$PAYD
PAID INC

2014 Q2 Form 10-Q Financial Statement

#000114420414031288 Filed on May 15, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $192.2K $509.4K $932.4K
YoY Change -82.02% -45.36% -27.21%
Cost Of Revenue $92.65K $367.6K $573.9K
YoY Change -87.96% -35.94% -25.99%
Gross Profit $99.52K $139.7K $358.5K
YoY Change -66.75% -61.02% -29.08%
Gross Profit Margin 51.79% 27.43% 38.45%
Selling, General & Admin $280.0K $300.0K $660.0K
YoY Change -46.15% -54.55%
% of Gross Profit 281.35% 214.69% 184.11%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.00K $8.659K $19.88K
YoY Change -50.0% -56.45% 43.04%
% of Gross Profit 10.05% 6.2% 5.55%
Operating Expenses $281.1K $298.7K $664.9K
YoY Change -45.63% -55.09% -58.59%
Operating Profit -$181.5K -$158.9K -$306.5K
YoY Change -16.57% -48.14% -72.15%
Interest Expense -$495.00 $2.338K -$911.00
YoY Change -161.88% -356.64% -153.59%
% of Operating Profit
Other Income/Expense, Net -$388.5K -$12.97K $104.9K
YoY Change -384.7% -112.36% 49.9%
Pretax Income -$570.1K -$171.9K -$201.5K
YoY Change 602.8% -14.71% -80.47%
Income Tax $0.00 $1.206K $0.00
% Of Pretax Income
Net Earnings -$570.1K -$173.1K -$201.5K
YoY Change 602.8% -14.11% -80.47%
Net Earnings / Revenue -296.65% -33.98% -21.61%
Basic Earnings Per Share
Diluted Earnings Per Share -$863.6K -$257.6K -$303.0K
COMMON SHARES
Basic Shares Outstanding 328.9M shares 328.9M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $510.0K $570.0K $1.410M
YoY Change -59.2% -59.57% 28.18%
Cash & Equivalents $508.2K $495.8K $1.158M
Short-Term Investments $0.00 $70.00K $250.0K
Other Short-Term Assets $260.0K $320.0K $760.0K
YoY Change -69.77% -57.89% -23.23%
Inventory $1.305K $16.07K $320.0K
Prepaid Expenses $45.59K $100.8K
Receivables $133.1K $212.2K $260.0K
Other Receivables $230.0K $400.0K $0.00
Total Short-Term Assets $1.132M $1.514M $2.740M
YoY Change -53.92% -44.74% -18.46%
LONG-TERM ASSETS
Property, Plant & Equipment $28.91K $35.19K $190.0K
YoY Change -83.01% -81.48% -0.94%
Goodwill
YoY Change
Intangibles $4.713K $4.948K
YoY Change -15.84%
Long-Term Investments
YoY Change
Other Assets $20.00K $1.020M
YoY Change -97.87% -28.67%
Total Long-Term Assets $54.38K $40.14K $1.220M
YoY Change -95.11% -96.71% -24.88%
TOTAL ASSETS
Total Short-Term Assets $1.132M $1.514M $2.740M
Total Long-Term Assets $54.38K $40.14K $1.220M
Total Assets $1.187M $1.554M $3.960M
YoY Change -66.76% -60.75% -20.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $163.4K $193.1K $610.0K
YoY Change -71.81% -68.35% -12.86%
Accrued Expenses $725.5K $530.4K $1.530M
YoY Change -39.23% -65.33% 61.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $20.00K $20.00K $30.00K
YoY Change 0.0% -33.33% 200.0%
Total Short-Term Liabilities $905.3K $792.4K $2.350M
YoY Change -53.78% -66.28% -10.64%
LONG-TERM LIABILITIES
Long-Term Debt $10.00K $10.00K $40.00K
YoY Change -75.0% -75.0% 100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $10.00K $10.00K $40.00K
YoY Change -75.0% -75.0% 100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $905.3K $792.4K $2.350M
Total Long-Term Liabilities $10.00K $10.00K $40.00K
Total Liabilities $915.5K $806.4K $2.390M
YoY Change -54.22% -66.26% -9.81%
SHAREHOLDERS EQUITY
Retained Earnings -$52.83M -$52.26M
YoY Change 3.1%
Common Stock $53.10M
YoY Change 0.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $271.1K $750.0K $1.560M
YoY Change
Total Liabilities & Shareholders Equity $1.187M $1.550M $3.960M
YoY Change -66.76% -60.86% -20.55%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$570.1K -$173.1K -$201.5K
YoY Change 602.8% -14.11% -80.47%
Depreciation, Depletion And Amortization $10.00K $8.659K $19.88K
YoY Change -50.0% -56.45% 43.04%
Cash From Operating Activities -$60.00K -$44.99K -$267.7K
YoY Change -57.14% -83.19% 148.33%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $70.00K $90.00K $0.00
YoY Change
Cash From Investing Activities $70.00K $87.48K $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -$9.981K -$7.095K
YoY Change 40.68%
NET CHANGE
Cash From Operating Activities -60.00K -$44.99K -$267.7K
Cash From Investing Activities 70.00K $87.48K $0.00
Cash From Financing Activities 0.000 -$9.981K -$7.095K
Net Change In Cash 10.00K $32.51K -$274.8K
YoY Change -107.14% -111.83% 154.92%
FREE CASH FLOW
Cash From Operating Activities -$60.00K -$44.99K -$267.7K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2014Q1 us-gaap Use Of Estimates
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CY2014Q1 us-gaap Concentration Risk Credit Risk
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<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> <i>Concentration of Credit Risk</i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> The Company maintains cash balances at financial institutions that are insured by the Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) up to $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">250,000</font>. At March 31, 2014, the Company had amounts in these accounts in excess of the FDIC insurance limit. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk related to these deposits.</div> <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"></font> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">The Company extends credit based on an evaluation of the customer's financial condition, generally without requiring collateral. Exposure to losses on receivables is principally dependent on each customer's financial condition. The Company monitors its exposure for credit losses and maintains allowances for anticipated losses. Although the Company expects to collect amounts due, actual collections may differ from the estimated amounts. At March 31, 2014 and December 31, 2013, the Company has recorded an allowance for doubtful accounts of $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">53,300</font>.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> &#160;</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> For the three months ended March 31, 2014 and 2013, revenues from one and four clients accounted for approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 86</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 58</font>%, respectively, of total revenues. These revenues were generated from the sales of tour merchandise, VIP services, and merchandising and fulfillment services. As of March 31, 2014 and December 31, 2013, accounts receivable from Music City Networks (<font color="#1e1e1e"><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font color="#1e1e1e">&#8220;</font>MCN</font><font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"><font color="#2d2d2d">&#8221;)</font></font> clients totaled approximately <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 16</font>% and <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 56</font>%, respectively,&#160;of the total accounts receivable balances.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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87482 USD
CY2013Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
0 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
87482 USD
CY2013Q1 us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
7095 USD
CY2013Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-7095 USD
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-9981 USD
CY2013Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-274799 USD
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
32508 USD
CY2013Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
0 USD
CY2014Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
0 USD
CY2013Q1 us-gaap Interest Paid
InterestPaid
911 USD
CY2014Q1 us-gaap Interest Paid
InterestPaid
596 USD
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
328874050 shares
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
PAID INC
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001017655
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2013Q1 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
0 USD
CY2014Q1 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
-214759 USD
CY2012Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1433034 USD
CY2013Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1158235 USD
CY2013 us-gaap Net Income Loss
NetIncomeLoss
1127920 USD
CY2014Q1 us-gaap Fdic Indemnification Asset
FDICIndemnificationAsset
250000 USD
CY2013Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
0 USD
CY2014Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
3748 USD
CY2013Q1 us-gaap Gain Loss On Sale Of Securities Net
GainLossOnSaleOfSecuritiesNet
0 USD
CY2014Q1 us-gaap Gain Loss On Sale Of Securities Net
GainLossOnSaleOfSecuritiesNet
3748 USD
CY2013Q1 payd Unrealized Gain On Investments In Available For Sale Securities
UnrealizedGainOnInvestmentsInAvailableForSaleSecurities
0 USD
CY2014Q1 payd Unrealized Gain On Investments In Available For Sale Securities
UnrealizedGainOnInvestmentsInAvailableForSaleSecurities
2800 USD
CY2014Q1 payd Degree Of Likelihood Of Sustaining Uncertain Tax Position Threshold For Recognition Percent
DegreeOfLikelihoodOfSustainingUncertainTaxPositionThresholdForRecognitionPercent
0.5 pure
CY2013Q1 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0 USD
CY2014Q1 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
-55618 USD
CY2013Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 USD
CY2014Q1 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
34759 USD
CY2012Q2 us-gaap Gain Loss On Sale Of Securities Net
GainLossOnSaleOfSecuritiesNet
3748 USD
CY2014Q1 payd Common Stock Held For Sale
CommonStockHeldForSale
2528091 shares
CY2013Q4 payd Common Stock Held For Sale
CommonStockHeldForSale
3528091 shares
CY2014Q1 payd Guarantee Price Of Common Stock
GuaranteePriceOfCommonStock
0 USD
CY2013Q4 payd Guarantee Price Of Common Stock
GuaranteePriceOfCommonStock
0 USD

Files In Submission

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0001144204-14-031288.txt Edgar Link pending
0001144204-14-031288-xbrl.zip Edgar Link pending
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Financial_Report.xls Edgar Link pending
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payd-20140331.xml Edgar Link completed
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