TSS, Inc. Files Q2 2024 10-Q

TL;DR

TSS, Inc. Q2 10-Q filed. Financials for H1 2024 out.

AI Summary

TSS, Inc. filed its 10-Q for the period ending June 30, 2024, reporting on its financial performance. The company, formerly known as Fortress International Group, Inc., operates in management consulting services. Key financial details and segment performance for the second quarter and first half of 2024 are presented in this filing.

Why It Matters

This filing provides investors and analysts with the latest financial performance data for TSS, Inc., crucial for understanding the company's operational health and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing financial information, not indicating any immediate or significant new risks.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 20240814 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• TSS, Inc. (company) — Filer of the 10-Q
• Fortress International Group, Inc. (company) — Former name of TSS, Inc.
• 20240630 (date) — End of reporting period
• 20240814 (date) — Filing date

FAQ

Filing Documents

• tssi20240630_10q.htm (10-Q) — 855KB
• ex_713348.htm (EX-31.1) — 8KB
• ex_713353.htm (EX-31.2) — 8KB
• ex_713354.htm (EX-32.1) — 5KB
• ex_713356.htm (EX-32.2) — 4KB
• 0001437749-24-026834.txt ( ) — 4651KB
• tssi-20240630.xsd (EX-101.SCH) — 37KB
• tssi-20240630_def.xml (EX-101.DEF) — 238KB
• tssi-20240630_lab.xml (EX-101.LAB) — 205KB
• tssi-20240630_pre.xml (EX-101.PRE) — 262KB
• tssi-20240630_cal.xml (EX-101.CAL) — 37KB
• tssi20240630_10q_htm.xml (XML) — 881KB

–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 21

Controls and Procedures

Item 4. Controls and Procedures 21

–OTHER INFORMATION

PART II–OTHER INFORMATION 21

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21

Exhibits

Item 6. Exhibits 22

SIGNATURES

SIGNATURES 23 "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", "Compa

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

Consolidated Financial Statements

Item 1. Consolidated Financial Statements TSS, Inc. Unaudited Consolidated Balance Sheets (in thousands except par values) June 30, 2024 December 31, 2023 (unaudited) Current Assets: Cash and cash equivalents $ 8,311 $ 11,831 Contract and other receivables, net 6,995 3,527 Costs and estimated earnings in excess of billings on uncompleted contracts 524 1,310 Inventories, net 4,939 2,343 Prepaid expenses and other current assets 452 302 Total current assets 21,221 19,313 Property and equipment, net 2,205 628 Lease right-of-use assets 3,790 4,062 Goodwill 780 780 Other assets 909 817 Total assets $ 28,905 $ 25,600 Current Liabilities: Accounts payable and accrued expenses $ 13,693 $ 14,362 Deferred revenues, current 4,960 3,370 Current portion of lease liabilities 759 688 Total current liabilities 19,412 18,420 Deferred revenues, non-current 1,044 - Non-current portion of lease liabilities 3,295 3,631 Total liabilities 23,751 22,051 Commitments and Contingencies Stockholders' Equity: Preferred stock, $ .0001 par value; 1,000 shares authorized at June 30, 2024 and December 31, 2023; none issued - - Common stock, $ .0001 par value; 49,000 shares authorized at June 30, 2024 and December 31, 2023; 24,244 and 23,533 issued; 22,302 and 21,771 outstanding at June 30, 2024 and December 31, 2023, respectively 2 2 Additional paid-in capital 72,428 72,103 Treasury stock 1,942 and 1,762 shares at cost at June 30, 2024 and December 31, 2023 ( 2,382 ) ( 2,245 ) Accumulated deficit ( 64,894 ) ( 66,311 ) Total stockholders' equity 5,154 3,549 Total liabilities and stockholders' equity $ 28,905 $ 25,600 See accompanying notes to the consolidated financial statements. 1 TSS, Inc. Unaudited Consolidated Statements of Operations (in thousands, except per-share amounts) Three Months Ended June 30 Six Months Ended June 30

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