PAID INC. Files 2023 Annual Report on Form 10-K

TL;DR

<b>PAID INC. has filed its 2023 10-K report detailing its operations and financial standing for the fiscal year ending December 31, 2023.</b>

AI Summary

PAID INC (PAYD) filed a Annual Report (10-K) with the SEC on April 1, 2024. PAID INC. filed its 2023 Form 10-K on April 1, 2024, reporting on the fiscal year ending December 31, 2023. The company was formerly known as SALES ONLINE DIRECT INC, SECURITIES RESOLUTION ADVISORS INC, and ROSE INTERNATIONAL LTD. PAID INC. is incorporated in Delaware and headquartered in Westborough, MA. The filing covers the period from January 1, 2023, to December 31, 2023. The SIC code for PAID INC. is 7389 (Services-Business Services, NEC).

Why It Matters

For investors and stakeholders tracking PAID INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of PAID INC.'s business, financial performance, and risk factors for the fiscal year 2023, crucial for investors and stakeholders to assess the company's current position and future prospects. The historical company name changes indicate potential restructuring or strategic shifts over time, which could be relevant for understanding the company's evolution and market positioning.

Risk Assessment

Risk Level: low — PAID INC shows low risk based on this filing. The provided text is an excerpt from a 10-K filing and lacks specific financial performance data, making a comprehensive risk assessment impossible.

Analyst Insight

Review the full 10-K filing for detailed financial statements, management discussion and analysis, and risk factors to make informed investment decisions.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-04-01 — Filing Date (FILED AS OF DATE)
• 7389 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)
• 000-28720 — SEC File Number (SEC FILE NUMBER)

Key Players & Entities

• PAID INC. (company) — COMPANY CONFORMED NAME
• SALES ONLINE DIRECT INC (company) — FORMER COMPANY
• SECURITIES RESOLUTION ADVISORS INC (company) — FORMER COMPANY
• ROSE INTERNATIONAL LTD (company) — FORMER COMPANY
• DE (location) — STATE OF INCORPORATION
• MA (location) — STATE
• 7389 (other) — STANDARD INDUSTRIAL CLASSIFICATION
• 2024-04-01 (date) — FILED AS OF DATE

FAQ

Industry Context

PAID INC. operates within the business services sector, specifically classified under 'Services-Business Services, NEC'. This sector encompasses a wide range of support services for businesses.

Regulatory Implications

The filing is a Form 10-K, a mandatory annual report required by the U.S. Securities and Exchange Commission (SEC) for public companies to provide a comprehensive overview of their business and financial condition.

What Investors Should Do

1. Thoroughly review the complete 10-K filing for detailed financial statements, including revenue, net income, and balance sheet information.
2. Analyze the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' section for insights into the company's performance drivers and outlook.
3. Examine the 'Risk Factors' section to understand potential challenges and uncertainties facing PAID INC.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-04-01: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing provided, so a comparison to a previous filing is not possible with the given data.

Key Financial Figures

• $0.001 — ection 12(g) of the Act: Common Stock, $0.001 Par Value Indicate by check mark whet
• $1.875 million — ase Agreement with respect to a secured $1.875 million convertible note made by Embolx, Inc.,
• $1.5 million — chase Agreement, the Company loaned USD $1.5 million to Embolx. The Note was purchased at a
• $375,000 — mbolx. The Note was purchased at a 20% ($375,000) original issue discount and was subjec
• $2 million — a total potential investment amount of $2 million. An agreement to extend the Note has be
• $500,000 — authorized which includes an additional $500,000 investment with a 25% original issue di

Filing Documents

• payd20231231_10k.htm (10-K) — 1369KB
• ex_648412.htm (EX-10.13) — 9KB
• ex_648413.htm (EX-10.14) — 103KB
• ex_648130.htm (EX-10.15) — 203KB
• ex_648131.htm (EX-10.16) — 70KB
• ex_648132.htm (EX-10.17) — 167KB
• ex_644116.htm (EX-31.2) — 8KB
• ex_644117.htm (EX-32.0) — 4KB
• paid.jpg (GRAPHIC) — 8KB
• z01.jpg (GRAPHIC) — 5KB
• z02.jpg (GRAPHIC) — 7KB
• 0001437749-24-010365.txt (&nbsp;) — 7848KB
• payd-20231231.xsd (EX-101.SCH) — 63KB
• payd-20231231_def.xml (EX-101.DEF) — 437KB
• payd-20231231_lab.xml (EX-101.LAB) — 402KB
• payd-20231231_pre.xml (EX-101.PRE) — 474KB
• payd-20231231_cal.xml (EX-101.CAL) — 60KB
• payd20231231_10k_htm.xml (XML) — 1111KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 4 Item 1B. Unresolved Staff Comments 11 Item 1C. Cybersecurity 11 Item 2.

Properties

Properties 12 Item 3.

Legal Proceedings

Legal Proceedings 12 Item 4. Mine Safety Disclosure 12 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 12 Item 6. Reserved 14 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 14 Item 7A. Quantitative and Qualitative Disclosure about Market Risk 18 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 18 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 18 Item 9A.

Controls and Procedures

Controls and Procedures 18 Item 9B. Other Information 22 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 22 PART III Item 10. Directors, Executive Officers and Corporate Governance 22 Item 11.

Executive Compensation

Executive Compensation 24 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 26 Item 13. Certain Relationships and Related Transactions, and Director Independence 27 Item 14. Principal Accountant Fees and Services 27 PART IV Item 15. Exhibits and Financial Statement Schedules 28 Item 16. Form 10-K Summary 28

Signatures

Signatures 29 Exhibit Index PART I

Forward Looking Statements

Forward Looking Statements This Annual Report on Form 10-K contains certain forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) regarding the Company and its business, financial condition, results of operations and prospects. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates", "could", "may", "should", "will", "would", and similar expressions or variations of such words are intended to identify forward-looking statements in this report. Additionally, statements concerning future matters such as the development of new services, technology enhancements, purchases of equipment, credit arrangements, possible changes in legislation and other statements regarding matters that are not historical are forward-looking statements. Although forward-looking statements in this Annual Report reflect the good faith judgment of the Company's management, such statements can only be based on facts and factors currently known by the Company. Consequently, forward-looking statements are inherently subject to risks, contingencies and uncertainties, and actual results and outcomes may differ materially from results and outcomes discussed in this Annual Report. Although the Company believes that its plans, intentions and expectations reflected in these forward-looking statements are reasonable, the Company can give no assurance that its plans, intentions or expectations will be achieved. For a more complete discussion of these risk factors, see Item 1A, "Risk Factors". For example, the Company's ability to maintain a positive cash flow and to become profitable may be adversely affected as a result of a number of factors that could thwart its efforts. These factors include the Company's inability to successfully implement the Company's business and revenue model, higher costs than anticipated, the Company's inability to sell its products and services

Business

Item 1. Business Overview PAID, Inc. (the "Company" or "PAID") was incorporated in Delaware on August 9, 1995. The Company has multiple web addresses, www.paid.com, which offers updated information on various aspects of our operations and www.shiptime.com which showcases our online label generation software. Information contained in the Company's website shall not be deemed to be a part of this Annual Report. The Company's principal executive offices are located at 225 Cedar Hill Street, Marlborough, Massachusetts 01752 with offices also located at 700 Dorval Drive, Oakville, Ontario, Canada. The Company's telephone number is (617) 861-6050. We file annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K with the Securities and Exchange Commission (the "SEC"). These reports, any amendments to these reports, proxy and information statements and certain other documents we file with the SEC are available through the SEC's website at www.sec.gov or free of charge on our website as soon as reasonably practicable after we file the documents with the SEC. The public may also read and copy these reports and any other materials we file with the SEC at the SEC's Public Reference Room at 100 F Street, NE, Washington, D.C. 20549. You may obtain information on the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330. Our Business ShipTime Inc. ShipTime's platform provides its members with the ability to quote, process, track and dispatch shipments while getting preferred rates on packages and skidded less than truckload ("LTL") freight shipments throughout North America and around the world. In addition to these features, ShipTime also provides what it refers to as "Heroic Multilingual Customer Support." In this capacity, ShipTime acts as an advocate on behalf of its clients in resolving matters concerning orders and shipping. With an increasing focus and service offering for e-commerce merchants; which include

Risk Factors

Item 1A. Risk Factors You should carefully consider the risks and uncertainties described below before deciding to invest in shares of our common stock. If any of the following risks or uncertainties actually occurs, our business, prospects, financial condition and operating results would likely suffe r . In that event, the market price of our common stock could decline, and you could lose all or part of your investment. Risks Relating to the Company We have experienced operating losses. Our business and prospects must be considered in light of the risks, expenses and difficulties that are inherent in our business. The risks include: our ability to anticipate and adapt to a developing market; our ability to market, license and enforce our shipping calculator, payment processing platform, shopping cart and other e-commerce tools; development of equal or superior Internet portals, shipping calculators and related services by competitors; and our ability to maintain competitive pricing with our carriers To address these risks, we must, among other things, successfully market our e-commerce shopping cart, our merchant payment platform and shipping label generation services, continue to develop new relationships with carriers, e-commerce service providers, maintain our customer base, attract significant numbers of new customers, respond to competitive developments, and continue to develop and upgrade our technologies. We cannot offer any assurances that we will be successful in addressing these risks. The Company has reported substantial operating losses since 1999. There can be no assurance that we will be profitable in the future. Our capital is limited, and we may need additional financing to continue operations. We require substantial working capital to fund our business. If we are unable to obtain additional financing in the amounts desired and on acceptable terms, or at all, or issue stock, we could be required to significantly reduce the scope of

View Full Filing

View this 10-K filing on SEC EDGAR