$PAYD
Paid Inc

2012 Q4 Form 10-Q Financial Statement

#000101765512000042 Filed on November 20, 2012

View on sec.gov

Income Statement

Concept 2012 Q4 2012 Q3 2011 Q4
Revenue $3.310M $7.094M $2.910M
YoY Change 13.75% 337.76% 293.24%
Cost Of Revenue $3.120M $5.696M $2.000M
YoY Change 56.0% 463.7% 308.16%
Gross Profit $190.0K $1.397M $910.0K
YoY Change -79.12% 129.1% 279.17%
Gross Profit Margin 5.74% 19.7% 31.27%
Selling, General & Admin $1.290M $2.270M
YoY Change -43.17%
% of Gross Profit 678.95% 249.45%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $20.00K $30.00K $10.00K
YoY Change 100.0% 200.0% 0.0%
% of Gross Profit 10.53% 2.15% 1.1%
Operating Expenses $1.290M $1.662M $2.270M
YoY Change -43.17% 17.68% 40.12%
Operating Profit -$1.100M -$264.8K -$1.360M
YoY Change -19.12% -67.0% -1.45%
Interest Expense $610.0K $1.300K $20.00K
YoY Change 2950.0% 62.5%
% of Operating Profit
Other Income/Expense, Net -$70.00K -$646.5K $0.00
YoY Change
Pretax Income -$560.0K -$911.3K -$1.340M
YoY Change -58.21% 13.44% -2.19%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$560.0K -$911.3K -$1.340M
YoY Change -58.21% 13.44% -2.19%
Net Earnings / Revenue -16.92% -12.85% -46.05%
Basic Earnings Per Share $0.00
Diluted Earnings Per Share -$848.5K $0.00 -$2.197M
COMMON SHARES
Basic Shares Outstanding 326.3M shares 325.7M shares 301.3M shares
Diluted Shares Outstanding 325.7M shares

Balance Sheet

Concept 2012 Q4 2012 Q3 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.580M $740.0K $1.200M
YoY Change 31.67% -24.49% 60.0%
Cash & Equivalents $1.433M $562.4K $996.0K
Short-Term Investments $140.0K $180.0K $210.0K
Other Short-Term Assets $640.0K $1.040M $1.100M
YoY Change -41.82% -31.13% 2.8%
Inventory $420.7K $1.011M $876.7K
Prepaid Expenses $310.2K $371.0K $574.1K
Receivables $348.8K $920.4K $194.3K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $2.985M $3.712M $3.368M
YoY Change -11.37% -4.56% 6.05%
LONG-TERM ASSETS
Property, Plant & Equipment $212.9K $233.8K $91.00K
YoY Change 133.96% 144.12% 26.74%
Goodwill
YoY Change
Intangibles $6.100K $6.400K $7.100K
YoY Change -14.08% -12.34% -11.25%
Long-Term Investments
YoY Change
Other Assets $1.030M $1.180M $1.470M
YoY Change -29.93% 11.32%
Total Long-Term Assets $1.246M $1.421M $1.566M
YoY Change -20.43% 21.68% 1862.53%
TOTAL ASSETS
Total Short-Term Assets $2.985M $3.712M $3.368M
Total Long-Term Assets $1.246M $1.421M $1.566M
Total Assets $4.232M $5.133M $4.934M
YoY Change -14.24% 1.5% 51.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $728.0K $660.0K $490.0K
YoY Change 48.57% 100.0% 68.97%
Accrued Expenses $1.513M $2.160M $1.330M
YoY Change 13.74% 315.38% 182.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $30.00K $30.00K $10.00K
YoY Change 200.0% 200.0% 0.0%
Total Short-Term Liabilities $2.498M $3.192M $2.141M
YoY Change 16.65% 51.48% 129.34%
LONG-TERM LIABILITIES
Long-Term Debt $50.00K $50.00K $20.00K
YoY Change 150.0% 66.67% 100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $50.00K $50.00K $20.00K
YoY Change 150.0% 66.67% 100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.498M $3.192M $2.141M
Total Long-Term Liabilities $50.00K $50.00K $20.00K
Total Liabilities $2.546M $3.250M $2.160M
YoY Change 17.88% 52.58% 129.79%
SHAREHOLDERS EQUITY
Retained Earnings -$50.96M -$50.40M -$46.81M
YoY Change 8.86% 10.83% 9.28%
Common Stock $52.71M $326.3K $308.8K
YoY Change 16967.81% 8.31% 7.78%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.685M $1.887M $2.772M
YoY Change
Total Liabilities & Shareholders Equity $4.232M $5.133M $4.934M
YoY Change -14.24% 1.5% 51.55%

Cashflow Statement

Concept 2012 Q4 2012 Q3 2011 Q4
OPERATING ACTIVITIES
Net Income -$560.0K -$911.3K -$1.340M
YoY Change -58.21% 13.44% -2.19%
Depreciation, Depletion And Amortization $20.00K $30.00K $10.00K
YoY Change 100.0% 200.0% 0.0%
Cash From Operating Activities $830.0K $410.0K $110.0K
YoY Change 654.55% -4.65% -222.22%
INVESTING ACTIVITIES
Capital Expenditures $10.00K $10.00K -$10.00K
YoY Change -200.0% -200.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $10.00K $10.00K -$10.00K
YoY Change -200.0% -200.0% 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 30.00K 0.000 -80.00K
YoY Change -137.5% -100.0% -78.95%
NET CHANGE
Cash From Operating Activities 830.0K 410.0K 110.0K
Cash From Investing Activities 10.00K 10.00K -10.00K
Cash From Financing Activities 30.00K 0.000 -80.00K
Net Change In Cash 870.0K 420.0K 20.00K
YoY Change 4250.0% -14.29% -104.17%
FREE CASH FLOW
Cash From Operating Activities $830.0K $410.0K $110.0K
Capital Expenditures $10.00K $10.00K -$10.00K
Free Cash Flow $820.0K $400.0K $120.0K
YoY Change 583.33% -9.09% -250.0%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Concentrations</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company's financial instruments that are exposed to concentrations of credit risk consist primarily of cash and cash equivalents. The Company places its cash and cash equivalents with stable high credit quality institutions, and management believes that the risk of loss is negligible </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">nine months ended September 30, 2012 and 2011</font><font style="font-family:inherit;font-size:10pt;"> revenues from a limited number of clients accounted for approximately </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">72%</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">41%</font><font style="font-family:inherit;font-size:10pt;">, respectively, of total revenues. In addition, </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">49%</font><font style="font-family:inherit;font-size:10pt;"> of advanced royalties are to one client at </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">September&#160;30, 2012</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">0%</font><font style="font-family:inherit;font-size:10pt;"> to that same client at </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December&#160;31, 2011</font><font style="font-family:inherit;font-size:10pt;">.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>
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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Reclassifications</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain amounts in the 2011 financial statements have been reclassified to conform to the 2012 presentation with no effect on previously reported net loss or accumulated deficit.</font></div></div>
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
962 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
82962 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
15000 USD
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
8400 USD
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
14600 USD
CY2012Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-50395900 USD
CY2011Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-46809900 USD
us-gaap Revenues
Revenues
10661100 USD
CY2011Q3 us-gaap Revenues
Revenues
1620400 USD
CY2012Q3 us-gaap Revenues
Revenues
7093500 USD
us-gaap Revenues
Revenues
4006200 USD
us-gaap Share Based Compensation
ShareBasedCompensation
532500 USD
us-gaap Share Based Compensation
ShareBasedCompensation
339000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.04
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.18
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
2466137 shares
CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
16152534 shares
us-gaap Stock Issued1
StockIssued1
0 USD
us-gaap Stock Issued1
StockIssued1
1277400 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-40000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
-308800 USD
us-gaap Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
40000 USD
CY2011Q4 us-gaap Stockholders Equity
StockholdersEquity
2772200 USD
CY2012Q3 us-gaap Stockholders Equity
StockholdersEquity
1886500 USD
CY2011Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
0 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-919500 USD
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
0 USD
CY2012Q3 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-683300 USD
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-24400 USD
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
0 USD
CY2011Q3 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
0 USD
CY2012Q3 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
27100 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of estimates</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In preparing financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the balance sheets and reported amounts of revenue and expenses during the reporting periods. Material estimates that are particularly susceptible to significant change in the near term relate to inventories, deferred tax asset valuation, assumptions used in the determination of fair value of stock options and warrants using the Black-Scholes option-pricing model, and forfeiture rates related to unvested stock options. Although these estimates are based on management's knowledge of current events and actions, they may ultimately differ from actual results.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div></div>
CY2012Q3 payd A2002 Stock Option Plan Shares Outstanding
A2002StockOptionPlanSharesOutstanding
13121952 shares
CY2012Q3 payd A2002 Stock Option Plan Total Authorized
A2002StockOptionPlanTotalAuthorized
30000000 shares
CY2012Q3 payd A2002 Stock Option Plan Unexercisable
A2002StockOptionPlanUnexercisable
5500000 shares
payd Boston Rent Payment
BostonRentPayment
5800 USD
CY2012Q3 payd Royalty Guarantee
RoyaltyGuarantee
-568600 USD
CY2011Q4 payd Royalty Guarantee
RoyaltyGuarantee
0 USD
payd Washington St Lease
WashingtonStLease
13856 USD
CY2011Q4 payd Washington St Stock Payment
WashingtonStStockPayment
6082985 shares
CY2011Q3 payd Weighted Average Number Of Shares Outstanding Basic Diluted
WeightedAverageNumberOfSharesOutstandingBasicDiluted
295014276 shares
payd Weighted Average Number Of Shares Outstanding Basic Diluted
WeightedAverageNumberOfSharesOutstandingBasicDiluted
317962401 shares
payd Weighted Average Number Of Shares Outstanding Basic Diluted
WeightedAverageNumberOfSharesOutstandingBasicDiluted
290835033 shares
CY2012Q3 payd Weighted Average Number Of Shares Outstanding Basic Diluted
WeightedAverageNumberOfSharesOutstandingBasicDiluted
325699374 shares
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Period End Date
DocumentPeriodEndDate
2012-09-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001017655
CY2012Q4 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
326313074 shares
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
dei Entity Registrant Name
EntityRegistrantName
PAID INC

Files In Submission

Name View Source Status
0001017655-12-000042-index-headers.html Edgar Link pending
0001017655-12-000042-index.html Edgar Link pending
0001017655-12-000042.txt Edgar Link pending
0001017655-12-000042-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xls Edgar Link pending
paidincbwa.jpg Edgar Link pending
paidsept2012-10q.htm Edgar Link pending
payd-20120930.xml Edgar Link completed
payd-20120930.xsd Edgar Link pending
payd-20120930_cal.xml Edgar Link unprocessable
payd-20120930_def.xml Edgar Link unprocessable
payd-20120930_lab.xml Edgar Link unprocessable
payd-20120930_pre.xml Edgar Link unprocessable
q32012exhibit311.htm Edgar Link pending
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