What changed in this filing

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Item 1. Business

2025-03-31 compared with 2024-03-27 · 424 added, 525 removed, 126 unchanged (88% 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 globe with primary operations in North America and Asia.

The six divisions are:

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

globe with primary operations in North America and Asia.

The five divisions are:

Biotechnology,

and Investment Management, and

Direct Marketing,

Each 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 operating segments:

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

operating segments:

Biotechnology,

Marketing, and

and Investment Management

As the other divisions grow and start

generating material operations and revenue, those operating segments will be added to our financial segmental reporting .

Our divisions, their business lines,

subsidiaries, and operating territories:

and Investment Management, and

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

segmental reporting .

divisions, their business lines, subsidiaries, and operating territories:

The Company’s consumer packaging and security printing business is led by its wholly owned subsidiary, Premier

9 unchanged sentences

(“Biotech”) Biotechnology, a science-driven industry sector that uses living organisms and molecular biology to produce

healthcare-related products, progressed on multiple fronts in 2021.

This business line was created to invest in or acquire companies

in the BioHealth and BioMedical fields, including businesses focused on the advancement of drug discovery and prevention, inhibition,

and treatment of neurological, oncological, and immune related diseases.

This division is also targeting unmet, urgent medical needs,

and is developing open-air defense initiatives, which curb transmission of air-borne infectious diseases, such as tuberculosis and

We had a productive year including key patent awards, the advancement of key programs, the release of positive study results,

and several projects now in global licensing discussions.

Assets of this group are organized under the holding company, DSS BioHealth

Security, Inc.

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:

(i) development of a universal therapeutic drug platform;

a new sugar substitute;

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.

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

The group also has a research facility

in Winter Haven, Florida.

American Pacific Bancorp, Inc.

(“APB”) represents our banking and financing

business line.

During 2023, APB issued more than $14 million in new loans, and over $4 million in renewal loan to customers with

strong credit quality across a diverse portfolio of businesses.

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.

We will continue to

monitor our managed loan portfolio of more than $22 million, 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.

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.

and Investment Management:

2 unchanged sentences

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.

was formed to originate, acquire, and lease a credit-centric portfolio of licensed medical real estate.

This group is headquartered

in Houston, Texas.

Trading”) This Division was established to develop and/or acquire assets and investments in the securities

trading and/or funds management arena.

Trading, in partnership with recognized global leaders in alternative trading systems,

intends to obtain a broker-dealer license and launch an Alternative Trading System (“ATS”).

The ATS, focusing on financial

market inefficiencies, will utilize a blockchain based financial market infrastructure (‘FMI’) that will trade digital

asset securities exempt from registration, or ‘private securities’.

The digital FMI will allow for T+0 settlement, which

USX believes can be used to attract liquidity.

The platform will generate trading liquidity for the ‘middle’ market –

companies that are seeking to raise under $150M USD, can pursue private placements, which have lower compliance costs that public

USX Holdings Company, Inc.

(“USX”), a subsidiary of the DSS Blockchain, Inc., is a collaboration between the

GSX Group, Coinstreet Partners and DSS, Inc.

This collaboration is currently in the planning stages.

Trading division is

currently headquartered in Houston, TX.

Transformation (Legacy) :

This division was established to serve as a Preferred Technology Partner and Application Development

Solution for mid-cap brands across various industries, including the direct selling and affiliate marketing sector.

Digital Transformation

enhanced marketing, communications, and operational processes through tailored software development and implementation.

It successfully

launched several mobile applications for direct sales businesses, seamlessly integrating back-office and social networking functions.

Please note that Digital Transformation was headquartered in Hong Kong until its discontinuation in 2023.

Living (Legacy) :

This division had embarked on a mission to create fully sustainable, secure, connected, and health-focused

living communities, featuring homes equipped with advanced technology, energy-efficient solutions, and high-quality living environments,

catering to both new construction and renovation projects for single and multi-family residential housing.

Secure Living had been

actively collaborating with various land development partners across the United States to develop complete, fully sustainable single-family

subdivisions promoting healthy living.

Secure Living was headquartered in Houston, Texas, until it was wound down

Energy (Legacy) :

This group was established with the vision to lead the company into the clean energy sector, focusing

on environmentally responsible and sustainable initiatives.

Alset Energy, Inc., the holding company for this group, and its wholly

owned subsidiary, Alset Solar, Inc., were dedicated to the development of utility-scale solar farms to support regional power grids

in the United States and provide small microgrids for independent energy on underutilized properties.

In addition to solar farms,

solar battery banks, and residential energy creation and storage, Alset Energy also explored alternative energy investment and development

opportunities.

Our overarching goal was to make a significant impact in mitigating the negative effects of climate change by reducing

air pollution and expanding access to clean energy, thus contributing to global economic well-being.

was headquarters in Houston, Texas until its discontinuation in 2023.

Direct Marketing:

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 following is a summary of the DSS

reported transactions and investments since January 2023 that reflect the active advancements and investments in these business lines:

April 17, 2023, DSS, Inc..

announced today that Jason

Grady, Chief Operating Officer of DSS, will be presenting at the Emerging Growth Virtual Conference on Wednesday, April 19 from 1:45-2:15

April 19, 2023, DSS, Inc.

announced that the Company plans to distribute to its stockholders common stock of Sharing Services

Global Corporation (“ Sharing Services ”

or “ SHRG ”) that is beneficially held

by DSS, directly and through its subsidiary, Decentralized Sharing Systems, Inc.

Sharing Services is a diversified direct marketing company that is currently listed on the OTC (OTC:

SHRG) and is in the process of up-listing

May 1, 2023, DSS, Inc.

announced today the distribution date for the common stock of Sharing Services Global Corporation (“Sharing

Services” or “SHRG”) that is beneficially held by DSS, directly and through its subsidiary, Decentralized Sharing Systems,

As previously announced, DSS Inc., together with its subsidiary DSSI, distributed (the “Distribution”)

approximately 280 million shares of Sharing Services’ common stock beneficially held by DSS and DSSI in a distribution to holders

of DSS common stock, par value $0.02 per share (“DSS Common Stock”) as of April 28, 2023.

Each share of DSS Common Stock

outstanding as of 5:00 p.m., New York City time, held on April 28, 2023, will entitle the holder thereof to receive two (2) SHRG common

stock shares to be distributed on May 4, 2023.

May 16, 2023, DSS, Inc reported earnings results for the First Quarter Ended March 31, 2023.

Premier Packaging division

had a stellar quarter in booking a 72% increase in revenues in the first quarter compared to the First Quarter of 2022 as a result

of our capital investments completed over the past year.”

June 26, 2023, DSS, Inc Announces Record and Distribution Date for Impact BioMedical Spin-Off Special Dividend.

has filed for the distribution of a special stock dividend to DSS Inc.

shareholders of record on June 30th for distribution on July 14,

DSS shareholders of record as of 4:00 p.m.

ET on June 30, 2023 (the “record date”) will receive four (4) shares of

Impact Biomedical, Inc.

for every one (1) share of DSS.

June 30, 2023, DSS, Inc announced updated shareholder of record date for Spin-Off of Impact BioMedical, Inc.

the distribution of a special stock dividend of Impact Biomedical Inc.

shareholders of record on July 10, 2023, pending SEC

DSS shareholders of record as of 5:00 p.m.

ET on July 10, 2023 (the “record date”) were entitled to four (4) shares

of Impact Biomedical Inc.

for every one (1) share of DSS on the distribution date.

July 31, 2023, DSS, Inc.

announced today the distribution date for the previously announced stock dividend of Impact BioMedical

shareholders of record on July 10, 2023 will be entitled to four (4) shares of Impact Biomedical Inc.

for every one (1)

share of DSS to be distributed on August 8, 2023.

October 23, 2023, DSS, Inc.

announced that a registration statement on Form S-1 was filed with the U.S.

Securities and Exchange Commission

(“SEC”) relating to the proposed initial public offering of DSS’s wholly-owned subsidiary, Impact Biomedical.

October 26, 2023, DSS, Inc.

announced that the Company received a letter (the “Letter”) from the staff of

NYSE American LLC (the “Exchange”) stating that the Company’s securities have been selling for a low price per

share for a substantial period of time and, pursuant to Section 1003(f)(v) of the NYSE American Company Guide.

The Company’s

continued listing is predicated on it effecting a reverse stock split of its common stock or otherwise demonstrating sustained price

improvement within a reasonable period of time, which the Exchange has determined to be no later than April 20, 2024.

November 8, 2023, Impact BioMedical Inc.

filed a Current Report on Form 8-K with the Securities and Exchange Commission on November 6, 2023, disclosing that Impact effected a

reverse stock split of its issued and outstanding common stock by a ratio of 1 for 55.

Impact did not effectuate a reverse split of its

authorized capital stock and no amendment to the articles of incorporation or bylaws was made.

Impact received approval from its majority

stockholder and the Company’s Board of Directors to effectuate the reverse split.

November 14, 2023, DSS, Inc.

announced that, in a unanimous

decision, the Court of Appeals for the Federal Circuit (CAFC) rejected Nichia Corp.’s challenge to U.S.

(the ‘040 Patent).

Chief Circuit Judge Kimberly Moore, who authored the opinion, and U.S.

Circuit Judges Kara Stoll and

Tiffany Cunningham sat on the panel for the Federal Circuit.

November 28, 2023, Premier Packaging, a Wholly-Owned Subsidiary of DSS, Inc., Secures Contract Extension with Major

Retailer Worth Up to $15 Million over Four Years.

announced today that its wholly-owned subsidiary, Premier Packaging

signed a contract extension with an existing client for the next three years totaling a minimum of $12 Million

with a fourth year extension option bringing the potential total revenue to over $15 Million.

December 22, 2023, DSS, Inc.

announced that

it will proceed with a 1-for-20 reverse stock split (the “Reverse Split”) of its issued and outstanding shares of common

stock, par value $0.02, following authorization by its Board of Directors and majority shareholders to effect a reverse split by a ratio

of not less than 1-for-20 and not more than 1-for-40 (the “Reverse Split Range”), at any time on or before April 20, 2024,

with the Board having the discretion as to whether or not the Reverse Split is to be effected, and with the exact ratio to be set at

a whole number within the Reverse Split Range as determined by the Chief Executive Officer in his discretion.

The reverse split was effective January 8, 2024.

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.

following is a summary of the DSS reported transactions and investments since January 2024 that reflect the active advancements and investments

in these business lines:

16, 2024, 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.

BUSINESS PLAN AND PROGRESSION

we highlight three specific developments:

We are preparing

for an Initial Public Offering (“IPO”) of our majority owned subsidiary, Impact Biomedical, Inc.

after distributing four shares of IBIO for every share of DSS held as of the record date of July 10, 2023.

Once the IPO has

been completed, these stock dividend shares will not be eligible for resale until 180 days from the effective date of the IPO, a

restriction that can be lifted at the discretion of IBIO.

The structure of this spinoff is designed for DSS to maintain the

consolidation of IBIO’s financials, ensuring our shareholders receive the benefits of IBIO’s success on a go forward

Our license agreement with ProPhase Labs (Nasdaq:

PRPH) is resulting in promising clinical advancement in the development of

our Linebacker and Equivir assets.

Impact Biomedical is actively considering various ways to maximize the value of its investments

The company is excited about the opportunities that the IPO will create and is looking forward to introducing its

shareholders to subsequent spinoffs or similar liquidity events.

Turning to our

product packaging division, Premier Packaging Corporation, Inc., net income increased 126% year over year.

Premier Packaging

Corporation is experiencing a positive trend in its financial performance, thanks to strategic investments and operational

improvements.

Our commitment to

reinforcing our leadership dynamics is evident in the recent enhancement of the management team at DSS Wealth Management, Inc.

This deliberate

move is aimed at fostering a legacy of investment excellence and scaling our assets under management.

We are planning to launch a Total

Return Bond Fund, to capitalize on the prevailing higher interest rates.

enters a new chapter, our strategic focus is to optimize operational efficiencies, realign resources, and position the company

for sustainable long-term growth.

This approach has already yielded meaningful results, as demonstrated in our most recent earnings report.

Below, we outline our key initiatives moving forward:

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 Untapped Markets :

is committed to identifying and investing in high-growth markets, with a focus on creating scalable

and recurring revenue streams across multiple sectors.

Accountability Across Business Units :

To ensure consistent execution of high-priority opportunities, we are implementing metrics-driven

accountability systems across all business units.

Structure Optimization and Operational Efficiency

● 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.

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.

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.

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.

Program Launches :

Targeted pilot programs will be deployed in select regions or sectors to validate new initiatives, which, once

proven, will be scaled company-wide.

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.

to Transparency :

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.

Development for Exponential Growth

For every completed acquisition, and

taking into consideration market conditions and other constraints, we adhere to a well-structured three-stage development process with

the goal of maximizing value creation and propelling our growth by expanding our capabilities, strength, and scale.

Asset Acquisition

and Organizational Development In this initial phase, our focus lies in identifying and acquiring assets, vehicles, asset structures,

and assembling the necessary talent and organizations.

This strategic step serves as the strong foundation upon which we build future

Generation and Operational Excellence Our second stage revolves around driving revenue through diverse channels, including revenue streams,

licensing, and other scalable sources.

Our primary objective during this phase is the creation of efficient and well-operating businesses

that excel in operational performance.

The success achieved in this stage in 2022, evidenced by substantial revenue growth, is a testament

to our efforts.

Profitability

and Positive EBITDA The third and final stage focuses on achieving positive EBITDA (Earnings Before Interest, Taxes, Depreciation, and

Amortization) and profitability.

This is realized through the optimization of business operations, capitalizing on scale and efficiency

to generate sustained profits.

IPOs as a Growth Strategy:

has plans to pursue Initial Public Offerings (IPOs) as a means to share its success with shareholders.

We aim to take our businesses

public once they reach an optimal point for effective leverage and meet internal goals and expectations.

Decentralized Sharing Model:

believe in our unique decentralized sharing model, combined with the three-stage development process, to create substantial shareholder

every completed acquisition, and taking into consideration market conditions and other constraints, we adhere to a well-structured three-stage

development process with the goal of maximizing value creation and propelling our growth by expanding our capabilities, strength, and

Asset Acquisition and Organizational Development.

In this initial phase, our focus lies in identifying and acquiring assets, vehicles,

asset structures, and assembling the necessary talent and organizations.

This strategic step serves as the strong foundation upon which

we build future growth.

Revenue Generation and Operational Excellence.

Our second stage revolves around driving revenue through diverse channels, including

revenue streams, licensing, and other scalable sources.

Our primary objective during this phase is the creation of efficient and well-operating

businesses that excel in operational performance.

Profitability and Positive EBITDA The third and final stage focuses on achieving positive EBITDA (Earnings Before Interest, Taxes,

Depreciation, and Amortization) and profitability.

This is realized through the optimization of business operations, capitalizing on

scale and efficiency to generate sustained profits.

as a Growth Strategy:

Our company has plans to pursue Initial Public Offerings (IPOs) as a means to share its success with shareholders.

We aim to take our businesses public once they reach an optimal point for effective leverage and meet internal goals and expectations.

Decentralized

Sharing Model:

We firmly believe in our unique decentralized sharing model, combined with the three-stage development process, to create

substantial shareholder value.

This model involves distributing dividends from potential IPOs directly to benefit shareholders.

In summary, our strategy delineates a

methodical approach encompassing asset acquisition, revenue generation, operational efficiency, profitability, and ultimately, taking

businesses public through IPOs to reward our shareholders.

We place a strong emphasis on our decentralized sharing model, ensuring that

the benefits of our success are shared directly with our valued shareholders.

Packaging Secures Contract Extension with Major Retailer

Our Premier Packaging

Corporation, Inc.

(“Premier”) subsidiary provides a clear example of the second stage of our development process as it began

operations at its new 105,000 sq.

facility in Western New York in the first half of 2022.

The increased production capacity at the

new facility, which has enabled us to meet growing customer demand, was a key driver behind our nearly 3% year-over-year revenue growth

for this segment in the most recently reported quarter as well as net income increase of 126% year over year.

Since 2019, we have

accelerated the transformation of Premier’s operations, investing in state-of-the-art manufacturing equipment, people, and processes

to increase its capacity, improve quality and delivery, and to ensure it has the resources to support its growing customer base and their

evolving supply chain demands.

Utilizing these investments, we design and manufacture folding cartons that attract the consumer’s

attention when and where it matters most at the point of sale.

In 2023, Premier

Packaging signed a contract extension with an existing client for the next three years with expected revenue to approximate $12

Million with a fourth-year extension.

We are very pleased

to see that our capital investment to increase production capacity and economies of scale at Premier Packaging continues to result in

satisfied clients and increasing revenues.

Since inaugurating Premier’s state-of-the-art 105,000 sq.

facility in 2022, our

packaging division has expanded its customer base and built a competitive advantage in the packaging industry.

We will continue to add

capabilities in key areas that increase operational efficiencies to strengthen Premier’s foundation and offerings while continuing

to provide world-class service to our customers.

Premier specializes in creating innovative

fiber-based, folding cartons and packaging solutions which provide a sustainable alternative to traditional plastic packaging.

BioMedical Share Distribution and IPO

In the field of Biotechnology

and Biomedical, Impact Biomedical Inc.

is dedicated to the discovery, validation, and patenting of innovative scientific advancements

and technologies that lead to new developments in human healthcare and well-being.

Once these breakthroughs are ready for implementation,

IBIO collaborates closely with various partners through licensing agreements, co-development initiatives, joint ventures, and other strategic

relationships to facilitate the introduction of these novel healthcare solutions to the market.

Their mission is to advance and bring

to fruition cutting-edge innovations that have the potential to significantly impact and improve the field of human health and wellness.

In 2023, Impact BioMedical,

a vital component of our BioHealth group, made significant strides in various areas.

These achievements included promising initial test

results related to new bioplastics, the reinforcement of intellectual property safeguards, and the establishment of licensing agreements

with ProPhase Biopharma, a wholly-owned subsidiary of ProPhase Labs, Inc.

ProPhase Labs, an extensively diversified diagnostic

company with a track record spanning over three decades, dedicated to enhancing wellness and improving health through both over-the-counter

(OTC) and prescription products.

They have shown strong belief in Impact BioMedical’s Linebacker compounds, recognizing their potential

value in the multi-billion-dollar range as co-therapies for cancer.

Furthermore, ProPhase Labs anticipates the launch of Equivir as an

OTC supplement in late 2023.

Additionally, ProPhase BioPharma is preparing to submit an Investigational New Drug (“IND”) application to

the US FDA for Equivir G as a prescription antiviral.

Impact BioMedical

effectively utilizes its scientific expertise and intellectual property rights to provide innovative solutions to long-standing challenges

within the biomedical field.

The company’s primary focus lies in dedicated research and discovery efforts aimed at developing promising

products for the prevention, inhibition, and treatment of neurological, oncological, and immuno-related diseases.

For further details

about Impact BioMedical, you can visit their website at http://impactbiomedinc.com/.

With a strengthened

foundation now in place, we expect Impact BioMedical to provide us with the first opportunity to clearly demonstrate a core tenant of

our vision – sharing our success with our shareholders.

In August of 2023, DSS, Inc.

distributed a stock dividend of four (4) shares

of Impact BioMedical Inc.

to all DSS Inc.

shareholders of record on July 10, 2023.

Each share of Impact BioMedical distributed as part

of the distribution will not be eligible for resale until 180 days from the date Impact BioMedical’s initial public offering becomes

effective under the Securities Act, subject to the discretion of the Company to lift the restriction sooner.

Importantly, Impact

BioMedical is just one of multiple assets we believe can have liquidity events in 2024 as we continue to diligently move our growing

portfolio of businesses through our unique and strategic value creation process.

Upcoming Milestone for AmericaFirst Quantitative Funds

AmericaFirst Quantitative

Funds, part of our Securities and Investment Management segment, showed improved performance versus benchmarks for three of the four

mutual funds under management since the new investment advisory team took over in May 2023.

In addition to focusing on improved relative

performance, the team expects to enhance marketing and sales efforts to grow assets under management, continue to improve operational

efficiencies, and plans to launch a Total Return Bond Fund in the first half of the year.

summary, our strategy delineates a methodical approach encompassing asset acquisition, revenue generation, operational efficiency, profitability,

and ultimately, taking businesses public through IPOs to reward our shareholders.

We place a strong emphasis on our decentralized sharing

model, ensuring that the benefits of our success are shared directly with our valued shareholders.

Packaging Strategic Update and Progression

Packaging Corp.

is focusing on its core competencies and growth areas for 2024 and 2025, with a strong emphasis on expanding into targeted

markets while enhancing internal capabilities.

Here’s an update on the Company’s focus areas and plans:

Areas & Growth Markets

Growth Markets

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).

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.

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

Sustainability

Initiatives Premier is working towards aggressive sustainability certification and exploring green solutions across its offerings,

ensuring that their products meet the growing demand for environmentally friendly packaging.

Strategic Initiatives for 2025

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.

Infrastructure and Technological Advancements :

A critical component of our growth strategy for 2025 will be the strategic acquisition

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.

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.

Marketing and Brand Positioning :

We will execute a focused marketing strategy designed to enhance brand visibility and reinforce

our commitment to sustainability.

This will include the development of impactful campaigns that highlight our leadership in eco-friendly

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.

strategic initiatives will be instrumental in positioning the company for sustained growth, profitability, and shareholder value in 2025

BioMedical, Inc.

A Key Milestone for DSS, Inc.

2024, Impact BioMedical, Inc., a subsidiary of DSS, Inc., achieved a significant milestone with the successful completion of its initial

public offering (IPO).

This event marks a pivotal moment in the strategic evolution of DSS, Inc., reflecting our commitment to creating

long-term shareholder value and providing a solid foundation for continued growth within the biotechnology and biomedical sectors.

BioMedical’s IPO, which was finalized in the latter half of 2024, resulted in the company being listed on a recognized public exchange.

This public offering raised substantial capital, enabling Impact BioMedical to further accelerate its expansion into cutting-edge biomedical

technologies, which align with the growing demand for advanced healthcare solutions.

The funds raised from the IPO will be allocated

to advancing R&D initiatives, scaling production capabilities, and enhancing market penetration.

Importance for DSS, Inc.

successful IPO of Impact BioMedical is not only a significant achievement for the subsidiary but also serves as a key strategic move

for DSS, Inc.

By spinning off Impact BioMedical and enabling it to operate as an independent public company, DSS has effectively unlocked

the value inherent in this high-potential subsidiary, providing both entities with the flexibility to pursue their respective growth

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.

and Market Impact

completion of Impact BioMedical’s IPO reflects a robust market appetite for innovative biotech companies with strong growth prospects.

For DSS, Inc., the IPO has led to increased market visibility and raised investor confidence in our broader portfolio.

The capital infusion

into Impact BioMedical, combined with the increased operational independence of the subsidiary, positions both DSS, Inc.

and Impact BioMedical

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

Operating Segments:

As we have reported

above, we financially report business operating results on five operating segments, which we believe will certainly increase and transition

as the newer lines of business develop and mature.

However, the five business segments that we are reporting on in 2023 are as follows:

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

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

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

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

DSS’s operating segments in 2024 highlight the company’s

ongoing commitment to innovation and diversification.

Each segment is strategically positioned for growth, with Premier Packaging and

Commercial Lending continuing to evolve and adapt to market demands.

The Securities and Investment Management segment remains a key pillar

of our growth strategy, with expanding initiatives that include real estate investment, digital securities, and wealth management solutions.

As DSS continues to evolve and execute its strategic objectives, it is well-positioned to deliver sustained value to its shareholders

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

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

among others.

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printing, brand protection, consumer engagement and related technologies.

For over 25 years,

Premier has been a market leader in providing solutions for paperboard packaging from consumer retail packaging and heavy mailing envelopes,

to sophisticated custom folding cartons and complex three-dimensional direct mail solutions.

Premier’s innovative products and

design team delivers packaging that provides functionality, marketability, and sustainability, with its fiber-based packing solutions

providing an alternative to traditional plastic packaging.

Since 2019, we have

accelerated the transformation of Premier’s operations, investing in state-of-the-art manufacturing equipment, people, and processes

to increase its capacity, improve quality and delivery, and to ensure it has the resources to support its growing customer base and their

evolving supply chain demands.

We will continue

to add capabilities in key areas that increasing operational efficiencies to strengthen our foundation and offerings to our customers

while continuing to provide world-class customer service to the customers we serve.

(“Commercial Lending”) through its operating company, American

Pacific Bancorp, Inc.

(“APB”) 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.

We will continue to monitor our managed loan portfolio of

more than $6 million, 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.

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

represents our banking and financing business line.

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

providing commercial loans and on acquiring equity positions in (i) undervalued commercial bank(s), bank holding companies and nonbanking

licensed financial companies operating in the United States, South East Asia, Taiwan, Japan and South Korea, and (ii) companies engaged

in—nonbanking activities closely related to banking, including loan syndication services, mortgage banking, trust and escrow services,

banking technology, loan servicing, equipment leasing, problem asset management, SPAC (special purpose acquisition company) consulting,

and advisory capital raising services.

From this financial platform, the Company shall provide an integrated suite of financial services

for businesses that shall include commercial business lines of credit, land development financing, inventory financing, third party loan

servicing, and services that address the financial needs of the world Gig Economy.

Biotechnology:

(“Biotech”) Impact BioMedical, Inc.

targets unmet, urgent medical needs and expands the borders of medical

and pharmaceutical science.

Impact drives mission-oriented research, development, and commercialization of solutions for medical advances

in human wellness and healthcare.

By leveraging technology and new science with strategic partnerships, Impact BioMedical provides advances

in drug discovery for the prevention, inhibition, and treatment of neurological, oncology and immuno-related diseases.

Other exciting

technologies include a breakthrough alternative sugar aimed to combat diabetes and functional fragrance formulations aimed at the industrial

and medical industry.

Impact BioMedical has several important

and valuable products, technology or compounds that are in continuing development and/or licensing stages:

(“Biotech”) targets unmet, urgent medical needs and expands the borders of medical and pharmaceutical science.

drives mission-oriented research, development, and commercialization of solutions for medical advances in human wellness and healthcare.

By leveraging technology and new science with strategic partnerships, Biotech provides advances in drug discovery for the prevention,

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

Other exciting technologies include a breakthrough alternative

sugar aimed to combat diabetes and functional fragrance formulations aimed at the industrial and medical industry.

has several important and valuable products, technology or compounds that are in continuing development and/or licensing stages:

Multi-faceted therapeutic platform for metabolic, neurologic, cancer, and infectious diseases.

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and cognitive processes to toxin neutralization and immunity against pathogens.

The business model of Impact BioMedical

revolves around two methodologies – Licensing and Sales Distribution.

Impact develops valuable and unique patented technologies which will be licensed to pharmaceutical, large consumer package

goods companies and venture capitalists in exchange for usage licensing and royalties.

Impact utilizes the DSS ecosystem to leverage its sister companies that have in place distribution networks on a global scale.

Impact will engage in branded and private labelling of certain products for sales generation through these channels.

This global distribution

model will give direct access to end users of Impact’s nutraceutical and health related products.

and Investment Management:

(“Securities”) Securities was established to develop and/or acquire assets in the

securities trading or management arena, and to pursue, among other product and service lines, real estate investment funds, broker dealers,

and mutual funds management.

This business sector has already established the following business lines/investments and associated products and services:

(“Securities”) Securities was established to develop and/or acquire assets in the securities

trading or management arena, and to pursue, among other product and service lines, real estate investment funds, broker dealers, and

mutual funds management.

This business sector has already established the following business lines/investments and associated products

and services:

Management Fund:

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as well as preferred stock, and accelerates the trajectory of the DSS digital securities business.

WestPark is a full-service investment banking and securities brokerage firm which serves the needs of both private and public

companies worldwide, as well as individual and institutional investors.

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

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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.

Direct Marketing Segment :

Prior to June

2023, the Direct Marketing business segment, operated through its holding company, Decentralized Sharing Systems, Inc., along with

its subsidiaries and partners, including Sharing Services Global Corporation, offered a diverse range of products and services

through an extensive independent contractor network until its transition to SHRG in late 2023 to effect DSS’s refocus on core

business lines.

For instance, one of Decentralized’s

wholly-owned subsidiaries, HWH World, Inc., was dedicated to promoting products and services that aligned with its core values of health,

wealth, and happiness.

Within the HWH Marketplace and its associated brands, the primary goal was to assist customers in achieving their

healthiest and happiest selves.

In terms of health-related offerings, the company provided herbal alternatives, nutraceuticals, consumables,

topicals, dietary supplements, beauty and skincare products, personal care items, gut health products, aloe vera-based supplements, and

various wellness products.

In the wealth sector, the company developed educational tools to help users manage their finances effectively

and offered savings programs to assist consumers in reaching their financial goals.

In pursuit of happiness, the company collaborated

with partners to acquire or establish products and services that enabled consumers to enjoy a healthy lifestyle, including access to a

global travel membership network.

Sharing Services Global Corporation

(“SHRG”), founded in Nevada on April 24, 2015, is focused on enhancing shareholder value by developing or acquiring businesses

and technologies that expand its product and services portfolio, enhance its business capabilities, and broaden its geographic presence.

Sharing Services’ integrated platform harnesses the expertise of various companies engaged in direct-to-consumer product marketing

through independent contractors.

Their shared services platform caters to the direct selling “gig economy” sector by providing

essential services such as equity and inventory financing, advisory services, mobile application tools, merchant processing services,

commercial insurance, and event planning to smaller direct sales companies.

Sharing Services, through its subsidiaries, currently markets

and distributes health and wellness products, including subscription-based travel services, in the United States, Canada, and Mexico,

utilizing a direct selling business model.

Their growth strategy involves both organic expansion and strategic acquisitions that complement

their product range, enhance their business capabilities, and align with their overall growth objectives.

in July 2023, Direct now specializes in licensing its products and services through its subsidiary HWH World, Inc.

(“HWH World”)

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’s products include, among other things,

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

Impact Biomedical Inc.

patents issued, one(1) allowed, and over forty (40) patents pending worldwide with expiration of US patents between 2029 and 2040.

Direct marketing products include, among other things,

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

Biomedical Inc.

has nine (9) patents issued, and over forty (40) patents pending worldwide with expiration of US patents between 2029

Pending patents could extend this exclusivity period in all regions.

The issued and allowed patents include

composition and method of application for Linebacker, Equivir, 3F (Functional Fragrance), and Laetose.

We have several trademarks

related to our DSS, Inc.

issued and allowed patents include composition and method of application for Linebacker, Equivir, 3F (Functional Fragrance), and Laetose.

have several trademarks related to our DSS, Inc.

businesses, which support the protection of our brand and products in various markets.

These trademarks are critical to maintaining the distinctiveness and recognition of our offerings.

primary corporate website we maintain is www.dssworld.com .

Our other sites are:

American Medical REIT, Inc:

Medical REIT, Inc:

http://www.americanmedreit.com

DSS AmericaFirst:

AmericaFirst:

https://www.afcm-quant.com

American Pacific Bancorp (“APB”):

Pacific Financial (“APF”):

https://www.ampacbancorp.com

DSS PureAir, Inc.:

PureAir, Inc.:

https://dsspureair.com/

Premier Packaging:

https://www.premiercustompkg.com

Impact Biomedical:

https://www.impactbiomedinc.com

In addition to the

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

competitive reasons.

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

or for strategic competitive reasons.

Information on our websites or any other website does not constitute a part of this annual report.

and Competition

Product Packaging:

Within our packaging division, we face competition from numerous national and regional companies, many of which operate independently

and are privately held.

The major players in this market are primarily concentrated in long-term consumer packaged goods and health and

beauty sectors.

These include prominent integrated paper companies like West Rock Company and Graphic Packaging Holding Company.

Commercial Lending:

American Pacific Bancorp, our commercial lending company, offers a comprehensive range of financial services tailored

to businesses.

Our services encompass commercial business lines of credit, land development financing, inventory financing, third-party

loan servicing, and solutions designed to meet the diverse financial requirements of various business sectors.

In this competitive landscape,

APB competes with a wide array of traditional commercial banks and investment banking firms.

In our packaging division, we face competition from a wide range of national and regional companies, many of which operate

independently and are privately held.

The competition is primarily concentrated in the consumer-packaged goods and health and beauty

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.

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

Our services encompass commercial business lines of credit, land development financing, inventory financing, third-party loan servicing,

and solutions designed to meet the diverse financial requirements of various business sectors.

In this competitive landscape, APF competes

with a wide array of traditional commercial banks and investment banking firms.

Biotechnology:

Impact Biomedical

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.

IBIO collaborates closely with licensing partners, engages in

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

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.

Securities and Investment

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.

and Investment Management:

Was established to develop and/or acquire assets in the securities trading or management arena.

These efforts and established

business lines compete with individual money managers, companies or organizations that engage in the business of trading securities and

derivatives for the benefit of their customers.

Traditional RIA’s, Brokers Dealers, REIT’s and other personal investment

companies would also be considered competition.

During 2023, one customer accounted for approximately 20% of our consolidated revenue and second customer accounted for approximately 11% of our consolidated revenue.

Customer diversification

improvements have produced several new customers to our overall customer base and will continue to do so in 2024.

Since 2021, American Pacific Bancorp, Inc.

has issued nearly $26 million in new loans since September 2021 to customers

across a diverse portfolio of businesses.

Securities and Investment

This business

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.

and Investment Management:

Our Securities and Investment Management division has a mixture of retail and institutional investors.

Product Packaging:

The primary raw materials the Company uses in its business are paper, paperboard, corrugated board and ink.

The Company negotiates with

leading suppliers to maximize its purchasing efficiencies and uses a wide variety of paper grades, formats, ink formulations and colors.

The good news is that while there are materials that remain challenging, raw materials have begun to improve in terms of cost and availability.

The good news is that while there are materials that remain challenging, raw materials have begun to improve in terms of cost and availability

in late 2023.

Procurement sustainability as a crucial element and it involves not only ensuring that suppliers meet sustainability standards,

but also a commitment to ongoing internal improvement in sustainability practices.

Premier is proactively engaged in setting high standards

and ensuring that these standards are followed by its supply chain partners, contributing to the improvement and compliance of the broader

During 2023, one vendor accounted for approximately 25% and second vendor

accounted for approximately 13% of our paper and paperboard purchases.

Direct Marketing:

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.

The primary raw materials used in our packaging business are paper, paperboard, and ink.

We work closely with leading suppliers

to maximize purchasing efficiencies, utilizing a diverse range of paper grades, formats, ink formulations, and colors to meet the needs

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.

Environmental

is the Company’s policy to conduct its operations in accordance with all applicable laws, regulations, and other requirements.

While it is not possible to quantify with certainty the potential impact of actions regarding environmental matters, particularly remediation

and other compliance efforts that the Company may undertake in the future, in the opinion of management, compliance with the present

environmental protection laws, before taking into account estimated recoveries from third parties, will not have a material adverse effect

on the Company’s consolidated annual results of operations, financial position or cash flows.

Our biotechnology

business is faced with potential government regulations.

If new legislation, regulations, or rules are implemented either by Congress,

Patent and Trademark Office (the “USPTO”), or the courts that impact the patent application process, the patent

enforcement process or the rights of patent holders, these changes could negatively affect our patent monetization efforts and, in turn,

our assets, expenses and revenue.

Company is committed to conducting its operations in full compliance with all applicable environmental laws, regulations, and other requirements.

While the potential impact of future environmental matters, including remediation efforts and compliance initiatives, cannot be predicted

with certainty, management believes that adherence to current environmental protection laws, excluding any potential recoveries from

third parties, will not have a material adverse effect on the Company’s consolidated results of operations, financial position,

or cash flows.

The Company remains focused on maintaining environmental responsibility while managing any future environmental liabilities

in a prudent and cost-effective manner.

biotechnology business is faced with potential government regulations.

If new legislation, regulations, or rules are implemented either

by Congress, the U.S.

Patent and Trademark Office (the “USPTO”), or the courts that impact the patent application process,

the patent enforcement process or the rights of patent holders, these changes could negatively affect our patent monetization efforts

and, in turn, our assets, expenses and revenue.

United States patent laws have been amended by the Leahy-Smith America Invents Act.

The America Invents

Act includes several significant changes to U.S.

In general, the legislation attempts to address issues surrounding the enforceability

of patents and the increase in patent litigation by, among other things, establishing new procedures for patent litigation.

the America Invents Act changes the way that parties may be joined in patent infringement actions, increasing the likelihood that such

actions will need to be brought against individual parties allegedly infringing by their respective individual actions or activities.

America Invents Act includes several significant changes to U.S.

In general, the legislation attempts to address issues surrounding

the enforceability of patents and the increase in patent litigation by, among other things, establishing new procedures for patent litigation.

For example, the America Invents Act changes the way that parties may be joined in patent infringement actions, increasing the likelihood

that such actions will need to be brought against individual parties allegedly infringing by their respective individual actions or activities.

In addition, the U.S.

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and costs surrounding the enforcement of any such patented technologies.

Moreover, new rules

regarding the burden of proof in patent enforcement actions could significantly increase the cost of our enforcement actions, and new

standards or limitations on liability for patent infringement could negatively impact our revenue derived from such enforcement actions.

The Company, incorporated

in the state of New York in May 1984 has formally conducted business in the name of Document Security Systems, Inc.

On September 16,

2021, the board of directors approved an agreement and plan of merger with a wholly owned subsidiary, DSS, Inc.

(a New York corporation,

incorporated in August 2020), for the sole purpose of effecting a rebranding from Document Security Systems, Inc.

became effective on September 30, 2021.

maintained the same trading symbol “DSS” and updated its CUSIP number to

In January 2024, in conjunction with a reverse split, DSS now operates under the CUSIP 26253C 201.

See the “Overview”

section above for further details about our acquisitions.

Human Capital Resources

As of December

31, 2023, DSS, Inc.

had 95 employees worldwide.

new rules regarding the burden of proof in patent enforcement actions could significantly increase the cost of our enforcement actions,

and new standards or limitations on liability for patent infringement could negatively impact our revenue derived from such enforcement

Company, incorporated in the state of New York in May 1984 has formally conducted business in the name of Document Security Systems,

On September 16, 2021, the board of directors approved an agreement and plan of merger with a wholly owned subsidiary, DSS, Inc.

(a New York corporation, incorporated in August 2020), for the sole purpose of effecting a rebranding from Document Security Systems,

This change became effective on September 30, 2021.

maintained the same trading symbol “DSS”

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.

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

Capital Resources

of December 31, 2024, DSS, Inc.

had 100 employees.

We continue to retain and attract qualified management and technical personnel.

employees are not covered by any collective bargaining agreement, and we believe that our relations with our employees are in good

Our website address

is www.dssworld.com .

Information on our

website is not incorporated herein by reference.

We make available 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 Securities and Exchange Commission.

employees are not covered by any collective bargaining agreement, and we believe that our relations with our employees are in good standing.

website address is www.dssworld.com .

Information on our website is not incorporated herein by reference.

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

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

Securities and Exchange Commission.

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