SilverSun Technologies, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>SilverSun Technologies, Inc. filed its 2023 annual report, detailing its corporate structure, stock listing, and regulatory classifications.</b>

AI Summary

SilverSun Technologies, Inc. (QXO-PB) filed a Annual Report (10-K) with the SEC on March 14, 2024. SilverSun Technologies, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company is incorporated in Delaware and its principal executive offices are located at 120 Eagle Rock Ave, East Hanover, NJ 07936. SilverSun Technologies, Inc. is registered under the SIC code 7374 for Computer Processing & Data Preparation. The company's common stock trades on The NASDAQ Capital Market under the symbol SSNT. SilverSun Technologies, Inc. has elected not to be a well-known seasoned issuer and is classified as a non-accelerated filer and a smaller reporting company.

Why It Matters

For investors and stakeholders tracking SilverSun Technologies, Inc., this filing contains several important signals. This filing provides a comprehensive overview of SilverSun Technologies' financial and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and outlook. As a smaller reporting company and non-accelerated filer, SilverSun Technologies' disclosures may differ from larger entities, offering a specific lens for investors focused on such companies.

Risk Assessment

Risk Level: low — SilverSun Technologies, Inc. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant financial or operational disclosures that would inherently increase risk.

Analyst Insight

Investors should review the full 10-K filing for detailed financial statements, risk factors, and management's discussion and analysis to form a comprehensive investment thesis.

Key Numbers

• 2023 — Fiscal Year End (Fiscal year ended December 31, 2023)
• 001-38063 — Commission File Number (SEC file number)
• 16-1633636 — IRS Employer Identification No. (IRS number)
• 07936 — ZIP Code (Business address ZIP code)
• 973-251-0056 — Business Phone (Registrant's telephone number)
• SSNT — Trading Symbol (Common Stock trading symbol)

Key Players & Entities

• SilverSun Technologies, Inc. (company) — Filer name and exact name of registrant
• December 31, 2023 (date) — Fiscal year end date
• 001-38063 (other) — Commission file number
• 16-1633636 (other) — I.R.S. Employer Identification No.
• 120 Eagle Rock Ave (address) — Business address and principal executive offices
• East Hanover, NJ 07936 (address) — Business address and principal executive offices
• 973-251-0056 (phone) — Business phone number
• SSNT (ticker) — Trading Symbol for Common Stock

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-03-14: Filing Date — Date the 10-K report was officially filed with the SEC.

Key Financial Figures

• $0.00001 — ch registered Common Stock, par value $0.00001 per share SSNT The NASDAQ Capital M
• $3.37 — ne 30, 2023 based on a closing price of $3.37 was $ 10,950,812 . As of March 13, 202
• $10 million — h annual recurring revenue of less than $10 million. We believe that we may be able to cons

Filing Documents

• silversun20231231_10k.htm (10-K) — 1768KB
• ex_638188.htm (EX-4.9) — 7KB
• ex_638189.htm (EX-21.1) — 4KB
• ex_638190.htm (EX-23.1) — 3KB
• ex_638191.htm (EX-31.1) — 13KB
• ex_638192.htm (EX-31.2) — 14KB
• ex_638193.htm (EX-32.1) — 5KB
• ex_638194.htm (EX-32.2) — 5KB
• ex_639582.htm (EX-97.1) — 31KB
• 0001185185-24-000237.txt (&nbsp;) — 7849KB
• ssnt-20231231.xsd (EX-101.SCH) — 65KB
• ssnt-20231231_cal.xml (EX-101.CAL) — 64KB
• ssnt-20231231_def.xml (EX-101.DEF) — 320KB
• ssnt-20231231_lab.xml (EX-101.LAB) — 574KB
• ssnt-20231231_pre.xml (EX-101.PRE) — 335KB
• silversun20231231_10k_htm.xml (XML) — 1053KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 26 Item 1B. Unresolved Staff Comments 34 Item 1C. Cybersecurity 34 Item 2.

Properties

Properties 36 Item 3.

Legal Proceedings

Legal Proceedings 37 Item 4. Mine Safety Disclosures 37 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 38 Item 6. Reserved 38 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 39 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 44 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 44 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 44 Item 9A.

Controls and Procedures

Controls and Procedures 45 Item 9B. Other Information 45 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 45 PART III Item 10. Directors, Executive Officers and Corporate Governance 46 Item 11.

Executive Compensation

Executive Compensation 49 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 53 Item 13. Certain Relationships and Related Transactions, and Director Independence 54 Item 14. Principal Accounting Fees and Services 54 PART IV Item 15. Exhibits, Financial Statements Schedules 55 Item 16. Form 10-K Summary 57

SIGNATURES

SIGNATURES SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS Included in this Annual Report on Form 10-K are "forward-looking" statements, as well as historical information. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that the expectations reflected in these forward-looking statements will prove to be correct. Our actual results could differ materially from those anticipated in forward-looking statements as a result of certain factors, including matters described in the section titled "Risk Factors." Forward-looking statements include those that use forward-looking terminology, such as the words "anticipate," "believe," "estimate," "expect," "intend," "may," "project," "plan," "will," "shall," "should," and similar expressions, including when used in the negative. Although we believe that the expectations reflected in these forward-looking statements are reasonable and achievable, these statements involve risks and uncertainties and we cannot assure you that actual results will be consistent with these forward-looking statements. We undertake no obligation to update or revise these forward-looking statements, whether to reflect events or circumstances after the date initially filed or published, to reflect the occurrence of unanticipated events or otherwise. We operate in a very competitive and rapidly changing environment. New risks emerge from time to time. The uncertainty on the economy continues to create uncertainty for the Company in the coming months and quarters. While our Company has not been significantly impacted because of this uncertainty, the potential negative impact on our business, in the future, is impossible to determine at this point, although it is likely that we could suffer negative consequences as many companies go out of business or decrease their technology spending. As such, we need to rely on our own limited resources to weather any economic downturn. Ma

Business Overview

Item 1. Business Overview The Company is engaged in providing transformational business management applications and technologies and professional consulting services to small and medium size companies, primarily in the manufacturing, distribution and service industries. We are executing a multi-pronged business strategy centered on cloud-based products, services, recurring revenue, customer retention and on rapidly increasing the size of our installed customer base. The growth of our customer base is accomplished via both our traditional marketing programs and acquisitions. After a customer is secured, our strategy is to up-sell and cross-sell, providing the customer with advanced technologies and third-party add-ons that help them digitally transform their business. These add-on products could include application hosting, cybersecurity, warehouse management, human capital management, payment automation, sales tax compliance or any number of other products or services that we represent. Many of these incremental products and services are billed on a subscription basis, often paying monthly for the service, which increases our monthly recurring revenue ("MRR"). This strategy increases the average revenue per customer, which facilitates our continued growth, and reduces our cost of customer acquisition, which enhances our profitability profile. As a business application, technology and consulting company, we provide strategies and solutions to meet our clients' information, technology and business management needs. Our services and technologies enable customers to manage, protect and monetize their enterprise assets whether on-premise or in the cloud. As a value-added reseller of business application software, we offer solutions for accounting and business management, financial reporting, Enterprise Resource Planning ("ERP"), Human Capital Management ("HCM"), Warehouse Management Systems ("WMS"), Customer Relationship Management ("CRM"), and Business Intelligence

View Full Filing

View this 10-K filing on SEC EDGAR