Dss, INC. 10-Q Filing

Ticker: DSS · Form: 10-Q · Filed: May 14, 2024 · CIK: 771999

Sentiment: neutral

Filing Stats: 4,365 words · 17 min read · ~15 pages · Grade level 17.8 · Accepted 2024-05-14 16:31:43

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UNITED SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 001-32146 Commission file number DSS, INC. (Exact name of registrant as specified in its charter) New York 16-1229730 (State or other Jurisdiction of incorporation- or Organization) (IRS Employer Identification No.) 275 Wiregrass Pkwy , West Henrietta , NY 14586 (Address of principal executive offices) (585) 325-3610 (Registrant's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically every Interactive Date File required to be submitted pursuant to Rule 405 of Regulation S-T ( 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files) Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated reporting company Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes No Securities registered pursuant to Section 12(b) of the Act: Title of each class Ticker symbol(s) Name of each exchange on which registered Common Stock, $0.02 par value per share DSS The NYSE American LLC As of May 3, 2024 there were 7,066,772 shares of the registrant's common stock, $0.02 par value, outstanding. DSS, INC. FORM 10-Q TABLE OF CONTENTS PART I FINANCIAL INFORMATION 3 Item 1 Condensed Consolidated Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 5 Condensed Consolidated Statement of Changes in Stockholders' Equity for the three months ended March 31, 2024 and 2023 6 Notes to Interim Condensed Consolidated Financial Statements 7 Item 2 Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 4 Controls and Procedures 33 PART II OTHER INFORMATION 34 Item 1 Legal Proceedings 34 Item 1A Risk Factors 34 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 3 Defaults upon Senior Securities 34 Item 4 Mine Safety Disclosures 34 Item 5 Other Information 34 Item 6 Exhibits 34 2 PART I – FINANCIAL INFORMATION ITEM 1 - FINANCIAL STATEMENTS DSS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets March 31, 2024 (unaudited) December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 9,252,000 $ 6,615,000 Accounts receivable, net 2,863,000 3,994,000 Inventory 3,627,000 2,819,000 Assets held for sale 51,624,000 51,595,000 Current portion of notes receivable 4,062,000 8,772,000 Prepaid expenses and other current assets 736,000 839,000 Total current assets 72,164,000 74,634,000 Property, plant and equipment, net 6,225,000 6,417,000 Investment in real estate, net 6,252,000 6,279,000 Other investments 1,282,000 1,282,000 Investment, equity method 127,000 128,000 Marketable securities 8,483,000 9,979,000 Notes receivable 87,000 111,000 Other assets 133,000 97,000 Right-of-use assets 7,026,000 7,210,000 Goodwill 26,862,000 26,862,000 Other intangible assets, net 19,859,000 20,193,000 Total assets $ 148,500,000 $ 153,192,000 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 4,084,000 $ 3,654,000 Accrued expenses and deferred revenue 3,004,000 2,512,000 Other current liabilities 932,000 983,000 Current portion of lease liability 684,000 686,000 Current portion of long-term debt, net 47,509,000 47,776,000 To

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