Data Storage Corporation Annual report [Section 13 and 15(d), not S-K Item 405]

Segment Information (Tables)

12 Months Ended

Dec. 31, 2024


As of December 31, 2024

	CloudFirst Technologies		CloudFirst Europe Ltd.		Nexxis Inc.		Corporate		Total

Accounts receivable	$	2,166,440	$	—		59,018	$	—	$	2,225,458
Prepaid expenses and other current assets		678,123		62,842		25,056		93,481		859,502
Net Property and Equipment		2,858,664		574,919		2,056		4,017		3,439,656
Intangible assets, net		1,427,006		—		—		—		1,427,006
Goodwill		4,238,671		—		—		—		4,238,671
Operating lease right-of-use assets		575,380		—		—		—		575,380
All other assets		—		—		—		12,514,542		12,514,542
Total Assets	$	11,944,284	$	637,761	$	86,130	$	12,612,040	$	25,280,215

Accounts payable and accrued expenses	$	2,514,439	$	80,348	$	78,654	$	509,938	$	3,183,379
Deferred revenue		212,390		—		—		—		212,390
Deferred tax liability		—		—		—		39,031		39,031
Total Finance leases payable		17,641		—		—		—		17,641
Total Finance leases payable related party		33,879		—		—		—		33,879
Total Operating lease liabilities		621,930		—		—		—		621,930
Total Liabilities	$	3,400,279	$	80,348	$	78,654	$	548,969	$	4,108,250


As of December 31, 2023

	CloudFirst Technologies		Nexxis Inc.		Corporate		Total

Accounts receivable	$	1,229,820	$	30,152	$	—	$	1,259,972
Prepaid expenses and other current assets		419,254		18,157		75,764		513,175
Net property and equipment		2,727,225		2,905		2,644		2,732,774
Intangible assets, net		1,698,084		—		—		1,698,084
Goodwill		4,238,671		—		—		4,238,671
Operating lease right-of-use assets		62,981		—		—		62,981
All other assets		—		—		12,795,362		12,795,362
Total assets	$	10,376,035	$	51,214	$	12,873,770	$	23,301,019

Accounts payable and accrued expenses	$	2,020,963	$	65,161	$	522,814	$	2,608,938
Deferred revenue		336,201		—		—		336,201
Finance leases payable		281,241		—		—		281,241
Finance leases payable related party		256,241		—		—		256,241
Operating lease liabilities		63,983		—		—		63,983
Total liabilities	$	2,958,629	$	65,161	$	522,814	$	3,546,604


For the year ended December 31, 2024

	CloudFirst Technologies			CloudFirst Europe Ltd.			Nexxis Inc.			Corporate			Total
Revenue	$	24,152,056		$	—		$	1,219,247		$	—		$	25,371,303
Cost of sales		13,575,937			—			691,999			—			14,267,936
Gross Profit		10,576,119			—			527,248			—			11,103,367

Selling, general and administrative		5,544,276			290,219			619,912			3,218,831			9,673,238
Depreciation and amortization		1,348,614			—			850			774			1,350,238
Total operating expenses		6,892,890			290,219			620,762			3,219,605			11,023,476

Income (Loss) from Operations		3,683,229			(290,219	)		(93,514	)		(3,219,605	)		79,891

Interest income		—			—			—			592,819			592,819
Interest expense		(119,008	)		—			—			—			(119,008	)
Loss on disposal of equipment		(1,599	)		—			—			—			(1,599	)
Total Other Income (Expense)		(120,607	)		—			—			592,819			472,212

Income (Loss) before provision for income taxes	$	3,562,622		$	(290,219	)	$	(93,514	)	$	(2,626,786	)	$	552,103


For the year ended December 31, 2023

	CloudFirst Technologies			CloudFirst Europe Ltd.		Nexxis Inc.			Corporate			Total
Revenue	$	23,862,649		$	—	$	1,096,927		$	—		$	24,959,576
Cost of sales		14,749,837			—		633,414			—			15,383,251
Gross Profit		9,112,812			—		463,513			—			9,576,325

Selling, general and administrative		5,112,193			—		692,185			2,638,764			8,443,142
Depreciation and amortization		1,300,238			—		705			651			1,301,594
Total operating expenses		6,412,431			—		692,890			2,639,415			9,744,736

Income (Loss) from Operations		2,700,381			—		(229,377	)		(2,639,415	)		(168,411	)

Interest income		—			—		—			542,229			542,229
Interest expense		(74,502	)		—		—			—			(74,502	)
Total Other Income (Expense)		(74,502	)		—		—			542,229			467,727

Income (Loss) before provision for income taxes	$	2,625,879		$	—	$	(229,377	)	$	(2,097,186	)	$	299,316