Notification That Annual Report Will Be Submitted Late (nt 10-k)
March 31 2020 - 4:49PM
Edgar (US Regulatory)
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
12b-25
NOTIFICATION
OF LATE FILING
(Check one): [X] Form 10-K [ ] Form 20-F [ ] Form 11-K [ ] Form 10-Q [ ] Form 10-D [ ] Form N-SAR [ ] Form N-CSR
For
Period Ended: December 31, 2019
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[ ] Transition
Report on Form 10-K
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[ ] Transition
Report on Form 20-F
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[ ] Transition
Report on Form 11-K
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[ ] Transition
Report on Form 10-Q
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[ ] Transition
Report on Form N-SAR
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For the Transition
Period Ended: ________________________
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Read
Instruction (on back page) Before Preparing Form. Please Print or Type.
Nothing
in this form shall be construed to imply that the Commission has verified any information contained herein
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If
the notification relates to a portion of the filing checked above, identify the Item(s) to which the notification relates:
PART
I -- REGISTRANT INFORMATION
DOCUMENT
SECURITY SYSTEMS, INC.
Full
Name of Registrant
Former
Name if Applicable
200
Canal View Boulevard, Suite 300
Address
of Principal Executive Office (Street and Number)
Rochester,
New York 14623
City,
State and Zip Code
PART
II -- RULES 12b-25(b) AND (c)
If
the subject report could not be filed without unreasonable effort or expense and the registrant seeks relief pursuant to Rule
12b-25(b), the following should be completed. (Check box if appropriate)
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(a)
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The
reason described in reasonable detail in Part III of this form could not be eliminated without unreasonable effort or expense
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[X]
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(b)
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The subject annual
report, semi-annual report, transition report on Form 10-K, Form 20-F, Form 11-K, Form N-SAR or Form N-CSR, or portion
thereof, will be filed on or before the fifteenth calendar day following the prescribed due date; or the subject quarterly
report or transition report on Form 10-Q or subject distribution report on Form 10-D, or portion thereof, will be filed on or
before the fifth calendar day following the prescribed due date; and
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(c)
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The
accountant’s statement or other exhibit required by Rule 12b-25(c) has been attached if applicable.
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PART
III -- NARRATIVE
State
below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR, N-CSR, or the transition report or portion thereof,
could not be filed within the prescribed time period.
The
Company was unable to file its annual report on Form 10-K within the prescribed time period because it required additional time
to work with its auditors and legal counsel to prepare and finalize the Form 10-K . The Company filed its Form 10-K Annual Report
with the SEC within 15 calendar days of the prescribed due date.
PART
IV -- OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this notification
Frank
D. Heuszel
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585
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325-3610
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(Name)
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(Area
Code)
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(Telephone
Number)
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(2)
Have all other periodic reports required under Section 13 or 15(d) of the Securities Exchange Act of 1934 or Section 30 of the
Investment Company Act of 1940 during the preceding 12 months or for such shorter period that the registrant was required to file
such report(s) been filed? If answer is no, identify report(s). Yes [X] No [ ]
(3)
Is it anticipated that any significant change in results of operations from the corresponding period for the last fiscal year
will be reflected by the earnings statements to be included in the subject report or portion thereof?
Yes [X] No [ ]
If
so, attach an explanation of the anticipated change, both narratively and quantitatively, and, if appropriate, state the reasons
why a reasonable estimate of the results cannot be made.
For
the year ended December 31, 2019, our revenue increased 5% to approximately $19.4 million as compared to revenues of $18.5 million
for the year ended December 31, 2018. Printed products sales, which include sales of packaging, printing and plastic products,
increased 1% in 2019 as compared to 2019, driven by an increase in the sales of printing and packaging products of 4% offset by
a decrease in sales of plastic card products of 8%. The Company’s technology sales, services and licensing revenues increased
36% in 2019, as compared to 2018, due primarily to increases in sales of our AuthentiGuard product, which increased approximately
$642,000 year-over-year.
Total
costs and expenses increased to approximately $22.3 million in 2019 compared to approximately $20.2 million in 2018, an increase
of 10%. Net other income and expense was an approximate expense of $134,000 in 2019 compared to an approximate gain of $3.2 million
in 2018. During 2019, the Company had net loss of approximately $2.9 million as compared to a net income of approximately $1.5
million in 2018, representing a 468% decrease. The primary driver for the year-over-year change in net income/loss was the impact
of the net gain from extinguishment of liabilities of approximately $3.5 million which occurred during the 2nd quarter
of 2018.
DOCUMENT
SECURITY SYSTEMS, INC.
(Name
of Registrant as Specified in Charter)
has
caused this notification to be signed on its behalf by the undersigned hereunto duly authorized.
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DOCUMENT
SECURITY SYSTEMS, INC.
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Date:
March 31, 2020
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By:
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/s/
Frank D. Heuszel
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Frank
D. Heuszel
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Chief
Executive Officer
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