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10-Q Filing

ONE STOP SYSTEMS, INC. CIK: 1394056 Q1 2023
Filing Information
Form Type 10-Q
Accession Number 0000950170-23-021209
Period End Date 20230331
Filing Date 20230511
Fiscal Year 2023
Fiscal Period Q1
XBRL Instance oss-20230331_htm.xml
Balance Sheet 66 line items
Line Item Tag Value Unit Period
Common stock, par value CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common stock, par value CommonStockParOrStatedValuePerShare $0.00 USD Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 50.00M shares Point-in-time
Common stock, shares authorized CommonStockSharesAuthorized 50.00M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $3.47M USD Point-in-time
Common stock, shares issued CommonStockSharesIssued 20.36M shares Point-in-time
Common stock, shares issued CommonStockSharesIssued 20.08M shares Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $3.11M USD Point-in-time
Short-term investments (Note 3) ShortTermInvestments $9.22M USD Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 20.08M shares Point-in-time
Short-term investments (Note 3) ShortTermInvestments $10.12M USD Point-in-time
Common stock, shares outstanding CommonStockSharesOutstanding 20.36M shares Point-in-time
Accounts receivable, net (Note 4) AccountsReceivableNetCurrent $11.33M USD Point-in-time
Accounts receivable, net (Note 4) AccountsReceivableNetCurrent $10.11M USD Point-in-time
Inventories, net (Note 5) InventoryNet $23.64M USD Point-in-time
Inventories, net (Note 5) InventoryNet $20.78M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $502.16K USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $1.44M USD Point-in-time
Total current assets AssetsCurrent $47.88M USD Point-in-time
Total current assets AssetsCurrent $45.84M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $2.45M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $2.57M USD Point-in-time
Operating lease right-of use assets OperatingLeaseRightOfUseAsset $731.04K USD Point-in-time
Operating lease right-of use assets OperatingLeaseRightOfUseAsset $615.64K USD Point-in-time
Deposits and other DepositsAndOtherNoncurrent $60.24K USD Point-in-time
Deposits and other DepositsAndOtherNoncurrent $60.24K USD Point-in-time
Goodwill Goodwill $7.12M USD Point-in-time
Goodwill Goodwill $7.12M USD Point-in-time
Intangible assets, net (Note 6) IntangibleAssetsNetExcludingGoodwill $26.35K USD Point-in-time
Intangible assets, net (Note 6) IntangibleAssetsNetExcludingGoodwill $42.15K USD Point-in-time
Total Assets Assets $58.15M USD Point-in-time
Total Assets Assets $56.36M USD Point-in-time
Accounts payable AccountsPayableCurrent $5.73M USD Point-in-time
Accounts payable AccountsPayableCurrent $4.59M USD Point-in-time
Accrued expenses and other liabilities (Note 7) AccruedLiabilitiesAndOtherLiabilities $3.01M USD Point-in-time
Accrued expenses and other liabilities (Note 7) AccruedLiabilitiesAndOtherLiabilities $3.86M USD Point-in-time
Current portion of operating lease obligation (Note 10) OperatingLeaseLiabilityCurrent $541.18K USD Point-in-time
Current portion of operating lease obligation (Note 10) OperatingLeaseLiabilityCurrent $536.59K USD Point-in-time
Current portion of notes payable (Note 8) NotesPayableCurrent $3.00M USD Point-in-time
Current portion of notes payable (Note 8) NotesPayableCurrent $2.95M USD Point-in-time
Total current liabilities LiabilitiesCurrent $13.12M USD Point-in-time
Total current liabilities LiabilitiesCurrent $11.10M USD Point-in-time
Long-term debt, net of current portion (Note 8) LongTermDebtNoncurrent $409.29K USD Point-in-time
Long-term debt, net of current portion (Note 8) LongTermDebtNoncurrent $207.45K USD Point-in-time
Deferred tax liability, net DeferredIncomeTaxLiabilitiesNet $138.66K USD Point-in-time
Deferred tax liability, net DeferredIncomeTaxLiabilitiesNet $137.22K USD Point-in-time
Operating lease obligation, net of current portion (Note 10) OperatingLeaseLiabilityNoncurrent $257.71K USD Point-in-time
Operating lease obligation, net of current portion (Note 10) OperatingLeaseLiabilityNoncurrent $397.25K USD Point-in-time
Total liabilities Liabilities $13.73M USD Point-in-time
Total liabilities Liabilities $12.04M USD Point-in-time
Commitments and contingencies (Note 10) CommitmentsAndContingencies - USD Point-in-time
Commitments and contingencies (Note 10) CommitmentsAndContingencies - USD Point-in-time
Common stock, $0.0001 par value; 50,000,000 shares authorized; 20,359,119 and 20,084,528 shares issued and outstanding, respectively CommonStockValue $2.04K USD Point-in-time
Common stock, $0.0001 par value; 50,000,000 shares authorized; 20,359,119 and 20,084,528 shares issued and outstanding, respectively CommonStockValue $2.01K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $45.51M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $45.66M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $510.49K USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $863.52K USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-1.70M USD Point-in-time
Accumulated deficit RetainedEarningsAccumulatedDeficit $-2.10M USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $44.42M USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $44.32M USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $41.96M USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $45.42M USD Point-in-time
Total Liabilities and Stockholders' Equity LiabilitiesAndStockholdersEquity $58.15M USD Point-in-time
Total Liabilities and Stockholders' Equity LiabilitiesAndStockholdersEquity $56.36M USD Point-in-time
Income Statement 38 line items
Line Item Tag Value Unit Period
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $17.05M USD 1 Quarter
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $16.78M USD 1 Quarter
Cost of revenue CostOfRevenue $11.71M USD 1 Quarter
Cost of revenue CostOfRevenue $11.91M USD 1 Quarter
Gross profit GrossProfit $5.14M USD 1 Quarter
Gross profit GrossProfit $5.07M USD 1 Quarter
General and administrative SellingGeneralAndAdministrativeExpense $2.29M USD 1 Quarter
General and administrative SellingGeneralAndAdministrativeExpense $1.77M USD 1 Quarter
Marketing and selling SellingAndMarketingExpense $1.79M USD 1 Quarter
Marketing and selling SellingAndMarketingExpense $1.47M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $1.20M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $1.24M USD 1 Quarter
Total operating expenses OperatingExpenses $4.49M USD 1 Quarter
Total operating expenses OperatingExpenses $5.27M USD 1 Quarter
(Loss) income from operations OperatingIncomeLoss $650.13K USD 1 Quarter
(Loss) income from operations OperatingIncomeLoss $-196.35K USD 1 Quarter
Interest income NonoperatingInterestIncome $110.27K USD 1 Quarter
Interest income NonoperatingInterestIncome $51.01K USD 1 Quarter
Interest expense InterestExpense $58.72K USD 1 Quarter
Interest expense InterestExpense $32.70K USD 1 Quarter
Other (expense) income, net OtherNonoperatingIncomeExpense $-20.22K USD 1 Quarter
Other (expense) income, net OtherNonoperatingIncomeExpense $102.12K USD 1 Quarter
Total other income, net NonoperatingIncomeExpense $57.34K USD 1 Quarter
Total other income, net NonoperatingIncomeExpense $94.41K USD 1 Quarter
(Loss) income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $-139.01K USD 1 Quarter
(Loss) income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $744.54K USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $261.50K USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $165.31K USD 1 Quarter
Net (loss) income NetIncomeLoss $579.23K USD 1 Quarter
Net (loss) income NetIncomeLoss $-400.51K USD 1 Quarter
Basic EarningsPerShareBasic $-0.02 USD 1 Quarter
Basic EarningsPerShareBasic $0.03 USD 1 Quarter
Diluted EarningsPerShareDiluted $-0.02 USD 1 Quarter
Diluted EarningsPerShareDiluted $0.03 USD 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 20.25M shares 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 18.89M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 20.25M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 19.76M shares 1 Quarter
Cash Flow Statement 67 line items
Line Item Tag Value Unit Period
Net (loss) income ProfitLoss $579.23K USD 1 Quarter
Net (loss) income ProfitLoss $-400.51K USD 1 Quarter
Deferred benefit for income taxes DeferredIncomeTaxesAndTaxCredits $71.37K USD 1 Quarter
Gain on sale of intangible asset GainLossOnDispositionOfIntangibleAssets $-125.00K USD 1 Quarter
(Gain) loss on disposal of property and equipment GainLossOnSaleOfPropertyPlantEquipment $-48.86K USD 1 Quarter
(Gain) loss on disposal of property and equipment GainLossOnSaleOfPropertyPlantEquipment $43.24K USD 1 Quarter
Provision (recovery) for bad debt ProvisionForRecoveryOfDoubtfulAccounts $-5.52K USD 1 Quarter
Provision (recovery) for bad debt ProvisionForRecoveryOfDoubtfulAccounts $30.00K USD 1 Quarter
Warranty reserves WarrantyReserveAdjustments $-591.00 USD 1 Quarter
Warranty reserves WarrantyReserveAdjustments $14.93K USD 1 Quarter
Amortization of intangibles AmortizationOfIntangibleAssets $15.81K USD 1 Quarter
Amortization of intangibles AmortizationOfIntangibleAssets $15.81K USD 1 Quarter
Depreciation Depreciation $253.98K USD 1 Quarter
Depreciation Depreciation $256.46K USD 1 Quarter
Inventory reserves InventoryLIFOReservePeriodCharge $19.34K USD 1 Quarter
Inventory reserves InventoryLIFOReservePeriodCharge $173.97K USD 1 Quarter
Amortization of debt discount AmortizationOfDebtDiscountPremium $1.22K USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $474.21K USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $382.83K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $4.01M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-1.63M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $2.91M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $4.33M USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidExpense $466.40K USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidExpense $938.80K USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $1.10M USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $2.35M USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities $207.30K USD 1 Quarter
Accrued expenses and other liabilities IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities $638.96K USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $-5.02M USD 1 Quarter
Net cash provided by (used in) operating activities NetCashProvidedByUsedInOperatingActivities $23.96K USD 1 Quarter
Redemption of short-term investment grade securities RedemptionOfShortTermInvestmentGradeSecurities $989.35K USD 1 Quarter
Redemption of short-term investment grade securities RedemptionOfShortTermInvestmentGradeSecurities $918.61K USD 1 Quarter
Proceeds from sale of intangible assets ProceedsFromSaleOfIntangibleAssets $125.00K USD 1 Quarter
Purchases of property and equipment, including capitalization of labor costs for test equipment and ERP PaymentsToAcquirePropertyPlantAndEquipment $85.08K USD 1 Quarter
Purchases of property and equipment, including capitalization of labor costs for test equipment and ERP PaymentsToAcquirePropertyPlantAndEquipment $85.84K USD 1 Quarter
Net cash provided by investing activities NetCashProvidedByUsedInInvestingActivities $833.52K USD 1 Quarter
Net cash provided by investing activities NetCashProvidedByUsedInInvestingActivities $1.03M USD 1 Quarter
Proceeds from exercise of stock options and warrants ProceedsFromExerciseOfStockOptionsAndWarrants $29.67K USD 1 Quarter
Payment of payroll taxes on net issuance of employee stock options PaymentOfPayrollTaxesOnNetIssuanceOfEmployeeStockOptions $326.53K USD 1 Quarter
Payment of payroll taxes on net issuance of employee stock options PaymentOfPayrollTaxesOnNetIssuanceOfEmployeeStockOptions $20.48K USD 1 Quarter
Proceed on borrowing of notes payable ProceedsFromNotesPayable $2.22M USD 1 Quarter
Repayments on notes payable RepaymentsOfMediumTermNotes $1.10M USD 1 Quarter
Repayments on notes payable RepaymentsOfMediumTermNotes $199.40K USD 1 Quarter
Net cash (used by) provided by financing activities NetCashProvidedByUsedInFinancingActivities $1.13M USD 1 Quarter
Net cash (used by) provided by financing activities NetCashProvidedByUsedInFinancingActivities $-525.93K USD 1 Quarter
Net change in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $331.56K USD 1 Quarter
Net change in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $-2.86M USD 1 Quarter
Effect of exchange rates on cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $-22.82K USD 1 Quarter
Effect of exchange rates on cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $26.31K USD 1 Quarter
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $2.22M USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $5.10M USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $3.11M USD Point-in-time
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $3.47M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $2.22M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $5.10M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $3.11M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $3.47M USD Point-in-time
Cash paid during the period for interest InterestPaidNet $6.16K USD 1 Quarter
Cash paid during the period for interest InterestPaidNet $32.70K USD 1 Quarter
Cash paid during the period for income taxes IncomeTaxesPaid $25.63K USD 1 Quarter
Cash paid during the period for income taxes IncomeTaxesPaid $21.17K USD 1 Quarter
Right of use assets recorded upon adoption of ASC 842 RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability $1.20M USD 1 Quarter
Lease liabilities recorded upon adoption of ASC 842 CapitalLeaseObligationsIncurred $1.48M USD 1 Quarter
Conversion of senior secured convertible debt to common stock DebtConversionConvertedInstrumentAmount1 $2.59M USD 1 Quarter
Reclassification of inventories to property and equipment ReclassificationOfInventoriesToPropertyAndEquipment $25.80K USD 1 Quarter
Reclassification of inventories to property and equipment ReclassificationOfInventoriesToPropertyAndEquipment $61.81K USD 1 Quarter
Stockholders Equity 20 line items
Line Item Tag Value Unit Period
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $44.42M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $44.32M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $41.96M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $45.42M USD Point-in-time
Stock-based compensation StockIssuedDuringPeriodValueShareBasedCompensation $474.21K USD 1 Quarter
Stock-based compensation StockIssuedDuringPeriodValueShareBasedCompensation $382.83K USD 1 Quarter
Exercise of stock options, RSUs and warrants StockIssuedDuringPeriodValueExerciseOfStockOptionsRestrictedStockUnitsAndWarrants $29.67K USD 1 Quarter
Taxes paid on net issuance of employee stock options AdjustmentsToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet1 $-20.48K USD 1 Quarter
Taxes paid on net issuance of employee stock options AdjustmentsToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet1 $-326.53K USD 1 Quarter
Net (loss) income NetIncomeLoss $579.23K USD 1 Quarter
Net (loss) income NetIncomeLoss $-400.51K USD 1 Quarter
Conversion of senior secured convertible debt to equity ConversionOfSeniorSecuredConvertibleDebtToEquity $2.59M USD 1 Quarter
Currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $-50.37K USD 1 Quarter
Currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax $339.09K USD 1 Quarter
Net unrealized gains (losses) on short-term investments OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $-6.00K USD 1 Quarter
Net unrealized gains (losses) on short-term investments OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $13.95K USD 1 Quarter
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $44.42M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $44.32M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $41.96M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $45.42M USD Point-in-time
Comprehensive Income 10 line items
Line Item Tag Value Unit Period
Net (loss) income NetIncomeLoss $579.23K USD 1 Quarter
Net (loss) income NetIncomeLoss $-400.51K USD 1 Quarter
Net unrealized income (loss) on short-term investments OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $-6.00K USD 1 Quarter
Net unrealized income (loss) on short-term investments OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $13.95K USD 1 Quarter
Currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentIncludingForwardContractGainLossNetOfTax $-50.37K USD 1 Quarter
Currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentIncludingForwardContractGainLossNetOfTax $339.09K USD 1 Quarter
Total other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-56.36K USD 1 Quarter
Total other comprehensive income (loss) OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $353.04K USD 1 Quarter
Comprehensive (loss) income ComprehensiveIncomeNetOfTax $522.87K USD 1 Quarter
Comprehensive (loss) income ComprehensiveIncomeNetOfTax $-47.48K USD 1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.

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