10-Q Filing

ONE STOP SYSTEMS, INC. CIK: 1394056 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001564590-19-018093`
Period End Date	20190331
Filing Date	20190509
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	oss-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 66 Income Statement 39 Cash Flow Statement 68 Stockholders Equity 20 Comprehensive Income 6

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, 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
Common stock, shares authorized	`CommonStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$9.13M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	14.27M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	14.22M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.27M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$185.72K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$455.43K	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	14.22M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	14.27M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$8.63M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$10.54M	USD	Point-in-time
Inventories, net	`InventoryNet`	$6.82M	USD	Point-in-time
Inventories, net	`InventoryNet`	$9.39M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$848.61K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$666.33K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$19.33M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$20.30M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$1.76M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$2.44M	USD	Point-in-time
Deposits and other	`DepositsAndOtherNoncurrent`	$49.97K	USD	Point-in-time
Deposits and other	`DepositsAndOtherNoncurrent`	$49.97K	USD	Point-in-time
Deferred tax assets, net	`DeferredTaxAssetsLiabilitiesNet`	$3.67M	USD	Point-in-time
Deferred tax assets, net	`DeferredTaxAssetsLiabilitiesNet`	$2.51M	USD	Point-in-time
Goodwill	`Goodwill`	$7.91M	USD	Point-in-time
Goodwill	`Goodwill`	$7.91M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.18M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.53M	USD	Point-in-time
Total Assets	`Assets`	$36.06M	USD	Point-in-time
Total Assets	`Assets`	$36.58M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$5.15M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.71M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$3.93M	USD	Point-in-time
Accrued expenses and other liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$4.68M	USD	Point-in-time
Borrowings on bank lines of credit (Note 8)	`LinesOfCreditCurrent`	$422.96K	USD	Point-in-time
Borrowings on bank lines of credit (Note 8)	`LinesOfCreditCurrent`	$553.97K	USD	Point-in-time
Current portion of notes payable (Note 8)	`NotesPayableCurrent`	$1.16M	USD	Point-in-time
Current portion of notes payable (Note 8)	`NotesPayableCurrent`	$219.32K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$9.22M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$10.60M	USD	Point-in-time
Notes payable, net of current portion (Note 8)	`LongTermNotesPayable`	$214.31K	USD	Point-in-time
Notes payable, net of current portion (Note 8)	`LongTermNotesPayable`	$265.04K	USD	Point-in-time
Total liabilities	`Liabilities`	$10.82M	USD	Point-in-time
Total liabilities	`Liabilities`	$9.48M	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 11)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $.0001 par value; 50,000,000 shares authorized; 14,270,426 and 14,216,328 shares issued and outstanding, respectively	`CommonStockValue`	$1.42K	USD	Point-in-time
Common stock, $.0001 par value; 50,000,000 shares authorized; 14,270,426 and 14,216,328 shares issued and outstanding, respectively	`CommonStockValue`	$1.43K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$27.61M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$27.42M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$500.00	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$500.00	USD	Point-in-time
Accumulated other comprehensive (loss) income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.14K	USD	Point-in-time
Accumulated other comprehensive (loss) income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-40.73K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.80M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-854.86K	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$25.77M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$22.33M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$26.57M	USD	Point-in-time
Total stockholders equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$6.62M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$36.58M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$36.06M	USD	Point-in-time

Income Statement 39 line items

Line Item	Tag	Value	Unit	Period
Net revenue	`Revenues`	$10.06M	USD	1 Quarter
Net revenue	`Revenues`	$7.12M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$4.91M	USD	1 Quarter
Cost of revenue	`CostOfRevenue`	$7.65M	USD	1 Quarter
Gross margin	`GrossProfit`	$2.21M	USD	1 Quarter
Gross margin	`GrossProfit`	$2.41M	USD	1 Quarter
General and administrative	`SellingGeneralAndAdministrativeExpense`	$1.07M	USD	1 Quarter
General and administrative	`SellingGeneralAndAdministrativeExpense`	$2.04M	USD	1 Quarter
Marketing and selling	`SellingAndMarketingExpense`	$869.01K	USD	1 Quarter
Marketing and selling	`SellingAndMarketingExpense`	$1.14M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$972.63K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$1.26M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.91M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.44M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-701.83K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-2.03M	USD	1 Quarter
Interest expense	`InterestExpense`	$55.66K	USD	1 Quarter
Interest expense	`InterestExpense`	$6.27K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$67.61K	USD	1 Quarter
Other, net	`OtherNonoperatingIncomeExpense`	$-8.16K	USD	1 Quarter
Total other (expense) income, net	`NonoperatingIncomeExpense`	$11.95K	USD	1 Quarter
Total other (expense) income, net	`NonoperatingIncomeExpense`	$-14.43K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-689.88K	USD	1 Quarter
Loss before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-2.05M	USD	1 Quarter
(Benefit) provision for income taxes	`IncomeTaxExpenseBenefit`	$217.12K	USD	1 Quarter
(Benefit) provision for income taxes	`IncomeTaxExpenseBenefit`	$-1.10M	USD	1 Quarter
Net loss	`ProfitLoss`	$-944.73K	USD	1 Quarter
Net loss	`ProfitLoss`	$-907.00K	USD	1 Quarter
Net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-112.58K	USD	1 Quarter
Net loss attributable to common stockholders	`NetIncomeLoss`	$-944.73K	USD	1 Quarter
Net loss attributable to common stockholders	`NetIncomeLoss`	$-794.42K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.07	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.08	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.08	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.07	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	10.14M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	14.24M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	10.14M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	14.24M	shares	1 Quarter

Cash Flow Statement 68 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-944.73K	USD	1 Quarter
Net loss	`ProfitLoss`	$-907.00K	USD	1 Quarter
Net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-112.58K	USD	1 Quarter
Net loss attributable to common stockholders	`NetIncomeLoss`	$-944.73K	USD	1 Quarter
Net loss attributable to common stockholders	`NetIncomeLoss`	$-794.42K	USD	1 Quarter
Net loss attributable to noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-112.58K	USD	1 Quarter
Deferred (benefit) provision for income taxes	`DeferredIncomeTaxesAndTaxCredits`	$-1.17M	USD	1 Quarter
Deferred (benefit) provision for income taxes	`DeferredIncomeTaxesAndTaxCredits`	$215.98K	USD	1 Quarter
(Gain) on disposal of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$1.05K	USD	1 Quarter
Provision for bad debt	`ProvisionForRecoveryOfDoubtfulAccounts`	$91.13K	USD	1 Quarter
Provision for bad debt	`ProvisionForRecoveryOfDoubtfulAccounts`	$-88.00	USD	1 Quarter
Warranty reserves	`WarrantyReserveAdjustments`	$-1.33K	USD	1 Quarter
Warranty reserves	`WarrantyReserveAdjustments`	$3.43K	USD	1 Quarter
Amortization of deferred gain	`AmortizationOfDeferredHedgeGains`	$-28.84K	USD	1 Quarter
Amortization of deferred gain	`AmortizationOfDeferredHedgeGains`	$-16.48K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$253.76K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$464.73K	USD	1 Quarter
Inventory reserves	`InventoryLIFOReservePeriodCharge`	$57.05K	USD	1 Quarter
Inventory reserves	`InventoryLIFOReservePeriodCharge`	$-457.87K	USD	1 Quarter
Amortization of debt discount	`AmortizationOfDebtDiscountPremium`	$24.83K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$167.47K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$35.32K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$111.95K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-1.87M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$2.70M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$-430.12K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$185.60K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$340.58K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.47M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-2.80M	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$-433.71K	USD	1 Quarter
Accrued expenses and other liabilities	`IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities`	$791.15K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.03M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-200.02K	USD	1 Quarter
Purchases of property and equipment, including capitalization of labor costs for test equipment and ERP, (net)	`PaymentsToAcquirePropertyPlantAndEquipment`	$13.39K	USD	1 Quarter
Purchases of property and equipment, including capitalization of labor costs for test equipment and ERP, (net)	`PaymentsToAcquirePropertyPlantAndEquipment`	$803.24K	USD	1 Quarter
Proceeds from sales of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.05K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-13.39K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-802.19K	USD	1 Quarter
Proceeds from stock options exercised	`ProceedsFromStockOptionsExercised`	$14.20K	USD	1 Quarter
Proceeds from stock options exercised	`ProceedsFromStockOptionsExercised`	$54.58K	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 borrowings (repayments) on bank lines of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$-3.33M	USD	1 Quarter
Net borrowings (repayments) on bank lines of credit	`ProceedsFromRepaymentsOfLinesOfCredit`	$140.97K	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`	$972.44K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-817.27K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$12.99M	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-1.82M	USD	1 Quarter
Net change in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$8.94M	USD	1 Quarter
Effect of exchange rates on cash	`EffectOfExchangeRateOnCashAndCashEquivalents`	$2.66K	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$9.13M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$2.27M	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`	$455.43K	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$9.13M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$2.27M	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`	$455.43K	USD	Point-in-time
Cash paid during the period for interest	`InterestPaidNet`	$6.27K	USD	1 Quarter
Cash paid during the period for interest	`InterestPaidNet`	$39.35K	USD	1 Quarter
Cash paid during the period for income taxes	`IncomeTaxesPaid`	$62.35K	USD	1 Quarter
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
Reclassification of inventories to property and equipment	`ReclassificationOfInventoriesToPropertyAndEquipment`	$384.32K	USD	1 Quarter

Stockholders Equity 20 line items

Line Item	Tag	Value	Unit	Period
Proceed from issuance of stock, issuance costs	`StockIssuedDuringPeriodNewIssuesIssuanceCost`	$3.37M	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$25.77M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$22.33M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$26.57M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$6.62M	USD	Point-in-time
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$167.47K	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$35.32K	USD	1 Quarter
Exercise of stock options, RSU's and Warrants	`StockIssuedDuringPeriodValueExerciseOfStockOptionsRestrictedStockUnitsAndWarrants`	$14.20K	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
Currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-41.87K	USD	1 Quarter
Noncontrolling interest in consolidated subsidiary (Note 1)	`NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance`	$112.58K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-944.73K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-794.42K	USD	1 Quarter
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$25.77M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$22.33M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$26.57M	USD	Point-in-time
Balance	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$6.62M	USD	Point-in-time

Comprehensive Income 6 line items

Line Item	Tag	Value	Unit	Period
Net loss attributable to common stockholders	`NetIncomeLoss`	$-944.73K	USD	1 Quarter
Net loss attributable to common stockholders	`NetIncomeLoss`	$-794.42K	USD	1 Quarter
Change in foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-41.87K	USD	1 Quarter
Total other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-41.87K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-794.42K	USD	1 Quarter
Comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-986.60K	USD	1 Quarter

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