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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT
OF 1934
For
the quarterly period ended June 30, 2024
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT
OF 1934
001-32146
Commission
file number
![](https://www.sec.gov/Archives/edgar/data/771999/000149315224031643/form10-q_001.jpg)
DSS,
INC. |
(Exact
name of registrant as specified in its charter) |
New
York |
|
16-1229730 |
(State
or other Jurisdiction of
incorporation-
or Organization) |
|
(IRS
Employer
Identification
No.) |
275
Wiregrass Pkwy,
West
Henrietta, NY 14586
(Address
of principal executive offices)
(585)
325-3610
(Registrant’s
telephone number, including area code)
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☐ No ☒
Indicate
by check mark whether the registrant has submitted electronically every Interactive Date File required to be submitted pursuant to Rule
405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files) Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See definitions of “large accelerated filer”, “accelerated filer”, “smaller
reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
Non-accelerated
filer ☒ |
Smaller
reporting company ☒ |
Emerging
growth company ☐ |
|
|
|
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Ticker
symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, $0.02 par value per share |
|
DSS |
|
The
NYSE American LLC |
As
of August 1, 2024 there were 7,066,772 shares of the registrant’s common stock, $0.02 par value, outstanding.
DSS,
INC.
FORM
10-Q
TABLE
OF CONTENTS
PART
I – FINANCIAL INFORMATION
ITEM
1 - FINANCIAL STATEMENTS
DSS,
INC. AND SUBSIDIARIES
Condensed
Consolidated Balance Sheets
| |
June 30, 2024
(unaudited) | | |
December 31, 2023 | |
ASSETS | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 10,719,000 | | |
$ | 6,615,000 | |
Accounts receivable, net | |
| 2,531,000 | | |
| 3,994,000 | |
Inventory | |
| 3,572,000 | | |
| 2,819,000 | |
Assets held for sale | |
| 46,040,000 | | |
| 51,595,000 | |
Current portion of notes receivable | |
| 3,907,000 | | |
| 8,772,000 | |
Prepaid expenses and other current assets | |
| 929,000 | | |
| 839,000 | |
Total current assets | |
| 67,698,000 | | |
| 74,634,000 | |
| |
| | | |
| | |
Property, plant and equipment, net | |
| 6,054,000 | | |
| 6,417,000 | |
Investment in real estate, net | |
| 6,226,000 | | |
| 6,279,000 | |
Other investments | |
| 1,282,000 | | |
| 1,282,000 | |
Investment, equity method | |
| 135,000 | | |
| 128,000 | |
Marketable securities | |
| 9,558,000 | | |
| 9,979,000 | |
Notes receivable | |
| 117,000 | | |
| 111,000 | |
Other assets | |
| 139,000 | | |
| 97,000 | |
Right-of-use assets | |
| 6,841,000 | | |
| 7,210,000 | |
Goodwill | |
| 26,862,000 | | |
| 26,862,000 | |
Other intangible assets, net | |
| 19,536,000 | | |
| 20,193,000 | |
Total assets | |
$ | 144,448,000 | | |
$ | 153,192,000 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
| |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 3,430,000 | | |
$ | 3,654,000 | |
Accrued expenses and deferred revenue | |
| 1,989,000 | | |
| 2,512,000 | |
Other current liabilities | |
| 2,456,000 | | |
| 983,000 | |
Current portion of lease liability | |
| 661,000 | | |
| 686,000 | |
Current portion of long-term debt, net | |
| 49,130,000 | | |
| 47,776,000 | |
Total current liabilities | |
| 57,666,000 | | |
| 55,611,000 | |
| |
| | | |
| | |
Long-term debt, net | |
| 7,029,000 | | |
| 7,451,000 | |
Long term lease liability | |
| 6,603,000 | | |
| 6,917,000 | |
| |
| | | |
| | |
Commitments and contingencies (Note 11) | |
| - | | |
| - | |
| |
| | | |
| | |
Stockholders’ equity | |
| | | |
| | |
Preferred stock, $.02 par value; 47,000 shares authorized, zero shares issued and outstanding (zero on December 31, 2023); Liquidation value $1,000 per share, zero aggregate. zero on December 31, 2023). | |
| - | | |
| - | |
Common stock, $.02 par value; 200,000,000 shares authorized, 7,066,772 shares issued and outstanding (7,066,772 on December 31, 2023) | |
| 140,000 | | |
| 140,000 | |
Additional paid-in capital | |
| 319,963,000 | | |
| 319,963,000 | |
Accumulated deficit | |
| (264,930,000 | ) | |
| (256,176,000 | ) |
Total stockholders’ equity | |
| 55,173,000 | | |
| 63,927,000 | |
Non-controlling interest in subsidiaries | |
| 17,977,000 | | |
| 19,286,000 | |
Total stockholders’ equity | |
| 73,150,000 | | |
| 83,213,000 | |
| |
| | | |
| | |
Total liabilities and stockholders’ equity | |
$ | 144,448,000 | | |
$ | 153,192,000 | |
See
accompanying notes to the condensed consolidated financial statements.
DSS,
INC. AND SUBSIDIARIES
Condensed
Consolidated Statements of Operations
(unaudited)
| |
| | |
| | |
| | |
| |
| |
For
the Three Months Ended June 30, | | |
For
the Six Months Ended June 30, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Revenue: | |
| | | |
| | | |
| | | |
| | |
Printed products | |
$ | 3,528,000 | | |
$ | 3,626,000 | | |
$ | 6,601,000 | | |
$ | 9,661,000 | |
Rental income | |
| 438,000 | | |
| 1,543,000 | | |
| 838,000 | | |
| 3,228,000 | |
Net investment income | |
| 41,000 | | |
| 197,000 | | |
| 136,000 | | |
| 314,000 | |
Direct marketing | |
| - | | |
| 1,572,000 | | |
| - | | |
| 5,566,000 | |
Commission revenue | |
| 204,000 | | |
| 295,000 | | |
| 507,000 | | |
| 295,000 | |
Total revenue | |
| 4,211,000 | | |
| 7,233,000 | | |
| 8,082,000 | | |
| 19,064,000 | |
| |
| | | |
| | | |
| | | |
| | |
Costs and
expenses: | |
| | | |
| | | |
| | | |
| | |
Cost of revenue | |
| 5,673,000 | | |
| 4,832,000 | | |
| 10,663,000 | | |
| 13,365,000 | |
Selling, general and administrative | |
| 3,473,000 | | |
| 8,851,000 | | |
| 7,035,000 | | |
| 17,824,000 | |
Total costs and expenses | |
| 9,146,000 | | |
| 13,683,000 | | |
| 17,698,000 | | |
| 31,189,000 | |
Operating
loss | |
| (4,935,000 | ) | |
| (6,450,000 | ) | |
| (9,616,000 | ) | |
| (12,125,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income
(expense): | |
| | | |
| | | |
| | | |
| | |
Interest income | |
| 195,000 | | |
| 407,000 | | |
| 302,000 | | |
| 538,000 | |
Dividend income | |
| - | | |
| 8,000 | | |
| - | | |
| 12,000 | |
Other income (expense) | |
| 12,000 | | |
| 147,000 | | |
| 38,000 | | |
| 175,000 | |
Interest expense | |
| (142,000 | ) | |
| (138,000 | ) | |
| (190,000 | ) | |
| (388,000 | ) |
Foreign Currency Translation
Adjustment | |
| (9,000 | ) | |
| - | | |
| (14,000 | ) | |
| - | |
Gain/(loss) on equity method
investment | |
| 8,000 | | |
| (18,000 | ) | |
| 7,000 | | |
| (22,000 | ) |
Loss on investments | |
| (383,000 | ) | |
| (27,922,000 | ) | |
| (572,000 | ) | |
| (30,790,000 | ) |
Provision for loan losses | |
| (53,000 | ) | |
| (3,757,000 | ) | |
| (346,000 | ) | |
| (3,757,000 | ) |
Gain on sale of assets | |
| 165,000 | | |
| - | | |
| 165,000 | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Income tax benefit | |
| 188,000 | | |
| - | | |
| 163,000 | | |
| - | |
Net loss | |
$ | (4,954,000 | ) | |
$ | (37,723,000 | ) | |
$ | (10,063,000 | ) | |
$ | (46,357,000 | ) |
Loss
(gain) from continuing operations attributed to noncontrolling interest | |
| 271,000 | | |
| (200,000 | ) | |
| 1,309,000 | | |
| 398,000 | |
| |
| | | |
| | | |
| | | |
| | |
Net loss
attributable to common stockholders | |
$ | (4,683,000 | ) | |
$ | (37,923,000 | ) | |
$ | (8,754,000 | ) | |
$ | (45,959,000 | ) |
| |
| | | |
| | | |
| | | |
| | |
Loss per common share: | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | (0.66 | ) | |
$ | (5.41 | ) | |
$ | (1.24 | ) | |
$ | (6.59 | ) |
Diluted | |
$ | (0.66 | ) | |
$ | (5.41 | ) | |
$ | (1.24 | ) | |
$ | (6.59 | ) |
Shares
used in computing loss per common share: | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 7,066,772 | | |
| 7,007,046 | | |
| 7,066,772 | | |
| 6,978,952 | |
Diluted | |
| 7,066,772 | | |
| 7,007,046 | | |
| 7,066,772 | | |
| 6,978,952 | |
See
accompanying notes to the condensed consolidated financial statements.
DSS,
INC. AND SUBSIDIARIES
Condensed
Consolidated Statements of Cash Flows
For
the Six Months Ended June 30,
(unaudited)
| |
2024 | | |
2023 | |
Cash flows from operating activities: | |
| | | |
| | |
Loss from continuing operations | |
$ | (10,063,000 | ) | |
$ | (46,357,000 | ) |
Adjustments to reconcile loss from continuing operations to net cash used by operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 1,136,000 | | |
| 2,647,000 | |
Stock based compensation | |
| - | | |
| 268,000 | |
Loss (income) on equity method investment | |
| (7,000 | ) | |
| 22,000 | |
Gain on investments | |
| 572,000 | | |
| 30,790,000 | |
Change in ROU assets | |
| 369,000 | | |
| 774,000 | |
Gain on sale of assets | |
| (165,000 | ) | |
| - | |
Provision for loan losses | |
| 815,000 | | |
| 3,757,000 | |
Decrease (increase) in assets: | |
| | | |
| | |
Accounts receivable | |
| 1,679,000 | | |
| 2,531,000 | |
Inventory | |
| (753,000 | ) | |
| 4,707,000 | |
Prepaid expenses and other current assets | |
| 504,000 | | |
| 592,000 | |
Other assets | |
| (42,000 | ) | |
| 3,123,000 | |
Increase (decrease) in liabilities: | |
| | | |
| | |
Accounts payable | |
| (224,000 | ) | |
| (3,846,000 | ) |
Accrued expenses | |
| (529,000 | ) | |
| (15,958,000 | ) |
ROU liabilities | |
| (339,000 | ) | |
| (1,052,000 | ) |
Other liabilities | |
| 1,473,000 | | |
| (81,000 | ) |
Net cash used by operating activities - continuing operations | |
| (5,574,000 | ) | |
| (18,083,000 | ) |
Net cash used by operating activities - held for sale | |
| - | | |
| (1,632,000 | ) |
Net cash used by operating activities | |
| (5,574,000 | ) | |
| (19,715,000 | ) |
| |
| | | |
| | |
Cash flows from investing activities: | |
| | | |
| | |
Purchase of property, plant and equipment | |
| (29,000 | ) | |
| (496,000 | ) |
Purchase of investment | |
| (379,000 | ) | |
| - | |
Disposal of property, plant and equipment | |
| 5,140,000 | | |
| 215,000 | |
Sale of marketable securities | |
| - | | |
| 11,330,000 | |
Payments received on notes receivable | |
| 4,044,000 | | |
| 2,327,000 | |
Net cash provided by investing activities | |
| 8,776,000 | | |
| 13,376,000 | |
| |
| | | |
| | |
Cash flows from financing activities: | |
| | | |
| | |
Payments of long-term debt | |
| (1,269,000 | ) | |
| (5,519,000 | ) |
Borrowings of long-term debt | |
| 2,171,000 | | |
| 2,601,000 | |
Net cash provided (used) by financing activities | |
| 902,000 | | |
| (2,918,000 | ) |
| |
| | | |
| | |
Net increase (decrease) in cash - continuing operations | |
| 4,104,000 | | |
| (7,625,000 | ) |
Net increase (decrease) in cash - held for sale | |
| - | | |
| (1,632,000 | ) |
Cash and cash equivalents at beginning of period | |
| 6,615,000 | | |
| 19,290,000 | |
| |
| | | |
| | |
Cash and cash equivalents at end of period | |
$ | 10,719,000 | | |
$ | 10,033,000 | |
See
accompanying notes to the condensed consolidated financial statements.
DSS,
INC. AND SUBSIDIARIES
Condensed
Consolidated Statements of Changes in Stockholders’ Equity
(unaudited)
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Common
Stock | | |
Preferred
Stock | | |
Additional | | |
Accumulated | | |
Total
DSS | | |
Non-
controlling | | |
| |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Paid-in
Capital | | |
Deficit | | |
Equity | | |
Interest
in Subsidiary | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance, December
31, 2022 | |
| 6,950,858 | | |
$ | 139,000 | | |
| - | | |
$ | - | | |
$ | 319,766,000 | | |
$ | (194,343,000 | ) | |
$ | 125,562,000 | | |
$ | 31,119,000 | | |
$ | 156,681,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| - | | |
| | | |
| | |
Stock based payments | |
| 62,350 | | |
| 1,000 | | |
| - | | |
| - | | |
| 267,000 | | |
| - | | |
| 268,000 | | |
| - | | |
| 268,000 | |
Deconsolidation of Sharing
Services | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 18,773,000 | | |
| 18,773,000 | | |
| 5,064,000 | | |
| 23,837,000 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (45,959,000 | ) | |
| (45,959,000 | ) | |
| (398,000 | ) | |
| (46,357,000 | ) |
Balance, June 30, 2023 | |
| 7,013,208 | | |
$ | 140,000 | | |
| - | | |
$ | - | | |
$ | 320,033,000 | | |
$ | (221,529,000 | ) | |
$ | 98,644,000 | | |
$ | 35,785,000 | | |
$ | 134,429,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balance, December 31, 2023 | |
| 7,066,772 | | |
$ | 140,000 | | |
| - | | |
$ | - | | |
$ | 319,963,000 | | |
$ | (256,176,000 | ) | |
$ | 63,927,000 | | |
$ | 19,286,000 | | |
$ | 83,213,000 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (8,754,000 | ) | |
| (8,754,000 | ) | |
| (1,309,000 | ) | |
| (10,063,000 | ) |
Balance, June 30, 2024 | |
| 7,066,772 | | |
$ | 140,000 | | |
| - | | |
$ | - | | |
$ | 319,963,000 | | |
$ | (264,930,000 | ) | |
$ | 55,173,000 | | |
$ | 17,977,000 | | |
$ | 73,150,000 | |
See
accompanying notes to the condensed consolidated financial statements.
DSS,
INC. AND SUBSIDIARIES
NOTES
TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June
30, 2024
(Unaudited)
1.
Basis of Presentation and Significant Accounting Policies
The
Company, incorporated in the state of New York in May 1984 has conducted business in the name of DSS, Inc. On September 16, 2021, the
board of directors approved an agreement and plan of merger with a wholly owned subsidiary, DSS, Inc. (a New York corporation, incorporated
in August 2020), for the sole purpose of effecting a name change from Document Security Systems, Inc. to DSS, Inc. This change became
effective on September 30, 2021. DSS, Inc. maintained the same trading symbol “DSS”.
DSS,
Inc. (together with its consolidated subsidiaries, referred to herein as “DSS,” “we,” “us,” “our”
or the “Company”), currently operates nine (9) distinct business lines with operations and locations around the globe. These
business lines are: (1) Product Packaging, (2) Biotechnology, (3) Direct, (4) Commercial Lending, (5) Securities and Investment Management,
(6) Alternative Trading (7) Digital Transformation (discontinued in 2023), (8) Secure Living (discontinued in 2023), and (9) Alternative
Energy (discontinued in 2023). Each of these business lines are in different stages of development, growth, and income generation.
Our
divisions, their business lines, subsidiaries, and operating territories: (1) Our Product Packaging line is led by Premier Packaging
Corporation, Inc. (“Premier”), a New York corporation. Premier operates in the paper board and fiber based folding carton,
consumer product packaging, and document security printing markets. It markets, manufactures, and sells sophisticated custom folding
cartons, mailers, photo sleeves and complex 3-dimensional direct mail solutions. Premier is currently located in its new facility in
Rochester, NY, and primarily serves the US market. (2) The Biotechnology business line was created to invest in or acquire companies
in the BioHealth and BioMedical fields, including businesses focused on the advancement of drug discovery and prevention, inhibition,
and treatment of neurological, oncological, and immune related diseases. This division is also targeting unmet, urgent medical needs,
and is developing open-air defense initiatives, which curb transmission of air-borne infectious diseases, such as tuberculosis and influenza.
(3) Direct Marketing, led by the holding corporation, Decentralized Sharing Systems, Inc. (“Decentralized”) provides services
to assist companies in the emerging growth “Gig” business model of peer-to-peer decentralized sharing marketplaces. Direct
Marketing’s products include, among other things, nutritional and personal care products sold throughout North America, Asia Pacific,
Middle East, and Eastern Europe. (4) Our Commercial Lending business division, driven by American Pacific Bancorp (“APB”),
is organized for the purposes of being a financial network holding company, focused on acquiring equity positions in (i) undervalued
commercial bank(s), bank holding companies and nonbanking licensed financial companies operating in the United States, South East Asia,
Taiwan, Japan and South Korea, and (ii) companies engaged in—nonbanking activities closely related to banking, including loan syndication
services, mortgage banking, trust and escrow services, banking technology, loan servicing, equipment leasing, problem asset management,
SPAC (special purpose acquisition company) consulting services, and advisory capital raising services. (5) Securities and Investment
Management was established to develop and/or acquire assets in the securities trading or management arena, and to pursue, among other
product and service lines, broker dealers, and mutual funds management. Also in this segment is the Company’s real estate investment
trusts (“REIT”), organized for the purposes of acquiring hospitals and other acute or post-acute care centers from leading
clinical operators with dominant market share in secondary and tertiary markets, and leasing each property to a single operator under
a triple-net lease. the REIT was formed to originate, acquire, and lease a credit-centric portfolio of licensed medical real estate.
(6) Alternative Trading was established to develop and/or acquire assets and investments in the securities trading and/or funds management
arena. Alternative Trading, in partnership with recognized global leaders in alternative trading systems, intends to own and operate
in the US a single or multiple vertical digital asset exchanges for securities, tokenized assets, utility tokens, and cryptocurrency
via an alternative trading platform using blockchain technology. The scope of services within this section is planned to include asset
issuance and allocation (securities and cryptocurrency), FPO, IPO, ITO, PPO, and UTO listings on a primary market(s), asset digitization/tokenization
(securities, currency, and cryptocurrency), and the listing and trading of digital assets (securities and cryptocurrency) on a secondary
market(s). (7) Digital Transformation was established to be a Preferred Technology Partner and Application Development Solution for mid
cap brands in various industries including the direct selling and affiliate marketing sector. Digital improves marketing, communications
and operations processes with custom software development and implementation (discontinued in 2023). (8) The Secure Living division has
developed a plan for fully sustainable, secure, connected, and healthy living communities with homes incorporating advanced technology,
energy efficiency, and quality of life living environments both for new construction and renovations for single and multi-family residential
housing (discontinued in 2023). (9) The Alternative Energy group was established to help lead the Company’s future in the clean
energy business that focuses on environmentally responsible and sustainable measures. Alset Energy, Inc, the holding company for this
group, and its wholly owned subsidiary, Alset Solar, Inc., pursue utility-scale solar farms to serve US regional power grids and to provide
underutilized properties with small microgrids for independent energy (discontinued in 2023).
The
accompanying condensed consolidated financial statements contain all adjustments (consisting of normal recurring adjustments, unless
otherwise indicated) necessary to present fairly our consolidated financial position as of June 30, 2024 and December 31, 2023, and the
results of our consolidated operations for the interim periods presented. We follow the same accounting policies when preparing quarterly
financial data as we use for preparing annual data. These statements should be read in conjunction with the consolidated financial statements
and the notes included in our latest annual report on Form 10-K, for the fiscal year ended December 31, 2023 (“Form 10-K”),
and our other reports on file with the Securities and Exchange Commission (the “SEC”).
Principles
of Consolidation - The consolidated financial statements include the accounts of DSS, Inc. and its subsidiaries. All significant
intercompany balances and transactions have been eliminated in consolidation.
Deconsolidation
of Sharing Services Global Corporation(“SHRG”) - On May 4, 2023, the Company distributed approximately 280 million
shares of SHRG beneficially held by DSS and Decentralized Sharing Systems in the form of a dividend to the shareholders of DSS common
stock. Upon completion of this distribution, DSS will retain an ownership interest in SHRG of approximately 7%. Immediately prior to
this distribution, DSS owned approximately 81% of the issued and outstanding common shares of SHRG. As a result, SHRG, whose operations
represented a significant portion of our Direct Marketing segment, was deconsolidated from our consolidated financial statements effective
as of May 1, 2023 (the “Deconsolidation”). The consolidated statement of operations for the fiscal quarter ended September
30, 2023, therefore includes one month of activity related to SHRG prior to the Deconsolidation. Subsequent to April 30, 2023 the assets
and liabilities of SHRG are no longer included within our consolidated balance sheets. Any discussions related to results, operations,
and accounting policies associated with SHRG refer to the periods prior to the Deconsolidation.
Upon
Deconsolidation, we recognized a loss before income taxes of approximately $29,196,000 which is recorded within gain/loss investments
in our consolidated statements of operations for the three and nine months ended September 30, 2023. Subsequent to the Deconsolidation,
we accounted for our equity ownership interest in SHRG as a marketable security and at the quoted price stock price of SHRG.
Use
of Estimates - The preparation of consolidated financial statements in conformity with accounting principles generally accepted
in the United States requires the Company to make estimates and assumptions that affect the amounts reported and disclosed in the financial
statements and the accompanying notes. Actual results could differ materially from these estimates. On an ongoing basis, the Company
evaluates its estimates, including those related to the accounts receivable, convertible notes receivable, inventory, fair values of
investments, intangible assets and goodwill, useful lives of intangible assets and property and equipment, fair values of options and
warrants to purchase the Company’s common stock, preferred stock, deferred revenue and income taxes, among others. The Company
bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which
form the basis for making judgments about the carrying values of assets and liabilities.
Cash
Equivalents – All highly liquid investments with maturities of three months or less at the date of purchase are classified
as cash equivalents. Amounts included in cash equivalents in the accompanying consolidated balance sheets are money market funds whose
adjusted costs approximate fair value.
Accounts/Rents
Receivable - The Company extends credit to its customers in the normal course of business. The Company performs ongoing credit
evaluations and generally does not require collateral. Payment terms are generally 30 days but up to net 120 for certain customers. The
Company carries its trade accounts receivable at invoice amounts and its rent receivables at contract amounts, less an allowance for
credit losses. On a periodic basis, the Company evaluates its accounts receivable and establishes an allowance for credit losses based
upon management’s estimates that include a review of the history of past write-offs and collections and an analysis of current
credit conditions. In estimating expected losses in the accounts receivable portfolio, customer-specific financial data and macro-economic
assumptions are utilized to project losses over a reasonable and supportable forecast period. Assumptions and judgment are applied to
measure amounts and timing of expected future cash flows, collateral values and other factors used to determine the customers’
abilities to pay.
At
June 30, 2024, and December 31, 2023, the Company established a reserve for credit losses of approximately $2,500,000 and $2,494,000,
respectively. The Company does not accrue interest on past due accounts receivable.
Concentration
of Credit Risk - The Company maintains its cash in bank deposit accounts, which at times may exceed federally insured limits.
The Company believes it is not exposed to any significant credit risk because of any non-performance by the financial institutions. As
of June 30, 2024, one customers accounted for approximately 24% of our consolidated revenue and one customers accounted for approximately
39% of our trade accounts receivable balance.
As
of June 30, 2023, two customers accounted for approximately 19% and 5% of our consolidated revenue and these two customers accounted
for approximately 55% and 14% of our consolidated trade accounts receivable balance.
As
of December 31, 2023, two customers accounted for approximately 20% and 11% of our consolidated revenue and 39% and 30% of our trade
accounts receivable balance.
For
the six months ended of June 30, 2024 one vendor accounted for approximately 12%
of our cost of revenue and for the six months ended June 30, 2023, another vendor accounted for approximately 14% of our cost of revenue.
Notes
receivable, unearned interest, and related recognition - The Company records all future payments of principal and interest on
notes as notes receivable, which are then offset by the amount of any related unearned interest income. For financial statement purposes,
the Company reports the net investment in the notes receivable on the consolidated balance sheet as current or long-term based on the
maturity date of the underlying notes. Such net investment is comprised of the amount advanced on the loans, adjusting for net deferred
loan fees or costs incurred at origination, amounts allocated to warrants received upon origination, and any payments received in advance.
The unearned interest is recognized over the term of the notes and the income portion of each note payment is calculated so as to generate
a constant rate of return on the net balance outstanding. Net deferred loan fees or costs, together with discounts recognized in connection
with warrants acquired at origination, are accreted as an adjustment to yield over the term of the loan.
Allowance
For Loans And Lease Losses - On January 1, 2022, the Company adopted amended accounting guidance “ASU No.2016-13 –
Credit Losses” which requires an allowance for credit losses to be deducted from the amortized cost basis of financial assets
to present the net carrying value at the amount that is expected to be collected over the contractual term of the asset considering relevant
information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported
amount. In estimating expected losses in the loan and lease portfolio, borrower-specific financial data and macro-economic assumptions
are utilized to project losses over a reasonable and supportable forecast period. Assumptions and judgment are applied to measure amounts
and timing of expected future cash flows, collateral values and other factors used to determine the borrowers’ abilities to repay
obligations. After the forecast period, the company utilizes longer-term historical loss experience to estimate losses over the remaining
contractual life of the loans. Prior to 2022, the allowance for credit losses represented the amount that in management’s judgment
reflected incurred credit losses inherent in the loan and lease portfolio as of the balance sheet date.
Investments
– Investments in equity securities with a readily determinable fair value, not accounted for under the equity method, are
recorded at fair value with unrealized gains and losses included in earnings. For equity securities without a readily determinable fair
value, the investment is recorded at cost, less any impairment, plus or minus adjustments related to observable transactions for the
same or similar securities, with unrealized gains and losses included in earnings. For equity method investments, the Company regularly
reviews its investments to determine whether there is a decline in fair value below book value. If there is a decline that is other-than-temporary,
the investment is written down to fair value. See Note 8 for further discussion on investments.
Fair
Value of Financial Instruments - Fair value is defined as the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at the measurement date. The Fair Value Measurement Topic
of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) establishes a
three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to
unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable
inputs (Level 3 measurements). These tiers include:
●
Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets.
●
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
and
●
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
The
carrying amounts reported in the consolidated balance sheet of cash and cash equivalents, accounts receivable, prepaids, accounts payable
and accrued expenses approximate fair value because of the immediate or short-term maturity of these financial instruments. Marketable
securities classify as a Level 1 fair value financial instrument. The fair value of notes receivable approximates their carrying value
as the stated or discounted rates of the notes do not reflect recent market conditions. The fair value of revolving credit lines notes
payable and long-term debt approximates their carrying value as the stated or discounted rates of the debt reflect recent market conditions.
The fair value of investments where the fair value is not considered readily determinable, are carried at cost.
Inventory
– Inventories consist primarily of paper, pre-printed security paper, paperboard, fully prepared packaging, air filtration
systems, and health and beauty products which and are stated at the lower of cost or net realizable value on the first-in, first-out
(“FIFO”) method. Packaging work-in-process and finished goods included the cost of materials, direct labor and overhead.
At the closing of each reporting period, the Company evaluates its inventory in order to adjust the inventory balance for obsolete and
slow-moving items. An allowance for obsolescence of approximately $30,000 and $18,000 associated with the inventory at our Premier subsidiary
for June 30, 2024, and December 31, 2023, respectively. Write-downs and write-offs are charged to cost of revenue.
Investments
in real estate, net – Acquisition of assets are recorded at their relative fair value based on total
accumulated costs of the acquisition. Direct acquisition-related costs are capitalized as a component of the acquired assets. This
includes all costs related to finding, analyzing and negotiating a transaction. The allocation of the purchase price is an area that
requires judgment and significant estimates. Tangible and intangible assets include land, building and improvements, furniture,
fixtures and equipment, acquired above market and below market leases, in-place lease value (if applicable). Acquisition date fair
values of assets and assumed liabilities are determined based on replacement costs, appraised values, and estimated fair values
using methods similar to those used by independent appraisers and that use appropriate discount and/or capitalization rates and
available market information. Depreciation and amortization is computed using the straight-line method over the estimated useful
lives of the assets. During 2023, the land and buildings related to AMRE LifeCare and AMRE Winter Haven were reclassified to Assets
held for sale.
Assets
held for sale – The Company has several buildings and the associated land they occupy for sale as of June 30, 2024 and
December 31, 2023. These consist of primarily of retail space in Lindon, Utah approximating $5,593,000 (sale of this building was finalized
during Q2 2024) and the medical facilities associated with AMRE LifeCare of approximately $41,570,000 and AMRE Winter Haven of approximately
$4,396,000, and $65,000 of other assets.
Intangible
Assets - The estimated fair values of acquired intangibles are generally determined based upon future economic benefits such
as earnings and cash flows. Acquired identifiable intangible assets are recorded at fair value and are amortized over their estimated
useful lives. Acquired intangible assets with an indefinite life are not amortized but are reviewed for impairment at least annually
or more frequently whenever events or changes in circumstances indicate that the carrying amounts of those assets are below their estimated
fair values. Impairment is tested under ASC 350. At December 31, 2023, The Company impaired approximately $7,418,000 associated with
intangible assets for AMRE Lifecare and AMRE Winter Haven. No circumstances or events have occurred since the most recent analysis that
would indicate the need for an impairment is needed for the six months ended June 30, 2024.
Goodwill
– Goodwill is the excess of cost of an acquired entity over the fair value of amounts assigned to assets acquired and liabilities
assumed in a business combination. Goodwill is subject to impairment testing at least annually and will be tested for impairment between
annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. FASB ASC Topic 350 provides
an entity with the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to
a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after completing
the assessment, it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value,
the Company will proceed to a quantitative test. The Company may also elect to perform a quantitative test instead of a qualitative test
for any or all of our reporting units. The test compares the fair value of an entity’s reporting units to the carrying value of
those reporting units. This quantitative test requires various judgments and estimates. The Company estimates the fair value of the reporting
unit using a market approach in combination with a discounted operating cash flow approach. Impairment of goodwill is measured as the
excess of the carrying amount of goodwill over the fair values of recognized and unrecognized assets and liabilities of the reporting
unit. The Company performed its annual goodwill impairment test as of December 31, 2023, and no impairment was deemed necessary for the
goodwill associated with Premier Packaging Company, and Impact BioMedical of $1,769,000 and $25,093,000, respectively. The goodwill for
APB, and Sentinel Co. of approximately $29,744,000, and $1,234,000 respectively, were deemed impaired and written off at December 31,
2023. No circumstances or events have occurred since the most recent analysis that would indicate the need for an impairment is needed
for the six months ended June 30, 2024.
Impairment
of Long-Lived Assets and Goodwill - The Company monitors the carrying value of long-lived assets for potential impairment and
tests the recoverability of such assets whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable.
If a change in circumstance occurs, the Company performs a test of recoverability by comparing the carrying value of the asset or asset
group to its undiscounted expected future cash flows. If cash flows cannot be separately and independently identified for a single asset,
the Company will determine whether impairment has occurred for the group of assets for which the Company can identify the projected cash
flows. If the carrying values are in excess of undiscounted expected future cash flows, the Company measures any impairment by comparing
the fair value of the asset or asset group to its carrying value.
Business
Combinations - Business combinations and non-controlling interests are recorded in accordance with FASB ASC 805 Business Combinations.
Under the guidance, the assets and liabilities of the acquired business are recorded at their fair values at the date of acquisition
and all acquisition costs are expensed as incurred. The excess of the purchase price over the estimated fair values is recorded as goodwill.
If the fair value of the assets acquired exceeds the purchase price and the liabilities assumed, then a gain on acquisition is recorded.
The application of business combination accounting requires the use of significant estimates and assumptions.
Loss
Per Common Share - The Company presents basic and diluted (loss) earnings per share. Basic (loss) earnings per share reflect
the actual weighted average of shares issued and outstanding during the period. Diluted (loss) earnings per share are computed including
the number of additional shares from outstanding warrants, stock options and preferred stock that would have been outstanding if dilutive
potential shares had been issued and is calculated utilizing the treasury stock method. In a loss period, the calculation for basic and
diluted (loss) earnings per share is the same, as the impact of potential common shares is anti-dilutive. For the three months ended
June 30, 2023, potential dilutive instruments included options of 3,333. For the three months ended June 30, 2024, potential dilutive
instruments was 0.
Income
Taxes - The Company recognizes estimated income taxes payable or refundable on income tax returns for the current year and for
the estimated future tax effect attributable to temporary differences and carry-forwards. Measurement of deferred income items is based
on enacted tax laws including tax rates, with the measurement of deferred income tax assets being reduced by available tax benefits not
expected to be realized. We recognize penalties and accrued interest related to unrecognized tax benefits in income tax expense.
Going
Concern - The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a
going concern. This basis of accounting contemplates the recovery of our assets and the satisfaction of liabilities in the normal course
of business. These consolidated financial statements do not include any adjustments to the specific amounts and classifications of assets
and liabilities, which might be necessary should we be unable to continue as a going concern. While the Company has approximately $10.7
million in cash, the Company has incurred operating losses as well as negative cash flows from operating and investing activities over
the past two years.
Aside
from its $10.7 million in cash as of June 30, 2024, the Company believes it can continue as a going concern, due to its ability to generate
operating cash through the sale of its $9.6 million of Marketable Securities. The Company has also taken steps to sell its real estate
holdings assets of AMRE LifeCare and Winter Haven located in Texas, Pennsylvania, and Florida. These properties approximate $46.0 million
in assets and are identified on the accompanying balance sheet as Held for sale. In addition, the Company has taken steps, and will continue
to take measures, to materially reduce the expenses and cash burn at all corporate and business line levels. Although there are no assurances,
we believe the above would allow us to fund our nine business lines current and planned operations for the twelve months from the filing
date of this Annual Report. Based on this, the Company has concluded that substantial doubt of its ability to continue as a going concern
has been alleviated.
Recently
Issued Accounting Pronouncements — In November 2023, the Financial Accounting
Standards Board (“FASB”), issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280):
Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure through enhanced disclosures about significant
segment expenses. The amendment is effective for fiscal years beginning after December 15, 2023 and for interim periods within fiscal
years beginning after December 15, 2024 and early adoption is permitted. The amendments should be applied retrospectively to all prior
periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its disclosures.
2.
Revenue
The
Company recognizes its revenue based on when the title passes to the customer or when the service is completed and accepted by the customer.
Revenue is measured as the amount of consideration the Company expects to receive in exchange for shipped product or service provided.
Sales and other taxes billed and collected from customers are excluded from revenue. The Company recognizes rental income associated
with its REIT, net of amortization of favorable/unfavorable lease terms relative to market and includes rental abatements and contractual
fixed increases attributable to operating leases, where collection has been considered probable, on a straight-line basis over the term
of the related lease. The Company recognizes net investment income from its investment banking line of business as interest and management
fees related to loans managed for third parties owed to the Company occurs. The Company generates revenue from its direct marketing line
of business primarily through internet sales and recognizes revenue as items are shipped.
As
of June 30, 2024, the Company had no unsatisfied performance obligations for contracts with an original expected duration of greater
than one year. Pursuant to Topic 606, the Company has applied the practical expedient with respect to disclosure of the deferral and
future expected timing of revenue recognition for transaction price allocated to remaining performance obligations. The Company elected
the practical expedient allowing it to not recognize as a contract asset the commission paid to its salesforce on the sale of its products
as an incremental cost of obtaining a contract with a customer but rather recognize such commission as expense when incurred as the amortization
period of the asset that the Company would have otherwise recognized is one year or less.
Sales
Commissions
Sales
commissions are expensed as incurred for contracts with an expected duration of one year or less. There were no sales commissions capitalized
as of June 30, 2024 or June 30, 2023.
Shipping
and Handling Costs
Costs
incurred by the Company related to shipping and handling are included in cost of products sold. Amounts charged to customers relating
to these costs are reflected as revenue.
See
Note 14 for disaggregated revenue information.
3.
Inventory
Inventory
consisted of the following as of:
Schedule
of Inventory
| |
June | | |
December | |
| |
2024 | | |
2023 | |
Finished Goods | |
$ | 2,592,000 | | |
$ | 2,218,000 | |
Work in Process | |
| 173,000 | | |
| 180,000 | |
Raw Materials | |
| 837,000 | | |
| 439,000 | |
Inventory Gross | |
$ | 3,602,000 | | |
$ | 2,837,000 | |
Less allowance for obsolescence | |
| (30,000 | ) | |
| (18,000 | ) |
Inventory Net | |
$ | 3,572,000 | | |
$ | 2,819,000 | |
4.
Notes Receivable
Note
1
On
May 14, 2021, DSS Pure Air, Inc. a subsidiary of the Company entered a convertible promissory note (“Note 1”) with Borrower
1, a company registered in the state of Texas. Note 1 has an aggregate principal balance up to $5,000,000, to be funded at the request
of Borrower 1. Note 1, which incurs interest at a rate of 6.65% due quarterly, has a maturity date of May 1, 2023. Note 1 contains an
optional conversion clause that allows the Company to convert all, or a portion of all, into newly issued member units of Borrower 1
with the maximum principal amount equal to 18% of the total equity position of Borrower 1 at conversion. The outstanding principal and
interest as of June 30, 2024 and December 31, 2023, approximated $5,544,000 which is included in current notes receivable on the accompanying
consolidated balance sheet. As of June 30, 2024 and December 31, 2023, the Company has a reserve of $2,772,000 and $2,772,000, respectively,
against the principal and interest outstanding.
Note
2
On
September 23, 2021, APB entered into refunding bond anticipatory note (“Note 2”) with Borrower 2, which operates as a conservation
and reclamation district pursuant to Chapter 3891, Texas Special District Local Laws Code; Chapter 375, Texas Local Government Code;
and Chapter 49, Texas Water Code. The District Note was in the sum of $3,500,000 and incurs interest at a rate of 5.59% per annum. Principal
and interest are due in full on September 22, 2022, and later amended to extend the maturity date to September 19, 2024. The outstanding
principal and interest of $3,910,000 was included in the current portion of notes receivable on the consolidated balance sheet at December
31, 2023. Note 2 was repaid in full during March 2024.
Note
3
On
October 25, 2021, APB entered into a loan agreement (“Note 3”) with Borrower 3, a company registered in the state of Utah.
Note 3 has an initial aggregate principal balance up to $1,000,000, to be funded at the request of Borrower 3, with an option to increase
the maximum principal borrowing to $3,000,000. Note 3, which incurs interest at a rate of 8.0% with principal and interest due at the
maturity date of October 25, 2022. This note contains an optional conversion feature allowing APB to convert the outstanding principal
to a 10% membership interest. APB, as holder of Note 3, has the right to elect one member to the Board of Managers. This note is in default
and the outstanding principal and interest of approximately $884,000 was reserved for fully as of December 31, 2022.
Note
4
On
December 28, 2021, APB entered into a promissory note (“Note 4”) with Borrower 4, a company registered in the state of California.
Note 4 has a principal balance of $700,000. Note 4, which incurs interest at a rate of 12.0% with principal and interest due at the maturity
date of December 28, 2022. On December 29, 2022, the maturity date of this note was extended to May 31, 2023. On November 27, 2023, the
parties to Note 4 agreed to modify the payment terms of the note to be monthly payments of $50,000 until the outstanding principal and
interest are paid in full. The outstanding principal and interest of $58,000 and $253,000 is included in the Current portion of notes
receivable on the consolidated balance sheet at June 30, 2024 and December 31, 2023, respectively.
Note
5
On
January 24, 2022, APB and Borrower 5 entered into a promissory note (“Note 5”) in the principal sum of $100,000 with interest
of 6%, due annually, and maturing in January 2024. The outstanding principal and interest at June 30, 2024 and December 31, 2023 approximates
$111,000 and $103,000, respectively, and is included in Current portion of notes receivable on the accompanying consolidate balance sheet.
The terms of this note are currently being renegotiated.
Note
6
On
March 2, 2022, APB and Borrower 6, a corporation organized under the laws of the Republic of Korea entered into a promissory note (“Note
6”). Under the terms of Note 6, APB at its discretion, may lend up to the principal sum of $893,000 with an interest rate of 8%,
and matured in March 2024, with interest payable quarterly. The outstanding principal and interest at June 30, 2024 and December 31,
2023 is $470,000 and $446,000, respectively. This note has been extended to March 2025.
Note
7
On
May 9, 2022, DSS PureAir and Borrower 1 entered into a promissory note (“Note 7”) in the principal sum of $210,000 with interest
of 10%, is due in three quarterly installments beginning on August 9, 2022, with the first two payment consisting of interest only. All
unpaid principal and interest are due on February 9, 2023. This loan is currently in default and terms are currently being re-negotiated.
The outstanding principal and interest at June 30, 2024 and December 31, 2023 approximates $224,000 of which $112,000 has been reserved
for and is included in Current portions of notes receivable on the accompanying consolidate balance sheet.
Note
8, related party
On
August 29, 2022, DSS Financial Management Inc and Borrower 8, a related party, entered into a promissory note (“Note 8”)
in the principal sum of $100,000
with interest of 8%,
is due in three quarterly installments beginning on September 14, 2022. All unpaid principal and interest is due on August
29, 2025. The outstanding principal and interest at June 30, 2024 approximated $101,000,
and was fully reserved for as of June 30, 2024. At December 31, 2023, the balance approximated $100,000
of which $76,000
is included in the Current portion of notes receivable and $24,000
is included in the long-term portion of notes receivable. DSS owns 24.9%
of the outstanding common shares of Borrower 8.
Note
9, related party
On
May 8, 2023, DSS Financial Management Inc and Borrower 8 entered into a promissory note (“Note 9”) in the principal sum of
$102,000 with interest at the prime rate plus 2% (10.5% at June 30, 2024 and December 31, 2023) with a maturity date of May 7, 2026.
The outstanding principal and interest at June 30, 2024 approximated $110,000, and was fully reserved for as of June 30, 2024. At December
31, 2023 approximates $107,000 with approximately $53,000 of principal and accrued interest classified as Current portion notes receivable,
and the remaining balance of approximately $54,000 is recorded as notes receivable, on the accompanying consolidated balance sheet. DSS
owns 24.9% of the outstanding common shares of Borrower 8.
Note
10, related party
On
July 26, 2022, APB and Borrower 10 entered into a promissory note (“Note 10”) in the principal sum of $1,000,000
with interest of 8%.
All unpaid principal and interest due on July
26, 2024. The outstanding principal and interest on June 30, 2024 approximates $959,000,
and is included in notes receivable on the accompanying consolidate balance sheet. Approximately $480,000
of Note 10 was reserved for as of March 31, 2024. For the three months ended June 30, 2024, no additional reserve was deemed
necessary. The outstanding principal and interest on December 31, 2023, approximates $939,000,
net of $20,000
of unamortized origination fees and is included in notes receivable on the accompanying consolidate balance sheet. Heng Fai Ambrose
Chan, the Chairman of DSS, Inc is also the on the board of directors of Borrower 10.
Note
11
On
February 19, 2021, Impact BioMedical, Inc, entered into a promissory note with an individual. The Company loaned the principal sum of
$206,000, with interest at a rate of 6.5%, and maturity date of August 19, 2022 later amended to February 19, 2026. Monthly payments
are due on the twenty-first day of each month and continuing each month thereafter until February 19, 2026. This note is secured by certain
real property situated in Collier County, Florida.
The outstanding principal and interest as of June
30, 2024 and December 31, 2023, was approximately $202,000 and $203,000, respectively, of which $135,000 is classified in Current notes
receivable and the remaining $67,000 is classified as Notes receivable on the accompanying consolidated balance sheets.
Note
12
On
June 27, 2023, DSS and Borrower 12 entered into a convertible promissory note (“Note 12”) in the principal sum of $1,400,000
with a discount of $300,000 and interest rate of 10% and maturity date of September 1, 2024. The outstanding principal, interest, and
associated discount was fully reserved for as of December 31, 2023.
Note
13
On
March 31,2023, DSS Biohealth Security, Inc and Borrower 13 entered into a promissory note (“Note 13”) in the principal sum
of $140,000 and interest rate floating daily to Wall Street Journal Prime rate per annum (8.5% at June 30, 2024 and December 31, 2023)
with the total outstanding principal and interest due at the maturity date of March 31, 2025. The outstanding principal and interest
at December 31, 2023 approximates $133,000. Of the total financed, approximately $99,000 of principal and accrued interest is classified
as Current portion of notes receivable and the remaining balance of approximately $34,000 is recorded as Notes receivable on the accompanying
consolidated balance sheet at December 31, 2023. As of June 30, 2024, the outstanding balance sheet approximating $135,000 was fully
reserved for.
5.
Financial Instruments
Cash,
Cash Equivalents, Restricted Cash and Marketable Securities
The
following tables show the Company’s cash, cash equivalents, restricted cash, and marketable securities by significant investment
category as of:
Schedule
of Cash and Marketable Securities by Significant Investment Category
| |
June 30, 2024 | |
| |
cost | | |
Unrealized Gain/(Loss) | | |
Fair Value | | |
Cash and Cash Equivalents | | |
Marketable Securities | |
Cash | |
$ | 10,649,000 | | |
$ | - | | |
$ | 10,649,000 | | |
$ | 10,649,000 | | |
$ | - | |
Level 1 | |
| | | |
| | | |
| | | |
| | | |
| | |
Money Market Funds | |
| 70,000 | | |
| - | | |
| 70,000 | | |
| 70,000 | | |
| - | |
Marketable Securities | |
| 26,984,000 | | |
| (17,426,000 | ) | |
$ | 9,558,000 | | |
| - | | |
| 9,558,000 | |
Total | |
$ | 37,703,000 | | |
$ | (17,426,000 | ) | |
$ | 20,277,000 | | |
$ | 10,719,000 | | |
$ | 9,558,000 | |
| |
December 31, 2023 | |
| |
Adjusted Cost | | |
Unrealized Gain/(Loss) | | |
Fair Value | | |
Cash and Cash Equivalents | | |
Marketable Securities | |
Cash | |
$ | 6,545,000 | | |
$ | - | | |
$ | 6,545,000 | | |
$ | 6,545,000 | | |
$ | - | |
Level 1 | |
| | | |
| | | |
| | | |
| | | |
| | |
Money Market Funds | |
$ | 70,000 | | |
| - | | |
$ | 70,000 | | |
| 70,000 | | |
| - | |
Marketable Securities | |
$ | 27,304,000 | | |
| (17,325,000 | ) | |
$ | 9,979,000 | | |
| - | | |
| 9,979,000 | |
Total | |
$ | 33,919,000 | | |
$ | (17,325,000 | ) | |
$ | 16,594,000 | | |
$ | 6,615,000 | | |
$ | 9,979,000 | |
The
Company typically invests with the primary objective of minimizing the potential risk of principal loss. The Company’s investment
policy generally requires securities to be investment grade and limits the amount of credit exposure to any one issuer. Fair values were
determined for each individual security in the investment portfolio.
6.
Provision for Credit Losses
Effective
January 1, 2022, the Company adopted amended accounting guidance “ASU No.2016-13 – Credit Losses” for the measurement
of credit losses on financial instruments and other financial assets. That guidance requires an allowance for credit losses to be deducted
from the amortized cost basis of financial assets to present the net carrying value that is expected to be collected over the contractual
term of the assets considering relevant information about past events, current conditions, and reasonable and supportable forecasts that
affect the collectability of the reported amount. The guidance replaced the previous incurred loss model for determining the allowance
for credit losses.
Accounts
receivable are stated at the amount owed by the customer. The Company maintains an allowance for credit losses for accounts receivable
and unbilled receivables, based on expected credit losses resulting from the inability of our customers to make required payments. The
allowance for credit losses is estimated based on historical experience, current economic conditions and the creditworthiness of customers.
Receivables are charged to the allowance when determined to be no longer collectible. The Company regularly monitors and assesses its
risk of not collecting amounts owed by customers and records its allowance for credit losses based on the results of this analysis.
As
of June 30, 2024 and December 31, 2023, we have reviewed the entire loan portfolio as well as all financial assets of the Company for
the purpose of evaluating the loan portfolio and the loan balances, including a review of individual and collective portfolio loan quality,
loan(s) performance, including past due status and covenant defaults, assessment of the ability of the borrower to repay the loan on
the loan terms, whether any loans should be placed on nonaccrual or returned to accrual, any concentrations in any single borrower and/or
industry that we might need to further manage, and if any specific or general loan loss reserve should be established for the entire
loan portfolio or for any specific loan.
We
analyzed the loan loss reserve from three basis: general loan portfolio reserves; industry portfolio reserves, and specific loan loss
reserves. For the six months ended June 30, 2024 and 2023, the Company recorded a Loan loss reserve of approximately $346,000 and $3,757,000,
respectively.
General
Loan Portfolio Reserve - Based upon a relatively young loan portfolio that are relatively new loans, we do not believe that a substantial
general loan portfolio reserve is due at this time. However, we do recognize that some inherent risks are in all loan portfolios, thus
we recorded a general contingent portfolio reserve of $182,000 and $194,000 of the loan portfolio loan balance as of June 30, 2024 and
December 31, 2023, respectively.
Industry
Portfolio Reserves - Given the relatively young loan portfolio and a diversification of the portfolio over several different loan
products, the risk is reduced. Accordingly, we have not recorded a discretionary reserve as of June 30, 2024 and December 31, 2023.
Specific
Loan Reserves - Previously, we had identified credit weaknesses and borrower repayment weakness with Borrower 3, which has a
current principal and interest balance of $884,000
and have recorded a loan loss reserve for the full balance due the Company as of December 31, 2023 and June 30, 2024. The Company
had also previously identified credit weakness in Borrower 1 and has placed a reserve approximating $2,884,000
against the outstanding principal and interest as of December 31, 2023 and June 30, 2024. Previously, the Company identified credit
weakness in Borrower 12 and has placed a reserve approximating $1,045,000
against the outstanding principal and interest as of December 31, 2023 and June 30, 2024. During the first quarter of 2024, the
Company identified credit weakness in Borrower 10 and 13 and has placed a reserve approximating $479,000
and $135,000,
respectively, against the outstanding principal and interest as of March 31, 2024. Also during the first quarter of 2024, the
Company identified credit weakness in Borrower 8, a related party, and has placed a reserve approximating $211,000
against the outstanding principal and interest as of March 31, 2024. No additional reserves were deemed necessary during the three months ended June 30, 2024.
7.
Disposal of assets
On
July 1st, 2023, The Company intended to sell its subsidiary, HWH World, Inc. to SHRG. The proposed transaction had the Company
sell 1,000 shares of common stock, representing all the issued and outstanding common stock shares of HWH World for the sum $706,000
representing the gross proceeds of the sale of HWH inventory less cost of goods sold. The parties involved amended the terms of this
agreement during the third quarter of 2023 from that of equity transaction to the purchase of inventory and assumption of certain liabilities
by SHRG. The amended agreement identified the purchase price approximating $758,000 to be paid from amongst other things, the gross proceeds
generated by the sale of the inventory acquired. The value of the inventory sold approximates $698,000 and the value of the liabilities
assumed by SHRG as part of this transaction is approximately $59,000. Further, the agreement includes payment of 1% royalty, starting
November 1, 2023, being defined as 1% of the gross sale price of all Seller’s new products made and sold outside of existing inventory
on the schedule, for a period ending October 31, 2033. There is substantial doubt regarding SHRG’s ability to sell and pay for
the inventory acquired, and therefore, the Company has determined not to record a receivable for the purchase price. A net loss approximating
$639,000 associated with this transaction has been recorded during the third quarter of 2023 and is included in Loss/Gain on sale of
assets on the consolidated statement of operations.
On
July 1st, 2023, The Company sold 100% of the equity in its subsidiary HWH Holdings, Inc, a Texas corporation (HWHH) to SHRG
for a purchase price approximating $259,000. This amount is to be paid from gross proceeds generated by the sale of the inventory acquired
as part of the transaction. This transaction was later amended during the third quarter of 2023 to assign the purchase of HWHH from SHRG
to Ascend Management Pte., Ltd. (“Ascend”), a Singaporean limited company. There is substantial doubt regarding Ascend’s
ability to sell and pay for the inventory acquired, and therefore, the Company has determined not to record a receivable for the purchase
price. A net loss approximating $617,000 associated with this transaction has been recorded during the third quarter of 2023 and is included
in Loss/Gain on sale of assets on the consolidated statement of operations.
On June 13, 2024, the Company
sold its retail space in Lindon, Utah for the sales price, net of expenses, of approximately $5,758,000. The associated asset was previously
classified as Held for sale in the amount of $5,593,000, resulting in a gain on the sale of approximately $165,000.
8.
Investments
Alset
International Limited, related party
The
Company owns 127,179,291 shares or approximately 4% of the outstanding shares of Alset International Limited (“Alset Intl”),
a company incorporated in Singapore and publicly listed on the Singapore Exchange Limited. This investment is classified as a marketable
security and is classified as long-term assets on the consolidated balance sheets as the Company has the intent and ability to hold the
investments for a period of at least one year. The Chairman of the Company, Mr. Heng Fai Ambrose Chan, is the Executive Director and
Chief Executive Officer of Alset Intl. Mr. Chan is also the majority shareholder of Alset Intl as well as the largest shareholder of
the Company. The fair value of the marketable security as of June 30, 2024 and December 31, 2023, was approximately $2,912,000 and $3,269,000,
respectively. During the six month ended June 30, 2024 and 2023, the Company recorded unrealized loss of approximately $ 356,000 and
$1,819,000, respectively.
West
Park Capital, Inc.
On
December 30, 2020, the Company signed a binding letter of intent with West Park Capital, Inc (“West Park”) and TBD where
the parties agreed to prepare a note and stock exchange agreement whereby DSS will assign the TBD Note to West Park and West Park shall
issue to DSS a stock certificate reflecting 7.5% of the issued and outstanding shares of West Park. This note and stock exchange agreement
was finalized during the first quarter 2022 and valued at approximately $500,000 and is included in Investments on the consolidated balance
sheet on December 31, 2023 and as of June 30, 2024.
BMI
Capital International LLC, related party
On
September 10, 2020, the Company’s wholly owned subsidiary DSS Securities, Inc. entered into membership interest purchase agreement
with BMI Financial Group, Inc. a Delaware corporation (“BMIF”) and BMI Capital International LLC, a Texas limited liability
company (“BMIC”) whereas DSS Securities, Inc. purchased 14.9% membership interests in BMIC for $100,000. DSS Securities also
had the option to purchase an additional 10% of the outstanding membership interest which it exercised for $100,000 in January of 2021
and increased its ownership to 24.9%. The Company is currently accounting for this investment under the equity method of accounting per
ASC 323. The Company’s portion of net gain and loss in BMIC during the six months ended June 30, 2024 and 2023, approximated $7,000
and $22,000, respectively.
BMIC
is a broker-dealer registered with the Securities and Exchange Commission, is a member of the Financial Industry Regulatory Authority,
Inc. (“FINRA”), and is a member of the Securities Investor Protection Corporation (“SIPC”). The Company’s
chairman of the board and another independent board member of the Company also have ownership interest in BMIC.
BioMed
Technologies Asia Pacific Holdings Limited
On
December 19, 2020, Impact BioMedical, a wholly owned subsidiary of the Company, entered into a subscription agreement (the “Subscription
Agreement”) with BioMed Technologies Asia Pacific Holdings Limited (“BioMed”), a limited liability company incorporated
in the British Virgin Islands, pursuant to which the Company agreed to purchase 525 ordinary shares or 4.99% of BioMed at a purchase
price of approximately $632,000. The Subscription Agreement provides, among other things, the Company has the right to appoint a new
director to the board of BioMed. With respect to an issuance of shares to a third party by BioMed, the Company will have the right of
first refusal to purchase such shares, as well as customary tag-along rights. In connection with the Subscription Agreement, Impact Biomedical
entered into an exclusive distribution agreement (the “Distribution Agreement”) with BioMed, to directly market, advertise,
promote, distribute, and sell certain BioMed products, which focus on manufacturing natural probiotics, to resellers. This investment
is valued at cost as it does not have a readily determined fair value.
Under
the terms of the Distribution Agreement, the Company will have exclusive rights to distribute the products within the United States,
Canada, Singapore, Malaysia, and South Korea and non-exclusive distribution rights in all other countries. In exchange, the Company agreed
to certain obligations, including mutual marketing obligations to promote sales of the products. This agreement is for ten years with
a one year auto-renewal feature.
9.
Short-Term and Long-Term Debt
DSS,
Inc.
Promissory
Notes - On May 20, 2021, Premier Packaging entered into master loan and security agreement (“BOA Note”) with Bank
of America, N.A. (“BOA”) to secure financing approximating $3,710,000 to purchase and use as collateral, a new Heidelberg
XL 106-7+L printing press. The aggregate principal balance outstanding under the BOA Note shall bear interest at a variable rate on or
before the loan closing. As of June 30, 2024, and December 31, 2023, the outstanding principal on the BOA Note was $2,687,000 and $2,932,000,
respectively and had an interest rate of 4.63%. As of June 30, 2024, $508,000 was included in the Current portion of long-term debt,
net, and the remaining balance of approximately $2,179,000 is recorded as Long-term debt. As of December 31, 2023, $491,000 was included
in the current portion of long-term debt, net, and the remaining balance of approximately $2,442,000 recorded as long-term debt. Interest
expense equaled $66,000 and $0 for the six months ended June 30, 2024 and 2023, respectively. The BOA Note contains certain covenants
that are analyzed annually. As of June 30, 2024, Premier is in compliance with these covenants.
On
August 1, 2021, AMRE Shelton, LLC., (“AMRE Shelton”) a subsidiary of AMRE, entered into a loan agreement (“Shelton
Agreement”) with Patriot Bank, N.A. (“Patriot Bank”) in an amount up to $6,155,000, with the amount financed approximating
$5,105,000. The Shelton Agreement contains monthly payments of principal and an initial interest of 4.25%. The interest will be adjusted
commencing on July 1, 2026 and continuing for the next succeeding 5-year period shall be determined one month prior to the change date
and shall be an interest rate equal to two hundred fifty (250) basis points above the Federal Home Loan Bank Boston 5-Year/25-Year amortizing
advance rate, but in no event less than 4.25% for the term of 120 months with a balloon payment approximating $2,829,000 due at term
end. The affective interest rate at June 30, 2024 was 4.25%. The funds borrowed were used to purchase a 40,000 square foot, 2.0 story,
Class A+ multi-tenant medical office building located on a 13.62-acre site, which serves as collateral for the Shelton Agreement. The
purchase price has been allocated as $4,640,000, $1,600,000, and $325,000 for the facility, land, and tenant improvements, respectively.
Also included in the value of the property is $585,000 of intangible assets with an estimated useful life of approximating 3 years. The
net book value of these assets as of June 30, 2024 approximated $6,226,000. Of the total financed, approximately $211,000 of principal
and accrued interest is classified as current portion of long-term debt, net, and the remaining balance of approximately $4,305,000 recorded
as long-term debt, net of $38,000 in deferred financing costs. Interest expense for the six months ended June 30, 2024 and 2023 approximated
$98,000 and $85,000, respectively.
On
October 13, 2021, LVAM entered into loan agreement with BMIC (“BMIC Loan”), a related party, whereas LVAM borrowed the principal
amount of $3,000,000, with interest to be charged at a variable rate to be adjusted at the maturity date. The BMIC Loan matures on October
12, 2022, and contains an auto renewal period of three months. As of June 30, 2024 and December 31, 2023, $461,000 and $547,000, respectively,
are included in Current portion of long-term debt, net on the consolidated balance sheet.
On
October 13, 2021, LVAM entered into a loan agreement with Lee Wilson Tsz Kin (“Wilson Loan”), a related party, whereas LVAM
borrowed the principal amount of $3,000,000, with interest to be charged at a variable rate to be calculated at the maturity date. The
Wilson Loan matures on October 12, 2022, and contains an auto renewal period of nine months. As of June 30, 2024, $1,064,000 is included
in the Current portion of long-term debt, net on the consolidated balance sheet. As of December 31, 2023 $2,131,000 is included in the
Current portion of long-term debt, net on the consolidated balance sheet.
On
November 2, 2021, AMRE LifeCare entered into a loan agreement (“LifeCare Agreement”) with Pinnacle Bank, (“Pinnacle
Bank”) in the amount of $40,300,000. The LifeCare Agreement supported the acquisition of three medical facilities located in Fort
Worth, Texas, Plano, Texas, and Pittsburgh, Pennsylvania for a purchase price of $62,000,000. These assets are classified as investments,
real estate on the consolidated balance sheet, and serves as collateral for the LifeCare Agreement. The purchase price has been allocated
as $32,100,000, $12,100,000, and $1,500,000 for the facility, land and site improvements, respectively. Also included in the value of
the property is $15,901,000 of intangible assets with estimated useful lives ranging from 1 to 11 years. The net book value of the assets
acquired as of June 30, 2024 is approximately $41,570,000. The LifeCare Agreement calls for the principal amount of the in equal, consecutive
monthly installments based upon a twenty-five (25) year amortization of the original principal amount of the LifeCare Agreement at an
initial rate of interest equal to the interest rate determined in accordance as of July 29, 2022 provided, however, such rate of interest
shall not be less than 4.28%, with the first such installment being payable on August 29, 2022 and subsequent installments being payable
on the first day of each succeeding month thereafter until the maturity date, at which time any outstanding principal and interest is
due in full. The affective interest rate at June 30, 2024 was 9.6%. As of December 31, 2023, the outstanding principal and interested
approximates $41,331,000 and is included in current portion of long-term debt, on the consolidated balance sheet. As of June 30, 2024,
the outstanding principal and interested approximates $43,776,000 and is included in current portion of long-term debt, on the consolidated
balance sheet. Interest expense for the six months ended June 30, 2024 and 2023 approximated $1,954,000 and $1,484,000, respectively.
This note is in default and demand was made for final payment to be made by December 22, 2023. This amount is past due.
On
March 17, 2022, AMRE Winter Haven, LLC (“AMRE Winter Haven”) and Pinnacle Bank (“Pinnacle”) entered into a
term loan (“Pinnacle Loan”) whereas Pinnacle lent to AMRE Winter Haven the principal sum of $2,990,000,
maturing on March
7, 2024 (later extended to July 7, 2024) to
acquire a medical facility located in Winter Haven, Florida for a purchase price of $4,500,000.
The assets acquired are classified as investments, real estate on the consolidated balance sheet, and serves as collateral for the
Pinnacle Loan. The purchase price has been allocated as $3,200,000,
$1,000,000,
and $222,000 for
the facility, land and site and tenant improvements, respectively. Also included in the value of the property is $29,000 of
intangible assets with an estimated useful life of approximately 5 years.
The net book value of the assets acquired as of June 30, 2024 is approximately $4,380,000.
Payments are to be made in equal, consecutive installments based on a 25-year
amortization period with interest at 4.28%.
The first installment is due January 1, 2023. This AMRE note is currently due, and has an effective interest rate of 9.6%The
outstanding principal and interest, net of debt issuance costs of $17,000,
approximates $2,977,000 and
is included in the current portion of long-term debt, net on the accompanying consolidated balance sheet at December 31, 2023. The
outstanding principal and interest, approximates $2,992,000 and
is included in current portion of long-term debt, net on the accompanying consolidated balance sheet at June 30, 2024. Interest
expense equaled $148,000 and
$113,000 for
the six months ended June 30, 2024 and 2023, respectively. This note is in default and demand was made for final payment to
be made by December 22, 2023. This amount is past due.
On
March 30, 2023, Premier Packaging, a subsidiary of the Company entered into a loan and security agreement with Union Bank & Trust
Company for the principal amount of $790,000 and shall accrued interest at the rate of 7.44%. Principal and interest shall be repaid
in the approximate amount of $14,000 through March 2029. This loan is collateralized by a Bobst Model Novacut and is guaranteed by DSS,
Inc. As of June 30, 2024, the outstanding principal and interest approximates $663,000 of which $118,000 was included in the current
portion of long-term debt, net, and the remaining balance of approximately $545,000 recorded as long-term debt. As of December 31, 2023,
the outstanding principal and interest approximates $719,000 of which $112,000 was included in the current portion of long-term debt,
net, and the remaining balance of approximately $607,000 recorded as long-term debt. Interest expense equaled $25,000 and $0 for the
six months ended June 30, 2024 and 2023, respectively.
A
summary of scheduled principal payments of long-term debt, not including revolving lines of credit, subsequent to June 30, 2024, are
as follows:
Schedule of Notes Payable and Long-term Debt
Year | |
Amount | |
2024 | |
$ | 49,130,000 | |
2025 | |
| 831,000 | |
2026 | |
| 902,000 | |
2027 | |
| 948,000 | |
2028 | |
| 996,000 | |
Thereafter | |
| 3,352,000 | |
10.
Lease Liability
The
Company has operating leases predominantly for operating facilities. As of June 30, 2024, the remaining lease terms on our operating
leases range from less than one to twelve years. Renewal options to extend our leases have not been exercised due to uncertainty. Termination
options are not reasonably certain of exercise by the Company. There is no transfer of title or option to purchase the leased assets
upon expiration. There are no residual value guarantees or material restrictive covenants. There are no significant finance leases as
of June 30, 2024.
Future
minimum lease payments as of June 30, 2024 are as follows:
Maturity
of Lease Liability:
Schedule of Future Minimum Lease Payments
| |
Totals | |
2024 | |
$ | 479,000 | |
2025 | |
| 860,000 | |
2026 | |
| 839,000 | |
2027 | |
| 808,000 | |
2028 | |
| 824,000 | |
After | |
| 4,913,000 | |
Total lease payments | |
| 8,723,000 | |
Less: Imputed Interest | |
| (1,459,000 | ) |
Present value of remaining lease payments | |
$ | 7,264,000 | |
| |
| | |
Current | |
$ | 661,000 | |
Noncurrent | |
$ | 6,603,000 | |
| |
| | |
Weighted-average remaining lease term (years) | |
| 10.0 | |
| |
| | |
Weighted-average discount rate | |
| 4.1 | % |
Total
cash paid for leases during the six months ended June 30, 2024 and 2023 approximated $498,000 and $513,000, respectively.
11.
Commitments and Contingencies
License
Agreement – On March 19, 2022, Impact BioMedical entered into a License Agreement (“Equivir License”) with
a third-party (“Licensee”) where the Licensor is granted the right, amongst other things, to develop, commercialize, and
sell the Company’s Equivir technology. In exchange, the Licensee shall pay the Company a royalty of 5.5% of net sales. Under the
terms of the Equivir Agreement, the Company shall reimburse the Licensee for 50% of the development costs provided that the development
costs shall not exceed $1,250,000. As of June 30, 2024 and December 31, 2023, $152,000 and $200,000, respectively, has been accrued for
in relation to the Equivir License as development of the Equivir technology.
12.
Stockholders’ Equity
Equity
transactions –
On
April 10, 2023, the Company issued 1,247,078 shares of common stock to Mr. Frank Heuszel, CEO of DSS, pursuant to his employment agreement.
These shares were issued to settle a previously recorded liability of approximately $268,000.
On
January 4, 2024 the Company effected a reverse stock split of 1 for 20. As of December 31, 2023 there were 140,264,240 shares of our
Common Stock issued and outstanding, which was converted to 7,066,772.
Stock-Based
Compensation –
The
Company records stock-based payment expense related to options and warrants based on the grant date fair value in accordance with
FASB ASC 718. Stock-based compensation includes expense charges for all stock-based awards to employees, directors, and consultants.
Such awards include option grants, warrant grants, and restricted stock awards. During the six months ended June 30, 2024, there
were none. During the six months ended June 30, 2023, the Company’s did not have stock compensation associated with these
items, and 2,000 options were forfeited.
Impact
BioMedical, Inc. Equity Transactions –
On
May 10, 2023, the Company, the Company’s Board of Directors approved an amendment to the Articles of Incorporation of the Company
to increase the total number of shares of Common Stock to 4,000,000,000 shares with a par value of $0.001. Each share of Common Stock
when issued, shall have one (1) vote on all matters presented to the stockholders. Our Amended and Restated Articles of Incorporation
also authorized 100,000,000 shares of preferred stock, par value $0.001 per share. On May 11, 2023, the Company effected a forward split.
As a result, there were 3,877,282,251 shares of our Common Stock and no shares of preferred stock issued and outstanding. Prior to the
split, there were 125,073,621 shares of our Common Stock and no shares of preferred stock issued and outstanding. On October 31, 2023,
the Company effected a reverse stock split of 1 for 55. Also on October 31, 2023, DSS BioHealth Securities, Inc., the Company’s
largest shareholder converted 60,496,041 shares of Common Stock into 60,496,041 shares of Series A Convertible Preferred Shares, reducing
its ownership of the Company’s Common Stock from approximately 88% to approximately 12%. As of June 30, 2024 and December 31, 2023,
there were 10,000,000 shares of our Common Stock and 60,496,041 shares of preferred stock issued and outstanding.
On
August 8, 2023 DSS, the Company’s largest shareholder, distributed to its shareholders of record on July 10, 2023 4 shares of Impact
Bio’s stock for 1 share they owned. Each share of Impact BioMedical distributed as part of the distribution will not be eligible
for resale until 180 days from the date Impact BioMedical’s initial public offering becomes effective under the Securities Act,
subject to the discretion of the Company to lift the restriction sooner.
13.
Supplemental Cash Flow Information
The
following table summarizes supplemental cash flows for the six months ended June 30, 2024 and 2023:
Schedule of Supplemental Cash Flow Information
| |
2024 | | |
2023 | |
| |
| | | |
| | |
Cash paid for interest | |
$ | 501,000 | | |
$ | 1,402,000 | |
14.
Segment Information
The
Company’s nine businesses lines are organized, managed, and internally reported as five operating segments. One of these operating
segments, Product Packaging, is the Company’s packaging and printing group. Product Packaging operates in the paper board folding
carton, smart packaging, and document security printing markets. It markets, manufactures, and sells mailers, photo sleeves, sophisticated
custom folding cartons, and complex 3-dimensional direct mail solutions. These products are designed to provide functionality and marketability
while also providing counterfeit protection. A second, Biotechnology, invests in, or acquires companies in the biohealth and biomedical
fields, including businesses focused on the advancement of drug discovery and prevention, inhibition, and treatment of neurological,
oncological, and immune related diseases. This division is also developing open-air defense initiatives, which curb transmission of air-borne
infectious diseases, such as tuberculosis and influenza. Biotechnology is also targeting unmet, urgent medical needs. A third operating
segment, Securities, and Investment Management (“Securities”) was established to develop and/or acquire assets and investments
in the securities trading and/or funds management arena. Further, Securities, in partnership with recognized global leaders in alternative
trading systems, intends to own and operate in the US a single or multiple vertical digital asset exchanges for securities, tokenized
assets, utility tokens, stable coins and cryptocurrency via a digital asset trading platform using blockchain technology. The scope of
services within this section is planned to include asset issuance and allocation (securities and cryptocurrency), FPO, IPO, ITO, PPO,
STO and UTO listings on a primary market(s), asset digitization/tokenization (securities, currency, and cryptocurrency), and the listing
and trading of digital assets (securities and cryptocurrency) on a secondary market(s). Also in this segment is the Company’s real
estate investment trust (“REIT”), organized for the purposes of acquiring hospitals and other acute or post-acute care centers
from leading clinical operators with dominant market share in secondary and tertiary markets, and leasing each property to a single operator
under a triple-net lease. The REIT was formed to originate, acquire, and lease a credit-centric portfolio of licensed medical real estate.
The fourth segment, Direct, provides services to assist companies in the emerging growth gig business model of peer-to-peer decentralized
sharing marketplaces. It specializes in marketing and licensing its products and services through its subsidiary and partner network,
using the popular gig economic marketing strategy as a form of direct marketing. Direct marketing products include, among other things,
nutritional and personal care products sold throughout North America, Asia Pacific and Eastern Europe (see Note 1, Deconsolidation of
Sharing Services Global Corporation). The fifth business line, Commercial Banking, is organized for the purposes of being a financial
network holding company, focused providing commercial loans and on acquiring equity positions in (i) undervalued commercial bank(s),
bank holding companies and nonbanking licensed financial companies operating in the United States, South East Asia, Taiwan, Japan and
South Korea, and (ii) companies engaged in—nonbanking activities closely related to banking, including loan syndication services,
mortgage banking, trust and escrow services, banking technology, loan servicing, equipment leasing, problem asset management, SPAC (special
purpose acquisition company) consulting, and advisory capital raising services. From this financial platform, the Company shall provide
an integrated suite of financial services for businesses that shall include commercial business lines of credit, land development financing,
inventory financing, third party loan servicing, and services that address the financial needs of the world Gig Economy.
Approximate
information concerning the Company’s operations by reportable segment for the three and six months ended June 30, 2024 and 2023
is as follows. The Company relies on intersegment cooperation and management does not represent that these segments, if operated independently,
would report the results contained herein:
Schedule of Operations by Reportable Segment
Three Months Ended June 30, 2024 | |
Product Packaging | | |
Commercial Lending | | |
Direct Marketing | | |
Biotechnology | | |
Securities | | |
Corporate | | |
Total | |
Revenue | |
$ | 3,539,000 | | |
$ | 44,000 | | |
$ | 3,000 | | |
$ | 1,000 | | |
$ | 624,000 | | |
$ | - | | |
$ | 4,211,000 | |
Cost of Revenue | |
| 3,598,000 | | |
| (4,484,000 | ) | |
| - | | |
| 10,000 | | |
| 2,066,000 | | |
| 4,483,000 | | |
| 5,673,000 | |
Depreciation and amortization | |
| 190,000 | | |
| - | | |
| 34,000 | | |
| 288,000 | | |
| 39,000 | | |
| 4,000 | | |
| 555,000 | |
Interest expense | |
| 45,000 | | |
| - | | |
| - | | |
| - | | |
| 1,199,000 | | |
| - | | |
| 1,244,000 | |
Interest income | |
| - | | |
| (1,000 | ) | |
| 36,000 | | |
| 3,000 | | |
| 156,000 | | |
| 1,000 | | |
| 195,000 | |
Net income (loss) from continuing operations | |
| (894,000 | ) | |
| 502,000 | | |
| 104,000 | | |
| (669,000 | ) | |
| (2,566,000 | ) | |
| (1,431,000 | ) | |
| (4,954,000 | ) |
Capital expenditures | |
| 29,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 29,000 | |
Identifiable assets | |
| 19,683,000 | | |
| 12,129,000 | | |
| 442,000 | | |
| 48,631,000 | | |
| 59,211,000 | | |
| 4,352,000 | | |
| 144,448,000 | |
Assets held for sale | |
| - | | |
| - | | |
| - | | |
| - | | |
| 46,040,000 | | |
| - | | |
| 46,040,000 | |
Three Months Ended June 30,2023 | |
Product Packaging | | |
Commercial Lending | | |
Direct Marketing | | |
Biotechnology | | |
Securities | | |
Corporate | | |
Total | |
Revenue | |
$ | 3,626,000 | | |
$ | 197,000 | | |
$ | 1,572,000 | | |
$ | - | | |
$ | 1,838,000 | | |
$ | - | | |
$ | 7,233,000 | |
Cost of Revenue | |
| 2,421,000 | | |
| - | | |
| 516,000 | | |
| 2,000 | | |
| 1,820,000 | | |
| 73,000 | | |
| 4,832,000 | |
Depreciation and amortization | |
| 193,000 | | |
| - | | |
| 43,000 | | |
| 289,000 | | |
| 782,000 | | |
| 7,000 | | |
| 1,314,000 | |
Interest expense | |
| 47,000 | | |
| - | | |
| - | | |
| - | | |
| 91,000 | | |
| - | | |
| 138,000 | |
Interest income | |
| - | | |
| - | | |
| 280,000 | | |
| 49,000 | | |
| 78,000 | | |
| | | |
| 407,000 | |
Net income (loss) from continuing operations | |
| (205,000 | ) | |
| (1,213,000 | ) | |
| (28,074,000 | ) | |
| (3,934,000 | ) | |
| (4,413,000 | ) | |
| 116,000 | | |
| (37,723,000 | ) |
Capital expenditures | |
| 4,000 | | |
| - | | |
| (4,000 | ) | |
| 12,000 | | |
| 7,000 | | |
| - | | |
| 19,000 | |
Identifiable assets | |
| 23,080,000 | | |
| 41,324,000 | | |
| 7,159,000 | | |
| 49,952,000 | | |
| 71,610,000 | | |
| 9,619,000 | | |
| 202,744,000 | |
Assets held for sale | |
| - | | |
| - | | |
| 2,004,000 | | |
| - | | |
| - | | |
| - | | |
| 2,004,000 | |
Six Months Ended June 30, 2024 | |
Product Packaging | | |
Commercial Lending | | |
Direct Marketing | | |
Biotechnology | | |
Securities | | |
Corporate | | |
Total | |
Revenue | |
$ | 6,620,000 | | |
$ | 146,000 | | |
$ | 3,000 | | |
$ | 2,000 | | |
$ | 1,311,000 | | |
$ | - | | |
$ | 8,082,000 | |
Cost of Revenue | |
| 6,365,000 | | |
| (4,015,000 | ) | |
| - | | |
| 20,000 | | |
| 3,810,000 | | |
| 4,483,000 | | |
| 10,663,000 | |
Depreciation and amortization | |
| 381,000 | | |
| - | | |
| 68,000 | | |
| 577,000 | | |
| 107,000 | | |
| 3,000 | | |
| 1,136,000 | |
Interest expense | |
| 91,000 | | |
| - | | |
| - | | |
| - | | |
| 2,299,000 | | |
| - | | |
| 2,390,000 | |
Interest income | |
| - | | |
| - | | |
| 72,000 | | |
| 9,000 | | |
| 219,000 | | |
| 2,000 | | |
| 302,000 | |
Net income (loss) from continuing operations | |
| (1,367,000 | ) | |
| (880,000 | ) | |
| 34,000 | | |
| (1,610,000 | ) | |
| (4,915,000 | ) | |
| (1,325,000 | ) | |
| (10,063,000 | ) |
Capital expenditures | |
| 29,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 29,000 | |
Total Identifiable assets | |
| 19,683,000 | | |
| 12,129,000 | | |
| 442,000 | | |
| 48,631,000 | | |
| 59,211,000 | | |
| 4,352,000 | | |
| 144,448,000 | |
Assets held for sale | |
| - | | |
| - | | |
| - | | |
| - | | |
| 46,040,000 | | |
| - | | |
| 46,040,000 | |
Six Months Ended June 30,2023 | |
Product Packaging | | |
Commercial Lending | | |
Direct Marketing | | |
Biotechnology | | |
Securities | | |
Corporate | | |
Total | |
Revenue | |
$ | 9,661,000 | | |
$ | 314,000 | | |
$ | 5,566,000 | | |
$ | - | | |
$ | 3,523,000 | | |
$ | - | | |
$ | 19,064,000 | |
Cost of revenue | |
| 7,081,000 | | |
| - | | |
| 1,806,000 | | |
| 63,000 | | |
| 4,340,000 | | |
| 75,000 | | |
| 13,365,000 | |
Depreciation and amortization | |
| 381,000 | | |
| - | | |
| 89,000 | | |
| 586,000 | | |
| 1,526,000 | | |
| 65,000 | | |
| 2,647,000 | |
Interest expense | |
| 86,000 | | |
| - | | |
| - | | |
| - | | |
| 302,000 | | |
| - | | |
| 388,000 | |
Interest income | |
| - | | |
| - | | |
| 285,000 | | |
| 143,000 | | |
| 110,000 | | |
| - | | |
| 538,000 | |
Net income (loss) from continuing operations | |
| 491,000 | | |
| (1,777,000 | ) | |
| (31,260,000 | ) | |
| (4,782,000 | ) | |
| (6,441,000 | ) | |
| (2,588,000 | ) | |
| (46,357,000 | ) |
Capital expenditures | |
| 580,000 | | |
| - | | |
| - | | |
| 17,000 | | |
| 35,000 | | |
| (19,000 | ) | |
| 613,000 | |
Identifiable assets | |
| 23,080,000 | | |
| 41,324,000 | | |
| 7,159,000 | | |
| 49,952,000 | | |
| 71,610,000 | | |
| 9,619,000 | | |
| 202,744,000 | |
Assets held for sale | |
| - | | |
| - | | |
| 2,004,000 | | |
| - | | |
| - | | |
| - | | |
| 2,004,000 | |
The
following tables disaggregate our business segment revenues by major source:
Printed Products Revenue Information:
Schedule of Disaggregation of Revenue
Three months ended June 30, 2024 | |
| | |
Packaging Printing and Fabrication | |
$ | 3,441,000 | |
Commercial and Security Printing | |
| 87,000 | |
Total Printed Products | |
$ | 3,528,000 | |
Three months ended June 30, 2023 | |
| | |
Packaging Printing and Fabrication | |
$ | 3,571,000 | |
Commercial and Security Printing | |
| 55,000 | |
Total Printed Products | |
$ | 3,626,000 | |
Six months ended June 30, 2024 | |
| | |
Packaging Printing and Fabrication | |
$ | 6,323,000 | |
Commercial and Security Printing | |
| 278,000 | |
Total Printed Products | |
$ | 6,601,000 | |
Six months ended June 30, 2023 | |
| | |
Packaging Printing and Fabrication | |
$ | 9,341,000 | |
Commercial and Security Printing | |
| 320,000 | |
Total Printed Products | |
$ | 9,661,000 | |
Direct Marketing
Three months ended June 30, 2024 | |
| | |
Direct Marketing Internet Sales | |
$ | - | |
Total Direct Marketing | |
$ | - | |
Three months ended June 30, 2023 | |
| | |
Direct Marketing Internet Sales | |
$ | 1,572,000 | |
Total Direct Marketing | |
$ | 1,572,000 | |
Six months ended June 30, 2024 | |
| | |
Direct Marketing Internet Sales | |
$ | - | |
Total Direct Marketing | |
$ | - | |
Six months ended June 30, 2023 | |
| | |
Direct Marketing Internet Sales | |
$ | 5,566,000 | |
Total Direct Marketing | |
$ | 5,566,000 | |
Rental Income
Three months ended June 30, 2024 | |
| | |
Rental income | |
$ | 438,000 | |
Total Rental Income | |
$ | 438,000 | |
| |
| | |
Three months ended June 30, 2023 | |
| | |
Rental income | |
$ | 1,543,000 | |
Total Rental Income | |
$ | 1,543,000 | |
Six months ended June 30, 2024 | |
| | |
Rental income | |
$ | 838,000 | |
Total Rental Income | |
$ | 838,000 | |
Six months ended June 30, 2023 | |
| | |
Rental income | |
$ | 3,228,000 | |
Total Rental Income | |
$ | 3,228,000 | |
Commission Income
Three months ended June 30, 2024 | |
| | |
Commission income | |
$ | 204,000 | |
Total commission income | |
$ | 204,000 | |
Three months ended June 30, 2023 | |
| | |
Commission income | |
$ | 295,000 | |
Total commission income | |
$ | 295,000 | |
Six months ended June 30, 2024 | |
| | |
Commission income | |
$ | 507,000 | |
Total commission income | |
$ | 507,000 | |
Six months ended June 30, 2023 | |
| | |
Commission income | |
$ | 295,000 | |
Total commission income | |
$ | 295,000 | |
Net Investment Income
Three months ended June 30, 2024 | |
| | |
Net Investment Income | |
$ | 41,000 | |
Total Investment Income | |
$ | 41,000 | |
Three months ended June 30, 2023 | |
| | |
Net Investment Income | |
$ | 197,000 | |
Total Rental Income | |
$ | 197,000 | |
Six months ended June 30, 2024 | |
| | |
Net investment income | |
$ | 136,000 | |
Total Management fee income | |
$ | 136,000 | |
Six months ended June 30, 2023 | |
| | |
Net Investment Income | |
$ | 314,000 | |
Total Management fee income | |
$ | 314,000 | |
15.
Related Party Transactions
The
Company owns 127,179,291 shares or approximately 4% of the outstanding shares of Alset International Limited (“Alset Intl”),
a company incorporated in Singapore and publicly listed on the Singapore Exchange Limited. This investment is classified as a marketable
security and is classified as long-term assets on the consolidated balance sheets as the Company has the intent and ability to hold the
investments for a period of at least one year. The Chairman of the Company, Mr. Heng Fai Ambrose Chan, is the Executive Director and
Chief Executive Officer of Alset Intl. Mr. Chan is also the majority shareholder of Alset Intl as well as the largest shareholder of
the Company. The fair value of the marketable security as of June 30, 2024 and December 31, 2023, was approximately $2,912,000 and $3,269,000,
respectively. During the six month ended June 30, 2024 and 2023, the Company recorded unrealized loss of approximately $ 356,000 and
$1,819,000, respectively.
On
September 10, 2020, the Company’s wholly owned subsidiary DSS Securities, Inc. entered into membership interest purchase agreement
with BMI Financial Group, Inc. a Delaware corporation (“BMIF”) and BMI Capital International LLC, a Texas limited liability
company (“BMIC”) whereas DSS Securities, Inc. purchased 14.9% membership interests in BMIC for $100,000. DSS Securities also
had the option to purchase an additional 10% of the outstanding membership interest which it exercised for $100,000 in January of 2021
and increased its ownership to 24.9%. The Company is currently accounting for this investment under the equity method of accounting per
ASC 323. The Company’s portion of net gain and loss in BMIC during the six months ended June 30, 2024 and 2023, approximated $7,000
and $22,000, respectively.
On
October 13, 2021, LVAM entered into loan agreement with BMIC (“BMIC Loan”), a related party, whereas LVAM borrowed the principal
amount of $3,000,000, with interest to be charged at a variable rate to be adjusted at the maturity date. The BMIC Loan matures on October
12, 2022, and contains an auto renewal period of three months. As of June 30, 2024 and December 31, 2023, $461,000 and $547,000, respectively,
are included in Current portion of long-term debt, net on the consolidated balance sheet.
On
October 13, 2021, LVAM entered into a loan agreement with Lee Wilson Tsz Kin (“Wilson Loan”), a related party, whereas LVAM
borrowed the principal amount of $3,000,000, with interest to be charged at a variable rate to be calculated at the maturity date. The
Wilson Loan matures on October 12, 2022, and contains an auto renewal period of nine months. As of June 30, 2024, $1,064,000 is included
in the Current portion of long-term debt, net on the consolidated balance sheet. As of December 31, 2023 $2,131,000 is included in the
Current portion of long-term debt, net on the consolidated balance sheet.
On
August 29, 2022, DSS Financial Management Inc and Borrower 8, a related party, entered into a promissory note (“Note 8”)
in the principal sum of $100,000 with interest of 8%, is due in three quarterly installments beginning on September 14, 2022. All unpaid
principal and interest is due on August 29, 2025. The outstanding principal and interest at June 30, 2024 approximated $101,000, and
was fully reserved for as of June 30, 2024.At December 31, 2023, the balance approximated $100,000 of which $76,000 is included in the
Current portion of notes receivable and $24,000 is included in the long-term portion of notes receivable. DSS owns 24.9% of the outstanding
common shares of Borrower 8.
On
May 8, 2023, DSS Financial Management Inc and Borrower 8 entered into a promissory note (“Note 9”) in the principal sum of
$102,000 with interest at the prime rate plus 2% (10.5% at June 30, 2024 and December 31, 2023) with a maturity date of May 7, 2026.
The outstanding principal and interest at June 30, 2024 approximated $110,000, and was fully reserved for as of June 30, 2024. At December
31, 2023 approximates $107,000 with approximately $53,000 of principal and accrued interest classified as Current portion notes receivable,
and the remaining balance of approximately $54,000 is recorded as notes receivable, on the accompanying consolidated balance sheet. DSS
owns 24.9% of the outstanding common shares of Borrower 8.
On
July 26, 2022, APB and Borrower 10 entered into a promissory note (“Note 10”) in the principal sum of $1,000,000
with interest of 8%.
All unpaid principal and interest due on July
26, 2024. The outstanding principal and interest on June 30, 2024 approximates $959,000,
and is included in notes receivable on the accompanying consolidate balance sheet. Approximately $480,000
of Note 10 was reserved for as of March 31, 2024. For the three months ended June 30, 2024, no additional reserve was deemed
necessary. The outstanding principal and interest on December 31, 2023, approximates $939,000,
net of $20,000
of unamortized origination fees and is included in notes receivable on the accompanying consolidate balance sheet. Heng Fai Ambrose
Chan, the Chairman of DSS, Inc is also the on the board of directors of Borrower 10.
16.
Subsequent Events
The
Company has evaluated all subsequent events and transactions through August 13, 2024, the date that the condensed consolidated financial
statements were available to be issued and noted no subsequent events requiring financial statement recognition or disclosure.
ITEM
2 - MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
FORWARD-LOOKING
STATEMENTS
Certain
statements contained herein this report constitute “forward-looking statements” within the meaning of the Private Securities
Litigation Reform Act of 1995 (the “1995 Reform Act”). Except for the historical information contained herein, this report
contains forward-looking statements (identified by words such as “estimate”, “project”, “anticipate”,
“plan”, “expect”, “intend”, “believe”, “hope”, “strategy” and
similar expressions), which are based on our current expectations and speak only as of the date made. These forward-looking statements
are subject to various risks, uncertainties and factors that could cause actual results to differ materially from the results anticipated
in the forward-looking statements.
Overview
The
Company, incorporated in the state of New York in May 1984 has conducted business in the name of Document Security Systems, Inc. On September
16, 2021, the board of directors approved an agreement and plan of merger with a wholly owned subsidiary, DSS, Inc. (a New York corporation,
incorporated in August 2020), for the sole purpose of effecting a name change from Document Security Systems, Inc. to DSS, Inc. This
change became effective on September 30, 2021. DSS, Inc. maintained the same trading symbol “DSS” and updated its CUSIP number
to 26253C 102.
DSS,
Inc. (together with its consolidated subsidiaries, referred to herein as “DSS,” “we,” “us,” “our”
or the “Company”), currently operates nine (9) distinct business lines with operations and locations around the globe. These
business lines are: (1) Product Packaging, (2) Biotechnology, (3) Direct, (4) Commercial Lending, (5) Securities and Investment Management,
(6) Alternative Trading (7) Digital Transformation (discontinued in 2023), (8) Secure Living (discontinued in 2023), and (9) Alternative
Energy (discontinued in 2023). Each of these business lines are in different stages of development, growth, and income generation.
Our
divisions, their business lines, subsidiaries, and operating territories: (1) Our Product Packaging line is led by Premier Packaging
Corporation, Inc. (“Premier”), a New York corporation. Premier operates in the paper board and fiber based folding carton,
consumer product packaging, and document security printing markets. It markets, manufactures, and sells sophisticated custom folding
cartons, mailers, photo sleeves and complex 3-dimensional direct mail solutions. Premier is currently located in its new facility in
Rochester, NY, and primarily serves the US market. (2) The Biotechnology business line was created to invest in or acquire companies
in the BioHealth and BioMedical fields, including businesses focused on the advancement of drug discovery and prevention, inhibition,
and treatment of neurological, oncological, and immune related diseases. This division is also targeting unmet, urgent medical needs,
and is developing open-air defense initiatives, which curb transmission of air-borne infectious diseases, such as tuberculosis and influenza.
(3) Direct Marketing, led by the holding corporation, Decentralized Sharing Systems, Inc. (“Decentralized”) provides services
to assist companies in the emerging growth “Gig” business model of peer-to-peer decentralized sharing marketplaces. Direct
Marketing’s products include, among other things, nutritional and personal care products sold throughout North America, Asia Pacific,
Middle East, and Eastern Europe. (4) Our Commercial Lending business division, driven by American Pacific Bancorp (“APB”),
is organized for the purposes of being a financial network holding company, focused on acquiring equity positions in (i) undervalued
commercial bank(s), bank holding companies and nonbanking licensed financial companies operating in the United States, South East Asia,
Taiwan, Japan and South Korea, and (ii) companies engaged in—nonbanking activities closely related to banking, including loan syndication
services, mortgage banking, trust and escrow services, banking technology, loan servicing, equipment leasing, problem asset management,
SPAC (special purpose acquisition company) consulting services, and advisory capital raising services. (5) Securities and Investment
Management was established to develop and/or acquire assets in the securities trading or management arena, and to pursue, among other
product and service lines, broker dealers, and mutual funds management. Also in this segment is the Company’s real estate investment
trusts (“REIT”), organized for the purposes of acquiring hospitals and other acute or post-acute care centers from leading
clinical operators with dominant market share in secondary and tertiary markets, and leasing each property to a single operator under
a triple-net lease. the REIT was formed to originate, acquire, and lease a credit-centric portfolio of licensed medical real estate.
(6) Alternative Trading was established to develop and/or acquire assets and investments in the securities trading and/or funds management
arena. Alternative Trading, in partnership with recognized global leaders in alternative trading systems, intends to own and operate
in the US a single or multiple vertical digital asset exchanges for securities, tokenized assets, utility tokens, and cryptocurrency
via an alternative trading platform using blockchain technology. The scope of services within this section is planned to include asset
issuance and allocation (securities and cryptocurrency), FPO, IPO, ITO, PPO, and UTO listings on a primary market(s), asset digitization/tokenization
(securities, currency, and cryptocurrency), and the listing and trading of digital assets (securities and cryptocurrency) on a secondary
market(s). (7) Digital Transformation was established to be a Preferred Technology Partner and Application Development Solution for mid
cap brands in various industries including the direct selling and affiliate marketing sector. Digital improves marketing, communications
and operations processes with custom software development and implementation (discontinued in 2023). (8) The Secure Living division has
developed a plan for fully sustainable, secure, connected, and healthy living communities with homes incorporating advanced technology,
energy efficiency, and quality of life living environments both for new construction and renovations for single and multi-family residential
housing (discontinued in 2023). (9) The Alternative Energy group was established to help lead the Company’s future in the clean
energy business that focuses on environmentally responsible and sustainable measures. Alset Energy, Inc, the holding company for this
group, and its wholly owned subsidiary, Alset Solar, Inc., pursue utility-scale solar farms to serve US regional power grids and to provide
underutilized properties with small microgrids for independent energy (discontinued in 2023).
On
December 23, 2021, DSS purchased 50,000,000 shares at $0.06 per share of Sharing Services Global Corporation (“SHRG”) via
a private placement. With this purchase, DSS increased its ownership of voting shares from approximately 47% of SHRG to approximately
58%. On January 24, 2022, the Company exercised 50,000,000 warrants received as part of a consulting agreement with SHRG at the exercise
price of $0.0001, bring its ownership percentage of voting shares to approximately 65%. SHRG aims to build shareholder value by developing
or acquiring businesses that increase the Company’s product and services portfolio, business competencies and geographic reach.
Currently, the Company, through its subsidiaries, markets and distributes its health and wellness and other products primarily in the
United States, Canada, and the Asia Pacific region using a direct selling business model. The Company markets its products and services
through its independent sales force, using its proprietary websites, including: www.elevacity.com and www.thehappyco.com. The Company,
headquartered in Plano, Texas, was incorporated in the State of Nevada on April 24, 2015, and is an emerging growth company. The Company’s
Common Stock is traded, under the symbol “SHRG,” in the OTCQB Market, an over-the-counter trading platforms market operated
by OTC Markets Group Inc. On May 4, 2023, the Company distributed approximately 280 million shares of SHRG beneficially held by DSS and
Decentralized Sharing Systems in the form of a dividend to the shareholders of DSS common stock. Upon completion of this distribution,
DSS will retain an ownership interest in SHRG of approximately 7%. Immediately prior to this distribution, DSS owned approximately 81%
of the issued and outstanding common shares of SHRG. As a result, SHRG, whose operations represented a significant portion of our Direct
Marketing segment, was deconsolidated from our consolidated financial statements effective as of May 1, 2023 (the “Deconsolidation”).
The consolidated statement of operations for the fiscal quarter ended September 30, 2023, therefore includes one month of activity related
to SHRG prior to the Deconsolidation. Subsequent to April 30, 2023 the assets and liabilities of SHRG are no longer included within our
consolidated balance sheets. Any discussions related to results, operations, and accounting policies associated with SHRG refer to the
periods prior to the Deconsolidation.
The
five reporting segments are as follows:
Premier
Packaging: (“Premier”) Premier Packaging Corporation provides custom packaging services and serves clients in the
pharmaceutical, nutraceutical, consumer goods, beverage, specialty foods, confections, photo packaging and direct marketing industries,
among others. The group also provides active and intelligent packaging and document security printing services for end-user customers.
In addition, the division produces a wide array of printed materials, such as folding cartons and paperboard packaging, security paper,
vital records, prescription paper, birth certificates, receipts, identification materials, entertainment tickets, secure coupons and
parts tracking forms. The division also provides resources and production equipment for our ongoing research and development of security
printing, brand protection, consumer engagement and related technologies.
Commercial
Lending: (“Commercial Lending”) through its operating company, American Pacific Bancorp, Inc. (“APB”)
is organized for the purposes of being a financial network holding company, focused providing commercial loans and on acquiring equity
positions in (i) undervalued commercial bank(s), bank holding companies and nonbanking licensed financial companies operating in the
United States, South East Asia, Taiwan, Japan and South Korea, and (ii) companies engaged in—nonbanking activities closely related
to banking, including loan syndication services, mortgage banking, trust and escrow services, banking technology, loan servicing, equipment
leasing, problem asset management, SPAC (special purpose acquisition company) consulting, and advisory capital raising services. From
this financial platform, the Company shall provide an integrated suite of financial services for businesses that shall include commercial
business lines of credit, land development financing, inventory financing, third party loan servicing, and services that address the
financial needs of the world Gig Economy.
Biotechnology:
(“Biotech”) Impact BioMedical, Inc. targets unmet, urgent medical needs and expands the borders of medical and pharmaceutical
science. Impact drives mission-oriented research, development, and commercialization of solutions for medical advances in human wellness
and healthcare. By leveraging technology and new science with strategic partnerships, Impact BioMedical provides advances in drug discovery
for the prevention, inhibition, and treatment of neurological, oncology and immuno-related diseases. Other technologies include a breakthrough
alternative sugar aimed to combat diabetes and functional fragrance formulations aimed at the industrial and medical industry.
The
business model of BioHealth and Impact BioMedical revolves around two methodologies – Licensing and Sales Distribution.
1)
Impact develops valuable and unique patented technologies which will be licensed to pharmaceutical, large consumer package goods
companies and venture capitalists in exchange for usage licensing and royalties.
2)
Impact utilizes the DSS ecosystem to leverage its sister companies that have in place distribution networks on a global scale. Impact
will engage in branded and private labelling of certain products for sales generation through these channels. This global distribution
model will give direct access to end users of Impact’s nutraceutical and health related products.
Securities
and Investment Management: (“Securities”) Securities was established to develop and/or acquire assets in the securities
trading or management arena, and to pursue, among other product and service lines, real estate investment funds, broker dealers, and
mutual funds management. This business sector has already established the following business lines and associated products and services:
|
● |
REIT
Management Fund: In March 2020, DSS Securities formed AMRE (“American Medical REIT”) and its management company AAMI
(“AMRE Asset Management, Inc.) Through AAMI/AMRE, a medical real estate investment trust, fulfills community needs for quality
healthcare facilities while enabling care providers to allocate their capital to growth and investment in their contemporary clinical
and critical care businesses. |
|
|
|
|
● |
Sentinel
Brokers Company, Inc.: Sentinel primarily operates as a financial intermediary, facilitating institutional trading of municipal
and corporate bonds as well as preferred stock, and accelerates the trajectory of the DSS digital securities business. |
|
|
|
|
● |
DSS
AmericaFirst: DSS AmericaFirst is a suite of mutual funds managed by DSS Wealth Management. DSS AmericaFirst expects to expand
into numerous investment platforms including additional mutual funds, exchange-traded funds, unit investment trusts, and closed-end
funds. DSS AmericaFirst currently consists of four mutual funds that seek to outperform their respective benchmark indices by applying
a quantitative rules-based approach to security selection. |
Direct
Marketing: (“Direct”) Through its holding company, Decentralized Sharing Systems, Inc. and its subsidiaries and partners,
provide an array of products and services which include, among other things, nutritional and personal care products sold throughout North
America, Asia Pacific and Eastern Europe, through licensing agreements.
Results
of operations for the three and six months ended June 30, 2024, as compared to the three and six months ended June 30, 2023.
This
discussion should be read in conjunction with the financial statements and footnotes contained in this Quarterly Report and in our Annual
Report on Form 10-K for the year ended December 31, 2023.
| |
Three months ended
June 30, 2024 | | |
Three months ended
June 30, 2023 | | |
% Change | | |
Six months ended
June 30, 2024 | | |
Six months ended
June 30, 2023 | | |
% Change | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Printed products | |
$ | 3,528,000 | | |
$ | 3,626,000 | | |
| -3 | % | |
$ | 6,601,000 | | |
$ | 9,661,000 | | |
| -32 | % |
Rental income | |
| 438,000 | | |
| 1,543,000 | | |
| -72 | % | |
| 838,000 | | |
| 3,228,000 | | |
| -74 | % |
Net investment income | |
| 41,000 | | |
| 197,000 | | |
| -79 | % | |
| 136,000 | | |
| 314,000 | | |
| -57 | % |
Commission revenue | |
| 204,000 | | |
| 295,000 | | |
| -31 | % | |
| 507,000 | | |
| 295,000 | | |
| 72 | % |
Direct marketing | |
| - | | |
| 1,572,000 | | |
| -100 | % | |
| - | | |
| 5,566,000 | | |
| -100 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total Revenue | |
$ | 4,211,000 | | |
$ | 7,233,000 | | |
| -42 | % | |
$ | 8,082,000 | | |
$ | 19,064,000 | | |
| -58 | % |
For
the three months ended June 30, 2024, total revenue decreased 42% as compared to the three months ended June 30, 2023. The decreases
in Rental income of 72% is driven by the tenants at AMRE LifeCare being unable to make rental payments in 2024. The decreases in Net
investment income approximating 79% is due to a number of loans made going on non-accrual as borrowers have struggled to make expect
payments. The Company’s Direct Marketing revenues decreased 100% is due to the Deconsolidation of SHRG as described in Note 1.
For
the six months ended June 30, 2024, total revenue decreased 58% as compared to the six months ended June 30, 2023. Revenues from the
sale of Printed products decreased 32% due primarily to orders expected to ship during the 4th quarter 2022 being pushed to
the 1st quarter 2023. The decreases in Rental income of 74% is driven by the tenants at AMRE LifeCare being unable to make rental payments
in 2024. The decreases in Net investment income approximating 57% is due to a number of loans made going on non-accrual as borrowers
have struggled to make expect payments. The Company’s Direct Marketing revenues decreased 100% is due to the Deconsolidation of
SHRG as described in Note 1.
| |
Three months ended
June 30, 2024 | | |
Three months ended
June 30, 2023 | | |
% Change | | |
Six months ended
June 30, 2024 | | |
Six months ended
June 30,2023 | | |
% Change | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Cost of revenue | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Printed products | |
$ | 3,598,000 | | |
$ | 2,421,000 | | |
| 49 | % | |
$ | 6,365,000 | | |
$ | 7,081,000 | | |
| -10 | % |
Securities | |
| 2,066,000 | | |
| 1,820,000 | | |
| 14 | % | |
| 3,810,000 | | |
| 4,340,000 | | |
| -12 | % |
Biotechnology | |
| 9,000 | | |
| 2,000 | | |
| 350 | % | |
| 19,000 | | |
| 63,000 | | |
| -70 | % |
Commercial lending | |
| - | | |
| - | | |
| N/A | | |
| 469,000 | | |
| - | | |
| N/A | |
Direct marketing | |
| - | | |
| 516,000 | | |
| -100 | % | |
| - | | |
| 1,806,000 | | |
| -100 | % |
Other | |
| - | | |
| 73,000 | | |
| -100 | % | |
| - | | |
| 75,000 | | |
| -100 | % |
Sales, general and administrative compensation | |
| 1,214,000 | | |
| 1,219,000 | | |
| 0 | % | |
| 2,443,000 | | |
| 6,359,000 | | |
| -62 | % |
Professional fees | |
| 567,000 | | |
| 1,548,000 | | |
| -63 | % | |
| 1,559,000 | | |
| 2,110,000 | | |
| -26 | % |
Sales and marketing | |
| 449,000 | | |
| 1,242,000 | | |
| -64 | % | |
| 943,000 | | |
| 3,052,000 | | |
| -69 | % |
Rent and utilities | |
| 291,000 | | |
| 264,000 | | |
| 10 | % | |
| 427,000 | | |
| 500,000 | | |
| -15 | % |
Research and development | |
| - | | |
| 266,000 | | |
| -100 | % | |
| 50,000 | | |
| 445,000 | | |
| -89 | % |
Other operating expenses | |
| 952,000 | | |
| 4,312,000 | | |
| -78 | % | |
| 1,613,000 | | |
| 5,358,000 | | |
| -70 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total costs and expenses | |
$ | 9,146,000 | | |
$ | 13,683,000 | | |
| -33 | % | |
$ | 17,698,000 | | |
$ | 31,189,000 | | |
| -43 | % |
Costs
of revenue include all direct costs of the Company’s printed products, including its packaging and printing sales and its direct
marketing sales, materials, direct labor, transportation, and manufacturing facility costs. In addition, this category includes all direct
costs associated with the Company’s technology sales, services and licensing including hardware and software that are resold, third-party
fees, and fees paid to inventors or others because of technology licenses or settlements, if any. Cost of revenue for our Securities
operating segments is comprised mainly of our REIT line of business and includes all direct cost associated with the maintenance and
upkeep of the related facilities, depreciation, amortization, and the costs to acquire the facilities. Our Commercial Lending operating
segment has costs of revenue associated with the impairment of notes receivable for those amounts at risk of collection. Total costs
of revenue decreased 20% for six months ended June 30, 2024 as compared to 2023 is primarily related to the Deconsolidation of SHRG as
described in Note 1. Also, cost of revenue decreased at Premier for the same time period due to the decrease in product shipped.
Sales,
general and administrative compensation costs, excluding stock-based compensation, decreased 62% for six months ended June 30, 2024
as compared to 2023 is primarily related to the Deconsolidation of SHRG as described in Note 1.
Professional
fees decreased 26% for six months ended June 30, 2024 as compared to 2023 due primarily to primarily due to efforts taken to decrease
these cost primarily at the Company’s Impact Bio subsidiary in anticipation of its IPO.
Sales
and marketing which include internet and trade publication advertising, travel and entertainment costs, sales-broker commissions,
and trade show participation expenses. Sales and marketing decreased 69% during the six months ended June 30, 2024 as compared to 2023
due primarily to the Deconsolidation of SHRG as described in Note 1.
Rent
and utilities decreased 15% during the six months ended June 30, 2024 as compared to 2023 primarily due to end of the lease in Tennessee
for AMRE office space and California for the Company’s DSS Wealth Management subsidiary as well as the deconsolidation of SHRG.
Research
and development costs represent costs consisting primarily of independent, third-party testing of the various properties of each
technology the Company owns possesses as well as research on new technologies. These costs decreased 89% the six months ended June 30,
2024 as compared to June 30, 2023, due primarily to the cessation of the Company’s research and development contract with GRDG
at the end of 2023.
Other
operating expenses consist primarily of equipment maintenance and repairs, office supplies, IT support, and insurance costs. During
the six months ended June 30, 2024 as compared to June 30, 2023, the fluctuation is due primarily to the Deconsolidation of SHRG as described
in Note 1.
Other
Income (Expense)
| |
Three months ended
June 30, 2024 | | |
Three months ended
June 30, 2023 | | |
% Change | | |
Six months ended
June 30, 2024 | | |
Six months ended
June 30,2023 | | |
% Change | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Interest Income | |
$ | 195,000 | | |
$ | 407,000 | | |
| -52 | % | |
$ | 302,000 | | |
$ | 538,000 | | |
| -44 | % |
Dividend Income | |
| - | | |
| 8,000 | | |
| -100 | % | |
| - | | |
| 12,000 | | |
| -100 | % |
Interest Expense | |
| (142,000 | ) | |
| (138,000 | ) | |
| 3 | % | |
| (190,000 | ) | |
| (388,000 | ) | |
| -51 | % |
Other Income (expense) | |
| 12,000 | | |
| 147,000 | | |
| -92 | % | |
| 38,000 | | |
| 175,000 | | |
| -78 | % |
Foreign Currency Translation Adjustment | |
| (9,000 | ) | |
| - | | |
| N/A | | |
| (14,000 | ) | |
| - | | |
| N/A | |
Loss on investments | |
| (383,000 | ) | |
| (27,922,000 | ) | |
| -99 | % | |
| (572,000 | ) | |
| (30,790,000 | ) | |
| -98 | % |
Gain/(loss) on equity method investment | |
| 8,000 | | |
| (18,000 | ) | |
| -144 | % | |
| 7,000 | | |
| (22,000 | ) | |
| -132 | % |
Provision for loan losses | |
| (53,000 | ) | |
| (3,757,000 | ) | |
| -99 | % | |
| (346,000 | ) | |
| (3,757,000 | ) | |
| -91 | % |
Loss on disposal of operations, net of taxes | |
| 165,000 | | |
| - | | |
| N/A | | |
| 165,000 | | |
| - | | |
| N/A | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total other expense | |
$ | (207,000 | ) | |
$ | (31,273,000 | ) | |
| 99 | % | |
$ | (610,000 | ) | |
$ | (34,232,000 | ) | |
| 98 | % |
Interest
income is recognized on the Company’s money markets, and a portion of notes receivable, identified in Note 4.
Other
income for the six months ended June 30, 2024 as compared to 2023 decreased 78% due primarily to income incurred in 2023 regarding
the Company’s distribution agreement with BioMed Technologies.
Interest
expenses decreased 51% during the six months ended June 30, 2024, as compared to the same period in 2023, due to decreasing debt
balances.
Loss
on investments consists of net realized losses on marketable securities which are recognized as the difference between the purchase
price and sale price of the common stock investment, and net unrealized losses on marketable securities which are recognized on the change
in fair market value on our common stock investment. The decrease in loss on investment for the six months ended June 30, 2024 as compared
to 2023 is driven by the deconsolidation of SHRG which resulted in a loss of approximately $29,196,000. See Note 1.
Loss
on equity method investment is the Company’s prorated portion of earnings on its investments treated under the equity method
of account for the six months ended June 30, 2024 as compared to 2023.
Net
Loss
| |
Three months ended
June 30, 2024 | | |
Three months ended
June 30, 2023 | | |
% Change | | |
Six months ended
June 30, 2024 | | |
Six months ended
June 30, 2023 | | |
% Change | |
Net loss | |
$ | (4,954,000 | ) | |
$ | (37,723,000 | ) | |
| 87 | % | |
$ | (10,063,000 | ) | |
$ | (46,357,000 | ) | |
| 78 | % |
For
the six months ended June 30, 2024 the Company recorded net losses of $46,357,000 as compared to net losses of $10,063,000 for the same
period in 2023. The decrease in net loss is driven by the Deconsolidation of SHRG as described in Note 1.
LIQUIDITY
AND CAPITAL RESOURCES
The
Company has historically met its liquidity and capital requirements primarily through the sale of its equity securities and debt financing.
As of June 30, 2024 the Company had cash of approximately $10.7 million. As of June 30, 2024, the Company believes that it has sufficient
cash to meet its cash requirements for at least the next 12 months from the filing date of this Annual Report. In addition, the Company
believes that it will have access to sources of capital from the sale of its equity securities and debt financing. The deconsolidation
of SHRG and sale of HWH Holdings, Inc, two companies with historical losses, also is expected to improve future cash flows.
Cash
Flow from Continuing Operating Activities
Net
cash used by operating activities was $5,574,000 for the six months ended June 30, 2024 as compared to $19,715,000 for six months
ended June, 2023. This fluctuation is driven by decreases in net loss, after reconciling items, approximating $756,000. Also, the
Company paid litigation losses during the 1st quarter of 2023 of approximately $8,750,000.
Cash
Flow from Investing Activities
Net
cash provided by investing activities was $8,776,000 for the six months ended June 30, 2024 as compared to net cash provided by investing
activities of $13,376,000 for the six months ended June 30, 2023. This fluctuation is driven by the sale of marketable securities approximating
$11,330,000 during 2023 versus purchases of $379,000 during 2024. This is offset by receipts on Notes receivable of $4,044,000 in 2024
versus $2,327,000 in 2023.
Cash
Flow from Financing Activities
Net
cash provided by financing activities was $902,000 for the six months ended June 30, 2024 as compared to net cash used by financing
activities of $2,918,000 for the six months ended June 30, 2023. This variance is driven by payments toward long term debt of $1,269,000
in 2024 versus $5,519,000 in 2023.
Off-Balance
Sheet Arrangements
We
do not have any material off-balance sheet arrangements that have, or are reasonably likely to have, an effect on our financial condition,
financial statements, revenues, or expenses.
Critical
Accounting Policies and Estimates
The
preparation of financial statements and related disclosures in conformity with U.S. GAAP requires management to make judgments, assumptions
and estimates that affect the amounts reported in our financial statements and accompanying notes. The financial statements as of December
31, 2023, describe the significant accounting policies and methods used in the preparation of the financial statements. There have been
no material changes to such critical accounting policies as of the Quarterly Report on Form 10-Q for the quarter ended June 30, 2024.
ITEM
4 - CONTROLS AND PROCEDURES
Under
the supervision and with the participation of our management, including our principal executive officer and principal financial officer,
we conducted an evaluation of our disclosure controls and procedures for the quarter ended June 30, 2024, pursuant to Rule 13a-15(e)
and Rule 15d-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Based on this
evaluation and on the material weaknesses disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023 which remained
as of June 30, 2024, our principal executive officer and principal financial officer concluded that as of June 30, 2024, our disclosure
controls and procedures were not effective to ensure that information required to be disclosed by us in reports filed or submitted under
the Exchange Act is being recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange
Commission’s rules and forms, and that our disclosure controls are not effectively designed to ensure that information required
to be disclosed by us in the reports that we file or submit under the Exchange Act is being accumulated and communicated to management,
including our principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to
allow timely decisions regarding required disclosure.
Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation
of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate. All internal control systems, no matter how well designed,
have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect
to financial statement preparation and presentation.
Plan
for Remediation of Material Weaknesses
As
discussed in our Annual Report on Form 10-K for the year ended December 31, 2023, the Company has a remediation plan and is committed
to maintaining a strong internal control environment and believes that these remediation efforts will represent significant improvements
in our controls. The Company has started to implement these steps, however, some of these steps will take time to be fully integrated
and confirmed to be effective and sustainable. Additional controls may also be required over time. Until the remediation steps set forth
above are fully implemented and tested, the material weaknesses described above will continue to exist.
Changes
in Internal Control over Financial Reporting
While
changes in the Company’s internal control over financial reporting occurred during the quarter ended June 30, 2024, as the Company
began implementation of the remediation steps described above, we believe that there were no changes in the Company’s internal
control over financial reporting during the quarter ended June 30, 2024, that have materially affected, or are reasonably likely to materially
affect, the Company’s internal control over financial reporting.
PART
II
OTHER
INFORMATION
ITEM
1 - LEGAL PROCEEDINGS
See
commentary in Note 11 Commitments and Contingencies.
ITEM
1A - RISK FACTORS
There
have been no material changes to the discussion of risk factors previously disclosed in our most recently filed Annual Report on Form
10-K for the year ended December 31, 2023.
ITEM
2 - UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
On
January 25, 2022, the Company entered into a stock purchase agreement with Alset EHome International, Inc. (the “January 25, 2022
SPA”), pursuant to which the Company agreed to issue to Alset EHome International, Inc. (“AEI”) up to 44,619,423 shares
of the Company’s common stock (the “Shares”) for a purchase price of $0.3810 per share. On February 28, 2022, the Company
entered into an Amendment to Stock Purchase Agreement, pursuant to which the Company and AEI agreed to amend certain terms of the January
25, 2022 SPA. Pursuant to the Amendment, the number of shares of the common stock of the Company that the AEI will purchase has been
reduced from 44,619,423 to 3,986,877 shares for an aggregate purchase price of $1,519,000.
On
January 18, 2022, the Company entered into a stock purchase agreement with AEI, pursuant to which AEI sold to the Company 100% of the
shares of common stock of its wholly owned subsidiary True Partner International Limited (HK) (“TP”), and all of TP’s
62,122,908 ordinary shares of True Partner Capital Holding Limited, for a purchase price of 11,397,080 newly issued shares of the Company’s
common stock. This agreement was terminated on February 25, 2022. On February 28, 2022, the Company entered into a Stock Purchase Agreement
with Alset EHome International Inc. (the “True Partner Revised Stock Purchase Agreement”), pursuant to which AEI has agreed
to sell a subsidiary holding 62,122,908 shares of stock of True Partner Capital Holding Limited in exchange for 17,570,948 shares of
common stock of the Company.
ITEM
3 - DEFAULTS UPON SENIOR SECURITIES
None.
ITEM
4 - MINE SAFETY DISCLOSURES
Not
applicable.
ITEM
5 - OTHER INFORMATION
None.
ITEM
6 - EXHIBITS
*Filed
herewith.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
|
DSS,
INC. |
|
|
August
13, 2024 |
By:
|
/s/
Frank D. Heuszel |
|
|
Frank
D. Heuszel |
|
|
Chief
Executive Officer |
|
|
(Principal
Executive Officer) |
|
|
|
August
13, 2024 |
By: |
/s/
Todd D. Macko |
|
|
Todd
D. Macko |
|
|
Chief
Financial Officer |
Exhibit 3.1
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Exhibit
3.2
FIFTH
AMENDED AND RESTATED BY-LAWS
OF
DOCUMENT
SECURITY SYSTEMS, INC.
(A
New York Corporation)
ARTICLE
1 - CORPORATE OFFICES
(1.1)
Location. The principal office of the Corporation shall be located at:
200
Canal View Boulevard Suite 300
Rochester,
New York 14623
(1.2)
Change of Location. The Board of Directors (the “Board”) of Document Security Systems, Inc. (the “Corporation”)
may relocate the principal office of the Corporation, to a location within or without the state of incorporation, as the Board may designate,
by resolution adopted by the affirmative vote of a majority of the entire Board. As used in these Fifth Amended and Restated By-Laws
of the Corporation (the “By-Laws”), the term “entire Board” means the total authorized number of directors which
the Corporation would have if there were no vacancies.
(1.3)
Other Offices. In addition to its principal office, the Corporation may establish and maintain such other offices, either
within or without the state of incorporation, as the Board may designate, by resolution adopted by the affirmative vote of a majority
of the entire Board.
ARTICLE
2 – BOARD OF DIRECTORS
(2.1)
Number. The number of directors of the Corporation shall be fixed from time to time by action of the shareholders or by resolution
adopted by the affirmative vote of a majority of the entire Board; provided that such number of directors shall not be less than three
nor more than eleven, unless and until otherwise determined by vote of a majority of the entire Board; and provided further that no decrease
in the number of directors shall shorten the term of any incumbent director.
(2.2)
Election of Directors.
(a)
Except as may otherwise be provided herein or in the Corporation’s Certificate of Incorporation, as amended (such Certificate of
Incorporation, and any amendments thereof, hereinafter collectively referred to as the “Certificate”), the members of the
Board, who need not be shareholders of the Corporation, shall each be elected by receiving a majority of the votes cast by the holders
of shares of such class entitled to vote generally in the election of directors at each succeeding annual meeting of the shareholders
of the Corporation (a “Majority Vote”); provided, however, that in the event of a “Contested Election,” directors
shall be elected by a plurality vote. For this purpose, a “Contested Election” means an election in which nominees for election
are to be voted on who have not been recommended for election by the Board or the Nominating and Corporate Governance Committee thereof
or as to which the number of nominees for election at the meeting exceeds the number of directors to be elected at such meeting.
(b)
The Board shall only nominate for election or re-election to the Board and shall only fill director vacancies and elect persons to new
directorships candidates who agree to tender, before they are nominated for election or re-election as directors, irrevocable resignations
that will be effective upon (i) the failure to receive a Majority Vote at the next meeting at which they stand for election or re-election
(unless there is a Contested Election at such meeting) and (ii) the Board’s acceptance of such resignation. If a director nominee
fails to receive the required vote for election or re-election, the Nominating and Corporate Governance Committee of the Board will act
on an expedited basis to recommend whether the Board should accept the director’s resignation and will submit such recommendation
for prompt consideration by the Board. Pending such final determination by the Board as to whether to accept such resignation, the director
shall have no right to participate in such determination except and solely to the extent (if any) specifically required by the Board
or the Nominating and Corporate Governance Committee thereof (as applicable).
(2.3)
Term of Office. A director shall hold office until the next year’s annual meeting and until his or her successor has
been elected and qualified, subject, however, to such director’s earlier death, resignation, retirement, disqualification or removal.
(2.4)
Duties and Powers. The Board shall be responsible for the control and management of the affairs, property and interests of
the Corporation, and may exercise all powers of the Corporation, except as are in the Certificate or by statute expressly conferred upon
or reserved to the shareholders.
(2.5)
Qualification. No person shall serve as a director unless such person is at least twenty-one years of age.
(2.6)
Notices. Upon taking office, each director shall file with the Secretary a written designation of the address that the director
desires to be used for the purpose of giving notices to him. Until the director shall have effectively done so, he shall be deemed to
have designated either the principal office of the Corporation or any other address that the sender of the notice could reasonably believe
to be an appropriate address. Any designated address may be re-designated by similar filing with the Secretary. The Secretary shall give
each of the other directors prompt notice of every designation or re-designation filed. The designation or re-designation shall be effective
three business days after the Secretary’s action or upon earlier receipt. Any notice to a director shall be valid if sent to either
(a) the director’s designated address or (b) any other address used in good faith unless it be shown that prejudice resulted from
use of such other address. All notices must be in writing. Any notice may be delivered by hand or sent by telecommunications device,
by e-mail, by regular mail, by overnight courier, or by similar means.
(2.7)
Resignation. A director may resign at any time by giving notice to each of the other directors or to the Corporation. Unless
otherwise specified, the notice shall be effective immediately and acceptance shall not be necessary to make it effective. A director
need not assign cause for resigning.
(2.8)
Newly Created Directorships; Vacancies. Newly created directorships resulting from an increase in the number of directors
and any vacancies on the Board resulting from death, resignation, retirement, disqualification, removal or other reason may be filled
solely by a majority vote of the remaining directors then in office, even if less than a quorum, or by a sole remaining director, and
any director so chosen shall hold office for the remainder of the full term of the departed director and until his or her successor has
been elected and qualified, subject, however, to such director’s earlier death, resignation, retirement, disqualification or removal.
(2.9)
Removal. (i) Any director, or the entire Board, may be removed by the shareholders from office at any time prior to the expiration
of his or their respective terms of office, but only for cause, and only by the affirmative vote of the holders of record of outstanding
shares representing a majority of the voting power of all the outstanding shares of capital stock of the Corporation entitled to vote
generally in the election of directors, and (ii) any director may be removed from office by the affirmative vote of a majority of the
entire Board, at any time prior to the expiration of his term of office, but only for cause.
(2.10)
Rights of Preferred Shareholders. Notwithstanding any other provision of this Section 2, and except as otherwise required
by law, whenever the holders of one or more series of Preferred Stock shall have the right, voting separately by class or series, to
elect one or more directors, the term of office, the filling of vacancies, the removal from office and other features of such directorships
shall be governed by the terms of such series of Preferred Stock.
ARTICLE
3 –BOARD MEETINGS; PROCEDURES; COMPENSATION; COMMITTEES
(3.1)
Regular Meetings. A regular meeting of the Board shall be held immediately after the annual meeting of shareholders. The Board
may provide for other regular meetings. Notice need not be given of any regular meeting.
(3.2)
Special Meetings. The Chairman, the lead independent director or the Chief Executive Officer, or any two directors together,
may call a special meeting. The special meeting notice does not have to specify the business to be transacted. Special meetings of the
Board shall be held upon notice to the directors not less than twenty-four (24) hours before the meeting.
(3.3)
Adjourned Meetings. Whether or not a quorum is present, a majority of the directors present may adjourn any meeting to such
time and place as they shall decide. Notice of any adjourned meeting need not be given at any adjourned meeting, whether adjourned once
or more, and any business may be transacted that might have been transacted at the meeting of which there is an adjournment. Additional
business may also be transacted if proper notice shall have been given.
(3.4)
Chairman; Lead Independent Director.
(a)
At all meetings of the Board, the Chairman of the Board, if any and if present, shall preside and, if there shall be no Chairman, or
he shall be absent, then the lead independent director, if any and if present, shall preside, and in his absence, a chairman chosen by
the directors then present shall preside.
(b)
The Board shall select a lead independent director if at any time the Chairman shall be an executive officer of the Corporation or for
any other reason shall not be an independent director. The lead independent director shall (i) preside at all meetings of the Board at
which the Chairman of the Board is not present, at all meetings of the independent directors and at all executive sessions of the independent
directors, (ii) have a reasonable opportunity to review and comment on Board meeting agendas, (iii) serve as a liaison between the Chairman
of the Board and the other members of the Board, (iv) have the authority to call special meetings of the Board and of the independent
directors, and (v) perform such other duties as the Board may from time to time delegate.
(3.5)
Quorum and Adjournments.
(a)
At all meetings of the Board, the presence of a majority of the entire Board shall be necessary and sufficient to constitute a quorum
for the transaction of business, except as otherwise provided by law, by the Certificate, or by these By-Laws.
(b)
A majority of the directors present at the time and place of any regular or special meeting, although less than a quorum, may adjourn
the same from time to time without notice, until a quorum shall be present.
(3.6)
Manner of Acting.
(a)
At all meetings of the Board, or any committee thereof, each director present shall have one vote, irrespective of the number of shares
of the Corporation’s capital stock, if any, he may hold.
(b)
Except as otherwise provided by statute, by the Certificate, or by these By-Laws, the action of a majority of the directors present at
any meeting at which a quorum is present shall be the act of the Board. Any action authorized, in writing, by all of the directors entitled
to vote thereon and filed with the minutes of the Corporation shall be the act of the Board with the same force and effect as if the
same had been passed by unanimous vote at a duly called meeting of the Board.
(c)
Where appropriate communication facilities are reasonably available, any or all directors shall have the right to participate in any
Board meeting, or committee meeting, by means of a conference telephone or any means of communication by which all persons participating
in the meeting are able to hear each other, and such participation shall constitute presence in person at any such meeting.
(3.7)
Compensation. The Board is authorized to make provision for reasonable compensation to its members for their services as directors
and to fix the basis and conditions upon which this compensation shall be paid. Any director may also serve the Corporation in any other
capacity and receive compensation therefor in any form.
(3.8)
Contracts.
(a)
No contract or other transaction between this Corporation and any other corporation or entity shall be impaired, affected or invalidated
nor shall any director be liable in any way by reason of the fact that any one or more of the directors of this Corporation is or are
interested in, or is a director or officer, or are directors or officers of such other corporation or other entity, provided that such
material facts are disclosed or made known to the Board.
(b)
Any director, personally and individually, may be a party to or may be interested in any contract or transaction of this Corporation,
and no director shall be liable in any way by reason of such interest, provided that the fact of such interest be disclosed or made known
to the Board, and provided that the Board shall authorize, approve or ratify such contract or transaction by the vote (not counting the
vote of any such interested director) of a majority of a quorum, notwithstanding the presence of any such director at the meeting at
which such action is taken. Such interested director or directors may be counted in determining the presence of a quorum at such meeting.
This Section 3.8 shall not be construed to impair or invalidate or in any way affect any contract or other transaction which would otherwise
be valid under the law (common, statutory or otherwise) applicable thereto.
(3.9)
Committees. The Board, by resolution adopted by a majority of the entire Board, may from time to time designate from among
its members an executive, audit, nominating, corporate governance or compensation committee and such other committees, and alternate
members thereof, as they deem desirable, each consisting of three or more directors (or such lesser number as is permitted by the rules
of the stock exchange or over-the-counter market on which the Corporation’s stock is then traded), with such powers and authority
(to the extent permitted by law) as may be provided in such resolution. Each such committee shall serve at the pleasure of the Board.
At all meetings of a committee, the presence of a majority of the members of the committee shall be necessary to constitute a quorum
for the transaction of business, except as otherwise provided by said resolution or by these By-Laws. Participation of any one or more
members of the committee by means of a conference telephone or similar communications equipment allowing all persons participating in
the meeting to hear each other at the same time, shall constitute presence in person at any such meeting. Any action authorized in writing
by all of the members of a committee entitled to vote thereon and filed with the minutes of the committee shall be the act of the committee
with the same force and effect as if the same had been passed by unanimous vote at a duly called meeting of the committee.
(3.10)
Regulations. The Board may adopt rules and regulations not inconsistent with law, the Certificate or these By-Laws, for the
conduct of its meetings and the management of all aspects of the affairs of the Corporation.
(3.11)
Reliance on Books and Records. A member of the Board or of any committee thereof designated by the Board as provided in these
By-Laws, shall, in the performance of his duties, be fully protected in relying in good faith upon the books of account or reports made
to the Corporation by any of its officers, or by an independent certified public accountant or by an appraiser selected with reasonable
care by the Board or by any such committee, or in relying in good faith upon other records of the Corporation.
ARTICLE
4 - SHARES AND CERTIFICATES
(4.1)
Form of Certificates. Certificates representing shares of capital stock of the Corporation shall be in the form determined
by the Board. All certificates issued shall be consecutively numbered or otherwise appropriately identified.
(4.2)
Share Transfer Ledger. There shall be kept a share transfer ledger in which shall be entered full and accurate records including
the names and addresses of all shareholders, the number of shares issued to each shareholder and the dates of issuance. All transfers
of shares shall be promptly reflected in the share transfer ledger. Unless otherwise directed by the Board, the share transfer ledger
shall be kept at the principal office of the Corporation and any shareholder of the Corporation is entitled to inspect such list under
the Business Corporation Law of New York.
(4.3)
Transfer of Shares. Upon (a) receipt of the certificate representing the shares to be transferred, either duly endorsed or
accompanied by proper evidence of succession, assignment or authority to transfer, (b) payment of any required transfer taxes, and (c)
payment of any reasonable charge the Board may have established, the surrendered certificate shall be canceled and a new certificate
or certificates shall be issued to the person(s) entitled to it.
(4.4)
Replacement Certificates. Replacement certificates will be issued at the request of the shareholder upon payment of any reasonable
charge the Board may have established. In case of a lost, mislaid, destroyed or mutilated certificate, proof of the facts, by affidavit
or otherwise, may also be required, as may be a bond or other proper indemnification for the Corporation and its agents.
(4.5)
Record Owner to be Treated as Owner. Unless otherwise directed by a court of competent jurisdiction, the Corporation shall
treat the holder of record of any share as the holder in fact and accordingly shall not recognize any equitable or other claim to or
interest in the shares on the part of any other persons, whether or not it shall have express or other notice of it.
ARTICLE
5 – SHAREHOLDER MEETINGS
(5.1)
Annual Meetings. The Corporation shall hold an annual meeting of shareholders no later than one year after the end of its
fiscal year.
(5.2)
Notice of Meetings. Written notice of each meeting of shareholders, stating the place, date and hour thereof, and, in the
case of a special meeting, specifying the purpose or purposes thereof, shall be given to each shareholder entitled to vote thereat not
less than ten (10) days nor more than sixty (60) days prior to the meeting, except that where the matter to be acted on is a merger or
consolidation of the Corporation or a sale, lease or exchange of all or substantially all of its assets, such notice shall be given not
less than twenty (20) days nor more than sixty (60) days prior to such meeting. If a meeting is adjourned to another time and place,
notice need not be given of the adjourned meeting if the time and place thereof was announced at the meeting at which the adjournment
is taken. If the adjournment is for more than thirty (30) days, or if after the adjournment a new record date is fixed for the adjourned
meeting, a notice of the adjourned meeting shall be given to each shareholder of record entitled to vote at the meeting.
(5.3)
Special Meetings. A special meeting of the shareholders may be called by any two or more directors, the Chairman or Chief
Executive Officer, or the holders of no less than 10% of all the outstanding shares of the Corporation’s capital stock entitled
to vote at the meeting.
(5.4)
Adjourned Meetings. Whether or not a quorum is present, a majority in voting power of the shareholders present in person or
by proxy and entitled to vote may adjourn any meeting to a time and place as they shall decide. Notice of any adjourned meeting need
not be given. At any adjourned meeting, whether adjourned once or more, any business may be transacted that might have been transacted
at the meeting of which it is an adjournment. Additional business may also be transacted if proper notice shall have been given.
(5.5)
Organization. The Chairman of the Board shall be the chairman of the meeting. The Secretary shall be secretary of the meeting.
If the Chairman is not present, the Chief Executive Officer shall preside at the meeting. If none of such persons are present, then the
shareholders shall choose a chairman of the meeting. If neither the Secretary nor any assistant secretary is present, the chairman of
the meeting shall appoint a secretary of the meeting.
(5.6)
Quorum.
(a)
Except as otherwise provided herein, or by statute, or in the Certificate, at all meetings of shareholders of the Corporation, the presence
at the commencement of such meetings in person or by proxy of shareholders holding of record thirty-five percent (35%) of the total number
of shares of the Corporation then issued and outstanding and entitled to vote, shall be necessary and sufficient to constitute a quorum
for the transaction of any business. The withdrawal of any shareholder after the commencement of a meeting shall have no effect on the
existence of a quorum, after a quorum has been established at such meeting.
(b)
Despite the absence of a quorum at any annual or special meeting of shareholders, the shareholders, by a majority of the votes cast by
the holders of shares entitled to vote thereon, may adjourn the meeting. At any such adjourned meeting at which a quorum is present,
any business may be transacted which might have been transacted at the meeting as originally called if a quorum had been present.
(5.7)
Voting.
(a)
Except as otherwise provided by the Certificate or in these By-Laws, all elections of directors at any meeting of shareholders shall
be determined by a majority of the votes cast in such election, and any other corporate action to be taken by vote of the shareholders
at a meeting of shareholders shall be authorized by a majority of the votes cast for each proposal by the holders of record of the shares
present and entitled to vote thereon.
(b)
Except as otherwise provided by the Certificate, at each meeting of shareholders, each holder of record of capital stock of the Corporation
entitled to vote thereat, shall be entitled to one vote for each share of capital stock registered in his name on the books of the Corporation.
(c)
Each shareholder entitled to vote or to express consent or dissent without a meeting, may do so by proxy; provided, however, that the
instrument authorizing such proxy to act shall have been executed in writing by the shareholder himself, or by his attorney-in-fact thereunto
duly authorized in writing. No proxy shall be valid after the expiration of eleven months from the date of its execution, unless the
persons executing it shall have specified therein the length of time it is to continue in force. Such instrument shall be exhibited to
the Secretary at the meeting and shall be filed with the records of the Corporation.
(d)
Subject to Section 5.11, any resolution in writing, signed by the holders of outstanding shares having not less than the minimum number
of votes that would be necessary to authorized or take such action at a meeting at which all shares entitled to vote thereon were present
and voted, shall be and constitute action by such shareholders to the effect therein expressed, with the same force and effect as if
the same had been duly passed at a duly called meeting of shareholders and such resolution so signed shall be included in the minutes
of the Corporation.
(e)
There shall be one or more inspectors at any shareholders meeting, appointed by the Board to act at any such meeting or any adjournment
and make a written report thereof. The Board may appoint an alternate inspector or inspectors to replace any inspector who fails to perform
his job in a satisfactory way. If no alternate inspector has been appointed and the person or persons appointed as inspector is unable
to act at a shareholders meeting, the person presiding at the meeting shall appoint one or more inspectors to act at the meeting.
(f)
The date and time of the opening and closing of the polls for each matter upon which the shareholders will vote at a shareholders meeting
shall be announced by the person presiding at the meeting at the beginning of the meeting and, if no such opening and closing date and
time is announced, the polls shall close at the end of the meeting, including any adjournment thereof. No ballots, proxies or consents,
not any revocation thereof or changes thereto shall be accepted by the inspectors after the closing of the polls unless the New York
Supreme Court at a special term held within the judicial district where the Corporation’s office is located upon application by
a shareholder of the Corporation, shall determine otherwise.
(5.8)
Advance Notice of Business to be Brought Before a Meeting.
(a)
At an annual or special meeting of the shareholders, only such business shall be conducted as shall have been properly brought before
the meeting. To be properly brought before a meeting, nomination of persons for election to the Board must be made in accordance with
the procedures set forth in Section 5.9. To be properly brought before a meeting, business other than nominations of persons for election
to the Board must be (i) specified in the notice of meeting (or any supplement thereto) given by or at the direction of the Board, (ii)
otherwise properly brought before the meeting by or at the direction of the Board or (iii) otherwise properly brought before an annual
meeting by a shareholder of record of the Corporation (and, with respect to any beneficial owner, if different, on whose behalf such
business is proposed, only if such beneficial owner was the beneficial owner of shares of the Corporation) (A) both at the time the notice
provided for in this Section 5.8 is delivered to the Secretary of the Corporation and at the time of the meeting, (B) who is entitled
to vote at the meeting, and (C) who otherwise complies with this Section 5.8. Shareholders shall not be permitted to propose business
to be brought before a special meeting of the shareholders, and the only matters that may be brought before a special meeting are the
matters specified in the notice of meeting given by or at the direction of the persons calling the meeting pursuant to Section 5.3. For
any proposed business to be properly brought before an annual meeting by a shareholder pursuant to clause (iii) above of this paragraph,
the proposed business must constitute a proper matter for shareholder action under the Business Corporation Law of New York and the shareholder
must have given timely notice thereof in proper written form to the Secretary of the Corporation and must provide any updates or supplements
to such notice at the times and in the forms required by this Section 5.8. To be timely, a shareholder’s notice of a proposal to
be presented at an annual meeting must be received at the Corporation’s principal executive office addressed to the attention of
the Secretary of the Corporation not less than ninety (90) calendar days nor more than one hundred twenty (120) calendar days in advance
of the date of the one- year anniversary of the Corporation’s previous year’s annual meeting of shareholders. However, if
no annual meeting was held in the previous year or the date of the annual meeting is more than thirty (30) calendar days before or more
than sixty (60) calendar days after such anniversary date, such notice by the shareholder to be timely must be received by the Secretary
of the Corporation not later than the close of business on the ninetieth (90th) calendar day prior to such annual meeting or, if later,
the tenth (10th) calendar day following the day on which public disclosure (as defined below) of the date of the meeting was first made.
In no event shall the public disclosure of an adjournment or postponement of an annual meeting commence a new time period (or extend
any time period) for the giving of a shareholder’s notice as described above. A shareholder’s notice to the Secretary of
the Corporation shall set forth (i) as to each matter the shareholder proposes to bring before the annual meeting, a brief description
of the business desired to be brought before the annual meeting, the text of the proposal or business (including the text of any resolutions
proposed for consideration and the language of any proposed amendment to the By-Laws of the Corporation), and the reasons for conducting
such business at the annual meeting, and (ii) as to such shareholder, the Shareholder Information (as defined below).
(b)
“Shareholder Information” with respect to a shareholder means, collectively, (i) the name and address, as they appear on
the Corporation’s books, of such shareholder and the name and address of the beneficial owner, if any, on whose behalf a proposal
of business or action, or nomination for election of directors, as applicable, is made, (ii) the class, series and number of shares of
capital stock of the Corporation which are owned beneficially and of record by such shareholder and such beneficial owner, (iii) a representation
that such shareholder will notify the Corporation in writing of the class and number of such shares owned beneficially and of record
by such shareholder and such beneficial owner as of the record date for the meeting (or action, as applicable) promptly following the
later of the record date or the date notice of the record date is first publicly disclosed, (iv) any option, warrant, convertible security,
stock appreciation right, derivative, swap or similar right with an exercise or conversion privilege or a settlement payment or mechanism
at a price related to any class or series of shares of the Corporation or with a value derived in whole or in part from the value or
volatility of any class or series or shares of the Corporation, whether or not such instrument or right shall convey any voting rights
in such shares or shall be subject to settlement in the underlying class or series of capital stock of the Corporation or otherwise (a
“Derivative Instrument”), directly or indirectly owned beneficially by such shareholder or beneficial owner and any other
direct or indirect opportunity of such shareholder or beneficial owner to profit or share in any profit derived from any increase or
decrease in the value of shares of the Corporation and a representation that such shareholder will notify the Corporation in writing
of any such Derivative Instrument or other direct or indirect opportunity to profit or share in any profit in effect as of the record
date for the meeting (or action, as applicable) promptly following the later of the record date or the date notice of the record date
is first publicly disclosed, (v) any proxy, contract, arrangement, understanding or relationship pursuant to which such shareholder or
beneficial owner has a right to vote any shares of any security of the Corporation, (vi) any rights to dividends on the shares of the
Corporation owned beneficially by such shareholder or beneficial owner that are separated or separable from the underlying shares of
the Corporation, (vii) any proportionate interest in shares of capital stock of the Corporation or Derivative Instruments or other direct
or indirect opportunity to profit or share in any profit held, directly or indirectly, by a general or limited partnership in which such
shareholder or beneficial owner is a general partner or, directly or indirectly, beneficially owns an interest in a general partner,
(viii) any performance related fees (other than an asset based fee) that such shareholder or beneficial owner is entitled to based on
any increase or decrease in the price or value of shares of any class or series of the Corporation, or any Derivative Instruments or
other direct or indirect opportunity to profit or share in any profit, if any, (ix) a description of any agreement, arrangement or understanding
with respect to the proposal of business or action or nomination, as applicable, between or among such shareholder and such beneficial
owner, any of their respective affiliates or associates, and any others acting in concert with any of the foregoing, and a representation
that such shareholder will notify the Corporation in writing of any such agreements, arrangements or understandings in effect as of the
record date for the meeting (or action, as applicable) promptly following the later of the record date or the date notice of the record
date is first publicly disclosed, (x) a description of any material interest of such shareholder and such beneficial owner, if any, on
whose behalf the proposal is made in such business or action, as applicable, and of any material benefit that such shareholder and such
beneficial owner, if any, on whose behalf the proposal is made expects or intends to derive from such business or action, as applicable,
(xi) a representation that such shareholder is a holder of record of stock of the Corporation entitled to vote at such meeting and intends
to appear in person or by proxy at the meeting to propose such business, or nomination, as applicable, or a representation that such
shareholder is a holder of record of stock of the Corporation entitled to consent to corporate action in writing without a meeting, as
applicable, (xii) a representation whether such shareholder or such beneficial owner, if any, intends or is part of a group which intends
(1) to deliver a proxy statement and/or form of proxy (or consent, as applicable) to holders of at least the percentage of the Corporation’s
outstanding capital stock required to approve or adopt the proposal, or elect the nominee, as applicable, and/or (2) otherwise to solicit
proxies (or consents, as applicable) from shareholders in support of such proposal, or nomination, as applicable, and (xiii) any other
information that is required to be provided by such shareholder pursuant to Section 14 of the Securities Exchange Act of 1934, as amended,
and the rules and regulations promulgated thereunder (the “Exchange Act”) (or any successor provision of the Exchange Act
or the rules or regulations promulgated thereunder), in such shareholder’s capacity as a proponent of a shareholder proposal or
nomination, as applicable.
(c)
A shareholder providing notice of business proposed to be brought before an annual meeting shall further update and supplement such notice,
if necessary, so that the information provided or required to be provided in such notice pursuant to this Section 5.8 shall be true and
correct as of the record date for the meeting and as of the date that is ten (10) business days prior to the meeting or any adjournment
or postponement thereof, and such update and supplement shall be delivered to, or mailed and received by, the Secretary of the Corporation
at the principal executive offices of the Corporation not later than five (5) business days after the record date for the meeting (in
the case of the update and supplement required to be made as of the record date), and not later than eight (8) business days prior to
the date for the meeting or, if practicable, any adjournment or postponement thereof (or, if not practicable, on the first practicable
date prior to the date to which the meeting has been adjourned or postponed) (in the case of the update and supplement required to be
made as of ten (10) business days prior to the meeting or any adjournment or postponement thereof).
(d)
Notwithstanding anything in these By-Laws to the contrary, no business shall be conducted at an annual meeting except in accordance with
the procedures set forth in this Section 5.8, and no nominations shall be considered at an annual or special meeting of shareholders
except in accordance with the procedures set forth in Section 5.9 below; provided, however, that the foregoing notice requirements of
this Section 5.8 shall be deemed satisfied by a shareholder with respect to business other than a nomination if the shareholder has notified
the Corporation of his, her or its intention to present a proposal at an annual meeting in compliance with applicable rules and regulations
promulgated under the Exchange Act and such shareholder’s proposal has been included in a proxy statement that has been prepared
by the Corporation to solicit proxies for such annual meeting.
(e)
Except as otherwise provided by law, the Chairman of the meeting shall, if the facts warrant, determine and declare to the meeting that
business was not properly brought before the meeting in accordance with the provisions of this Section 5.8, and if he or she should so
determine, he or she shall so declare to the meeting and any such business not properly brought before the meeting shall not be transacted.
Notwithstanding the provisions of this Section 5.8, unless otherwise required by law, if the shareholder (or a qualified representative
of the shareholder) does not appear at the annual meeting of shareholders of the Corporation to present proposed business, such proposed
business shall not be transacted, notwithstanding that proxies in respect of such proposed business may have been received by the Corporation.
For purposes of this Section 5.8, to be considered a qualified representative of the shareholder, a person must be a duly authorized
officer, manager, partner or trustee of such shareholder or must be authorized by a writing executed by such shareholder or an electronic
transmission delivered by such shareholder to act for such shareholder as proxy at the meeting of shareholders and such person must produce
such writing or electronic transmission, or a reliable reproduction of the writing or electronic transmission, at the meeting of shareholders.
(f)
Notwithstanding the provisions of this Section 5.8 or Section 5.9, a shareholder shall also comply with all applicable requirements of
the Exchange Act with respect to the matters set forth in this Section 5.8 and Section 5.9; provided, however, that any references in
these By-Laws to the Exchange Act are not intended to and shall not limit any requirements applicable to nominations or proposals as
to any other business to be considered pursuant to this Section 5.8 or Section 5.9, and compliance with this Section 5.8 and Section
5.9 shall be the exclusive means for a shareholder to make nominations or submit other business (other than, as provided in Section 5.8(d)
above, matters brought properly under and in compliance with Rule 14a-8 under the Exchange Act). Nothing in this Section 5.8 shall be
deemed to affect any rights of shareholders to request inclusion of proposals in the Corporation’s proxy statement pursuant to
applicable rules and regulations promulgated under the Exchange Act.
(g)
For purposes of these By-Laws, (i) “public disclosure” shall mean disclosure in a press release reported by a national news
service or in a document publicly filed by the Corporation with the Securities and Exchange Commission pursuant to Section 13, 14 or
15(d) of the Exchange Act and (ii) the terms “affiliate” and “associate” shall have the respective meanings given
to such terms in Rule 12b-2 under the Exchange Act.
(5.9)
Advance Notice of Nomination for Election of Directors at a Meeting.
(a)
Subject to the rights of holders of any Preferred Stock then outstanding, and in addition to the rights of shareholders provided below
in Section 5.11, nominations for the election of directors may be made by the Board or a committee authorized to do so by the Board,
or by any shareholder of the Corporation who was a shareholder of record (and, with respect to any beneficial owner, if different, on
whose behalf such nomination is proposed, only if such beneficial owner was the beneficial owner of shares of the Corporation) (i) both
at the time the notice provided for in this Section 5.9 is delivered to the Secretary of the Corporation and at the time of the meeting,
(ii) who is entitled to vote for the election of directors at the applicable meeting and (iii) who otherwise complies with this Section
5.9. However, any shareholder entitled to vote in the election of directors may nominate one or more persons for election as directors
at a meeting only if timely notice of such shareholder’s intent to make such nomination or nominations has been given in proper
written form to the Secretary of the Corporation and any updates or supplements to such notice have been provided at the times and in
the forms required by this Section 5.9. To be timely, a shareholder notice of a nomination for a director to be elected at an annual
meeting must be received at the Corporation’s principal executive office addressed to the attention of the Secretary of the Corporation
not less than ninety (90) calendar days nor more than one hundred twenty (120) calendar days in advance of the date of the one-year anniversary
of the Corporation’s previous year’s annual meeting of shareholders. However, if no annual meeting was held in the previous
year or the date of the annual meeting is more than thirty (30) calendar days before or more than sixty (60) calendar days after such
anniversary date, such notice by the shareholder to be timely must be received by the Secretary of the Corporation not later than the
close of business on the ninetieth (90th) calendar day prior to such annual meeting or, if later, the tenth (10th) calendar day following
the day on which public disclosure of the date of the meeting was first made. In no event shall the public disclosure of an adjournment
or postponement of an annual meeting commence a new time period (or extend any time period) for the giving of a shareholder’s notice
as described above.
(b)
Such shareholder’s notice to the Secretary of the Corporation shall set forth (i) as to each person whom the shareholder proposes
to nominate for election or reelection as a director, (A) the name, age, business address and residence address of the person, (B) the
principal occupation or employment of the person, (C) the class, series and number of shares of capital stock of the Corporation that
are owned beneficially and of record by the person, (D) a statement as to the person’s citizenship, (E) the completed and signed
representation and agreement described in Section 5.9(d), (F) a description of all direct and indirect compensation and other material
monetary agreements, arrangements and understandings during the past three years, and any other material relationships, between or among
such shareholder and beneficial owner, if any, and their respective affiliates and associates, or others acting in concert therewith,
on the one hand, and the person, and his or her respective affiliates and associates, or others acting in concert therewith, on the other
hand, including, without limitation all information that would be required to be disclosed pursuant to Rule 404 promulgated under Regulation
S-K if the shareholder making the nomination and any beneficial owner on whose behalf the nomination is made, if any, or any affiliate
or associate thereof or person acting in concert therewith, were the “registrant” for purposes of such rule and the person
were a director or executive officer of such registrant, (G) any other information relating to the person that is required to be disclosed
in solicitations for proxies for election of directors pursuant to Section 14 of the Exchange Act, and (H) such person’s written
consent to being named in the proxy statement as a nominee and to serving as a director if elected, and (ii) as to such shareholder,
the Shareholder Information (other than clause (x) thereof). The Corporation may require any proposed nominee to furnish such other information
as may reasonably be required by the Corporation to determine the eligibility of such proposed nominee to serve as director of the Corporation,
including information that could be material to a reasonable shareholder’s understanding of the independence or lack of independence
of such proposed nominee.
(c)
A shareholder providing notice of any nomination proposed to be made at a meeting shall further update and supplement such notice, if
necessary, so that the information provided or required to be provided in such notice pursuant to this Section 5.9 shall be true and
correct as of the record date for the meeting and as of the date that is ten (10) business days prior to the meeting or any adjournment
or postponement thereof, and such update and supplement shall be delivered to, or mailed and received by, the Secretary of the Corporation
at the principal executive offices of the Corporation not later than five (5) business days after the record date for the meeting (in
the case of the update and supplement required to be made as of the record date), and not later than eight (8) business days prior to
the date for the meeting or, if practicable, any adjournment or postponement thereof (or, if not practicable, on the first practicable
date prior to the date to which the meeting has been adjourned or postponed) (in the case of the update and supplement required to be
made as of ten (10) business days prior to the meeting or any adjournment or postponement thereof).
(d)
To be eligible to be a nominee for election or reelection as a director of the Corporation, a person must deliver (in accordance with
the time periods prescribed for delivery of notice under this Section 5.9) to the Secretary of the Corporation at the principal executive
office of the Corporation a written questionnaire with respect to the background, qualification and independence of such person (which
questionnaire shall be provided by the Secretary of the Corporation upon written request) and a written representation and agreement
(in the form provided by the Secretary upon written request) that such person (i) is not and will not become a party to (A) any agreement,
arrangement or understanding with, and has not given any commitment or assurance to, any person or entity as to how such person, if elected
as a director of the Corporation, will act or vote on any issue or question (a “Voting Commitment”) that has not been disclosed
to the Corporation or (b) any Voting Commitment that could limit or interfere with such person’s ability to comply, if elected
as a director of the Corporation, with such person’s fiduciary duties under applicable law, (ii) is not and will not become a party
to any agreement, arrangement or understanding with any person or entity other than the Corporation with respect to any direct or indirect
compensation, reimbursement or indemnification in connection with service or action as a director that has not been disclosed therein,
and (iii) in such person’s individual capacity and on behalf of any person or entity on whose behalf the nomination is being made,
would be in compliance, if elected as a director of the Corporation, and will comply with, applicable law and all applicable publicly
disclosed corporate governance, conflict of interest, confidentiality and stock ownership and trading policies and guidelines of the
Corporation.
(e)
Nominations of persons for election to the Board may be made at a special meeting of shareholders at which directors are to be elected
pursuant to the Corporation’s notice of meeting (i) by or at the direction of the Board or any committee thereof or (ii) provided
that the Board has determined that directors shall be elected at such special meeting, by any shareholder of the Corporation who was
a shareholder of record (and, with respect to any beneficial owner, if different, on whose behalf such nomination is proposed, only if
such beneficial owner was the beneficial owner of shares of the Corporation) (A) both at the time the notice provided for in this Section
5.9 is delivered to the Secretary of the Corporation and at the time of the meeting, (B) who is entitled to vote at the meeting and upon
such election, and (C) who otherwise complies with this Section 5.9. In the event the Corporation calls a special meeting of shareholders
for the purpose of electing one or more directors to the Board, any such shareholder entitled to vote in such election of directors may
nominate a person or persons (as the case may be) for election to such position(s) as specified in the Corporation’s notice of
meeting, if the shareholder’s notice required by this Section 5.9 shall be received at the Corporation’s principal executive
office addressed to the attention of the Secretary of the Corporation not earlier than the close of business on the one hundred twentieth
(120th) calendar day prior to such special meeting and not later than the close of business on the later of the ninetieth (90th) calendar
day prior to such special meeting or the tenth (10th) calendar day following the day on which public disclosure is first made of the
date of the special meeting and of the nominees proposed by the Board to be elected at such meeting. In no event shall the public announcement
of an adjournment or postponement of a special meeting commence a new time period (or extend any time period) for the giving of a shareholder’s
notice as described above.
(f)
No person shall be eligible for election as a director of the Corporation unless nominated in accordance with the procedures set forth
herein. In connection with any annual meeting of the shareholders (or, if and as applicable, any special meeting of the shareholders),
the Chairman of the meeting shall, if the facts warrant, determine and declare to the meeting that a nomination was not made in accordance
with the foregoing procedure, and if he or she should so determine, he or she shall so declare to the meeting and the defective nomination
shall be disregarded. Notwithstanding the foregoing provisions of this Section 5.9, unless otherwise required by law, if the shareholder
(or a qualified representative of the shareholder) does not appear at the annual or special meeting of shareholders of the Corporation
to present a nomination, such nomination shall be disregarded, notwithstanding that proxies in respect of such vote may have been received
by the Corporation. For purposes of this Section 5.9, to be considered a qualified representative of the shareholder, a person must be
a duly authorized officer, manager, partner or trustee of such shareholder or must be authorized by a writing executed by such shareholder
or an electronic transmission delivered by such shareholder to act for such shareholder as proxy at the meeting of shareholders and such
person must produce such writing or electronic transmission, or a reliable reproduction of the writing or electronic transmission, at
the meeting of shareholders.
(g)
In addition to the requirements of this Section 5.9, with respect to any nomination proposed to be made at a meeting, each shareholder
nominating one or more persons for election to the Board shall comply with all applicable requirements of the Exchange Act with respect
to any such nominations.
(5.10)
Shareholder List. The Secretary of the Corporation shall prepare and make, or cause to be prepared and made, at least ten
days before every meeting of shareholders, a complete list of the shareholders, arranged in alphabetical order, and showing the address
of each shareholder and the number of shares registered in the name of each shareholder. Such list shall be open to the examination of
any shareholder, for any purpose germane to the meeting, during ordinary business hours, for a period of at least ten days prior to the
meeting, either at a place within the city or other municipality or community where the meeting is to be held, which place shall be specified
in the notice of the meeting, or if not so specified, at the place where the meeting is to be held. The list shall also be produced and
kept at the time and place of the meeting during the whole time thereof and may be inspected by any shareholder who is present. The stock
ledger shall be the only evidence as to who are the shareholders entitled to examine the stock ledger, the list required by this subsection
or the books of the Corporation, or to vote in person or by proxy at any meeting of shareholders.
(5.11)
Shareholder Action by Written Consent.
(a)
Request for Record Date. The record date for determining shareholders entitled to express consent to corporate action in writing
without a meeting shall be as fixed by the Board or as otherwise established under this Section 5.11. Any person seeking to have the
shareholders authorize or take corporate action by written consent without a meeting shall, by written notice addressed to the Secretary
of the Corporation and delivered to the Corporation and signed by a shareholder of record, request that a record date be fixed for such
purpose. Such person shall be a shareholder of record of the Corporation (and, with respect to any beneficial owner, if different, on
whose behalf such action is proposed, only if such beneficial owner was the beneficial owner of shares of the Corporation) (i) both at
the time the notice is delivered to the Secretary of the Corporation and as of the record date, (ii) who is entitled to consent to corporate
action in writing without a meeting and (iii) who otherwise complies with this Section 5.11. The proposed action must constitute a proper
matter for shareholder action under the Business Corporation Law of New York. The written notice must contain the information set forth
in paragraph (b) of this Section 5.11, and updates or supplements to such notice must be provided at the times and in the forms required
by paragraph (b) of this Section 5.11. Following receipt of the notice, the Board shall have ten (10) calendar days to determine the
validity of the request, and if appropriate, adopt a resolution fixing the record date for such purpose. The record date for such purpose
shall be no more than twenty (20) calendar days after the date upon which the resolution fixing the record date is adopted by the Board
and shall not precede the date such resolution is adopted. If the Board fails within ten (10) calendar days after the Corporation receives
such notice to fix a record date for such purpose, the record date shall be the day on which the first written consent is delivered to
the Corporation in the manner described in paragraph (d) of this Section 5.11; except that, if prior action by the Board is required
under the provisions of New York law, the record date shall be at the close of business on the day on which the Board adopts the resolution
taking such prior action.
(b)
Notice Requirements. Any shareholder’s notice required by paragraph (a) of this Section 5.11 must describe the action that
the shareholder proposes to take by consent. For each such proposal other than nominations for the election of directors, every notice
by a shareholder must set forth (i) as to each action that the shareholder proposes to take by consent, a brief description of the action
that the shareholder proposes to take by consent, (ii) the text of the proposal (including the text of any resolutions to be effected
by consent and the language of any proposed amendment to the By-Laws of the Corporation), (iii) the reasons for soliciting consents for
the proposal, and (iv) as to such shareholder, the Shareholder Information.
A
shareholder seeking to have the shareholders authorize or take corporate action by written consent without a meeting shall further update
and supplement such notice, if necessary, so that the information provided or required to be provided in such notice pursuant to this
Section 5.11 shall be true and correct as of the record date for determining shareholders entitled to express consent to corporate action
in writing without a meeting and as of the date that is five (5) business days prior to the date the consent solicitation is commenced,
and such update and supplement shall be delivered to, or mailed and received by, the Secretary of the Corporation at the principal executive
offices of the Corporation not later than five (5) business days after such record date (in the case of the update and supplement required
to be made as of the record date), and not later than three (3) business days prior to the date the consent solicitation is commenced
(in the case of the update and supplement required to be made as of five (5) business days prior to the date the consent solicitation
is commenced).
Notwithstanding
anything in these By-Laws to the contrary, no action may be taken by the shareholders by written consent without a meeting except in
accordance with this Section 5.11. If the Board shall determine that any request to fix a record date or to take shareholder action by
written consent without a meeting was not properly made in accordance with the provisions of this Section 5.11, or the shareholder or
shareholders seeking to take such action do not otherwise comply with the provisions of this Section 5.11, including paragraph (b) of
this Section 5.11, then the Board shall not be required to fix a record date and any such purported action by written consent shall be
null and void to the fullest extent permitted by applicable law. In addition to the requirements of this Section 5.11 with respect to
shareholders seeking to take an action by written consent without a meeting, each person seeking to have the shareholders authorize or
take corporate action by written consent without a meeting shall comply with all requirements of applicable law, including all requirements
of the Exchange Act, with respect to such action.
(c)
Date of Consent. Every written consent purporting to take or authorize the taking of corporate action (each such written consent
is referred to in this paragraph and in paragraph (d) as a “Consent”) must bear the date of signature of each shareholder
who signs the Consent, and no Consent shall be effective to take the corporate action referred to therein unless, within sixty (60) calendar
days of the earliest dated Consent delivered in the manner required by this Section 5.11, Consents signed by a sufficient number of shareholders
to take such action are so delivered to the Corporation.
(d)
Delivery of Consent. Consent must be delivered to the Corporation by delivery to its principal executive office. Delivery must
be made by hand or by certified or registered mail, return receipt requested.
In
the event of the delivery to the Corporation of Consents, the Secretary of the Corporation, or such other officer of the Corporation
as the Board may designate, shall provide for the safekeeping of such Consents and any related revocations and shall promptly conduct
such ministerial review of the sufficiency of all Consents and any related revocations and of the validity of the action to be taken
by shareholder consent as the Secretary of the Corporation, or such other officer of the Corporation as the Board may designate, as the
case may be, deems necessary or appropriate, including, without limitation, whether the holders of a number of shares having the requisite
voting power to authorize or take the action specified in Consents have given consent; provided, however, that the Secretary of the Corporation,
or such other officer of the Corporation as the Board may designate, as the case may be, may alternatively designate one or more persons,
who shall not be members of the Board, to serve as inspectors (“Inspectors”) with respect to such Consent and such Inspectors
shall discharge the functions of the Secretary of the Corporation, or such other officer of the Corporation as the Board may designate,
as the case may be, under this Section 5.11. If after such investigation the Secretary of the Corporation, such other officer of the
Corporation as the Board may designate, or the Inspectors, as the case may be, shall determine that the action purported to have been
taken is duly authorized by the Consents, that fact shall forthwith be certified on the records of the Corporation kept for the purpose
of recording the proceedings of meetings of shareholders, and the Consents shall be filed in such records.
In
conducting the investigation required by this Section 5.11, the Secretary of the Corporation, such other officer of the Corporation as
the Board may designate, or the Inspectors, as the case may be, may, at the expense of the Corporation, retain special legal counsel
and any other necessary or appropriate professional advisors, and such other personnel as such person or persons may deem necessary or
appropriate and shall be fully protected in relying in good faith upon the advice of such counsel or advisors.
(e)
Effectiveness of Consent. No action by written consent without a meeting shall be effective until such date as the Secretary of
the Corporation, such other officer of the Corporation as the Board may designate, or the Inspectors, as applicable, certify to the Corporation
that the consents delivered to the Corporation in accordance with paragraph (d) of this Section 5.11 represent at least the minimum number
of votes that would be necessary to take the corporate action.
(f)
Challenge to Validity of Consent. Nothing contained in this Section 5.11 shall in any way be construed to suggest or imply that
the Board or any shareholder shall not be entitled to contest the validity of any Consent or related revocations, whether before or after
such certification by the Secretary of the Corporation, such other officer of the Corporation as the Board may designate, or the Inspectors,
as the case may be, or to take any other action (including, without limitation, the commencement, prosecution or defense of any litigation
with respect thereto, and the seeking of injunctive relief in such litigation).
ARTICLE
6 - OFFICERS
(6.1)
Descriptions; Election; Term of Office.
(a)
The officers of the Corporation may consist of a Chief Executive Officer, a President, a Chief Operating Officer, and a Chief Financial
Officer (the aforementioned collectively hereinafter referred to as the “Executive Officers”), a Secretary, a Treasurer,
and such other officers, including, but not limited to, a Chairman of the Board, and one or more Vice Presidents, as the Board may from
time to time deem advisable. Any officer of the Corporation may be, but is not required to be, a director of the Corporation. Any two
or more offices may be held by the same person.
(b)
Executive Officers of the Corporation shall be elected and appointed by the Board at the regular annual meeting of the Board following
the annual meeting of shareholders.
(c)
Each Executive Officer shall hold office until the annual meeting of the Board next succeeding his election, and until his successor
shall have been elected and qualified, or until his death, resignation or removal.
(6.2)
Resignation. Any officer may resign at any time by giving written notice of such resignation to the Board or Chief Executive
Officer of the Corporation. Unless otherwise specified in such written notice, such resignation shall take effect upon receipt thereof
by the Board or Chief Executive Officer, and the acceptance of such resignation shall not be necessary to make it effective.
(6.3)
Removal. Any officer may be removed by the Board, with or without cause, and a successor elected by the Board at any time,
by resolution passed by a majority of the members of the entire Board, unless such officer has an agreement with the Corporation which
states specific requirements for removal of such officer.
(6.4)
Vacancies. A vacancy in any office by reason of death, resignation, inability to act, disqualification, or any other cause,
may at any time be filled for the unexpired portion of the term by the Board, by resolution passed by a majority of the members of the
entire Board.
(6.5)
Continuation in Office. Unless otherwise provided by the Board, each Executive Officer, and other officers of the Corporation
who serve at the pleasure of the Board, shall serve until death, incapacity, resignation or removal by the Board. Any resignation or
removal shall be without prejudice to any contractual rights of the Corporation or the officer.
(6.6)
Duties in General. Subject to these By-Laws, the authority and duties of all officers shall be determined by, or in the manner
prescribed by, the Board. Except as may be specifically restricted by the Board, any officer may delegate any of his authority and duties
to any subordinate officer.
(6.7)
Duties of Chief Executive Officer. The Chief Executive Officer (CEO), or in the absence of a Chief Executive Officer, the
Chief Operating Officer (COO), shall be the principal executive officer of the Corporation and, subject to the control of the Board,
shall in general supervise and control all of the day-to-day business and affairs of the Corporation. The CEO may sign, with the Secretary
or any other proper officer of the Corporation thereunto authorized by the Board, certificates for shares of the Corporation, any deeds,
mortgages, bonds, contracts, or other instruments that the Board has authorized to be executed, except in cases where the signing and
execution shall be expressly delegated by the Board, the CEO, or by these By-Laws to some other officer or agent of the Corporation or
shall be required by law to be otherwise signed or executed, and in general shall perform all duties incident to the office of CEO and
such other duties as may be prescribed by the Board from time to time.
(6.8)
Duties of President; Vice Presidents. The President, or in the absence or incapacity of the President, a Vice President or
Vice Presidents designated by the CEO or the President, shall perform the duties of the President and, when so acting, shall have all
the powers of and be subject to all the restrictions upon the President. The President shall oversee all the day-to-day operations of
the Corporation’s business and its subsidiaries and shall report to the CEO. The Corporation’s Vice President & General
Counsel, charged with the oversight of the Corporation’s legal matters, shall report to the CEO. Each of the Corporation’s
other Vice Presidents, and the heads of each of the Corporation’s other subsidiaries, shall perform the duties assigned to them
by the CEO, COO or President, as applicable, and shall report to the Executive Officer designated by the CEO.
(6.9)
Duties of Secretary. The Secretary shall record the minutes of the shareholders and Board meetings, see that all notices are
duly given in accordance with the provisions of these By-Laws or as otherwise required, be custodian of the corporate records and of
the seal of the Corporation (if any), keep a register of the post office addresses of each shareholder, have general charge of the share
transfer books of the Corporation, and in general perform all duties incident to the office of Secretary and other duties as may be assigned
by the CEO or the Board.
(6.10)
Duties of Chief Financial Officer and Treasurer. The Corporation’s Chief Financial Officer (CFO), who shall also serve
as the Corporation’s Treasurer, shall be charged with the oversight of the Corporation’s fiscal operations and financial
reporting. The CFO shall have charge and custody of and be responsible for all funds and securities of the Corporation and its subsidiaries,
shall receive and give receipts for monies due and payable to the Corporation from any source whatsoever, and deposit all such monies
in the name of the Corporation in the banks, trust companies or other depositories as shall be selected in accordance with these By-Laws,
and in general perform all the duties incident to the office of CFO and Treasurer and such other duties as may be assigned by the CEO.
The CFO shall report directly to the CEO and the Board.
(6.11)
Shares of Other Corporations. Whenever the Corporation is the holder of shares of any other corporation, any right or power
of the Corporation as such shareholder (including the attendance, acting and voting at shareholder meetings and execution of waivers,
consents, proxies or other instruments) may be exercised on behalf of the Corporation by the appropriate Executive Officer, or his authorized
designee.
ARTICLE
7 - DIVIDENDS
(7.1)
Dividends. Subject to applicable law and the Certificate, dividends may be declared and paid out of any funds available therefor,
as often, in such amounts, and at such time or times as the Board may determine, provided, however, that the Corporation is not insolvent
when such dividend is paid or rendered insolvent by the payment of such dividend.
ARTICLE
8 - FISCAL YEAR
(8.1)
Fiscal Year. The fiscal year of the Corporation shall be fixed by the Board from time to time, subject to applicable law.
ARTICLE
9 - CORPORATE SEAL
(9.1)
Form. The corporate seal, if any, shall be in such form as shall be approved from time to time by the Board.
(9.2)
Use. The seal, if any, may be used by causing it to be impressed directly on the instrument or writing to be sealed, or upon
an adhesive substance annexed. The seal on certificates for shares or other documents may be a facsimile, engraved or imprinted.
ARTICLE
10 – INDEMNIFICATION OF DIRECTORS AND OFFICERS
(10.1)
Indemnification of Directors and Officers. Except to the extent expressly prohibited by the Business Corporation Law of New
York, the Corporation shall indemnify each person made or threatened to be made a party to any action or proceeding, whether civil or
criminal, by reason of the fact that such person or such person’s testator or intestate is or was a director, officer or employee
of the Corporation, or serves or served at the request of the Corporation, any other Corporation, partnership, joint venture, trust,
employee benefit plan or other enterprise in any capacity, against judgment, fines, penalties, amounts paid in settlement and reasonable
expenses, including attorneys’ fees, incurred in connection with such action or proceeding, or any appeal therein, provided that
no such indemnification shall be made if a judgment or other final adjudication adverse to such person establishes that his or her acts
were committed in bad faith or were the result of active and deliberate dishonesty and were material to the cause of action so adjudicated,
or that he or she personally gained in fact a financial profit or other advantage to which he or she was not legally entitled, and provided
further that no such indemnification shall be required with respect to any settlement or other non-adjudicated disposition of any threatened
or pending action or proceeding unless the Corporation has given its prior consent to such settlement or other disposition.
The
Corporation may advance or promptly reimburse upon request any person entitled to indemnification hereunder for all expenses, including
attorneys’ fees, reasonably incurred in defending any action or proceeding in advance of the final disposition thereof upon receipt
of an undertaking by or on behalf of such person to repay such amount if such person is ultimately found not to be entitled to indemnification
or, where indemnification is granted, to the extent the expenses so advanced or reimbursed exceed the amount to which such person is
entitled, provided, however, that such person shall cooperate in good faith with any request by the Corporation that common counsel be
utilized by the parties to an action or proceeding who are similarly situated unless to do so would be inappropriate due to actual or
potential differing interests between or among such parties.
Nothing
herein shall limit or affect any right of any person otherwise than hereunder to indemnification or expenses, including attorneys’
fees, under any statute, rule, regulation, certificate of incorporation, by-law, insurance policy, contract or otherwise.
Anything
in these By-Laws to the contrary notwithstanding, no elimination of these By-Laws, and no amendment of these By-Laws adversely affecting
the right of any person to indemnification or advancement of expenses hereunder shall be effective until the 60th day following
notice to such person or such action, and no elimination of or amendment to these By-Laws shall deprive any person of his or her rights
hereunder arising out of alleged or actual occurrences, acts or failures to act prior to such 60th day.
The
Corporation shall not, except by elimination or amendment of this by law in a manner consistent with the preceding paragraph, take any
corporate action or enter into any agreement which prohibits, or otherwise limits the rights of any person to, indemnification in accordance
with the provisions of these By-Laws. The indemnification of any person provided by these By-Laws shall continue after such person has
ceased to be a director, officer or employee of the Corporation and shall inure to the benefit of such person’s heirs, executors,
administrators and legal representatives.
The
Corporation is authorized to enter into agreements with any of its directors, officers or employees extending rights to indemnification
and advancement of expenses to such person to the fullest extent permitted by applicable law, but the failure to enter into any such
agreement shall not affect or limit the rights of such person pursuant to these By-Laws, it being expressly recognized hereby that all
directors, officers and employees of the Corporation, by serving as such after the adoption hereof, are acting in reliance hereon and
that the Corporation is stopped to contend otherwise.
In
case any provision in these By-Laws shall be determined at any time to be unenforceable in any respect, the other provisions shall not
in any way be affected or impaired thereby, and the affected provision shall be given the fullest possible enforcement in the circumstances,
it being the intention of the Corporation to afford indemnification and advancement of expenses to its directors, officers and employees,
acting in such capacities or in the other capacities mentioned herein, to the fullest extent permitted by law.
For
purposes of these By-Laws, the Corporation shall be deemed to have requested a person to serve an employee benefit plan where the performance
by such person of his or her duties to the Corporation also imposes duties on, or otherwise involves services by, such person to the
plan or participants or beneficiaries of the plan, and excise taxes assessed on a person with respect to an employee benefit plan pursuant
to applicable law shall be considered indemnifiable expenses. For purposes of these By-Laws, the term “Corporation” shall
include any legal successor to the Corporation, including any corporation which acquires all or substantially all of the assets of the
Corporation in one or more transactions.
(10.2)
Insurance For Indemnification of Directors and Officers. The Corporation shall have the power to purchase and maintain insurance
for its directors and officers subject to the provisions of Section 726 of the Business Corporation Law of New York.
ARTICLE
11 - AMENDMENTS
(11.1)
By Directors. The Board shall have power to make, adopt, alter, amend and repeal, from time to time, the By-Laws of the Corporation;
provided, however, that the shareholders entitled to vote with respect thereto as in Article 10 above-provided may alter, amend or repeal
the By-Laws made by the Board, except that the Board shall have no power to change the quorum for meetings of shareholders or of the
Board, or to change any provisions of the By-Laws with respect to the removal of directors or the filling of vacancies in the Board resulting
from the removal by the shareholders. If any By-Laws regulating an impending election of directors is adopted, amended or repealed by
the Board, there shall be set forth in the notice of the next meeting of shareholders for the election of Directors, the By-Laws so adopted,
amended or repealed, together with a concise statement of the changes made.
ARTICLE
12 –WAIVER OF NOTICE
(12.1)
Shareholders. Whenever any notice is required to be given by law, the Certificate or these By-Laws to the shareholders of
the Corporation of a meeting of shareholders, a written waiver of notice submitted to the Corporation before or after the meeting or
the attendance at the meeting by any shareholder, shall constitute a waiver of notice of such meeting, except when the person attends
the meeting for the express purpose of objecting to the lack of notice thereof, prior to the conclusion of the meeting.
(12.2)
Directors. Whenever any notice is required to be given by law, the Certificate or these By-Laws to the directors of the Corporation
of a special meeting of the Board, a written waiver of notice submitted to the Corporation before or after the meeting or the attendance
at the meeting by any director, shall constitute a waiver of notice of such meeting, except when the person attends the meeting for the
express purpose of objecting the lack of notice thereof, prior to the commencement of the meeting.
ADOPTED
BY THE BOARD OF DIRECTORS OF THE CORPORATION AND EFFECTIVE AS OF APRIL 26, 2019.
Exhibit
3.3
AMENDMENT
NO. 1
TO
FIFTH
AMENDED AND RESTATED BY-LAWS
OF
DSS,
INC.
(F.K.A.
DOCUMENT SECURITY SYSTEMS, INC.)
(A
New York Corporation)
The
Fourth Amended and Restated By-Laws (the “By-laws”) of DSS, Inc. (f.k.a. Document Security Systems, Inc.) (the “Corporation”)
are hereby amended as follows:
Article
5, Section 5.6 of the By-Laws is deleted in its entirety and replaced with the following:
(5.6)
Quorum.
(a)
Except as otherwise provided herein, or by statute, or in the Certificate, at all meetings of shareholders of the Corporation, the presence
at the commencement of such meetings in person or by proxy of shareholders holding of record thirty-five percent (35%) of the total number
of shares of the Corporation then issued and outstanding and entitled to vote, shall be necessary and sufficient to constitute a quorum
for the transaction of any business. The withdrawal of any shareholder after the commencement of a meeting shall have no effect on the
existence of a quorum, after a quorum has been established at such meeting.
(b)
Despite the absence of a quorum at any annual or special meeting of shareholders, the shareholders, by a majority of the votes cast by
the holders of shares entitled to vote thereon, may adjourn the meeting. At any such adjourned meeting at which a quorum is present,
any business may be transacted which might have been transacted at the meeting as originally called if a quorum had been present.
Except
as herein amended, the provisions of the By-Laws shall remain in full force and effect.
Dated
this 2nd day of June 2022.
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DSS, INC. |
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/S/
Frank D. Heuszel |
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Frank D. Heuszel |
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Chief Executive Officer |
Exhibit
10.1
SECURITIES
PURCHASE AGREEMENT
This
SECURITIES PURCHASE AGREEMENT (this “Agreement”) is made as of July 1, 2023 (the “Effective
Date”) by and between Decentralized Sharing Systems, Inc., a Nevada Corporation, (the “Seller”),
and Sharing Services Global Corporation, a Nevada Corporation (the “Buyer”).
RECITALS
WHEREAS,
Seller and Buyer are executing and delivering this Agreement in reliance upon the exemption from securities registration afforded by
Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506(b) of Regulation
D (“Regulation D”) as promulgated under the Securities Act;
WHEREAS,
Seller owns all of the issued and outstanding shares of common stock, (the “Shares”) of HWHH Holdings, Inc., a Texas
corporation (“HWHH”);
WHEREAS,
Seller wishes to sell to Buyer, and Buyer wishes to purchase from Seller, the Shares, subject to the terms and conditions set forth herein;
WHEREAS,
Seller wishes to sell 1,000 shares of common stock, par value $0.01 per share, representing all of the issued and outstanding shares
of common stock of HWHH (the “HWHH Shares”) to Buyer in consideration of i) $10.00 paid immediately in cash
(the “Cash Proceeds”) and ii) up to a maximum of $1,210,224.31 (MYR 5,646,906.63 – Malaysian Ringgit)
paid from Gross Proceeds (as defined hereinafter) generated from the sale of HWHH’s inventory (the “Inventory Proceeds”),
as described and priced in detail in exhibit A (“EXHIBIT A”), payable on a quarterly basis from the Effective
Date; as well as upon the terms and conditions set forth in this Agreement.
WHEREAS,
Buyer wishes to purchase the HWHH Shares from Seller in consideration for the Cash Proceeds and Inventory Proceeds (together, the “Purchase
Price”), upon the terms and conditions set forth in this Agreement.
NOW,
THEREFORE, in consideration of the mutual covenants contained in this Agreement, and for other good and valuable consideration,
the receipt and adequacy of which are hereby acknowledged, Seller and Buyer hereby agree as follows:
1.
SALE AND PURCHASE OF SHARES.
1.1
On the terms and subject to the conditions set forth in this Agreement, on the Effective Date (the “Closing”)
Seller will sell, convey, transfer and assign to Buyer, free and clear of all liens, pledges, encumbrances, changes, restrictions or
known claims of any kind, nature or description, and Buyer will purchase by payment of the Cash Proceeds and accept from Seller, the
HWHH Shares. In consideration therefor, Buyer will accept from Seller, the HWHH Shares, free and clear of all liens, pledges, encumbrances,
changes, restrictions or known claims of any kind, nature or description. Buyer accepts the entirety of the Company, as is, with all
liabilities and assets unless otherwise stated in section 1.7.
1.2
Notwithstanding anything to the contrary contained herein this Agreement, Buyer shall not be obligated to pay any Inventory Proceeds
generated more than three (3) years after the Effective Date.
1.3
Intentionally omitted.
1.4
For the purposes of calculating the Inventory Proceeds, “Gross Proceeds” shall mean any amounts that Buyer receives from
the sale of HWHH’s inventory, net of the related cost of goods as detailed in Exhibit A.
1.5
Intentionally omitted.
1.6
Buyer shall provide Seller with access and the right to any books and records relating to HWHH, for a period of three (3) years from
the Effective Date, to allow for full transparency and accountability in verifying calculations related to the Inventory Proceeds.
2.
REPRESENTATIONS AND WARRANTIES.
2.1
REPRESENTATIONS AND WARRANTIES BY SELLER. Seller represents and warrants to Buyer as follows as of the date hereof:
(a)
Requisite Power and Authority. Seller has all necessary power and authority to execute and deliver this Agreement and the other
agreements and instruments entered into or delivered by any of the parties hereto in connection with the transactions contemplated hereby
and thereby (the “Transaction Documents”) and to carry out their provisions. All action on Seller’s part
required for the execution and delivery of this Agreement and the other Transaction Documents has been taken. Upon its execution and
delivery, this Agreement and the other Transaction Documents will be valid and binding obligations of Seller, enforceable in accordance
with their respective terms, except (a) as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of
general application affecting enforcement of creditors’ rights, and (b) as limited by general principles of equity that restrict
the availability of equitable remedies.
(b)
No Violations. The execution and delivery of the Transaction Documents, and the consummation by Seller of the transactions contemplated
thereby, does not result in a violation of any law, rule, regulation, order, judgment or decree (foreign or domestic and including federal
and state securities laws and regulations) applicable to the Company or by which any material property or asset of Seller is bound or
affected other than any of the foregoing which would not have a Material Adverse Effect.
(c)
Good Title. The HWHH Shares are owned free and clear of any lien, encumbrance, adverse claim, restriction on sale, transfer or
voting (other than restrictions imposed by applicable securities laws), preemptive right, option or other right to purchase, and upon
the consummation of the sale of such HWHH Shares as contemplated hereby, Buyer will have good title to such HWHH Shares, free and clear
of any lien, encumbrance, adverse claim, restriction on sale, transfer or voting (other than restrictions imposed by applicable securities
laws), preemptive right, option or other right to purchase.
2.2
REPRESENTATIONS AND WARRANTIES BY BUYER. Buyer represents and warrants to Seller, as of the date hereof, as follows:
(a)
Investment Representations.
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(i) |
Buyer
understands that the HWHH Shares have not been registered under the Securities Act of 1933, as amended (the “Securities
Act”) or any other applicable securities laws. Buyer also understands that the HWHH Shares are being offered pursuant to
an exemption from the registration requirements of the Securities Act, under Section 4(2) and/or Regulation D of the Securities Act.
Seller acknowledges that Buyer will rely on Seller’s representations, warranties and certifications set forth below for purposes
of determining Seller’s suitability as an investor in the HWHH Shares and for purposes of confirming the availability of the
Section 4(2) and/or Regulation D exemption from the registration requirements of the Securities Act. |
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(ii) |
Buyer
has received all the information it considers necessary or appropriate for deciding whether to acquire the HWHH Shares. Buyer understands
the risks involved in an investment in the HWHH Shares. Buyer further represents that it, through its authorized representatives,
has had an opportunity to ask questions and receive answers from Seller regarding the terms and conditions of the offering of the
HWHH Shares and the business, properties, prospects, and financial condition of HWHH and to obtain such additional information (to
the extent Buyer possessed such information or could acquire it without unreasonable effort or expense) necessary to verify the accuracy
of any information furnished to Seller or to which Seller had access. Seller further represents that it is an “accredited investor”
within the meaning of Rule 501(a) of the Securities Act. |
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(iii) |
Buyer
is acquiring the HWHH Shares for its own account for business and strategic development only and not with a view towards their resale
or “distribution” (within the meaning of the Securities Act) of any part of the HWHH Shares. |
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(iv) |
Buyer understands that
the HWHH Shares may not be offered, sold or otherwise transferred except in compliance with the registration requirements of the
Securities Act and any other applicable securities laws or pursuant to an exemption therefrom, and in each case in compliance with
the conditions set forth in this Agreement. Buyer acknowledges and is aware that the HWHH Shares may not be sold pursuant to Rule
144 adopted under the Securities Act unless certain conditions are met and until Seller has held the HWHH Shares for the applicable
holding period under Rule 144. |
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(v) |
Buyer acknowledges and
agrees that each certificate representing the HWHH Shares, or book entry made in lieu of certificates, shall bear a legend substantially
in the following form: |
“THE
SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”),
OR THE SECURITIES LAWS OF ANY STATE. THE SECURITIES MAY NOT BE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER
SUCH ACT AND APPLICABLE STATE SECURITIES LAWS OR PURSUANT TO AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF SUCH ACT AND
SUCH LAWS.”
(b)
No Reliance. Buyer has not relied on and is not relying on any representations, warranties or other assurances regarding Seller
other than the representations and warranties expressly set forth in this Agreement.
(c)
Organization and Good Standing. Buyer is duly organized, validly existing and in good standing under the laws of its jurisdiction
of incorporation or organization, as the case may be.
(d)
Requisite Power and Authority. Buyer has all necessary power and authority to execute and deliver this Agreement and the other
Transaction Documents and to carry out their provisions. All action on Buyer’s part required for the execution and delivery of
this Agreement and the other Transaction Documents has been taken. Upon its execution and delivery, this Agreement and the other Transaction
Documents will be valid and binding obligations of Buyer, enforceable in accordance with their respective terms, except (a) as limited
by applicable bankruptcy, insolvency, reorganization, moratorium or other laws of general application affecting enforcement of creditors’
rights, and (b) as limited by general principles of equity that restrict the availability of equitable remedies.
(e)
No Reliance. Buyer has not relied on and is not relying on any representations, warranties or other assurances regarding HWHH
other than the representations and warranties expressly set forth in this Agreement.
2.3
SURVIVAL OF REPRESENTATIONS AND WARRANTIES. The representations and warranties shall survive the Closing for a period of 12 months
and shall be fully enforceable at law or in equity against the parties and each party’s successors and assigns.
3.
CLOSING.
3.1
Conditions to Seller’s Obligations. The obligations of Seller under this Agreement, (including, without limitation, the obligation
to transfer the HWHH Shares) shall be subject to satisfaction of the following conditions, unless waived by Seller: (i) Buyer shall have
performed in all material respects all agreements, and satisfied in all material respects all conditions on its part to be performed
or satisfied hereunder, at or prior to the Closing; (ii) all of the representations and warranties of Buyer herein shall have been true
and correct in all respects when made, shall have continued to have been true and correct in all respects at all times subsequent thereto,
and shall be true and correct in all material respects on and as of the Closing as though made on, as of, and with reference to such
Closing; (iii) Buyer shall have obtained or made, as applicable, all consents, authorizations and approvals from, and all declarations,
filings and registrations required to consummate the transactions contemplated by this Agreement, including all items required under
the incorporation document and bylaws of Buyer; (iv) Buyer shall have reviewed this Agreement and the transactions contemplated herein
(the “Transaction”).
3.2
Conditions to Buyer’s Obligations. The obligations of Buyer under this Agreement, (including, without limitation, the obligation
to pay the Seller the Cash Proceeds and Inventory Proceeds, shall be subject to satisfaction of the following conditions, unless waived
by Buyer: (i) Seller shall have performed in all respects all agreements, and satisfied in all respects all conditions on his part to
be performed or satisfied hereunder, at or prior to the Closing; (ii) all of the representations and warranties of Seller herein shall
have been true and correct in all material respects when made, shall have continued to have been true and correct in all material respects
at all times subsequent thereto, and shall be true and correct in all material respects on and as of the Closing as though made on, as
of, and with reference to such Closing; (iii) Seller shall have executed and delivered to Buyer all documents necessary to transfer the
HWHH Shares to Buyer, as contemplated by this Agreement; and (iv) Seller shall have obtained or made, as applicable, all consents, authorizations
and approvals from, and all declarations, filings and registrations required to consummate the transactions contemplated by this Agreement.
3.3
Closing Documents. At the Closing
(a)
Seller shall deliver to Buyer, in form and substance reasonably satisfactory to Buyer a duly executed copy of this Agreement, together
with any other Transaction Documents (ii) certificates evidencing the HWHH Shares, together with stock powers duly for such certificates
to allow such certificates to be registered in the name of Buyer, or evidence of such book-entry transfer of the HWHH Shares to Buyer.
(b)
Buyer shall deliver to Seller, in form and substance reasonably satisfactory to Seller (i) a duly executed copy of this Agreement, together
with any other Transaction Documents (ii) copies of resolutions adopted by the board of directors of Buyer and certified by the Secretary
of Buyer authorizing the execution and delivery of, and performance of Buyer’s obligations under, this Agreement.
4.
MISCELLANEOUS.
4.1
ADDRESSES AND NOTICES. Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall
be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication
is delivered via e-mail transmission prior to 5:00 P.M., New York City time, on a trading day, (b) the next trading day after the date
of transmission, if such notice or communication is delivered via e-mail transmission on a day that is not a trading day or later than
5:00 P.M., New York City time, on any trading day, (c) the trading day following the date of mailing, if sent by U.S. nationally recognized
overnight courier service with next day delivery specified, or (d) upon actual receipt by the party to whom such notice is required to
be given. The address and e-mail address for such notices and communications shall be as follows:
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If to Buyer to: |
Sharing
Services Global Corporation
Address:
5200 Tennyson Parkway
Plano
TX 75024 |
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If to Seller to: |
Decentralized
Sharing Systems, Inc.
Address:
275 Wiregrass Pkwy
Henrietta,
New York 14586 |
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With copies to: |
Sichenzia
Ross Ference LLP
1185
Avenue of the Americas, 31st Floor New York, New York 10036
Attention:
Darrin M. Ocasio
Facsimile
No.: (212) 930-9725
Sichenzia
Email: DMOcasio@SRF.LAW |
Any
such person may by notice given in accordance with this Section 4.1 to the other parties hereto designate another address or person
for receipt by such person of notices hereunder.
4.2
TITLES AND CAPTIONS. TITLES AND CAPTIONS. All Article and Section titles or captions in this Agreement are for convenience only.
They shall not be deemed part of this Agreement and do not in any way define, limit, extend or describe the scope or intent of any provisions
hereof.
4.3
ASSIGNABILITY. This Agreement is not transferable or assignable by the undersigned.
4.4
PRONOUNS AND PLURALS. Whenever the context may require, any pronoun used herein shall include the corresponding masculine, feminine
or neuter forms. The singular form of nouns, pronouns and verbs shall include the plural and vice versa.
4.5
FURTHER ACTION. The parties shall execute and deliver all documents, provide all information and take or forbear from taking all
such action as may be necessary or appropriate to achieve the purposes of this Agreement. Each party shall bear its own expenses in connection
therewith.
4.6
APPLICABLE LAW. This Agreement shall be construed in accordance with and governed by the laws of the State of Texas without regard
to its conflict of law rules.
4.7
BINDING EFFECT. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, administrators,
successors, legal representatives, personal representatives, permitted transferees and permitted assigns. If the undersigned is more
than one person, the obligation of the undersigned shall be joint and several and the agreements, representations, warranties and acknowledgments
herein contained shall be deemed to be made by and be binding upon each such person and such person’s heirs, executors, administrators
and successors.
4.8
INTEGRATION. This Agreement constitutes the entire agreement among the parties pertaining to the subject matter hereof and supersedes
and replaces all prior and contemporaneous agreements and understandings, whether written or oral, pertaining thereto, including without
limitation, the Prior Agreement. No covenant, representation or condition not expressed in this Agreement shall affect or be deemed to
interpret, change or restrict the express provisions hereof.
4.9
AMENDMENT. Neither this Agreement nor any term or provision hereof may be amended, modified, waived or supplemented orally, but only
by a written consent executed by the parties hereto.
4.10
CREDITORS. None of the provisions of this Agreement shall be for the benefit of or enforceable by creditors of any party.
4.11
WAIVER. No failure by any party to insist upon the strict performance of any covenant, agreement, term or condition of this Agreement
or to exercise any right or remedy available upon a breach thereof shall constitute a waiver of any such breach or of such or any other
covenant, agreement, term or condition.
4.12
RIGHTS AND REMEDIES. The rights and remedies of each of the parties hereunder shall be mutually exclusive, and the implementation
of one or more of the provisions of this Agreement shall not preclude the implementation of any other provision.
4.13
COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original copy of
this Agreement and all of which, when taken together, will be deemed to constitute one and the same agreement. In the event that any
signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall
create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and
effect as if such facsimile or “.pdf” signature page was an original thereof.
SIGNATURES
ON THE FOLLOWING PAGES
IN
WITNESS WHEREOF, the parties have caused this Agreement to be duly executed by their respective representatives hereunto authorized as
of the day and year first above written.
|
By Seller: |
|
|
|
DECENTRALIZED SHARING SYSTEMS, INC. |
|
|
|
By: |
|
|
Name: |
|
|
Title: |
|
|
By Buyer: |
|
|
|
SHARING SERVICES GLOBAL CORPORATION |
|
|
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By: |
|
|
Name: |
|
|
Title: |
|
EXHIBIT
A
EXHIBIT
B
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![Z:2024 OPERATIONSEDGAR08 AUGUSTDSS, Inc08-02-2024Form 10-Q_June 30, 2024DraftProduction](https://www.sec.gov/Archives/edgar/data/771999/000149315224031643/ex10-1_005.jpg)
![Z:2024 OPERATIONSEDGAR08 AUGUSTDSS, Inc08-02-2024Form 10-Q_June 30, 2024DraftProduction](https://www.sec.gov/Archives/edgar/data/771999/000149315224031643/ex10-1_006.jpg)
![Z:2024 OPERATIONSEDGAR08 AUGUSTDSS, Inc08-02-2024Form 10-Q_June 30, 2024DraftProduction](https://www.sec.gov/Archives/edgar/data/771999/000149315224031643/ex10-1_007.jpg)
![Z:2024 OPERATIONSEDGAR08 AUGUSTDSS, Inc08-02-2024Form 10-Q_June 30, 2024DraftProduction](https://www.sec.gov/Archives/edgar/data/771999/000149315224031643/ex10-1_008.jpg)
![Z:2024 OPERATIONSEDGAR08 AUGUSTDSS, Inc08-02-2024Form 10-Q_June 30, 2024DraftProduction](https://www.sec.gov/Archives/edgar/data/771999/000149315224031643/ex10-1_009.jpg)
Exhibit 10.2
![Z:2024 OPERATIONSEDGAR08 AUGUSTDSS, Inc08-02-2024Form 10-Q_June 30, 2024DraftProduction](https://www.sec.gov/Archives/edgar/data/771999/000149315224031643/ex10-2_001.jpg)
![Z:2024 OPERATIONSEDGAR08 AUGUSTDSS, Inc08-02-2024Form 10-Q_June 30, 2024DraftProduction](https://www.sec.gov/Archives/edgar/data/771999/000149315224031643/ex10-2_002.jpg)
![Z:2024 OPERATIONSEDGAR08 AUGUSTDSS, Inc08-02-2024Form 10-Q_June 30, 2024DraftProduction](https://www.sec.gov/Archives/edgar/data/771999/000149315224031643/ex10-2_003.jpg)
![Z:2024 OPERATIONSEDGAR08 AUGUSTDSS, Inc08-02-2024Form 10-Q_June 30, 2024DraftProduction](https://www.sec.gov/Archives/edgar/data/771999/000149315224031643/ex10-2_004.jpg)
![Z:2024 OPERATIONSEDGAR08 AUGUSTDSS, Inc08-02-2024Form 10-Q_June 30, 2024DraftProduction](https://www.sec.gov/Archives/edgar/data/771999/000149315224031643/ex10-2_005.jpg)
![Z:2024 OPERATIONSEDGAR08 AUGUSTDSS, Inc08-02-2024Form 10-Q_June 30, 2024DraftProduction](https://www.sec.gov/Archives/edgar/data/771999/000149315224031643/ex10-2_006.jpg)
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Exhibit
31.1
RULE
13a-14(a)/15d-14(a) CERTIFICATION OF CHIEF EXECUTIVE OFFICER
I,
Frank D. Heuszel, certify that:
1.
I have reviewed this quarterly report on Form 10-Q of DSS, Inc. for the quarter ended June 30, 2024.
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report.
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report.
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15(d)-15(f)), for the registrant and have:
(a)
Designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared.
(b)
Designed such internal control over financial reporting or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles.
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the registrant’s audit committee of the board of directors (or persons performing
the equivalent functions):
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Date:
August
13, 2024
/s/
Frank D. Heuszel |
|
Frank D. Heuszel |
|
Chief Executive Officer |
|
(Principal Executive Officer) |
|
Exhibit
31.2
RULE
13a-14(a)/15d-14(a) CERTIFICATION OF PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER
I,
Todd D. Macko, certify that:
1.
I have reviewed this quarterly report on Form 10-Q of DSS, Inc. for the quarter ended June 30, 2024;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15(d)-15(f)), for the registrant and have:
(a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
(b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
(c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
(d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the registrant’s audit committee of the board of directors (or persons performing
the equivalent functions):
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Date:
August
13, 2024
/s/
Todd D. Macko |
|
Todd
D. Macko |
|
Chief
Financial Officer
(Principal
Financial and Accounting Officer) |
|
Exhibit
32.1
CERTIFICATION
OF CHIEF EXECUTIVE OFFICER
PURSUANT
TO 18 U.S.C. 1350
AS
ADOPTED PURSUANT TO SECTION 906 OF
THE
SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of DSS, Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2024
as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Frank D. Heuszel Chief
Executive Officer of the Company hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley
Act of 2002, that to the best of my knowledge:
|
(1)
|
The
Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
(2)
|
The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company at the dates and for the periods indicated. |
Date:
August
13, 2024
/s/
Frank D. Heuszel |
|
Frank
D. Heuszel |
|
Chief
Executive Officer
|
|
(Principal
Executive Officer) |
|
Exhibit
32.2
CERTIFICATION
OF PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER
PURSUANT
TO 18 U.S.C. 1350
AS
ADOPTED PURSUANT TO SECTION 906 OF
THE
SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of DSS, Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2024
as filed with the Securities and Exchange Commission on the date hereof (the “Report”), I, Todd D. Macko Chief Financial
Officer of the Company hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to section 906 of the Sarbanes-Oxley Act
of 2002, that to the best of my knowledge:
|
(1)
|
The
Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
|
|
|
|
(2)
|
The
information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company at the dates and for the periods indicated. |
Date:
August
13, 2024
/s/
Todd D. Macko |
|
Todd
D. Macko |
|
Chief
Financial Officer
|
|
(Principal
Financial and Accounting Officer) |
|
v3.24.2.u1
Cover - $ / shares
|
6 Months Ended |
|
Jun. 30, 2024 |
Aug. 01, 2024 |
Cover [Abstract] |
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|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2024
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-32146
|
|
Entity Registrant Name |
DSS,
INC.
|
|
Entity Central Index Key |
0000771999
|
|
Entity Tax Identification Number |
16-1229730
|
|
Entity Incorporation, State or Country Code |
NY
|
|
Entity Address, Address Line One |
275
Wiregrass Pkwy
|
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West
Henrietta
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|
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NY
|
|
Entity Address, Postal Zip Code |
14586
|
|
City Area Code |
(585)
|
|
Local Phone Number |
325-3610
|
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Title of 12(b) Security |
Common
Stock, $0.02 par value per share
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Trading Symbol |
DSS
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Security Exchange Name |
NYSE
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Entity Current Reporting Status |
No
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v3.24.2.u1
Condensed Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Current assets: |
|
|
Cash and cash equivalents |
$ 10,719,000
|
$ 6,615,000
|
Accounts receivable, net |
2,531,000
|
3,994,000
|
Inventory |
3,572,000
|
2,819,000
|
Assets held for sale |
46,040,000
|
51,595,000
|
Current portion of notes receivable |
3,907,000
|
8,772,000
|
Prepaid expenses and other current assets |
929,000
|
839,000
|
Total current assets |
67,698,000
|
74,634,000
|
Property, plant and equipment, net |
6,054,000
|
6,417,000
|
Investment in real estate, net |
6,226,000
|
6,279,000
|
Other investments |
1,282,000
|
1,282,000
|
Investment, equity method |
135,000
|
128,000
|
Marketable securities |
9,558,000
|
9,979,000
|
Notes receivable |
117,000
|
111,000
|
Other assets |
139,000
|
97,000
|
Right-of-use assets |
6,841,000
|
7,210,000
|
Goodwill |
26,862,000
|
26,862,000
|
Other intangible assets, net |
19,536,000
|
20,193,000
|
Total assets |
144,448,000
|
153,192,000
|
Current liabilities: |
|
|
Accounts payable |
3,430,000
|
3,654,000
|
Accrued expenses and deferred revenue |
1,989,000
|
2,512,000
|
Other current liabilities |
2,456,000
|
983,000
|
Current portion of lease liability |
661,000
|
686,000
|
Current portion of long-term debt, net |
49,130,000
|
47,776,000
|
Total current liabilities |
57,666,000
|
55,611,000
|
Long-term debt, net |
7,029,000
|
7,451,000
|
Long term lease liability |
6,603,000
|
6,917,000
|
Commitments and contingencies (Note 11) |
|
|
Stockholders’ equity |
|
|
Preferred stock, $.02 par value; 47,000 shares authorized, zero shares issued and outstanding (zero on December 31, 2023); Liquidation value $1,000 per share, zero aggregate. zero on December 31, 2023). |
|
|
Common stock, $.02 par value; 200,000,000 shares authorized, 7,066,772 shares issued and outstanding (7,066,772 on December 31, 2023) |
140,000
|
140,000
|
Additional paid-in capital |
319,963,000
|
319,963,000
|
Accumulated deficit |
(264,930,000)
|
(256,176,000)
|
Total stockholders’ equity |
55,173,000
|
63,927,000
|
Non-controlling interest in subsidiaries |
17,977,000
|
19,286,000
|
Total stockholders’ equity |
73,150,000
|
83,213,000
|
Total liabilities and stockholders’ equity |
$ 144,448,000
|
$ 153,192,000
|
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v3.24.2.u1
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value |
$ 0.02
|
$ 0.02
|
Preferred stock, shares authorized |
47,000
|
47,000
|
Preferred stock, shares issued |
0
|
0
|
Preferred stock, shares outstanding |
0
|
0
|
Preferred stock, liquidation preference per share |
$ 1,000
|
$ 1,000
|
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$ 0
|
$ 0
|
Common stock, par value |
$ 0.02
|
$ 0.02
|
Common stock, shares authorized |
200,000,000
|
200,000,000
|
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7,066,772
|
7,066,772
|
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7,066,772
|
7,066,772
|
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v3.24.2.u1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Revenue: |
|
|
|
|
Total revenue |
$ 4,211,000
|
$ 7,233,000
|
$ 8,082,000
|
$ 19,064,000
|
Costs and expenses: |
|
|
|
|
Cost of revenue |
5,673,000
|
4,832,000
|
10,663,000
|
13,365,000
|
Selling, general and administrative |
3,473,000
|
8,851,000
|
7,035,000
|
17,824,000
|
Total costs and expenses |
9,146,000
|
13,683,000
|
17,698,000
|
31,189,000
|
Operating loss |
(4,935,000)
|
(6,450,000)
|
(9,616,000)
|
(12,125,000)
|
Other income (expense): |
|
|
|
|
Interest income |
195,000
|
407,000
|
302,000
|
538,000
|
Dividend income |
|
8,000
|
|
12,000
|
Other income (expense) |
12,000
|
147,000
|
38,000
|
175,000
|
Interest expense |
(142,000)
|
(138,000)
|
(190,000)
|
(388,000)
|
Foreign Currency Translation Adjustment |
(9,000)
|
|
(14,000)
|
|
Gain/(loss) on equity method investment |
8,000
|
(18,000)
|
7,000
|
(22,000)
|
Loss on investments |
(383,000)
|
(27,922,000)
|
(572,000)
|
(30,790,000)
|
Provision for loan losses |
(53,000)
|
(3,757,000)
|
(346,000)
|
(3,757,000)
|
Gain on sale of assets |
165,000
|
|
165,000
|
|
Loss from continuing operations before income taxes |
(5,142,000)
|
(37,723,000)
|
(10,226,000)
|
(46,357,000)
|
Income tax benefit |
188,000
|
|
163,000
|
|
Net loss |
(4,954,000)
|
(37,723,000)
|
(10,063,000)
|
(46,357,000)
|
Loss (gain) from continuing operations attributed to noncontrolling interest |
271,000
|
(200,000)
|
1,309,000
|
398,000
|
Net loss attributable to common stockholders |
$ (4,683,000)
|
$ (37,923,000)
|
$ (8,754,000)
|
$ (45,959,000)
|
Loss per common share: |
|
|
|
|
Basic |
$ (0.66)
|
$ (5.41)
|
$ (1.24)
|
$ (6.59)
|
Diluted |
$ (0.66)
|
$ (5.41)
|
$ (1.24)
|
$ (6.59)
|
Shares used in computing loss per common share: |
|
|
|
|
Basic |
7,066,772
|
7,007,046
|
7,066,772
|
6,978,952
|
Diluted |
7,066,772
|
7,007,046
|
7,066,772
|
6,978,952
|
Printed Products [Member] |
|
|
|
|
Revenue: |
|
|
|
|
Total revenue |
$ 3,528,000
|
$ 3,626,000
|
$ 6,601,000
|
$ 9,661,000
|
Rental Income [Member] |
|
|
|
|
Revenue: |
|
|
|
|
Total revenue |
438,000
|
1,543,000
|
838,000
|
3,228,000
|
Net Investment Income [Member] |
|
|
|
|
Revenue: |
|
|
|
|
Total revenue |
41,000
|
197,000
|
136,000
|
314,000
|
Direct Marketing [Member] |
|
|
|
|
Revenue: |
|
|
|
|
Total revenue |
|
1,572,000
|
|
5,566,000
|
Commission Revenue [Member] |
|
|
|
|
Revenue: |
|
|
|
|
Total revenue |
$ 204,000
|
$ 295,000
|
$ 507,000
|
$ 295,000
|
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v3.24.2.u1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Cash flows from operating activities: |
|
|
Loss from continuing operations |
$ (10,063,000)
|
$ (46,357,000)
|
Adjustments to reconcile loss from continuing operations to net cash used by operating activities: |
|
|
Depreciation and amortization |
1,136,000
|
2,647,000
|
Stock based compensation |
|
268,000
|
Loss (income) on equity method investment |
(7,000)
|
22,000
|
Gain on investments |
572,000
|
30,790,000
|
Change in ROU assets |
369,000
|
774,000
|
Gain on sale of assets |
(165,000)
|
|
Provision for loan losses |
815,000
|
3,757,000
|
Decrease (increase) in assets: |
|
|
Accounts receivable |
1,679,000
|
2,531,000
|
Inventory |
(753,000)
|
4,707,000
|
Prepaid expenses and other current assets |
504,000
|
592,000
|
Other assets |
(42,000)
|
3,123,000
|
Increase (decrease) in liabilities: |
|
|
Accounts payable |
(224,000)
|
(3,846,000)
|
Accrued expenses |
(529,000)
|
(15,958,000)
|
ROU liabilities |
(339,000)
|
(1,052,000)
|
Other liabilities |
1,473,000
|
(81,000)
|
Net cash used by operating activities - continuing operations |
(5,574,000)
|
(18,083,000)
|
Net cash used by operating activities - held for sale |
|
(1,632,000)
|
Net cash used by operating activities |
(5,574,000)
|
(19,715,000)
|
Cash flows from investing activities: |
|
|
Purchase of property, plant and equipment |
(29,000)
|
(496,000)
|
Purchase of investment |
(379,000)
|
|
Disposal of property, plant and equipment |
5,140,000
|
215,000
|
Sale of marketable securities |
|
11,330,000
|
Payments received on notes receivable |
4,044,000
|
2,327,000
|
Net cash provided by investing activities |
8,776,000
|
13,376,000
|
Cash flows from financing activities: |
|
|
Payments of long-term debt |
(1,269,000)
|
(5,519,000)
|
Borrowings of long-term debt |
2,171,000
|
2,601,000
|
Net cash provided (used) by financing activities |
902,000
|
(2,918,000)
|
Net increase (decrease) in cash - continuing operations |
4,104,000
|
(7,625,000)
|
Net increase (decrease) in cash - held for sale |
|
(1,632,000)
|
Cash and cash equivalents at beginning of period |
6,615,000
|
19,290,000
|
Cash and cash equivalents at end of period |
$ 10,719,000
|
$ 10,033,000
|
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v3.24.2.u1
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($)
|
Common Stock [Member] |
Preferred Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Parent [Member] |
Noncontrolling Interest [Member] |
Total |
Beginning balance, value at Dec. 31, 2022 |
$ 139,000
|
|
$ 319,766,000
|
$ (194,343,000)
|
$ 125,562,000
|
$ 31,119,000
|
$ 156,681,000
|
Balance, shares at Dec. 31, 2022 |
6,950,858
|
|
|
|
|
|
|
Stock based payments |
$ 1,000
|
|
267,000
|
|
268,000
|
|
268,000
|
Stock based payments, shares |
62,350
|
|
|
|
|
|
|
Deconsolidation of Sharing Services |
|
|
|
18,773,000
|
18,773,000
|
5,064,000
|
23,837,000
|
Net loss |
|
|
|
(45,959,000)
|
(45,959,000)
|
(398,000)
|
(46,357,000)
|
Ending balance, value at Jun. 30, 2023 |
$ 140,000
|
|
320,033,000
|
(221,529,000)
|
98,644,000
|
35,785,000
|
134,429,000
|
Balance, shares at Jun. 30, 2023 |
7,013,208
|
|
|
|
|
|
|
Beginning balance, value at Dec. 31, 2023 |
$ 140,000
|
|
319,963,000
|
(256,176,000)
|
63,927,000
|
19,286,000
|
83,213,000
|
Balance, shares at Dec. 31, 2023 |
7,066,772
|
|
|
|
|
|
|
Net loss |
|
|
|
(8,754,000)
|
(8,754,000)
|
(1,309,000)
|
(10,063,000)
|
Ending balance, value at Jun. 30, 2024 |
$ 140,000
|
|
$ 319,963,000
|
$ (264,930,000)
|
$ 55,173,000
|
$ 17,977,000
|
$ 73,150,000
|
Balance, shares at Jun. 30, 2024 |
7,066,772
|
|
|
|
|
|
|
X |
- DefinitionDeconsolidation of sharing services global corporation
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v3.24.2.u1
Basis of Presentation and Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Presentation and Significant Accounting Policies |
1.
Basis of Presentation and Significant Accounting Policies
The
Company, incorporated in the state of New York in May 1984 has conducted business in the name of DSS, Inc. On September 16, 2021, the
board of directors approved an agreement and plan of merger with a wholly owned subsidiary, DSS, Inc. (a New York corporation, incorporated
in August 2020), for the sole purpose of effecting a name change from Document Security Systems, Inc. to DSS, Inc. This change became
effective on September 30, 2021. DSS, Inc. maintained the same trading symbol “DSS”.
DSS,
Inc. (together with its consolidated subsidiaries, referred to herein as “DSS,” “we,” “us,” “our”
or the “Company”), currently operates nine (9) distinct business lines with operations and locations around the globe. These
business lines are: (1) Product Packaging, (2) Biotechnology, (3) Direct, (4) Commercial Lending, (5) Securities and Investment Management,
(6) Alternative Trading (7) Digital Transformation (discontinued in 2023), (8) Secure Living (discontinued in 2023), and (9) Alternative
Energy (discontinued in 2023). Each of these business lines are in different stages of development, growth, and income generation.
Our
divisions, their business lines, subsidiaries, and operating territories: (1) Our Product Packaging line is led by Premier Packaging
Corporation, Inc. (“Premier”), a New York corporation. Premier operates in the paper board and fiber based folding carton,
consumer product packaging, and document security printing markets. It markets, manufactures, and sells sophisticated custom folding
cartons, mailers, photo sleeves and complex 3-dimensional direct mail solutions. Premier is currently located in its new facility in
Rochester, NY, and primarily serves the US market. (2) The Biotechnology business line was created to invest in or acquire companies
in the BioHealth and BioMedical fields, including businesses focused on the advancement of drug discovery and prevention, inhibition,
and treatment of neurological, oncological, and immune related diseases. This division is also targeting unmet, urgent medical needs,
and is developing open-air defense initiatives, which curb transmission of air-borne infectious diseases, such as tuberculosis and influenza.
(3) Direct Marketing, led by the holding corporation, Decentralized Sharing Systems, Inc. (“Decentralized”) provides services
to assist companies in the emerging growth “Gig” business model of peer-to-peer decentralized sharing marketplaces. Direct
Marketing’s products include, among other things, nutritional and personal care products sold throughout North America, Asia Pacific,
Middle East, and Eastern Europe. (4) Our Commercial Lending business division, driven by American Pacific Bancorp (“APB”),
is organized for the purposes of being a financial network holding company, focused on acquiring equity positions in (i) undervalued
commercial bank(s), bank holding companies and nonbanking licensed financial companies operating in the United States, South East Asia,
Taiwan, Japan and South Korea, and (ii) companies engaged in—nonbanking activities closely related to banking, including loan syndication
services, mortgage banking, trust and escrow services, banking technology, loan servicing, equipment leasing, problem asset management,
SPAC (special purpose acquisition company) consulting services, and advisory capital raising services. (5) Securities and Investment
Management was established to develop and/or acquire assets in the securities trading or management arena, and to pursue, among other
product and service lines, broker dealers, and mutual funds management. Also in this segment is the Company’s real estate investment
trusts (“REIT”), organized for the purposes of acquiring hospitals and other acute or post-acute care centers from leading
clinical operators with dominant market share in secondary and tertiary markets, and leasing each property to a single operator under
a triple-net lease. the REIT was formed to originate, acquire, and lease a credit-centric portfolio of licensed medical real estate.
(6) Alternative Trading was established to develop and/or acquire assets and investments in the securities trading and/or funds management
arena. Alternative Trading, in partnership with recognized global leaders in alternative trading systems, intends to own and operate
in the US a single or multiple vertical digital asset exchanges for securities, tokenized assets, utility tokens, and cryptocurrency
via an alternative trading platform using blockchain technology. The scope of services within this section is planned to include asset
issuance and allocation (securities and cryptocurrency), FPO, IPO, ITO, PPO, and UTO listings on a primary market(s), asset digitization/tokenization
(securities, currency, and cryptocurrency), and the listing and trading of digital assets (securities and cryptocurrency) on a secondary
market(s). (7) Digital Transformation was established to be a Preferred Technology Partner and Application Development Solution for mid
cap brands in various industries including the direct selling and affiliate marketing sector. Digital improves marketing, communications
and operations processes with custom software development and implementation (discontinued in 2023). (8) The Secure Living division has
developed a plan for fully sustainable, secure, connected, and healthy living communities with homes incorporating advanced technology,
energy efficiency, and quality of life living environments both for new construction and renovations for single and multi-family residential
housing (discontinued in 2023). (9) The Alternative Energy group was established to help lead the Company’s future in the clean
energy business that focuses on environmentally responsible and sustainable measures. Alset Energy, Inc, the holding company for this
group, and its wholly owned subsidiary, Alset Solar, Inc., pursue utility-scale solar farms to serve US regional power grids and to provide
underutilized properties with small microgrids for independent energy (discontinued in 2023).
The
accompanying condensed consolidated financial statements contain all adjustments (consisting of normal recurring adjustments, unless
otherwise indicated) necessary to present fairly our consolidated financial position as of June 30, 2024 and December 31, 2023, and the
results of our consolidated operations for the interim periods presented. We follow the same accounting policies when preparing quarterly
financial data as we use for preparing annual data. These statements should be read in conjunction with the consolidated financial statements
and the notes included in our latest annual report on Form 10-K, for the fiscal year ended December 31, 2023 (“Form 10-K”),
and our other reports on file with the Securities and Exchange Commission (the “SEC”).
Principles
of Consolidation - The consolidated financial statements include the accounts of DSS, Inc. and its subsidiaries. All significant
intercompany balances and transactions have been eliminated in consolidation.
Deconsolidation
of Sharing Services Global Corporation(“SHRG”) - On May 4, 2023, the Company distributed approximately 280 million
shares of SHRG beneficially held by DSS and Decentralized Sharing Systems in the form of a dividend to the shareholders of DSS common
stock. Upon completion of this distribution, DSS will retain an ownership interest in SHRG of approximately 7%. Immediately prior to
this distribution, DSS owned approximately 81% of the issued and outstanding common shares of SHRG. As a result, SHRG, whose operations
represented a significant portion of our Direct Marketing segment, was deconsolidated from our consolidated financial statements effective
as of May 1, 2023 (the “Deconsolidation”). The consolidated statement of operations for the fiscal quarter ended September
30, 2023, therefore includes one month of activity related to SHRG prior to the Deconsolidation. Subsequent to April 30, 2023 the assets
and liabilities of SHRG are no longer included within our consolidated balance sheets. Any discussions related to results, operations,
and accounting policies associated with SHRG refer to the periods prior to the Deconsolidation.
Upon
Deconsolidation, we recognized a loss before income taxes of approximately $29,196,000 which is recorded within gain/loss investments
in our consolidated statements of operations for the three and nine months ended September 30, 2023. Subsequent to the Deconsolidation,
we accounted for our equity ownership interest in SHRG as a marketable security and at the quoted price stock price of SHRG.
Use
of Estimates - The preparation of consolidated financial statements in conformity with accounting principles generally accepted
in the United States requires the Company to make estimates and assumptions that affect the amounts reported and disclosed in the financial
statements and the accompanying notes. Actual results could differ materially from these estimates. On an ongoing basis, the Company
evaluates its estimates, including those related to the accounts receivable, convertible notes receivable, inventory, fair values of
investments, intangible assets and goodwill, useful lives of intangible assets and property and equipment, fair values of options and
warrants to purchase the Company’s common stock, preferred stock, deferred revenue and income taxes, among others. The Company
bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which
form the basis for making judgments about the carrying values of assets and liabilities.
Cash
Equivalents – All highly liquid investments with maturities of three months or less at the date of purchase are classified
as cash equivalents. Amounts included in cash equivalents in the accompanying consolidated balance sheets are money market funds whose
adjusted costs approximate fair value.
Accounts/Rents
Receivable - The Company extends credit to its customers in the normal course of business. The Company performs ongoing credit
evaluations and generally does not require collateral. Payment terms are generally 30 days but up to net 120 for certain customers. The
Company carries its trade accounts receivable at invoice amounts and its rent receivables at contract amounts, less an allowance for
credit losses. On a periodic basis, the Company evaluates its accounts receivable and establishes an allowance for credit losses based
upon management’s estimates that include a review of the history of past write-offs and collections and an analysis of current
credit conditions. In estimating expected losses in the accounts receivable portfolio, customer-specific financial data and macro-economic
assumptions are utilized to project losses over a reasonable and supportable forecast period. Assumptions and judgment are applied to
measure amounts and timing of expected future cash flows, collateral values and other factors used to determine the customers’
abilities to pay.
At
June 30, 2024, and December 31, 2023, the Company established a reserve for credit losses of approximately $2,500,000 and $2,494,000,
respectively. The Company does not accrue interest on past due accounts receivable.
Concentration
of Credit Risk - The Company maintains its cash in bank deposit accounts, which at times may exceed federally insured limits.
The Company believes it is not exposed to any significant credit risk because of any non-performance by the financial institutions. As
of June 30, 2024, one customers accounted for approximately 24% of our consolidated revenue and one customers accounted for approximately
39% of our trade accounts receivable balance.
As
of June 30, 2023, two customers accounted for approximately 19% and 5% of our consolidated revenue and these two customers accounted
for approximately 55% and 14% of our consolidated trade accounts receivable balance.
As
of December 31, 2023, two customers accounted for approximately 20% and 11% of our consolidated revenue and 39% and 30% of our trade
accounts receivable balance.
For
the six months ended of June 30, 2024 one vendor accounted for approximately 12%
of our cost of revenue and for the six months ended June 30, 2023, another vendor accounted for approximately 14% of our cost of revenue.
Notes
receivable, unearned interest, and related recognition - The Company records all future payments of principal and interest on
notes as notes receivable, which are then offset by the amount of any related unearned interest income. For financial statement purposes,
the Company reports the net investment in the notes receivable on the consolidated balance sheet as current or long-term based on the
maturity date of the underlying notes. Such net investment is comprised of the amount advanced on the loans, adjusting for net deferred
loan fees or costs incurred at origination, amounts allocated to warrants received upon origination, and any payments received in advance.
The unearned interest is recognized over the term of the notes and the income portion of each note payment is calculated so as to generate
a constant rate of return on the net balance outstanding. Net deferred loan fees or costs, together with discounts recognized in connection
with warrants acquired at origination, are accreted as an adjustment to yield over the term of the loan.
Allowance
For Loans And Lease Losses - On January 1, 2022, the Company adopted amended accounting guidance “ASU No.2016-13 –
Credit Losses” which requires an allowance for credit losses to be deducted from the amortized cost basis of financial assets
to present the net carrying value at the amount that is expected to be collected over the contractual term of the asset considering relevant
information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported
amount. In estimating expected losses in the loan and lease portfolio, borrower-specific financial data and macro-economic assumptions
are utilized to project losses over a reasonable and supportable forecast period. Assumptions and judgment are applied to measure amounts
and timing of expected future cash flows, collateral values and other factors used to determine the borrowers’ abilities to repay
obligations. After the forecast period, the company utilizes longer-term historical loss experience to estimate losses over the remaining
contractual life of the loans. Prior to 2022, the allowance for credit losses represented the amount that in management’s judgment
reflected incurred credit losses inherent in the loan and lease portfolio as of the balance sheet date.
Investments
– Investments in equity securities with a readily determinable fair value, not accounted for under the equity method, are
recorded at fair value with unrealized gains and losses included in earnings. For equity securities without a readily determinable fair
value, the investment is recorded at cost, less any impairment, plus or minus adjustments related to observable transactions for the
same or similar securities, with unrealized gains and losses included in earnings. For equity method investments, the Company regularly
reviews its investments to determine whether there is a decline in fair value below book value. If there is a decline that is other-than-temporary,
the investment is written down to fair value. See Note 8 for further discussion on investments.
Fair
Value of Financial Instruments - Fair value is defined as the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at the measurement date. The Fair Value Measurement Topic
of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) establishes a
three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to
unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable
inputs (Level 3 measurements). These tiers include:
●
Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets.
●
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
and
●
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
The
carrying amounts reported in the consolidated balance sheet of cash and cash equivalents, accounts receivable, prepaids, accounts payable
and accrued expenses approximate fair value because of the immediate or short-term maturity of these financial instruments. Marketable
securities classify as a Level 1 fair value financial instrument. The fair value of notes receivable approximates their carrying value
as the stated or discounted rates of the notes do not reflect recent market conditions. The fair value of revolving credit lines notes
payable and long-term debt approximates their carrying value as the stated or discounted rates of the debt reflect recent market conditions.
The fair value of investments where the fair value is not considered readily determinable, are carried at cost.
Inventory
– Inventories consist primarily of paper, pre-printed security paper, paperboard, fully prepared packaging, air filtration
systems, and health and beauty products which and are stated at the lower of cost or net realizable value on the first-in, first-out
(“FIFO”) method. Packaging work-in-process and finished goods included the cost of materials, direct labor and overhead.
At the closing of each reporting period, the Company evaluates its inventory in order to adjust the inventory balance for obsolete and
slow-moving items. An allowance for obsolescence of approximately $30,000 and $18,000 associated with the inventory at our Premier subsidiary
for June 30, 2024, and December 31, 2023, respectively. Write-downs and write-offs are charged to cost of revenue.
Investments
in real estate, net – Acquisition of assets are recorded at their relative fair value based on total
accumulated costs of the acquisition. Direct acquisition-related costs are capitalized as a component of the acquired assets. This
includes all costs related to finding, analyzing and negotiating a transaction. The allocation of the purchase price is an area that
requires judgment and significant estimates. Tangible and intangible assets include land, building and improvements, furniture,
fixtures and equipment, acquired above market and below market leases, in-place lease value (if applicable). Acquisition date fair
values of assets and assumed liabilities are determined based on replacement costs, appraised values, and estimated fair values
using methods similar to those used by independent appraisers and that use appropriate discount and/or capitalization rates and
available market information. Depreciation and amortization is computed using the straight-line method over the estimated useful
lives of the assets. During 2023, the land and buildings related to AMRE LifeCare and AMRE Winter Haven were reclassified to Assets
held for sale.
Assets
held for sale – The Company has several buildings and the associated land they occupy for sale as of June 30, 2024 and
December 31, 2023. These consist of primarily of retail space in Lindon, Utah approximating $5,593,000 (sale of this building was finalized
during Q2 2024) and the medical facilities associated with AMRE LifeCare of approximately $41,570,000 and AMRE Winter Haven of approximately
$4,396,000, and $65,000 of other assets.
Intangible
Assets - The estimated fair values of acquired intangibles are generally determined based upon future economic benefits such
as earnings and cash flows. Acquired identifiable intangible assets are recorded at fair value and are amortized over their estimated
useful lives. Acquired intangible assets with an indefinite life are not amortized but are reviewed for impairment at least annually
or more frequently whenever events or changes in circumstances indicate that the carrying amounts of those assets are below their estimated
fair values. Impairment is tested under ASC 350. At December 31, 2023, The Company impaired approximately $7,418,000 associated with
intangible assets for AMRE Lifecare and AMRE Winter Haven. No circumstances or events have occurred since the most recent analysis that
would indicate the need for an impairment is needed for the six months ended June 30, 2024.
Goodwill
– Goodwill is the excess of cost of an acquired entity over the fair value of amounts assigned to assets acquired and liabilities
assumed in a business combination. Goodwill is subject to impairment testing at least annually and will be tested for impairment between
annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. FASB ASC Topic 350 provides
an entity with the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to
a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after completing
the assessment, it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value,
the Company will proceed to a quantitative test. The Company may also elect to perform a quantitative test instead of a qualitative test
for any or all of our reporting units. The test compares the fair value of an entity’s reporting units to the carrying value of
those reporting units. This quantitative test requires various judgments and estimates. The Company estimates the fair value of the reporting
unit using a market approach in combination with a discounted operating cash flow approach. Impairment of goodwill is measured as the
excess of the carrying amount of goodwill over the fair values of recognized and unrecognized assets and liabilities of the reporting
unit. The Company performed its annual goodwill impairment test as of December 31, 2023, and no impairment was deemed necessary for the
goodwill associated with Premier Packaging Company, and Impact BioMedical of $1,769,000 and $25,093,000, respectively. The goodwill for
APB, and Sentinel Co. of approximately $29,744,000, and $1,234,000 respectively, were deemed impaired and written off at December 31,
2023. No circumstances or events have occurred since the most recent analysis that would indicate the need for an impairment is needed
for the six months ended June 30, 2024.
Impairment
of Long-Lived Assets and Goodwill - The Company monitors the carrying value of long-lived assets for potential impairment and
tests the recoverability of such assets whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable.
If a change in circumstance occurs, the Company performs a test of recoverability by comparing the carrying value of the asset or asset
group to its undiscounted expected future cash flows. If cash flows cannot be separately and independently identified for a single asset,
the Company will determine whether impairment has occurred for the group of assets for which the Company can identify the projected cash
flows. If the carrying values are in excess of undiscounted expected future cash flows, the Company measures any impairment by comparing
the fair value of the asset or asset group to its carrying value.
Business
Combinations - Business combinations and non-controlling interests are recorded in accordance with FASB ASC 805 Business Combinations.
Under the guidance, the assets and liabilities of the acquired business are recorded at their fair values at the date of acquisition
and all acquisition costs are expensed as incurred. The excess of the purchase price over the estimated fair values is recorded as goodwill.
If the fair value of the assets acquired exceeds the purchase price and the liabilities assumed, then a gain on acquisition is recorded.
The application of business combination accounting requires the use of significant estimates and assumptions.
Loss
Per Common Share - The Company presents basic and diluted (loss) earnings per share. Basic (loss) earnings per share reflect
the actual weighted average of shares issued and outstanding during the period. Diluted (loss) earnings per share are computed including
the number of additional shares from outstanding warrants, stock options and preferred stock that would have been outstanding if dilutive
potential shares had been issued and is calculated utilizing the treasury stock method. In a loss period, the calculation for basic and
diluted (loss) earnings per share is the same, as the impact of potential common shares is anti-dilutive. For the three months ended
June 30, 2023, potential dilutive instruments included options of 3,333. For the three months ended June 30, 2024, potential dilutive
instruments was 0.
Income
Taxes - The Company recognizes estimated income taxes payable or refundable on income tax returns for the current year and for
the estimated future tax effect attributable to temporary differences and carry-forwards. Measurement of deferred income items is based
on enacted tax laws including tax rates, with the measurement of deferred income tax assets being reduced by available tax benefits not
expected to be realized. We recognize penalties and accrued interest related to unrecognized tax benefits in income tax expense.
Going
Concern - The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a
going concern. This basis of accounting contemplates the recovery of our assets and the satisfaction of liabilities in the normal course
of business. These consolidated financial statements do not include any adjustments to the specific amounts and classifications of assets
and liabilities, which might be necessary should we be unable to continue as a going concern. While the Company has approximately $10.7
million in cash, the Company has incurred operating losses as well as negative cash flows from operating and investing activities over
the past two years.
Aside
from its $10.7 million in cash as of June 30, 2024, the Company believes it can continue as a going concern, due to its ability to generate
operating cash through the sale of its $9.6 million of Marketable Securities. The Company has also taken steps to sell its real estate
holdings assets of AMRE LifeCare and Winter Haven located in Texas, Pennsylvania, and Florida. These properties approximate $46.0 million
in assets and are identified on the accompanying balance sheet as Held for sale. In addition, the Company has taken steps, and will continue
to take measures, to materially reduce the expenses and cash burn at all corporate and business line levels. Although there are no assurances,
we believe the above would allow us to fund our nine business lines current and planned operations for the twelve months from the filing
date of this Annual Report. Based on this, the Company has concluded that substantial doubt of its ability to continue as a going concern
has been alleviated.
Recently
Issued Accounting Pronouncements — In November 2023, the Financial Accounting
Standards Board (“FASB”), issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280):
Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure through enhanced disclosures about significant
segment expenses. The amendment is effective for fiscal years beginning after December 15, 2023 and for interim periods within fiscal
years beginning after December 15, 2024 and early adoption is permitted. The amendments should be applied retrospectively to all prior
periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its disclosures.
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- DefinitionThe entire disclosure for the general note to the financial statements for the reporting entity which may include, descriptions of the basis of presentation, business description, significant accounting policies, consolidations, reclassifications, new pronouncements not yet adopted and changes in accounting principles.
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v3.24.2.u1
Revenue
|
6 Months Ended |
Jun. 30, 2024 |
Revenue from Contract with Customer [Abstract] |
|
Revenue |
2.
Revenue
The
Company recognizes its revenue based on when the title passes to the customer or when the service is completed and accepted by the customer.
Revenue is measured as the amount of consideration the Company expects to receive in exchange for shipped product or service provided.
Sales and other taxes billed and collected from customers are excluded from revenue. The Company recognizes rental income associated
with its REIT, net of amortization of favorable/unfavorable lease terms relative to market and includes rental abatements and contractual
fixed increases attributable to operating leases, where collection has been considered probable, on a straight-line basis over the term
of the related lease. The Company recognizes net investment income from its investment banking line of business as interest and management
fees related to loans managed for third parties owed to the Company occurs. The Company generates revenue from its direct marketing line
of business primarily through internet sales and recognizes revenue as items are shipped.
As
of June 30, 2024, the Company had no unsatisfied performance obligations for contracts with an original expected duration of greater
than one year. Pursuant to Topic 606, the Company has applied the practical expedient with respect to disclosure of the deferral and
future expected timing of revenue recognition for transaction price allocated to remaining performance obligations. The Company elected
the practical expedient allowing it to not recognize as a contract asset the commission paid to its salesforce on the sale of its products
as an incremental cost of obtaining a contract with a customer but rather recognize such commission as expense when incurred as the amortization
period of the asset that the Company would have otherwise recognized is one year or less.
Sales
Commissions
Sales
commissions are expensed as incurred for contracts with an expected duration of one year or less. There were no sales commissions capitalized
as of June 30, 2024 or June 30, 2023.
Shipping
and Handling Costs
Costs
incurred by the Company related to shipping and handling are included in cost of products sold. Amounts charged to customers relating
to these costs are reflected as revenue.
See
Note 14 for disaggregated revenue information.
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- DefinitionThe entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.
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v3.24.2.u1
Inventory
|
6 Months Ended |
Jun. 30, 2024 |
Inventory Disclosure [Abstract] |
|
Inventory |
3.
Inventory
Inventory
consisted of the following as of:
Schedule
of Inventory
| |
June | | |
December | |
| |
2024 | | |
2023 | |
Finished Goods | |
$ | 2,592,000 | | |
$ | 2,218,000 | |
Work in Process | |
| 173,000 | | |
| 180,000 | |
Raw Materials | |
| 837,000 | | |
| 439,000 | |
Inventory Gross | |
$ | 3,602,000 | | |
$ | 2,837,000 | |
Less allowance for obsolescence | |
| (30,000 | ) | |
| (18,000 | ) |
Inventory Net | |
$ | 3,572,000 | | |
$ | 2,819,000 | |
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- DefinitionThe entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.
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v3.24.2.u1
Notes Receivable
|
6 Months Ended |
Jun. 30, 2024 |
Receivables [Abstract] |
|
Notes Receivable |
4.
Notes Receivable
Note
1
On
May 14, 2021, DSS Pure Air, Inc. a subsidiary of the Company entered a convertible promissory note (“Note 1”) with Borrower
1, a company registered in the state of Texas. Note 1 has an aggregate principal balance up to $5,000,000, to be funded at the request
of Borrower 1. Note 1, which incurs interest at a rate of 6.65% due quarterly, has a maturity date of May 1, 2023. Note 1 contains an
optional conversion clause that allows the Company to convert all, or a portion of all, into newly issued member units of Borrower 1
with the maximum principal amount equal to 18% of the total equity position of Borrower 1 at conversion. The outstanding principal and
interest as of June 30, 2024 and December 31, 2023, approximated $5,544,000 which is included in current notes receivable on the accompanying
consolidated balance sheet. As of June 30, 2024 and December 31, 2023, the Company has a reserve of $2,772,000 and $2,772,000, respectively,
against the principal and interest outstanding.
Note
2
On
September 23, 2021, APB entered into refunding bond anticipatory note (“Note 2”) with Borrower 2, which operates as a conservation
and reclamation district pursuant to Chapter 3891, Texas Special District Local Laws Code; Chapter 375, Texas Local Government Code;
and Chapter 49, Texas Water Code. The District Note was in the sum of $3,500,000 and incurs interest at a rate of 5.59% per annum. Principal
and interest are due in full on September 22, 2022, and later amended to extend the maturity date to September 19, 2024. The outstanding
principal and interest of $3,910,000 was included in the current portion of notes receivable on the consolidated balance sheet at December
31, 2023. Note 2 was repaid in full during March 2024.
Note
3
On
October 25, 2021, APB entered into a loan agreement (“Note 3”) with Borrower 3, a company registered in the state of Utah.
Note 3 has an initial aggregate principal balance up to $1,000,000, to be funded at the request of Borrower 3, with an option to increase
the maximum principal borrowing to $3,000,000. Note 3, which incurs interest at a rate of 8.0% with principal and interest due at the
maturity date of October 25, 2022. This note contains an optional conversion feature allowing APB to convert the outstanding principal
to a 10% membership interest. APB, as holder of Note 3, has the right to elect one member to the Board of Managers. This note is in default
and the outstanding principal and interest of approximately $884,000 was reserved for fully as of December 31, 2022.
Note
4
On
December 28, 2021, APB entered into a promissory note (“Note 4”) with Borrower 4, a company registered in the state of California.
Note 4 has a principal balance of $700,000. Note 4, which incurs interest at a rate of 12.0% with principal and interest due at the maturity
date of December 28, 2022. On December 29, 2022, the maturity date of this note was extended to May 31, 2023. On November 27, 2023, the
parties to Note 4 agreed to modify the payment terms of the note to be monthly payments of $50,000 until the outstanding principal and
interest are paid in full. The outstanding principal and interest of $58,000 and $253,000 is included in the Current portion of notes
receivable on the consolidated balance sheet at June 30, 2024 and December 31, 2023, respectively.
Note
5
On
January 24, 2022, APB and Borrower 5 entered into a promissory note (“Note 5”) in the principal sum of $100,000 with interest
of 6%, due annually, and maturing in January 2024. The outstanding principal and interest at June 30, 2024 and December 31, 2023 approximates
$111,000 and $103,000, respectively, and is included in Current portion of notes receivable on the accompanying consolidate balance sheet.
The terms of this note are currently being renegotiated.
Note
6
On
March 2, 2022, APB and Borrower 6, a corporation organized under the laws of the Republic of Korea entered into a promissory note (“Note
6”). Under the terms of Note 6, APB at its discretion, may lend up to the principal sum of $893,000 with an interest rate of 8%,
and matured in March 2024, with interest payable quarterly. The outstanding principal and interest at June 30, 2024 and December 31,
2023 is $470,000 and $446,000, respectively. This note has been extended to March 2025.
Note
7
On
May 9, 2022, DSS PureAir and Borrower 1 entered into a promissory note (“Note 7”) in the principal sum of $210,000 with interest
of 10%, is due in three quarterly installments beginning on August 9, 2022, with the first two payment consisting of interest only. All
unpaid principal and interest are due on February 9, 2023. This loan is currently in default and terms are currently being re-negotiated.
The outstanding principal and interest at June 30, 2024 and December 31, 2023 approximates $224,000 of which $112,000 has been reserved
for and is included in Current portions of notes receivable on the accompanying consolidate balance sheet.
Note
8, related party
On
August 29, 2022, DSS Financial Management Inc and Borrower 8, a related party, entered into a promissory note (“Note 8”)
in the principal sum of $100,000
with interest of 8%,
is due in three quarterly installments beginning on September 14, 2022. All unpaid principal and interest is due on August
29, 2025. The outstanding principal and interest at June 30, 2024 approximated $101,000,
and was fully reserved for as of June 30, 2024. At December 31, 2023, the balance approximated $100,000
of which $76,000
is included in the Current portion of notes receivable and $24,000
is included in the long-term portion of notes receivable. DSS owns 24.9%
of the outstanding common shares of Borrower 8.
Note
9, related party
On
May 8, 2023, DSS Financial Management Inc and Borrower 8 entered into a promissory note (“Note 9”) in the principal sum of
$102,000 with interest at the prime rate plus 2% (10.5% at June 30, 2024 and December 31, 2023) with a maturity date of May 7, 2026.
The outstanding principal and interest at June 30, 2024 approximated $110,000, and was fully reserved for as of June 30, 2024. At December
31, 2023 approximates $107,000 with approximately $53,000 of principal and accrued interest classified as Current portion notes receivable,
and the remaining balance of approximately $54,000 is recorded as notes receivable, on the accompanying consolidated balance sheet. DSS
owns 24.9% of the outstanding common shares of Borrower 8.
Note
10, related party
On
July 26, 2022, APB and Borrower 10 entered into a promissory note (“Note 10”) in the principal sum of $1,000,000
with interest of 8%.
All unpaid principal and interest due on July
26, 2024. The outstanding principal and interest on June 30, 2024 approximates $959,000,
and is included in notes receivable on the accompanying consolidate balance sheet. Approximately $480,000
of Note 10 was reserved for as of March 31, 2024. For the three months ended June 30, 2024, no additional reserve was deemed
necessary. The outstanding principal and interest on December 31, 2023, approximates $939,000,
net of $20,000
of unamortized origination fees and is included in notes receivable on the accompanying consolidate balance sheet. Heng Fai Ambrose
Chan, the Chairman of DSS, Inc is also the on the board of directors of Borrower 10.
Note
11
On
February 19, 2021, Impact BioMedical, Inc, entered into a promissory note with an individual. The Company loaned the principal sum of
$206,000, with interest at a rate of 6.5%, and maturity date of August 19, 2022 later amended to February 19, 2026. Monthly payments
are due on the twenty-first day of each month and continuing each month thereafter until February 19, 2026. This note is secured by certain
real property situated in Collier County, Florida.
The outstanding principal and interest as of June
30, 2024 and December 31, 2023, was approximately $202,000 and $203,000, respectively, of which $135,000 is classified in Current notes
receivable and the remaining $67,000 is classified as Notes receivable on the accompanying consolidated balance sheets.
Note
12
On
June 27, 2023, DSS and Borrower 12 entered into a convertible promissory note (“Note 12”) in the principal sum of $1,400,000
with a discount of $300,000 and interest rate of 10% and maturity date of September 1, 2024. The outstanding principal, interest, and
associated discount was fully reserved for as of December 31, 2023.
Note
13
On
March 31,2023, DSS Biohealth Security, Inc and Borrower 13 entered into a promissory note (“Note 13”) in the principal sum
of $140,000 and interest rate floating daily to Wall Street Journal Prime rate per annum (8.5% at June 30, 2024 and December 31, 2023)
with the total outstanding principal and interest due at the maturity date of March 31, 2025. The outstanding principal and interest
at December 31, 2023 approximates $133,000. Of the total financed, approximately $99,000 of principal and accrued interest is classified
as Current portion of notes receivable and the remaining balance of approximately $34,000 is recorded as Notes receivable on the accompanying
consolidated balance sheet at December 31, 2023. As of June 30, 2024, the outstanding balance sheet approximating $135,000 was fully
reserved for.
|
X |
- DefinitionThe entire disclosure for financing receivable.
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v3.24.2.u1
Financial Instruments
|
6 Months Ended |
Jun. 30, 2024 |
Investments, All Other Investments [Abstract] |
|
Financial Instruments |
5.
Financial Instruments
Cash,
Cash Equivalents, Restricted Cash and Marketable Securities
The
following tables show the Company’s cash, cash equivalents, restricted cash, and marketable securities by significant investment
category as of:
Schedule
of Cash and Marketable Securities by Significant Investment Category
| |
June 30, 2024 | |
| |
cost | | |
Unrealized Gain/(Loss) | | |
Fair Value | | |
Cash and Cash Equivalents | | |
Marketable Securities | |
Cash | |
$ | 10,649,000 | | |
$ | - | | |
$ | 10,649,000 | | |
$ | 10,649,000 | | |
$ | - | |
Level 1 | |
| | | |
| | | |
| | | |
| | | |
| | |
Money Market Funds | |
| 70,000 | | |
| - | | |
| 70,000 | | |
| 70,000 | | |
| - | |
Marketable Securities | |
| 26,984,000 | | |
| (17,426,000 | ) | |
$ | 9,558,000 | | |
| - | | |
| 9,558,000 | |
Total | |
$ | 37,703,000 | | |
$ | (17,426,000 | ) | |
$ | 20,277,000 | | |
$ | 10,719,000 | | |
$ | 9,558,000 | |
| |
December 31, 2023 | |
| |
Adjusted Cost | | |
Unrealized Gain/(Loss) | | |
Fair Value | | |
Cash and Cash Equivalents | | |
Marketable Securities | |
Cash | |
$ | 6,545,000 | | |
$ | - | | |
$ | 6,545,000 | | |
$ | 6,545,000 | | |
$ | - | |
Level 1 | |
| | | |
| | | |
| | | |
| | | |
| | |
Money Market Funds | |
$ | 70,000 | | |
| - | | |
$ | 70,000 | | |
| 70,000 | | |
| - | |
Marketable Securities | |
$ | 27,304,000 | | |
| (17,325,000 | ) | |
$ | 9,979,000 | | |
| - | | |
| 9,979,000 | |
Total | |
$ | 33,919,000 | | |
$ | (17,325,000 | ) | |
$ | 16,594,000 | | |
$ | 6,615,000 | | |
$ | 9,979,000 | |
The
Company typically invests with the primary objective of minimizing the potential risk of principal loss. The Company’s investment
policy generally requires securities to be investment grade and limits the amount of credit exposure to any one issuer. Fair values were
determined for each individual security in the investment portfolio.
|
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- DefinitionThe entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures.
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v3.24.2.u1
Provision for Credit Losses
|
6 Months Ended |
Jun. 30, 2024 |
Provision For Credit Losses |
|
Provision for Credit Losses |
6.
Provision for Credit Losses
Effective
January 1, 2022, the Company adopted amended accounting guidance “ASU No.2016-13 – Credit Losses” for the measurement
of credit losses on financial instruments and other financial assets. That guidance requires an allowance for credit losses to be deducted
from the amortized cost basis of financial assets to present the net carrying value that is expected to be collected over the contractual
term of the assets considering relevant information about past events, current conditions, and reasonable and supportable forecasts that
affect the collectability of the reported amount. The guidance replaced the previous incurred loss model for determining the allowance
for credit losses.
Accounts
receivable are stated at the amount owed by the customer. The Company maintains an allowance for credit losses for accounts receivable
and unbilled receivables, based on expected credit losses resulting from the inability of our customers to make required payments. The
allowance for credit losses is estimated based on historical experience, current economic conditions and the creditworthiness of customers.
Receivables are charged to the allowance when determined to be no longer collectible. The Company regularly monitors and assesses its
risk of not collecting amounts owed by customers and records its allowance for credit losses based on the results of this analysis.
As
of June 30, 2024 and December 31, 2023, we have reviewed the entire loan portfolio as well as all financial assets of the Company for
the purpose of evaluating the loan portfolio and the loan balances, including a review of individual and collective portfolio loan quality,
loan(s) performance, including past due status and covenant defaults, assessment of the ability of the borrower to repay the loan on
the loan terms, whether any loans should be placed on nonaccrual or returned to accrual, any concentrations in any single borrower and/or
industry that we might need to further manage, and if any specific or general loan loss reserve should be established for the entire
loan portfolio or for any specific loan.
We
analyzed the loan loss reserve from three basis: general loan portfolio reserves; industry portfolio reserves, and specific loan loss
reserves. For the six months ended June 30, 2024 and 2023, the Company recorded a Loan loss reserve of approximately $346,000 and $3,757,000,
respectively.
General
Loan Portfolio Reserve - Based upon a relatively young loan portfolio that are relatively new loans, we do not believe that a substantial
general loan portfolio reserve is due at this time. However, we do recognize that some inherent risks are in all loan portfolios, thus
we recorded a general contingent portfolio reserve of $182,000 and $194,000 of the loan portfolio loan balance as of June 30, 2024 and
December 31, 2023, respectively.
Industry
Portfolio Reserves - Given the relatively young loan portfolio and a diversification of the portfolio over several different loan
products, the risk is reduced. Accordingly, we have not recorded a discretionary reserve as of June 30, 2024 and December 31, 2023.
Specific
Loan Reserves - Previously, we had identified credit weaknesses and borrower repayment weakness with Borrower 3, which has a
current principal and interest balance of $884,000
and have recorded a loan loss reserve for the full balance due the Company as of December 31, 2023 and June 30, 2024. The Company
had also previously identified credit weakness in Borrower 1 and has placed a reserve approximating $2,884,000
against the outstanding principal and interest as of December 31, 2023 and June 30, 2024. Previously, the Company identified credit
weakness in Borrower 12 and has placed a reserve approximating $1,045,000
against the outstanding principal and interest as of December 31, 2023 and June 30, 2024. During the first quarter of 2024, the
Company identified credit weakness in Borrower 10 and 13 and has placed a reserve approximating $479,000
and $135,000,
respectively, against the outstanding principal and interest as of March 31, 2024. Also during the first quarter of 2024, the
Company identified credit weakness in Borrower 8, a related party, and has placed a reserve approximating $211,000
against the outstanding principal and interest as of March 31, 2024. No additional reserves were deemed necessary during the three months ended June 30, 2024.
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v3.24.2.u1
Disposal of assets
|
6 Months Ended |
Jun. 30, 2024 |
Disposal Of Assets |
|
Disposal of assets |
7.
Disposal of assets
On
July 1st, 2023, The Company intended to sell its subsidiary, HWH World, Inc. to SHRG. The proposed transaction had the Company
sell 1,000 shares of common stock, representing all the issued and outstanding common stock shares of HWH World for the sum $706,000
representing the gross proceeds of the sale of HWH inventory less cost of goods sold. The parties involved amended the terms of this
agreement during the third quarter of 2023 from that of equity transaction to the purchase of inventory and assumption of certain liabilities
by SHRG. The amended agreement identified the purchase price approximating $758,000 to be paid from amongst other things, the gross proceeds
generated by the sale of the inventory acquired. The value of the inventory sold approximates $698,000 and the value of the liabilities
assumed by SHRG as part of this transaction is approximately $59,000. Further, the agreement includes payment of 1% royalty, starting
November 1, 2023, being defined as 1% of the gross sale price of all Seller’s new products made and sold outside of existing inventory
on the schedule, for a period ending October 31, 2033. There is substantial doubt regarding SHRG’s ability to sell and pay for
the inventory acquired, and therefore, the Company has determined not to record a receivable for the purchase price. A net loss approximating
$639,000 associated with this transaction has been recorded during the third quarter of 2023 and is included in Loss/Gain on sale of
assets on the consolidated statement of operations.
On
July 1st, 2023, The Company sold 100% of the equity in its subsidiary HWH Holdings, Inc, a Texas corporation (HWHH) to SHRG
for a purchase price approximating $259,000. This amount is to be paid from gross proceeds generated by the sale of the inventory acquired
as part of the transaction. This transaction was later amended during the third quarter of 2023 to assign the purchase of HWHH from SHRG
to Ascend Management Pte., Ltd. (“Ascend”), a Singaporean limited company. There is substantial doubt regarding Ascend’s
ability to sell and pay for the inventory acquired, and therefore, the Company has determined not to record a receivable for the purchase
price. A net loss approximating $617,000 associated with this transaction has been recorded during the third quarter of 2023 and is included
in Loss/Gain on sale of assets on the consolidated statement of operations.
On June 13, 2024, the Company
sold its retail space in Lindon, Utah for the sales price, net of expenses, of approximately $5,758,000. The associated asset was previously
classified as Held for sale in the amount of $5,593,000, resulting in a gain on the sale of approximately $165,000.
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v3.24.2.u1
Investments
|
6 Months Ended |
Jun. 30, 2024 |
Investments, All Other Investments [Abstract] |
|
Investments |
8.
Investments
Alset
International Limited, related party
The
Company owns 127,179,291 shares or approximately 4% of the outstanding shares of Alset International Limited (“Alset Intl”),
a company incorporated in Singapore and publicly listed on the Singapore Exchange Limited. This investment is classified as a marketable
security and is classified as long-term assets on the consolidated balance sheets as the Company has the intent and ability to hold the
investments for a period of at least one year. The Chairman of the Company, Mr. Heng Fai Ambrose Chan, is the Executive Director and
Chief Executive Officer of Alset Intl. Mr. Chan is also the majority shareholder of Alset Intl as well as the largest shareholder of
the Company. The fair value of the marketable security as of June 30, 2024 and December 31, 2023, was approximately $2,912,000 and $3,269,000,
respectively. During the six month ended June 30, 2024 and 2023, the Company recorded unrealized loss of approximately $ 356,000 and
$1,819,000, respectively.
West
Park Capital, Inc.
On
December 30, 2020, the Company signed a binding letter of intent with West Park Capital, Inc (“West Park”) and TBD where
the parties agreed to prepare a note and stock exchange agreement whereby DSS will assign the TBD Note to West Park and West Park shall
issue to DSS a stock certificate reflecting 7.5% of the issued and outstanding shares of West Park. This note and stock exchange agreement
was finalized during the first quarter 2022 and valued at approximately $500,000 and is included in Investments on the consolidated balance
sheet on December 31, 2023 and as of June 30, 2024.
BMI
Capital International LLC, related party
On
September 10, 2020, the Company’s wholly owned subsidiary DSS Securities, Inc. entered into membership interest purchase agreement
with BMI Financial Group, Inc. a Delaware corporation (“BMIF”) and BMI Capital International LLC, a Texas limited liability
company (“BMIC”) whereas DSS Securities, Inc. purchased 14.9% membership interests in BMIC for $100,000. DSS Securities also
had the option to purchase an additional 10% of the outstanding membership interest which it exercised for $100,000 in January of 2021
and increased its ownership to 24.9%. The Company is currently accounting for this investment under the equity method of accounting per
ASC 323. The Company’s portion of net gain and loss in BMIC during the six months ended June 30, 2024 and 2023, approximated $7,000
and $22,000, respectively.
BMIC
is a broker-dealer registered with the Securities and Exchange Commission, is a member of the Financial Industry Regulatory Authority,
Inc. (“FINRA”), and is a member of the Securities Investor Protection Corporation (“SIPC”). The Company’s
chairman of the board and another independent board member of the Company also have ownership interest in BMIC.
BioMed
Technologies Asia Pacific Holdings Limited
On
December 19, 2020, Impact BioMedical, a wholly owned subsidiary of the Company, entered into a subscription agreement (the “Subscription
Agreement”) with BioMed Technologies Asia Pacific Holdings Limited (“BioMed”), a limited liability company incorporated
in the British Virgin Islands, pursuant to which the Company agreed to purchase 525 ordinary shares or 4.99% of BioMed at a purchase
price of approximately $632,000. The Subscription Agreement provides, among other things, the Company has the right to appoint a new
director to the board of BioMed. With respect to an issuance of shares to a third party by BioMed, the Company will have the right of
first refusal to purchase such shares, as well as customary tag-along rights. In connection with the Subscription Agreement, Impact Biomedical
entered into an exclusive distribution agreement (the “Distribution Agreement”) with BioMed, to directly market, advertise,
promote, distribute, and sell certain BioMed products, which focus on manufacturing natural probiotics, to resellers. This investment
is valued at cost as it does not have a readily determined fair value.
Under
the terms of the Distribution Agreement, the Company will have exclusive rights to distribute the products within the United States,
Canada, Singapore, Malaysia, and South Korea and non-exclusive distribution rights in all other countries. In exchange, the Company agreed
to certain obligations, including mutual marketing obligations to promote sales of the products. This agreement is for ten years with
a one year auto-renewal feature.
|
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- DefinitionThe entire disclosure for investment.
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v3.24.2.u1
Short-Term and Long-Term Debt
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Short-Term and Long-Term Debt |
9.
Short-Term and Long-Term Debt
DSS,
Inc.
Promissory
Notes - On May 20, 2021, Premier Packaging entered into master loan and security agreement (“BOA Note”) with Bank
of America, N.A. (“BOA”) to secure financing approximating $3,710,000 to purchase and use as collateral, a new Heidelberg
XL 106-7+L printing press. The aggregate principal balance outstanding under the BOA Note shall bear interest at a variable rate on or
before the loan closing. As of June 30, 2024, and December 31, 2023, the outstanding principal on the BOA Note was $2,687,000 and $2,932,000,
respectively and had an interest rate of 4.63%. As of June 30, 2024, $508,000 was included in the Current portion of long-term debt,
net, and the remaining balance of approximately $2,179,000 is recorded as Long-term debt. As of December 31, 2023, $491,000 was included
in the current portion of long-term debt, net, and the remaining balance of approximately $2,442,000 recorded as long-term debt. Interest
expense equaled $66,000 and $0 for the six months ended June 30, 2024 and 2023, respectively. The BOA Note contains certain covenants
that are analyzed annually. As of June 30, 2024, Premier is in compliance with these covenants.
On
August 1, 2021, AMRE Shelton, LLC., (“AMRE Shelton”) a subsidiary of AMRE, entered into a loan agreement (“Shelton
Agreement”) with Patriot Bank, N.A. (“Patriot Bank”) in an amount up to $6,155,000, with the amount financed approximating
$5,105,000. The Shelton Agreement contains monthly payments of principal and an initial interest of 4.25%. The interest will be adjusted
commencing on July 1, 2026 and continuing for the next succeeding 5-year period shall be determined one month prior to the change date
and shall be an interest rate equal to two hundred fifty (250) basis points above the Federal Home Loan Bank Boston 5-Year/25-Year amortizing
advance rate, but in no event less than 4.25% for the term of 120 months with a balloon payment approximating $2,829,000 due at term
end. The affective interest rate at June 30, 2024 was 4.25%. The funds borrowed were used to purchase a 40,000 square foot, 2.0 story,
Class A+ multi-tenant medical office building located on a 13.62-acre site, which serves as collateral for the Shelton Agreement. The
purchase price has been allocated as $4,640,000, $1,600,000, and $325,000 for the facility, land, and tenant improvements, respectively.
Also included in the value of the property is $585,000 of intangible assets with an estimated useful life of approximating 3 years. The
net book value of these assets as of June 30, 2024 approximated $6,226,000. Of the total financed, approximately $211,000 of principal
and accrued interest is classified as current portion of long-term debt, net, and the remaining balance of approximately $4,305,000 recorded
as long-term debt, net of $38,000 in deferred financing costs. Interest expense for the six months ended June 30, 2024 and 2023 approximated
$98,000 and $85,000, respectively.
On
October 13, 2021, LVAM entered into loan agreement with BMIC (“BMIC Loan”), a related party, whereas LVAM borrowed the principal
amount of $3,000,000, with interest to be charged at a variable rate to be adjusted at the maturity date. The BMIC Loan matures on October
12, 2022, and contains an auto renewal period of three months. As of June 30, 2024 and December 31, 2023, $461,000 and $547,000, respectively,
are included in Current portion of long-term debt, net on the consolidated balance sheet.
On
October 13, 2021, LVAM entered into a loan agreement with Lee Wilson Tsz Kin (“Wilson Loan”), a related party, whereas LVAM
borrowed the principal amount of $3,000,000, with interest to be charged at a variable rate to be calculated at the maturity date. The
Wilson Loan matures on October 12, 2022, and contains an auto renewal period of nine months. As of June 30, 2024, $1,064,000 is included
in the Current portion of long-term debt, net on the consolidated balance sheet. As of December 31, 2023 $2,131,000 is included in the
Current portion of long-term debt, net on the consolidated balance sheet.
On
November 2, 2021, AMRE LifeCare entered into a loan agreement (“LifeCare Agreement”) with Pinnacle Bank, (“Pinnacle
Bank”) in the amount of $40,300,000. The LifeCare Agreement supported the acquisition of three medical facilities located in Fort
Worth, Texas, Plano, Texas, and Pittsburgh, Pennsylvania for a purchase price of $62,000,000. These assets are classified as investments,
real estate on the consolidated balance sheet, and serves as collateral for the LifeCare Agreement. The purchase price has been allocated
as $32,100,000, $12,100,000, and $1,500,000 for the facility, land and site improvements, respectively. Also included in the value of
the property is $15,901,000 of intangible assets with estimated useful lives ranging from 1 to 11 years. The net book value of the assets
acquired as of June 30, 2024 is approximately $41,570,000. The LifeCare Agreement calls for the principal amount of the in equal, consecutive
monthly installments based upon a twenty-five (25) year amortization of the original principal amount of the LifeCare Agreement at an
initial rate of interest equal to the interest rate determined in accordance as of July 29, 2022 provided, however, such rate of interest
shall not be less than 4.28%, with the first such installment being payable on August 29, 2022 and subsequent installments being payable
on the first day of each succeeding month thereafter until the maturity date, at which time any outstanding principal and interest is
due in full. The affective interest rate at June 30, 2024 was 9.6%. As of December 31, 2023, the outstanding principal and interested
approximates $41,331,000 and is included in current portion of long-term debt, on the consolidated balance sheet. As of June 30, 2024,
the outstanding principal and interested approximates $43,776,000 and is included in current portion of long-term debt, on the consolidated
balance sheet. Interest expense for the six months ended June 30, 2024 and 2023 approximated $1,954,000 and $1,484,000, respectively.
This note is in default and demand was made for final payment to be made by December 22, 2023. This amount is past due.
On
March 17, 2022, AMRE Winter Haven, LLC (“AMRE Winter Haven”) and Pinnacle Bank (“Pinnacle”) entered into a
term loan (“Pinnacle Loan”) whereas Pinnacle lent to AMRE Winter Haven the principal sum of $2,990,000,
maturing on March
7, 2024 (later extended to July 7, 2024) to
acquire a medical facility located in Winter Haven, Florida for a purchase price of $4,500,000.
The assets acquired are classified as investments, real estate on the consolidated balance sheet, and serves as collateral for the
Pinnacle Loan. The purchase price has been allocated as $3,200,000,
$1,000,000,
and $222,000 for
the facility, land and site and tenant improvements, respectively. Also included in the value of the property is $29,000 of
intangible assets with an estimated useful life of approximately 5 years.
The net book value of the assets acquired as of June 30, 2024 is approximately $4,380,000.
Payments are to be made in equal, consecutive installments based on a 25-year
amortization period with interest at 4.28%.
The first installment is due January 1, 2023. This AMRE note is currently due, and has an effective interest rate of 9.6%The
outstanding principal and interest, net of debt issuance costs of $17,000,
approximates $2,977,000 and
is included in the current portion of long-term debt, net on the accompanying consolidated balance sheet at December 31, 2023. The
outstanding principal and interest, approximates $2,992,000 and
is included in current portion of long-term debt, net on the accompanying consolidated balance sheet at June 30, 2024. Interest
expense equaled $148,000 and
$113,000 for
the six months ended June 30, 2024 and 2023, respectively. This note is in default and demand was made for final payment to
be made by December 22, 2023. This amount is past due.
On
March 30, 2023, Premier Packaging, a subsidiary of the Company entered into a loan and security agreement with Union Bank & Trust
Company for the principal amount of $790,000 and shall accrued interest at the rate of 7.44%. Principal and interest shall be repaid
in the approximate amount of $14,000 through March 2029. This loan is collateralized by a Bobst Model Novacut and is guaranteed by DSS,
Inc. As of June 30, 2024, the outstanding principal and interest approximates $663,000 of which $118,000 was included in the current
portion of long-term debt, net, and the remaining balance of approximately $545,000 recorded as long-term debt. As of December 31, 2023,
the outstanding principal and interest approximates $719,000 of which $112,000 was included in the current portion of long-term debt,
net, and the remaining balance of approximately $607,000 recorded as long-term debt. Interest expense equaled $25,000 and $0 for the
six months ended June 30, 2024 and 2023, respectively.
A
summary of scheduled principal payments of long-term debt, not including revolving lines of credit, subsequent to June 30, 2024, are
as follows:
Schedule of Notes Payable and Long-term Debt
Year | |
Amount | |
2024 | |
$ | 49,130,000 | |
2025 | |
| 831,000 | |
2026 | |
| 902,000 | |
2027 | |
| 948,000 | |
2028 | |
| 996,000 | |
Thereafter | |
| 3,352,000 | |
|
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v3.24.2.u1
Lease Liability
|
6 Months Ended |
Jun. 30, 2024 |
Leases [Abstract] |
|
Lease Liability |
10.
Lease Liability
The
Company has operating leases predominantly for operating facilities. As of June 30, 2024, the remaining lease terms on our operating
leases range from less than one to twelve years. Renewal options to extend our leases have not been exercised due to uncertainty. Termination
options are not reasonably certain of exercise by the Company. There is no transfer of title or option to purchase the leased assets
upon expiration. There are no residual value guarantees or material restrictive covenants. There are no significant finance leases as
of June 30, 2024.
Future
minimum lease payments as of June 30, 2024 are as follows:
Maturity
of Lease Liability:
Schedule of Future Minimum Lease Payments
| |
Totals | |
2024 | |
$ | 479,000 | |
2025 | |
| 860,000 | |
2026 | |
| 839,000 | |
2027 | |
| 808,000 | |
2028 | |
| 824,000 | |
After | |
| 4,913,000 | |
Total lease payments | |
| 8,723,000 | |
Less: Imputed Interest | |
| (1,459,000 | ) |
Present value of remaining lease payments | |
$ | 7,264,000 | |
| |
| | |
Current | |
$ | 661,000 | |
Noncurrent | |
$ | 6,603,000 | |
| |
| | |
Weighted-average remaining lease term (years) | |
| 10.0 | |
| |
| | |
Weighted-average discount rate | |
| 4.1 | % |
Total
cash paid for leases during the six months ended June 30, 2024 and 2023 approximated $498,000 and $513,000, respectively.
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v3.24.2.u1
Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2024 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
11.
Commitments and Contingencies
License
Agreement – On March 19, 2022, Impact BioMedical entered into a License Agreement (“Equivir License”) with
a third-party (“Licensee”) where the Licensor is granted the right, amongst other things, to develop, commercialize, and
sell the Company’s Equivir technology. In exchange, the Licensee shall pay the Company a royalty of 5.5% of net sales. Under the
terms of the Equivir Agreement, the Company shall reimburse the Licensee for 50% of the development costs provided that the development
costs shall not exceed $1,250,000. As of June 30, 2024 and December 31, 2023, $152,000 and $200,000, respectively, has been accrued for
in relation to the Equivir License as development of the Equivir technology.
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v3.24.2.u1
Stockholders’ Equity
|
6 Months Ended |
Jun. 30, 2024 |
Equity [Abstract] |
|
Stockholders’ Equity |
12.
Stockholders’ Equity
Equity
transactions –
On
April 10, 2023, the Company issued 1,247,078 shares of common stock to Mr. Frank Heuszel, CEO of DSS, pursuant to his employment agreement.
These shares were issued to settle a previously recorded liability of approximately $268,000.
On
January 4, 2024 the Company effected a reverse stock split of 1 for 20. As of December 31, 2023 there were 140,264,240 shares of our
Common Stock issued and outstanding, which was converted to 7,066,772.
Stock-Based
Compensation –
The
Company records stock-based payment expense related to options and warrants based on the grant date fair value in accordance with
FASB ASC 718. Stock-based compensation includes expense charges for all stock-based awards to employees, directors, and consultants.
Such awards include option grants, warrant grants, and restricted stock awards. During the six months ended June 30, 2024, there
were none. During the six months ended June 30, 2023, the Company’s did not have stock compensation associated with these
items, and 2,000 options were forfeited.
Impact
BioMedical, Inc. Equity Transactions –
On
May 10, 2023, the Company, the Company’s Board of Directors approved an amendment to the Articles of Incorporation of the Company
to increase the total number of shares of Common Stock to 4,000,000,000 shares with a par value of $0.001. Each share of Common Stock
when issued, shall have one (1) vote on all matters presented to the stockholders. Our Amended and Restated Articles of Incorporation
also authorized 100,000,000 shares of preferred stock, par value $0.001 per share. On May 11, 2023, the Company effected a forward split.
As a result, there were 3,877,282,251 shares of our Common Stock and no shares of preferred stock issued and outstanding. Prior to the
split, there were 125,073,621 shares of our Common Stock and no shares of preferred stock issued and outstanding. On October 31, 2023,
the Company effected a reverse stock split of 1 for 55. Also on October 31, 2023, DSS BioHealth Securities, Inc., the Company’s
largest shareholder converted 60,496,041 shares of Common Stock into 60,496,041 shares of Series A Convertible Preferred Shares, reducing
its ownership of the Company’s Common Stock from approximately 88% to approximately 12%. As of June 30, 2024 and December 31, 2023,
there were 10,000,000 shares of our Common Stock and 60,496,041 shares of preferred stock issued and outstanding.
On
August 8, 2023 DSS, the Company’s largest shareholder, distributed to its shareholders of record on July 10, 2023 4 shares of Impact
Bio’s stock for 1 share they owned. Each share of Impact BioMedical distributed as part of the distribution will not be eligible
for resale until 180 days from the date Impact BioMedical’s initial public offering becomes effective under the Securities Act,
subject to the discretion of the Company to lift the restriction sooner.
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v3.24.2.u1
Supplemental Cash Flow Information
|
6 Months Ended |
Jun. 30, 2024 |
Supplemental Cash Flow Elements [Abstract] |
|
Supplemental Cash Flow Information |
13.
Supplemental Cash Flow Information
The
following table summarizes supplemental cash flows for the six months ended June 30, 2024 and 2023:
Schedule of Supplemental Cash Flow Information
| |
2024 | | |
2023 | |
| |
| | | |
| | |
Cash paid for interest | |
$ | 501,000 | | |
$ | 1,402,000 | |
|
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v3.24.2.u1
Segment Information
|
6 Months Ended |
Jun. 30, 2024 |
Segment Reporting [Abstract] |
|
Segment Information |
14.
Segment Information
The
Company’s nine businesses lines are organized, managed, and internally reported as five operating segments. One of these operating
segments, Product Packaging, is the Company’s packaging and printing group. Product Packaging operates in the paper board folding
carton, smart packaging, and document security printing markets. It markets, manufactures, and sells mailers, photo sleeves, sophisticated
custom folding cartons, and complex 3-dimensional direct mail solutions. These products are designed to provide functionality and marketability
while also providing counterfeit protection. A second, Biotechnology, invests in, or acquires companies in the biohealth and biomedical
fields, including businesses focused on the advancement of drug discovery and prevention, inhibition, and treatment of neurological,
oncological, and immune related diseases. This division is also developing open-air defense initiatives, which curb transmission of air-borne
infectious diseases, such as tuberculosis and influenza. Biotechnology is also targeting unmet, urgent medical needs. A third operating
segment, Securities, and Investment Management (“Securities”) was established to develop and/or acquire assets and investments
in the securities trading and/or funds management arena. Further, Securities, in partnership with recognized global leaders in alternative
trading systems, intends to own and operate in the US a single or multiple vertical digital asset exchanges for securities, tokenized
assets, utility tokens, stable coins and cryptocurrency via a digital asset trading platform using blockchain technology. The scope of
services within this section is planned to include asset issuance and allocation (securities and cryptocurrency), FPO, IPO, ITO, PPO,
STO and UTO listings on a primary market(s), asset digitization/tokenization (securities, currency, and cryptocurrency), and the listing
and trading of digital assets (securities and cryptocurrency) on a secondary market(s). Also in this segment is the Company’s real
estate investment trust (“REIT”), organized for the purposes of acquiring hospitals and other acute or post-acute care centers
from leading clinical operators with dominant market share in secondary and tertiary markets, and leasing each property to a single operator
under a triple-net lease. The REIT was formed to originate, acquire, and lease a credit-centric portfolio of licensed medical real estate.
The fourth segment, Direct, provides services to assist companies in the emerging growth gig business model of peer-to-peer decentralized
sharing marketplaces. It specializes in marketing and licensing its products and services through its subsidiary and partner network,
using the popular gig economic marketing strategy as a form of direct marketing. Direct marketing products include, among other things,
nutritional and personal care products sold throughout North America, Asia Pacific and Eastern Europe (see Note 1, Deconsolidation of
Sharing Services Global Corporation). The fifth business line, Commercial Banking, is organized for the purposes of being a financial
network holding company, focused providing commercial loans and on acquiring equity positions in (i) undervalued commercial bank(s),
bank holding companies and nonbanking licensed financial companies operating in the United States, South East Asia, Taiwan, Japan and
South Korea, and (ii) companies engaged in—nonbanking activities closely related to banking, including loan syndication services,
mortgage banking, trust and escrow services, banking technology, loan servicing, equipment leasing, problem asset management, SPAC (special
purpose acquisition company) consulting, and advisory capital raising services. From this financial platform, the Company shall provide
an integrated suite of financial services for businesses that shall include commercial business lines of credit, land development financing,
inventory financing, third party loan servicing, and services that address the financial needs of the world Gig Economy.
Approximate
information concerning the Company’s operations by reportable segment for the three and six months ended June 30, 2024 and 2023
is as follows. The Company relies on intersegment cooperation and management does not represent that these segments, if operated independently,
would report the results contained herein:
Schedule of Operations by Reportable Segment
Three Months Ended June 30, 2024 | |
Product Packaging | | |
Commercial Lending | | |
Direct Marketing | | |
Biotechnology | | |
Securities | | |
Corporate | | |
Total | |
Revenue | |
$ | 3,539,000 | | |
$ | 44,000 | | |
$ | 3,000 | | |
$ | 1,000 | | |
$ | 624,000 | | |
$ | - | | |
$ | 4,211,000 | |
Cost of Revenue | |
| 3,598,000 | | |
| (4,484,000 | ) | |
| - | | |
| 10,000 | | |
| 2,066,000 | | |
| 4,483,000 | | |
| 5,673,000 | |
Depreciation and amortization | |
| 190,000 | | |
| - | | |
| 34,000 | | |
| 288,000 | | |
| 39,000 | | |
| 4,000 | | |
| 555,000 | |
Interest expense | |
| 45,000 | | |
| - | | |
| - | | |
| - | | |
| 1,199,000 | | |
| - | | |
| 1,244,000 | |
Interest income | |
| - | | |
| (1,000 | ) | |
| 36,000 | | |
| 3,000 | | |
| 156,000 | | |
| 1,000 | | |
| 195,000 | |
Net income (loss) from continuing operations | |
| (894,000 | ) | |
| 502,000 | | |
| 104,000 | | |
| (669,000 | ) | |
| (2,566,000 | ) | |
| (1,431,000 | ) | |
| (4,954,000 | ) |
Capital expenditures | |
| 29,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 29,000 | |
Identifiable assets | |
| 19,683,000 | | |
| 12,129,000 | | |
| 442,000 | | |
| 48,631,000 | | |
| 59,211,000 | | |
| 4,352,000 | | |
| 144,448,000 | |
Assets held for sale | |
| - | | |
| - | | |
| - | | |
| - | | |
| 46,040,000 | | |
| - | | |
| 46,040,000 | |
Three Months Ended June 30,2023 | |
Product Packaging | | |
Commercial Lending | | |
Direct Marketing | | |
Biotechnology | | |
Securities | | |
Corporate | | |
Total | |
Revenue | |
$ | 3,626,000 | | |
$ | 197,000 | | |
$ | 1,572,000 | | |
$ | - | | |
$ | 1,838,000 | | |
$ | - | | |
$ | 7,233,000 | |
Cost of Revenue | |
| 2,421,000 | | |
| - | | |
| 516,000 | | |
| 2,000 | | |
| 1,820,000 | | |
| 73,000 | | |
| 4,832,000 | |
Depreciation and amortization | |
| 193,000 | | |
| - | | |
| 43,000 | | |
| 289,000 | | |
| 782,000 | | |
| 7,000 | | |
| 1,314,000 | |
Interest expense | |
| 47,000 | | |
| - | | |
| - | | |
| - | | |
| 91,000 | | |
| - | | |
| 138,000 | |
Interest income | |
| - | | |
| - | | |
| 280,000 | | |
| 49,000 | | |
| 78,000 | | |
| | | |
| 407,000 | |
Net income (loss) from continuing operations | |
| (205,000 | ) | |
| (1,213,000 | ) | |
| (28,074,000 | ) | |
| (3,934,000 | ) | |
| (4,413,000 | ) | |
| 116,000 | | |
| (37,723,000 | ) |
Capital expenditures | |
| 4,000 | | |
| - | | |
| (4,000 | ) | |
| 12,000 | | |
| 7,000 | | |
| - | | |
| 19,000 | |
Identifiable assets | |
| 23,080,000 | | |
| 41,324,000 | | |
| 7,159,000 | | |
| 49,952,000 | | |
| 71,610,000 | | |
| 9,619,000 | | |
| 202,744,000 | |
Assets held for sale | |
| - | | |
| - | | |
| 2,004,000 | | |
| - | | |
| - | | |
| - | | |
| 2,004,000 | |
Six Months Ended June 30, 2024 | |
Product Packaging | | |
Commercial Lending | | |
Direct Marketing | | |
Biotechnology | | |
Securities | | |
Corporate | | |
Total | |
Revenue | |
$ | 6,620,000 | | |
$ | 146,000 | | |
$ | 3,000 | | |
$ | 2,000 | | |
$ | 1,311,000 | | |
$ | - | | |
$ | 8,082,000 | |
Cost of Revenue | |
| 6,365,000 | | |
| (4,015,000 | ) | |
| - | | |
| 20,000 | | |
| 3,810,000 | | |
| 4,483,000 | | |
| 10,663,000 | |
Depreciation and amortization | |
| 381,000 | | |
| - | | |
| 68,000 | | |
| 577,000 | | |
| 107,000 | | |
| 3,000 | | |
| 1,136,000 | |
Interest expense | |
| 91,000 | | |
| - | | |
| - | | |
| - | | |
| 2,299,000 | | |
| - | | |
| 2,390,000 | |
Interest income | |
| - | | |
| - | | |
| 72,000 | | |
| 9,000 | | |
| 219,000 | | |
| 2,000 | | |
| 302,000 | |
Net income (loss) from continuing operations | |
| (1,367,000 | ) | |
| (880,000 | ) | |
| 34,000 | | |
| (1,610,000 | ) | |
| (4,915,000 | ) | |
| (1,325,000 | ) | |
| (10,063,000 | ) |
Capital expenditures | |
| 29,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 29,000 | |
Total Identifiable assets | |
| 19,683,000 | | |
| 12,129,000 | | |
| 442,000 | | |
| 48,631,000 | | |
| 59,211,000 | | |
| 4,352,000 | | |
| 144,448,000 | |
Assets held for sale | |
| - | | |
| - | | |
| - | | |
| - | | |
| 46,040,000 | | |
| - | | |
| 46,040,000 | |
Six Months Ended June 30,2023 | |
Product Packaging | | |
Commercial Lending | | |
Direct Marketing | | |
Biotechnology | | |
Securities | | |
Corporate | | |
Total | |
Revenue | |
$ | 9,661,000 | | |
$ | 314,000 | | |
$ | 5,566,000 | | |
$ | - | | |
$ | 3,523,000 | | |
$ | - | | |
$ | 19,064,000 | |
Cost of revenue | |
| 7,081,000 | | |
| - | | |
| 1,806,000 | | |
| 63,000 | | |
| 4,340,000 | | |
| 75,000 | | |
| 13,365,000 | |
Depreciation and amortization | |
| 381,000 | | |
| - | | |
| 89,000 | | |
| 586,000 | | |
| 1,526,000 | | |
| 65,000 | | |
| 2,647,000 | |
Interest expense | |
| 86,000 | | |
| - | | |
| - | | |
| - | | |
| 302,000 | | |
| - | | |
| 388,000 | |
Interest income | |
| - | | |
| - | | |
| 285,000 | | |
| 143,000 | | |
| 110,000 | | |
| - | | |
| 538,000 | |
Net income (loss) from continuing operations | |
| 491,000 | | |
| (1,777,000 | ) | |
| (31,260,000 | ) | |
| (4,782,000 | ) | |
| (6,441,000 | ) | |
| (2,588,000 | ) | |
| (46,357,000 | ) |
Capital expenditures | |
| 580,000 | | |
| - | | |
| - | | |
| 17,000 | | |
| 35,000 | | |
| (19,000 | ) | |
| 613,000 | |
Identifiable assets | |
| 23,080,000 | | |
| 41,324,000 | | |
| 7,159,000 | | |
| 49,952,000 | | |
| 71,610,000 | | |
| 9,619,000 | | |
| 202,744,000 | |
Assets held for sale | |
| - | | |
| - | | |
| 2,004,000 | | |
| - | | |
| - | | |
| - | | |
| 2,004,000 | |
The
following tables disaggregate our business segment revenues by major source:
Printed Products Revenue Information:
Schedule of Disaggregation of Revenue
Three months ended June 30, 2024 | |
| | |
Packaging Printing and Fabrication | |
$ | 3,441,000 | |
Commercial and Security Printing | |
| 87,000 | |
Total Printed Products | |
$ | 3,528,000 | |
Three months ended June 30, 2023 | |
| | |
Packaging Printing and Fabrication | |
$ | 3,571,000 | |
Commercial and Security Printing | |
| 55,000 | |
Total Printed Products | |
$ | 3,626,000 | |
Six months ended June 30, 2024 | |
| | |
Packaging Printing and Fabrication | |
$ | 6,323,000 | |
Commercial and Security Printing | |
| 278,000 | |
Total Printed Products | |
$ | 6,601,000 | |
Six months ended June 30, 2023 | |
| | |
Packaging Printing and Fabrication | |
$ | 9,341,000 | |
Commercial and Security Printing | |
| 320,000 | |
Total Printed Products | |
$ | 9,661,000 | |
Direct Marketing
Three months ended June 30, 2024 | |
| | |
Direct Marketing Internet Sales | |
$ | - | |
Total Direct Marketing | |
$ | - | |
Three months ended June 30, 2023 | |
| | |
Direct Marketing Internet Sales | |
$ | 1,572,000 | |
Total Direct Marketing | |
$ | 1,572,000 | |
Six months ended June 30, 2024 | |
| | |
Direct Marketing Internet Sales | |
$ | - | |
Total Direct Marketing | |
$ | - | |
Six months ended June 30, 2023 | |
| | |
Direct Marketing Internet Sales | |
$ | 5,566,000 | |
Total Direct Marketing | |
$ | 5,566,000 | |
Rental Income
Three months ended June 30, 2024 | |
| | |
Rental income | |
$ | 438,000 | |
Total Rental Income | |
$ | 438,000 | |
| |
| | |
Three months ended June 30, 2023 | |
| | |
Rental income | |
$ | 1,543,000 | |
Total Rental Income | |
$ | 1,543,000 | |
Six months ended June 30, 2024 | |
| | |
Rental income | |
$ | 838,000 | |
Total Rental Income | |
$ | 838,000 | |
Six months ended June 30, 2023 | |
| | |
Rental income | |
$ | 3,228,000 | |
Total Rental Income | |
$ | 3,228,000 | |
Commission Income
Three months ended June 30, 2024 | |
| | |
Commission income | |
$ | 204,000 | |
Total commission income | |
$ | 204,000 | |
Three months ended June 30, 2023 | |
| | |
Commission income | |
$ | 295,000 | |
Total commission income | |
$ | 295,000 | |
Six months ended June 30, 2024 | |
| | |
Commission income | |
$ | 507,000 | |
Total commission income | |
$ | 507,000 | |
Six months ended June 30, 2023 | |
| | |
Commission income | |
$ | 295,000 | |
Total commission income | |
$ | 295,000 | |
Net Investment Income
Three months ended June 30, 2024 | |
| | |
Net Investment Income | |
$ | 41,000 | |
Total Investment Income | |
$ | 41,000 | |
Three months ended June 30, 2023 | |
| | |
Net Investment Income | |
$ | 197,000 | |
Total Rental Income | |
$ | 197,000 | |
Six months ended June 30, 2024 | |
| | |
Net investment income | |
$ | 136,000 | |
Total Management fee income | |
$ | 136,000 | |
Six months ended June 30, 2023 | |
| | |
Net Investment Income | |
$ | 314,000 | |
Total Management fee income | |
$ | 314,000 | |
|
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
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v3.24.2.u1
Related Party Transactions
|
6 Months Ended |
Jun. 30, 2024 |
Related Party Transactions [Abstract] |
|
Related Party Transactions |
15.
Related Party Transactions
The
Company owns 127,179,291 shares or approximately 4% of the outstanding shares of Alset International Limited (“Alset Intl”),
a company incorporated in Singapore and publicly listed on the Singapore Exchange Limited. This investment is classified as a marketable
security and is classified as long-term assets on the consolidated balance sheets as the Company has the intent and ability to hold the
investments for a period of at least one year. The Chairman of the Company, Mr. Heng Fai Ambrose Chan, is the Executive Director and
Chief Executive Officer of Alset Intl. Mr. Chan is also the majority shareholder of Alset Intl as well as the largest shareholder of
the Company. The fair value of the marketable security as of June 30, 2024 and December 31, 2023, was approximately $2,912,000 and $3,269,000,
respectively. During the six month ended June 30, 2024 and 2023, the Company recorded unrealized loss of approximately $ 356,000 and
$1,819,000, respectively.
On
September 10, 2020, the Company’s wholly owned subsidiary DSS Securities, Inc. entered into membership interest purchase agreement
with BMI Financial Group, Inc. a Delaware corporation (“BMIF”) and BMI Capital International LLC, a Texas limited liability
company (“BMIC”) whereas DSS Securities, Inc. purchased 14.9% membership interests in BMIC for $100,000. DSS Securities also
had the option to purchase an additional 10% of the outstanding membership interest which it exercised for $100,000 in January of 2021
and increased its ownership to 24.9%. The Company is currently accounting for this investment under the equity method of accounting per
ASC 323. The Company’s portion of net gain and loss in BMIC during the six months ended June 30, 2024 and 2023, approximated $7,000
and $22,000, respectively.
On
October 13, 2021, LVAM entered into loan agreement with BMIC (“BMIC Loan”), a related party, whereas LVAM borrowed the principal
amount of $3,000,000, with interest to be charged at a variable rate to be adjusted at the maturity date. The BMIC Loan matures on October
12, 2022, and contains an auto renewal period of three months. As of June 30, 2024 and December 31, 2023, $461,000 and $547,000, respectively,
are included in Current portion of long-term debt, net on the consolidated balance sheet.
On
October 13, 2021, LVAM entered into a loan agreement with Lee Wilson Tsz Kin (“Wilson Loan”), a related party, whereas LVAM
borrowed the principal amount of $3,000,000, with interest to be charged at a variable rate to be calculated at the maturity date. The
Wilson Loan matures on October 12, 2022, and contains an auto renewal period of nine months. As of June 30, 2024, $1,064,000 is included
in the Current portion of long-term debt, net on the consolidated balance sheet. As of December 31, 2023 $2,131,000 is included in the
Current portion of long-term debt, net on the consolidated balance sheet.
On
August 29, 2022, DSS Financial Management Inc and Borrower 8, a related party, entered into a promissory note (“Note 8”)
in the principal sum of $100,000 with interest of 8%, is due in three quarterly installments beginning on September 14, 2022. All unpaid
principal and interest is due on August 29, 2025. The outstanding principal and interest at June 30, 2024 approximated $101,000, and
was fully reserved for as of June 30, 2024.At December 31, 2023, the balance approximated $100,000 of which $76,000 is included in the
Current portion of notes receivable and $24,000 is included in the long-term portion of notes receivable. DSS owns 24.9% of the outstanding
common shares of Borrower 8.
On
May 8, 2023, DSS Financial Management Inc and Borrower 8 entered into a promissory note (“Note 9”) in the principal sum of
$102,000 with interest at the prime rate plus 2% (10.5% at June 30, 2024 and December 31, 2023) with a maturity date of May 7, 2026.
The outstanding principal and interest at June 30, 2024 approximated $110,000, and was fully reserved for as of June 30, 2024. At December
31, 2023 approximates $107,000 with approximately $53,000 of principal and accrued interest classified as Current portion notes receivable,
and the remaining balance of approximately $54,000 is recorded as notes receivable, on the accompanying consolidated balance sheet. DSS
owns 24.9% of the outstanding common shares of Borrower 8.
On
July 26, 2022, APB and Borrower 10 entered into a promissory note (“Note 10”) in the principal sum of $1,000,000
with interest of 8%.
All unpaid principal and interest due on July
26, 2024. The outstanding principal and interest on June 30, 2024 approximates $959,000,
and is included in notes receivable on the accompanying consolidate balance sheet. Approximately $480,000
of Note 10 was reserved for as of March 31, 2024. For the three months ended June 30, 2024, no additional reserve was deemed
necessary. The outstanding principal and interest on December 31, 2023, approximates $939,000,
net of $20,000
of unamortized origination fees and is included in notes receivable on the accompanying consolidate balance sheet. Heng Fai Ambrose
Chan, the Chairman of DSS, Inc is also the on the board of directors of Borrower 10.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.24.2.u1
Subsequent Events
|
6 Months Ended |
Jun. 30, 2024 |
Subsequent Events [Abstract] |
|
Subsequent Events |
16.
Subsequent Events
The
Company has evaluated all subsequent events and transactions through August 13, 2024, the date that the condensed consolidated financial
statements were available to be issued and noted no subsequent events requiring financial statement recognition or disclosure.
|
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.24.2.u1
Basis of Presentation and Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2024 |
Accounting Policies [Abstract] |
|
Principles of Consolidation |
Principles
of Consolidation - The consolidated financial statements include the accounts of DSS, Inc. and its subsidiaries. All significant
intercompany balances and transactions have been eliminated in consolidation.
|
Deconsolidation of Sharing Services Global Corporation(“SHRG”) |
Deconsolidation
of Sharing Services Global Corporation(“SHRG”) - On May 4, 2023, the Company distributed approximately 280 million
shares of SHRG beneficially held by DSS and Decentralized Sharing Systems in the form of a dividend to the shareholders of DSS common
stock. Upon completion of this distribution, DSS will retain an ownership interest in SHRG of approximately 7%. Immediately prior to
this distribution, DSS owned approximately 81% of the issued and outstanding common shares of SHRG. As a result, SHRG, whose operations
represented a significant portion of our Direct Marketing segment, was deconsolidated from our consolidated financial statements effective
as of May 1, 2023 (the “Deconsolidation”). The consolidated statement of operations for the fiscal quarter ended September
30, 2023, therefore includes one month of activity related to SHRG prior to the Deconsolidation. Subsequent to April 30, 2023 the assets
and liabilities of SHRG are no longer included within our consolidated balance sheets. Any discussions related to results, operations,
and accounting policies associated with SHRG refer to the periods prior to the Deconsolidation.
Upon
Deconsolidation, we recognized a loss before income taxes of approximately $29,196,000 which is recorded within gain/loss investments
in our consolidated statements of operations for the three and nine months ended September 30, 2023. Subsequent to the Deconsolidation,
we accounted for our equity ownership interest in SHRG as a marketable security and at the quoted price stock price of SHRG.
|
Use of Estimates |
Use
of Estimates - The preparation of consolidated financial statements in conformity with accounting principles generally accepted
in the United States requires the Company to make estimates and assumptions that affect the amounts reported and disclosed in the financial
statements and the accompanying notes. Actual results could differ materially from these estimates. On an ongoing basis, the Company
evaluates its estimates, including those related to the accounts receivable, convertible notes receivable, inventory, fair values of
investments, intangible assets and goodwill, useful lives of intangible assets and property and equipment, fair values of options and
warrants to purchase the Company’s common stock, preferred stock, deferred revenue and income taxes, among others. The Company
bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which
form the basis for making judgments about the carrying values of assets and liabilities.
|
Cash Equivalents |
Cash
Equivalents – All highly liquid investments with maturities of three months or less at the date of purchase are classified
as cash equivalents. Amounts included in cash equivalents in the accompanying consolidated balance sheets are money market funds whose
adjusted costs approximate fair value.
|
Accounts/Rents Receivable |
Accounts/Rents
Receivable - The Company extends credit to its customers in the normal course of business. The Company performs ongoing credit
evaluations and generally does not require collateral. Payment terms are generally 30 days but up to net 120 for certain customers. The
Company carries its trade accounts receivable at invoice amounts and its rent receivables at contract amounts, less an allowance for
credit losses. On a periodic basis, the Company evaluates its accounts receivable and establishes an allowance for credit losses based
upon management’s estimates that include a review of the history of past write-offs and collections and an analysis of current
credit conditions. In estimating expected losses in the accounts receivable portfolio, customer-specific financial data and macro-economic
assumptions are utilized to project losses over a reasonable and supportable forecast period. Assumptions and judgment are applied to
measure amounts and timing of expected future cash flows, collateral values and other factors used to determine the customers’
abilities to pay.
At
June 30, 2024, and December 31, 2023, the Company established a reserve for credit losses of approximately $2,500,000 and $2,494,000,
respectively. The Company does not accrue interest on past due accounts receivable.
|
Concentration of Credit Risk |
Concentration
of Credit Risk - The Company maintains its cash in bank deposit accounts, which at times may exceed federally insured limits.
The Company believes it is not exposed to any significant credit risk because of any non-performance by the financial institutions. As
of June 30, 2024, one customers accounted for approximately 24% of our consolidated revenue and one customers accounted for approximately
39% of our trade accounts receivable balance.
As
of June 30, 2023, two customers accounted for approximately 19% and 5% of our consolidated revenue and these two customers accounted
for approximately 55% and 14% of our consolidated trade accounts receivable balance.
As
of December 31, 2023, two customers accounted for approximately 20% and 11% of our consolidated revenue and 39% and 30% of our trade
accounts receivable balance.
For
the six months ended of June 30, 2024 one vendor accounted for approximately 12%
of our cost of revenue and for the six months ended June 30, 2023, another vendor accounted for approximately 14% of our cost of revenue.
|
Notes receivable, unearned interest, and related recognition |
Notes
receivable, unearned interest, and related recognition - The Company records all future payments of principal and interest on
notes as notes receivable, which are then offset by the amount of any related unearned interest income. For financial statement purposes,
the Company reports the net investment in the notes receivable on the consolidated balance sheet as current or long-term based on the
maturity date of the underlying notes. Such net investment is comprised of the amount advanced on the loans, adjusting for net deferred
loan fees or costs incurred at origination, amounts allocated to warrants received upon origination, and any payments received in advance.
The unearned interest is recognized over the term of the notes and the income portion of each note payment is calculated so as to generate
a constant rate of return on the net balance outstanding. Net deferred loan fees or costs, together with discounts recognized in connection
with warrants acquired at origination, are accreted as an adjustment to yield over the term of the loan.
|
Allowance For Loans And Lease Losses |
Allowance
For Loans And Lease Losses - On January 1, 2022, the Company adopted amended accounting guidance “ASU No.2016-13 –
Credit Losses” which requires an allowance for credit losses to be deducted from the amortized cost basis of financial assets
to present the net carrying value at the amount that is expected to be collected over the contractual term of the asset considering relevant
information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported
amount. In estimating expected losses in the loan and lease portfolio, borrower-specific financial data and macro-economic assumptions
are utilized to project losses over a reasonable and supportable forecast period. Assumptions and judgment are applied to measure amounts
and timing of expected future cash flows, collateral values and other factors used to determine the borrowers’ abilities to repay
obligations. After the forecast period, the company utilizes longer-term historical loss experience to estimate losses over the remaining
contractual life of the loans. Prior to 2022, the allowance for credit losses represented the amount that in management’s judgment
reflected incurred credit losses inherent in the loan and lease portfolio as of the balance sheet date.
|
Investments |
Investments
– Investments in equity securities with a readily determinable fair value, not accounted for under the equity method, are
recorded at fair value with unrealized gains and losses included in earnings. For equity securities without a readily determinable fair
value, the investment is recorded at cost, less any impairment, plus or minus adjustments related to observable transactions for the
same or similar securities, with unrealized gains and losses included in earnings. For equity method investments, the Company regularly
reviews its investments to determine whether there is a decline in fair value below book value. If there is a decline that is other-than-temporary,
the investment is written down to fair value. See Note 8 for further discussion on investments.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments - Fair value is defined as the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at the measurement date. The Fair Value Measurement Topic
of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) establishes a
three-tier fair value hierarchy which prioritizes the inputs used in measuring fair value. The hierarchy gives the highest priority to
unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable
inputs (Level 3 measurements). These tiers include:
●
Level 1, defined as observable inputs such as quoted prices for identical instruments in active markets.
●
Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted
prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active;
and
●
Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions,
such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable.
The
carrying amounts reported in the consolidated balance sheet of cash and cash equivalents, accounts receivable, prepaids, accounts payable
and accrued expenses approximate fair value because of the immediate or short-term maturity of these financial instruments. Marketable
securities classify as a Level 1 fair value financial instrument. The fair value of notes receivable approximates their carrying value
as the stated or discounted rates of the notes do not reflect recent market conditions. The fair value of revolving credit lines notes
payable and long-term debt approximates their carrying value as the stated or discounted rates of the debt reflect recent market conditions.
The fair value of investments where the fair value is not considered readily determinable, are carried at cost.
|
Inventory |
Inventory
– Inventories consist primarily of paper, pre-printed security paper, paperboard, fully prepared packaging, air filtration
systems, and health and beauty products which and are stated at the lower of cost or net realizable value on the first-in, first-out
(“FIFO”) method. Packaging work-in-process and finished goods included the cost of materials, direct labor and overhead.
At the closing of each reporting period, the Company evaluates its inventory in order to adjust the inventory balance for obsolete and
slow-moving items. An allowance for obsolescence of approximately $30,000 and $18,000 associated with the inventory at our Premier subsidiary
for June 30, 2024, and December 31, 2023, respectively. Write-downs and write-offs are charged to cost of revenue.
|
Investments in real estate, net |
Investments
in real estate, net – Acquisition of assets are recorded at their relative fair value based on total
accumulated costs of the acquisition. Direct acquisition-related costs are capitalized as a component of the acquired assets. This
includes all costs related to finding, analyzing and negotiating a transaction. The allocation of the purchase price is an area that
requires judgment and significant estimates. Tangible and intangible assets include land, building and improvements, furniture,
fixtures and equipment, acquired above market and below market leases, in-place lease value (if applicable). Acquisition date fair
values of assets and assumed liabilities are determined based on replacement costs, appraised values, and estimated fair values
using methods similar to those used by independent appraisers and that use appropriate discount and/or capitalization rates and
available market information. Depreciation and amortization is computed using the straight-line method over the estimated useful
lives of the assets. During 2023, the land and buildings related to AMRE LifeCare and AMRE Winter Haven were reclassified to Assets
held for sale.
|
Assets held for sale |
Assets
held for sale – The Company has several buildings and the associated land they occupy for sale as of June 30, 2024 and
December 31, 2023. These consist of primarily of retail space in Lindon, Utah approximating $5,593,000 (sale of this building was finalized
during Q2 2024) and the medical facilities associated with AMRE LifeCare of approximately $41,570,000 and AMRE Winter Haven of approximately
$4,396,000, and $65,000 of other assets.
|
Intangible Assets |
Intangible
Assets - The estimated fair values of acquired intangibles are generally determined based upon future economic benefits such
as earnings and cash flows. Acquired identifiable intangible assets are recorded at fair value and are amortized over their estimated
useful lives. Acquired intangible assets with an indefinite life are not amortized but are reviewed for impairment at least annually
or more frequently whenever events or changes in circumstances indicate that the carrying amounts of those assets are below their estimated
fair values. Impairment is tested under ASC 350. At December 31, 2023, The Company impaired approximately $7,418,000 associated with
intangible assets for AMRE Lifecare and AMRE Winter Haven. No circumstances or events have occurred since the most recent analysis that
would indicate the need for an impairment is needed for the six months ended June 30, 2024.
|
Goodwill |
Goodwill
– Goodwill is the excess of cost of an acquired entity over the fair value of amounts assigned to assets acquired and liabilities
assumed in a business combination. Goodwill is subject to impairment testing at least annually and will be tested for impairment between
annual tests if an event occurs or circumstances change that would indicate the carrying amount may be impaired. FASB ASC Topic 350 provides
an entity with the option to first assess qualitative factors to determine whether the existence of events or circumstances leads to
a determination that it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If, after completing
the assessment, it is determined that it is more likely than not that the fair value of a reporting unit is less than its carrying value,
the Company will proceed to a quantitative test. The Company may also elect to perform a quantitative test instead of a qualitative test
for any or all of our reporting units. The test compares the fair value of an entity’s reporting units to the carrying value of
those reporting units. This quantitative test requires various judgments and estimates. The Company estimates the fair value of the reporting
unit using a market approach in combination with a discounted operating cash flow approach. Impairment of goodwill is measured as the
excess of the carrying amount of goodwill over the fair values of recognized and unrecognized assets and liabilities of the reporting
unit. The Company performed its annual goodwill impairment test as of December 31, 2023, and no impairment was deemed necessary for the
goodwill associated with Premier Packaging Company, and Impact BioMedical of $1,769,000 and $25,093,000, respectively. The goodwill for
APB, and Sentinel Co. of approximately $29,744,000, and $1,234,000 respectively, were deemed impaired and written off at December 31,
2023. No circumstances or events have occurred since the most recent analysis that would indicate the need for an impairment is needed
for the six months ended June 30, 2024.
|
Impairment of Long-Lived Assets and Goodwill |
Impairment
of Long-Lived Assets and Goodwill - The Company monitors the carrying value of long-lived assets for potential impairment and
tests the recoverability of such assets whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable.
If a change in circumstance occurs, the Company performs a test of recoverability by comparing the carrying value of the asset or asset
group to its undiscounted expected future cash flows. If cash flows cannot be separately and independently identified for a single asset,
the Company will determine whether impairment has occurred for the group of assets for which the Company can identify the projected cash
flows. If the carrying values are in excess of undiscounted expected future cash flows, the Company measures any impairment by comparing
the fair value of the asset or asset group to its carrying value.
|
Business Combinations |
Business
Combinations - Business combinations and non-controlling interests are recorded in accordance with FASB ASC 805 Business Combinations.
Under the guidance, the assets and liabilities of the acquired business are recorded at their fair values at the date of acquisition
and all acquisition costs are expensed as incurred. The excess of the purchase price over the estimated fair values is recorded as goodwill.
If the fair value of the assets acquired exceeds the purchase price and the liabilities assumed, then a gain on acquisition is recorded.
The application of business combination accounting requires the use of significant estimates and assumptions.
|
Loss Per Common Share |
Loss
Per Common Share - The Company presents basic and diluted (loss) earnings per share. Basic (loss) earnings per share reflect
the actual weighted average of shares issued and outstanding during the period. Diluted (loss) earnings per share are computed including
the number of additional shares from outstanding warrants, stock options and preferred stock that would have been outstanding if dilutive
potential shares had been issued and is calculated utilizing the treasury stock method. In a loss period, the calculation for basic and
diluted (loss) earnings per share is the same, as the impact of potential common shares is anti-dilutive. For the three months ended
June 30, 2023, potential dilutive instruments included options of 3,333. For the three months ended June 30, 2024, potential dilutive
instruments was 0.
|
Income Taxes |
Income
Taxes - The Company recognizes estimated income taxes payable or refundable on income tax returns for the current year and for
the estimated future tax effect attributable to temporary differences and carry-forwards. Measurement of deferred income items is based
on enacted tax laws including tax rates, with the measurement of deferred income tax assets being reduced by available tax benefits not
expected to be realized. We recognize penalties and accrued interest related to unrecognized tax benefits in income tax expense.
|
Going Concern |
Going
Concern - The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a
going concern. This basis of accounting contemplates the recovery of our assets and the satisfaction of liabilities in the normal course
of business. These consolidated financial statements do not include any adjustments to the specific amounts and classifications of assets
and liabilities, which might be necessary should we be unable to continue as a going concern. While the Company has approximately $10.7
million in cash, the Company has incurred operating losses as well as negative cash flows from operating and investing activities over
the past two years.
Aside
from its $10.7 million in cash as of June 30, 2024, the Company believes it can continue as a going concern, due to its ability to generate
operating cash through the sale of its $9.6 million of Marketable Securities. The Company has also taken steps to sell its real estate
holdings assets of AMRE LifeCare and Winter Haven located in Texas, Pennsylvania, and Florida. These properties approximate $46.0 million
in assets and are identified on the accompanying balance sheet as Held for sale. In addition, the Company has taken steps, and will continue
to take measures, to materially reduce the expenses and cash burn at all corporate and business line levels. Although there are no assurances,
we believe the above would allow us to fund our nine business lines current and planned operations for the twelve months from the filing
date of this Annual Report. Based on this, the Company has concluded that substantial doubt of its ability to continue as a going concern
has been alleviated.
Recently
Issued Accounting Pronouncements — In November 2023, the Financial Accounting
Standards Board (“FASB”), issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280):
Improvements to Reportable Segment Disclosures, which improves reportable segment disclosure through enhanced disclosures about significant
segment expenses. The amendment is effective for fiscal years beginning after December 15, 2023 and for interim periods within fiscal
years beginning after December 15, 2024 and early adoption is permitted. The amendments should be applied retrospectively to all prior
periods presented in the financial statements. The Company is currently evaluating the impact of adopting this ASU on its disclosures.
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v3.24.2.u1
Inventory (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Inventory Disclosure [Abstract] |
|
Schedule of Inventory |
Inventory
consisted of the following as of:
Schedule
of Inventory
| |
June | | |
December | |
| |
2024 | | |
2023 | |
Finished Goods | |
$ | 2,592,000 | | |
$ | 2,218,000 | |
Work in Process | |
| 173,000 | | |
| 180,000 | |
Raw Materials | |
| 837,000 | | |
| 439,000 | |
Inventory Gross | |
$ | 3,602,000 | | |
$ | 2,837,000 | |
Less allowance for obsolescence | |
| (30,000 | ) | |
| (18,000 | ) |
Inventory Net | |
$ | 3,572,000 | | |
$ | 2,819,000 | |
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Financial Instruments (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Investments, All Other Investments [Abstract] |
|
Schedule of Cash and Marketable Securities by Significant Investment Category |
The
following tables show the Company’s cash, cash equivalents, restricted cash, and marketable securities by significant investment
category as of:
Schedule
of Cash and Marketable Securities by Significant Investment Category
| |
June 30, 2024 | |
| |
cost | | |
Unrealized Gain/(Loss) | | |
Fair Value | | |
Cash and Cash Equivalents | | |
Marketable Securities | |
Cash | |
$ | 10,649,000 | | |
$ | - | | |
$ | 10,649,000 | | |
$ | 10,649,000 | | |
$ | - | |
Level 1 | |
| | | |
| | | |
| | | |
| | | |
| | |
Money Market Funds | |
| 70,000 | | |
| - | | |
| 70,000 | | |
| 70,000 | | |
| - | |
Marketable Securities | |
| 26,984,000 | | |
| (17,426,000 | ) | |
$ | 9,558,000 | | |
| - | | |
| 9,558,000 | |
Total | |
$ | 37,703,000 | | |
$ | (17,426,000 | ) | |
$ | 20,277,000 | | |
$ | 10,719,000 | | |
$ | 9,558,000 | |
| |
December 31, 2023 | |
| |
Adjusted Cost | | |
Unrealized Gain/(Loss) | | |
Fair Value | | |
Cash and Cash Equivalents | | |
Marketable Securities | |
Cash | |
$ | 6,545,000 | | |
$ | - | | |
$ | 6,545,000 | | |
$ | 6,545,000 | | |
$ | - | |
Level 1 | |
| | | |
| | | |
| | | |
| | | |
| | |
Money Market Funds | |
$ | 70,000 | | |
| - | | |
$ | 70,000 | | |
| 70,000 | | |
| - | |
Marketable Securities | |
$ | 27,304,000 | | |
| (17,325,000 | ) | |
$ | 9,979,000 | | |
| - | | |
| 9,979,000 | |
Total | |
$ | 33,919,000 | | |
$ | (17,325,000 | ) | |
$ | 16,594,000 | | |
$ | 6,615,000 | | |
$ | 9,979,000 | |
|
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Short-Term and Long-Term Debt (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Debt Disclosure [Abstract] |
|
Schedule of Notes Payable and Long-term Debt |
A
summary of scheduled principal payments of long-term debt, not including revolving lines of credit, subsequent to June 30, 2024, are
as follows:
Schedule of Notes Payable and Long-term Debt
Year | |
Amount | |
2024 | |
$ | 49,130,000 | |
2025 | |
| 831,000 | |
2026 | |
| 902,000 | |
2027 | |
| 948,000 | |
2028 | |
| 996,000 | |
Thereafter | |
| 3,352,000 | |
|
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Lease Liability (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Leases [Abstract] |
|
Schedule of Future Minimum Lease Payments |
Future
minimum lease payments as of June 30, 2024 are as follows:
Maturity
of Lease Liability:
Schedule of Future Minimum Lease Payments
| |
Totals | |
2024 | |
$ | 479,000 | |
2025 | |
| 860,000 | |
2026 | |
| 839,000 | |
2027 | |
| 808,000 | |
2028 | |
| 824,000 | |
After | |
| 4,913,000 | |
Total lease payments | |
| 8,723,000 | |
Less: Imputed Interest | |
| (1,459,000 | ) |
Present value of remaining lease payments | |
$ | 7,264,000 | |
| |
| | |
Current | |
$ | 661,000 | |
Noncurrent | |
$ | 6,603,000 | |
| |
| | |
Weighted-average remaining lease term (years) | |
| 10.0 | |
| |
| | |
Weighted-average discount rate | |
| 4.1 | % |
|
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v3.24.2.u1
Segment Information (Tables)
|
6 Months Ended |
Jun. 30, 2024 |
Segment Reporting [Abstract] |
|
Schedule of Operations by Reportable Segment |
Approximate
information concerning the Company’s operations by reportable segment for the three and six months ended June 30, 2024 and 2023
is as follows. The Company relies on intersegment cooperation and management does not represent that these segments, if operated independently,
would report the results contained herein:
Schedule of Operations by Reportable Segment
Three Months Ended June 30, 2024 | |
Product Packaging | | |
Commercial Lending | | |
Direct Marketing | | |
Biotechnology | | |
Securities | | |
Corporate | | |
Total | |
Revenue | |
$ | 3,539,000 | | |
$ | 44,000 | | |
$ | 3,000 | | |
$ | 1,000 | | |
$ | 624,000 | | |
$ | - | | |
$ | 4,211,000 | |
Cost of Revenue | |
| 3,598,000 | | |
| (4,484,000 | ) | |
| - | | |
| 10,000 | | |
| 2,066,000 | | |
| 4,483,000 | | |
| 5,673,000 | |
Depreciation and amortization | |
| 190,000 | | |
| - | | |
| 34,000 | | |
| 288,000 | | |
| 39,000 | | |
| 4,000 | | |
| 555,000 | |
Interest expense | |
| 45,000 | | |
| - | | |
| - | | |
| - | | |
| 1,199,000 | | |
| - | | |
| 1,244,000 | |
Interest income | |
| - | | |
| (1,000 | ) | |
| 36,000 | | |
| 3,000 | | |
| 156,000 | | |
| 1,000 | | |
| 195,000 | |
Net income (loss) from continuing operations | |
| (894,000 | ) | |
| 502,000 | | |
| 104,000 | | |
| (669,000 | ) | |
| (2,566,000 | ) | |
| (1,431,000 | ) | |
| (4,954,000 | ) |
Capital expenditures | |
| 29,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 29,000 | |
Identifiable assets | |
| 19,683,000 | | |
| 12,129,000 | | |
| 442,000 | | |
| 48,631,000 | | |
| 59,211,000 | | |
| 4,352,000 | | |
| 144,448,000 | |
Assets held for sale | |
| - | | |
| - | | |
| - | | |
| - | | |
| 46,040,000 | | |
| - | | |
| 46,040,000 | |
Three Months Ended June 30,2023 | |
Product Packaging | | |
Commercial Lending | | |
Direct Marketing | | |
Biotechnology | | |
Securities | | |
Corporate | | |
Total | |
Revenue | |
$ | 3,626,000 | | |
$ | 197,000 | | |
$ | 1,572,000 | | |
$ | - | | |
$ | 1,838,000 | | |
$ | - | | |
$ | 7,233,000 | |
Cost of Revenue | |
| 2,421,000 | | |
| - | | |
| 516,000 | | |
| 2,000 | | |
| 1,820,000 | | |
| 73,000 | | |
| 4,832,000 | |
Depreciation and amortization | |
| 193,000 | | |
| - | | |
| 43,000 | | |
| 289,000 | | |
| 782,000 | | |
| 7,000 | | |
| 1,314,000 | |
Interest expense | |
| 47,000 | | |
| - | | |
| - | | |
| - | | |
| 91,000 | | |
| - | | |
| 138,000 | |
Interest income | |
| - | | |
| - | | |
| 280,000 | | |
| 49,000 | | |
| 78,000 | | |
| | | |
| 407,000 | |
Net income (loss) from continuing operations | |
| (205,000 | ) | |
| (1,213,000 | ) | |
| (28,074,000 | ) | |
| (3,934,000 | ) | |
| (4,413,000 | ) | |
| 116,000 | | |
| (37,723,000 | ) |
Capital expenditures | |
| 4,000 | | |
| - | | |
| (4,000 | ) | |
| 12,000 | | |
| 7,000 | | |
| - | | |
| 19,000 | |
Identifiable assets | |
| 23,080,000 | | |
| 41,324,000 | | |
| 7,159,000 | | |
| 49,952,000 | | |
| 71,610,000 | | |
| 9,619,000 | | |
| 202,744,000 | |
Assets held for sale | |
| - | | |
| - | | |
| 2,004,000 | | |
| - | | |
| - | | |
| - | | |
| 2,004,000 | |
Six Months Ended June 30, 2024 | |
Product Packaging | | |
Commercial Lending | | |
Direct Marketing | | |
Biotechnology | | |
Securities | | |
Corporate | | |
Total | |
Revenue | |
$ | 6,620,000 | | |
$ | 146,000 | | |
$ | 3,000 | | |
$ | 2,000 | | |
$ | 1,311,000 | | |
$ | - | | |
$ | 8,082,000 | |
Cost of Revenue | |
| 6,365,000 | | |
| (4,015,000 | ) | |
| - | | |
| 20,000 | | |
| 3,810,000 | | |
| 4,483,000 | | |
| 10,663,000 | |
Depreciation and amortization | |
| 381,000 | | |
| - | | |
| 68,000 | | |
| 577,000 | | |
| 107,000 | | |
| 3,000 | | |
| 1,136,000 | |
Interest expense | |
| 91,000 | | |
| - | | |
| - | | |
| - | | |
| 2,299,000 | | |
| - | | |
| 2,390,000 | |
Interest income | |
| - | | |
| - | | |
| 72,000 | | |
| 9,000 | | |
| 219,000 | | |
| 2,000 | | |
| 302,000 | |
Net income (loss) from continuing operations | |
| (1,367,000 | ) | |
| (880,000 | ) | |
| 34,000 | | |
| (1,610,000 | ) | |
| (4,915,000 | ) | |
| (1,325,000 | ) | |
| (10,063,000 | ) |
Capital expenditures | |
| 29,000 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 29,000 | |
Total Identifiable assets | |
| 19,683,000 | | |
| 12,129,000 | | |
| 442,000 | | |
| 48,631,000 | | |
| 59,211,000 | | |
| 4,352,000 | | |
| 144,448,000 | |
Assets held for sale | |
| - | | |
| - | | |
| - | | |
| - | | |
| 46,040,000 | | |
| - | | |
| 46,040,000 | |
Six Months Ended June 30,2023 | |
Product Packaging | | |
Commercial Lending | | |
Direct Marketing | | |
Biotechnology | | |
Securities | | |
Corporate | | |
Total | |
Revenue | |
$ | 9,661,000 | | |
$ | 314,000 | | |
$ | 5,566,000 | | |
$ | - | | |
$ | 3,523,000 | | |
$ | - | | |
$ | 19,064,000 | |
Cost of revenue | |
| 7,081,000 | | |
| - | | |
| 1,806,000 | | |
| 63,000 | | |
| 4,340,000 | | |
| 75,000 | | |
| 13,365,000 | |
Depreciation and amortization | |
| 381,000 | | |
| - | | |
| 89,000 | | |
| 586,000 | | |
| 1,526,000 | | |
| 65,000 | | |
| 2,647,000 | |
Interest expense | |
| 86,000 | | |
| - | | |
| - | | |
| - | | |
| 302,000 | | |
| - | | |
| 388,000 | |
Interest income | |
| - | | |
| - | | |
| 285,000 | | |
| 143,000 | | |
| 110,000 | | |
| - | | |
| 538,000 | |
Net income (loss) from continuing operations | |
| 491,000 | | |
| (1,777,000 | ) | |
| (31,260,000 | ) | |
| (4,782,000 | ) | |
| (6,441,000 | ) | |
| (2,588,000 | ) | |
| (46,357,000 | ) |
Capital expenditures | |
| 580,000 | | |
| - | | |
| - | | |
| 17,000 | | |
| 35,000 | | |
| (19,000 | ) | |
| 613,000 | |
Identifiable assets | |
| 23,080,000 | | |
| 41,324,000 | | |
| 7,159,000 | | |
| 49,952,000 | | |
| 71,610,000 | | |
| 9,619,000 | | |
| 202,744,000 | |
Assets held for sale | |
| - | | |
| - | | |
| 2,004,000 | | |
| - | | |
| - | | |
| - | | |
| 2,004,000 | |
|
Schedule of Disaggregation of Revenue |
The
following tables disaggregate our business segment revenues by major source:
Printed Products Revenue Information:
Schedule of Disaggregation of Revenue
Three months ended June 30, 2024 | |
| | |
Packaging Printing and Fabrication | |
$ | 3,441,000 | |
Commercial and Security Printing | |
| 87,000 | |
Total Printed Products | |
$ | 3,528,000 | |
Three months ended June 30, 2023 | |
| | |
Packaging Printing and Fabrication | |
$ | 3,571,000 | |
Commercial and Security Printing | |
| 55,000 | |
Total Printed Products | |
$ | 3,626,000 | |
Six months ended June 30, 2024 | |
| | |
Packaging Printing and Fabrication | |
$ | 6,323,000 | |
Commercial and Security Printing | |
| 278,000 | |
Total Printed Products | |
$ | 6,601,000 | |
Six months ended June 30, 2023 | |
| | |
Packaging Printing and Fabrication | |
$ | 9,341,000 | |
Commercial and Security Printing | |
| 320,000 | |
Total Printed Products | |
$ | 9,661,000 | |
Direct Marketing
Three months ended June 30, 2024 | |
| | |
Direct Marketing Internet Sales | |
$ | - | |
Total Direct Marketing | |
$ | - | |
Three months ended June 30, 2023 | |
| | |
Direct Marketing Internet Sales | |
$ | 1,572,000 | |
Total Direct Marketing | |
$ | 1,572,000 | |
Six months ended June 30, 2024 | |
| | |
Direct Marketing Internet Sales | |
$ | - | |
Total Direct Marketing | |
$ | - | |
Six months ended June 30, 2023 | |
| | |
Direct Marketing Internet Sales | |
$ | 5,566,000 | |
Total Direct Marketing | |
$ | 5,566,000 | |
Rental Income
Three months ended June 30, 2024 | |
| | |
Rental income | |
$ | 438,000 | |
Total Rental Income | |
$ | 438,000 | |
| |
| | |
Three months ended June 30, 2023 | |
| | |
Rental income | |
$ | 1,543,000 | |
Total Rental Income | |
$ | 1,543,000 | |
Six months ended June 30, 2024 | |
| | |
Rental income | |
$ | 838,000 | |
Total Rental Income | |
$ | 838,000 | |
Six months ended June 30, 2023 | |
| | |
Rental income | |
$ | 3,228,000 | |
Total Rental Income | |
$ | 3,228,000 | |
Commission Income
Three months ended June 30, 2024 | |
| | |
Commission income | |
$ | 204,000 | |
Total commission income | |
$ | 204,000 | |
Three months ended June 30, 2023 | |
| | |
Commission income | |
$ | 295,000 | |
Total commission income | |
$ | 295,000 | |
Six months ended June 30, 2024 | |
| | |
Commission income | |
$ | 507,000 | |
Total commission income | |
$ | 507,000 | |
Six months ended June 30, 2023 | |
| | |
Commission income | |
$ | 295,000 | |
Total commission income | |
$ | 295,000 | |
Net Investment Income
Three months ended June 30, 2024 | |
| | |
Net Investment Income | |
$ | 41,000 | |
Total Investment Income | |
$ | 41,000 | |
Three months ended June 30, 2023 | |
| | |
Net Investment Income | |
$ | 197,000 | |
Total Rental Income | |
$ | 197,000 | |
Six months ended June 30, 2024 | |
| | |
Net investment income | |
$ | 136,000 | |
Total Management fee income | |
$ | 136,000 | |
Six months ended June 30, 2023 | |
| | |
Net Investment Income | |
$ | 314,000 | |
Total Management fee income | |
$ | 314,000 | |
|
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v3.24.2.u1
Basis of Presentation and Significant Accounting Policies (Details Narrative) - USD ($)
|
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
May 04, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Deconsolidation on loss before income taxes |
$ 29,196,000
|
|
|
|
|
|
Reserve for doubtful accounts |
|
$ 2,500,000
|
|
$ 2,500,000
|
|
$ 2,494,000
|
Inventory adjustments |
|
30,000
|
|
30,000
|
|
18,000
|
Other assets |
|
65,000
|
|
65,000
|
|
|
Asset impairment |
|
|
|
|
|
7,418,000
|
Goodwill |
|
26,862,000
|
|
26,862,000
|
|
26,862,000
|
Cash |
|
10,700,000
|
|
10,700,000
|
|
|
Cash and cash equivalents |
|
10,719,000
|
|
10,719,000
|
|
6,615,000
|
Proceeds from sale of marketable securities |
|
|
|
9,600,000
|
|
|
Assets held for sale |
|
$ 46,040,000
|
|
46,040,000
|
|
51,595,000
|
Share-Based Payment Arrangement, Option [Member] |
|
|
|
|
|
|
Potential dilutive instrument options |
|
0
|
3,333
|
|
|
|
AMRE Life Care Portfolio LLC [Member] |
|
|
|
|
|
|
Real estate assets held for development and sale |
|
$ 41,570,000
|
|
41,570,000
|
|
|
AMRE Winter Haven LLC [Member] |
|
|
|
|
|
|
Real estate assets held for development and sale |
|
4,396,000
|
|
4,396,000
|
|
|
Premier Packaging Corp [Member] |
|
|
|
|
|
|
Goodwill |
|
1,769,000
|
|
1,769,000
|
|
|
Impact BioMedical, Inc. [Member] |
|
|
|
|
|
|
Goodwill |
|
25,093,000
|
|
25,093,000
|
|
|
American Pacific Bancorp [Member] |
|
|
|
|
|
|
Goodwill |
|
|
|
|
|
29,744,000
|
Sentinel Brokers Company Inc [Member] |
|
|
|
|
|
|
Goodwill |
|
|
|
|
|
1,234,000
|
UTAH |
|
|
|
|
|
|
Real estate assets held for development and sale |
|
5,593,000
|
|
5,593,000
|
|
|
Premier Subsidiary [Member] |
|
|
|
|
|
|
Inventory adjustments |
|
$ 30,000
|
|
$ 30,000
|
|
$ 18,000
|
Customer One [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
Concentration risk, percentage |
|
|
|
24.00%
|
19.00%
|
20.00%
|
Customer One [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
Concentration risk, percentage |
|
|
|
39.00%
|
55.00%
|
39.00%
|
Customer Two [Member] | Revenue Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
Concentration risk, percentage |
|
|
|
|
5.00%
|
11.00%
|
Customer Two [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
Concentration risk, percentage |
|
|
|
|
14.00%
|
30.00%
|
Vendor One [Member] | Cost of Goods and Service, Product and Service Benchmark [Member] | Customer Concentration Risk [Member] |
|
|
|
|
|
|
Concentration risk, percentage |
|
|
|
12.00%
|
14.00%
|
|
Sharing Services Global Corp [Member] |
|
|
|
|
|
|
Number of shares issued |
280,000,000
|
|
|
|
|
|
Ownership interest percentage |
7.00%
|
|
|
|
|
|
Percentage of issued and outstanding |
81.00%
|
|
|
|
|
|
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v3.24.2.u1
Schedule of Inventory (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Inventory Disclosure [Abstract] |
|
|
Finished Goods |
$ 2,592,000
|
$ 2,218,000
|
Work in Process |
173,000
|
180,000
|
Raw Materials |
837,000
|
439,000
|
Inventory Gross |
3,602,000
|
2,837,000
|
Less allowance for obsolescence |
(30,000)
|
(18,000)
|
Inventory Net |
$ 3,572,000
|
$ 2,819,000
|
X |
- DefinitionAmount of inventory reserves for last-in first-out (LIFO) and other inventory valuation methods.
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v3.24.2.u1
Notes Receivable (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 Months Ended |
12 Months Ended |
|
|
|
|
Jun. 27, 2023 |
May 08, 2023 |
Mar. 31, 2023 |
Dec. 29, 2022 |
Aug. 29, 2022 |
Jul. 26, 2022 |
May 09, 2022 |
Mar. 02, 2022 |
Jan. 24, 2022 |
Dec. 28, 2021 |
Oct. 25, 2021 |
May 14, 2021 |
Feb. 19, 2021 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Mar. 31, 2024 |
Nov. 27, 2023 |
Dec. 31, 2022 |
Sep. 23, 2021 |
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes receivable current |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 3,907,000
|
$ 8,772,000
|
|
|
|
|
Long term portion of notes receivable |
|
|
|
|
|
|
|
|
|
|
|
|
|
117,000
|
111,000
|
|
|
|
|
Long term debt current |
|
|
|
|
|
|
|
|
|
|
|
|
|
49,130,000
|
47,776,000
|
|
|
|
|
Note 1 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
|
|
|
|
|
|
|
$ 5,000,000
|
|
|
|
|
|
|
|
Debt instrument interest rate |
|
|
|
|
|
|
|
|
|
|
|
6.65%
|
|
|
|
|
|
|
|
Debt conversion description |
|
|
|
|
|
|
|
|
|
|
|
Note 1 contains an
optional conversion clause that allows the Company to convert all, or a portion of all, into newly issued member units of Borrower 1
with the maximum principal amount equal to 18% of the total equity position of Borrower 1 at conversion
|
|
|
|
|
|
|
|
Notes receivable current |
|
|
|
|
|
|
|
|
|
|
|
|
|
5,544,000
|
5,544,000
|
|
|
|
|
Reserve amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
2,772,000
|
2,772,000
|
|
|
|
|
Note 2 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 3,500,000
|
Debt instrument interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5.59%
|
Notes receivable current |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,910,000
|
|
|
|
|
Note 3 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate |
|
|
|
|
|
|
|
|
|
|
8.00%
|
|
|
|
|
|
|
|
|
Notes receivable current |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 884,000
|
|
Line of credit facility, maximum borrowing capacity |
|
|
|
|
|
|
|
|
|
|
$ 3,000,000
|
|
|
|
|
|
|
|
|
Debt instrument maturity date |
|
|
|
|
|
|
|
|
|
|
Oct. 25, 2022
|
|
|
|
|
|
|
|
|
Effective rate percentage |
|
|
|
|
|
|
|
|
|
|
10.00%
|
|
|
|
|
|
|
|
|
Note 3 [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
|
|
|
|
|
|
$ 1,000,000
|
|
|
|
|
|
|
|
|
Note 4 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
|
|
|
|
|
$ 700,000
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate |
|
|
|
|
|
|
|
|
|
12.00%
|
|
|
|
|
|
|
|
|
|
Notes receivable current |
|
|
|
|
|
|
|
|
|
|
|
|
|
58,000
|
253,000
|
|
$ 50,000
|
|
|
Debt instrument maturity date |
|
|
|
|
|
|
|
|
|
Dec. 28, 2022
|
|
|
|
|
|
|
|
|
|
Extended maturity date |
|
|
|
May 31, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 5 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
|
|
|
|
$ 100,000
|
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate |
|
|
|
|
|
|
|
|
6.00%
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
|
|
|
|
|
|
|
January 2024
|
|
|
|
|
|
|
|
|
|
|
Long term portion of notes receivable |
|
|
|
|
|
|
|
|
|
|
|
|
|
111,000
|
103,000
|
|
|
|
|
Note 6 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
|
|
|
$ 893,000
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate |
|
|
|
|
|
|
|
8.00%
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
|
|
|
|
|
|
March 2024
|
|
|
|
|
|
|
|
|
|
|
|
Notes and loans receivable gross current |
|
|
|
|
|
|
|
|
|
|
|
|
|
470,000
|
446,000
|
|
|
|
|
Note 7 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
|
|
$ 210,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate |
|
|
|
|
|
|
10.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes receivable current |
|
|
|
|
|
|
|
|
|
|
|
|
|
224,000
|
|
|
|
|
|
Debt instrument maturity date |
|
|
|
|
|
|
Feb. 09, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes receivable current reserved |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
112,000
|
|
|
|
|
Note 8 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
$ 100,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate |
|
|
|
|
8.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes receivable current |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
76,000
|
|
|
|
|
Debt instrument maturity date |
|
|
|
|
Aug. 29, 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Long term portion of notes receivable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,000
|
|
|
|
|
Notes and loans receivable gross current |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 101,000
|
100,000
|
|
|
|
|
Note 8 [Member] | DSS Financial Management Inc [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
24.90%
|
|
|
|
|
|
Note 9 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
$ 102,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate |
|
2.00%
|
|
|
|
|
|
|
|
|
|
|
|
24.90%
|
|
|
|
|
|
Notes receivable current |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 54,000
|
|
|
|
|
Debt instrument maturity date |
|
May 07, 2026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective rate percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
10.50%
|
10.50%
|
|
|
|
|
Notes and loans receivable gross current |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 110,000
|
$ 107,000
|
|
|
|
|
Long term debt current |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
53,000
|
|
|
|
|
Long term debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 54,000
|
|
|
|
|
|
Note 9 [Member] | DSS Financial Management Inc [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ownership percentage |
|
|
|
|
|
|
|
|
|
|
|
|
|
24.90%
|
|
|
|
|
|
Note 10 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
|
$ 1,000,000
|
|
|
|
|
|
|
|
$ 959,000
|
|
|
|
|
|
Debt instrument interest rate |
|
|
|
|
|
8.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes receivable current |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 480,000
|
|
|
|
Debt instrument maturity date |
|
|
|
|
|
Jul. 26, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes and loans receivable gross current |
|
|
|
|
|
|
|
|
|
|
|
|
|
959,000
|
939,000
|
|
|
|
|
Unamortized origination fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
480,000
|
|
|
|
|
|
Unamortized origination fees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,000
|
|
|
|
|
Note 11 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
|
|
|
|
|
|
|
|
|
|
$ 206,000
|
202,000
|
$ 203,000
|
|
|
|
|
Debt instrument interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
6.50%
|
|
|
|
|
|
|
Debt instrument maturity date |
|
|
|
|
|
|
|
|
|
|
|
|
Aug. 19, 2022
|
|
|
|
|
|
|
Notes and loans receivable gross current |
|
|
|
|
|
|
|
|
|
|
|
|
|
135,000
|
|
|
|
|
|
Notes and loans receivable gross current |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 67,000
|
|
|
|
|
|
Note 12 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
$ 1,400,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate |
10.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument maturity date |
Sep. 01, 2024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, unamortized discount |
$ 300,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note 13 [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Receivable, Modified [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument face amount |
|
|
$ 140,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
8.50%
|
8.50%
|
|
|
|
|
Debt instrument maturity date |
|
|
Mar. 31, 2025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes and loans receivable gross current |
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 135,000
|
$ 133,000
|
|
|
|
|
Long term debt current |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
99,000
|
|
|
|
|
Long term debt |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 34,000
|
|
|
|
|
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v3.24.2.u1
Schedule of Cash and Marketable Securities by Significant Investment Category (Details) - USD ($)
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2024 |
Dec. 31, 2023 |
Cash and Cash Equivalents [Line Items] |
|
|
Cost |
$ 37,703,000
|
$ 33,919,000
|
Unrealized Gain/(Loss) |
(17,426,000)
|
(17,325,000)
|
Fair Value |
20,277,000
|
16,594,000
|
Cash and Cash Equivalents |
10,719,000
|
6,615,000
|
Current marketable securities |
9,558,000
|
9,979,000
|
Cash [Member] |
|
|
Cash and Cash Equivalents [Line Items] |
|
|
Cost |
10,649,000
|
6,545,000
|
Unrealized Gain/(Loss) |
|
|
Fair Value |
10,649,000
|
6,545,000
|
Cash and Cash Equivalents |
10,649,000
|
6,545,000
|
Current marketable securities |
|
|
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
Cash and Cash Equivalents [Line Items] |
|
|
Cost |
70,000
|
70,000
|
Unrealized Gain/(Loss) |
|
|
Fair Value |
70,000
|
70,000
|
Cash and Cash Equivalents |
70,000
|
70,000
|
Current marketable securities |
|
|
Marketable Securities [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
Cash and Cash Equivalents [Line Items] |
|
|
Cost |
26,984,000
|
27,304,000
|
Unrealized Gain/(Loss) |
(17,426,000)
|
(17,325,000)
|
Fair Value |
9,558,000
|
9,979,000
|
Cash and Cash Equivalents |
|
|
Current marketable securities |
$ 9,558,000
|
$ 9,979,000
|
X |
- DefinitionFair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.
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Provision for Credit Losses (Details Narrative) - USD ($)
|
6 Months Ended |
12 Months Ended |
|
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Mar. 31, 2024 |
General Loan Portfolio Reserve [Member] | American Pacific Bancorp [Member] |
|
|
|
|
Financing Receivable, Past Due [Line Items] |
|
|
|
|
Portfolio reserve |
$ 182,000
|
|
$ 194,000
|
|
Specific Loan Reserves [Member] | Borrower 3 [Member] |
|
|
|
|
Financing Receivable, Past Due [Line Items] |
|
|
|
|
Current nonaccrual loan balance |
884,000
|
|
884,000
|
|
Specific Loan Reserves [Member] | Borrower One [Member] |
|
|
|
|
Financing Receivable, Past Due [Line Items] |
|
|
|
|
Outstanding principal and interest |
2,884,000
|
|
2,884,000
|
|
Specific Loan Reserves [Member] | Borrower Twelve [Member] |
|
|
|
|
Financing Receivable, Past Due [Line Items] |
|
|
|
|
Outstanding principal and interest |
1,045,000
|
|
$ 1,045,000
|
|
Specific Loan Reserves [Member] | Borrower Ten [Member] |
|
|
|
|
Financing Receivable, Past Due [Line Items] |
|
|
|
|
Outstanding principal and interest |
|
|
|
$ 479,000
|
Specific Loan Reserves [Member] | Borrower 13 [Member] |
|
|
|
|
Financing Receivable, Past Due [Line Items] |
|
|
|
|
Outstanding principal and interest |
|
|
|
135,000
|
Specific Loan Reserves [Member] | Borrower 8 [Member] |
|
|
|
|
Financing Receivable, Past Due [Line Items] |
|
|
|
|
Outstanding principal and interest |
|
|
|
$ 211,000
|
Loan [Member] |
|
|
|
|
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|
|
|
|
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$ 346,000
|
$ 3,757,000
|
|
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v3.24.2.u1
Disposal of assets (Details Narrative) - USD ($)
|
|
3 Months Ended |
6 Months Ended |
Jul. 01, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Net loss |
|
$ (4,683,000)
|
$ (37,923,000)
|
$ (8,754,000)
|
$ (45,959,000)
|
HWH World Inc [Member] |
|
|
|
|
|
Equity percentage |
100.00%
|
|
|
|
|
Sharing Services Global Corporation [Member] | Amended Agreement [Member] |
|
|
|
|
|
Purchase price to be paid |
$ 758,000
|
|
|
|
|
Proceeds from sale of inventory |
698,000
|
|
|
|
|
Liabilities assumed |
59,000
|
|
|
|
|
Agreement description |
|
|
|
the agreement includes payment of 1% royalty, starting
November 1, 2023, being defined as 1% of the gross sale price of all Seller’s new products made and sold outside of existing inventory
on the schedule, for a period ending October 31, 2033
|
|
Net loss |
|
|
|
$ 639,000
|
|
HWH World Inc [Member] |
|
|
|
|
|
Net loss |
617,000
|
|
|
|
|
Purchase price consideration |
$ 259,000
|
|
|
|
|
HWH World Inc [Member] | Sharing Services Global Corporation [Member] |
|
|
|
|
|
Sale of stock, number of shares issued in transaction |
1,000
|
|
|
|
|
Sale of stock, consideration received per transaction |
$ 706,000
|
|
|
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v3.24.2.u1
Investments (Details Narrative) - USD ($)
|
|
|
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
Dec. 30, 2020 |
Dec. 19, 2020 |
Sep. 10, 2020 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Unrealized gain loss on investments |
|
|
|
|
|
$ (17,426,000)
|
|
$ (17,325,000)
|
Net loss |
|
|
|
$ (4,683,000)
|
$ (37,923,000)
|
(8,754,000)
|
$ (45,959,000)
|
|
BMI Capital International LLC [Member] |
|
|
|
|
|
|
|
|
Issuance of common stock, net of expenses |
|
|
$ 100,000
|
|
|
|
|
|
Net loss |
|
|
|
|
|
$ 7,000
|
22,000
|
|
DSS Securities, Inc. [Member] |
|
|
|
|
|
|
|
|
Equity method investment ownership percentage |
|
|
14.90%
|
|
|
|
|
|
BMI Capital International LLC [Member] |
|
|
|
|
|
|
|
|
Equity method investment ownership percentage |
|
|
24.90%
|
|
|
|
|
|
BioMed Technologies Asia Pacific Holdings Limited [Member] |
|
|
|
|
|
|
|
|
Equity method investment ownership percentage |
|
4.99%
|
|
|
|
|
|
|
Issuance of common stock, net of expenses |
|
$ 632,000
|
|
|
|
|
|
|
Issuance of common stock, net of expenses, shares |
|
525
|
|
|
|
|
|
|
Alset International Limited [Member] |
|
|
|
|
|
|
|
|
Owners shares |
|
|
|
127,179,291
|
|
127,179,291
|
|
|
Outstanding share percentage |
|
|
|
|
|
4.00%
|
|
|
Marketable securities |
|
|
|
$ 2,912,000
|
|
$ 2,912,000
|
|
3,269,000
|
Unrealized gain loss on investments |
|
|
|
|
|
356,000
|
$ 1,819,000
|
|
West Park Capital, Inc [Member] |
|
|
|
|
|
|
|
|
Debt instrument convertible threshold percentage of stock price trigger |
7.50%
|
|
|
|
|
|
|
|
Investments |
|
|
|
$ 500,000
|
|
$ 500,000
|
|
$ 500,000
|
DSS Securities, Inc. [Member] |
|
|
|
|
|
|
|
|
Issuance of common stock, net of expenses |
|
|
$ 100,000
|
|
|
|
|
|
Outstanding membership interest |
|
|
10.00%
|
|
|
|
|
|
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v3.24.2.u1
Short-Term and Long-Term Debt (Details Narrative)
|
|
|
|
|
|
3 Months Ended |
6 Months Ended |
|
|
|
|
Mar. 30, 2023
USD ($)
|
Mar. 17, 2022
USD ($)
|
Nov. 02, 2021
USD ($)
|
Oct. 13, 2021
USD ($)
|
Aug. 01, 2021
USD ($)
ft²
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2024
USD ($)
|
Jun. 30, 2023
USD ($)
|
Dec. 31, 2023
USD ($)
|
Jan. 01, 2023 |
Jul. 29, 2022 |
May 20, 2021
USD ($)
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Long term debt current |
|
|
|
|
|
$ 49,130,000
|
|
$ 49,130,000
|
|
$ 47,776,000
|
|
|
|
Interest expense |
|
|
|
|
|
142,000
|
$ 138,000
|
190,000
|
$ 388,000
|
|
|
|
|
Payments to acquire assets |
|
|
|
|
|
|
|
29,000
|
496,000
|
|
|
|
|
Net book value of assets |
|
|
|
|
|
6,054,000
|
|
6,054,000
|
|
6,417,000
|
|
|
|
Pinnacle Loan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
$ 2,990,000
|
|
|
|
2,992,000
|
|
2,992,000
|
|
17,000
|
|
|
|
Principal interest percentage |
|
4.28%
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
148,000
|
113,000
|
|
|
|
|
Debt effective interest rate percentage |
|
|
|
|
|
|
|
|
|
|
9.60%
|
|
|
Payments to intangible assets |
|
$ 29,000
|
|
|
|
|
|
|
|
|
|
|
|
Estimated useful life |
|
5 years
|
|
|
|
|
|
|
|
|
|
|
|
Net book value of assets |
|
|
|
|
|
4,380,000
|
|
4,380,000
|
|
|
|
|
|
Deferred finance costs net |
|
|
|
|
|
|
|
|
|
2,977,000
|
|
|
|
Debt instrument maturity date |
|
Mar. 07, 2024
|
|
|
|
|
|
|
|
|
|
|
|
Purchase price |
|
$ 4,500,000
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument, Term |
|
25 years
|
|
|
|
|
|
|
|
|
|
|
|
Facility [Member] | Pinnacle Loan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to acquire assets |
|
$ 3,200,000
|
|
|
|
|
|
|
|
|
|
|
|
Land [Member] | Pinnacle Loan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to acquire assets |
|
1,000,000
|
|
|
|
|
|
|
|
|
|
|
|
Site and Tenant Improvements [Member] | Pinnacle Loan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to acquire assets |
|
$ 222,000
|
|
|
|
|
|
|
|
|
|
|
|
BMIC Loan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
|
|
$ 3,000,000
|
|
461,000
|
|
461,000
|
|
547,000
|
|
|
|
Debt instrument maturity date |
|
|
|
Oct. 12, 2022
|
|
|
|
|
|
|
|
|
|
Wilson Loan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
|
|
$ 3,000,000
|
|
1,064,000
|
|
1,064,000
|
|
2,131,000
|
|
|
|
Debt instrument maturity date |
|
|
|
Oct. 12, 2022
|
|
|
|
|
|
|
|
|
|
Security Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
$ 790,000
|
|
|
|
|
663,000
|
|
663,000
|
|
719,000
|
|
|
|
Long term debt current |
|
|
|
|
|
118,000
|
|
118,000
|
|
112,000
|
|
|
|
Long term debt |
|
|
|
|
|
545,000
|
|
545,000
|
|
607,000
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
25,000
|
0
|
|
|
|
|
Interest expense debt |
$ 14,000
|
|
|
|
|
|
|
|
|
|
|
|
|
Premier Packaging Bank Of America NA [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt financing amount |
|
|
|
|
|
|
|
|
|
|
|
|
$ 3,710,000
|
Debt instrument, face amount |
|
|
|
|
|
2,687,000
|
|
2,687,000
|
|
2,932,000
|
|
|
|
Principal interest percentage |
|
|
|
|
|
|
|
|
|
|
|
|
4.63%
|
Long term debt current |
|
|
|
|
|
508,000
|
|
508,000
|
|
491,000
|
|
|
|
Long term debt |
|
|
|
|
|
2,179,000
|
|
2,179,000
|
|
2,442,000
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
66,000
|
0
|
|
|
|
|
AMRE Shelton LLC [Member] | Loan Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
|
|
|
$ 6,155,000
|
|
|
|
|
|
|
|
|
Principal interest percentage |
|
|
|
|
4.25%
|
|
|
|
|
|
|
|
|
Long term debt current |
|
|
|
|
$ 5,105,000
|
211,000
|
|
211,000
|
|
|
|
|
|
Long term debt |
|
|
|
|
|
$ 4,305,000
|
|
4,305,000
|
|
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
$ 98,000
|
85,000
|
|
|
|
|
Debt instrument description |
|
|
|
|
The interest will be adjusted
commencing on July 1, 2026 and continuing for the next succeeding 5-year period shall be determined one month prior to the change date
and shall be an interest rate equal to two hundred fifty (250) basis points above the Federal Home Loan Bank Boston 5-Year/25-Year amortizing
advance rate, but in no event less than 4.25% for the term of 120 months
|
|
|
|
|
|
|
|
|
Debt instrument periodic payment |
|
|
|
|
$ 2,829,000
|
|
|
|
|
|
|
|
|
Debt effective interest rate percentage |
|
|
|
|
|
4.25%
|
|
4.25%
|
|
|
|
|
|
Area of land | ft² |
|
|
|
|
40,000
|
|
|
|
|
|
|
|
|
Payments to intangible assets |
|
|
|
|
$ 585,000
|
|
|
|
|
|
|
|
|
Net book value of assets |
|
|
|
|
|
$ 6,226,000
|
|
$ 6,226,000
|
|
|
|
|
|
Deferred finance costs net |
|
|
|
|
|
38,000
|
|
38,000
|
|
|
|
|
|
AMRE Shelton LLC [Member] | Loan Agreement [Member] | Facility [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to acquire assets |
|
|
|
|
4,640,000
|
|
|
|
|
|
|
|
|
AMRE Shelton LLC [Member] | Loan Agreement [Member] | Land [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to acquire assets |
|
|
|
|
1,600,000
|
|
|
|
|
|
|
|
|
AMRE Shelton LLC [Member] | Loan Agreement [Member] | Tenant Improvements [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to acquire assets |
|
|
|
|
$ 325,000
|
|
|
|
|
|
|
|
|
AMRE Shelton LLC [Member] | Loan Agreement [Member] | Other Intangible Assets [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated useful life |
|
|
|
|
3 years
|
|
|
|
|
|
|
|
|
Pinnacle Bank [Member] | LifeCare Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
|
$ 40,300,000
|
|
|
$ 43,776,000
|
|
43,776,000
|
|
$ 41,331,000
|
|
|
|
Interest expense |
|
|
|
|
|
|
|
$ 1,954,000
|
$ 1,484,000
|
|
|
|
|
Debt instrument description |
|
|
The LifeCare Agreement calls for the principal amount of the in equal, consecutive
monthly installments based upon a twenty-five (25) year amortization of the original principal amount of the LifeCare Agreement at an
initial rate of interest equal to the interest rate determined in accordance as of July 29, 2022 provided, however, such rate of interest
shall not be less than 4.28%, with the first such installment being payable on August 29, 2022 and subsequent installments being payable
on the first day of each succeeding month thereafter until the maturity date, at which time any outstanding principal and interest is
due in full
|
|
|
|
|
|
|
|
|
|
|
Debt effective interest rate percentage |
|
|
|
|
|
9.60%
|
|
9.60%
|
|
|
|
4.28%
|
|
Payments to intangible assets |
|
|
$ 15,901,000
|
|
|
|
|
|
|
|
|
|
|
Net book value of assets |
|
|
|
|
|
$ 41,570,000
|
|
$ 41,570,000
|
|
|
|
|
|
Purchase price |
|
|
$ 62,000,000
|
|
|
|
|
|
|
|
|
|
|
Pinnacle Bank [Member] | LifeCare Agreement [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated useful life |
|
|
1 year
|
|
|
|
|
|
|
|
|
|
|
Pinnacle Bank [Member] | LifeCare Agreement [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated useful life |
|
|
11 years
|
|
|
|
|
|
|
|
|
|
|
Pinnacle Bank [Member] | LifeCare Agreement [Member] | Facility [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to acquire assets |
|
|
$ 32,100,000
|
|
|
|
|
|
|
|
|
|
|
Pinnacle Bank [Member] | LifeCare Agreement [Member] | Land [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to acquire assets |
|
|
12,100,000
|
|
|
|
|
|
|
|
|
|
|
Pinnacle Bank [Member] | LifeCare Agreement [Member] | Site Improvements [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments to acquire assets |
|
|
$ 1,500,000
|
|
|
|
|
|
|
|
|
|
|
Union Bank And Trust Company [Member] | Security Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal interest percentage |
7.44%
|
|
|
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionIdentification of the lender and information about a contractual promise to repay a short-term or long-term obligation, which includes borrowings under lines of credit, notes payable, commercial paper, bonds payable, debentures, and other contractual obligations for payment. This may include rationale for entering into the arrangement, significant terms of the arrangement, which may include amount, repayment terms, priority, collateral required, debt covenants, borrowing capacity, call features, participation rights, conversion provisions, sinking-fund requirements, voting rights, basis for conversion if convertible and remarketing provisions. The description may be provided for individual debt instruments, rational groupings of debt instruments, or by debt in total.
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v3.24.2.u1
Schedule of Future Minimum Lease Payments (Details) - USD ($)
|
Jun. 30, 2024 |
Dec. 31, 2023 |
Leases [Abstract] |
|
|
2024 |
$ 479,000
|
|
2025 |
860,000
|
|
2026 |
839,000
|
|
2027 |
808,000
|
|
2028 |
824,000
|
|
After |
4,913,000
|
|
Total lease payments |
8,723,000
|
|
Less: Imputed Interest |
(1,459,000)
|
|
Present value of remaining lease payments |
7,264,000
|
|
Current |
661,000
|
$ 686,000
|
Noncurrent |
$ 6,603,000
|
$ 6,917,000
|
Weighted-average remaining lease term (years) |
10 years
|
|
Weighted-average discount rate |
4.10%
|
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v3.24.2.u1
Commitments and Contingencies (Details Narrative) - License Agreement [Member] - USD ($)
|
Mar. 19, 2022 |
Mar. 19, 2022 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Development costs |
$ 1,250,000
|
|
|
|
Equivir License [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Accrued expense |
|
|
$ 152,000
|
$ 200,000
|
Bio Medical [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Loss contingency allegations |
|
In exchange, the Licensee shall pay the Company a royalty of 5.5% of net sales. Under the
terms of the Equivir Agreement, the Company shall reimburse the Licensee for 50% of the development costs provided that the development
costs shall not exceed $1,250,000. As of June 30, 2024 and December 31, 2023, $152,000 and $200,000, respectively, has been accrued for
in relation to the Equivir License as development of the Equivir technology
|
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v3.24.2.u1
Stockholders’ Equity (Details Narrative) - USD ($)
|
|
|
|
6 Months Ended |
12 Months Ended |
Jan. 04, 2024 |
May 10, 2023 |
Apr. 10, 2023 |
Jun. 30, 2024 |
Dec. 31, 2023 |
Class of Stock [Line Items] |
|
|
|
|
|
Stockholders' equity, reverse stock split |
1 for 20
|
|
|
|
|
Common stock shares issued |
|
|
|
7,066,772
|
7,066,772
|
Common stock shares outstanding |
|
|
|
7,066,772
|
7,066,772
|
Share based compensation expense |
|
|
|
$ 0
|
|
Stockholders' Equity Note, Stock Split |
|
On
May 10, 2023, the Company, the Company’s Board of Directors approved an amendment to the Articles of Incorporation of the Company
to increase the total number of shares of Common Stock to 4,000,000,000 shares with a par value of $0.001. Each share of Common Stock
when issued, shall have one (1) vote on all matters presented to the stockholders. Our Amended and Restated Articles of Incorporation
also authorized 100,000,000 shares of preferred stock, par value $0.001 per share. On May 11, 2023, the Company effected a forward split.
As a result, there were 3,877,282,251 shares of our Common Stock and no shares of preferred stock issued and outstanding. Prior to the
split, there were 125,073,621 shares of our Common Stock and no shares of preferred stock issued and outstanding. On October 31, 2023,
the Company effected a reverse stock split of 1 for 55. Also on October 31, 2023, DSS BioHealth Securities, Inc., the Company’s
largest shareholder converted 60,496,041 shares of Common Stock into 60,496,041 shares of Series A Convertible Preferred Shares, reducing
its ownership of the Company’s Common Stock from approximately 88% to approximately 12%. As of June 30, 2024 and December 31, 2023,
there were 10,000,000 shares of our Common Stock and 60,496,041 shares of preferred stock issued and outstanding
|
|
|
|
Convertible Common Stock [Member] |
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
Common stock shares issued |
|
|
|
|
140,264,240
|
Common stock shares outstanding |
|
|
|
|
140,264,240
|
Conversion of stock, shares converted |
|
|
|
|
7,066,772
|
Frank Heuszel [Member] | Employment Agreement [Member] |
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
Number of shares of common stock |
|
|
1,247,078
|
|
|
Number of shares of common stock, values |
|
|
$ 268,000
|
|
|
X |
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v3.24.2.u1
Schedule of Operations by Reportable Segment (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
$ 4,211,000
|
$ 7,233,000
|
$ 8,082,000
|
$ 19,064,000
|
Depreciation and amortization |
|
|
1,136,000
|
2,647,000
|
Interest expense |
142,000
|
138,000
|
190,000
|
388,000
|
Interest income |
195,000
|
407,000
|
302,000
|
538,000
|
Net income (loss) from continuing operations |
(4,954,000)
|
(37,723,000)
|
(10,063,000)
|
(46,357,000)
|
Operating Segments [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
4,211,000
|
7,233,000
|
8,082,000
|
19,064,000
|
Cost of revenue |
5,673,000
|
4,832,000
|
10,663,000
|
13,365,000
|
Depreciation and amortization |
555,000
|
1,314,000
|
1,136,000
|
2,647,000
|
Interest expense |
1,244,000
|
138,000
|
2,390,000
|
388,000
|
Interest income |
195,000
|
407,000
|
302,000
|
538,000
|
Net income (loss) from continuing operations |
(4,954,000)
|
(37,723,000)
|
(10,063,000)
|
(46,357,000)
|
Capital expenditures |
29,000
|
19,000
|
29,000
|
613,000
|
Identifiable assets |
144,448,000
|
202,744,000
|
144,448,000
|
202,744,000
|
Assets held for sale |
46,040,000
|
2,004,000
|
46,040,000
|
2,004,000
|
Operating Segments [Member] | Product Packaging [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
3,539,000
|
3,626,000
|
6,620,000
|
9,661,000
|
Cost of revenue |
3,598,000
|
2,421,000
|
6,365,000
|
7,081,000
|
Depreciation and amortization |
190,000
|
193,000
|
381,000
|
381,000
|
Interest expense |
45,000
|
47,000
|
91,000
|
86,000
|
Interest income |
|
|
|
|
Net income (loss) from continuing operations |
(894,000)
|
(205,000)
|
(1,367,000)
|
491,000
|
Capital expenditures |
29,000
|
4,000
|
29,000
|
580,000
|
Identifiable assets |
19,683,000
|
23,080,000
|
19,683,000
|
23,080,000
|
Assets held for sale |
|
|
|
|
Operating Segments [Member] | Commercial Banking [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
44,000
|
197,000
|
146,000
|
314,000
|
Cost of revenue |
(4,484,000)
|
|
(4,015,000)
|
|
Depreciation and amortization |
|
|
|
|
Interest expense |
|
|
|
|
Interest income |
(1,000)
|
|
|
|
Net income (loss) from continuing operations |
502,000
|
(1,213,000)
|
(880,000)
|
(1,777,000)
|
Capital expenditures |
|
|
|
|
Identifiable assets |
12,129,000
|
41,324,000
|
12,129,000
|
41,324,000
|
Assets held for sale |
|
|
|
|
Operating Segments [Member] | Direct Marketing Online Sales [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
3,000
|
1,572,000
|
3,000
|
5,566,000
|
Cost of revenue |
|
516,000
|
|
1,806,000
|
Depreciation and amortization |
34,000
|
43,000
|
68,000
|
89,000
|
Interest expense |
|
|
|
|
Interest income |
36,000
|
280,000
|
72,000
|
285,000
|
Net income (loss) from continuing operations |
104,000
|
(28,074,000)
|
34,000
|
(31,260,000)
|
Capital expenditures |
|
(4,000)
|
|
|
Identifiable assets |
442,000
|
7,159,000
|
442,000
|
7,159,000
|
Assets held for sale |
|
2,004,000
|
|
2,004,000
|
Operating Segments [Member] | Biotechnology [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
1,000
|
|
2,000
|
|
Cost of revenue |
10,000
|
2,000
|
20,000
|
63,000
|
Depreciation and amortization |
288,000
|
289,000
|
577,000
|
586,000
|
Interest expense |
|
|
|
|
Interest income |
3,000
|
49,000
|
9,000
|
143,000
|
Net income (loss) from continuing operations |
(669,000)
|
(3,934,000)
|
(1,610,000)
|
(4,782,000)
|
Capital expenditures |
|
12,000
|
|
17,000
|
Identifiable assets |
48,631,000
|
49,952,000
|
48,631,000
|
49,952,000
|
Assets held for sale |
|
|
|
|
Operating Segments [Member] | Securities [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
624,000
|
1,838,000
|
1,311,000
|
3,523,000
|
Cost of revenue |
2,066,000
|
1,820,000
|
3,810,000
|
4,340,000
|
Depreciation and amortization |
39,000
|
782,000
|
107,000
|
1,526,000
|
Interest expense |
1,199,000
|
91,000
|
2,299,000
|
302,000
|
Interest income |
156,000
|
78,000
|
219,000
|
110,000
|
Net income (loss) from continuing operations |
(2,566,000)
|
(4,413,000)
|
(4,915,000)
|
(6,441,000)
|
Capital expenditures |
|
7,000
|
|
35,000
|
Identifiable assets |
59,211,000
|
71,610,000
|
59,211,000
|
71,610,000
|
Assets held for sale |
46,040,000
|
|
46,040,000
|
|
Operating Segments [Member] | Corporate Segment [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
|
|
|
|
Cost of revenue |
4,483,000
|
73,000
|
4,483,000
|
75,000
|
Depreciation and amortization |
4,000
|
7,000
|
3,000
|
65,000
|
Interest expense |
|
|
|
|
Interest income |
1,000
|
|
2,000
|
|
Net income (loss) from continuing operations |
(1,431,000)
|
116,000
|
(1,325,000)
|
(2,588,000)
|
Capital expenditures |
|
|
|
(19,000)
|
Identifiable assets |
4,352,000
|
9,619,000
|
4,352,000
|
9,619,000
|
Assets held for sale |
|
|
|
|
X |
- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period.
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v3.24.2.u1
Schedule of Disaggregation of Revenue (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
$ 4,211,000
|
$ 7,233,000
|
$ 8,082,000
|
$ 19,064,000
|
Printed Products [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
3,528,000
|
3,626,000
|
6,601,000
|
9,661,000
|
Direct Marketing [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
|
1,572,000
|
|
5,566,000
|
Rental Revenue Income [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
438,000
|
1,543,000
|
838,000
|
3,228,000
|
Commission Revenue [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
204,000
|
295,000
|
507,000
|
295,000
|
Net Investment Revenue Income [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
41,000
|
197,000
|
136,000
|
314,000
|
Packaging Printing and Fabrication [Member] | Printed Products [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
3,441,000
|
3,571,000
|
6,323,000
|
9,341,000
|
Commercial and Security Printing [Member] | Printed Products [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
87,000
|
55,000
|
278,000
|
320,000
|
Direct Marketing Internet Sales [Member] | Direct Marketing [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
|
1,572,000
|
|
5,566,000
|
Rental Income [Member] | Rental Revenue Income [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
438,000
|
1,543,000
|
838,000
|
3,228,000
|
Commission Income [Member] | Commission Revenue [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
204,000
|
295,000
|
507,000
|
295,000
|
Net Investment Income [Member] | Net Investment Revenue Income [Member] |
|
|
|
|
Segment Reporting Information [Line Items] |
|
|
|
|
Revenue |
$ 41,000
|
$ 197,000
|
$ 136,000
|
$ 314,000
|
X |
- DefinitionAmount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.
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v3.24.2.u1
Related Party Transactions (Details Narrative) - USD ($)
|
|
|
|
|
|
3 Months Ended |
6 Months Ended |
12 Months Ended |
|
May 08, 2023 |
Aug. 29, 2022 |
Jul. 26, 2022 |
Oct. 13, 2021 |
Sep. 10, 2020 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
Mar. 31, 2024 |
Unrealized loss on investment |
|
|
|
|
|
|
|
$ (17,426,000)
|
|
$ (17,325,000)
|
|
Net loss |
|
|
|
|
|
$ (4,683,000)
|
$ (37,923,000)
|
(8,754,000)
|
$ (45,959,000)
|
|
|
Notes receivable current |
|
|
|
|
|
3,907,000
|
|
3,907,000
|
|
8,772,000
|
|
Long term portion of notes receivable |
|
|
|
|
|
117,000
|
|
117,000
|
|
111,000
|
|
Principal and accrued interest |
|
|
|
|
|
49,130,000
|
|
49,130,000
|
|
47,776,000
|
|
Note 8 [Member] |
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
$ 100,000
|
|
|
|
|
|
|
|
|
|
Maturity date |
|
Aug. 29, 2025
|
|
|
|
|
|
|
|
|
|
Debt instrument interest percentage |
|
8.00%
|
|
|
|
|
|
|
|
|
|
Notes and loans receivable gross current |
|
|
|
|
|
$ 101,000
|
|
$ 101,000
|
|
100,000
|
|
Notes receivable current |
|
|
|
|
|
|
|
|
|
76,000
|
|
Long term portion of notes receivable |
|
|
|
|
|
|
|
|
|
24,000
|
|
Note 9 [Member] |
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
$ 102,000
|
|
|
|
|
|
|
|
|
|
|
Maturity date |
May 07, 2026
|
|
|
|
|
|
|
|
|
|
|
Debt instrument interest percentage |
2.00%
|
|
|
|
|
24.90%
|
|
24.90%
|
|
|
|
Notes and loans receivable gross current |
|
|
|
|
|
$ 110,000
|
|
$ 110,000
|
|
107,000
|
|
Notes receivable current |
|
|
|
|
|
|
|
|
|
$ 54,000
|
|
Effective rate percentage |
|
|
|
|
|
10.50%
|
|
10.50%
|
|
10.50%
|
|
Principal and accrued interest |
|
|
|
|
|
|
|
|
|
$ 53,000
|
|
Note 10 [Member] |
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
$ 1,000,000
|
|
|
$ 959,000
|
|
$ 959,000
|
|
|
|
Maturity date |
|
|
Jul. 26, 2024
|
|
|
|
|
|
|
|
|
Debt instrument interest percentage |
|
|
8.00%
|
|
|
|
|
|
|
|
|
Notes and loans receivable gross current |
|
|
|
|
|
959,000
|
|
959,000
|
|
939,000
|
|
Notes receivable current |
|
|
|
|
|
|
|
|
|
|
$ 480,000
|
Unamortized origination fees |
|
|
|
|
|
|
|
|
|
20,000
|
|
BMIC Loan [Member] |
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
$ 3,000,000
|
|
461,000
|
|
461,000
|
|
547,000
|
|
Maturity date |
|
|
|
Oct. 12, 2022
|
|
|
|
|
|
|
|
Wilson Loan [Member] |
|
|
|
|
|
|
|
|
|
|
|
Principal amount |
|
|
|
$ 3,000,000
|
|
$ 1,064,000
|
|
1,064,000
|
|
2,131,000
|
|
Maturity date |
|
|
|
Oct. 12, 2022
|
|
|
|
|
|
|
|
BMI Capital International LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock, net of expenses |
|
|
|
|
$ 100,000
|
|
|
|
|
|
|
Net loss |
|
|
|
|
|
|
|
$ 7,000
|
22,000
|
|
|
DSS Securities, Inc. [Member] |
|
|
|
|
|
|
|
|
|
|
|
Ownership percentage |
|
|
|
|
14.90%
|
|
|
|
|
|
|
BMI Capital International LLC [Member] |
|
|
|
|
|
|
|
|
|
|
|
Ownership percentage |
|
|
|
|
24.90%
|
|
|
|
|
|
|
DSS Financial Management Inc [Member] | Note 8 [Member] |
|
|
|
|
|
|
|
|
|
|
|
Ownership percentage |
|
|
|
|
|
24.90%
|
|
24.90%
|
|
|
|
DSS Financial Management Inc [Member] | Note 9 [Member] |
|
|
|
|
|
|
|
|
|
|
|
Ownership percentage |
|
|
|
|
|
24.90%
|
|
24.90%
|
|
|
|
Alset International Limited [Member] |
|
|
|
|
|
|
|
|
|
|
|
Investment owned, balance shares |
|
|
|
|
|
127,179,291
|
|
127,179,291
|
|
|
|
Warrants percentage |
|
|
|
|
|
|
|
4.00%
|
|
|
|
Marketable securities |
|
|
|
|
|
$ 2,912,000
|
|
$ 2,912,000
|
|
$ 3,269,000
|
|
Unrealized loss on investment |
|
|
|
|
|
|
|
$ 356,000
|
$ 1,819,000
|
|
|
DSS Securities, Inc. [Member] |
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock, net of expenses |
|
|
|
|
$ 100,000
|
|
|
|
|
|
|
Outstanding membership interest |
|
|
|
|
10.00%
|
|
|
|
|
|
|
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