$TSSI
TSS, Inc.

2023 Q3 Form 10-Q Financial Statement

#000143774923023750 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $8.880M $14.54M
YoY Change 9.94% 126.4%
Cost Of Revenue $6.050M $11.32M
YoY Change 13.89% 197.06%
Gross Profit $2.830M $3.222M
YoY Change 2.35% 23.35%
Gross Profit Margin 31.87% 22.16%
Selling, General & Admin $2.043M $2.159M
YoY Change 11.88% 34.68%
% of Gross Profit 72.19% 67.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $72.00K $88.00K
YoY Change 5.88% 25.71%
% of Gross Profit 2.54% 2.73%
Operating Expenses $2.115M $2.247M
YoY Change 11.67% 34.31%
Operating Profit $715.0K $975.0K
YoY Change -17.91% 3.83%
Interest Expense $482.0K $648.0K
YoY Change 89.02% 310.13%
% of Operating Profit 67.41% 66.46%
Other Income/Expense, Net
YoY Change
Pretax Income $233.0K $327.0K
YoY Change -62.18% -58.13%
Income Tax $24.00K $12.00K
% Of Pretax Income 10.3% 3.67%
Net Earnings $209.0K $315.0K
YoY Change -65.45% -59.14%
Net Earnings / Revenue 2.35% 2.17%
Basic Earnings Per Share $0.01 $0.01
Diluted Earnings Per Share $0.01 $0.01
COMMON SHARES
Basic Shares Outstanding 21.61M 21.54M
Diluted Shares Outstanding 21.94M 23.79M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.70M $24.17M
YoY Change 198.8% 188.93%
Cash & Equivalents $28.70M $24.17M
Short-Term Investments
Other Short-Term Assets $950.0K $540.0K
YoY Change -71.97% -82.83%
Inventory $2.131M $1.263M
Prepaid Expenses
Receivables $6.310M $10.61M
Other Receivables $0.00 $0.00
Total Short-Term Assets $38.09M $36.58M
YoY Change 114.24% 173.87%
LONG-TERM ASSETS
Property, Plant & Equipment $657.0K $676.0K
YoY Change 109.24% 151.3%
Goodwill $780.0K $780.0K
YoY Change
Intangibles $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Investments
YoY Change
Other Assets $839.0K $861.0K
YoY Change -7.6% -3.26%
Total Long-Term Assets $6.507M $6.715M
YoY Change -8.48% -7.25%
TOTAL ASSETS
Total Short-Term Assets $38.09M $36.58M
Total Long-Term Assets $6.507M $6.715M
Total Assets $44.60M $43.30M
YoY Change 79.18% 110.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $20.73M $32.96M
YoY Change 103.2% 668.23%
Accrued Expenses $2.200M $2.007M
YoY Change 8.0% -3.18%
Deferred Revenue $14.77M $1.599M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $37.70M $36.56M
YoY Change 128.27% 179.98%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.810M $3.983M
YoY Change -14.75% -14.01%
Total Long-Term Liabilities $3.810M $3.983M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $37.70M $36.56M
Total Long-Term Liabilities $3.810M $3.983M
Total Liabilities $41.51M $40.55M
YoY Change 97.8% 129.19%
SHAREHOLDERS EQUITY
Retained Earnings -$66.60M -$66.90M
YoY Change 2.15% 1.6%
Common Stock $2.000K $2.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.238M $2.216M
YoY Change 4.04% 6.85%
Treasury Stock Shares
Shareholders Equity $3.092M $2.752M
YoY Change
Total Liabilities & Shareholders Equity $44.60M $43.30M
YoY Change 79.18% 110.2%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income $209.0K $315.0K
YoY Change -65.45% -59.14%
Depreciation, Depletion And Amortization $72.00K $88.00K
YoY Change 5.88% 25.71%
Cash From Operating Activities $4.590M $17.54M
YoY Change 48.83% -497.53%
INVESTING ACTIVITIES
Capital Expenditures $30.00K $20.00K
YoY Change -132.97% -117.54%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$30.00K -$20.00K
YoY Change -67.03% -82.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -20.00K -9.000K
YoY Change -98.86% -118.0%
NET CHANGE
Cash From Operating Activities 4.590M 17.54M
Cash From Investing Activities -30.00K -20.00K
Cash From Financing Activities -20.00K -9.000K
Net Change In Cash 4.540M 17.51M
YoY Change 266.42% -491.2%
FREE CASH FLOW
Cash From Operating Activities $4.590M $17.54M
Capital Expenditures $30.00K $20.00K
Free Cash Flow $4.560M $17.52M
YoY Change 43.62% -507.61%

Facts In Submission

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>Concentration of Credit Risk </i></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">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.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">The following customer accounted for a significant percentage of our revenues for the periods shown (unaudited):</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="margin-right: 5%; width: 95%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px; margin-left: 36pt;"> <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 June 30,</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="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>Six Months Ended June 30,</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> <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> <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: 48%;"> <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: 10%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">96</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: 10%; 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> <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: 10%; 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> <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: 10%; 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> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;">No other customers represented more than 10% of our revenues for any periods presented. Our US-based IT OEM customer represented 97% and 93% of our trade accounts receivable at June 30, 2023 and December 31, 2022, respectively. No other customer represented more than 10% of our accounts receivable at June 30, 2023, or at December 31, 2022.</p>
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tssi Factoring Agreement Gross Amount Factored
FactoringAgreementGrossAmountFactored
48500000 usd
tssi Factoring Agreement Gross Amount Factored
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25600000 usd
tssi Factoring Agreement Finance Fees Paid
FactoringAgreementFinanceFeesPaid
672000 usd
tssi Factoring Agreement Finance Fees Paid
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us-gaap Depreciation And Amortization
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CY2023Q2 us-gaap Operating Lease Liability
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158000 usd
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760000 usd
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282000 usd
CY2023Q2 us-gaap Assets
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CY2022Q4 us-gaap Assets
Assets
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-471000 usd
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21575000
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19088000
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CY2023Q2 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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WeightedAverageNumberOfDilutedSharesOutstanding
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400000
CY2023Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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14537000 usd
CY2022Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11613000 usd
CY2023Q2 us-gaap Depreciation
Depreciation
88000 usd

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