2023 Q2 Form 10-Q Financial Statement
#000143774923014590 Filed on May 15, 2023
Income Statement
| Concept | 2023 Q2 | 2023 Q1 |
|---|---|---|
| Revenue | $14.54M | $6.574M |
| YoY Change | 126.4% | 26.62% |
| Cost Of Revenue | $11.32M | $4.888M |
| YoY Change | 197.06% | 38.63% |
| Gross Profit | $3.222M | $1.686M |
| YoY Change | 23.35% | 1.2% |
| Gross Profit Margin | 22.16% | 25.65% |
| Selling, General & Admin | $2.159M | $2.262M |
| YoY Change | 34.68% | 30.83% |
| % of Gross Profit | 67.01% | 134.16% |
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | $88.00K | $89.00K |
| YoY Change | 25.71% | -19.09% |
| % of Gross Profit | 2.73% | 5.28% |
| Operating Expenses | $2.247M | $2.351M |
| YoY Change | 34.31% | 27.84% |
| Operating Profit | $975.0K | -$665.0K |
| YoY Change | 3.83% | 284.39% |
| Interest Expense | $648.0K | $112.0K |
| YoY Change | 310.13% | -9.68% |
| % of Operating Profit | 66.46% | |
| Other Income/Expense, Net | ||
| YoY Change | ||
| Pretax Income | $327.0K | -$777.0K |
| YoY Change | -58.13% | 161.62% |
| Income Tax | $12.00K | $9.000K |
| % Of Pretax Income | 3.67% | |
| Net Earnings | $315.0K | -$786.0K |
| YoY Change | -59.14% | 155.19% |
| Net Earnings / Revenue | 2.17% | -11.96% |
| Basic Earnings Per Share | $0.01 | -$0.04 |
| Diluted Earnings Per Share | $0.01 | -$0.04 |
| COMMON SHARES | ||
| Basic Shares Outstanding | 21.54M | 21.54M |
| Diluted Shares Outstanding | 23.79M | 21.54M |
Balance Sheet
| Concept | 2023 Q2 | 2023 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $24.17M | $6.666M |
| YoY Change | 188.93% | -48.09% |
| Cash & Equivalents | $24.17M | $6.666M |
| Short-Term Investments | ||
| Other Short-Term Assets | $540.0K | $641.0K |
| YoY Change | -82.83% | -69.48% |
| Inventory | $1.263M | $7.305M |
| Prepaid Expenses | ||
| Receivables | $10.61M | $2.828M |
| Other Receivables | $0.00 | $0.00 |
| Total Short-Term Assets | $36.58M | $17.44M |
| YoY Change | 173.87% | 9.4% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $676.0K | $709.0K |
| YoY Change | 151.3% | 250.99% |
| Goodwill | $780.0K | $780.0K |
| YoY Change | 0.0% | |
| Intangibles | $0.00 | $13.00K |
| YoY Change | -100.0% | -87.38% |
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $861.0K | $883.0K |
| YoY Change | -3.26% | 7.68% |
| Total Long-Term Assets | $6.715M | $6.933M |
| YoY Change | -7.25% | -4.96% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $36.58M | $17.44M |
| Total Long-Term Assets | $6.715M | $6.933M |
| Total Assets | $43.30M | $24.37M |
| YoY Change | 110.2% | 4.89% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $32.96M | $12.06M |
| YoY Change | 668.23% | 16.1% |
| Accrued Expenses | $2.007M | $3.823M |
| YoY Change | -3.18% | 213.36% |
| Deferred Revenue | $1.599M | $2.059M |
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $36.56M | $17.94M |
| YoY Change | 179.98% | 9.12% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | $3.983M | $4.147M |
| YoY Change | -14.01% | -13.57% |
| Total Long-Term Liabilities | $3.983M | $4.147M |
| YoY Change | ||
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $36.56M | $17.94M |
| Total Long-Term Liabilities | $3.983M | $4.147M |
| Total Liabilities | $40.55M | $22.09M |
| YoY Change | 129.19% | 3.99% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | -$66.90M | -$67.20M |
| YoY Change | 1.6% | 0.87% |
| Common Stock | $2.000K | $2.000K |
| YoY Change | 0.0% | 0.0% |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | $2.216M | $2.206M |
| YoY Change | 6.85% | 6.36% |
| Treasury Stock Shares | ||
| Shareholders Equity | $2.752M | $2.287M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $43.30M | $24.37M |
| YoY Change | 110.2% | 4.89% |
Cashflow Statement
| Concept | 2023 Q2 | 2023 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $315.0K | -$786.0K |
| YoY Change | -59.14% | 155.19% |
| Depreciation, Depletion And Amortization | $88.00K | $89.00K |
| YoY Change | 25.71% | -19.09% |
| Cash From Operating Activities | $17.54M | -$13.55M |
| YoY Change | -497.53% | -377.56% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $20.00K | $185.0K |
| YoY Change | -117.54% | -2412.5% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | ||
| YoY Change | ||
| Cash From Investing Activities | -$20.00K | -$185.0K |
| YoY Change | -82.46% | 2212.5% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | $0.00 | |
| YoY Change | -100.0% | |
| Cash From Financing Activities | -9.000K | -$1.000K |
| YoY Change | -118.0% | -95.65% |
| NET CHANGE | ||
| Cash From Operating Activities | 17.54M | -$13.55M |
| Cash From Investing Activities | -20.00K | -$185.0K |
| Cash From Financing Activities | -9.000K | -$1.000K |
| Net Change In Cash | 17.51M | -$13.73M |
| YoY Change | -491.2% | -383.17% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $17.54M | -$13.55M |
| Capital Expenditures | $20.00K | $185.0K |
| Free Cash Flow | $17.52M | -$13.73M |
| YoY Change | -507.61% | -380.89% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2023Q1 | dei |
Entity Central Index Key
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Amendment Flag
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Concentration Risk Credit Risk
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|
<i>Concentration of Credit Risk </i>We are currently economically dependent upon our relationship with a large US-based IT OEM. If this relationship is unsuccessful or discontinues, our business and revenue will suffer. The loss of or a significant reduction in orders from this customer or the failure to provide adequate products or services to it would significantly reduce our revenue.The following customer accounted for a significant percentage of our revenues for the periods shown (unaudited): <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 15%; margin-left: 54pt; width: 85%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"> <tbody><tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td colspan="6" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><b>Three Months Ended </b></b></p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><b>March 31,</b></b></p> </td> <td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><b>2023</b></b></p> </td> <td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="font-family: Times New Roman; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><b>2022</b></b></p> </td> <td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: Times New Roman; font-size: 10pt; width: 64%;"> <p style="font-family: "Times New Roman"; font-size: 10pt; font-variant: normal; margin: 0pt;">US-based IT OEM</p> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 15%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">90</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">%</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td> <td style="width: 15%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">94</td> <td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">%</td> </tr> </tbody></table> No other customers represented more than 10% of our revenues for any periods presented. Our US-based IT OEM customer represented 79% and 93% of our trade accounts receivable at March 31, 2023 and December 31, 2022, respectively. A US-based, Government IT solutions provider represented 11% of our trade accounts receivable at March 31, 2023. No other customer represented more than 10% of our accounts receivable at March 31, 2023, or at December 31, 2022. | |
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2828000 | usd |
| CY2022Q4 | us-gaap |
Receivables Net Current
ReceivablesNetCurrent
|
2745000 | usd |
| CY2022Q4 | us-gaap |
Inventory Valuation Reserves
InventoryValuationReserves
|
4000 | usd |
| CY2023Q1 | us-gaap |
Inventory Net
InventoryNet
|
7305000 | usd |
| CY2022Q4 | us-gaap |
Inventory Net
InventoryNet
|
862000 | usd |
| CY2023Q1 | us-gaap |
Goodwill Gross
GoodwillGross
|
780000 | usd |
| CY2022Q4 | us-gaap |
Goodwill Gross
GoodwillGross
|
780000 | usd |
| CY2023Q1 | us-gaap |
Goodwill Gross
GoodwillGross
|
780000 | usd |
| CY2022Q4 | us-gaap |
Goodwill Gross
GoodwillGross
|
780000 | usd |
| CY2023Q1 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
23000 | usd |
| CY2022Q1 | us-gaap |
Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
|
23000 | usd |
| CY2023Q1 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
3740000 | usd |
| CY2022Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
3555000 | usd |
| CY2023Q1 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
3031000 | usd |
| CY2022Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
2968000 | usd |
| CY2023Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
709000 | usd |
| CY2022Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
587000 | usd |
| CY2023Q1 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
66000 | usd |
| CY2022Q1 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
87000 | usd |
| CY2023Q1 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
12057000 | usd |
| CY2022Q4 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
19959000 | usd |
| CY2023Q1 | tssi |
Accrued Expenses Current
AccruedExpensesCurrent
|
2233000 | usd |
| CY2022Q4 | tssi |
Accrued Expenses Current
AccruedExpensesCurrent
|
494000 | usd |
| CY2023Q1 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
876000 | usd |
| CY2022Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
1102000 | usd |
| CY2023Q1 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
76000 | usd |
| CY2022Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
61000 | usd |
| CY2023Q1 | us-gaap |
Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
|
15242000 | usd |
| CY2022Q4 | us-gaap |
Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
|
21616000 | usd |
| CY2023Q1 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
215000 | usd |
| CY2022Q1 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
197000 | usd |
| CY2023Q1 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
169000 | usd |
| CY2022Q1 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
193000 | usd |
| CY2023Q1 | us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
0 | usd |
| CY2022Q1 | us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
0 | usd |
| CY2023Q1 | tssi |
Operating Lease Weighted Average Remaining Lease Term During Period
OperatingLeaseWeightedAverageRemainingLeaseTermDuringPeriod
|
P72M | |
| CY2022Q1 | tssi |
Operating Lease Weighted Average Remaining Lease Term During Period
OperatingLeaseWeightedAverageRemainingLeaseTermDuringPeriod
|
P84M | |
| CY2022Q1 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.06 | pure |
| CY2023Q1 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
647000 | usd |
| CY2023Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
881000 | usd |
| CY2023Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
907000 | usd |
| CY2023Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
934000 | usd |
| CY2023Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
|
962000 | usd |
| CY2023Q1 | tssi |
Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
|
1241000 | usd |
| CY2023Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
5572000 | usd |
| CY2023Q1 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
787000 | usd |
| CY2023Q1 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
4785000 | usd |
| CY2023Q1 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
638000 | usd |
| CY2023Q1 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
4147000 | usd |
| CY2023Q1 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
4785000 | usd |
| CY2023Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-786000 | usd |
| CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-308000 | usd |
| CY2023Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
21542000 | |
| CY2022Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
18869000 | |
| CY2023Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.04 | |
| CY2022Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.02 | |
| CY2023Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
3215000 | |
| CY2022Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
4208000 | |
| CY2023Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
6574000 | usd |
| CY2022Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
|
5192000 | usd |
| CY2023Q1 | us-gaap |
Depreciation
Depreciation
|
89000 | usd |
| CY2022Q1 | us-gaap |
Depreciation
Depreciation
|
110000 | usd |
| CY2023Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-665000 | usd |
| CY2022Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-173000 | usd |
| CY2023Q1 | us-gaap |
Interest Expense
InterestExpense
|
112000 | usd |
| CY2022Q1 | us-gaap |
Interest Expense
InterestExpense
|
124000 | usd |
| CY2023Q1 | us-gaap |
Assets
Assets
|
24373000 | usd |
| CY2022Q4 | us-gaap |
Assets
Assets
|
31406000 | usd |
