What changed in this filing

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Item 7. Management’s Discussion and Analysis

2026-03-31 compared with 2025-03-31 · 168 added, 181 removed, 184 unchanged (65% of the section changed)

19 unchanged sentences

change reflects not only our evolution as a company but also our commitment to adapting and growing in an ever-changing business landscape.

(referred to herein as “DSS,” “we,” “us,” or “our”) now operates across five

(referred to herein as “DSS,” “we,” “us,” or “our”) now operates across four

distinct business lines, each with its own unique scope and presence on a global scale.

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human healthcare and wellness.

Our direct marketing endeavors involve strategic efforts to engage with customers and clients, providing tailored solutions

and services that enhance their experiences.

We are actively engaged in commercial lending, offering a suite of financial services that cater to the unique needs of businesses,

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We are committed to our continued evolution and to delivering value to our stakeholders across these diverse business lines.

Company, initially incorporated in the state of New York in May 1984, had historically conducted its business under the name Document

Security Systems, Inc.

However, on September 16, 2021, our board of directors approved an agreement and plan of merger with a wholly

owned subsidiary, DSS, Inc.

(incorporated in August 2020).

The primary purpose of this merger was to affect a name change from Document

Security Systems, Inc.

to DSS, Inc., which officially took effect on September 30, 2021.

This change did not affect our trading symbol,

which remained as “DSS,” and is currently trading under its CUSIP number to 26253C 201.

Business Lines and Global Presence:

the banner of DSS, Inc., we have diversified our operations into five distinct business lines, each with its own unique scope and geographical

the banner of DSS, Inc., we have diversified our operations into four distinct business lines, each with its own unique scope and geographical

These business lines include:

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prevention, treatment of various diseases, and open-air defense initiatives against infectious diseases.

Operating under the umbrella of Decentralized Sharing Systems, Inc.

(“Decentralized”), this division provides

services to companies in the emerging growth “Gig” business model of peer-to-peer decentralized sharing marketplaces.

specializes in marketing and distributing products and services across North America, Asia Pacific, Middle East, and Eastern Europe.

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 form 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.

We will continue to monitor our managed loan portfolio, which earns 1.25%

annually in service charges, and explore future opportunities.

Importantly, the equity portfolio as a bank holding company is

anticipated to remain relatively stable, regardless of stock market fluctuations.

(“APF”) represents our financing business line.

Looking ahead, to better meet the

needs of the current financial market, the company is looking to transition away form 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

We will continue to monitor our managed loan portfolio, and explore future opportunities.

Importantly, the equity portfolio as

a bank holding company is anticipated to remain relatively stable, regardless of stock market fluctuations.

and Investment Management:

This division focuses on acquiring assets in the securities trading and management arena, including broker-dealers.

and mutual funds management.

It also oversees a real estate investment trust (REIT) that acquires hospitals and care centers.

OF OPERATIONS FOR THE FISCAL YEARS ENDED DECEMBER 31,

Printed products

Commercial lending

Direct marketing

- For the year ended December 31, 2024, revenue decreased 26% to approximately $19.1 million as compared to revenues of

approximately $25.9 million for the year ended December 31, 2023.

Printed products sales, which include sales of packaging and

printing products, decreased 13% in 2024 as compared to 2023.

The decrease is due primarily to orders expected to ship during the

4 th quarter 2022 being pushed to the 1st quarter 2023 as well as decrease in orders from two existing customers during

Rental income decreased 51% due a tenant at our AMRE LifeCare subsidiary not making rent payments.

Net investment income of

$226,000 as of December 31, 2024 decreased 41% from $385,000 as of December 31, 2023 due to a number of notes receivable deemed

uncollectible and impaired during 2024.

The Company’s Direct Marketing revenues decreased 100% in 2024 as compared to 2023 as

the change in business plan from maintaining its own sales force to licensing its products at our subsidiary HWH World has been slow

to generate revenue.

Commission revenue, associated with Sentinel Brokers Company subsidiary, decrease 41% due to decreases in

commissions on equity trading resulting from a change in clearing houses which required such transactions to be put on hold during

the transition.

Biotechnology

general and administrative compensation

based compensation

and marketing

and utilities

and development

of fixed assets

operating expenses

costs and expenses

of revenue includes all direct costs of the Company’s printed products, including its packaging and printing sales and its

direct marketing sales, materials, direct labor, transportation, and manufacturing facility costs.

In addition, this category includes

all direct costs associated with the Company’s technology sales, services and licensing including hardware and software that are

resold, third-party fees, and fees paid to inventors or others because of technology licenses or settlements, if any.

Total Revenue

- For the year ended December 31, 2025, revenue increased 9% to approximately $20.8 million as compared to revenues of

approximately $19.1 million for the year ended December 31, 2024.

The increase in Printed Product revenue of approximately 12% is

driven by new customer orders as well as existing customer orders exceeding their forecasts.

The decreases in Rental income of

approximately 31% is driven by a tenant at our AMRE LifeCare subsidiary as our Pittsburgh, PA location had significant vacancy

The decreases in Net investment income approximating 80% is due to a number of loans made going on non-accrual as

borrowers have struggled to make expect payments.

Commission revenue associated with our Sentinel Brokers subsidiary increased 39%

year over year as commissions on equity trading was reestablished during 2025 as a result of the completion of our clearing house

change took place in December 2024 as well as commissions earned as part of its underwriting activities in 2025 as compared to none in 2024.

Biotechnology revenue is driven by sales of the Company’s air purification Celios

Cost of revenue

for our REIT line of business includes all direct cost associated with the maintenance and upkeep of the related facilities, depreciation,

Printed products

Biotechnology

Commercial lending

Direct marketing

Sales, general and administrative compensation

Professional fees

Stock based compensation

Sales and marketing

Rent and utilities

Research and development

Impairment of goodwill

Impairment of fixed assets

Other operating expenses

Total costs and expenses

of revenue includes all direct costs of the Company’s printed products, including

its packaging and printing sales, materials, direct labor, transportation, and manufacturing facility costs.

In addition, this category

includes all direct costs associated with the Company’s technology sales, services and licensing including hardware and software

that are resold, third-party fees, and fees paid to inventors or others because of technology licenses or settlements, if any.

revenue for our REIT line of business includes all direct cost associated with the maintenance and upkeep of the related facilities, depreciation,

amortization and the costs to acquire the facilities.

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Total costs of revenue decreased 3% in 2025 as compared to 2024.

primarily due to the decrease in revenue associate with the change in the Direct marketing business plan that has been slow to generate

revenue as well as decrease in revenues from our Printed product business line.

general and administrative compensation costs, decreased 19% in 2024 as compared to 2023, primarily related the decrease in head

count as the change in business plan from maintaining our own sales force for the Direct marketing business segment to licensing its

fees decreased 16% in 2024 as compared to 2023, primarily due to a decrease in legal fees associated with the direct marketing segment,

accounting fees, and due diligence fees related to potential acquisitions.

Cost of revenue at our Printed products business line increased driven by an increase in revenue.

Cost of revenue at our Securities business

segment decreased year over year driven by the disposal of the Company’s AMRE Plano, Tx., Ft Worth, Tx., and Winter Haven, Fl.

during 2025 and the elimination of related cost to operate and maintain those locations.

In addition, This our Pittsburgh, PA facility

housed a new tenant for part of 2025 paying related cost previously paid for by the Company as well as decreases in our Commercial lending

business unit driven by decreases on loans reserved for year over year.

general and administrative compensation costs, increased 12% in 2025 as compared to 2024, primarily due to stock

awarded to Heng Fai Holdings Limited (“HFHL”), a Hong Kong Company, which is beneficially owned by Mr.

Heng Fai Ambrose Chan,

Director of DSS, Inc.

The issuance was approved by the board of directors on January 31, 2025.

fees decreased 3% in 2025 as compared to 2024, due primarily to efforts taken to control these costs as the Company continues to

drive savings in non-essential areas.

based compensation includes expense charges for all stock-based awards to employees, directors, and consultants.

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and marketing costs, which includes internet and trade publication advertising, travel and entertainment costs, sales-broker commissions,

and trade show participation expenses, increased 3% during 2024 as compared to 2023, primarily due to increases in our Printed Products

and Biotechnology business segments offset by the decrease in such cost associated with our Direct marketing business segment,

and utilities decreased 14% during the year ended December 31, 2024, as compared to the same period in 2023 respectively, primarily

due to end of the lease in Tennessee for AMRE office space and California for the Company’s DSS Wealth Management subsidiary.

and development costs consist primarily of third-party research costs and consulting costs.

During the year ended December 31, 2024,

Research and development costs decreased 84% as compared to the same period in 2023 primarily due to decrease in such activities at our

Impact Biomedical, Inc.

of goodwill during the 4 th quarter of 2023, the Company performed qualitative and quantitative assessments of the goodwill

value associated with its APF and Sentinel subsidiaries and determined that as of December 31, 2023 both assets required impairment.

At December 31, 2023, the Company fully impaired the value of APF and Sentinel goodwill of approximately $29,744,000 and $1,234,000,

respectively.

Similarly, the Company performed a similar evaluation during the year ended December 31, 2024 and deemed an full

impairment of the Impact BioMedical goodwill was necessary in the amount of $25,093,000.

and trade show participation expenses, decreased 20% during 2025 as compared to 2024, primarily due decreases in marketing efforts at

our Biotechnology business segments offset by increased sales persons within our Printed Products business segment.

and utilities decreased 22% in 2025, as compared to 2024 primarily due to end of the lease in office space in California for the

Company’s DSS Wealth Management subsidiary.

and development costs represent costs consisting primarily of independent, third-party testing of the various properties of each

technology the Company owns possesses as well as research on new technologies.

During the year ended December 31, 2025, Research and

development costs increased 22% as compared to the same period in 2024 due to cost incurred to file, perfect or update existing and potential

patents on technologies owned by Impact BioMedical.

of goodwill during 2024, the Company performed qualitative and quantitative assessments of the goodwill value associated with its

Impact BioMedical subsidiary and determined that as of December 31, 2024 the assets required impairment.

At December 31, 2024 the Company

deemed a full impairment of the Impact BioMedical goodwill was necessary in the amount of $25,093,000.

of fixed assets is the impairment of marketing assets in development that the Company decided to forego completion.

operating expenses consist primarily of equipment maintenance and repairs, office supplies, IT support, and insurance costs.

the year ended December 31, 2024, other operating expenses decreased 68% compared to the same period in 2023, due primarily to the reserves

put against rent receivables at our AMRE subsidiary approximating $3.0 million in 2023 as the tenant was unable to pay rent.

operating expenses consist primarily of equipment maintenance and repairs, office supplies,

IT support, and insurance costs.

During the year ended December 31, 2025, other operating expenses decreased 19% compared to the same

period in 2024, due primarily the Company released certain legal fee accruals approximating $897,000 deemed no longer necessary, offset

by increases in Impact BioMedical’s directors and officers insurance obtained post IPO.

Income and (Expense)

income on notes receivable, related party

currency translation adjustment

on equity method investment

Gain/(loss) on investments

of intangible assets

of real estate assets

of assets upon deconsolidation of SHRG

Impairment of investments

for loan losses

on sale of assets

other expense

Interest Income

Interest income on note receivable, related party

Dividend Income

Interest Expense

Foreign currency translation adjustment

Gain on extinguishment of debt

(Loss)/gain on equity method investment

(Loss)/gain on investments

Provision for loan loss

Impairment of real estate

Impairment of investment

Impairment of intangibles

(Loss)/gain on sale of assets

Total other expense

$ (13,054,000 )

$ (11,102,000 )

income is recognized on the Company’s money markets, and notes receivable identified in Note 4.

The decrease of 79% year

over year in interest income is driven by several notes being put on non-accrual as the related borrowers have shown an inability to

The decrease of 92% year over

year in interest income is driven by several notes being put on non-accrual as the related borrowers have shown an inability to pay timely.

income on notes receivable, related party is recognized on the Company’s notes receivable with related parties identified in

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have shown an inability to pay timely.

income for the year ended December 31, 2023 represent dividends received on certain marketable securities owned by the Company.

such dividends were received in 2024.

income decreased 59% during the year 2024 as compared to 2023 due primarily to income incurred in 2023 regarding the Company’s

distribution agreement with BioMed Technologies.

expense decreased 49% year-over-year primarily due to the increase in debt at Premier Packaging and LVAM during 2024.

(loss) from equity method investment represents the Company’s prorated portion of earnings for its investments accounted for

under the equity method for the year ended December 31, 2024, and 2023.

The transition from a loss of $34,000 in 2023 to a gain of $1,000 in 2024 is indicative of the related companies

financial performance improving year over year.

Gain/(loss) on investments consists of net realized and unrealized losses on marketable securities which are recognized as the difference

between the purchase price and sale price of the common stock investment, and net unrealized losses on marketable securities which are

recognized on the change in fair market value on our common stock investment.

The improvement in our marketable securities year over year is driven by an improved performance in our True Partners

Capital Holdings Limited investment which incurred an approximate loss in fair value of $3,224,000 in 2023 as compared to gain in fair

value of approximately $591,000 in 2024.

of intangible assets represents the impairment of certain intangible assets associated with our AMRE LifeCare properties that during

2023 were deemed unrecoverable.

of real estate represents a write-down of real estate assets associated with our AMRE LifeCare properties during 2023 based on a

fair value analysis performed as of December 31, 2023.

A fair value analysis was performed during 2024 which resulted in a $2,973,000

impairment of the AMRE LifeCare Pittsburgh and Fort Worth locations.

Further, the Company executed a purchase agreement for its AMRE

LifeCare Plano location with a sale price at approximately $4,250,000 below its 2023 fair value.

This transaction closed on March 26,

of investments the Company determined an impairment of

its investments in Nano9 and BioMed Technologies was necessary in the amounts of $150,000 and $632,000, respectively, at December 31,

of assets upon deconsolidation is driven by the Company’s distribution of approximately 280 million shares of SHRG in May 2023

which resulted in a decrease in its ownership percentage of SHRG’s common stock from approximately 81% to 7%.

income for 2025 represent dividends received on certain investments owned by the Company.

No such dividends were received

income decreased 95% during the year 2025 as compared to 2024 due primarily to Releases of accruals no longer deemed necessary associated

with normal business operations.

expense decreased 6% year-over-year primarily due to the decreasing debt balances driven by the sale of the Company’s

Plano, Texas facility.

on extinguishment of debt represents insurance proceeds received for claims on AMRE Lifecare’s Plano, Tx facility which was

applied to the outstanding principle on a note for this location.

from equity method investment represents the Company’s prorated portion of earnings for its investments accounted for under

the equity method for the year ended December 31, 2025, and 2024.

The transition from a gain of $1,000 in 2024 to a loss of $16,000 in

2025 is indicative of the related companies financial performance year over year.

on investments consists of net realized and unrealized losses on marketable securities which are recognized as the difference between

the purchase price and sale price of the common stock investment, and net unrealized losses on marketable securities which are recognized

on the change in fair market value on our common stock investment.

The 2025 loss in our marketable securities as compared to 2024 is

driven by the performance in our True Partners Capital Holdings Limited investment which incurred an approximate loss in fair value of

$609,000 in 2025 as compared to gain in fair value of approximately $591,000 in 2024.

of investments in real estate represents a write-down of real estate assets associated with our AMRE LifeCare properties during 2025

and 2024 based on a fair value analysis performed as of December 31, 2025 and 2024.

At December 31, 2025, the Company performed an assessment

of the fair value of its AMRE LifeCare properties and determined an impairment of its Pittsburg, Pa.

facility in the amount of $2,420,000

was necessary, not such impairment was identified for the Company’s AMRE Shelton property.

A fair value analysis was performed during

2024 which resulted in a $2,973,000 impairment of the AMRE LifeCare Pittsburgh and Fort Worth locations.

Further, the Company executed

a purchase agreement for its AMRE LifeCare Plano location with a sale price at approximately $4,250,000 below its 2023 fair value.

transaction closed on March 26, 2025.

of investments the Company determined an impairment of its investments in Nano9 and BioMed Technologies was necessary and were

fully impaired in the amounts of $150,000 and $632,000, respectively, at December 31, 2024.

No such impairments were deemed

necessary in 2025.

of intangible assets is a result of the Company resigning its position as the registered investment advisor (“RIA”) of

the American First Mutual Funds during the third quarter of 2025.

The related asset was acquired at the time the Company became the RIA

in September 2021.

for loan losses represents a reserve put against certain notes receivable deemed uncollectible.

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2024, the Company reviewed the entire loan portfolio and determined specific loans required an allowance for credit losses.

on sale of assets the gain in 2024 is driven by the sale of its Linden, Ut facility while, the loss in 2023 is driven by the

Company’s loss on the sale of equity of HWH Holdings Inc and loss on sale of assets of HWH World as identified in Note 8.

on sale of assets the gain in 2024 is driven by the sale of its Linden, Ut facility while, the loss in 2025 is driven by the Company’s

loss on the sale of its AMRE LifeCare Forth Worth, Tx facility of approximately $9,318,000 and AMRE Winterhaven facility of approximately

and Capital Resources

Company has historically met its liquidity and capital requirements primarily through the sale of its equity securities and debt financing.

Company has historically met its liquidity and capital requirements primarily through the sale of its equity securities and debt

As of December 31, 2025, the Company had cash of approximately $6.2 million.

As of December 31, 2024, the Company believes that it has

sufficient cash to meet its cash requirements for at least the next 12 months from the filing date of this Annual Report.

the Company believes that it will have access to sources of capital from the sale of its equity securities and debt financing.

In addition, the Company believes that it

will have access to sources of capital from the sale of its equity securities and debt financing.

As of December 31, 2025, the

Company believes that it has sufficient cash or access to cash to meet its cash requirements for at least the next 12 months from

the filing date of this Annual Report.

Flow from Operating Activities

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$8.8 million for the year ended December 31, 2024.

This decrease is driven by a decrease in payments of accrued expenses of approximately

$15.8 million, accounts payable of $1.4 million year over year as well as an increase other liabilities incurred, not paid of approximately $3.2 million.

This decrease is driven by $3.1 million decrease in net loss adjusted to reconcile net loss to net cash used by

operating activities, less payments of accounts payable of $0.7 million year over year as well as in collections of accounts receivable of approximately $0.5 million year over year.

Flow from Investing Activities

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December 31, 2024.

The year ended December 31, 2024 included $5.6 million in cash provided by the sale of our Lindon, UT

facility, $3.0 million of cash provided by the sale of marketable securities, as well as $4.2 million received from notes receivable

offset by the $3.3 million purchases of investments.

In comparison, the Company sold $9.5 million in marketable securities and

issued $1.0 million in new notes receivable for the year ended December 31, 2023.

The year ended December 31, 2025 included $15.7 million in cash provided by the sale of real estate, as well as $2.4 million received from the sale of investments in related parties.

In comparison, the Company sold $3.3 million in marketable securities, received payments on notes receivable of $4.1 million for the year ended December 31, 2024.

Flow from Financing Activities

cash provided by financing activities for the year ended December 31, 2024 was $5.1 million due to $4.5 million of additional

borrowings on long-term debt as well as $3.2 million of proceeds received from Impact BioMedical’s IPO offset by $2.6 million

of payments toward long-term debt.

Net cash used by financing activities was approximately $2.4 million for the year ended December

31, 2023 driven by payments toward long-term debt of $4.2 million offset by borrowings of long-term debt of $1.8 million.

Net cash used by financing activities was approximately $14.1 million for the year ended December 31, 2025 driven

by payments toward long-term debt of $17.8 million offset by borrowings of long-term debt of $3.3 million.

cash provided by financing activities for the year ended December 31, 2024 was $1.4 million due to $0.9 million of additional borrowings

on long-term debt as well as $3.2 million of proceeds received from Impact BioMedical’s IPO offset by $2.6 million of payments

toward long-term debt.

Operations and Going Concern

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has incurred operating losses as well as negative cash flows from operating activities over the past two years.

from its $11.4 million in cash as of December 31, 2024, the Company believes it can continue as a going concern, due to its ability to

generate operating cash through the sale of its $9.2 million of Marketable Securities.

Between March 24, 2025 and March 27, 2025, the

Company sold a shares of Impact BioMedical, a subsidiary, for approximately $1,969,000.

Further, the Company has approximately 1,052,000

shares of Impact BioMedical shares available to sell.

In addition, the Company has taken steps, and will continue to take measures, to

materially reduce the expenses and cash burn at all corporate and business line levels.

Although there are no assurances, we believe

the above would allow us to fund our nine business lines current and planned operations for the twelve months from the filing date of

this Annual Report.

Based on this, the Company has concluded that substantial doubt of its ability to continue as a going concern has

been alleviated.

from its $6.2 million in cash as of December 31, 2025, to continue as a going concern, the Company can generate operating cash

through the sale of its $6.5 million of marketable securities.

To continue as a going concern, Also, historically, the Company has

been able to obtain equity via issuance of authorized shares of its common stock currently not issued and/or debt-based financing to

meet its working capital needs.

In addition, the Company has taken steps, and will continue to take measures, to materially reduce

the expenses and cash burn at all corporate and business line levels.

Sheet Arrangements

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There have been

no material changes to such critical accounting policies as of the Annual Report on Form 10-K/A for the year ended December 31, 2023.

For Loans and Lease Losses

The Company adopted amended accounting

guidance ASC Topic 326 which requires an allowance for credit losses to be deducted from the amortized cost basis of financial assets

to present the net carrying value at the amount that is expected to be collected over the contractual term of the asset considering relevant

information about past events, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported

In estimating expected losses in the loan and lease portfolio, borrower-specific financial data and macro-economic assumptions

are utilized to project losses over a reasonable and supportable forecast period.

Assumptions and judgment are applied to measure amounts

and timing of expected future cash flows, collateral values and other factors used to determine the borrowers’ abilities to repay

After the forecast period, the Company utilizes longer-term historical loss experience to estimate losses over the remaining

contractual life of the loans.

no material changes to such critical accounting policies as of the Annual Report on Form 10-K for the year ended December 31, 2025.

For Loans Losses

Company adopted amended accounting guidance ASC Topic 326 which requires an allowance for credit losses to be deducted from the amortized

cost basis of financial assets to present the net carrying value at the amount that is expected to be collected over the contractual

term of the asset considering relevant information about past events, current conditions, and reasonable and supportable forecasts that

affect the collectability of the reported amount.

In estimating expected losses in the loan and lease portfolio, borrower-specific financial

data and macro-economic assumptions are utilized to project losses over a reasonable and supportable forecast period.

Assumptions and

judgment are applied to measure amounts and timing of expected future cash flows, collateral values and other factors used to determine

the borrowers’ abilities to repay obligations.

After the forecast period, the Company utilizes longer-term historical loss experience

to estimate losses over the remaining contractual life of the loans.

Value of Financial Instruments

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period of the asset that the Company would have otherwise recognized is one year or less.

May 4, 2023, the Company distributed approximately 280 million shares of Sharing Service Global Corporation (“SHRG”), beneficially

held by the Company, in the form of a dividend to the shareholders of the Company’s common stock.

Upon completion of this distribution,

the Company retained an ownership interest in SHRG of approximately 7%.

Effective May 1, 2023, SHRG was deconsolidated from the consolidated

financial statements (the “Deconsolidation”).

The consolidated statement of operations does not include SHRG activity after

April 30, 2023 and the assets and liabilities of SHRG are no longer included within the Company’s consolidated balance sheet.

deconsolidation of SHRG is a strategic shift, as a significant portion of the Direct Marketing line of business was eliminated.

the Decentralized Sharing Systems part of the business will continue to provide these services, SHRG was a significant portion of this

segment as it made up approximately 47% and 20%, respectively, of the total DSS revenue in 2022 and 2023.

Accordingly, the Company has

applied discontinued operations treatment for this deconsolidation as required by Accounting Standards Codification 205—Discontinued

The operating results of the discontinued operations is reflected on the Consolidated Statements of Operations as Loss from

Discontinued Operations.

combinations and Acquisitions

combinations and non-controlling interests are recorded in accordance with FASB ASC 805 Business Combinations.

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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 7. Management’s Discussion and Analysis