Data Storage Corp files financials for acquired Flagship Solutions; Q1 2021 rev $3.9M, net loss $38k

Data Storage Corp

Flagship Solutions (acquired May 31, 2021) Q1 2021 revenue $3.91M (up 37% YoY); net loss $38,324 vs net income $9,064 in Q1 2020.
Two customers represent 65% of Q1 2021 revenue; one customer accounts for 91% of accounts receivable — high concentration risk.
As of March 31, 2021, Flagship had total assets $3.88M, liabilities $4.15M, and members' deficit $267,135.
Flagship carries $700K line of credit and SBA notes of $817,200; Q1 2021 interest expense $7,927.
Pro forma condensed combined financial statements for Q1 2021 and FY 2020 filed as Exhibit 99.2.

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