$UPYY
UPAY

2024 Q1 Form 10-Q Financial Statement

#000157587224000076 Filed on January 22, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2022 Q4
Revenue $364.4K $325.3K
YoY Change 11.99% -16.17%
Cost Of Revenue $168.1K $146.0K
YoY Change 15.12% 9.92%
Gross Profit $196.2K $179.3K
YoY Change 9.45% -29.76%
Gross Profit Margin 53.86% 55.11%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $2.528K $11.33K
YoY Change -77.68% 0.2%
% of Gross Profit 1.29% 6.32%
Operating Expenses $493.7K $170.9K
YoY Change 188.83% -31.92%
Operating Profit -$297.4K $8.385K
YoY Change -3647.05% 99.03%
Interest Expense $8.327K $8.169K
YoY Change 1.93% 93.35%
% of Operating Profit 97.42%
Other Income/Expense, Net
YoY Change
Pretax Income -$302.1K $1.092K
YoY Change -27762.73% -93.51%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$302.1K $1.092K
YoY Change -27762.73% -93.51%
Net Earnings / Revenue -82.91% 0.34%
Basic Earnings Per Share -$0.02 $0.00
Diluted Earnings Per Share -$0.02 $0.00
COMMON SHARES
Basic Shares Outstanding 15.51M 15.51M 17.16M shares
Diluted Shares Outstanding 16.24M 17.16M

Balance Sheet

Concept 2024 Q1 2023 Q4 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $642.8K $846.0K $561.8K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $73.40K $75.95K $65.99K
Other Receivables
Total Short-Term Assets $719.1K $926.8K $631.5K
YoY Change -1.89% 46.77%
LONG-TERM ASSETS
Property, Plant & Equipment $22.64K $25.10K $27.28K
YoY Change 32.69% -8.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $51.22K $59.10K $115.3K
YoY Change -48.92% -48.76%
TOTAL ASSETS
Total Short-Term Assets $719.1K $926.8K $631.5K
Total Long-Term Assets $51.22K $59.10K $115.3K
Total Assets $770.3K $985.9K $746.8K
YoY Change -7.55% 32.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $652.7K
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 $949.0K $1.037M $976.4K
YoY Change -15.29% 6.2%
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 $949.0K $1.037M $976.4K
Total Long-Term Liabilities
Total Liabilities $1.025M $1.117M $1.075M
YoY Change -15.65% 3.84%
SHAREHOLDERS EQUITY
Retained Earnings -$1.623M -$1.396M -$824.7K
YoY Change 83.0% 69.27%
Common Stock $15.71K $15.51K $17.16K
YoY Change -8.62% -9.61%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$254.8K -$130.6K -$328.5K
YoY Change
Total Liabilities & Shareholders Equity $770.3K $985.9K $746.8K
YoY Change -7.55% 32.02%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2022 Q4
OPERATING ACTIVITIES
Net Income -$302.1K $1.092K
YoY Change -27762.73% -93.51%
Depreciation, Depletion And Amortization $2.528K $11.33K
YoY Change -77.68% 0.2%
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

Facts In Submission

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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
3320
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
622
us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
-32162
us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
0
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-20330
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-545492
us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
18937
us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
3014
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
40963
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-540274
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
24144
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
5074
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
828
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
821
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-23316
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4253
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
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us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
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us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
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us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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us-gaap Payments For Repurchase Of Common Stock
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upyy Repayment Of Lease Liabilities
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-1014
upyy Repayment Of Lease Liabilities
RepaymentOfLeaseLiabilities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
185486
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
31177
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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-20139
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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-80890
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
182994
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-594240
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
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
845985
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
561765
us-gaap Income Taxes Paid
IncomeTaxesPaid
25031
us-gaap Income Taxes Paid
IncomeTaxesPaid
0
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0
us-gaap Debt Instrument Decrease Forgiveness
DebtInstrumentDecreaseForgiveness
70000
us-gaap Debt Instrument Decrease Forgiveness
DebtInstrumentDecreaseForgiveness
0
us-gaap Stock Repurchased And Retired During Period Value
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us-gaap Stock Repurchased And Retired During Period Value
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upyy Settlement Of Related Party Note Payable
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upyy Settlement Of Related Party Note Payable
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CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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us-gaap Nature Of Operations
NatureOfOperations
<table cellpadding="0" cellspacing="0" style="width:100%; font-family:'Times New Roman'; font-size:9pt; border-spacing:0px; border-collapse:collapse;text-indent: 0px;"><tr style="vertical-align:top"><td style="width: 0in; overflow-wrap: break-word; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif;"></td><td style="width: 0.25in; vertical-align: top; overflow-wrap: break-word; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">1.</div></div></td><td style="text-align: justify; vertical-align: top; overflow-wrap: break-word; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">N<a href="#b001_005_natureofoperati" id="b001_005_natureofoperati"></a>ature of Operations and Continuance of Business</div></div></td></tr></table><div style="clear:both;max-height:0pt;;text-indent: 0px;"></div><div style="margin: 0px 0px 0px 0.25in; text-align: justify; text-indent: -0.25in; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; background: none;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0.25in; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; background: none;;text-indent: 0px;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); 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 <div style="display:inline;">200,000</div> 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="margin: 0px 0px 0px 0.25in; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; background: none;;text-indent: 0px;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0.25in; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; background: none;;text-indent: 0px;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); 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>
us-gaap Use Of Estimates
UseOfEstimates
<table cellpadding="0" cellspacing="0" style="width:100%; font-family:'Times New Roman'; font-size:9pt; border-spacing:0px; border-collapse:collapse;text-indent: 0px;"><tr style="vertical-align:top"><td style="width: 0in; overflow-wrap: break-word; vertical-align: top; font-family: &quot;Times New Roman&quot;, Times, serif;"></td><td style="width: 0.25in; vertical-align: top; overflow-wrap: break-word; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">c)</div></div></td><td style="text-align: justify; vertical-align: top; overflow-wrap: break-word; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt;"><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-right: 0px; margin-bottom: 0px; margin-top: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">Use of Estimates</div></div></td></tr></table><div style="clear:both;max-height:0pt;;text-indent: 0px;"></div><div style="margin: 0px 0px 0px 0.25in; text-align: justify; text-indent: -0.25in; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; background: none;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; white-space: pre-wrap; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;;white-space:pre-wrap;"> </div></div><div style="margin: 0px 0px 0px 0.5in; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; line-height: 12pt; background: none;;text-indent: 0px;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; line-height: 12pt; background: none; color: rgb(0, 0, 0); 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>
CY2023Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2022
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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us-gaap Depreciation
Depreciation
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us-gaap Depreciation
Depreciation
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us-gaap Lease Cost
LeaseCost
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CY2023Q4 upyy Accumulated Amortization Right Of Use Assets
AccumulatedAmortizationRightOfUseAssets
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CY2023Q4 upyy Right Of Use Asset
RightOfUseAsset
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CY2023Q1 upyy Right Of Use Asset
RightOfUseAsset
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upyy Rent Expense
RentExpense
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RentExpense
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us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
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us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
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us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
1912
CY2023Q4 upyy Finance Lease Liabilities
FinanceLeaseLiabilities
2966
us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
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upyy Finance And Operating Lease Interest Rate
FinanceAndOperatingLeaseInterestRate
0.1125
CY2022Q4 upyy Repayment Of Lease Liabilities
RepaymentOfLeaseLiabilities
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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
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RepaymentOfLeaseLiabilities
-2530
CY2023Q2 upyy Repayment Of Lease Liabilities
RepaymentOfLeaseLiabilities
-47204
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
CY2023Q4 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
10676
CY2023Q4 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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