UPAY Files 2024 10-K

TL;DR

UPAY dropped its 2024 10-K. Check financials.

AI Summary

UPAY, formerly known as UPay, filed its 10-K for the fiscal year ending February 29, 2024. The company, incorporated in Nevada and headquartered in Dallas, Texas, operates in the pre-packaged software industry. The filing details its financial performance and business operations for the period.

Why It Matters

This 10-K filing provides a comprehensive overview of UPAY's financial health and operational status for the fiscal year 2024, crucial for investors and stakeholders to assess the company's performance and future prospects.

Risk Assessment

Risk Level: medium — The filing is a standard annual report, but the nature of the software industry and the company's specific financial details, which are not fully detailed in this header, could present medium risk.

Key Numbers

• 2024-02-29 — Fiscal Year End (The end date of the reporting period for the 10-K.)
• 2024-06-11 — Filing Date (The date the 10-K was filed with the SEC.)

Key Players & Entities

• UPAY (company) — Filer of the 10-K
• 0001575872-24-000650 (filing_id) — Accession Number for the 10-K filing
• 20240229 (date) — Conformed period of report for the 10-K
• Dallas, TX (location) — Company's business and mailing address
• 7372 (industry_code) — Standard Industrial Classification for pre-packaged software

FAQ

Key Financial Figures

• $0.67 — uity was last sold as of May 30, 2024 , $0.67 per share, the last business day of the
• $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
• $3.50 — illion cashless warrants exercisable at $3.50 with an exercise period of 2 years foll

Filing Documents

• upyy-20240229.htm (10-K) — 3623KB
• up013_ex31-1.htm (EX-31.1) — 48KB
• up013_ex31-2.htm (EX-31.2) — 50KB
• up013_ex32-1.htm (EX-32.1) — 19KB
• up013_ex32-2.htm (EX-32.2) — 19KB
• 0001575872-24-000650.txt ( ) — 9831KB
• 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) — 1648KB

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 2 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 Juris

View Full Filing

View this 10-K filing on SEC EDGAR