filed on March 30, 2016

View on sec.gov

Income Statement

Concept 2015 2014 Q4 2014
Revenue $29.49M $8.411M $27.99M
YoY Change 5.37% -35.63% -37.01%
Cost Of Revenue $21.12M $5.910M $19.42M
YoY Change 8.73% -46.42% -45.22%
Gross Profit $8.368M $2.500M $8.561M
YoY Change -2.25% 23.15% -4.59%
Gross Profit Margin 28.38% 29.72% 30.59%
Selling, General & Admin $9.651M $2.510M $10.55M
YoY Change -8.49% 5.02% -5.77%
% of Gross Profit 115.33% 100.4% 123.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $400.0K $20.00K $300.0K
YoY Change 33.33% -88.24% 50.0%
% of Gross Profit 4.78% 0.8% 3.5%
Operating Expenses $9.651M $2.620M $10.55M
YoY Change -8.49% -4.73% -5.77%
Operating Profit -$1.849M -$120.0K -$2.473M
YoY Change -25.23% -83.33% -4.04%
Interest Expense $344.0K -$70.00K $277.0K
YoY Change 24.19% 0.0% 41.33%
% of Operating Profit
Other Income/Expense, Net $9.000K $0.00 $0.00
YoY Change -100.0%
Pretax Income -$2.184M -$190.0K -$2.750M
YoY Change -20.58% -75.95% -1.57%
Income Tax $21.00K $50.00K $53.00K
% Of Pretax Income
Net Earnings -$2.205M -$170.0K -$2.803M
YoY Change -21.33% -78.43% 0.32%
Net Earnings / Revenue -7.48% -2.02% -10.02%
Basic Earnings Per Share -$0.14 -$0.19
Diluted Earnings Per Share -$0.15 -$0.02 -$0.19
COMMON SHARES
Basic Shares Outstanding 15.54M shares 15.20M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 2014 Q4 2014
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.132M $1.380M $1.378M
YoY Change -17.85% -58.05% -58.12%
Cash & Equivalents $1.132M $1.378M $1.378M
Short-Term Investments
Other Short-Term Assets $1.319M $1.280M $1.285M
YoY Change 2.65% -14.67% -14.33%
Inventory $66.00K $154.0K $154.0K
Prepaid Expenses
Receivables $6.997M $3.950M $3.951M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $9.514M $6.768M $6.768M
YoY Change 40.57% -49.53% -49.53%
LONG-TERM ASSETS
Property, Plant & Equipment $702.0K $670.0K $670.0K
YoY Change 4.78% 53.32% 52.27%
Goodwill $1.907M
YoY Change 0.0%
Intangibles $979.0K
YoY Change -12.28%
Long-Term Investments
YoY Change
Other Assets $30.00K $91.00K $91.00K
YoY Change -67.03% -40.91% -39.33%
Total Long-Term Assets $3.480M $3.647M $3.647M
YoY Change -4.58% 0.91% 0.75%
TOTAL ASSETS
Total Short-Term Assets $9.514M $6.768M $6.768M
Total Long-Term Assets $3.480M $3.647M $3.647M
Total Assets $12.99M $10.42M $10.42M
YoY Change 24.76% -38.83% -38.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.608M $5.550M $5.547M
YoY Change 37.16% -26.88% 4.86%
Accrued Expenses $961.0K
YoY Change -41.26%
Deferred Revenue
YoY Change
Short-Term Debt $2.150M $1.170M $1.171M
YoY Change 83.6% -61.0% -60.97%
Long-Term Debt Due $287.0K $149.0K $137.0K
YoY Change 109.49% -208.76% -2.14%
Total Short-Term Liabilities $12.52M $8.876M $8.876M
YoY Change 41.07% -31.95% -31.93%
LONG-TERM LIABILITIES
Long-Term Debt $1.036M $575.0K $575.0K
YoY Change 80.17% -20.47% -20.14%
Other Long-Term Liabilities $37.00K $18.00K $18.00K
YoY Change 105.56% 100.0% 80.0%
Total Long-Term Liabilities $1.073M $593.0K $593.0K
YoY Change 80.94% -18.99% -18.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.52M $8.876M $8.876M
Total Long-Term Liabilities $1.073M $593.0K $593.0K
Total Liabilities $13.59M $9.469M $9.469M
YoY Change 43.56% -31.26% -31.28%
SHAREHOLDERS EQUITY
Retained Earnings -$65.20M
YoY Change 4.49%
Common Stock $2.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.512M
YoY Change 0.0%
Treasury Stock Shares 644.0 shares
Shareholders Equity -$600.0K $946.0K $946.0K
YoY Change
Total Liabilities & Shareholders Equity $12.99M $10.42M $10.42M
YoY Change 24.76% -38.83% -38.84%

Cashflow Statement

Concept 2015 2014 Q4 2014
OPERATING ACTIVITIES
Net Income -$2.205M -$170.0K -$2.803M
YoY Change -21.33% -78.43% 0.32%
Depreciation, Depletion And Amortization $400.0K $20.00K $300.0K
YoY Change 33.33% -88.24% 50.0%
Cash From Operating Activities -$1.552M $2.240M $622.0K
YoY Change -349.52% -21.13% -129.98%
INVESTING ACTIVITIES
Capital Expenditures -$411.0K -$150.0K -$507.0K
YoY Change -18.93% 25.0% 37.03%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$1.469M
YoY Change -0.07%
Cash From Investing Activities -$411.0K -$150.0K -$507.0K
YoY Change -18.93% 25.0% -72.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $19.00K $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.717M -1.630M -2.028M
YoY Change -184.66% 8050.0% -226.92%
NET CHANGE
Cash From Operating Activities -1.552M 2.240M 622.0K
Cash From Investing Activities -411.0K -150.0K -507.0K
Cash From Financing Activities 1.717M -1.630M -2.028M
Net Change In Cash -246.0K 460.0K -1.913M
YoY Change -87.14% -82.96% -17.45%
FREE CASH FLOW
Cash From Operating Activities -$1.552M $2.240M $622.0K
Capital Expenditures -$411.0K -$150.0K -$507.0K
Free Cash Flow -$1.141M $2.390M $1.129M
YoY Change -201.06% -19.26% -166.22%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2015 dei Trading Symbol
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0 USD
CY2014 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
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0 USD
CY2015 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0 shares
CY2014 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0 shares
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0
CY2014 tssi Dilutive Securities Effect On Basic Earnings Per Share Share Based Payment Arrangements
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0
CY2015 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
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0 USD
CY2014 us-gaap Dilutive Securities Effect On Basic Earnings Per Share Other
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0 USD
CY2015 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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0 shares
CY2014 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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0 shares
CY2015 tssi Dilutive Securities Effect On Basic Earnings Per Share Conversion Of Debt Securities
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0
CY2014 tssi Dilutive Securities Effect On Basic Earnings Per Share Conversion Of Debt Securities
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0
CY2015 us-gaap Earnings Per Share Diluted
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CY2014 us-gaap Earnings Per Share Diluted
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CY2015 tssi Business Acquisition Pro Forma Weighted Average Number Of Shares Diluted
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15543000 shares
CY2014 tssi Business Acquisition Pro Forma Weighted Average Number Of Shares Diluted
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15017000 shares
CY2015 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2015 us-gaap Earnings Per Share Basic
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-0.14
CY2014 us-gaap Earnings Per Share Basic
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-0.19
CY2015 us-gaap Depreciation Depletion And Amortization
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400000 USD
CY2014 us-gaap Depreciation Depletion And Amortization
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300000 USD
CY2015Q4 us-gaap Long Term Debt
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CY2014Q4 us-gaap Long Term Debt
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CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due
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1678 USD
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due Current
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829 USD
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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401 USD
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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257 USD
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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191 USD
CY2015Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
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300000 USD
CY2015Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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250000 USD
CY2015Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
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945000 USD
CY2015 us-gaap Description Of Lessee Leasing Arrangements Operating Leases
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operating leases having terms from month-to-month to 4 years
CY2015Q4 us-gaap Longterm Debt And Capital Lease Obligations Maturities Repayments Of Principal In Years Four And Five
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1495000 USD
CY2015 us-gaap Current Federal Tax Expense Benefit
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0 USD
CY2014 us-gaap Current Federal Tax Expense Benefit
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0 USD
CY2015 us-gaap Deferred Federal Income Tax Expense Benefit
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7000 USD
CY2014 us-gaap Deferred Federal Income Tax Expense Benefit
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28000 USD
CY2015 us-gaap Current Income Tax Expense Benefit
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21000 USD
CY2015 us-gaap Current State And Local Tax Expense Benefit
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14000 USD
CY2014 us-gaap Current State And Local Tax Expense Benefit
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22000 USD
CY2014 us-gaap Deferred State And Local Income Tax Expense Benefit
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3000 USD
CY2015 us-gaap Deferred State And Local Income Tax Expense Benefit
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0 USD
CY2014 us-gaap Current Income Tax Expense Benefit
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53000 USD
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66000 USD
CY2014Q4 us-gaap Deferred Tax Assets Tax Deferred Expense
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67000 USD
CY2015Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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12577000 USD
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11370000 USD
CY2015Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
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3884000 USD
CY2014Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
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4511000 USD
CY2015Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits
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294000 USD
CY2014Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits
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291000 USD
CY2015Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
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33000 USD
CY2014Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
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0 USD
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12000 USD
CY2014Q4 us-gaap Deferred Tax Assets Other
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8000 USD
CY2015Q4 us-gaap Deferred Tax Liabilities Prepaid Expenses
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34000 USD
CY2014Q4 us-gaap Deferred Tax Liabilities Prepaid Expenses
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12000 USD
CY2015Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Goodwill
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37000 USD
CY2014Q4 us-gaap Deferred Tax Liabilities Goodwill And Intangible Assets Goodwill
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31000 USD
CY2015Q4 us-gaap Deferred Tax Assets Gross
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16866000 USD
CY2014Q4 us-gaap Deferred Tax Assets Gross
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16247000 USD
CY2015Q4 us-gaap Deferred Income Tax Liabilities
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71000 USD
CY2014Q4 us-gaap Deferred Income Tax Liabilities
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53000 USD
CY2015Q4 us-gaap Deferred Tax Assets Valuation Allowance
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16832000 USD
CY2014Q4 us-gaap Deferred Tax Assets Valuation Allowance
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16225000 USD
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-37000 USD
CY2014Q4 us-gaap Deferred Tax Assets Liabilities Net
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-31000 USD
CY2015 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.340 pure
CY2014 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.340 pure
CY2015 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.021 pure
CY2014 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.020 pure
CY2015 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
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CY2014 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
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-0.014 pure
CY2015 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2014 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.367 pure
CY2015 us-gaap Effective Income Tax Rate Continuing Operations
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-0.010 pure
CY2014 us-gaap Effective Income Tax Rate Continuing Operations
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-0.021 pure
CY2015Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
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6000000 USD
CY2015 tssi Expenses Related To Line Of Credit
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200000 USD
CY2015 us-gaap Line Of Credit Facility Commitment Fee Amount
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30000 USD
CY2015Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
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1970000 USD
CY2015 us-gaap Line Of Credit Facility Interest Rate Description
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Borrowings under the facility bear interest at (1) the greater of (a) the prime rate published by Bridge, which was 3.25% at December 31, 2015 or (b) 3.25%, plus (2) 2% per annum.
CY2015Q4 us-gaap Debt Instrument Face Amount
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550000 USD
CY2015Q4 tssi Percentage Of Charge For Late Payment On Convertible Notes Payable
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0.05 pure
CY2015Q4 us-gaap Debt Instrument Interest Rate Stated Percentage
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0.07 pure
CY2015Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
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0.12 pure
CY2015Q4 us-gaap Debt Instrument Convertible Conversion Price1
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7.50
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maturity date of February 3, 2020
CY2015 tssi Debt Instrument Payment Term One
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4% of the amount prepaid if the prepayment is made prior to February 3, 2016
CY2015 tssi Debt Instrument Payment Term Two
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2% of the amount prepaid if the prepayment is made between February 4, 2016 and February 3, 2017
CY2015 tssi Debt Instrument Payment Term Three
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1% of the amount prepaid if the prepayment is made between February 4, 2017 and February 3, 2018
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146000 USD
CY2015 us-gaap Increase Decrease In Restricted Cash For Operating Activities
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0 USD
CY2014 us-gaap Increase Decrease In Restricted Cash For Operating Activities
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3035000 USD
CY2014 us-gaap Increase Decrease In Receivables
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CY2015Q4 us-gaap Debt Instrument Payment Terms
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future payment schedule and to extend the maturity date of the promissory note from January 1, 2016 to July 1, 2017. Under the amended payment schedule, the Company will make monthly principal payments of $25,000 to Mr. Gallagher for a fourteen-month period beginning on January 1, 2016 and ending on February 1, 2017. The Company will also make an additional principal payment of $100,000 on or before March 1, 2017. The remaining outstanding balance is due on July 1, 2017. The Company will continue to make monthly interest payments. The interest rate was also increased to an annual rate of 5% per annum effective January 1, 2016.
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392000 USD
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9000 USD
CY2015 us-gaap Share Based Compensation
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499000 USD
CY2014 us-gaap Share Based Compensation
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499000 USD
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63000 USD
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42000 USD
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498000 USD
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CY2014 us-gaap Increase Decrease In Inventories
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CY2015 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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22000 USD
CY2014 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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2061000 USD
CY2014 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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467000 USD
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CY2015 us-gaap Increase Decrease In Other Operating Liabilities
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19000 USD
CY2014 us-gaap Increase Decrease In Other Operating Liabilities
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9000 USD
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CY2014 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
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622000 USD
CY2015 us-gaap Payments To Acquire Productive Assets
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411000 USD
CY2014 us-gaap Payments To Acquire Productive Assets
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507000 USD
CY2015 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2015 us-gaap Repayments Of Notes Payable
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200000 USD
CY2014 us-gaap Repayments Of Notes Payable
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200000 USD
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CY2015 us-gaap Payments For Repurchase Of Common Stock
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19000 USD
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CY2014 us-gaap Proceeds From Repayments Of Lines Of Credit
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1717000 USD
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CY2015 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2014 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2013Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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3291000 USD
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276000 USD
CY2014 us-gaap Interest Paid
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155000 USD
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77000 USD
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27000 USD
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277000 USD
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2016-07-31
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10000 USD
CY2015 us-gaap Concentration Risk Credit Risk
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt Times New Roman, Times, Serif; PADDING-TOP: 3pt" align="left"></div> <h4 style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 0pt; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: italic 10pt/12pt Times New Roman, Times, Serif; PADDING-TOP: 3pt"> Concentration of Credit Risk</h4> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt Times New Roman, Times, Serif; PADDING-TOP: 3pt" align="left">We are currently economically dependent upon our relationship with a large US-based IT Original Equipment Manufacturer (OEM). If this relationship is unsuccessful or discontinues, our business and revenue would suffer. The loss of or a significant reduction in orders from this customer or the failure to provide adequate products or services to them would significantly reduce our revenue. We also periodically perform large construction projects which may comprise a significant portion of our revenues during the construction phase, and which may cause large fluctuations in our quarterly revenues.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt Times New Roman, Times, Serif; PADDING-TOP: 3pt" align="left"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font>The following customers accounted for a significant percentage of our revenues for the periods shown:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;CLEAR: both" align="center"> <table style="TEXT-ALIGN: left; PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; FONT-VARIANT: normal; FONT-STYLE: normal; TEXT-INDENT: 0px; MARGIN: -20pt 0pt 0pt; 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TEXT-ALIGN: left; WHITE-SPACE: ; VERTICAL-ALIGN: bottom"> <div>%&#160;</div> </td> <td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: bottom"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: bottom"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: bottom"> <div>44</div> </td> <td style="white-space:nowrap; TEXT-ALIGN: left; WHITE-SPACE: ; VERTICAL-ALIGN: bottom"> <div>%&#160;</div> </td> </tr> <tr style="BACKGROUND-COLOR: white"> <td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"> <div>US-based retail company</div> </td> <td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: bottom"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: bottom"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: bottom"> <div>15</div> </td> <td style="white-space:nowrap; TEXT-ALIGN: left; WHITE-SPACE: ; VERTICAL-ALIGN: bottom"> <div>%&#160;</div> </td> <td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: bottom"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: bottom"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: bottom"> <div>9</div> </td> <td style="white-space:nowrap; TEXT-ALIGN: left; WHITE-SPACE: ; VERTICAL-ALIGN: bottom"> <div>%&#160;</div> </td> </tr> <tr style="BACKGROUND-COLOR: #cceeff"> <td style="TEXT-INDENT: -10pt; PADDING-LEFT: 10pt; VERTICAL-ALIGN: text-bottom"> <div>US-based data center company</div> </td> <td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: bottom"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: bottom"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: bottom"> <div>15</div> </td> <td style="white-space:nowrap; TEXT-ALIGN: left; WHITE-SPACE: ; VERTICAL-ALIGN: bottom"> <div>%&#160;</div> </td> <td style="TEXT-ALIGN: center; WIDTH: 6px; VERTICAL-ALIGN: bottom"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: left; WIDTH: 6px; VERTICAL-ALIGN: bottom"> <div>&#160;</div> </td> <td style="TEXT-ALIGN: right; VERTICAL-ALIGN: bottom"> <div>8</div> </td> <td style="white-space:nowrap; TEXT-ALIGN: left; WHITE-SPACE: ; VERTICAL-ALIGN: bottom"> <div>%&#160;</div> </td> </tr> </table> </div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt Times New Roman, Times, Serif; PADDING-TOP: 3pt" align="left">No other customers represented more than 10% of our revenues for any periods presented. A US-based data center company represented 47% of our accounts receivable at December 31, 2015. A. US-based retail customer represented 13% and 10% of our accounts receivable at December 31,2015 and 2014, respectively. Our US based IT OEM customer represented 6% and 29% of our accounts receivable at December 31, 2015 and 2014, respectively. A US-based pharmaceutical customer represented 13% of our accounts receivable at December 31, 2014. No other customer represented more than 10% of our accounts receivable at December 31, 2015 or at December 31, 2014.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2015 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both;TEXT-INDENT: 15pt; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> Reclassification of Prior Period Financial Statements</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;size: 8.5in 11.0in"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;PADDING-BOTTOM: 3pt; TEXT-TRANSFORM: none; TEXT-INDENT: 20px; MARGIN: 0pt; PADDING-LEFT: 4px; PADDING-RIGHT: 0pt; FONT: 10pt/12pt Times New Roman, Times, Serif; PADDING-TOP: 3pt; size: 8.5in 11.0in" align="left">Certain prior year amounts have been reclassified for&#160;consistency with the current period presentation. These reclassifications had no effect on the reported results of operations. During the three-month period ended September 30, 2015 we concluded that the cancellation of previously-issued restricted shares that had been reported as a treasury share transaction should have been presented as a reduction in our outstanding shares, resulting in an overstatement of both our issued number of shares outstanding and the number of treasury shares outstanding. <div style="CLEAR:both;TEXT-INDENT: 15pt; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both;TEXT-INDENT: 15pt; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> &#160;</font></div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both;TEXT-INDENT: 15pt; MARGIN: 0in 0in 0pt; FONT-FAMILY: Calibri,sans-serif; FONT-SIZE: 11pt; size: 8.5in 11.0in"> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">The consolidated balance sheet at December 31, 2014 reflects corrections to the number of common shares outstanding and the number of treasury shares outstanding, which were both overstated by <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 52,000</font> shares.</font></div> </div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>

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