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10-Q Filing

ONE STOP SYSTEMS, INC. CIK: 1394056 Q1 2022
Filing Information
Form Type 10-Q
Accession Number 0001564590-22-019845
Period End Date 20220331
Filing Date 20220512
Fiscal Year 2022
Fiscal Period Q1
XBRL Instance oss-10q_20220331_htm.xml
Balance Sheet 54 line items
Line Item Tag Value Unit Period
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $5.10M USD Point-in-time
Cash and cash equivalents CashAndCashEquivalentsAtCarryingValue $2.22M USD Point-in-time
Short-term investments (Note 3) ShortTermInvestments $14.54M USD Point-in-time
Short-term investments (Note 3) ShortTermInvestments $13.54M USD Point-in-time
Accounts receivable, net (Note 4) AccountsReceivableNetCurrent $5.09M USD Point-in-time
Accounts receivable, net (Note 4) AccountsReceivableNetCurrent $9.08M USD Point-in-time
Inventories, net (Note 5) InventoryNet $12.28M USD Point-in-time
Inventories, net (Note 5) InventoryNet $16.43M USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $580.65K USD Point-in-time
Prepaid expenses and other current assets PrepaidExpenseAndOtherAssetsCurrent $1.06M USD Point-in-time
Total current assets AssetsCurrent $37.59M USD Point-in-time
Total current assets AssetsCurrent $42.32M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $2.87M USD Point-in-time
Property and equipment, net PropertyPlantAndEquipmentNet $3.09M USD Point-in-time
Operating lease right-of-use assets OperatingLeaseRightOfUseAsset $1.08M USD Point-in-time
Deposits and other DepositsAndOtherNoncurrent $46.84K USD Point-in-time
Deposits and other DepositsAndOtherNoncurrent $35.63K USD Point-in-time
Deferred tax assets, net DeferredIncomeTaxAssetsNet $3.57M USD Point-in-time
Deferred tax assets, net DeferredIncomeTaxAssetsNet $3.64M 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 $105.39K USD Point-in-time
Intangible assets, net (Note 6) IntangibleAssetsNetExcludingGoodwill $89.58K USD Point-in-time
Total Assets Assets $51.59M USD Point-in-time
Total Assets Assets $57.09M USD Point-in-time
Accounts payable AccountsPayableCurrent $4.39M USD Point-in-time
Accounts payable AccountsPayableCurrent $2.06M USD Point-in-time
Accrued expenses and other liabilities (Note 7) AccruedLiabilitiesAndOtherLiabilities $3.72M USD Point-in-time
Accrued expenses and other liabilities (Note 7) AccruedLiabilitiesAndOtherLiabilities $3.85M USD Point-in-time
Current portion of operating lease obligation OperatingLeaseLiabilityCurrent $545.64K USD Point-in-time
Current portion of notes payable (Note 8) NotesPayableCurrent $2.22M USD Point-in-time
Current portion of notes payable (Note 8) NotesPayableCurrent $1.14M USD Point-in-time
Current portion of senior secured convertible note, net of debt discounts of $0 and $2,384, respectively (Note 8) SeniorSecuredConvertibleNoteCurrent $2.59M USD Point-in-time
Total current liabilities LiabilitiesCurrent $10.88M USD Point-in-time
Total current liabilities LiabilitiesCurrent $9.63M USD Point-in-time
Operating lease obligation, net of current portion OperatingLeaseLiabilityNoncurrent $794.43K USD Point-in-time
Total liabilities Liabilities $11.67M USD Point-in-time
Total liabilities Liabilities $9.63M 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; 19,914,548 and 18,772,214 shares issued and outstanding, respectively CommonStockValue $1.88K USD Point-in-time
Common stock, $0.0001 par value; 50,000,000 shares authorized; 19,914,548 and 18,772,214 shares issued and outstanding, respectively CommonStockValue $1.99K USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $41.23M USD Point-in-time
Additional paid-in capital AdditionalPaidInCapital $44.22M USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $97.00K USD Point-in-time
Accumulated other comprehensive income AccumulatedOtherComprehensiveIncomeLossNetOfTax $153.36K USD Point-in-time
Accumulated earnings RetainedEarningsAccumulatedDeficit $1.11M USD Point-in-time
Accumulated earnings RetainedEarningsAccumulatedDeficit $571.04K USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $38.97M USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $41.96M USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $29.29M USD Point-in-time
Total stockholders equity StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $45.42M USD Point-in-time
Total Liabilities and Stockholders' Equity LiabilitiesAndStockholdersEquity $51.59M USD Point-in-time
Total Liabilities and Stockholders' Equity LiabilitiesAndStockholdersEquity $57.09M USD Point-in-time
Income Statement 38 line items
Line Item Tag Value Unit Period
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $17.05M USD 1 Quarter
Revenue RevenueFromContractWithCustomerExcludingAssessedTax $13.32M USD 1 Quarter
Cost of revenue CostOfRevenue $8.88M USD 1 Quarter
Cost of revenue CostOfRevenue $11.91M USD 1 Quarter
Gross profit GrossProfit $4.43M USD 1 Quarter
Gross profit GrossProfit $5.14M USD 1 Quarter
General and administrative SellingGeneralAndAdministrativeExpense $2.16M USD 1 Quarter
General and administrative SellingGeneralAndAdministrativeExpense $1.77M USD 1 Quarter
Marketing and selling SellingAndMarketingExpense $1.17M USD 1 Quarter
Marketing and selling SellingAndMarketingExpense $1.47M USD 1 Quarter
Research and development ResearchAndDevelopmentExpense $832.23K 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 $4.16M USD 1 Quarter
Income from operations OperatingIncomeLoss $650.13K USD 1 Quarter
Income from operations OperatingIncomeLoss $275.03K USD 1 Quarter
Interest income NonoperatingInterestIncome $5.30K USD 1 Quarter
Interest income NonoperatingInterestIncome $51.01K USD 1 Quarter
Interest expense InterestExpense $149.98K USD 1 Quarter
Interest expense InterestExpense $58.72K USD 1 Quarter
Other income (expense), net OtherNonoperatingIncomeExpense $-28.63K USD 1 Quarter
Other income (expense), net OtherNonoperatingIncomeExpense $102.12K USD 1 Quarter
Total other income (expense), net NonoperatingIncomeExpense $-173.31K USD 1 Quarter
Total other income (expense), net NonoperatingIncomeExpense $94.41K USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $744.54K USD 1 Quarter
Income before income taxes IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest $101.72K USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $165.31K USD 1 Quarter
Provision for income taxes IncomeTaxExpenseBenefit $60.52K USD 1 Quarter
Net income NetIncomeLoss $41.20K USD 1 Quarter
Net income NetIncomeLoss $579.23K USD 1 Quarter
Basic EarningsPerShareBasic - USD 1 Quarter
Basic EarningsPerShareBasic $0.03 USD 1 Quarter
Diluted EarningsPerShareDiluted - USD 1 Quarter
Diluted EarningsPerShareDiluted $0.03 USD 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 18.89M shares 1 Quarter
Basic WeightedAverageNumberOfSharesOutstandingBasic 17.35M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 19.76M shares 1 Quarter
Diluted WeightedAverageNumberOfDilutedSharesOutstanding 18.64M shares 1 Quarter
Cash Flow Statement 70 line items
Line Item Tag Value Unit Period
Net income ProfitLoss $41.20K USD 1 Quarter
Net income ProfitLoss $579.23K USD 1 Quarter
Deferred benefit for income taxes DeferredIncomeTaxesAndTaxCredits $71.37K USD 1 Quarter
Deferred benefit for income taxes DeferredIncomeTaxesAndTaxCredits $-59.29K USD 1 Quarter
Gain on sale of intangible asset GainLossOnDispositionOfIntangibleAssets $125.00K USD 1 Quarter
Loss on disposal of property and equipment GainLossOnSaleOfPropertyPlantEquipment $-48.86K USD 1 Quarter
(Recovery) provision for bad debt ProvisionForRecoveryOfDoubtfulAccounts $-5.52K USD 1 Quarter
(Recovery) provision for bad debt ProvisionForRecoveryOfDoubtfulAccounts $-16.59K USD 1 Quarter
Warranty reserves WarrantyReserveAdjustments $-13.94K USD 1 Quarter
Warranty reserves WarrantyReserveAdjustments $14.93K USD 1 Quarter
Amortization of intangibles AmortizationOfIntangibleAssets $15.81K USD 1 Quarter
Amortization of intangibles AmortizationOfIntangibleAssets $163.90K USD 1 Quarter
Depreciation Depreciation $216.88K USD 1 Quarter
Depreciation Depreciation $253.98K USD 1 Quarter
Inventory reserves InventoryLIFOReservePeriodCharge $154.34K USD 1 Quarter
Inventory reserves InventoryLIFOReservePeriodCharge $19.34K USD 1 Quarter
Amortization of debt discount AmortizationOfDebtDiscountPremium $61.21K USD 1 Quarter
Amortization of debt discount AmortizationOfDebtDiscountPremium $1.22K USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $438.39K USD 1 Quarter
Stock-based compensation expense ShareBasedCompensation $382.83K USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $-1.70M USD 1 Quarter
Accounts receivable IncreaseDecreaseInAccountsReceivable $4.01M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $4.33M USD 1 Quarter
Inventories IncreaseDecreaseInInventories $223.16K USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidExpense $152.56K USD 1 Quarter
Prepaid expenses and other current assets IncreaseDecreaseInPrepaidExpense $466.40K USD 1 Quarter
Accounts payable IncreaseDecreaseInAccountsPayable $1.80M 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 $159.77K USD 1 Quarter
Net cash (used in) provided by operating activities NetCashProvidedByUsedInOperatingActivities $-5.02M USD 1 Quarter
Net cash (used in) provided by operating activities NetCashProvidedByUsedInOperatingActivities $4.29M USD 1 Quarter
Redemption of short-term investment grade securities RedemptionOfShortTermInvestmentGradeSecurities $989.35K 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 $85.84K USD 1 Quarter
Purchases of property and equipment, including capitalization of labor costs for test equipment and ERP PaymentsToAcquirePropertyPlantAndEquipment $121.76K USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $-121.76K USD 1 Quarter
Net cash provided by (used in) investing activities NetCashProvidedByUsedInInvestingActivities $1.03M USD 1 Quarter
Proceeds from exercise of stock options and warrants ProceedsFromExerciseOfStockOptionsAndWarrants $278.97K 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 $44.25K USD 1 Quarter
Payment of payroll taxes on net issuance of employee stock options PaymentOfPayrollTaxesOnNetIssuanceOfEmployeeStockOptions $20.48K USD 1 Quarter
Proceeds from issuance of stock ProceedsFromIssuanceOfCommonStock $10.00M USD 1 Quarter
Stock issuance costs PaymentsOfStockIssuanceCosts $778.81K USD 1 Quarter
Net (repayments) borrowings on bank lines of credit ProceedsFromRepaymentsOfLinesOfCredit $-80.12K 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 $47.17K USD 1 Quarter
Repayments on related-party notes payable RepaymentsOfRelatedPartyDebt $155.02K USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $9.17M USD 1 Quarter
Net cash provided by financing activities NetCashProvidedByUsedInFinancingActivities $1.13M USD 1 Quarter
Net change in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $-2.86M USD 1 Quarter
Net change in cash and cash equivalents CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect $13.34M USD 1 Quarter
Effect of exchange rates on cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $-22.82K USD 1 Quarter
Effect of exchange rates on cash EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $-45.51K USD 1 Quarter
Cash and cash equivalents, beginning of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $19.61M USD Point-in-time
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 $6.32M USD Point-in-time
Cash and cash equivalents, end of period CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations $19.61M 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 $6.32M USD Point-in-time
Cash paid during the period for interest InterestPaidNet $83.39K USD 1 Quarter
Cash paid during the period for interest InterestPaidNet $6.16K 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 $80.63K USD 1 Quarter
Reclassification of inventories to property and equipment ReclassificationOfInventoriesToPropertyAndEquipment $61.81K USD 1 Quarter
Reclassification of inventories to property and equipment ReclassificationOfInventoriesToPropertyAndEquipment $157.13K USD 1 Quarter
Conversion of senior secured convertible debt to common stock DebtConversionConvertedInstrumentAmount1 $2.59M USD 1 Quarter
Stockholders Equity 22 line items
Line Item Tag Value Unit Period
Proceed from issuance of stock, issuance costs StockIssuedDuringPeriodNewIssuesIssuanceCost $778.81K USD 1 Quarter
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $38.97M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $41.96M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $29.29M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $45.42M USD Point-in-time
Stock-based compensation StockIssuedDuringPeriodValueShareBasedCompensation $382.83K USD 1 Quarter
Stock-based compensation StockIssuedDuringPeriodValueShareBasedCompensation $438.39K USD 1 Quarter
Exercise of stock options, RSUs and warrants StockIssuedDuringPeriodValueExerciseOfStockOptionsRestrictedStockUnitsAndWarrants $29.67K USD 1 Quarter
Exercise of stock options StockIssuedDuringPeriodValueStockOptionsExercised $278.97K USD 1 Quarter
Proceeds from issuance of stock, net of issuance costs StockIssuedDuringPeriodValueNewIssues $9.22M USD 1 Quarter
Taxes paid on net issuance of employee stock options AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet $-20.48K USD 1 Quarter
Taxes paid on net issuance of employee stock options AdjustmentToAdditionalPaidInCapitalIncomeTaxEffectFromShareBasedCompensationNet $-44.25K 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 $-250.39K USD 1 Quarter
Net unrealized gains (losses) on short-term investments OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $-6.00K USD 1 Quarter
Net Income NetIncomeLoss $41.20K USD 1 Quarter
Net Income NetIncomeLoss $579.23K USD 1 Quarter
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $38.97M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $41.96M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $29.29M USD Point-in-time
Balance StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest $45.42M USD Point-in-time
Comprehensive Income 9 line items
Line Item Tag Value Unit Period
Net income NetIncomeLoss $41.20K USD 1 Quarter
Net income NetIncomeLoss $579.23K USD 1 Quarter
Net unrealized losses on short-term investments OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax $-6.00K USD 1 Quarter
Currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentIncludingForwardContractGainLossNetOfTax $-50.37K USD 1 Quarter
Currency translation adjustment OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentIncludingForwardContractGainLossNetOfTax $-250.39K USD 1 Quarter
Total other comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-250.39K USD 1 Quarter
Total other comprehensive loss OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent $-56.36K USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTax $522.87K USD 1 Quarter
Comprehensive income (loss) ComprehensiveIncomeNetOfTax $-209.19K USD 1 Quarter

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

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