Data Storage Corp
For the period ended Sep 30, 2024. Filed Nov 14, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 14, 2024
DTST$2.63+9.1%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Condensed Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023
DATA STORAGE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
| September 30, 2024 (Unaudited) | December 31, 2023 | |
|---|---|---|
| ASSETS | ||
| Current Assets: | ||
| Cash and cash equivalents | $513,718 | $1,428,730 |
| Accounts receivable (less provision for credit losses of $31,456 and $7,915 in 2024 and 2023, respectively) | 1,973,153 | 1,259,972 |
| Marketable securities | 11,374,769 | 11,318,196 |
| Prepaid expenses and other current assets | 760,564 | 513,175 |
| Total Current Assets | 14,622,204 | 14,520,073 |
| Property and Equipment: | ||
| Property and equipment | 8,925,184 | 7,838,225 |
| Less—Accumulated depreciation | (5,865,481) | (5,105,451) |
| Net Property and Equipment | 3,059,703 | 2,732,774 |
| Other Assets: | ||
| Goodwill | 4,238,671 | 4,238,671 |
| Operating lease right-of-use assets | 599,625 | 62,981 |
| Other assets | 204,599 | 48,436 |
| Intangible assets, net | 1,493,792 | 1,698,084 |
| Total Other Assets | 6,536,687 | 6,048,172 |
| Total Assets | $24,218,594 | $23,301,019 |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
| Current Liabilities: | ||
| Accounts payable and accrued expenses | $2,629,414 | $2,608,938 |
| Deferred revenue | 160,237 | 336,201 |
| Finance leases payable | 79,652 | 263,600 |
| Finance leases payable related party | 74,077 | 235,944 |
| Operating lease liabilities short term | 95,545 | 63,983 |
| Total Current Liabilities | 3,038,925 | 3,508,666 |
| Operating lease liabilities | 548,897 | — |
| Finance leases payable | — | 17,641 |
| Finance leases payable related party | — | 20,297 |
| Total Long-Term Liabilities | 548,897 | 37,938 |
| Total Liabilities | 3,587,822 | 3,546,604 |
| Commitments and contingencies (Note 7) | — | — |
| Stockholders’ Equity: | ||
| Preferred stock, Series A par value $0.001; 10,000,000 shares authorized; 0 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively | — | — |
| Common stock, par value $0.001; 250,000,000 shares authorized; 7,014,373 and 6,880,460 shares issued and outstanding as of September 30, 2024, and December 31, 2023, respectively | 7,014 | 6,881 |
| Additional paid in capital | 40,143,684 | 39,490,285 |
| Accumulated deficit | (19,270,544) | (19,505,803) |
| Total Data Storage Corporation Stockholders’ Equity | 20,880,154 | 19,991,363 |
| Non-controlling interest in consolidated subsidiary | (249,382) | (236,948) |
| Total Stockholder’s Equity | 20,630,772 | 19,754,415 |
| Total Liabilities and Stockholders’ Equity | $24,218,594 | $23,301,019 |
The accompanying notes are an integral part of these condensed consolidated Financial Statements.
DATA STORAGE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Sales | $5,808,835 | $5,986,625 | $18,955,074 | $18,770,739 |
| Cost of sales | 3,297,164 | 3,656,271 | 11,069,038 | 11,771,886 |
| Gross Profit | 2,511,671 | 2,330,354 | 7,886,036 | 6,998,853 |
| Selling, general and administrative | 2,537,501 | 2,316,213 | 8,086,857 | 6,918,982 |
| Income (Loss) from Operations | (25,830) | 14,141 | (200,821) | 79,871 |
| Other Income (Expense) | ||||
| Interest income | 160,770 | 152,471 | 456,580 | 375,953 |
| Interest expense | (9,815) | (8,874) | (31,335) | (56,985) |
| Loss on disposal of equipment | (1,599) | — | (1,599) | — |
| Total Other Income (Expense) | 149,356 | 143,597 | 423,646 | 318,968 |
| Income before provision for income taxes | 123,526 | 157,738 | 222,825 | 398,839 |
| Provision for income taxes | — | — | — | — |
| Net Income | 123,526 | 157,738 | 222,825 | 398,839 |
| (Income) Loss in Non-controlling interest of consolidated subsidiary | (1,129) | 21,273 | 12,434 | 57,661 |
| Net Income attributable to Common Stockholders | $122,397 | $179,011 | $235,259 | $456,500 |
| Net Income per Share – Basic | $0.02 | $0.03 | $0.03 | $0.06 |
| Net Income per Share – Diluted | $0.02 | $0.02 | $0.03 | $0.06 |
| Weighted Average Number of Shares - Basic | 6,999,447 | 6,847,264 | 6,918,253 | 6,834,811 |
| Weighted Average Number of Shares – Diluted | 7,340,545 | 7,246,250 | 7,269,644 | 7,212,048 |
The accompanying notes are an integral part of these condensed consolidated Financial Statements.
DATA STORAGE CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2024 AND 2023
(Unaudited)
| Preferred Stock · Common Stock · Additional Paid-in · Accumulated · Non-Controlling · Total Stockholders’ | ||||||||
|---|---|---|---|---|---|---|---|---|
| Shares | Amount | Shares | Amount | Capital | Deficit | Interest | Equity | |
| Balance January 1, 2023 | — | $— | 6,822,127 | $6,822 | $38,982,440 | $(19,887,378) | $(154,689) | $18,947,195 |
| Stock-based compensation | — | — | 12,500 | 13 | 86,456 | — | — | 86,469 |
| Net Income (Loss) | — | — | — | — | — | 50,666 | (15,603) | 35,063 |
| Balance March 31, 2023 | — | $— | 6,834,627 | $6,835 | $39,068,896 | $(19,836,712) | $(170,292) | $19,068,727 |
| Stock-based compensation | — | — | 12,500 | 12 | 122,702 | — | — | 122,714 |
| Net Income (Loss) | — | — | — | — | — | 226,823 | (20,785) | 206,038 |
| Balance June 30, 2023 | — | $— | 6,847,127 | $6,847 | $39,191,598 | $(19,609,889) | $(191,077) | $19,397,479 |
| Stock-based compensation | — | — | 12,500 | 13 | 128,950 | — | — | 128,963 |
| Net Income (Loss) | — | — | — | — | — | 179,011 | (21,273) | 157,738 |
| Balance September 30, 2023 | — | $— | 6,859,627 | $6,860 | $39,320,548 | $(19,430,878) | $(212,350) | $19,684,180 |
| Balance January 1, 2024 | — | $— | 6,880,460 | $6,881 | $39,490,285 | $(19,505,803) | $(236,948) | $19,754,415 |
| Stock-based compensation | — | — | 49,490 | 49 | 171,276 | — | — | 171,325 |
| Net Income (Loss) | — | — | — | — | — | 357,102 | (11,198) | 345,904 |
| Balance March 31, 2024 | — | $— | 6,929,950 | $6,930 | $39,661,561 | $(19,148,701) | $(248,146) | $20,271,644 |
| Stock options exercised | — | — | 36,546 | 36 | 71,057 | — | — | 71,093 |
| Stock-based compensation | — | — | 29,326 | 29 | 207,818 | — | — | 207,847 |
| Net (Loss) | — | — | — | — | — | (244,240) | (2,365) | (246,605) |
| Balance June 30, 2024 | — | $— | 6,995,822 | $6,995 | $39,940,436 | $(19,392,941) | $(250,511) | $20,303,979 |
| Stock options exercised | — | — | 8,551 | 9 | 17,630 | — | — | 17,639 |
| Stock-based compensation | 10,000 | 10 | 185,618 | — | — | 185,628 | ||
| Net Income | — | — | — | — | — | 122,397 | 1,129 | 123,526 |
| Balance September 30, 2024 | — | $— | 7,014,373 | $7,014 | $40,143,684 | $(19,270,544) | $(249,382) | $20,630,772 |
The accompanying notes are an integral part of these condensed consolidated Financial Statements
DATA STORAGE CORPORATION AND SUBSIDIARIES
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