Sharps Technology Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Sharps Technology Inc. has filed its 2023 10-K annual report, detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Sharps Technology Inc. (STSSW) filed a Annual Report (10-K) with the SEC on March 29, 2024. Sharps Technology Inc. filed its annual report for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is 105 Maxess Road, Ste. 124, Melville, NY 11747. Sharps Technology Inc. is incorporated in Nevada. The company's SIC code is 3841 for Surgical & Medical Instruments & Apparatus.

Why It Matters

For investors and stakeholders tracking Sharps Technology Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Sharps Technology Inc.'s financial health, operational status, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. The detailed information within the 10-K, including financial statements and risk factors, allows stakeholders to make informed decisions regarding their investment in Sharps Technology Inc.

Risk Assessment

Risk Level: medium — Sharps Technology Inc. shows moderate risk based on this filing. The company's business is in the medical instruments sector, which can be subject to regulatory changes and market competition, as indicated by its SIC code 3841.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Sharps Technology Inc.'s current financial position and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-29 — Filing Date (Date of submission)
• 0001493152-24-011959 — Accession Number (Unique identifier for the filing)
• 3841 — SIC Code (Standard Industrial Classification for the company's industry)

Key Players & Entities

• Sharps Technology Inc. (company) — Filer name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-29 (date) — Filing date
• 105 Maxess Road, Ste. 124, Melville, NY 11747 (address) — Business address
• NV (state) — State of incorporation
• 3841 (industry_code) — Standard Industrial Classification

FAQ

Risk Factors

• Regulatory Compliance [medium — regulatory]: The company must comply with various regulations in the medical device industry, which can change and impact operations.
• Market Competition [medium — market]: The surgical and medical instruments market is competitive, and the company faces challenges from existing and new market participants.
• Operational Risks [medium — operational]: Risks related to manufacturing, supply chain, and product development could affect the company's ability to deliver products and services.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-29: Filing Date — Date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $0.0001 — ch registered Common Stock, Par Value $0.0001 STSS Nasdaq Capital Market Common
• $2.5 million — the manufacture of safety syringes, for $2.5 million in cash plus additional consideration o
• $7.00 — stock options with an exercise price of $7.00 USD. Under the Safegard Agreement, Shar
• $747 — as placed the average cost of an NSI at $747 (direct plus indirect costs) and strong

Filing Documents

• form10-k.htm (10-K) — 1496KB
• ex23-1.htm (EX-23.1) — 5KB
• ex23-2.htm (EX-23.2) — 5KB
• ex31-1.htm (EX-31.1) — 13KB
• ex31-2.htm (EX-31.2) — 13KB
• ex32-1.htm (EX-32.1) — 7KB
• form10-k_002.jpg (GRAPHIC) — 9KB
• form10-k_004.jpg (GRAPHIC) — 4KB
• form10-k_001.jpg (GRAPHIC) — 11KB
• form10-k_005.jpg (GRAPHIC) — 4KB
• ex23-1_001.jpg (GRAPHIC) — 11KB
• ex23-1_002.jpg (GRAPHIC) — 4KB
• ex23-2_001.jpg (GRAPHIC) — 18KB
• ex23-2_002.jpg (GRAPHIC) — 4KB
• 0001493152-24-011959.txt (&nbsp;) — 6899KB
• stss-20231231.xsd (EX-101.SCH) — 51KB
• stss-20231231_cal.xml (EX-101.CAL) — 67KB
• stss-20231231_def.xml (EX-101.DEF) — 254KB
• stss-20231231_lab.xml (EX-101.LAB) — 406KB
• stss-20231231_pre.xml (EX-101.PRE) — 340KB
• form10-k_htm.xml (XML) — 961KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 9 Item 1B. Unresolved Staff Comments 17 Item 1C Cybersecurity 17 Item 2.

Properties

Properties 17 Item 3.

Legal Proceedings

Legal Proceedings 17 Item 4. Mine Safety Disclosures 17 Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 18 Item 6. [Reserved] 19 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 19 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data F-1 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 30 Item 9A.

Controls and Procedures

Controls and Procedures 30 Item 9B. Other Information 30 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 30 Item 10. Directors, Executive Officers and Corporate Governance 31 Item 11.

Executive Compensation

Executive Compensation 33 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 36 Item 13. Certain Relationships and Related Transactions, and Director Independence 37 Item 14. Principal Accounting Fees and Services 38 Item 15. Exhibits, Financial Statement Schedules 39 2 Cautionary Note Regarding Forward-Looking Statements This annual report contains forward-looking statements and information within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, which are subject to the "safe harbor" created by those sections. These forward-looking statements include, but are not limited to, statements concerning our strategy, future operations, future financial position, future revenues, projected costs, prospects and plans and objectives of management. The words "anticipates," "believes," "estimates," "expects," "intends," "may," "plans," "projects," "will," "would" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. We may not actually achieve the plans, intentions, or expectations disclosed in our forward-looking statements and you should not place undue reliance on our forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that we make. These forward-looking statements involve risks and uncertainties that could cause our actual results to differ materially from those in the forward-looking statements, including, without limitation, the risks set forth in our filings with the SEC. The forward-looking statements are applicable only as of the date on which they are made, and we do not assume any obligation to update any forward-looking statements. As used in this report, the terms "Sharps" "we", "us", "

View Full Filing

View this 10-K filing on SEC EDGAR