10-Q Filing

ONE STOP SYSTEMS, INC. CIK: 1394056 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001564590-18-011778`
Period End Date	20180331
Filing Date	20180508
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	oss-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 72 Income Statement 40 Cash Flow Statement 65 Stockholders Equity 13

Balance Sheet 72 line items

Line Item	Tag	Value	Unit	Period
Debt discount on related party notes payable, current	`DebtDiscountOnRelatedPartyNotesCurrent`	-	USD	Point-in-time
Debt discount on related party notes payable, current	`DebtDiscountOnRelatedPartyNotesCurrent`	$13.90K	USD	Point-in-time
Debt discount on note payable, current	`DebtInstrumentUnamortizedDiscountCurrent`	$9.93K	USD	Point-in-time
Debt discount on note payable, current	`DebtInstrumentUnamortizedDiscountCurrent`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.68K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$14.20K	USD	Point-in-time
Debt discount on related party notes payable, noncurrent	`DebtDiscountOnRelatedPartyNotesNoncurrent`	$579.00	USD	Point-in-time
Debt discount on related party notes payable, noncurrent	`DebtDiscountOnRelatedPartyNotesNoncurrent`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$185.72K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.13M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$5.21M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$5.19M	USD	Point-in-time
Debt discount on note payable, noncurrent	`DebtInstrumentUnamortizedDiscountNoncurrent`	$414.00	USD	Point-in-time
Debt discount on note payable, noncurrent	`DebtInstrumentUnamortizedDiscountNoncurrent`	-	USD	Point-in-time
Preferred stock, no par value	`PreferredStockNoParValue`	-	USD	Point-in-time
Inventories, net	`InventoryNet`	$3.70M	USD	Point-in-time
Inventories, net	`InventoryNet`	$3.34M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	5.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$418.97K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$978.43K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$10.05M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$18.10M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.58M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.82M	USD	Point-in-time
Deposits and other	`DepositsAndOtherNoncurrent`	$31.21K	USD	Point-in-time
Deposits and other	`DepositsAndOtherNoncurrent`	$31.21K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Deferred tax assets, net	`DeferredTaxAssetsNet`	$1.10M	USD	Point-in-time
Deferred tax assets, net	`DeferredTaxAssetsNet`	$1.32M	USD	Point-in-time
Goodwill	`Goodwill`	$3.32M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	11.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Goodwill	`Goodwill`	$3.32M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	12.77M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$608.40K	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	5.51M	shares	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$509.75K	USD	Point-in-time
Total Assets	`Assets`	$16.92M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	12.77M	shares	Point-in-time
Total Assets	`Assets`	$24.89M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	5.51M	shares	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.10M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.90M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$1.93M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$1.46M	USD	Point-in-time
Borrowings on bank line of credit	`LinesOfCreditCurrent`	$3.33M	USD	Point-in-time
Current portion of related-party notes payable, net of debt discount of $0 and $13,905, respectively	`NotesPayableRelatedPartiesClassifiedCurrent`	$136.30K	USD	Point-in-time
Current portion of note payable, net of debt discount of $0 and $9,932, respectively	`NotesPayableCurrent`	$640.08K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$2.56M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$9.95M	USD	Point-in-time
Related-party notes payable, net of current portion and debt discount of $0 and $579, respectively	`NotesPayableRelatedPartiesNoncurrent`	$12.70K	USD	Point-in-time
Note payable, net of current portion and debt discount of $0 and $414, respectively	`LongTermNotesPayable`	$335.27K	USD	Point-in-time
Total liabilities	`Liabilities`	$2.56M	USD	Point-in-time
Total liabilities	`Liabilities`	$10.30M	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.0001 par value; 50,000,000 shares authorized;12,773,289 and 5,514,917 shares, respectively issued and outstanding, respectively	`CommonStockValue`	$551.00	USD	Point-in-time
Common stock, $0.0001 par value; 50,000,000 shares authorized;12,773,289 and 5,514,917 shares, respectively issued and outstanding, respectively	`CommonStockValue`	$1.28K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$3.48M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$22.52M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$324.26K	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$436.84K	USD	Point-in-time
Retained (deficit) earnings	`RetainedEarningsAccumulatedDeficit`	$-513.00K	USD	Point-in-time
Retained (deficit) earnings	`RetainedEarningsAccumulatedDeficit`	$281.42K	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$6.62M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$22.33M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$16.92M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$24.89M	USD	Point-in-time

Income Statement 40 line items

Line Item	Tag	Value	Unit	Period
Net revenue	`SalesRevenueNet`	$7.12M	USD	1 Quarter
Net revenue	`SalesRevenueNet`	$6.34M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$4.91M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$4.28M	USD	1 Quarter
Gross margin	`GrossProfit`	$2.21M	USD	1 Quarter
Gross margin	`GrossProfit`	$2.06M	USD	1 Quarter
General and administrative	`SellingGeneralAndAdministrativeExpense`	$688.73K	USD	1 Quarter
General and administrative	`SellingGeneralAndAdministrativeExpense`	$1.07M	USD	1 Quarter
Marketing and selling	`SellingAndMarketingExpense`	$869.01K	USD	1 Quarter
Marketing and selling	`SellingAndMarketingExpense`	$607.04K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$972.63K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$587.45K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.88M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.91M	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$173.85K	USD	1 Quarter
(Loss) income from operations	`OperatingIncomeLoss`	$-701.83K	USD	1 Quarter
Interest expense	`InterestExpense`	$50.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$55.66K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$67.61K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-67.00	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$11.95K	USD	1 Quarter
Total other income (expense), net	`NonoperatingIncomeExpense`	$-50.07K	USD	1 Quarter
(Loss) income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$123.78K	USD	1 Quarter
(Loss) income before provision for income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-689.88K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$217.12K	USD	1 Quarter
Provision for income taxes	`IncomeTaxExpenseBenefit`	$44.63K	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$-907.00K	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$79.15K	USD	1 Quarter
Net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-112.58K	USD	1 Quarter
Net (loss) income attributable to common stockholders	`NetIncomeLoss`	$-794.42K	USD	1 Quarter
Net (loss) income attributable to common stockholders	`NetIncomeLoss`	$79.15K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.08	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.01	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.08	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.01	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	10.14M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	5.38M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	10.14M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.76M	shares	1 Quarter

Cash Flow Statement 65 line items

Line Item	Tag	Value	Unit	Period
Net (loss) income	`ProfitLoss`	$-907.00K	USD	1 Quarter
Net (loss) income	`ProfitLoss`	$79.15K	USD	1 Quarter
Net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-112.58K	USD	1 Quarter
Net (loss) income attributable to common stockholders	`NetIncomeLoss`	$-794.42K	USD	1 Quarter
Net (loss) income attributable to common stockholders	`NetIncomeLoss`	$79.15K	USD	1 Quarter
Net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	1 Quarter
Net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-112.58K	USD	1 Quarter
Deferred provision for income taxes	`DeferredIncomeTaxExpenseBenefit`	$215.98K	USD	1 Quarter
Provision for bad debt	`ProvisionForDoubtfulAccounts`	$91.13K	USD	1 Quarter
Warranty reserves	`WarrantyReserveAdjustments`	$-2.13K	USD	1 Quarter
Warranty reserves	`WarrantyReserveAdjustments`	$-1.33K	USD	1 Quarter
Amortization of deferred gain	`AmortizationOfDeferredHedgeGains`	$-28.84K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$179.04K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$253.76K	USD	1 Quarter
Inventory reserves	`InventoryLIFOReservePeriodCharge`	$-457.87K	USD	1 Quarter
Inventory reserves	`InventoryLIFOReservePeriodCharge`	$-152.65K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$5.96K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$24.83K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$24.63K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$35.32K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.34M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$111.95K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-430.12K	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$990.20K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$14.62K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$340.58K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.80M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$550.50K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$178.10K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-433.71K	USD	1 Quarter
Net cash (used) provided in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.03M	USD	1 Quarter
Net cash (used) provided in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$1.20M	USD	1 Quarter
Purchases of property and equipment, including capitalization of labor costs for tooling and test equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$13.39K	USD	1 Quarter
Purchases of property and equipment, including capitalization of labor costs for tooling and test equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$51.76K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-13.39K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-51.76K	USD	1 Quarter
Proceeds from stock options exercised	`ProceedsFromStockOptionsExercised`	$54.58K	USD	1 Quarter
Proceeds from stock options exercised	`ProceedsFromStockOptionsExercised`	$14.41K	USD	1 Quarter
Payment of payroll taxes on net issuance of employee stock options	`PaymentOfPayrollTaxesOnNetIssuanceOfEmployeeStockOptions`	$274.66K	USD	1 Quarter
Stock issuance costs	`PaymentsOfStockIssuanceCosts`	$1.81M	USD	1 Quarter
Proceeds from issuance of common stock	`ProceedsFromIssuanceOfCommonStock`	$19.50M	USD	1 Quarter
Net repayments on bank line of credit	`RepaymentsOfLinesOfCredit`	$982.98K	USD	1 Quarter
Net repayments on bank line of credit	`RepaymentsOfLinesOfCredit`	$3.33M	USD	1 Quarter
Payments on related-party notes payable	`RepaymentsOfRelatedPartyDebt`	$32.36K	USD	1 Quarter
Payments on related-party notes payable	`RepaymentsOfRelatedPartyDebt`	$163.48K	USD	1 Quarter
Payments on notes payable	`RepaymentsOfNotesPayable`	$985.69K	USD	1 Quarter
Payments on notes payable	`RepaymentsOfNotesPayable`	$151.90K	USD	1 Quarter
Net cash provided (used) in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-1.15M	USD	1 Quarter
Net cash provided (used) in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$12.99M	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-5.51K	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$8.94M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$8.68K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$14.20K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$185.72K	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$9.13M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$8.68K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$14.20K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$185.72K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$9.13M	USD	Point-in-time
Cash paid during the period for interest	`InterestPaid`	$39.35K	USD	1 Quarter
Cash paid during the period for interest	`InterestPaid`	$44.55K	USD	1 Quarter
Reclassification of inventory to property and equipment	`ReclassificationOfInventoriesToPropertyAndEquipment`	$384.32K	USD	1 Quarter
Relative fair value of warrants issued in connection with initial public offering	`FairValueAdjustmentOfWarrants`	$669.41K	USD	1 Quarter
Reclassification of prepaid IPO expenses to additional paid in capital	`ReclassificationOfPrepaidInitialPublicOfferingExpensesToAdditionalPaidInCapital`	$887.45K	USD	1 Quarter

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Proceed from issuance of stock, issuance costs	`StockIssuedDuringPeriodNewIssuesIssuanceCost`	$3.37M	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$6.62M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$22.33M	USD	Point-in-time
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$35.32K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$54.58K	USD	1 Quarter
Taxes paid on net issuance of employee stock options	`AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet`	$-274.66K	USD	1 Quarter
Relative fair value of warrants issued to Underwriters with IPO	`AdjustmentsToAdditionalPaidInCapitalWarrantIssued`	$669.41K	USD	1 Quarter
Proceeds from issuance of stock, net of issuance costs of $3,367,760	`StockIssuedDuringPeriodValueNewIssues`	$16.13M	USD	1 Quarter
Noncontrolling interest in consolidated subsidiary (Note 1)	`NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance`	$112.58K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-794.42K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$79.15K	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$6.62M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$22.33M	USD	Point-in-time

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