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Data Storage Corporation (DTST-3.17%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing total sales of $5,808,835, a decrease from $5,986,625 in the same quarter the previous year. The decrease is attributed to lower one-time equipment and software sales.
Cost of sales for the quarter was $3,297,164, compared to $3,656,271 in the same quarter of the previous year. This decrease is primarily related to the decrease in one-time equipment and managed services related cost of sales.
Selling, general, and administrative expenses increased to $2,537,501 from $2,316,213, primarily due to an increase in salaries and professional fees.
Net income for the quarter was $123,526, down from $157,738 in the previous year. The decrease is primarily attributed to increased expenses.
Cash provided by operating activities was $552,590, while cash used in investing and financing activities was $1,172,581 and $295,021, respectively.
Data Storage Corporation had a working capital of $11,583,279 as of September 30, 2024. The company continues to focus on expanding its cloud infrastructure and disaster recovery services.
The filing also details the company's expansion into the UK and European markets, with plans to commence operations in 2025.
Data Storage Corporation maintains a presence in seven data centers across the U.S. and Canada, providing subscription-based solutions.
The company has entered into an Equity Distribution Agreement with Maxim Group LLC to offer and sell shares of its common stock.
The filing reports no significant changes in internal control over financial reporting during the quarter.
Data Storage Corporation is not currently involved in any material legal proceedings.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Data Storage Corporation Warrant quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.