$USIO
Usio, Inc.

2020 Q4 Form 10-Q Financial Statement

#000143774920023604 Filed on November 12, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $9.380M $8.137M $7.088M
YoY Change 27.27% 14.81% 9.48%
Cost Of Revenue $6.940M $6.415M $5.539M
YoY Change 18.23% 15.81% 10.46%
Gross Profit $2.440M $1.722M $1.548M
YoY Change 62.67% 11.23% 6.12%
Gross Profit Margin 26.01% 21.17% 21.85%
Selling, General & Admin $570.0K $2.634M $2.777M
YoY Change 67.65% -5.16% 21.68%
% of Gross Profit 23.36% 152.92% 179.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $360.0K $390.0K $500.0K
YoY Change -33.33% -22.0% 6.38%
% of Gross Profit 14.75% 22.64% 32.29%
Operating Expenses $3.110M $2.634M $2.777M
YoY Change 4.36% -5.16% 21.68%
Operating Profit -$670.0K -$911.4K -$1.228M
YoY Change -54.73% -25.81% 49.28%
Interest Expense $40.00K $10.00K $20.00K
YoY Change 100.0% -50.0% 0.0%
% of Operating Profit
Other Income/Expense, Net $0.00 $10.34K $21.39K
YoY Change -100.0% -51.64% -13.58%
Pretax Income $180.0K -$901.0K -$1.207M
YoY Change -112.0% -25.36% 51.23%
Income Tax $20.00K $35.00K $31.96K
% Of Pretax Income 11.11%
Net Earnings $150.0K -$936.0K -$1.239M
YoY Change -109.8% -24.46% 52.37%
Net Earnings / Revenue 1.6% -11.5% -17.48%
Basic Earnings Per Share -$0.06 -$0.09
Diluted Earnings Per Share $7.523K -$0.06 -$0.09
COMMON SHARES
Basic Shares Outstanding 24.76M 15.47M 13.05M
Diluted Shares Outstanding 15.47M 13.05M

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.010M $11.41M $2.640M
YoY Change 134.11% 332.2% -2.94%
Cash & Equivalents $5.011M $11.41M $2.636M
Short-Term Investments
Other Short-Term Assets $61.04M $40.41M $49.63M
YoY Change 22.99% -18.58% 2.22%
Inventory $176.5K
Prepaid Expenses $213.0K
Receivables $2.864M $1.219M $1.159M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $69.09M $53.03M $53.54M
YoY Change 30.25% -0.95% 2.01%
LONG-TERM ASSETS
Property, Plant & Equipment $3.106M $1.730M $1.744M
YoY Change 99.41% -0.81% -14.95%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $368.1K $422.4K $333.4K
YoY Change -8.9% 26.69% 9.77%
Total Long-Term Assets $13.58M $7.781M $7.202M
YoY Change 59.46% 8.05% 28.05%
TOTAL ASSETS
Total Short-Term Assets $69.09M $53.03M $53.54M
Total Long-Term Assets $13.58M $7.781M $7.202M
Total Assets $82.67M $60.81M $62.48M
YoY Change 34.29% -2.68% 3.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $851.3K $405.3K $240.7K
YoY Change 102.78% 68.38% -4.44%
Accrued Expenses $1.464M $1.304M $1.215M
YoY Change 7.6% 7.31% -0.2%
Deferred Revenue $66.57K $83.82K $137.0K
YoY Change -46.11% -38.81% 291.43%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $340.0K
YoY Change
Total Short-Term Liabilities $63.47M $42.59M $51.26M
YoY Change 22.73% -16.91% 2.78%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $470.0K $0.00
YoY Change
Other Long-Term Liabilities $2.500M $2.230M $2.450M
YoY Change 9.65% -8.98% 3983.33%
Total Long-Term Liabilities $0.00 $2.700M $2.450M
YoY Change -100.0% 10.2% 3983.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $63.47M $42.59M $51.26M
Total Long-Term Liabilities $0.00 $2.700M $2.450M
Total Liabilities $65.96M $45.29M $53.72M
YoY Change 22.17% -15.68% 7.57%
SHAREHOLDERS EQUITY
Retained Earnings -$65.06M -$65.21M -$60.62M
YoY Change 4.68% 7.57% 7.95%
Common Stock $194.7K $194.3K $186.4K
YoY Change 4.31% 4.22% 0.54%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.166M $2.066M $1.866M
YoY Change 14.86% 10.7% 3.82%
Treasury Stock Shares $1.286M $1.122M 1.110M shares
Shareholders Equity $16.70M $15.52M $8.769M
YoY Change
Total Liabilities & Shareholders Equity $82.67M $60.81M $62.48M
YoY Change 34.29% -2.68% 3.86%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income $150.0K -$936.0K -$1.239M
YoY Change -109.8% -24.46% 52.37%
Depreciation, Depletion And Amortization $360.0K $390.0K $500.0K
YoY Change -33.33% -22.0% 6.38%
Cash From Operating Activities $1.740M -$11.88M -$580.0K
YoY Change -332.0% 1948.28% -43.69%
INVESTING ACTIVITIES
Capital Expenditures -$280.0K -$250.0K -$210.0K
YoY Change 154.55% 19.05% 40.0%
Acquisitions
YoY Change
Other Investing Activities -$5.910M $0.00
YoY Change -100.0%
Cash From Investing Activities -$6.180M -$250.0K -$210.0K
YoY Change 5518.18% 19.05% 40.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -910.0K 10.16M 0.000
YoY Change 4450.0% -100.0%
NET CHANGE
Cash From Operating Activities 1.740M -11.88M -580.0K
Cash From Investing Activities -6.180M -250.0K -210.0K
Cash From Financing Activities -910.0K 10.16M 0.000
Net Change In Cash -5.350M -1.970M -790.0K
YoY Change 507.95% 149.37% -33.61%
FREE CASH FLOW
Cash From Operating Activities $1.740M -$11.88M -$580.0K
Capital Expenditures -$280.0K -$250.0K -$210.0K
Free Cash Flow $2.020M -$11.63M -$370.0K
YoY Change -415.62% 3043.24% -57.95%

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OtherAccruedLiabilitiesCurrent
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CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
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CY2020Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
422418
CY2019Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
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CY2020Q3 us-gaap Other General Expense
OtherGeneralExpense
1976191
CY2019Q3 us-gaap Other General Expense
OtherGeneralExpense
1969877
us-gaap Other General Expense
OtherGeneralExpense
5955221
us-gaap Other General Expense
OtherGeneralExpense
5602171
CY2020Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
186
CY2019Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
608
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
912
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
185
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
180311
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
52584
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
582347
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
536405
CY2020Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2019Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2020Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2019Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2020Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2019Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2020Q3 us-gaap Preferred Stock Value
PreferredStockValue
CY2019Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2019Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
183575
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
7257925
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1793905
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
813500
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
3000000
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
CY2020Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
185109
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8018802
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8032232
CY2020Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1729614
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1557521
us-gaap Share Based Compensation
ShareBasedCompensation
903326
us-gaap Share Based Compensation
ShareBasedCompensation
954770
CY2020Q3 us-gaap Share Based Compensation
ShareBasedCompensation
267223
CY2020Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-65211183
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-62151988
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
8137077
CY2019Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
7087732
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
22869309
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
20833143
CY2020Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2633630
CY2019Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2776885
CY2019Q3 us-gaap Share Based Compensation
ShareBasedCompensation
315259
CY2020Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
1.08
CY2020Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
59491
CY2020Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
83284
CY2020Q3 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
149993
CY2019Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
58613
CY2019Q2 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
133515
CY2019Q3 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
92486
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
15517038
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
7568335
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
7003392
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
6018883
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
9633726
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
10625313
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
9686094
CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
8769235
CY2020Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
1122299
CY2019Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
1119579
CY2020Q3 us-gaap Treasury Stock Value
TreasuryStockValue
2065763
CY2019Q4 us-gaap Treasury Stock Value
TreasuryStockValue
1885452
CY2020Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
26629
CY2020Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
55819
CY2020Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
97863
CY2019Q1 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
21822
CY2019Q2 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
28693
CY2019Q3 us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
2069
us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: justify; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;">Use of Estimates:</div> The preparation of 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div></div></div></div></div>
CY2020Q3 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
491659
CY2019Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
506153
CY2020Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2019Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15474171
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13054962
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12906206
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13924803
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
15474171
CY2019Q4 usio Assets Noncurrent Excluding Property Plant And Equipment Net
AssetsNoncurrentExcludingPropertyPlantAndEquipmentNet
6955384
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13054962
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13924803
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12906206
CY2020Q1 usio Amortization Of Deferred Compensation
AmortizationOfDeferredCompensation
228219
CY2020Q2 usio Amortization Of Deferred Compensation
AmortizationOfDeferredCompensation
267207
CY2020Q3 usio Amortization Of Deferred Compensation
AmortizationOfDeferredCompensation
312232
CY2019Q1 usio Amortization Of Deferred Compensation
AmortizationOfDeferredCompensation
224795
CY2019Q2 usio Amortization Of Deferred Compensation
AmortizationOfDeferredCompensation
222585
CY2019Q3 usio Amortization Of Deferred Compensation
AmortizationOfDeferredCompensation
224464
usio Amortization Of Warrant Costs
AmortizationOfWarrantCosts
26958
usio Amortization Of Warrant Costs
AmortizationOfWarrantCosts
26955
CY2020Q3 usio Assets Current Excluding Merchant Reserves
AssetsCurrentExcludingMerchantReserves
44796153
CY2019Q4 usio Assets Current Excluding Merchant Reserves
AssetsCurrentExcludingMerchantReserves
43030370
CY2020Q3 usio Assets Noncurrent Excluding Property Plant And Equipment Net
AssetsNoncurrentExcludingPropertyPlantAndEquipmentNet
6051580
usio Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-168458
usio Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
2700742
usio Increase Decrease In Operating Lease Right Of Use Asset
IncreaseDecreaseInOperatingLeaseRightOfUseAsset
-172166
usio Increase Decrease In Operating Lease Right Of Use Asset
IncreaseDecreaseInOperatingLeaseRightOfUseAsset
2547803
usio Increase Decrease In Prepaid Card Load Liabilities
IncreaseDecreaseInPrepaidCardLoadLiabilities
7378146
usio Increase Decrease In Prepaid Card Load Liabilities
IncreaseDecreaseInPrepaidCardLoadLiabilities
189854
usio Increase Decrease In Restricted Cash And Cash Equivalents Current Operating Activities
IncreaseDecreaseInRestrictedCashAndCashEquivalentsCurrentOperatingActivities
-1782500
usio Increase Decrease In Restricted Cash And Cash Equivalents Current Operating Activities
IncreaseDecreaseInRestrictedCashAndCashEquivalentsCurrentOperatingActivities
-2443899
usio Issuance Of Deferred Sharebased Compensation
IssuanceOfDeferredSharebasedCompensation
1559520
usio Issuance Of Deferred Sharebased Compensation
IssuanceOfDeferredSharebasedCompensation
CY2020Q3 usio Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
1469679
CY2020Q3 usio Liabilities Current Excluding Restricted Cash
LiabilitiesCurrentExcludingRestrictedCash
34358266
CY2019Q4 usio Liabilities Current Excluding Restricted Cash
LiabilitiesCurrentExcludingRestrictedCash
41695327
CY2020Q3 usio Merchant Reserves Current
MerchantReservesCurrent
8234404
CY2019Q4 usio Merchant Reserves Current
MerchantReservesCurrent
10016904
CY2018Q4 usio Merchant Reserves Current
MerchantReservesCurrent
12645803
CY2019Q3 usio Merchant Reserves Current
MerchantReservesCurrent
10201904
CY2019Q4 usio Operating Loss Carryforwards Limitations On Use Amount
OperatingLossCarryforwardsLimitationsOnUseAmount
100000
CY2020Q3 usio Prepaid Card Load Assets Current
PrepaidCardLoadAssetsCurrent
7906580
CY2019Q4 usio Prepaid Card Load Assets Current
PrepaidCardLoadAssetsCurrent
528434
CY2018Q4 usio Prepaid Card Load Assets Current
PrepaidCardLoadAssetsCurrent
535479
CY2019Q3 usio Prepaid Card Load Assets Current
PrepaidCardLoadAssetsCurrent
725333
CY2020Q3 usio Prepaid Card Load Liabilities Current
PrepaidCardLoadLiabilitiesCurrent
7906580
CY2019Q4 usio Prepaid Card Load Liabilities Current
PrepaidCardLoadLiabilitiesCurrent
528434
CY2020Q3 usio Restricted Cash Liability Current
RestrictedCashLiabilityCurrent
8234404
CY2019Q4 usio Restricted Cash Liability Current
RestrictedCashLiabilityCurrent
10016904
CY2020Q3 usio Reversal Of Deferred Compensation Amortization
ReversalOfDeferredCompensationAmortization
197100
CY2019Q2 usio Reversal Of Deferred Compensation Amortization
ReversalOfDeferredCompensationAmortization
CY2019Q3 usio Reversal Of Deferred Compensation Amortization
ReversalOfDeferredCompensationAmortization
1691
CY2020Q3 usio Settlement Processing Assets
SettlementProcessingAssets
24079975
CY2019Q4 usio Settlement Processing Assets
SettlementProcessingAssets
38906780
CY2020Q3 usio Settlement Processing Liabilities
SettlementProcessingLiabilities
24079975
CY2019Q4 usio Settlement Processing Liabilities
SettlementProcessingLiabilities
38906780
CY2020Q3 usio Stock Issued During Period Value Warrants Exercised
StockIssuedDuringPeriodValueWarrantsExercised
usio Warrants And Rights Outstanding Reduction Of Revenue During Period
WarrantsAndRightsOutstandingReductionOfRevenueDuringPeriod
26958
usio Warrants And Rights Outstanding Reduction Of Revenue During Period
WarrantsAndRightsOutstandingReductionOfRevenueDuringPeriod
26955

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