Data Storage Corp

NASDAQ:DTSTUnited States

Mar 28, 2024

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• Data Storage Corporation Reports Record Revenue of $25 Million and Achieves Profitability for the 2023 Fiscal Year, from 7:00AM ET on Thursday Mar 28, 2024 by GlobeNewswire

  7:00AM ET on Thursday Mar 28, 2024 by GlobeNewswire
  Companies Mentioned: DTST

• Data Storage Corporation Reports Record Revenue of $25 Million and Achieves Profitability for the 2023 Fiscal Year, from 7:00AM ET on Thursday Mar 28, 2024 by Dow Jones

  7:00AM ET on Thursday Mar 28, 2024 by Dow Jones
  Companies Mentioned: DTST
  accrued expenses $ 2,608,938 $ 3,207,577 Deferred revenue 336,201 281,060 Finance leases payable 263,600 359,868 Finance leases payable related party 235,944 520,623 Operating lease liabilities short term 63,983 160,657 -------------- -------------- Total Current Liabilities 3,508,666 4,529,785 -------------- -------------- Operating lease liabilities -- 71,772 Finance leases payable 17,641 281,242 Finance leases payable related party 20,297 256,241 -------------- -------------- Total Long-Term Liabilities 37,938 609,255 -------------- -------------- Total Liabilities 3,546,604 5,139,040 -------------- -------------- Commitments and contingencies (Note 7) Stockholders' Equity: Preferred stock, Series A par value $.001; 10,000,000 shares authorized;0 shares issued and outstanding in 2023 and 2022 -- -- Common stock, par value $.001; 250,000,000 shares authorized; 6,880,460 and 6,822,127 shares issued and outstanding in 2023 and 2022, respectively 6,881 6,822 Additional paid in capital 39,490,285 38,982,440 Accumulated deficit (19,505,803) (19,887,378) -------------- -------------- Total Data Storage Corp Stockholders' Equity 19,991,363 19,101,884 Non-controlling interest in consolidated subsidiary (236,948) (154,689) -------------- -------------- Total Stockholder's Equity 19,754,415 18,947,195 -------------- -------------- Total Liabilities and Stockholders' Equity $ 23,301,019 $ 24,086,235 ============== ============== DATA STORAGE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS Year Ended December 31, 2023 2022 ------------ -------------- Sales $24,959,576 $23,870,837 Cost of sales 15,383,251 15,787,544 ---------- ---------- Gross Profit 9,576,325 8,083,293 Impairment of goodwill -- 2,322,000 Selling, general and administrative 9,744,736 9,837,308 ---------- ---------- Loss from Operations (168,411) (4,076,015) ---------- ---------- Other Income (Expense) Interest income 542,229 10,969 Interest expense (74,502) (141,056) Impairment of deferred offering costs and financing costs associated with canceled financing efforts -- (127,343) Other expense -- (75,418) ---------- ---------- Total Other Income (Expense) 467,727 (332,848) ---------- ---------- Income (Loss) before provision for income taxes 299,316 (4,408,863) Provision from (Benefit from) income taxes -- -- ---------- ---------- Net Income (Loss) 299,316 (4,408,863) Loss in Non-controlling interest in consolidated subsidiary 82,259 52,061 ---------- ---------- Net Income (Loss) Attributable to Common Stockholders $ 381,575 $(4,356,802) ========== ========== Earnings (loss) per Share -- Basic $ 0.06 $ (0.64) ========== ========== Earnings (loss) per Share -- Diluted $ 0.05 $ (0.64) ========== ========== Weighted Average Number of Shares -- Basic 6,841,094 6,775,140 ========== ========== Weighted Average Number of Shares -- Diluted 7,215,069 6,775,140 ========== ========== DATA STORAGE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31, 2023 2022 ------------ -------------- Cash Flows from Operating Activities: Net income (loss) $ 299,316 $(4,408,863) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,301,594 1,225,911 Stock based compensation 506,205 734,479 Impairment of deferred offering costs and financing costs associated with canceled financing efforts -- 127,343 Impairment of goodwill -- 2,322,000 Changes in Assets and Liabilities: Accounts receivable 2,242,864 (1,118,469) Other assets -- 54,788 Prepaid expenses and other current assets 71,491 (48,265) Right of use asset 163,520 195,817 Accounts payable and accrued expenses (598,638) 1,864,188 Deferred revenue 55,141 (85,799) Operating lease liability (168,446) (199,329) ---------- ---------- Net Cash Provided by Operating Activities 3,873,047 663,801 ---------- ---------- Cash Flows from Investing Activities: Capital expenditures (1,545,017) (127,257) Purchase of marketable securities (2,307,228) (9,010,968) Net Cash Used in Investing Activities (3,852,245) (9,138,225) ---------- ---------- Cash Flows from Financing Activities: Repayments of finance lease obligations related party (520,624) (867,741) Repayments of finance lease obligations (359,869) (386,509) Payments for deferred offering costs -- (127,341) Cash received for the exercise of stock options 1,699 6,934 Net Cash Used in Financing Activities (878,794) (1,374,657) ---------- ---------- Decrease in Cash and Cash Equivalents (857,992) (9,849,081) Cash and Cash Equivalents, Beginning of Period 2,286,722 12,135,803 ---------- ---------- Cash and Cash Equivalents, End of Period $ 1,428,730 $ 2,286,722 ========== ========== Supplemental Disclosures: Cash paid for interest $ 65,057 $ 127,871 ========== ========== Cash paid for income taxes $ -- $ -- ========== ========== Non-cash investing and financing activities: Assets acquired by finance lease $ -- $ 1,094,051 ========== ==========
  

• Press Release: Data Storage Corporation Reports Record Revenue of $25 Million and Achieves Profitability for the 2023 Fiscal Year, from 7:00AM ET on Thursday Mar 28, 2024 by Dow Jones

  7:00AM ET on Thursday Mar 28, 2024 by Dow Jones
  Companies Mentioned: DTST
  accrued expenses $ 2,608,938 $ 3,207,577 Deferred revenue 336,201 281,060 Finance leases payable 263,600 359,868 Finance leases payable related party 235,944 520,623 Operating lease liabilities short term 63,983 160,657 -------------- -------------- Total Current Liabilities 3,508,666 4,529,785 -------------- -------------- Operating lease liabilities -- 71,772 Finance leases payable 17,641 281,242 Finance leases payable related party 20,297 256,241 -------------- -------------- Total Long-Term Liabilities 37,938 609,255 -------------- -------------- Total Liabilities 3,546,604 5,139,040 -------------- -------------- Commitments and contingencies (Note 7) Stockholders' Equity: Preferred stock, Series A par value $.001; 10,000,000 shares authorized;0 shares issued and outstanding in 2023 and 2022 -- -- Common stock, par value $.001; 250,000,000 shares authorized; 6,880,460 and 6,822,127 shares issued and outstanding in 2023 and 2022, respectively 6,881 6,822 Additional paid in capital 39,490,285 38,982,440 Accumulated deficit (19,505,803) (19,887,378) -------------- -------------- Total Data Storage Corp Stockholders' Equity 19,991,363 19,101,884 Non-controlling interest in consolidated subsidiary (236,948) (154,689) -------------- -------------- Total Stockholder's Equity 19,754,415 18,947,195 -------------- -------------- Total Liabilities and Stockholders' Equity $ 23,301,019 $ 24,086,235 ============== ============== DATA STORAGE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS Year Ended December 31, 2023 2022 ------------ -------------- Sales $24,959,576 $23,870,837 Cost of sales 15,383,251 15,787,544 ---------- ---------- Gross Profit 9,576,325 8,083,293 Impairment of goodwill -- 2,322,000 Selling, general and administrative 9,744,736 9,837,308 ---------- ---------- Loss from Operations (168,411) (4,076,015) ---------- ---------- Other Income (Expense) Interest income 542,229 10,969 Interest expense (74,502) (141,056) Impairment of deferred offering costs and financing costs associated with canceled financing efforts -- (127,343) Other expense -- (75,418) ---------- ---------- Total Other Income (Expense) 467,727 (332,848) ---------- ---------- Income (Loss) before provision for income taxes 299,316 (4,408,863) Provision from (Benefit from) income taxes -- -- ---------- ---------- Net Income (Loss) 299,316 (4,408,863) Loss in Non-controlling interest in consolidated subsidiary 82,259 52,061 ---------- ---------- Net Income (Loss) Attributable to Common Stockholders $ 381,575 $(4,356,802) ========== ========== Earnings (loss) per Share -- Basic $ 0.06 $ (0.64) ========== ========== Earnings (loss) per Share -- Diluted $ 0.05 $ (0.64) ========== ========== Weighted Average Number of Shares -- Basic 6,841,094 6,775,140 ========== ========== Weighted Average Number of Shares -- Diluted 7,215,069 6,775,140 ========== ========== DATA STORAGE CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS Year Ended December 31, 2023 2022 ------------ -------------- Cash Flows from Operating Activities: Net income (loss) $ 299,316 $(4,408,863) Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 1,301,594 1,225,911 Stock based compensation 506,205 734,479 Impairment of deferred offering costs and financing costs associated with canceled financing efforts -- 127,343 Impairment of goodwill -- 2,322,000 Changes in Assets and Liabilities: Accounts receivable 2,242,864 (1,118,469) Other assets -- 54,788 Prepaid expenses and other current assets 71,491 (48,265) Right of use asset 163,520 195,817 Accounts payable and accrued expenses (598,638) 1,864,188 Deferred revenue 55,141 (85,799) Operating lease liability (168,446) (199,329) ---------- ---------- Net Cash Provided by Operating Activities 3,873,047 663,801 ---------- ---------- Cash Flows from Investing Activities: Capital expenditures (1,545,017) (127,257) Purchase of marketable securities (2,307,228) (9,010,968) Net Cash Used in Investing Activities (3,852,245) (9,138,225) ---------- ---------- Cash Flows from Financing Activities: Repayments of finance lease obligations related party (520,624) (867,741) Repayments of finance lease obligations (359,869) (386,509) Payments for deferred offering costs -- (127,341) Cash received for the exercise of stock options 1,699 6,934 Net Cash Used in Financing Activities (878,794) (1,374,657) ---------- ---------- Decrease in Cash and Cash Equivalents (857,992) (9,849,081) Cash and Cash Equivalents, Beginning of Period 2,286,722 12,135,803 ---------- ---------- Cash and Cash Equivalents, End of Period $ 1,428,730 $ 2,286,722 ========== ========== Supplemental Disclosures: Cash paid for interest $ 65,057 $ 127,871 ========== ========== Cash paid for income taxes $ -- $ -- ========== ========== Non-cash investing and financing activities: Assets acquired by finance lease $ -- $ 1,094,051 ========== ==========