$PAYD
PAID INC

2023 Q2 Form 10-Q Financial Statement

#000143774923014607 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $4.130M $3.806M
YoY Change -8.94% 5.45%
Cost Of Revenue $3.186M $2.954M
YoY Change -9.34% 5.07%
Gross Profit $944.6K $852.6K
YoY Change -7.55% 6.78%
Gross Profit Margin 22.87% 22.4%
Selling, General & Admin $937.5K $1.198M
YoY Change 19.55% 54.39%
% of Gross Profit 99.24% 140.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $77.74K $77.53K
YoY Change -5.55% -9.76%
% of Gross Profit 8.23% 9.09%
Operating Expenses $1.012M $1.272M
YoY Change 17.31% 48.26%
Operating Profit -$67.37K -$419.5K
YoY Change -142.35% 604.45%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $125.0K $125.0K
YoY Change
Pretax Income $57.63K -$294.5K
YoY Change -63.78% 394.59%
Income Tax $456.00 $400.00
% Of Pretax Income 0.79%
Net Earnings $57.17K -$294.9K
YoY Change -28.53% 387.86%
Net Earnings / Revenue 1.38% -7.75%
Basic Earnings Per Share $0.01 -$0.04
Diluted Earnings Per Share $0.01 -$0.04
COMMON SHARES
Basic Shares Outstanding 8.007M 7.993M
Diluted Shares Outstanding 8.013M 7.723M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.901M $1.770M
YoY Change -40.83% -38.47%
Cash & Equivalents $1.901M $1.770M
Short-Term Investments
Other Short-Term Assets $53.15K $92.90K
YoY Change -28.51% -28.3%
Inventory
Prepaid Expenses $53.15K $92.90K
Receivables $217.2K $197.5K
Other Receivables $0.00 $0.00
Total Short-Term Assets $4.025M $3.789M
YoY Change 12.45% 14.28%
LONG-TERM ASSETS
Property, Plant & Equipment $17.26K $20.10K
YoY Change -46.38% -45.84%
Goodwill
YoY Change
Intangibles $2.579M $2.597M
YoY Change -12.96% -17.14%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $2.602M $2.632M
YoY Change -14.36% -18.39%
TOTAL ASSETS
Total Short-Term Assets $4.025M $3.789M
Total Long-Term Assets $2.602M $2.632M
Total Assets $6.627M $6.421M
YoY Change 0.14% -1.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.556M $1.605M
YoY Change -34.73% -25.57%
Accrued Expenses $401.0K $347.6K
YoY Change -4.79% -38.45%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.973M $1.977M
YoY Change -30.88% -28.63%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $265.2K $265.2K
YoY Change 4931.69% 1600.9%
Total Long-Term Liabilities $265.2K $265.2K
YoY Change 4931.69% 1600.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.973M $1.977M
Total Long-Term Liabilities $265.2K $265.2K
Total Liabilities $2.971M $2.954M
YoY Change -19.36% -18.77%
SHAREHOLDERS EQUITY
Retained Earnings -$69.91M -$69.97M
YoY Change -0.56% -0.59%
Common Stock $8.154K $8.137K
YoY Change 4.27% 4.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.656M $3.467M
YoY Change
Total Liabilities & Shareholders Equity $6.627M $6.421M
YoY Change 0.14% -1.83%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $57.17K -$294.9K
YoY Change -28.53% 387.86%
Depreciation, Depletion And Amortization $77.74K $77.53K
YoY Change -5.55% -9.76%
Cash From Operating Activities $94.57K -$15.07K
YoY Change -77.86% -2027.24%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.410K $0.00
YoY Change
NET CHANGE
Cash From Operating Activities 94.57K -$15.07K
Cash From Investing Activities
Cash From Financing Activities 3.410K $0.00
Net Change In Cash 97.98K -$17.44K
YoY Change -77.06% -147.64%
FREE CASH FLOW
Cash From Operating Activities $94.57K -$15.07K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;text-indent:36pt;"><i>Geographic Concentrations</i></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">The Company conducts business in the U.S. and Canada. For customers headquartered in their respective countries, the Company derived approximately 99% of its revenues from Canada and 1% from the U.S. during the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2023 </em>and <em style="font: inherit;">2022.</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">At <em style="font: inherit;"> March 31, 2023, </em>the Company maintained 100% of its property and equipment net of accumulated depreciation in Canada.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;text-indent:9pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;"/>
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
6 pure
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
197505 usd
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
169074 usd
CY2023Q1 payd Number Of Major Customers
NumberOfMajorCustomers
0 pure
CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
11809 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
13020 usd
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
13020 usd
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7500
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
33000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-294928 usd
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-60454 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7722536
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7773263
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2022Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7722536
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7773263
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.04
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.01
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.04
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.01
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
6 pure
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
6 pure
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3806275 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3609701 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-419528 usd
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-59554 usd
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
197505 usd
CY2023Q1 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
1729167 usd
CY2023Q1 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
125483 usd
CY2022Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
195803 usd
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
0 usd
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3685 usd
CY2023Q1 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
40075 usd
CY2022Q4 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
40075 usd
CY2023Q1 payd Accrued Cost Of Revenues Current
AccruedCostOfRevenuesCurrent
159414 usd
CY2022Q4 payd Accrued Cost Of Revenues Current
AccruedCostOfRevenuesCurrent
168657 usd
CY2023Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
22228 usd
CY2022Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
22228 usd
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
410 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
410 usd
CY2023Q1 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
347610 usd
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
430858 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
6054365 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3457045 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2597320 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
6037021 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3373710 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2663311 usd
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2020 payd Common Stock Shares Exchanged
CommonStockSharesExchanged
178000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
9451 usd
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
10093 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
9731 usd
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
10392 usd
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
14145 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
23063 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
12999 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
22199 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
0 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
0 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
12999 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
22199 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y4M24D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y7M6D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.090 pure
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.090 pure
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
14149 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
14149 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1150 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
12999 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
12999 usd

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payd-20230331_lab.xml Edgar Link unprocessable
0001437749-23-014607-index-headers.html Edgar Link pending
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0001437749-23-014607.txt Edgar Link pending
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