TSS, Inc. Files 10-Q for Q1 2024

TL;DR

<b>TSS, Inc. has filed its Q1 2024 10-Q report, detailing its financial performance and operational status.</b>

AI Summary

TSS, Inc. (TSSI) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. TSS, Inc. filed its 10-Q for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's business address is 110 E. OLD SETTLERS ROAD, SUITE 100, ROUND ROCK, TX 78664. TSS, Inc. was formerly known as Fortress International Group, Inc. The company's IRS number is 202027651.

Why It Matters

For investors and stakeholders tracking TSS, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest quarterly financial data, allowing for an assessment of the company's performance and trends. Understanding the details within this report is crucial for evaluating TSS, Inc.'s financial health, operational segments, and any potential risks or opportunities.

Risk Assessment

Risk Level: medium — TSS, Inc. shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q), which typically contains routine financial information and disclosures, but lacks specific forward-looking statements or significant event announcements that would elevate the risk assessment.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to identify any significant changes or trends in TSS, Inc.'s operations.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-14 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (First quarter of fiscal year 2024)
• 2023-03-31 — Prior Year Q1 End Date (Comparison period)

Key Players & Entities

• TSS, Inc. (company) — Filer name
• Fortress International Group, Inc. (company) — Former company name
• 20240331 (date) — Conformed period of report
• 20240514 (date) — Filed as of date
• 110 E. OLD SETTLERS ROAD, SUITE 100, ROUND ROCK, TX 78664 (address) — Business address
• 202027651 (identifier) — IRS number
• SusserBankNationalAssociationMember (company) — Revolving Credit Facility Member
• SystemIntegrationServicesSegmentMember (segment) — Operating Segment

FAQ

Industry Context

TSS, Inc. operates within the services sector, specifically management consulting services (SIC 8742).

Regulatory Implications

The filing is a standard 10-Q, adhering to the reporting requirements of the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow.
2. Examine segment reporting for performance trends in System Integration Services and Facilities.
3. Review any disclosures related to debt, credit facilities, or subsequent events.

Year-Over-Year Comparison

This filing is a standard quarterly report (10-Q) and does not appear to contain information about significant changes from the previous filing period based on the provided data.

Filing Documents

• tssi20240331_10q.htm (10-Q) — 656KB
• ex_672590.htm (EX-10) — 120KB
• ex_667948.htm (EX-31.1) — 8KB
• ex_667949.htm (EX-31.2) — 8KB
• ex_667950.htm (EX-32.1) — 5KB
• ex_667951.htm (EX-32.2) — 4KB
• 0001437749-24-016663.txt (&nbsp;) — 4230KB
• tssi-20240331.xsd (EX-101.SCH) — 38KB
• tssi-20240331_def.xml (EX-101.DEF) — 251KB
• tssi-20240331_lab.xml (EX-101.LAB) — 206KB
• tssi-20240331_pre.xml (EX-101.PRE) — 273KB
• tssi-20240331_cal.xml (EX-101.CAL) — 37KB
• tssi20240331_10q_htm.xml (XML) — 653KB

–FINANCIAL INFORMATION

PART I–FINANCIAL INFORMATION 1

Consolidated Financial Statements

Item 1. Consolidated Financial Statements 1

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 14

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 19

Controls and Procedures

Item 4. Controls and Procedures 19

–OTHER INFORMATION

PART II–OTHER INFORMATION 19

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 19

Exhibits

Item 6. Exhibits 20

SIGNATURES

SIGNATURES 21 "SAFE HARBOR " STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 From time to time, we make oral and written statements that may constitute "forward-looking statements" (rather than historical facts) as defined in the Private Securities Litigation Reform Act of 1995 or by the Securities and Exchange Commission (the "SEC") in its rules, regulations and releases, including Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We desire to take advantage of the "safe harbor" provisions in the Private Securities Litigation Reform Act of 1995 for forward looking statements made from time to time, including, but not limited to, the forward- looking statements made in this Quarterly Report on Form 10-Q (the "Form 10-Q"), as well as those made in other filings with the SEC. Forward looking statements can be identified by our use of forward-looking terminology such as "may," "will," "expect," "anticipate," "estimate," "believe," "continue," "forecast," "foresee" or other similar words. Such forward looking statements are based on management's current plans and expectations and are subject to risks, uncertainties and changes in plans that could cause actual results to differ materially from those described in the forward-looking statements. Important factors that could cause actual results to differ materially from those anticipated in our forward-looking statements include, but are not limited to, those described under Risk Factors set forth in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023. We expressly disclaim any obligation to release publicly any updates or any changes in our expectations or any changes in events, conditions or circumstances on which any forward-looking statement is based. As used herein, except as otherwise indicated by the context, the terms "TSS", "Comp

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Consolidated Financial Statements

Item 1. Consolidated Financial Statements TSS, Inc. Consolidated Balance Sheets (in thousands except par values) March 31, 2024 December 31, 2023 (unaudited) Current Assets: Cash and cash equivalents $ 14,383 $ 11,831 Contract and other receivables, net 4,570 3,527 Costs and estimated earnings in excess of billings on uncompleted contracts 487 1,310 Inventories, net 848 2,343 Prepaid expenses and other current assets 202 302 Total current assets 20,490 19,313 Property and equipment, net 617 628 Lease right-of-use assets 3,973 4,062 Goodwill 780 780 Other assets 931 817 Total assets $ 26,791 $ 25,600 Current Liabilities: Accounts payable and accrued expenses $ 16,290 $ 14,362 Deferred revenues 2,605 3,370 Current portion of lease liabilities 745 688 Total current liabilities 19,640 18,420 Non-current portion of lease liabilities 3,492 3,631 Total liabilities 23,132 22,051 Commitments and Contingencies Stockholders' Equity: Preferred stock, $ .0001 par value; 1,000 shares authorized at March 31, 2024 and December 31, 2023; none issued - - Common stock, $ .0001 par value; 49,000 shares authorized at March 31, 2024 and December 31, 2023; 23,909 and 23,533 issued; 21,729 and 21,771 outstanding at March 31, 2024 and December 31, 2023, respectively 2 2 Additional paid-in capital 72,253 72,103 Treasury stock 1,882 and 1,762 shares at cost at March 31, 2024 and December 31, 2023 ( 2,300 ) ( 2,245 ) Accumulated deficit ( 66,296 ) ( 66,311 ) Total stockholders' equity 3,659 3,549 Total liabilities and stockholders' equity $ 26,791 $ 25,600 See accompanying notes to the consolidated financial statements. 1 TSS, Inc. Consolidated Statements of Operations (in thousands, except per-share amounts; unaudited) Three Months Ended March 31 2024 2023 Results of Operations: Revenue $ 15,892 $ 6,574 Cost of reven

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View this 10-Q filing on SEC EDGAR