UPAY Amends 2024 10-K, Details Assets & Debt
Ticker: UPYY · Form: 10-K/A · Filed: Jan 13, 2025 · CIK: 1677897
| Field | Detail |
|---|---|
| Company | Upay (UPYY) |
| Form Type | 10-K/A |
| Filed Date | Jan 13, 2025 |
| Risk Level | low |
| Pages | 15 |
| Reading Time | 19 min |
| Key Dollar Amounts | $0.67, $29 billion, $5 billion, $9,500, $240,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: amendment, financial-reporting, assets, debt
TL;DR
UPAY filed a 10-K/A for FY24, updating asset and debt info, including CEO-related notes.
AI Summary
UPAY filed an amendment to its 2024 10-K on January 13, 2025, reporting its fiscal year ended February 29, 2024. The filing details various assets including vehicles, office equipment, computer equipment, and software development costs. It also discloses convertible notes payable, including those related to the Chief Executive Officer, as of February 29, 2024.
Why It Matters
This amendment provides updated financial and operational details for UPAY, crucial for investors and analysts assessing the company's financial health and strategic direction.
Risk Assessment
Risk Level: low — This filing is an amendment to a previous 10-K, primarily providing updated details rather than announcing significant new risks.
Key Numbers
- 2024-02-29 — Fiscal Year End (The period for which the 10-K/A provides updated information.)
- 2025-01-13 — Filing Date (The date this amendment was filed with the SEC.)
Key Players & Entities
- UPAY (company) — Filer of the 10-K/A
- 20240229 (date) — Conformed period of report
- 20250113 (date) — Filing date
- 3010 LBJ FWY SUITE 1200 DALLAS TX 75234 (address) — Company business and mailing address
- srt:ChiefExecutiveOfficerMember (person) — Related party mentioned in relation to convertible notes
FAQ
What specific assets are detailed in the 10-K/A filing?
The filing details assets including vehicles, office equipment, computer equipment, furniture and fixtures, and software development costs as of February 29, 2024.
What types of debt are mentioned in the filing?
The filing mentions convertible notes payable, including specific references to convertible notes payable related to the Chief Executive Officer.
When was the original 10-K for the fiscal year ending February 29, 2024, likely filed?
While the amendment date is January 13, 2025, the original 10-K for the fiscal year ending February 29, 2024, would typically be filed a few months after the fiscal year end, likely around May or June 2024, based on the filing dates for prior periods.
What is UPAY's Standard Industrial Classification (SIC) code?
UPAY's SIC code is 7372, which corresponds to SERVICES-PREPACKAGED SOFTWARE.
In which state is UPAY incorporated?
UPAY is incorporated in Nevada (NV).
Filing Stats: 4,642 words · 19 min read · ~15 pages · Grade level 13.8 · Accepted 2025-01-13 11:38:34
Key Financial Figures
- $0.67 — quity was last sold as of May 30, 2024 ($0.67) per share), the last business day of t
- $29 billion — nited States Americans borrowed nearly $29 billion from payday lenders in 2017, paying $5
- $5 billion — ion from payday lenders in 2017, paying $5 billion in fees, according to estimates by John
- $9,500 — Fouche, to pay him a monthly salary of $9,500 for our fiscal year 2022 based upon ava
- $240,000 — us that were owned by Wouter Fouche for $240,000, which we have agreed to pay with a $15
- $150,000 — 000, which we have agreed to pay with a $150,000 cash payment within 10 days of the Effe
- $10,000 — ithin 10 days of the Effective Date and $10,000 per month for 9 consecutive months comm
- $170,000 — or 9 consecutive months, was reduced to $170,000, payable as $150,000 initially and $10,
- $23,500 — chased by the Company for an additional $23,500. This transaction was executed, and con
Filing Documents
- upyy-20240229.htm (10-K/A) — 3506KB
- up020_ex31-1.htm (EX-31.1) — 50KB
- up020_ex31-2.htm (EX-31.2) — 53KB
- up020_ex32-1.htm (EX-32.1) — 20KB
- up020_ex32-2.htm (EX-32.2) — 20KB
- 0001575872-25-000047.txt ( ) — 9645KB
- upyy-20240229.xsd (EX-101.SCH) — 44KB
- upyy-20240229_cal.xml (EX-101.CAL) — 37KB
- upyy-20240229_def.xml (EX-101.DEF) — 187KB
- upyy-20240229_lab.xml (EX-101.LAB) — 342KB
- upyy-20240229_pre.xml (EX-101.PRE) — 298KB
- upyy-20240229_htm.xml (XML) — 1611KB
Business
Business 3 Item 1A.
Risk Factors
Risk Factors 13 Item 1B. Unresolved Staff Comments 13 Item 2.
Properties
Properties 13 Item 3.
Legal Proceedings
Legal Proceedings 13 Item 4. Mine Safety Disclosures 13 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 14 Item 6.
Selected Financial Data
Selected Financial Data 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 Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 16 Item 8.
Financial Statements and Supplementary Data
Financial Statements and Supplementary Data F-1 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 17 Item 9a.
Controls and Procedures
Controls and Procedures 17 Item 9b. Other Information 18 PART III Item 10. Directors and Executive Officers of the Registrant 18 Item 11.
Executive Compensation
Executive Compensation 21 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 21 Item 13. Certain Relationships and Related Transactions and Director Independence 23 Item 14. Principal Accountant Fees and Services 24 PART IV Item 15. Exhibits 25
Signatures
Signatures 26 UPAY, Inc. Form 10-K In this report, unless otherwise specified, all dollar amounts are expressed in United States dollars and all references to "common shares" refer to the common shares in our capital stock. As used in this report and unless otherwise indicated, the terms "we", "us", UPAY, "Company", and "us" refer to UPAY, Inc. P ART 1 I TEM 1. BUSINESS Organization We were incorporated in the state of Nevada on July 8, 2015. On November 4, 2015, we conducted the Share Exchange with Rent Pay, which became our wholly owned subsidiary Industry Background United States Americans borrowed nearly $29 billion from payday lenders in 2017, paying $5 billion in fees, according to estimates by John Hecht, an analyst at the financial services firm Jefferies - www.jefferies.com South Africa As of December 31, 2020, the industry data for the year, ending December 31, 2019 estimates the unsecured credit and short-term credit market in South Africa, to be around US$ 5.35billion (conversion rate as of December 31, 2020) (78.6-billion-rands in South Africa) for that year https://www.ncr.org.za/documents/CCMR/CCMR%202020Q4.pdf Our Mission Our mission is to provide loan administration software to credit providers, retail stores, provisional service industry (doctors, lawyers, accountants) with a high-quality credit management software systems and customer support that will enable such industries to effectively operate and manage their business and credit risk in compliance with applicable US federal and state laws and the National Credit Act in South Africa. Recent Developments (a) On 1 March 2023 we appointed Randall F. Greene as our director and Chief Operations Officer. (b) Completed the development of our standalone funeral cover software program The standalone funeral cover software program will be launched in July 2023 and will enable us to sell funeral cover products directly to the public in South Africa, through our existing Juristic