{"id":758682,"date":"2023-05-15T07:06:39","date_gmt":"2023-05-15T11:06:39","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/data-storage-corporation-achieves-profitability-for-the-first-quarter-of-2023\/"},"modified":"2023-05-15T07:06:39","modified_gmt":"2023-05-15T11:06:39","slug":"data-storage-corporation-achieves-profitability-for-the-first-quarter-of-2023","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/data-storage-corporation-achieves-profitability-for-the-first-quarter-of-2023\/","title":{"rendered":"Data Storage Corporation Achieves Profitability for the First Quarter of 2023"},"content":{"rendered":"
\n

MELVILLE, N.Y., May 15, 2023 (GLOBE NEWSWIRE) — Data Storage Corporation (Nasdaq: DTST) (\u201cDSC\u201d and the \u201cCompany\u201d), a provider of diverse business continuity solutions for disaster-recovery, cloud infrastructure, cyber security, and IT services, today provided a business update and reported financial results for the three months ended March 31, 2023.<\/p>\n

Chuck Piluso, CEO of Data Storage Corporation, commented, \u201cWe are implementing a number of strategic business initiatives that are expected to further accelerate growth, such as expanding our dedicated sales teams, hosting revenue-driven sales events, expanding our channel partner programs, and increasing our international footprint through strategic partnerships. At the same time, we remain focused on streamlining operations and consolidating redundant business expenses. By executing on these initiatives, while focusing our efforts on long-term, high-margin, subscription-based contracts, we believe we can achieve sustained profitability and maximize returns for our shareholders.\u201d<\/p>\n

\u201cTowards this end, I\u2019m pleased to report we achieved profitability for the first quarter of 2023 on $6.9 million in revenue. We decreased our selling, general and administrative expenses by 13%, as a result of reallocating resources and eliminating redundancies. With approximately $11 million of cash and short-term investments, and no debt, we believe we are well capitalized with a solid balance sheet and poised for rapid organic growth.\u201d<\/p>\n

\n Conference Call<\/strong>\n <\/p>\n

The Company plans to host a conference call at 10:00 am ET today, May 15, 2023, to discuss the Company’s financial results for the first quarter of 2023 which ended March 31, 2023, as well as corporate progress and other developments.<\/p>\n

The conference call will be available via telephone by dialing toll-free 877-451-6152 for U.S. callers or for international callers 1-201-389-0879. A webcast of the call may be accessed at\u202f https:\/\/viavid.webcasts.com\/starthere.jsp?ei=1612889&tp_key=d98847e007<\/a>, or on the Company\u2019s News & Events section of the website,\u202f www.dtst.com\/news-events<\/a>.<\/p>\n

A webcast replay of the call will be available on the Company\u2019s website (www.dtst.com\/news-events<\/a>) through May 15, 2024. A telephone replay of the call will be available approximately three hours following the call, through May 22, 2023, and can be accessed by dialing 844-512-2921 for U.S. callers or + 1-412-317-6671 for international callers and entering conference ID: 13738533.\u00a0<\/p>\n

\n About Data Storage Corporation<\/strong>
\n
Data Storage Corporation (Nasdaq: DTST) is a family of fully integrated cyber security, cloud infrastructure, and voice & data companies, built around investments in proprietary IT solutions for a broad range of domestic and global customers, including Fortune 500 clients, across a wide range of industries, such as government, education, and healthcare, with a focus on the rapidly growing, multi-billion-dollar business continuity market. A stable and emerging growth leader in cloud infrastructure support, DTST companies operate regional data center facilities across North America, sustainably servicing\u00a0clients via recurring subscription agreements. \u00a0Additional information about the Company is available at:\u00a0www.dtst.com<\/a>\u00a0and on Twitter (@DataStorageCorp<\/a>).<\/p>\n

\n Safe Harbor Provision<\/strong>
\n
\n This press release contains \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created thereby. Forward-looking statements are subject to risks and uncertainties that could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words \u201cbelieves,\u201d \u201cexpects,\u201d \u201canticipates,\u201d \u201cintends,\u201d \u201cprojects,\u201d \u201cestimates,\u201d \u201cplans\u201d and similar expressions or future or conditional verbs such as \u201cwill,\u201d \u201cshould,\u201d \u201cwould,\u201d \u201cmay\u201d and \u201ccould\u201d are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can provide no assurance that such expectations will prove to have been correct. These risks should not be construed as exhaustive and should be read together with the other cautionary statements included in the Company\u2019s Annual Report on Form 10-K for the year ended December 31, 2022, subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it was initially made. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or otherwise.<\/em>\n <\/p>\n

\n Contact:<\/strong>
\n
Crescendo Communications, LLC
212-671-1020
DTST@crescendo-ir.com<\/a>
SOURCE: <\/strong>Data Storage Corporation<\/p>\n

[Tables follow]<\/p>\n

\n \n <\/p>\n

\n CONSOLIDATED BALANCE SHEETS<\/strong>\n <\/p>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n March 31, 2023<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n December 31, 2022<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n (Unaudited)<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
ASSETS<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current Assets:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and cash equivalents<\/td>\n\u00a0<\/td>\n$<\/td>\n1,882,039<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n2,286,722<\/td>\n<\/tr>\n
Accounts receivable (less allowance for credit losses of $31,136 and $27,250 in 2023 and 2022, respectively)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,671,170<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n3,502,836<\/td>\n<\/tr>\n
Marketable securities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,114,391<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n9,010,968<\/td>\n<\/tr>\n
Prepaid expenses and other current assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n878,460<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n584,666<\/td>\n<\/tr>\n
Total Current Assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,546,060<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,385,192<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Property and Equipment:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Property and equipment<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,597,462<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n7,168,488<\/td>\n<\/tr>\n
Less\u2014Accumulated depreciation<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(5,177,980<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(4,956,698<\/td>\n<\/tr>\n
Net Property and Equipment<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,419,482<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,211,790<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other Assets:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Goodwill<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,238,671<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,238,671<\/td>\n<\/tr>\n
Operating lease right-of-use assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n175,842<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n226,501<\/td>\n<\/tr>\n
Other assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n65,736<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n48,437<\/td>\n<\/tr>\n
Intangible assets, net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,905,914<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,975,644<\/td>\n<\/tr>\n
Total Other Assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,386,163<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,489,253<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total Assets<\/td>\n\u00a0<\/td>\n$<\/td>\n24,351,705<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n24,086,235<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\n LIABILITIES AND STOCKHOLDERS’ DEFICIT<\/strong>\n <\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Current Liabilities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts payable and accrued expenses<\/td>\n\u00a0<\/td>\n$<\/td>\n3,699,246<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n3,207,577<\/td>\n<\/tr>\n
Deferred revenue<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n309,273<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n281,060<\/td>\n<\/tr>\n
Finance leases payable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n308,180<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n359,868<\/td>\n<\/tr>\n
Finance leases payable related party<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n454,115<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n520,623<\/td>\n<\/tr>\n
Operating lease liabilities short term<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n143,480<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n160,657<\/td>\n<\/tr>\n
Total Current Liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,914,294<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,529,785<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Operating lease liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n36,733<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n71,772<\/td>\n<\/tr>\n
Finance leases payable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n192,666<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n281,242<\/td>\n<\/tr>\n
Finance leases payable related party<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n139,285<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n256,241<\/td>\n<\/tr>\n
Total Long Term Liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n368,684<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n609,255<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Total Liabilities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,282,978<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n5,139,040<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Commitments and contingencies (Note 6)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Stockholders\u2019 Equity:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Preferred stock, Series A par value $.001; 10,000,000 shares authorized; 0 and 0 shares issued and outstanding in 2023 and 2022, respectively<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n<\/tr>\n
Common stock, par value $.001; 250,000,000 shares authorized; 6,834,627 and 6,822,127 shares issued and outstanding in 2023 and 2022, respectively<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,835<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,822<\/td>\n<\/tr>\n
Additional paid in capital<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n39,068,896<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n38,982,440<\/td>\n<\/tr>\n
Accumulated deficit<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(19,836,712<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(19,887,378<\/td>\n<\/tr>\n
Total Data Storage Corp Stockholders’ Equity<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19,239,019<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19,101,884<\/td>\n<\/tr>\n
Non-controlling interest in consolidated subsidiary<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(170,292<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(154,689<\/td>\n<\/tr>\n
Total Stockholder\u2019s Equity<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n19,068,727<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n18,947,195<\/td>\n<\/tr>\n
Total Liabilities and Stockholders’ Equity<\/td>\n\u00a0<\/td>\n$<\/td>\n24,351,705<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n24,086,235<\/td>\n<\/tr>\n<\/table>\n

\n
\n
CONSOLIDATED STATEMENTS OF OPERATIONS<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Three Months Ended\u00a0March 31,<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 2023<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 2022<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Sales<\/td>\n\u00a0<\/td>\n$<\/td>\n6,879,723<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n8,657,199<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cost of sales<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n4,789,978<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,011,289<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Gross Profit<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,089,745<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,645,910<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Selling, general and administrative<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,130,759<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,459,866<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income (Loss) from Operations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(41,014<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n186,044<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Other Income (Expense)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Interest income (expense), net<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n76,077<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(42,660<\/td>\n)<\/td>\n<\/tr>\n
Total Other Income (Expense)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n76,077<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(42,660<\/td>\n)<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Income before provision for income taxes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n35,063<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n143,384<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Benefit from income taxes<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net Income<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n35,063<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n143,384<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Non-controlling interest in consolidated subsidiary<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n15,603<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,626<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net Income Attributable to Common Stockholders<\/td>\n\u00a0<\/td>\n$<\/td>\n50,666<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n156,010<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Earnings per Share \u2013 Basic<\/td>\n\u00a0<\/td>\n$<\/td>\n0.01<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.02<\/td>\n\u00a0<\/td>\n<\/tr>\n
Earnings per Share \u2013 Diluted<\/td>\n\u00a0<\/td>\n$<\/td>\n0.01<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n0.02<\/td>\n\u00a0<\/td>\n<\/tr>\n
Weighted Average Number of Shares – Basic<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,822,127<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,695,966<\/td>\n\u00a0<\/td>\n<\/tr>\n
Weighted Average Number of Shares – Diluted<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,954,320<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,955,900<\/td>\n\u00a0<\/td>\n<\/tr>\n<\/table>\n

\n
\n
CONSOLIDATED STATEMENTS OF CASH FLOWS<\/strong>\n <\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n Three Months Ended\u00a0March 31,<\/strong>\n <\/td>\n<\/tr>\n
\u00a0<\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 2023<\/strong>\n <\/td>\n\n \u00a0<\/strong>\n <\/td>\n\n 2022<\/strong>\n <\/td>\n<\/tr>\n
Cash Flows from Operating Activities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Net Income<\/td>\n\u00a0<\/td>\n$<\/td>\n35,063<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n143,384<\/td>\n<\/tr>\n
Adjustments to reconcile net income to net cash provided by operating activities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Depreciation and amortization<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n288,710<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n351,338<\/td>\n<\/tr>\n
Stock based compensation<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n86,469<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n66,505<\/td>\n<\/tr>\n
Changes in Assets and Liabilities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Accounts receivable<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(168,334<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(1,140,097<\/td>\n<\/tr>\n
Other assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(17,300<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n25,180<\/td>\n<\/tr>\n
Prepaid expenses and other current assets<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(293,794<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(719,842<\/td>\n<\/tr>\n
Right of use asset<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n50,659<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n47,962<\/td>\n<\/tr>\n
Accounts payable and accrued expenses<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n491,669<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,991,981<\/td>\n<\/tr>\n
Deferred revenue<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n28,213<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(74,409<\/td>\n<\/tr>\n
Operating lease liability<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(52,216<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(48,179<\/td>\n<\/tr>\n
Net Cash Provided by Operating Activities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n449,139<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,643,823<\/td>\n<\/tr>\n
Cash Flows from Investing Activities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Capital expenditures<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(426,671<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(25,946<\/td>\n<\/tr>\n
Purchase of short-term investments<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(103,423<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n<\/tr>\n
Net Cash Used in Investing Activities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(530,094<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(25,946<\/td>\n<\/tr>\n
Cash Flows from Financing Activities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Repayments of finance lease obligations related party<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(183,464<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(274,393<\/td>\n<\/tr>\n
Repayments of finance lease obligations<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(140,264<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(65,515<\/td>\n<\/tr>\n
Cash received for the exercised of options<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n6,935<\/td>\n<\/tr>\n
Net Cash Used in Financing Activities<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(323,728<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(332,973<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Increase (decrease) in Cash and Cash Equivalents<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n(404,683<\/td>\n)<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n1,284,904<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and Cash Equivalents, Beginning of Period<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n2,286,722<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n12,135,803<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash and Cash Equivalents, End of Period<\/td>\n\u00a0<\/td>\n$<\/td>\n1,882,039<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n13,420,707<\/td>\n<\/tr>\n
Supplemental Disclosures:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Cash paid for interest<\/td>\n\u00a0<\/td>\n$<\/td>\n24,863<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n41,040<\/td>\n<\/tr>\n
Cash paid for income taxes<\/td>\n\u00a0<\/td>\n$<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n\u2014<\/td>\n<\/tr>\n
Non-cash investing and financing\u00a0activities:<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
Assets acquired by finance lease<\/td>\n\u00a0<\/td>\n$<\/td>\n\u2014<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n$<\/td>\n881,308<\/td>\n<\/tr>\n<\/table>\n


\n
\n \n <\/div>\n

<\/div>\n","protected":false},"excerpt":{"rendered":"

MELVILLE, N.Y., May 15, 2023 (GLOBE NEWSWIRE) — Data Storage Corporation (Nasdaq: DTST) (\u201cDSC\u201d and the \u201cCompany\u201d), a provider of diverse business continuity solutions for disaster-recovery, cloud infrastructure, cyber security, and IT services, today provided a business update and reported financial results for the three months ended March 31, 2023. Chuck Piluso, CEO of Data Storage Corporation, commented, \u201cWe are implementing a number of strategic business initiatives that are expected to further accelerate growth, such as expanding our dedicated sales teams, hosting revenue-driven sales events, expanding our channel partner programs, and increasing our international footprint through strategic partnerships. At the same time, we remain focused on streamlining operations and consolidating redundant business expenses. By executing on these initiatives, while focusing … <\/p>\n

Continue reading “Data Storage Corporation Achieves Profitability for the First Quarter of 2023”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-758682","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nData Storage Corporation Achieves Profitability for the First Quarter of 2023 - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/data-storage-corporation-achieves-profitability-for-the-first-quarter-of-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Data Storage Corporation Achieves Profitability for the First Quarter of 2023 - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"MELVILLE, N.Y., May 15, 2023 (GLOBE NEWSWIRE) — Data Storage Corporation (Nasdaq: DTST) (\u201cDSC\u201d and the \u201cCompany\u201d), a provider of diverse business continuity solutions for disaster-recovery, cloud infrastructure, cyber security, and IT services, today provided a business update and reported financial results for the three months ended March 31, 2023. Chuck Piluso, CEO of Data Storage Corporation, commented, \u201cWe are implementing a number of strategic business initiatives that are expected to further accelerate growth, such as expanding our dedicated sales teams, hosting revenue-driven sales events, expanding our channel partner programs, and increasing our international footprint through strategic partnerships. At the same time, we remain focused on streamlining operations and consolidating redundant business expenses. 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Chuck Piluso, CEO of Data Storage Corporation, commented, \u201cWe are implementing a number of strategic business initiatives that are expected to further accelerate growth, such as expanding our dedicated sales teams, hosting revenue-driven sales events, expanding our channel partner programs, and increasing our international footprint through strategic partnerships. At the same time, we remain focused on streamlining operations and consolidating redundant business expenses. By executing on these initiatives, while focusing … Continue reading \"Data Storage Corporation Achieves Profitability for the First Quarter of 2023\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/data-storage-corporation-achieves-profitability-for-the-first-quarter-of-2023\/","og_site_name":"Market Newsdesk","article_published_time":"2023-05-15T11:06:39+00:00","og_image":[{"url":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODgzOTA1OCM1NTk0NTgyIzIwODU0NjE=","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/data-storage-corporation-achieves-profitability-for-the-first-quarter-of-2023\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/data-storage-corporation-achieves-profitability-for-the-first-quarter-of-2023\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"Data Storage Corporation Achieves Profitability for the First Quarter of 2023","datePublished":"2023-05-15T11:06:39+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/data-storage-corporation-achieves-profitability-for-the-first-quarter-of-2023\/"},"wordCount":1147,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/data-storage-corporation-achieves-profitability-for-the-first-quarter-of-2023\/#primaryimage"},"thumbnailUrl":"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODgzOTA1OCM1NTk0NTgyIzIwODU0NjE=","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/data-storage-corporation-achieves-profitability-for-the-first-quarter-of-2023\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/data-storage-corporation-achieves-profitability-for-the-first-quarter-of-2023\/","name":"Data Storage Corporation Achieves Profitability for the First Quarter of 2023 - 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