$UPYY
UPAY

2023 Q4 Form 10-Q Financial Statement

#000157587223001587 Filed on October 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $364.4K $364.0K $321.0K
YoY Change 11.99% 13.42% -10.42%
Cost Of Revenue $168.1K $158.3K $131.0K
YoY Change 15.12% 20.89% 2.79%
Gross Profit $196.2K $205.7K $190.0K
YoY Change 9.45% 8.26% -17.71%
Gross Profit Margin 53.86% 56.51% 59.2%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.528K $3.471K $11.20K
YoY Change -77.68% -69.0% -0.86%
% of Gross Profit 1.29% 1.69% 5.89%
Operating Expenses $493.7K $373.8K $257.4K
YoY Change 188.83% 45.22% 11.17%
Operating Profit -$297.4K -$168.1K -$67.41K
YoY Change -3647.05% 149.41% 10052.26%
Interest Expense $8.327K $8.384K $8.371K
YoY Change 1.93% 0.16% 83.01%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$302.1K -$174.6K -$75.32K
YoY Change -27762.73% 131.83% 663.45%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$302.1K -$174.6K -$75.32K
YoY Change -27762.73% 131.83% 663.45%
Net Earnings / Revenue -82.91% -47.97% -23.47%
Basic Earnings Per Share -$0.02 -$0.01 $0.00
Diluted Earnings Per Share -$0.02 -$0.01 $0.00
COMMON SHARES
Basic Shares Outstanding 15.51M 17.54M 17.16M shares
Diluted Shares Outstanding 16.24M 17.36M 17.16M

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $846.0K $658.0K $366.8K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $75.95K $68.56K $58.01K
Other Receivables
Total Short-Term Assets $926.8K $731.4K $428.1K
YoY Change 46.77% 70.83%
LONG-TERM ASSETS
Property, Plant & Equipment $25.10K $26.79K $34.85K
YoY Change -8.0% -23.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $59.10K $65.38K $130.5K
YoY Change -48.76% -49.89%
TOTAL ASSETS
Total Short-Term Assets $926.8K $731.4K $428.1K
Total Long-Term Assets $59.10K $65.38K $130.5K
Total Assets $985.9K $796.8K $558.6K
YoY Change 32.02% 42.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $495.0K
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.037M $987.9K $764.8K
YoY Change 6.2% 29.18%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.037M $987.9K $764.8K
Total Long-Term Liabilities
Total Liabilities $1.117M $1.073M $909.7K
YoY Change 3.84% 17.92%
SHAREHOLDERS EQUITY
Retained Earnings -$1.396M -$1.094M -$825.8K
YoY Change 69.27% 32.46%
Common Stock $15.51K $17.54K $17.16K
YoY Change -9.61% 2.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$130.6K -$276.0K -$351.1K
YoY Change
Total Liabilities & Shareholders Equity $985.9K $796.8K $558.6K
YoY Change 32.02% 42.64%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$302.1K -$174.6K -$75.32K
YoY Change -27762.73% 131.83% 663.45%
Depreciation, Depletion And Amortization $2.528K $3.471K $11.20K
YoY Change -77.68% -69.0% -0.86%
Cash From Operating Activities
YoY Change
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
YoY Change
NET CHANGE
Cash From Operating Activities
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash
YoY Change
FREE CASH FLOW
Cash From Operating Activities
Capital Expenditures
Free Cash Flow
YoY Change

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IncreaseDecreaseInAccountsPayableRelatedParties
12653
us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
2017
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Payments To Acquire Property Plant And Equipment
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23142
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1222
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
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us-gaap Net Cash Provided By Used In Investing Activities
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-23142
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-370
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
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upyy Repayment Of Lease Liabilities
RepaymentOfLeaseLiabilities
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upyy Repayment Of Lease Liabilities
RepaymentOfLeaseLiabilities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-53175
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-5021
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
662991
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1156005
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
657970
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
366822
us-gaap Income Taxes Paid
IncomeTaxesPaid
16704
us-gaap Income Taxes Paid
IncomeTaxesPaid
16407
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
0
us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
-100
upyy Settlement Of Related Party Note Payable
SettlementOfRelatedPartyNotePayable
0
upyy Settlement Of Related Party Note Payable
SettlementOfRelatedPartyNotePayable
11747
us-gaap Nature Of Operations
NatureOfOperations
<table cellpadding="0" cellspacing="0" style="font: 10pt &quot;Times New Roman&quot;, Times, serif; margin-top: 0px; margin-bottom: 0px; border-spacing: 0px;;width:100%;"> <tr style="vertical-align: top;"> <td style="width: 0.25in; font-family: &quot;Times New Roman&quot;, Times, serif;">1<a href="#a013_001_1" id="a013_001_1"></a>.</td> <td style="text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif;">Nature of Operations and Continuance of Business</td> </tr> </table> <div style="clear: both; max-height: 0px;"></div> <div style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px 0px 0px 0.25in; text-align: justify; font-size-adjust: none; font-stretch: normal;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px 0px 0px 0.25in; text-align: justify; font-size-adjust: none; font-stretch: normal;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">UPAY, Inc. (the “Company”) was incorporated in the State of Nevada on July 8, 2015. By a Share Exchange Agreement dated November 4, 2015, the Company agreed to acquire all of the issued and outstanding shares of Rent Pay (Pty) Ltd (“Rent Pay”), in exchange for 200,000 shares of the Company’s common stock. The acquisition is a capital transaction in substance and therefore has been accounted for as a recapitalization. Rent Pay was incorporated in South Africa on February 1, 2012. Because Rent Pay is deemed to be the acquirer for accounting purposes, the consolidated financial statements are presented as a continuation of Rent Pay and include the results of operations of Rent Pay since incorporation on February 1, 2012, and the results of operations of the Company since the date of acquisition on November 4, 2015. On March 2, 2022, the Company acquired a controlling interest in Miway Finance Inc. (“Miway”), which was determined to be a transaction between entities under common control. On May 30, 2023, the Company incorporated a wholly-owned subsidiary, taking a controlling interest in Huntpal LLC (“Huntpal”).</div></div> <div style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px 0px 0px 0.25in; text-align: justify; font-size-adjust: none; font-stretch: normal;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px 0px 0px 0.25in; text-align: justify; font-size-adjust: none; font-stretch: normal;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">Rent Pay operates principally in South Africa and engages in software development and licensing and provides services to the credit provider industry.</div></div> <div style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px 0px 0px 0.25in; text-align: justify; text-indent: -0.25in; font-size-adjust: none; font-stretch: normal;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div>
us-gaap Use Of Estimates
UseOfEstimates
<table cellpadding="0" cellspacing="0" style="font: 10pt &quot;Times New Roman&quot;, Times, serif; margin-top: 0px; margin-bottom: 0px; border-spacing: 0px;;width:100%;"> <tr style="vertical-align: top;"> <td style="width: 0px; font-family: &quot;Times New Roman&quot;, Times, serif;"><div style="display:inline;"></div></td> <td style="width: 0.25in; font-family: &quot;Times New Roman&quot;, Times, serif;">c)</td> <td style="text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif;">Use of Estimates</td> </tr> </table> <div style="clear: both; max-height: 0px;"></div> <div style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px 0px 0px 0.5in; text-align: justify; font-size-adjust: none; font-stretch: normal;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div> <div style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px 0px 0px 0.5in; text-align: justify; font-size-adjust: none; font-stretch: normal;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to useful life and recoverability of long-lived assets, and deferred income tax asset valuations. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.</div></div> <div style="font: 10pt/normal Times New Roman, Times, Serif; margin: 0px 0px 0px 0.25in; text-align: justify; text-indent: -0.25in; font-size-adjust: none; font-stretch: normal;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div></div>
CY2023Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2023Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
212
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2022
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
258113
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
231328
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
26785
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17061
us-gaap Depreciation
Depreciation
13190
us-gaap Depreciation
Depreciation
22475
CY2023Q2 us-gaap Lease Cost
LeaseCost
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CY2023Q2 upyy Accumulated Amortization Right Of Use Assets
AccumulatedAmortizationRightOfUseAssets
33362
CY2023Q3 upyy Right Of Use Asset
RightOfUseAsset
27891
CY2023Q1 upyy Right Of Use Asset
RightOfUseAsset
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upyy Rent Expense
RentExpense
10032
upyy Rent Expense
RentExpense
8914
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
888
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
4986
CY2023Q3 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
1912
CY2023Q3 upyy Finance Lease Liabilities
FinanceLeaseLiabilities
2966
us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
1052
CY2021Q3 us-gaap Notes Payable
NotesPayable
10000
CY2021Q3 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.10
upyy Finance And Operating Lease Interest Rate
FinanceAndOperatingLeaseInterestRate
0.1125
CY2022Q4 upyy Repayment Of Lease Liabilities
RepaymentOfLeaseLiabilities
-2842
CY2022Q4 upyy Repayment Of Lease Liabilities
RepaymentOfLeaseLiabilities
-47351
CY2022Q4 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
273
CY2022Q4 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
4549
CY2023Q2 upyy Repayment Of Lease Liabilities
RepaymentOfLeaseLiabilities
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CY2023Q2 upyy Repayment Of Lease Liabilities
RepaymentOfLeaseLiabilities
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CY2023Q2 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
1052
CY2023Q2 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
19480
CY2021Q4 us-gaap Payments For Deposits
PaymentsForDeposits
800000
us-gaap Proceeds From Refunds From Suppliers Of Material
ProceedsFromRefundsFromSuppliersOfMaterial
600000
CY2023Q3 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
10703
CY2023Q3 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
200000
CY2023Q1 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
43289
CY2023Q1 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
800000

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