Item
8.01. Other Events.
Document
Security Systems, Inc. (“we,” “us,” and “our”) is filing this Current Report on Form 8-K (the “Form
8-K”) to reflect changes to the presentation of our financial information as set forth in our Annual Report on Form 10-K for the
fiscal year ended December 31, 2020 (the “2020 Form 10-K”), as filed with the Securities and Exchange Commission (the “SEC”)
on March 31, 2021, in order to give effect to a change in our segment reporting.
As
previously disclosed in our Quarterly Report on Form 10-Q for the period ended March 31, 2021 (as filed with the SEC on May 14,
2021), effective in the first quarter of our fiscal year 2021, our internal reporting and reportable segments changed. We implemented
a segment reorganization in order to more closely align our segment reporting with our current operating structure. The segment
reorganization now includes our BioHealth Group and the removal of our IP Technology Management segment as the activities surrounding
our IP Technology Management segment have significantly decreased. The IP Technology Management segment have been included
in the Corporate reporting segment. Also, the investment in Sharing Service Global Corporation, previously recorded in the Corporate
segment is now accounted for in the Direct Marketing segment. Our reportable segments are: Premier Packaging, Digital Group, BioHealth
Group, and Direct Marketing.
All
prior period information has been recast to reflect this change in reportable segments. This form 8-K will permit us to incorporate the
recast financial statements by reference, or otherwise, in future SEC filings. The information in this Form 8-K in not an amendment to
the 2020 Form 10-K or a restatement of financial statements included therein.
This
Form 8-K updates and supersedes the information in the following sections of our 2020 Form 10-K to reflect retrospective application
of our segment changes to conform to the new segment presentation:
●
Part I, Item 1, Business.
●
Part II, Item 8, Financial Statements and Supplementary Data.
In
our Quarterly Reports on Form 10-Q for the period ended March 31, 2021, we adjusted the unaudited condensed consolidated financial statements
for the three months ended March 31, 2020 to reflect the retrospective application of our segment change.
No
items in the 2020 Form 10-K other than those identified above are being updated by this Form 8-K. Information in the 2020 Form 10-K is
generally stated as of December 31, 2020 and this Form 8-K does not reflect any subsequent information or events other than the changes
in segment reporting noted above. Without limiting the foregoing, this Form 8-K does not purport to update Management’s Discussion
and Analysis of Financial Condition and Results of Operations contained in the 2020 Form 10-K for any information, uncertainties,
transactions, risks, events, or trends occurring, or known to management, other than the events described above. For a discussion of
events and developments subsequent to the filing of the 2020 Form 10-K, please refer to our SEC filings since that date. More current
information is contained in the March 31, 2021 Form 10-Q and other filings with the SEC after March 31, 2021.
This
Form 8-K should be read in conjunction with the 2020 Form 10-K, the March 31, 2021 Form 10-Q, and any other documents filed with the
SEC subsequent to March 31, 2021.