PAID, Inc. Files 10-Q for Q1 2024

TL;DR

<b>PAID, Inc. has submitted its quarterly report (10-Q) for the first quarter of 2024, detailing its financial performance and operational status.</b>

AI Summary

PAID INC (PAYD) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. PAID, Inc. filed its 10-Q for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on December 31st. PAID, Inc. is incorporated in Delaware. The company's business address is in Westborough, MA.

Why It Matters

For investors and stakeholders tracking PAID INC, this filing contains several important signals. This 10-Q filing provides investors with a comprehensive update on PAID, Inc.'s financial health and strategic direction for the first three months of 2024. Understanding the details within this report is crucial for assessing the company's performance against previous periods and its outlook for the remainder of the fiscal year.

Risk Assessment

Risk Level: low — PAID INC shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate indications of significant new risks or positive developments.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand PAID, Inc.'s Q1 2024 performance and outlook.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-15 — Filing Date (Filed as of date)
• 1231 — Fiscal Year End (Fiscal year end)
• 7389 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• PAID, Inc. (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-15 (date) — Filed as of date
• Westborough, MA (location) — Business address city and state
• 01581 (postal_code) — Business address zip code
• DE (state) — State of incorporation
• SALES ONLINE DIRECT INC (company) — Former company name
• SECURITIES RESOLUTION ADVISORS INC (company) — Former company name

FAQ

Industry Context

PAID, Inc. operates within the business services sector, providing solutions that facilitate transactions and business operations.

Regulatory Implications

As a publicly traded company, PAID, Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly reports (10-Q).

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and cash flow for Q1 2024.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into operational performance and future outlook.
3. Check for any new risk factors or updates to existing ones disclosed in the filing.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-15: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, following the 10-K annual report.

Key Financial Figures

• $0.001 — ection 12(g) of the Act: Common Stock, $0.001 Par Value Indicate by check mark whet

Filing Documents

• payd20240331_10q.htm (10-Q) — 680KB
• ex_670024.htm (EX-31.1) — 10KB
• ex_670025.htm (EX-32) — 4KB
• pic1.jpg (GRAPHIC) — 9KB
• 0001437749-24-017089.txt (&nbsp;) — 4007KB
• payd-20240331.xsd (EX-101.SCH) — 37KB
• payd-20240331_def.xml (EX-101.DEF) — 242KB
• payd-20240331_lab.xml (EX-101.LAB) — 243KB
• payd-20240331_pre.xml (EX-101.PRE) — 266KB
• payd-20240331_cal.xml (EX-101.CAL) — 36KB
• payd20240331_10q_htm.xml (XML) — 525KB

– Financial Information

Part I – Financial Information Item 1.

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 3 Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three months ended March 31, 2024 and 2023 4 Unaudited Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 5 Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity for the three months ended March 31, 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7 -16 Item 2. Management' s Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 19 Item 4.

Controls and Procedures

Controls and Procedures 19

– Other Information

Part II – Other Information Item 1.

Legal Proceedings

Legal Proceedings 20 Item 1A.

Risk Factors

Risk Factors 20 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20 Item 3. Defaults Upon Senior Securities 20 Item 4. Mine Safety Disclosures 20 Item 5. Other Information 20 Item 6. Exhibits 20

Signatures

Signatures 21 2 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS PAID, INC. CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, (Unaudited) 2023 ASSETS Current assets: Cash and cash equivalents $ 1,272,409 $ 2,052,421 Accounts receivable, net 290,948 205,647 Note receivable, net of discount 3,346,414 2,453,425 Prepaid expenses and other current assets 117,180 134,110 Total current assets 5,026,951 4,845,603 Property and equipment, net 13,551 10,678 Intangible assets, net 2,298,865 2,422,590 Operating lease right-of-use assets, net 8,766 14,161 Total assets $ 7,348,133 $ 7,293,032 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,301,945 $ 1,482,498 Accrued expenses 392,998 420,611 Contract liabilities 13,420 15,382 Operating lease obligations 8,767 14,162 Total current liabilities 1,717,130 1,932,653 Long-term liabilities: Deferred tax liability, net 604,067 622,568 Uncertain tax position liability 278,704 278,704 Total liabilities 2,599,901 2,833,925 Commitments and contingencies Shareholders' equity: Series A Preferred stock, $ 0.001 par value, 5,000,000 shares authorized; no shares issued and outstanding - - Common stock, $ 0.001 par value, 25,000,000 shares authorized; 8,209,033 shares issued and 8,061,400 shares outstanding at March 31, 2024 and 8,154,474 shares issued and 8,010,837 shares outstanding at December 31, 2023 8,209 8,154 Accrued common stock bonus - 84,576 Additional paid-in capital 73,628,944 73,505,439 Accumulated other comprehensive income 297,543 342,968 Accumulated deficit ( 69,017,628 ) ( 69,317,190 ) Common stock in treasury, at cost, 147,633 shares at March 31, 2024 and 143,637 shares at December 31, 2023 ( 168,836 ) ( 164,840 ) Total shareholders' equity 4,748,232 4,459,107 Total liabilities and shareholders' equity $ 7,348,133 $ 7,293,032 See accompanying notes to condensed

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View this 10-Q filing on SEC EDGAR