What changed in this filing

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Item 1. Business

2026-03-31 compared with 2025-03-31 · 177 added, 235 removed, 315 unchanged (57% of the section changed)

together with its consolidated subsidiaries (unless the context otherwise requires), referred to herein as “DSS,” “we,”

“us,” “our” or the “Company”, currently operates five distinct business lines operate around the

“us,” “our” or the “Company”, currently operates four distinct business lines operate around the

globe with primary operations in North America and Asia.

The five divisions are:

The four divisions are:

Biotechnology,

and Investment Management, and

and Investment Management

of these business lines are in various stages of development, growth, and income generation.

Due to these variations in the business

cycle, including differences in revenue and assets acquired, the Company is currently reporting financial information for five of these

cycle, including differences in revenue and assets acquired, the Company is currently reporting financial information for four of these

operating segments:

Biotechnology,

and Investment Management, and

the other divisions grow and start generating material operations and revenue, those operating segments will be added to our financial

and Investment Management

the other divisions grow and start generating material operations and revenue, those operating segments may be added to our financial

segmental reporting .

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healthcare-related products.

This division is committed to both funding research and developing intellectual property

It is currently focus on research in three main areas:

This division is committed to both funding research and developing intellectual property portfolio.

It is currently focused on research in three main areas:

(i) development of a universal therapeutic drug platform;

a new sugar substitute;

(ii) a new sugar

and (iii) a multi-use fragrance.

Biotech discovers, confirms, and patents unique science and technologies

which can be developed into new offerings in human healthcare and wellness in collaboration with external partners through licensing,

co-development, joint ventures, and other relationships.

By leveraging technology and new science with strategic partnerships,

we provide advances in biopharmaceuticals and over the counter direct to consumer wellness offerings, and drug discovery for the

prevention, inhibition, and treatment of neurological, oncology and immuno-related diseases.

Assets of this group are organized under

the holding company, DSS BioHealth Security, Inc.

Biotech discovers, confirms, and patents unique science and technologies which can be

developed into new offerings in human healthcare and wellness in collaboration with external partners through licensing, co-development,

joint ventures, and other relationships.

By leveraging technology and new science with strategic partnerships, we provide advances

in biopharmaceuticals and over the counter direct to consumer wellness offerings, and drug discovery for the prevention, inhibition,

and treatment of neurological, oncology and immuno-related diseases.

Assets of this group are organized under the holding company,

DSS BioHealth Security, Inc.

Its subsidiaries are currently operating in Houston, TX and Rochester, NY.

American Pacific Financial, Inc.

(“APF”) represents our banking and financing business line.

Looking ahead, to better meet the needs of the current financial market, the company is looking to transition away from certain industries

like direct marketing and focus more on growing its inventory / equipment loan portfolio as well as engaging in more specialized

areas of lending like broker/dealer loans.

(“APF”) represents our Company’s commercial lending business line.

APF provides financing solutions including commercial business lines of credit, land development financing, inventory financing,

equipment financing, and third-party loan servicing.

and Investment Management:

In 2024, DSS continued our strategic investments in three broker dealers;

WestPark Capital, BMI Capital

Investments, and Sentinel Brokers Company, Inc.

Additionally, we have become the Registered Investment Advisor (“RIA”)

for DSS AmericaFirst Quantitative Funds (DSS AmericaFirst) family.

This group of businesses is led by its holding company, DSS Securities,

Inc., (“DSS Securities”) and the group is currently headquartered in Houston, Texas, with operations in Chicago, Illinois,

Sacramento, California, Los Angeles, California, and New York, NY.

Also in this segment is the Company’s real estate investment

trusts (“REITs”), 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.

This group is headquartered in Houston, Texas.

(“Direct”) 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 specializes in licensing its products and services through its subsidiary HWH World, Inc.

(“HWH World”)

using the popular gig economic marketing strategy as a form of direct marketing.

Direct’s products include, among other things,

nutritional and personal care products sold throughout North America, Asia Pacific, Middle East, and Eastern Europe.

The Securities and Investment Management segment was established to develop and/or acquire assets

in the securities trading and management arena and includes broker-dealer activities, investment advisory operations, and real estate-related

investment entities.

This segment includes DSS Securities, Inc., as well as affiliated broker-dealers and investment management platforms.

It also includes real estate investment entities formed to acquire and lease healthcare-related properties.

In April 2025, thew Company’s

majority owned subsidiary Sentinel Brokers Company, Inc., a FINRA-registered broker-dealer subsidiary of the Company, received FINRA

approval to act as an underwriter and selling group member for corporate securities offerings.

following is a summary of the DSS reported transactions and investments since January 2025 that reflect the active advancements and investments

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3, 2025 – DSS, Inc.

and its subsidiary Impact BioMedical Inc.

(NYSE American:

IBO), announced the successful pricing of Impact BioMedical’s

initial public offering (IPO).

Impact BioMedical, a trailblazer in advancing human healthcare and wellness solutions, has set its

IPO price at $3.00 per share, with an initial offering of 1,500,000 shares.

Trading under the ticker symbol “IBO,” these

shares will begin trading on the NYSE American Market on September 16, 2024.

This significant achievement underscores Impact BioMedical’s

innovative contributions to the healthcare sector and represents a major milestone for DSS.

We are particularly proud of the role this

IPO plays in enhancing shareholder value, reflecting our ongoing commitment to providing substantial returns to our investors.

September 10, 2024, DSS Wealth Management, Inc., the registered investment advisor for the DSS AmericaFirst Funds, announced that

effective August 9, 2024, David Friedensohn, Monica Himes and Allan Siegel have resigned from their positions as independent directors.

The Trust is pleased to announce the election of three new independent directors by shareholder proxy vote:

Prabir Datta, Darryl

Robinson and Mark Gronet.

These individuals are seasoned senior investment executives who bring a wealth of experience and expertise

in asset management, risk management, investment operations and sales.

August 26, 2024, DSS announced the appointment of Jason Grady as its Interim CEO, effective August

Grady, who previously served as Chief Operating Officer of DSS, Inc., brings over 25 years of extensive experience in executive

leadership, business development, restructuring, and operations management across a variety of industries.

He will succeed Frank D.

who is exiting the company to transition to a leadership role within one of its former subsidiaries.

Throughout his career, Mr.

has held pivotal positions within DSS, including CEO and Director of DSS Biohealth Holdings, President of Premier Packaging Corporation,

President and COO of DSS Financial Management, and Chief Business Officer of Impact Biomedical, among others.

January 30, 2024, Impact Biomedical, Inc (“IBO”).

IBO announced a milestone in its innovative Laetose™

technology platform.

Patent and Trademark Office (USPTO) has issued U.S.

patent # 11,898,184, entitled “Low Glycemic

Sugar Composition” developed within this platform.

The Laetose™ technology demonstrates compelling potential in reducing

caloric intake and glycemic index in foods, while also inhibiting tumor necrosis factor alpha (TNF-α), a cytokine associated

with inflammatory chronic diseases.

The patented formulation is a novel combination of one or more sugars and myo-inositol, with

potential to inhibit the inflammatory and metabolic response of sugar alone.

This marks the first Laetose™ patent issued in

the U.S., emphasizing IBO’s commitment to discovering, developing, and patenting unique technologies to address unmet needs in

human healthcare.

The term of this US patent will expire in 2037.

January 04, 2024, DSS.

announced a significant investment by its Chairman of the Board, Heng Fai Ambrose Chan.

In a strategic move

to bolster shareholder confidence and underscore his commitment to the company’s growth.

Chairman Chan acquired an additional 672,173

shares of DSS, Inc.

in an open market transaction on December 28, 2023.

issued a Letter to Shareholders outlining management’s strategic priorities for 2025, including operational

efficiency, portfolio optimization, capital discipline, and long-term value creation initiatives.

26, 2025 – DSS, Inc.

announced the sale of its Celios® air purification asset to Impact BioMedical Inc.

in an all-equity

transaction valued at approximately $1.15 million.

The transaction was completed as part of the Company’s portfolio streamlining

24, 2025 – Sentinel Brokers Company, Inc., a FINRA-registered broker-dealer subsidiary of DSS, Inc., announced that it received

FINRA approval to act as an underwriter and selling group member for corporate securities offerings, including IPOs and follow-on offerings.

22, 2025 – DSS, Inc.

reported financial results for the first quarter ended March 31, 2025.

The Company reported year-over-year

revenue growth, increased printed product sales within the Product Packaging segment, increased rental income within its real estate

portfolio, and the completion of the sale of its Plano, Texas facility for $9.5 million.

The Company disclosed that a portion of the

proceeds was used to reduce outstanding debt.

24, 2025 – DSS, Inc.’s subsidiary, Impact BioMedical Inc., announced that it entered into a definitive merger agreement

Ashleys Limited.

The transaction was structured as a reverse merger and, if consummated, is expected to result in a combined

public entity listed on the NYSE American.

18, 2025 – Impact BioMedical Inc.

announced the issuance of a United States patent related to its 3F™ intellectual

property portfolio, further expanding the Company’s patent protection in insect repellent and antimicrobial applications.

BUSINESS PLAN AND PROGRESSION

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Focus for Revenue Growth and Operational Excellence

● Expansion of High-Impact Business Lines :

We are strategically expanding key business units, such as Premier Packaging, to drive growth and contribute to long-term revenue generation.

● Exploration

of High-Impact Business Lines :

We are strategically expanding key business units, such as Premier Packaging, to drive growth

and contribute to long-term revenue generation.

of Untapped Markets :

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Structure Optimization and Operational Efficiency

● Comprehensive Business Unit Review :

Comprehensive

Business Unit Review :

We are conducting an extensive evaluation of all business units to identify underperforming segments.

Our goal is to restructure, streamline, or divest from non-core areas to bolster our core strengths.

goal is to restructure, streamline, or divest from non-core areas to bolster our core strengths.

and Technology Optimization :

To improve productivity and reduce inefficiencies, DSS will introduce new operational tools and processes

aimed at reducing waste in procurement, production, and logistics.

To improve productivity and reduce inefficiencies, DSS will introduce new operational tools and

processes aimed at reducing waste in procurement, production, and logistics.

Cost Reduction :

We have set a target to reduce costs by 15-20% in the upcoming fiscal year, which will significantly improve profitability

and strengthen our financial position.

We have set a target to reduce costs by 15-20% in the upcoming fiscal year, which will significantly improve

profitability and strengthen our financial position.

Innovation for Competitive Advantage

● Advancing Research and Development (R&D) :

DSS is leveraging its R&D capabilities to develop cutting-edge solutions in emerging sectors, such as biomedical technologies and sustainable packaging, ensuring our leadership in innovation.

● Cultivating Strategic Partnerships :

We are actively building partnerships with key industry players to accelerate the market introduction of innovative products and solutions, enhancing our competitive advantage.

Research and Development (R&D) :

DSS is leveraging its R&D capabilities to develop cutting-edge solutions in emerging

sectors, such as biomedical technologies and sustainable packaging, ensuring our leadership in innovation.

Strategic Partnerships :

We are actively building partnerships with key industry players to accelerate the market introduction

of innovative products and solutions, enhancing our competitive advantage.

Program Launches :

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Shareholder Value Through Disciplined Growth

● Disciplined

Financial Stewardship :

DSS remains steadfast in our commitment to delivering consistent growth, profitability, and returns for shareholders,

ensuring long-term value creation.

DSS remains steadfast in our commitment to delivering consistent growth, profitability, and returns for

shareholders, ensuring long-term value creation.

to Transparency :

We will provide regular updates on our progress, milestones, and strategic objectives, ensuring stakeholders remain

well-informed of our activities.

We will provide regular updates on our progress, milestones, and strategic objectives, ensuring stakeholders

remain well-informed of our activities.

Shareholder Rewards :

We are exploring initiatives to directly reward our shareholders for their continued trust and support, reinforcing

our commitment to shareholder value.

Transition and Future Outlook

pivotal moment in DSS, Inc.’s journey marks a clear path toward growth, innovation, and sustained value creation.

With a focused strategy

and commitment to execution, we are poised to unlock new opportunities and drive long-term shareholder returns.

We extend our thanks

to all stakeholders for their continued support and confidence in DSS, Inc.

We look forward to updating you on our progress and invite

any questions you may have through our Investor Relations team.

We are exploring initiatives to directly reward our shareholders for their continued trust and support,

reinforcing our commitment to shareholder value.

Development for Exponential Growth

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Targeting the growing need for safe, compliant, and sustainable packaging solutions for medical products.

This sector presents

high-margin opportunities, especially for custom paperboard packaging that aligns with regulatory standards (cGMP certifications).

presents high-margin opportunities, especially for custom paperboard packaging that aligns with regulatory standards (cGMP certifications).

With increasing demand for sustainable packaging, Premier Packaging is targeting secondary food packaging.

is exploring the potential for obtaining SQF (Safe Quality Food) certification, addressing the growing concern for food safety and sustainability

in packaging.

The company is also focusing on providing cost-effective, sustainable packaging solutions for health and beauty products,

particularly where companies are overpaying for high-end packaging.

company is exploring the potential for obtaining SQF (Safe Quality Food) certification, addressing the growing concern for food safety

and sustainability in packaging.

The company is also focusing on providing cost-effective, sustainable packaging solutions for health and beauty

products, particularly where companies are overpaying for high-end packaging.

Although not currently investing heavily in this category, the company continues to monitor the opportunity for growth in this space.

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Team Development and Specialization :

We will prioritize investment in comprehensive, specialized training programs tailored to the

unique needs of our key sectors—Food & Beverage, Medical Devices, and Health & Beauty.

By equipping our sales force with

sector-specific knowledge and customer insights, we aim to drive deeper client relationships, accelerate revenue growth, and position

our team as experts in delivering high-value, tailored packaging solutions.

We will prioritize investment in comprehensive, specialized training programs tailored to

the unique needs of our key sectors—Food & Beverage, Medical Devices, and Health & Beauty.

By equipping our sales force

with sector-specific knowledge and customer insights, we aim to drive deeper client relationships, accelerate revenue growth, and

position our team as experts in delivering high-value, tailored packaging solutions.

Infrastructure and Technological Advancements :

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and installation of key capital assets.

These investments will focus on advanced production technologies and equipment upgrades, including

the procurement of glue systems, hot melt units, and enhanced press systems.

These actions are expected to significantly expand production

capacity, streamline operations, and improve product quality, contributing to both operational efficiency and customer satisfaction.

These investments will focus on advanced production technologies and equipment upgrades,

including the procurement of glue systems, hot melt units, and enhanced press systems.

These actions are expected to significantly

expand production capacity, streamline operations, and improve product quality, contributing to both operational efficiency and customer

satisfaction.

of the Quotation Process :

To improve our operational efficiency and market competitiveness, we will undertake a comprehensive review

and optimization of our quoting process.

By leveraging automation tools and advanced analytics, we aim to reduce lead times, enhance

the accuracy of cost estimates, and improve our responsiveness to customer inquiries, thereby increasing overall sales conversion rates

and strengthening our market position.

To improve our operational efficiency and market competitiveness, we will undertake a comprehensive

review and optimization of our quoting process.

By leveraging automation tools and advanced analytics, we aim to reduce lead times,

enhance the accuracy of cost estimates, and improve our responsiveness to customer inquiries, thereby increasing overall sales conversion

rates and strengthening our market position.

Marketing and Brand Positioning :

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packaging, showcase relevant case studies, and promote our ability to solve specific customer pain points.

Additionally, we will strengthen

our customer engagement initiatives, utilizing digital marketing channels, lead generation tactics, and thought leadership content to

increase market penetration and foster long-term customer loyalty.

Additionally, we will

strengthen our customer engagement initiatives, utilizing digital marketing channels, lead generation tactics, and thought leadership

content to increase market penetration and foster long-term customer loyalty.

strategic initiatives will be instrumental in positioning the company for sustained growth, profitability, and shareholder value in 2026

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trajectories.

The IPO also enhances DSS’s ability to focus on its core operations while benefiting from any future financial or strategic

synergies with Impact BioMedical.

The IPO also enhances DSS’s ability to focus on its core operations while benefiting from any future financial or

strategic synergies with Impact BioMedical.

and Market Impact

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for sustainable growth in the rapidly evolving biomedical sector.

ahead, Impact BioMedical’s IPO sets the stage for further innovation and value creation.

As Impact BioMedical continues to advance in

its mission to develop novel biomedical solutions, DSS, Inc.

will remain an influential stakeholder, benefiting from the long-term growth

potential of its investment.

The IPO underscores DSS’s commitment to fostering successful subsidiaries and advancing shareholder value

through strategic investments in high-growth industries.

BioMedical’s successful IPO represents a transformative moment for both the subsidiary and DSS, Inc.

It not only enhances financial

stability and market position but also highlights our strategic ability to identify, nurture, and capitalize on high-value opportunities.

This achievement positions DSS, Inc.

to continue creating substantial value for its shareholders in the years ahead.

AmericaFirst Funds Performance and Strategic Plans

AmericaFirst Funds, a part of our Securities and Investment Management segment, has demonstrated strong performance relative to

benchmarks for three of the four mutual funds under management in calendar year 2024, as well as cumulatively since the new

investment advisory team took over in May 2023.

This success is driven by the team’s focus on top-down, fundamental research,

quantitative and technical analysis for stock selection and portfolio management.

forward, the team will continue to prioritize enhancing relative performance while placing greater emphasis on improving operational

efficiencies.

In addition, they plan to execute targeted strategies to effectively market their services and attract new assets under

AmericaFirst Funds, currently includes four mutual funds, each designed to outperform

their respective benchmark indices.

With a strategic focus on continued performance improvement, increased marketing and sales

efforts, and the introduction of new investment products, DSS AmericaFirst Funds is poised for ongoing growth in assets under

Brokers Company

Brokers Company (“Sentinel Brokers” or “Sentinel”), a majority owned subsidiary of the Company, operates as

a registered broker-dealer and is subject to regulation by the Financial Industry Regulatory Authority (“FINRA”) and the

Securities and Exchange Commission (“SEC”).

During the year ended December 31, 2025, Sentinel Brokers continued to

maintain its regulatory standing and focused on compliance infrastructure, supervisory controls, and operational readiness.

Company evaluated strategic opportunities to expand broker-dealer activities, including capital markets transactions, including IPOs

and follow on offerings, and related advisory services, consistent with applicable regulatory requirements.

Strategic Focus

2026, Sentinel Brokers intends to:

regulatory compliance and supervisory controls

expansion of transactional capabilities, subject to regulatory approval

potential capital markets engagements and advisory opportunities

strategic partnerships where commercially appropriate

Operating Segments:

we have reported above, we financially report business operating results on five operating segments, which we believe will certainly

Company reports its segment information to reflect the manner in which the Company’s chief operating decision maker (“CODM”)

reviews and assesses performance.

The Company’s Interim Chief Executive Officer has responsibilities as the CODM and reviews and

assess the performance of the Company as a whole.

The primary financial measures used by the CODM to evaluate performance and allocate

resources are net income (loss) and operating income (loss).

The CODM uses net income (loss) and operating income (loss) to evaluate

the performance of the Company’s ongoing operations and as part of the Company’s internal planning and forecasting processes.

Information on Net income (loss) and Operating income (loss) is disclosed in the Consolidated Statements of Operations.

Segment expenses

and other segment items are provided to the CODM on the same basis as disclosed in the Consolidated Statements of Operations.

does not evaluate performance or allocate resources based on segment assets, and therefore such information is not presented in the notes

to the financial statements.

During the fourth quarter of 2025, we realigned our internal reporting to better reflect how management

reviews operating results and allocates resources.

As a result of this CODM realignment, Direct Marketing is no longer a reportable segment

and is now reported within Corporate and Other.

This change did not impact consolidated revenue, consolidated net income (loss), total

assets, or cash flows for any period presented;

it only impacted the presentation of segment information.

Segment information for prior

periods presented has been recast to conform to the current-period segment presentation.

we have reported above, we financially report business operating results on four operating segments, which we believe will certainly

increase and transition as the newer lines of business develop and mature.

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and customers across these key business lines.

The five business segments that we are reporting on in 2024 are as follows:

(“Premier”) Premier Packaging Corporation provides custom packaging services and serves clients in the

The four business segments that we are reporting on in 2025 are as follows:

Our wholly-owned subsidiary Premier Packaging Corporation (“Premier”), provides custom packaging services and serves clients in the

pharmaceutical, nutraceutical, consumer goods, beverage, specialty foods, confections, photo packaging and direct marketing industries,

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(“Commercial Lending”) through its operating company, American Pacific Financial, Inc.

represents our banking and financing business line.

represents our financing business line.

is organized for the purposes of being a financial network holding company, focused

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The funds ultimate product is an investor opportunity in a managed medical real estate investment trust.

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.

BMIC is a private investment bank specializing in corporate finance advising, raising equity, and venture services, providing

a global “one-stop” corporate consultancy to listed companies.

From corporate finance to professional valuation, corporate

communications to event management, BMIC services companies in the US, Hong Kong, Singapore, Taiwan, Japan, Canada, and Australia.

Wealth Management:

AmericaFirst is a suite of mutual funds managed by DSS Wealth Management.

AmericaFirst expects to expand into

numerous investment platforms including additional mutual funds and exchange-traded funds.

AmericaFirst currently consists of four

mutual funds that seek to outperform their respective benchmark indices by applying top-down, fundamental research, quantitative

and technical analysis to stock selection and portfolio management.

Marketing Segment :

provides services to assist companies in the emerging growth gig business model of peer-to-peer decentralized

sharing marketplaces.

It specializes in marketing and distributing 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.

Sentinel is a broker-dealer operating primarily as a fiduciary intermediary, facilitating intuitional trading of municipal and corporate

bonds as well as preferred stock, and is 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”).

Capital International, LLC.

is a private investment bank specializing in corporate finance advising, raising

equity, and venture services, providing a global “one-stop” corporate consultancy to listed companies.

From corporate

finance to professional valuation, corporate communications to event management, BMIC services companies in the US, Hong Kong, Singapore,

Taiwan, Japan, Canada, and Australia .

strive to protect the intellectual property that we believe is important to our business, including seeking and maintaining patent protection

intended to cover the composition of matter of our product candidates, their methods of use, their methods of production, related technologies

and other inventions.

In addition to patent protection, we also rely on trade secrets to protect aspects of our business that are not

amenable to, or that we do not consider appropriate for, patent protection, including certain aspects of technical know-how.

Biomedical Inc.

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Our other sites are:

Medical REIT, Inc:

http://www.americanmedreit.com

AmericaFirst:

https://www.afcm-quant.com

Pacific Financial (“APF”):

https://www.ampacbancorp.com

PureAir, Inc.:

https://dsspureair.com/

https://www.premiercustompkg.com

https://www.impactbiomedinc.com

PureAir, Inc.:

https://dsspureair.com/

addition to the active websites, the Company is building multiple new sites and owns several other domain names reserved for future use

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sectors, with major players including prominent integrated paper companies such as WestRock Company and Graphic Packaging Holding Company.

These competitors have established significant market presence and brand recognition, which drives competitive dynamics in the industry.

Competition is based on pricing, quality, service, regulatory compliance, sustainability, and turnaround time.

American Pacific Financial, our commercial lending company, offers a comprehensive range of financial services tailored to businesses.

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Biotechnology:

Impact Biomedical Inc.

is dedicated to the discovery, confirmation, and patenting of unique scientific advancements and technologies,

which lead to innovative solutions in the realm of human healthcare and wellness.

IBO collaborates closely with licensing partners,

engages in co-development initiatives, forms joint ventures, and nurtures other valuable relationships to effectively introduce these

groundbreaking solutions to the market.

Within this competitive landscape, IBO faces competition from other biotechnology firms and

research institutions that are also pursuing cutting-edge advancements in healthcare, wellness, and related technologies.

This segment is dedicated to the discovery, confirmation, and patenting of unique scientific advancements and technologies, which lead

to innovative solutions in the realm of human healthcare and wellness.

It collaborates closely with licensing partners, engages in co-development

initiatives, forms joint ventures, and nurtures other valuable relationships to effectively introduce these groundbreaking solutions

to the market.

Within this competitive landscape, we face competition from other biotechnology firms and research institutions that are

also pursuing cutting-edge advancements in healthcare, wellness, and related technologies.

and Investment Management:

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unit faces competition from individual money managers, established financial institutions, and organizations that engage in securities

trading and management, including both traditional Registered Investment Advisors (RIAs) and Broker-Dealers.

Additionally, the division

competes with Real Estate Investment Trusts (REITs), private equity firms, and other personal investment companies that offer similar

investment opportunities and financial products to individual and institutional clients.

During 2024, one customer accounted for approximately 22% of our consolidated revenue and second customer accounted for approximately

13% of our consolidated revenue.

Customer diversification improvements have produced several new customers to our overall customer base

and will continue to do so in 2025.

Since 2021, American Pacific Financial, Inc.

has issued nearly $26 million in new loans to customers across a diverse portfolio

of businesses.

trading and management, including Broker-Dealers.

Additionally, the division competes with Real Estate Investment Trusts (REITs), private

equity firms, and other personal investment companies that offer similar investment opportunities and financial products to individual

and institutional clients.

of December 31, 2025, one customer accounted for approximately 29% of our consolidated revenue.

As of December 31, 2024, one customer

accounted for approximately 22% of our consolidated revenue and second customer accounted for approximately 13% of our consolidated revenue.

and Investment Management:

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of our products.

While certain materials continue to present challenges, we have seen improvements in both the cost and availability

of raw materials, particularly in the latter half of 2024.

Sustainability in procurement is a critical focus for the Company.

only ensure that our suppliers meet rigorous sustainability standards, but we are also committed to continuous internal improvements

in sustainability practices.

We are proactively setting high standards for sustainability and working with our supply chain partners

to ensure these standards are met, contributing to the overall progress and compliance within the industry.

Sources its products from 3 rd party suppliers for nutritional, performance, and health and beauty product ingredients.

We rely on our extensive supplier network for the availability of an extensive range of vitamins, minerals, botanicals, plant, and herb

extracts, as well as nutritional supplements.

We not only ensure that our suppliers meet rigorous

sustainability standards, but we are also committed to continuous internal improvements in sustainability practices.

We are proactively

setting high standards for sustainability and working with our supply chain partners to ensure these standards are met, contributing

to the overall progress and compliance within the industry.

Environmental

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and updated its CUSIP number to 26253C-102.

In January 2024, in conjunction with a reverse split, DSS now operates under

the CUSIP 26253C 201.

In January 2024, in conjunction with a reverse split, DSS now operates under the CUSIP 26253C

See the “Overview” section above for further details about our acquisitions.

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We make available

free of charge through our website our press releases, Annual Report on Form 10-K/A, Quarterly Reports on Form 10-Q, Current Reports

free of charge through our website our press releases, Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports

on Form 8-K and all amendments to those reports as soon as reasonably practicable after electronically filed with or furnished to the

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business