$UPYY
UPAY

2024 Q3 Form 10-Q Financial Statement

#000157587224000776 Filed on July 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $168.1K $257.2K
YoY Change -53.83% -22.65%
Cost Of Revenue $49.38K $134.3K
YoY Change -68.81% -15.59%
Gross Profit $118.7K $122.9K
YoY Change -42.3% -29.13%
Gross Profit Margin 70.62% 47.78%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.951K $1.904K
YoY Change -43.79% -80.41%
% of Gross Profit 1.64% 1.55%
Operating Expenses $302.9K $266.9K
YoY Change -18.98% 33.79%
Operating Profit -$184.2K -$144.0K
YoY Change 9.56% 452.46%
Interest Expense $8.034K $8.536K
YoY Change -4.17% 2.6%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$191.3K -$150.7K
YoY Change 9.57% 367.65%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$191.3K -$150.7K
YoY Change 9.57% 367.65%
Net Earnings / Revenue -113.84% -58.57%
Basic Earnings Per Share -$0.01 -$0.01
Diluted Earnings Per Share -$0.01 -$0.01
COMMON SHARES
Basic Shares Outstanding 15.71M 15.71M
Diluted Shares Outstanding 16.47M 16.11M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $121.8K $231.2K
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $30.57K $46.68K
Other Receivables
Total Short-Term Assets $165.6K $290.8K
YoY Change -77.36% -45.8%
LONG-TERM ASSETS
Property, Plant & Equipment $20.60K $21.16K
YoY Change -23.11% -26.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $41.12K $45.36K
YoY Change -37.11% -34.57%
TOTAL ASSETS
Total Short-Term Assets $165.6K $290.8K
Total Long-Term Assets $41.12K $45.36K
Total Assets $206.7K $336.2K
YoY Change -74.06% -44.51%
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 $447.2K $579.1K
YoY Change -54.74% -36.33%
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 $447.2K $579.1K
Total Long-Term Liabilities
Total Liabilities $523.3K $655.3K
YoY Change -51.21% -34.38%
SHAREHOLDERS EQUITY
Retained Earnings -$1.965M -$1.774M
YoY Change 79.66% 92.98%
Common Stock $16.13K $15.71K
YoY Change -8.07% -8.62%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$316.7K -$319.1K
YoY Change
Total Liabilities & Shareholders Equity $206.7K $336.2K
YoY Change -74.06% -44.51%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$191.3K -$150.7K
YoY Change 9.57% 367.65%
Depreciation, Depletion And Amortization $1.951K $1.904K
YoY Change -43.79% -80.41%
Cash From Operating Activities -$425.7K
YoY Change 217.6%
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 -425.7K
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash -411.7K
YoY Change 127.58%
FREE CASH FLOW
Cash From Operating Activities -$425.7K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2024Q2 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; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; text-indent: 0px;display:inline;"></div><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; letter-spacing: 0px; top: 0px; background: none; color: rgb(0, 0, 0); text-indent: 0px; line-height: 12pt;display:inline;">1</div><div style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background: none; letter-spacing: 0px; top: 0px; color: rgb(0, 0, 0); text-indent: 0px; line-height: 12pt;display:inline;">.</div><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; text-indent: 0px;display:inline;"></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; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; text-indent: 0px;display:inline;"></div><div style="text-indent: 0px; letter-spacing: 0px; top: 0px;display:inline;">Nature of Operations and Continuance of Business</div><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt; text-indent: 0px;display:inline;"></div></div></td></tr></table><div style="clear: both; max-height: 0px; text-indent: 0px;"></div><div style="margin: 0px 0px 0px 0.25in; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;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; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;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”). On May 28, 2024, the Company acquired a controlling interest in AML Go (Pty) Ltd (“AML”) which was incorporated on July 3, 2023. AML was determined to be an entity under common control, and the transaction was considered immaterial due to the nominal assets and liabilities at the time of acquisition.</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; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;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; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;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="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; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div>
CY2024Q2 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: 0.25in; 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; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;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; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;">Use of Estimates</div></div></td></tr></table><div style="clear: both; max-height: 0px; text-indent: 0px;"></div><div style="margin: 0px 0px 0px 0.5in; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;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; background: none; text-indent: 0px; line-height: 12pt;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;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="margin: 0px 0px 0px 0.5in; text-align: justify; text-indent: -0.25in; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; background: none; line-height: 12pt;"><div style="font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; white-space: pre-wrap; background: none; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px; line-height: 12pt;display:inline;white-space:pre-wrap;"> </div></div>
CY2024Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
252999
CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
231835
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
21164
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22638
CY2024Q2 us-gaap Depreciation
Depreciation
1904
CY2023Q2 us-gaap Depreciation
Depreciation
9719
CY2024Q2 us-gaap Lease Cost
LeaseCost
60711
CY2024Q2 upyy Accumulated Amortization Right Of Use Assets
AccumulatedAmortizationRightOfUseAssets
47127
CY2024Q2 upyy Right Of Use Asset
RightOfUseAsset
13584
CY2024Q1 upyy Right Of Use Asset
RightOfUseAsset
18169
CY2024Q2 upyy Rent Expense
RentExpense
5268
CY2023Q2 upyy Rent Expense
RentExpense
5022
CY2024Q2 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
0
CY2023Q2 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
888
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
CY2024Q2 upyy Finance And Operating Lease Interest Rate
FinanceAndOperatingLeaseInterestRate
0.1125
CY2023Q2 upyy Repayment Of Lease Liabilities
RepaymentOfLeaseLiabilities
-2549
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
CY2024 us-gaap Proceeds From Refunds From Suppliers Of Material
ProceedsFromRefundsFromSuppliersOfMaterial
600000
CY2024Q2 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
10608
CY2024Q2 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
200000
CY2024Q1 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
10408
CY2024Q1 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
200000

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