Business Context and Reporting Period
TSS, Inc. filed this Form 8-K on November 14, 2017, to report financial results for the three and nine months ended September 30, 2017. The filing references a press release (Exhibit 99.1) containing the detailed results and a scheduled conference call.
Key Financial Metrics
The provided text does not contain specific numerical values for revenue, profit, cash flow, margins, debt, or liquidity. These figures are contained within the referenced press release (Exhibit 99.1) which is not included in the input text. The filing notes that the press release includes non-GAAP financial measures reconciled to GAAP measures.
Material Changes
The filing text does not provide specific data regarding material changes in financial performance compared to prior periods. Investors must refer to the attached press release for comparative analysis.
Guidance, Outlook, and Risks
The filing includes significant forward-looking statements and risk disclosures:
- Going Concern: The independent registered public accounting firm's reports for 2015 and 2016 expressed substantial doubt about the Company's ability to continue as a "going concern."
- Liquidity Needs: The Company may lack sufficient resources to fund its business and may need to issue debt or equity for additional funding.
- Customer Concentration: The Company relies on a significant portion of revenues from a limited number of customers.
- Operational Risks: Risks include operating in a highly competitive industry, failure to maintain effective internal controls, rapid technological changes, complex project management, and potential short-notice contract cancellations.
- Debt Obligations: There are risks related to the ability to meet all terms and conditions of debt obligations.
Investor Verification Checklist
- Verify the specific revenue and net income figures for the three and nine months ended September 30, 2017, in the attached press release.
- Confirm the current status of the "going concern" qualification mentioned in prior audit reports.
- Assess the Company's current cash position and any recent or planned debt/equity issuances to address funding needs.
- Review the reconciliation of non-GAAP measures to GAAP measures provided in the press release.
- Monitor the Company's ability to maintain effective internal controls over financial reporting.