PAID, Inc. Files Q2 2024 10-Q Report

TL;DR

PAID Inc Q2 10-Q filed. Financials out.

AI Summary

PAID, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported financial results for the second quarter of 2024, detailing its revenues, expenses, and net income. Specific financial figures and operational highlights for the quarter are detailed within the filing.

Why It Matters

This filing provides investors and stakeholders with the official financial performance of PAID, Inc. for the second quarter of 2024, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — As a public company filing a quarterly report, there are inherent risks associated with financial performance, market conditions, and regulatory compliance.

Key Numbers

• Q2 2024 — Reporting Period (Financial results for the second quarter of 2024 are detailed.)
• 20240630 — Fiscal Period End (The 10-Q covers the period ending on this date.)

Key Players & Entities

• PAID, Inc. (company) — Filer of the 10-Q report
• 200 FRIBERG PARKWAY, SUITE 4004, WESTBOROUGH, MA 01581 (location) — Company's business and mailing address
• 20240630 (date) — End of the reporting period for the 10-Q

FAQ

Key Financial Figures

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

Filing Documents

• payd20240630_10q.htm (10-Q) — 873KB
• ex_710830.htm (EX-31.1) — 12KB
• ex_710831.htm (EX-32) — 5KB
• payd20240630_10qimg001.jpg (GRAPHIC) — 5KB
• 0001437749-24-027219.txt ( ) — 4622KB
• payd-20240630.xsd (EX-101.SCH) — 39KB
• payd-20240630_def.xml (EX-101.DEF) — 254KB
• payd-20240630_lab.xml (EX-101.LAB) — 249KB
• payd-20240630_pre.xml (EX-101.PRE) — 279KB
• payd-20240630_cal.xml (EX-101.CAL) — 36KB
• payd20240630_10q_htm.xml (XML) — 704KB

– Financial Information

Part I – Financial Information Item 1.

Financial Statements

Financial Statements Unaudited Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 3 Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three and six months ended June 30, 2024 and 2023 4 Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 5 Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity for the three and six months ended June 30, 2024 and 2023 6 Notes to Unaudited Condensed Consolidated Financial Statements 7-16 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 20 Item 4.

Controls and Procedures

Controls and Procedures 21

– Other Information

Part II – Other Information Item 1.

Legal Proceedings

Legal Proceedings 21 Item 1A.

Risk Factors

Risk Factors 21 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 21 Item 3. Defaults Upon Senior Securities 21 Item 4. Mine Safety Disclosures 21 Item 5. Other Information 21 Item 6. Exhibits 22

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS PAID, INC. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2024 December 31, (Unaudited) 2023 ASSETS Current assets: Cash and cash equivalents $ 1,503,796 $ 2,052,421 Accounts receivable, net 253,839 205,647 Note receivable, net of discount 4,243,607 2,453,425 Prepaid expenses and other current assets 225,938 134,110 Total current assets 6,227,180 4,845,603 Property and equipment, net 10,465 10,678 Intangible assets, net 2,200,178 2,422,590 Operating lease right-of-use assets, net 3,505 14,161 Total assets $ 8,441,328 $ 7,293,032 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,297,820 $ 1,482,498 Accrued expenses 526,184 420,611 Contract liabilities 239,636 15,382 Operating lease obligations 3,505 14,162 Total current liabilities 2,067,145 1,932,653 Long-term liabilities: Deferred tax liability, net 594,268 622,568 Uncertain tax position liability 278,704 278,704 Total liabilities 2,940,117 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 June 30, 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 73,631,622 73,505,439 Accumulated other comprehensive income 277,392 342,968 Accumulated deficit ( 68,247,176 ) ( 69,317,190 ) Common stock in treasury, at cost, 147,633 shares at June 30, 2024 and 143,637 shares at December 31, 2023 ( 168,836 ) ( 164,840 ) Total shareholders' equity 5,501,211 4,459,107 Total liabilities and shareholders' equity $ 8,441,328 $ 7,293,032 See accompanying notes to condensed con

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