$UPYY
UPAY

2024 Q2 Form 10-K Financial Statement

#000157587224000650 Filed on June 11, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2024
Revenue $257.2K $1.394M
YoY Change -22.65% 2.53%
Cost Of Revenue $134.3K $659.8K
YoY Change -15.59% 14.77%
Gross Profit $122.9K $734.6K
YoY Change -29.13% -6.43%
Gross Profit Margin 47.78% 52.68%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.904K $17.61K
YoY Change -80.41% -61.88%
% of Gross Profit 1.55% 2.4%
Operating Expenses $266.9K $1.416M
YoY Change 33.79% 62.0%
Operating Profit -$144.0K -$681.9K
YoY Change 452.46% 664.06%
Interest Expense $8.536K $33.43K
YoY Change 2.6% 1.7%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$150.7K -$701.8K
YoY Change 367.65% 496.59%
Income Tax $0.00 $34.38K
% Of Pretax Income
Net Earnings -$150.7K -$736.2K
YoY Change 367.65% 443.37%
Net Earnings / Revenue -58.57% -52.8%
Basic Earnings Per Share -$0.01 -$0.04
Diluted Earnings Per Share -$0.01 -$0.04
COMMON SHARES
Basic Shares Outstanding 15.71M 15.51M 16.84M
Diluted Shares Outstanding 16.11M 16.84M

Balance Sheet

Concept 2024 Q2 2024 Q1 2024
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $231.2K $642.8K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $46.68K $73.40K
Other Receivables
Total Short-Term Assets $290.8K $719.1K
YoY Change -45.8% -1.89%
LONG-TERM ASSETS
Property, Plant & Equipment $21.16K $22.64K
YoY Change -26.14% 32.69%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $45.36K $51.22K
YoY Change -34.57% -48.92%
TOTAL ASSETS
Total Short-Term Assets $290.8K $719.1K
Total Long-Term Assets $45.36K $51.22K
Total Assets $336.2K $770.3K
YoY Change -44.51% -7.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
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 $579.1K $949.0K
YoY Change -36.33% -15.29%
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 $579.1K $949.0K
Total Long-Term Liabilities
Total Liabilities $655.3K $1.025M
YoY Change -34.38% -15.65%
SHAREHOLDERS EQUITY
Retained Earnings -$1.774M -$1.623M
YoY Change 92.98% 83.0%
Common Stock $15.71K $15.71K
YoY Change -8.62% -8.62%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$319.1K -$254.8K
YoY Change
Total Liabilities & Shareholders Equity $336.2K $770.3K
YoY Change -44.51% -7.55%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2024
OPERATING ACTIVITIES
Net Income -$150.7K -$736.2K
YoY Change 367.65% 443.37%
Depreciation, Depletion And Amortization $1.904K $17.61K
YoY Change -80.41% -61.88%
Cash From Operating Activities -$425.7K -$145.6K
YoY Change 217.6% -59.67%
INVESTING ACTIVITIES
Capital Expenditures $24.10K
YoY Change 201.68%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$23.27K
YoY Change 224.2%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$186.5K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 185.5K
YoY Change 526.82%
NET CHANGE
Cash From Operating Activities -425.7K -145.6K
Cash From Investing Activities -23.27K
Cash From Financing Activities 185.5K
Net Change In Cash -411.7K -20.15K
YoY Change 127.58% -95.91%
FREE CASH FLOW
Cash From Operating Activities -$425.7K -$145.6K
Capital Expenditures $24.10K
Free Cash Flow -$169.7K
YoY Change -54.02%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
642846
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
662991
CY2024 us-gaap Income Taxes Paid
IncomeTaxesPaid
33430
CY2023 us-gaap Income Taxes Paid
IncomeTaxesPaid
32870
CY2024 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
34381
CY2023 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
17851
CY2024 us-gaap Debt Instrument Decrease Forgiveness
DebtInstrumentDecreaseForgiveness
70000
CY2023 us-gaap Debt Instrument Decrease Forgiveness
DebtInstrumentDecreaseForgiveness
0
CY2024 upyy Return And Cancellation Of Common Stock
ReturnAndCancellationOfCommonStock
0
CY2023 upyy Return And Cancellation Of Common Stock
ReturnAndCancellationOfCommonStock
100
CY2024 upyy Settlement Of Related Party Note Payable
SettlementOfRelatedPartyNotePayable
0
CY2023 upyy Settlement Of Related Party Note Payable
SettlementOfRelatedPartyNotePayable
11747
CY2024 us-gaap Nature Of Operations
NatureOfOperations
<table cellpadding="0" cellspacing="0" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-spacing: 0px;margin-left : auto;margin-right : 0;width:100%;"><tr style="vertical-align: top;"><td style="overflow-wrap: break-word; vertical-align: top; width: 0in;"></td><td style="overflow-wrap: break-word; vertical-align: top; width: 0.25in;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin-right: 0px; margin-left: 0in; text-align: justify; text-indent: 0in; line-height: 12pt; background: none;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">1<a href="#part2_006_1" id="part2_006_1"></a>.</div></div></td><td style="overflow-wrap: break-word; vertical-align: top;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin-right: 0px; margin-left: 0in; text-align: justify; text-indent: 0in; line-height: 12pt; background: none;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">Nature of Operations and Continuance of Business</div></div></td></tr></table><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.25in; text-align: justify; text-indent: -0.25in; line-height: 12pt; background: none;"><div style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.25in; text-align: justify; line-height: 12pt; background: none;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; 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 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-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.25in; text-align: justify; line-height: 12pt; background: none;"><div style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.25in; text-align: justify; line-height: 12pt; background: none;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; 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>
CY2024 us-gaap Use Of Estimates
UseOfEstimates
<table cellpadding="0" cellspacing="0" style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; border-spacing: 0px;margin-left : auto;margin-right : 0;width:100%;"><tr style="vertical-align: top;"><td style="overflow-wrap: break-word; vertical-align: top; width: 0.25in;"></td><td style="overflow-wrap: break-word; vertical-align: top; width: 0.25in;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin-right: 0px; margin-left: 0in; text-align: justify; text-indent: 0in; line-height: 12pt; background: none;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;">b)</div></div></td><td style="overflow-wrap: break-word; vertical-align: top;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin-right: 0px; margin-left: 0in; text-align: justify; text-indent: 0in; line-height: 12pt; background: none;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; 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="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; text-indent: -0.25in; line-height: 12pt; background: none;"><div style="white-space: pre-wrap; font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; line-height: 12pt; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;display:inline;"> </div></div><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; margin: 0px 0px 0px 0.5in; text-align: justify; line-height: 12pt; background: none;"><div style="font-family: &quot;Times New Roman&quot;, &quot;serif&quot;; font-size: 10pt; 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>
CY2024Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
536
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2022
CY2024 upyy Operating Loss Carryforwards Expiration Year
OperatingLossCarryforwardsExpirationYear
2037
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
257080
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
234442
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22638
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17061
CY2024 us-gaap Depreciation
Depreciation
17608
CY2023 us-gaap Depreciation
Depreciation
46194
CY2024 us-gaap Lease Cost
LeaseCost
59568
CY2024Q1 upyy Accumulated Amortization Right Of Use Assets
AccumulatedAmortizationRightOfUseAssets
41399
CY2024Q1 upyy Right Of Use Asset
RightOfUseAsset
18169
CY2023Q1 upyy Right Of Use Asset
RightOfUseAsset
39905
CY2024 upyy Rent Expense
RentExpense
20000
CY2023 upyy Rent Expense
RentExpense
17404
CY2024 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
880
CY2023 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
8342
CY2024 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
1894
CY2024Q1 upyy Finance Lease Liabilities
FinanceLeaseLiabilities
2936
CY2024 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
1042
CY2024 upyy Finance And Operating Lease Interest Rate
FinanceAndOperatingLeaseInterestRate
0.1125
CY2022Q4 upyy Repayment Of Lease Liabilities
RepaymentOfLeaseLiabilities
-2533
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
-2530
CY2023Q2 upyy Repayment Of Lease Liabilities
RepaymentOfLeaseLiabilities
-47204
CY2023Q2 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
1042
CY2023Q2 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
19480
CY2021Q4 us-gaap Payments For Deposits
PaymentsForDeposits
800000
CY2024 us-gaap Proceeds From Refunds From Suppliers Of Material
ProceedsFromRefundsFromSuppliersOfMaterial
600000
CY2024Q1 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
10408
CY2024Q1 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
200000
CY2023Q1 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
43289
CY2023Q1 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
800000
CY2024 us-gaap Income Loss From Subsidiaries Tax Expense Benefit
IncomeLossFromSubsidiariesTaxExpenseBenefit
0
CY2023 us-gaap Income Loss From Subsidiaries Tax Expense Benefit
IncomeLossFromSubsidiariesTaxExpenseBenefit
0
CY2024Q1 upyy Operating Loss Carryforwards Valuation Allowance Percentage
OperatingLossCarryforwardsValuationAllowancePercentage
1
CY2024Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
1000000
CY2023Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
865000
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2024 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.21
CY2024 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.21
CY2023 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.18
CY2024 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.18
CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.18
CY2024 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.18
CY2024 us-gaap Net Income Loss
NetIncomeLoss
-736191
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-135487
CY2024 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-154000
CY2023 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-28000
CY2024 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
42000
CY2024 upyy Income Tax Reconciliation Temporary Differences
IncomeTaxReconciliationTemporaryDifferences
4000
CY2023 upyy Income Tax Reconciliation Temporary Differences
IncomeTaxReconciliationTemporaryDifferences
20000
CY2024 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
142381
CY2023 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
25451
CY2024 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
34381
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
17851
CY2024Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
210000
CY2023Q1 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
182000
CY2024Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
210000
CY2023Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
182000
CY2024Q1 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2023Q1 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2024Q1 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
1000000

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