$TSSI
TSS, Inc.

2023 Q4 Form 10-Q Financial Statement

#000143774923031647 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $24.41M $8.880M
YoY Change 122.97% 9.94%
Cost Of Revenue $21.15M $6.050M
YoY Change 134.68% 13.89%
Gross Profit $3.263M $2.830M
YoY Change 68.46% 2.35%
Gross Profit Margin 13.37% 31.87%
Selling, General & Admin $2.467M $2.043M
YoY Change -2.3% 11.88%
% of Gross Profit 75.61% 72.19%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $70.00K $72.00K
YoY Change -48.15% 5.88%
% of Gross Profit 2.15% 2.54%
Operating Expenses $2.538M $2.115M
YoY Change -4.59% 11.67%
Operating Profit $725.0K $715.0K
YoY Change -200.28% -17.91%
Interest Expense -$374.0K $482.0K
YoY Change -12.41% 89.02%
% of Operating Profit -51.59% 67.41%
Other Income/Expense, Net
YoY Change
Pretax Income $351.0K $233.0K
YoY Change -131.42% -62.18%
Income Tax $15.00K $24.00K
% Of Pretax Income 4.27% 10.3%
Net Earnings $336.0K $209.0K
YoY Change -129.45% -65.45%
Net Earnings / Revenue 1.38% 2.35%
Basic Earnings Per Share $0.01
Diluted Earnings Per Share $0.02 $0.01
COMMON SHARES
Basic Shares Outstanding 21.61M 21.61M
Diluted Shares Outstanding 21.94M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.83M $28.70M
YoY Change -42.0% 198.8%
Cash & Equivalents $11.83M $28.70M
Short-Term Investments
Other Short-Term Assets $1.612M $950.0K
YoY Change 297.04% -71.97%
Inventory $2.343M $2.131M
Prepaid Expenses
Receivables $3.527M $6.310M
Other Receivables $0.00 $0.00
Total Short-Term Assets $19.31M $38.09M
YoY Change -20.88% 114.24%
LONG-TERM ASSETS
Property, Plant & Equipment $4.690M $657.0K
YoY Change 698.98% 109.24%
Goodwill $800.0K $780.0K
YoY Change 0.0%
Intangibles $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Investments
YoY Change
Other Assets $817.0K $839.0K
YoY Change -6.84% -7.6%
Total Long-Term Assets $6.287M $6.507M
YoY Change -10.13% -8.48%
TOTAL ASSETS
Total Short-Term Assets $19.31M $38.09M
Total Long-Term Assets $6.287M $6.507M
Total Assets $25.60M $44.60M
YoY Change -18.49% 79.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.41M $20.73M
YoY Change -37.8% 103.2%
Accrued Expenses $2.636M $2.200M
YoY Change 24.11% 8.0%
Deferred Revenue $3.370M $14.77M
YoY Change 62.02%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $18.42M $37.70M
YoY Change -23.77% 128.27%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.631M $3.810M
YoY Change -15.73% -14.75%
Total Long-Term Liabilities $3.631M $3.810M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $18.42M $37.70M
Total Long-Term Liabilities $3.631M $3.810M
Total Liabilities $22.05M $41.51M
YoY Change -22.55% 97.8%
SHAREHOLDERS EQUITY
Retained Earnings -$66.31M -$66.60M
YoY Change -0.11% 2.15%
Common Stock $2.000K $2.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.245M $2.238M
YoY Change 1.81% 4.04%
Treasury Stock Shares
Shareholders Equity $3.549M $3.092M
YoY Change
Total Liabilities & Shareholders Equity $25.60M $44.60M
YoY Change -18.49% 79.18%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $336.0K $209.0K
YoY Change -129.45% -65.45%
Depreciation, Depletion And Amortization $70.00K $72.00K
YoY Change -48.15% 5.88%
Cash From Operating Activities -$16.85M $4.590M
YoY Change -250.99% 48.83%
INVESTING ACTIVITIES
Capital Expenditures $17.00K $30.00K
YoY Change -94.74% -132.97%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$17.00K -$30.00K
YoY Change -94.74% -67.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.00K -20.00K
YoY Change -77.27% -98.86%
NET CHANGE
Cash From Operating Activities -16.85M 4.590M
Cash From Investing Activities -17.00K -30.00K
Cash From Financing Activities -10.00K -20.00K
Net Change In Cash -16.88M 4.540M
YoY Change -256.38% 266.42%
FREE CASH FLOW
Cash From Operating Activities -$16.85M $4.590M
Capital Expenditures $17.00K $30.00K
Free Cash Flow -$16.87M $4.560M
YoY Change -255.65% 43.62%

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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', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </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> <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%; margin-left: 5%; width: 90%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"> <tbody><tr class="finHeading" 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>September 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>Nine 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>September 30,</b></b></p> </td> <td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr class="finHeading" 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: 44%;"> <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: 11%; 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: 11%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">97</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: 11%; 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: 11%; 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 96% and 93% of our trade accounts receivable at September 30, 2023 and December 31, 2022, respectively. No other customer represented more than 10% of our accounts receivable at September 30, 2023, or at December 31, 2022.  </p>
CY2022Q4 tssi Reseller Inventory
ResellerInventory
460000 usd
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CY2023Q3 tssi Factoring Agreement Finance Fees Paid
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CY2022Q3 tssi Factoring Agreement Finance Fees Paid
FactoringAgreementFinanceFeesPaid
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tssi Factoring Agreement Finance Fees Paid
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tssi Factoring Agreement Finance Fees Paid
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CY2023Q3 tssi Reseller Inventory
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CY2022Q4 us-gaap Inventory Valuation Reserves
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CY2023Q3 us-gaap Operating Lease Payments
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160000 usd
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486000 usd
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CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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217000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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890000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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us-gaap Earnings Per Share Basic
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CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
209000 usd
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CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q3 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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us-gaap Incremental Common Shares Attributable To Call Options And Warrants
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CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3150000
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8880000 usd
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RevenueFromContractWithCustomerExcludingAssessedTax
8077000 usd
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19690000 usd
CY2023Q3 us-gaap Depreciation
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72000 usd
CY2022Q3 us-gaap Depreciation
Depreciation
68000 usd
us-gaap Depreciation
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249000 usd
us-gaap Depreciation
Depreciation
248000 usd
CY2023Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
715000 usd
CY2022Q3 us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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CY2023Q3 us-gaap Interest Expense
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482000 usd
CY2022Q3 us-gaap Interest Expense
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us-gaap Interest Expense
InterestExpense
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us-gaap Interest Expense
InterestExpense
537000 usd
CY2023Q3 us-gaap Assets
Assets
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CY2022Q4 us-gaap Assets
Assets
31406000 usd

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