$PAYD
Paid Inc

2023 Q4 Form 10-Q Financial Statement

#000143774923031999 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $4.520M $4.108M
YoY Change 5.24% -0.9%
Cost Of Revenue $3.476M $3.163M
YoY Change 3.96% -2.0%
Gross Profit $1.044M $944.3K
YoY Change 9.74% 2.95%
Gross Profit Margin 23.1% 22.99%
Selling, General & Admin $1.006M $935.2K
YoY Change 13.08% 7.69%
% of Gross Profit 96.33% 99.04%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $76.78K $77.92K
YoY Change -0.62% -3.16%
% of Gross Profit 7.35% 8.25%
Operating Expenses $1.079M $1.010M
YoY Change 12.06% 6.76%
Operating Profit -$35.31K -$65.62K
YoY Change 197.72% 128.71%
Interest Expense $203.4K
YoY Change
% of Operating Profit
Other Income/Expense, Net $375.0K $20.83K
YoY Change 174.4%
Pretax Income $543.1K -$44.78K
YoY Change 335.16% 56.09%
Income Tax -$92.64K $0.00
% Of Pretax Income -17.06%
Net Earnings $635.8K -$44.78K
YoY Change -13.92% -57.74%
Net Earnings / Revenue 14.06% -1.09%
Basic Earnings Per Share -$0.01
Diluted Earnings Per Share $0.08 -$0.01
COMMON SHARES
Basic Shares Outstanding 8.011M 8.011M
Diluted Shares Outstanding 8.011M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.052M $1.736M
YoY Change 14.84% -42.73%
Cash & Equivalents $2.052M $1.736M
Short-Term Investments
Other Short-Term Assets $134.1K $133.1K
YoY Change -11.4% 16.46%
Inventory
Prepaid Expenses $134.1K $133.1K
Receivables $205.6K $240.1K
Other Receivables $0.00 $0.00
Total Short-Term Assets $4.846M $3.984M
YoY Change 30.54% 15.47%
LONG-TERM ASSETS
Property, Plant & Equipment $10.68K $13.62K
YoY Change -54.54% -48.67%
Goodwill
YoY Change
Intangibles $2.423M $2.438M
YoY Change -9.04% -9.56%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $2.447M $2.470M
YoY Change -9.68% -10.28%
TOTAL ASSETS
Total Short-Term Assets $4.846M $3.984M
Total Long-Term Assets $2.447M $2.470M
Total Assets $7.293M $6.455M
YoY Change 13.57% 4.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.482M $1.374M
YoY Change -7.94% -3.34%
Accrued Expenses $420.6K $448.6K
YoY Change -2.38% -19.74%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.933M $1.855M
YoY Change -6.93% -33.48%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $278.7K $265.2K
YoY Change 5.1%
Total Long-Term Liabilities $278.7K $265.2K
YoY Change 5.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.933M $1.855M
Total Long-Term Liabilities $278.7K $265.2K
Total Liabilities $2.834M $2.827M
YoY Change -7.07% -20.57%
SHAREHOLDERS EQUITY
Retained Earnings -$69.32M -$69.95M
YoY Change -0.51% -0.65%
Common Stock $8.154K $8.154K
YoY Change 4.01% 4.27%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.459M $3.628M
YoY Change
Total Liabilities & Shareholders Equity $7.293M $6.455M
YoY Change 13.57% 4.04%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income $635.8K -$44.78K
YoY Change -13.92% -57.74%
Depreciation, Depletion And Amortization $76.78K $77.92K
YoY Change -0.62% -3.16%
Cash From Operating Activities $270.3K -$114.2K
YoY Change -21.53% -493.66%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities 270.3K -114.2K
Cash From Investing Activities 0.000
Cash From Financing Activities 0.000 0.000
Net Change In Cash 270.3K -114.2K
YoY Change -121.74% -493.66%
FREE CASH FLOW
Cash From Operating Activities $270.3K -$114.2K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<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 three and nine months ended September 30, 2023 and 2022.</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 September 30, 2023, the Company maintained 100% of its property and equipment, net of accumulated depreciation, in Canada.</p>
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us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: justify;"><i>Reclassification</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; margin: 0pt; text-indent: 36pt; text-align: justify;">Certain prior year amounts have been reclassified for consistency with the current year presentation.  These reclassifications had no effect on the reported results of operations.  An adjustment has been made to the segment reporting for the period ending September 30, 2023 and 2022, to consolidate revenue reporting for smaller segments of the Company.</p>
CY2023Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
240050 usd
CY2023Q3 us-gaap Notes And Loans Receivable Net Current
NotesAndLoansReceivableNetCurrent
1875000 usd
CY2023Q3 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
173804 usd
CY2022Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
195803 usd
CY2023Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
736 usd
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3685 usd
CY2023Q3 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
40075 usd
CY2023Q3 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
22228 usd
CY2022Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
22228 usd
CY2023Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
410 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
410 usd
CY2023Q3 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
448616 usd
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
430858 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
6028177 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3590153 usd
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2438024 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
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
74678 usd
CY2022Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
77487 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
223258 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
237998 usd
CY2023Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000
CY2023Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2020 payd Common Stock Shares Exchanged
CommonStockSharesExchanged
178000
CY2022Q2 us-gaap Deferred Compensation Arrangement With Individual Shares Issued
DeferredCompensationArrangementWithIndividualSharesIssued
13021
CY2022Q2 us-gaap Deferred Compensation Arrangement With Individual Exercise Price
DeferredCompensationArrangementWithIndividualExercisePrice
1.92
CY2022Q2 us-gaap Deferred Compensation Arrangement With Individual Fair Value Of Shares Issued
DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued
25000 usd
CY2023Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
3500
CY2023Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.975
CY2023Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3412 usd
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
4503 usd
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
9791 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
23462 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
29899 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
24857 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
30786 usd
CY2023Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
18794 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
23063 usd
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
18794 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
22199 usd
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
0 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
0 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
18794 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
22199 usd
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y10M24D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y7M6D
CY2023Q3 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
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
5359 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
14291 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
19650 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
856 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
18794 usd
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
18794 usd

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