SilverSun Technologies, Inc. Files Quarterly Report for Period Ended March 31, 2024

TL;DR

<b>SilverSun Technologies, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial status and operations.</b>

AI Summary

SilverSun Technologies, Inc. (QXO-PB) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. SilverSun Technologies, Inc. filed a 10-Q report for the quarterly period ended March 31, 2024. The company is incorporated in Delaware and its principal executive offices are located at 120 Eagle Rock Ave, East Hanover, NJ. SilverSun Technologies, Inc. is registered under the Securities Exchange Act of 1934. The company's common stock is traded on The NASDAQ Capital Market under the symbol SSNT. The filing indicates that SilverSun Technologies, Inc. is 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 10-Q filing provides investors and stakeholders with an update on SilverSun Technologies' financial performance and operational status for the first quarter of 2024. As a smaller reporting company and non-accelerated filer, the information provided in this report is crucial for understanding its current financial health and compliance with SEC regulations.

Risk Assessment

Risk Level: low — SilverSun Technologies, Inc. shows low risk based on this filing. The filing is a standard quarterly report and does not contain immediate red flags, but ongoing financial performance and market conditions will dictate future risk.

Analyst Insight

Monitor future filings for revenue growth, profitability, and any changes in operational strategy or market position.

Key Numbers

• 20240331 — Quarterly Period End Date (Conformed Period of Report)
• 001-38063 — Commission File Number (SEC File Number)
• 16-1633636 — IRS Employer Identification No. (IRS Number)

Key Players & Entities

• SilverSun Technologies, Inc. (company) — Filer name and exact name of registrant
• March 31, 2024 (date) — Quarterly period ended
• 0001185185-24-000475 (filing_id) — Accession Number
• 120 Eagle Rock Ave, East Hanover, NJ 07936 (address) — Business and mail address
• 973-251-0056 (phone) — Business phone number
• SSNT (ticker) — Trading Symbol
• The NASDAQ Capital Market (exchange) — Name of exchange on which registered
• Delaware (jurisdiction) — State of incorporation

FAQ

Industry Context

SilverSun Technologies operates in the computer processing and data preparation services industry.

Regulatory Implications

The company is subject to the reporting requirements of the Securities Exchange Act of 1934, including filing quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Review the full 10-Q filing for detailed financial statements and management's discussion and analysis.
2. Analyze revenue trends, cost structures, and any significant changes in business operations.
3. Assess the company's liquidity and capital resources as presented in the financial statements.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-07: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the quarterly report for the period ended March 31, 2024, following previous filings for the fiscal year 2023.

Key Financial Figures

• $0.00001 — ch registered Common Stock, par value $0.00001 per share SSNT The NASDAQ Capital M

Filing Documents

• silversun20240331_10q.htm (10-Q) — 845KB
• ex_666541.htm (EX-31.1) — 13KB
• ex_666542.htm (EX-31.2) — 13KB
• ex_666543.htm (EX-32.1) — 6KB
• ex_666544.htm (EX-32.2) — 6KB
• 0001185185-24-000475.txt (&nbsp;) — 5271KB
• ssnt-20240331.xsd (EX-101.SCH) — 53KB
• ssnt-20240331_cal.xml (EX-101.CAL) — 48KB
• ssnt-20240331_def.xml (EX-101.DEF) — 240KB
• ssnt-20240331_lab.xml (EX-101.LAB) — 405KB
• ssnt-20240331_pre.xml (EX-101.PRE) — 239KB
• silversun20240331_10q_htm.xml (XML) — 693KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION 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 Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 25 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 30

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 3. Defaults Upon Senior Securities 31 Item 4. Mine Safety Disclosures 31 Item 5. Other Information 32 Item 6. Exhibits 32

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements SILVERSUN TECHNOLOGIES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 ASSETS (unaudited) Current assets: Cash and cash equivalents $ 6,279,569 $ 6,143,298 Accounts receivable, net of allowance of $ 510,212 as of March 31, 2024 and December 31, 2023, respectively 2,661,923 2,968,875 Unbilled services 666,280 194,407 Deferred charges 1,280,523 735,908 Prepaid expenses and other current assets 1,637,806 1,753,849 Total current assets 12,526,101 11,796,337 Property and equipment, net 496,935 503,347 Operating lease right-of-use assets 440,623 521,866 Intangible assets, net 4,709,561 4,918,849 Goodwill 1,139,952 1,139,952 Deferred tax assets 1,374,363 1,443,902 Deposits and other assets 171,448 171,448 Total assets $ 20,858,983 $ 20,495,701 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 4,873,718 $ 4,563,248 Accrued expenses 2,344,130 2,654,920 Accrued interest 24,694 24,507 Long-term debt – current portion 732,623 701,749 Finance lease obligations – current portion 129,975 154,336 Operating lease liabilities – current portion 228,617 262,733 Deferred revenue 3,636,370 3,161,082 Total current liabilities 11,970,127 11,522,575 Long-term debt net of current portion 843,721 994,266 Finance lease obligations net of current portion 222,432 247,117 Operating lease liabilities net of current portion 212,006 259,133 Total liabilities 13,248,286 13,023,091 Commitments and contingencies Stockholders' equity: Preferred stock, $ 0.001 par value; authorized 1,000,000 shares Series A Preferred Stock, $ 0.001 par value; authorized 2 shares, no shares issued and outstanding - - Common stock, $ 0.00001 par value; authorized 75,000,000 shares, 5,315,581 and 5,315,581 shares issued and outstanding as of March 31, 2024 and Dece

View Full Filing

View this 10-Q filing on SEC EDGAR