$PAYD
Paid Inc

2024 Q1 Form 10-Q Financial Statement

#000143774924017089 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q1
Revenue $4.161M $3.806M
YoY Change 9.31% 5.45%
Cost Of Revenue $3.142M $2.954M
YoY Change 6.39% 5.07%
Gross Profit $1.018M $852.6K
YoY Change 19.44% 6.78%
Gross Profit Margin 24.48% 22.4%
Selling, General & Admin $981.9K $1.198M
YoY Change -18.04% 54.39%
% of Gross Profit 96.42% 140.52%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $77.81K $77.53K
YoY Change 0.37% -9.76%
% of Gross Profit 7.64% 9.09%
Operating Expenses $1.056M $1.272M
YoY Change -16.97% 48.26%
Operating Profit -$37.83K -$419.5K
YoY Change -90.98% 604.45%
Interest Expense $141.8K
YoY Change
% of Operating Profit
Other Income/Expense, Net $343.0K $125.0K
YoY Change 174.39%
Pretax Income $305.2K -$294.5K
YoY Change -203.61% 394.59%
Income Tax $5.600K $400.00
% Of Pretax Income 1.84%
Net Earnings $299.6K -$294.9K
YoY Change -201.57% 387.86%
Net Earnings / Revenue 7.2% -7.75%
Basic Earnings Per Share $0.04 -$0.04
Diluted Earnings Per Share $0.04 -$0.04
COMMON SHARES
Basic Shares Outstanding 8.032M 7.993M
Diluted Shares Outstanding 8.038M 7.723M

Balance Sheet

Concept 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.272M $1.770M
YoY Change -28.1% -38.47%
Cash & Equivalents $1.272M $1.770M
Short-Term Investments
Other Short-Term Assets $117.2K $92.90K
YoY Change 26.14% -28.3%
Inventory
Prepaid Expenses $117.2K $92.90K
Receivables $290.9K $197.5K
Other Receivables $0.00 $0.00
Total Short-Term Assets $5.027M $3.789M
YoY Change 32.66% 14.28%
LONG-TERM ASSETS
Property, Plant & Equipment $13.55K $20.10K
YoY Change -32.58% -45.84%
Goodwill
YoY Change
Intangibles $2.299M $2.597M
YoY Change -11.49% -17.14%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $2.321M $2.632M
YoY Change -11.79% -18.39%
TOTAL ASSETS
Total Short-Term Assets $5.027M $3.789M
Total Long-Term Assets $2.321M $2.632M
Total Assets $7.348M $6.421M
YoY Change 14.44% -1.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.302M $1.605M
YoY Change -18.88% -25.57%
Accrued Expenses $393.0K $347.6K
YoY Change 13.06% -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 $1.717M $1.977M
YoY Change -13.16% -28.63%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $278.7K $265.2K
YoY Change 5.1% 1600.9%
Total Long-Term Liabilities $278.7K $265.2K
YoY Change 5.1% 1600.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.717M $1.977M
Total Long-Term Liabilities $278.7K $265.2K
Total Liabilities $2.600M $2.954M
YoY Change -11.97% -18.77%
SHAREHOLDERS EQUITY
Retained Earnings -$69.02M -$69.97M
YoY Change -1.35% -0.59%
Common Stock $8.209K $8.137K
YoY Change 0.88% 4.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.748M $3.467M
YoY Change
Total Liabilities & Shareholders Equity $7.348M $6.421M
YoY Change 14.44% -1.83%

Cashflow Statement

Concept 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $299.6K -$294.9K
YoY Change -201.57% 387.86%
Depreciation, Depletion And Amortization $77.81K $77.53K
YoY Change 0.37% -9.76%
Cash From Operating Activities -$225.4K -$15.07K
YoY Change 1395.91% -2027.24%
INVESTING ACTIVITIES
Capital Expenditures $6.629K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$500.0K
YoY Change
Cash From Investing Activities -$506.6K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $3.996K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$3.996K $0.00
YoY Change
NET CHANGE
Cash From Operating Activities -$225.4K -$15.07K
Cash From Investing Activities -$506.6K
Cash From Financing Activities -$3.996K $0.00
Net Change In Cash -$780.0K -$17.44K
YoY Change 4372.55% -147.64%
FREE CASH FLOW
Cash From Operating Activities -$225.4K -$15.07K
Capital Expenditures $6.629K
Free Cash Flow -$232.1K
YoY Change

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CY2024Q1 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 three months ended March 31, 2024 and 2023.</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 March 31, 2024, the Company maintained 100% of its property and equipment, net of accumulated depreciation, in Canada.</p>
CY2024Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
290948 usd
CY2023Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
205647 usd
CY2024Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
13420 usd
CY2023Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
15382 usd
CY2024Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
15382 usd
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7500
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
299562 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-294928 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8032421
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7722536
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.04
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
5696
CY2023Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8038117
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7722536
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.04
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4160750 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
3806275 usd
CY2024Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-37827 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-419528 usd
CY2024Q1 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;"><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 ended March 31, 2023, to consolidate revenue reporting for smaller segments of the Company.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
CY2024Q1 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
138404 usd
CY2023Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
238161 usd
CY2024Q1 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
40075 usd
CY2023Q4 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
40075 usd
CY2024Q1 payd Accrued Cost Of Revenues Current
AccruedCostOfRevenuesCurrent
191881 usd
CY2023Q4 payd Accrued Cost Of Revenues Current
AccruedCostOfRevenuesCurrent
119737 usd
CY2024Q1 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
22228 usd
CY2023Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
22228 usd
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
410 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
410 usd
CY2024Q1 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
392998 usd
CY2023Q4 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
420611 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
9731 usd
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
8766 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
14161 usd
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
8767 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
6048857 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3749982 usd
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2298865 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
6169066 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3746476 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
2422590 usd
CY2024Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
74285 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
74066 usd
CY2024Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
20000000
CY2024Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2024Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
54559
CY2024Q1 us-gaap Deferred Compensation Arrangement With Individual Fair Value Of Shares Issued
DeferredCompensationArrangementWithIndividualFairValueOfSharesIssued
84576 usd
CY2024Q1 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
3996
CY2024Q1 us-gaap Treasury Stock Common Value
TreasuryStockCommonValue
3996 usd
CY2024Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
45360
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
5400 usd
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
9451 usd
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
6114 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
14162 usd
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y4M24D
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y8M12D
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.09 pure
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.09 pure
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
9152 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
9152 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
385 usd
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
8767 usd
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
8767 usd

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