OSS One Stop Systems Inc

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 08, 2024

 

 

One Stop Systems, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware			001-38371	33-0885351
(State or Other Jurisdiction of Incorporation)			(Commission File Number)	(IRS Employer Identification No.)
2235 Enterprise Street #110
Escondido, California				92029
(Address of Principal Executive Offices)				(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: 760 745-9883

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.0001 par value per share		OSS		The Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

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. ☐

 

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Item 2.02 Results of Operations and Financial Condition.

The information provided below in “Item 7.01 - Regulation FD Disclosure” of this Current Report on Form 8-K is incorporated by reference into this Item 2.02.

Item 7.01 Regulation FD Disclosure.

On August 8, 2024, One Stop Systems, Inc. (the “Company”) issued a press release regarding the Company’s financial results for its second fiscal quarter ended June 30, 2024. A copy of that press release is furnished as Exhibit 99.1 hereto and incorporated herein by reference.

Exhibit 99.1 includes non-GAAP financial measures as defined in Regulation G. Exhibit 99.1 also includes a presentation of the most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States (“GAAP”), information reconciling the non-GAAP financial measures to the GAAP financial measures and a discussion of the reasons why the Company’s management believes that presentation of the non-GAAP financial measures provides useful information to investors regarding the Company’s financial condition and results of operations. The non-GAAP financial measures presented therein should be considered in addition to, not as a substitute for, or superior to, financial measures calculated and presented in accordance with GAAP.

Exhibit 99.1 also contains forward-looking statements. These forward-looking statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. Actual outcomes and results may differ materially from what is expressed in these forward-looking statements.

The information set forth under Item 7.01 of this Current Report on Form 8-K (“Current Report”), including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of such section. The information in Item 7.01 of this Current Report, including Exhibit 99.1, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any incorporation by reference language in any such filing, except as expressly set forth by specific reference in such a filing. This Current Report will not be deemed an admission as to the materiality of any information in this Current Report that is required to be disclosed solely by Regulation FD.

Item 9.01 Financial Statements and Exhibits.

(d)	Exhibits.

Exhibit		Description
99.1		Press Release, dated August 8, 2024.
104		Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

 

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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 hereunto duly authorized.

			ONE STOP SYSTEMS, INC.
Date:	August 8, 2024	By:	/s/ John Morrison
			John Morrison Chief Financial Officer

 

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One Stop Systems Reports Q2 2024 Results

 

Q2 2024 revenues of $13.2 million, sequential increase and in line with plan

 

OSS segment orders of $7.5 million,

outpacing quarterly revenue for the second consecutive quarter

 

Management expects continued sequential growth with consolidated Q3 2024 revenue of $13.3 million, and OSS segment revenue expected to increase 15% year-over-year to $6.3 million

 

ESCONDIDO, Calif. – August 8, 2024 – – One Stop Systems, Inc. ("OSS" or the "Company") (Nasdaq: OSS), a leader in rugged Enterprise Class compute for artificial intelligence (AI), machine learning (ML) and sensor processing at the edge, reported results for the second quarter ended June 30, 2024. Second quarter and six-month comparisons are to the same year-ago periods unless otherwise noted.

 

“Our second-quarter performance demonstrates the successful execution of our plan, as consolidated revenue increased sequentially to $13.2 million, OSS segment orders outpaced quarterly revenue for the second consecutive quarter, and we expanded customer-funded development revenue. The sequential increase in customer-funded development revenue is an important indicator of future growth, as this establishes OSS as an incumbent on future multiyear contracts. In addition, after backing out the contribution a former media customer had on revenue in the second quarter of 2023, revenue at our OSS segment grew by 8.3% year-over-year, another positive indicator for accelerating revenue momentum,” stated OSS President and CEO, Mike Knowles.

 

“I am encouraged that our transformational strategies are tracking to plan. As a result, we expect continued sequential revenue growth in the third quarter, led by an expected 15% year-over-year increase in OSS segment revenue. In addition, based on our current pipeline we believe we are well positioned for continued growth in the 2024 fourth quarter,” concluded Mr. Knowles.

 

2024 Second-Quarter Financial Summary

Consolidated revenue was $13.2 million, compared to $17.2 million. The 23.3% year-over-year reduction in revenue was primarily a result of approximately $3.2 million related to a former media customer and a $1.3 million decline in Bressner revenue associated with slower economic activity in Europe. Lower second-quarter revenue was partially offset by new customer-funded development orders, and revenue growth to new and existing customers, aligned directly with our strategic focus and plan.

 

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The following table sets forth net revenue by product category for the three months ended June 30, 2024, and June 30, 2023, by segment:

 

	Three Months Ended
Entity:	June 30, 2024	% of Net Revenue	June 30, 2023	% of Net Revenue	% Change
OSS	$ 5,522,034	41.8%	$ 8,278,096	48.1%	-33.3%
Bressner	7,679,296	58.2%	8,933,436	51.9%	-14.0%
Total net revenue	$ 13,201,330	100.0%	$ 17,211,532	100.0%	-23.3%

 

Gross margin percentage was 25.2%, as compared to 27.9% in the same year-ago quarter. OSS segment gross margin was 24.9%, a reduction of 4.3 percentage points from the same period a year ago, primarily due to production facility underutilization and additional inventory reserves. Bressner gross margin declined 1.2 percentage points to 25.5%, primarily due lower revenues resulting from European market softness.

 

Total operating expenses decreased 31.9% to $5.6 million. This decrease was predominantly attributable to a $2.7 million impairment of goodwill that occurred in the second quarter of 2023, the elimination of costs associated with organizational restructuring and outside professional services, partially offset by planned marketing and program management investments made during the quarter.

 

OSS reported a net loss of $2.3 million, or $0.11 per share, as compared to a net loss of $2.4 million, or $0.12 per share, in the prior year. The Company reported a non-GAAP net loss of $1.8 million, or $0.09 per share, compared to a non-GAAP net loss of $84,000, or $0.00 per diluted share.

 

Adjusted EBITDA, a non-GAAP metric, was a loss of $1.3 million, compared to adjusted EBITDA of $520,000 in the prior year second quarter.

 

As of June 30, 2024, OSS reported cash and short-term investments of $11.8 million and total working capital of $32.6 million, compared to cash and short-term investments of $11.8 million and total working capital of $35.6 million at December 31, 2023.

 

2024 First-Half Financial Summary

Consolidated revenue was $25.9 million, compared to $34.0 million for the same period last year. The 23.9% year-over-year reduction in revenue was primarily a result of approximately $4.7 million related to a former media customer, and a delay in timing of a defense contract that was partially offset by an expansion from an existing aerospace customer, representing a net $1.1 million shortfall. In addition, a $2.3 million decline in Bressner revenue associated with slower economic activity in Europe contributed to the year-over-year reduction in consolidated revenue.

 

 

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The following table sets forth net revenue by product category for the six months ended June 30, 2024, and June 30, 2023, by segment:

 

	Six Months Ended
Entity:	June 30, 2024	% of Net Revenue	June 30, 2023	% of Net Revenue	% Change
OSS	$ 11,055,906	42.8%	$ 16,908,682	49.7%	-34.6%
Bressner	14,797,210	57.2%	17,084,744	50.3%	-13.4%
Total net revenue	$ 25,853,116	100.0%	$ 33,993,426	100.0%	-23.9%

 

Gross margin percentage was 27.3%, as compared to 29.0% in the same year-ago quarter. OSS segment gross margin was 29.6%, a reduction of 3.2 percentage points from the same period a year ago. Bressner gross margin increased 0.3 percentage points to 25.6%.

 

Total operating expenses decreased 21.6% to $10.6 million. This decrease was predominantly attributable to a $2.7 million impairment of goodwill that occurred in the second quarter of 2023, the elimination of costs associated with organizational restructuring and outside professional services, partially offset by planned program management investments.

 

OSS reported a net loss of $3.7 million, or $0.18 per share, as compared to a net loss of $2.8 million, or $0.14 per share, in the prior year. The Company reported a non-GAAP net loss of $2.7 million, or $0.13 per share, compared to non-GAAP net income of $6,000, or $0.00 per diluted share.

 

Adjusted EBITDA, a non-GAAP metric, was a loss of $1.8 million, a decrease from adjusted EBITDA of $1.2 million in the prior year.

 

Outlook

OSS anticipates consolidated revenue of approximately $13.3 million in the third quarter of 2024, which accounts for approximately $1.6 million of orders that were pushed to the fourth quarter. The Company’s revenue guidance for the third quarter of 2024 also includes expected OSS segment revenue of $6.3 million, representing 15% year-over-year growth in the OSS segment, partially offset by lower Bressner revenue due to continued softness in the Company’s European markets.

 

While uncertain economic conditions and softness in Europe may negatively impact the Company’s consolidated second-half performance, management believes the Company’s leading Enterprise Class compute solutions, strong balance sheet, and committed team are well positioned to take advantage of positive fundamentals across its global markets and create long-term value for the Company’s shareholders.

 

 

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Conference Call

OSS will hold a conference call to discuss its results for the second quarter of 2024 followed by a question-and-answer period.

 

Date: Thursday, August 8, 2024

Time: 5:00 p.m. ET (2:00 p.m. PT)

Toll-free dial-in: 1-800-717-1738

International dial-in: 1-646-307-1865

Conference ID: 29484 (required for entry)
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1672517&tp_key=fda66a9cb4

 

A replay of the call will be available after 8:00 p.m. ET on August 8, 2024, through August 22, 2024.

 

Toll-free replay: 1-844-512-2921

International replay: 1-412-317-6671

Passcode: 1129484

 

About One Stop Systems

One Stop Systems, Inc. (Nasdaq: OSS) is a leader in AI enabled solutions for the demanding ‘edge’. OSS designs and manufactures Enterprise Class compute and storage products that enable rugged AI, sensor fusion and autonomous capabilities without compromise. These hardware and software platforms bring the latest data center performance to harsh and challenging applications, whether they are on land, sea or in the air.

 

OSS products include ruggedized servers, compute accelerators, flash storage arrays, and storage acceleration software. These specialized compact products are used across multiple industries and applications, including autonomous trucking and farming, as well as aircraft, drones, ships and vehicles within the defense industry.

 

OSS solutions address the entire AI workflow, from high-speed data acquisition to deep learning, training and large-scale inference, and have delivered many industry firsts for industrial OEM and government customers.

 

As the fastest growing segment of the multi-billion-dollar edge computing market, AI enabled solutions require—and OSS delivers—the highest level of performance in the most challenging environments without compromise.

 

OSS products are available directly or through global distributors. For more information, go to www.onestopsystems.com. You can also follow OSS on X, YouTube, and LinkedIn.
 

Non-GAAP Financial Measures

We believe that the use of adjusted earnings before interest, taxes, depreciation and amortization, or adjusted EBITDA, is helpful for an investor to assess the performance of the Company. The Company defines adjusted EBITDA as income (loss) before interest, taxes, depreciation, amortization, acquisition expenses, impairment of long-lived assets, financing costs, fair value adjustments from purchase accounting, stock-based compensation expense and expenses related to discontinued operations.

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Adjusted EBITDA is not a measurement of financial performance under generally accepted accounting principles in the United States, or GAAP. Because of varying available valuation methodologies, subjective assumptions and the variety of equity instruments that can impact a company’s non-cash operating expenses, we believe that providing a non-GAAP financial measure that excludes non-cash and non-recurring expenses allows for meaningful comparisons between our core business operating results and those of other companies, as well as providing us with an important tool for financial and operational decision making and for evaluating our own core business operating results over different periods of time.

Our adjusted EBITDA measure may not provide information that is directly comparable to that provided by other companies in our industry, as other companies in our industry may calculate non-GAAP financial results differently, particularly related to non-recurring, unusual items. Our adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to operating income or as an indication of operating performance or any other measure of performance derived in accordance with GAAP. We do not consider adjusted EBITDA to be a substitute for, or superior to, the information provided by GAAP financial results.

 

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2024				2023				2024				2023
Net loss		$	(2,344,545	)		$	(2,399,496	)		$	(3,684,167	)		$	(2,800,008	)
Depreciation			273,731				254,447				563,278				510,912
Amortization of right-of-use assets			106,633				48,824				206,771				167,354
Stock-based compensation expense			557,198				898,008				965,938				1,372,217
Interest expense			19,103				23,939				54,445				56,644
Interest income			(118,619	)			(104,785	)			(260,344	)			(215,051	)
Impairment of goodwill			-				2,700,000				-				2,700,000
Employee retention credit (ERC)			-				(1,298,241	)			-				(1,298,241	)
Provision for income taxes			211,027				396,863				402,296				658,365
Adjusted EBITDA		$	(1,295,472	)		$	519,559			$	(1,751,783	)		$	1,152,192

Adjusted EPS excludes the impact of certain items, and therefore, has not been calculated in accordance with GAAP. We believe that exclusion of certain selected items assists in providing a more complete understanding of our underlying results and trends and allows for comparability with our peer company index and industry. We use this measure along with the corresponding GAAP financial measures to manage our business and to evaluate our performance compared to prior periods and the marketplace. The Company defines non-GAAP income (loss) as income or (loss) before amortization, stock-based compensation, expenses related to discontinued operations, impairment of long-lived assets and non-recurring acquisition costs. Adjusted EPS expresses adjusted income (loss) on a per share basis using weighted average diluted shares outstanding.

Adjusted EPS is a non-GAAP financial measure and should not be considered in isolation or as a substitute for financial information provided in accordance with GAAP. These non-GAAP financial measures may not be computed in the same manner as similarly titled measures used by other companies. We expect to continue to incur expenses similar to the adjusted income from continuing operations and adjusted EPS financial adjustments described above, and investors should not infer from our presentation of these non-GAAP financial measures that these costs are unusual, infrequent or non-recurring.

The following table reconciles non-GAAP net income and basic and diluted earnings per share:

 

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		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2024				2023				2024				2023
Net loss		$	(2,344,545	)		$	(2,399,496	)		$	(3,684,167	)		$	(2,800,008	)
Amortization of intangibles			-				15,808				-				31,616
Impairment of goodwill			-				2,700,000				-				2,700,000
Employee retention credit (ERC)			-				(1,298,241	)			-				(1,298,241	)
Stock-based compensation expense			557,198				898,008				965,938				1,372,217
Non-GAAP net (loss) income		$	(1,787,347	)		$	(83,921	)		$	(2,718,229	)		$	5,584
Non-GAAP net (loss) income per share:
Basic		$	(0.09	)		$	(0.00	)		$	(0.13	)		$	0.00
Diluted		$	(0.09	)		$	(0.00	)		$	(0.13	)		$	0.00
Weighted average common shares outstanding:
Basic			20,931,798				20,397,741				20,820,516				20,325,029
Diluted			20,931,798				20,397,741				20,820,516				20,841,127

Forward-Looking Statements

One Stop Systems cautions you that statements in this press release that are not a description of historical facts are forward-looking statements. These statements are based on the company's current beliefs and expectations. The inclusion of forward-looking statements should not be regarded as a representation by One Stop Systems or its partners that any of our plans or expectations will be achieved. Actual results may differ from those set forth in this press release due to the risk and uncertainties inherent in our business, including risks described in our prior press releases and in our filings with the Securities and Exchange Commission (SEC), including under the heading "Risk Factors" in our latest Annual Report on Form 10-K and any subsequent filings with the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof, and the company undertakes no obligation to revise or update this press release to reflect events or circumstances after the date hereof. All forward-looking statements are qualified in their entirety by this cautionary statement, which is made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
 

Media Contacts:
Robert Kalebaugh
One Stop Systems, Inc.
Tel (858) 518-6154

Email contact

 

Investor Relations:

Andrew Berger

Managing Director

SM Berger & Company, Inc.

Tel (216) 464-6400

Email contact

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ONE STOP SYSTEMS, INC. (OSS)

CONSOLIDATED BALANCE SHEETS

 

		Unaudited				Audited
		June 30,				December 31,
		2024				2023
ASSETS
Current assets
Cash and cash equivalents		$	6,751,771			$	4,048,948
Short-term investments			5,019,230				7,771,820
Accounts receivable, net			8,427,383				8,318,247
Inventories, net			20,147,118				21,694,748
Prepaid expenses and other current assets			1,474,671				611,066
Total current assets			41,820,173				42,444,829
Property and equipment, net			1,999,587				2,370,224
Operating lease right-of use assets			1,709,255				1,922,784
Deposits and other			38,093				38,093
Deferred tax asset, net			351,517				-
Goodwill			1,489,722				1,489,722
Total Assets		$	47,408,347			$	48,265,652
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable		$	2,856,007			$	1,201,781
Accrued expenses and other liabilities			4,881,289				3,202,519
Current portion of operating lease obligation			370,262				390,926
Current portion of notes payable			1,139,141				2,077,895
Total current liabilities			9,246,699				6,873,121
Deferred tax liability, net			-				44,673
Operating lease obligation, net of current portion			1,615,738				1,765,536
Total liabilities			10,862,437				8,683,330
Commitments and contingencies
Stockholders’ equity
Common stock, $0.0001 par value; 50,000,000 shares authorized;    20,997,383 and 20,661,341 shares issued and outstanding, respectively			2,099				2,066
Additional paid-in capital			48,159,630				47,323,673
Accumulated other comprehensive income			487,075				675,310
Accumulated deficit			(12,102,894	)			(8,418,727	)
Total stockholders’ equity			36,545,910				39,582,322
Total Liabilities and Stockholders' Equity		$	47,408,347			$	48,265,652

 

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ONE STOP SYSTEMS, INC. (OSS)

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

 

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2024				2023				2024				2023
Revenue:
Product		$	11,753,124			$	16,824,119			$	24,040,170			$	33,212,803
Customer funded development			1,448,206				387,413				1,812,946				780,623
			13,201,330				17,211,532				25,853,116				33,993,426
Cost of revenue:
Product			8,703,324				12,187,366				17,522,080				23,603,905
Customer funded development			1,164,743				226,228				1,274,480				520,821
			9,868,067				12,413,594				18,796,560				24,124,726
Gross profit			3,333,263				4,797,938				7,056,556				9,868,700
Operating expenses:
General and administrative			2,407,398				3,072,880				4,501,715				5,357,981
Impairment of goodwill			-				2,700,000				-				2,700,000
Marketing and selling			2,255,128				1,483,965				4,175,241				3,270,646
Research and development			925,602				954,650				1,896,479				2,149,978
Total operating expenses			5,588,128				8,211,495				10,573,435				13,478,605
Loss from operations			(2,254,865	)			(3,413,557	)			(3,516,879	)			(3,609,905	)
Other income (expense), net:
Interest income			118,619				104,785				260,344				215,051
Interest expense			(19,103	)			(23,939	)			(54,445	)			(56,644	)
Employee retention credit (ERC)			-				1,298,241				-				1,298,241
Other income (expense), net			21,831				31,837				29,109				11,614
Total other income, net			121,347				1,410,924				235,008				1,468,262
Loss before income taxes			(2,133,518	)			(2,002,633	)			(3,281,871	)			(2,141,643	)
Provision for income taxes			211,027				396,863				402,296				658,365
Net loss		$	(2,344,545	)		$	(2,399,496	)		$	(3,684,167	)		$	(2,800,008	)
Net loss per share:
Basic		$	(0.11	)		$	(0.12	)		$	(0.18	)		$	(0.14	)
Diluted		$	(0.11	)		$	(0.12	)		$	(0.18	)		$	(0.14	)
Weighted average common shares outstanding:
Basic			20,931,798				20,397,741				20,820,516				20,325,029
Diluted			20,931,798				20,397,741				20,820,516				20,325,029

 

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ONE STOP SYSTEMS, INC. (OSS)

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

 

		For the Six Months Ended June 30,
		2024				2023
Cash flows from operating activities:
Net loss		$	(3,684,167	)		$	(2,800,008	)
Adjustments to reconcile net loss to net cash provided by operating activities:
Deferred income taxes			(187,845	)			-
Loss (gain) on disposal of property and equipment			354				(69,916	)
Provision for bad debt			-				38,653
Impairment of goodwill			-				2,700,000
Warranty reserves			(30,000	)			(8,216	)
Amortization of intangibles			-				31,616
Depreciation			563,278				510,912
Amortization of right-of-use assets			206,771				167,354
Inventory reserves			744,845				386,998
Stock-based compensation expense			965,938				1,372,217
Employee retention credit			-				(1,298,241	)
Changes in operating assets and liabilities:
Accounts receivable			(220,525	)			2,526,139
Inventories			541,323				(918,495	)
Prepaid expenses and other current assets			(867,319	)			(711,567	)
Accounts payable			1,683,944				(1,806,057	)
Accrued expenses and other liabilities			1,673,804				2,133,706
Operating lease liabilities			(163,659	)			(206,161	)
Net cash provided by operating activities			1,226,742				2,048,934
Cash flows from investing activities:
Redemption of short-term investment grade securities			2,745,180				802,945
Purchases of property and equipment, including capitalization of labor    costs for test equipment and ERP			(204,094	)			(299,891	)
Net cash provided by investing activities			2,541,086				503,054
Cash flows from financing activities:
Proceeds from exercise of stock options and warrants			219,348				51,049
Payment of payroll taxes on net issuance of employee stock options			(349,296	)			(532,600	)
Repayments on notes payable			(884,892	)			(403,115	)
Employee retention credit benefit			-				1,298,241
Net cash (used in) provided by financing activities			(1,014,840	)			413,575
Net change in cash and cash equivalents			2,752,988				2,965,563
Effect of exchange rates on cash			(50,165	)			22,558
Cash and cash equivalents, beginning of period			4,048,948				3,112,196
Cash and cash equivalents, end of period		$	6,751,771			$	6,100,317

 

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v3.24.2.u1

Document And Entity Information	Aug. 08, 2024
Cover [Abstract]
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 08, 2024
Entity Registrant Name	One Stop Systems, Inc.
Entity Central Index Key	0001394056
Entity Emerging Growth Company	false
Entity File Number	001-38371
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	33-0885351
Entity Address, Address Line One	2235 Enterprise Street #110
Entity Address, City or Town	Escondido
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92029
City Area Code	760
Local Phone Number	745-9883
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	OSS
Security Exchange Name	NONE

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