UPAY Files 10-Q for Period Ending November 30, 2023

TL;DR

<b>UPAY has filed its Q3 2023 10-Q report, detailing financial performance and operational status as of November 30, 2023.</b>

AI Summary

UPAY (UPYY) filed a Quarterly Report (10-Q) with the SEC on January 22, 2024. UPAY filed a 10-Q report for the period ending November 30, 2023. The filing covers the third quarter of the fiscal year. The company's fiscal year ends on February 28. UPAY is incorporated in Nevada (NV). The company's SIC code is 7372 (Services-Prepackaged Software).

Why It Matters

For investors and stakeholders tracking UPAY, this filing contains several important signals. This 10-Q filing provides investors with an updated view of UPAY's financial health and operational progress for the third quarter of its fiscal year. Understanding the details within this report is crucial for assessing the company's current performance, potential risks, and future outlook.

Risk Assessment

Risk Level: medium — UPAY shows moderate risk based on this filing. The company's financial performance and operational details are presented in a standard 10-Q filing, which typically contains a mix of positive and negative information, requiring careful analysis to determine the overall sentiment.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand UPAY's performance and identify any emerging trends or risks.

Key Numbers

• 2023-11-30 — Period End Date (The end date for the reporting period)
• 2024-01-22 — Filing Date (The date the 10-Q was filed)
• 0228 — Fiscal Year End (The end date of the company's fiscal year)

Key Players & Entities

• UPAY (company) — Filer of the 10-Q
• 2023-11-30 (date) — Period of report
• 2024-01-22 (date) — Filing date
• NV (jurisdiction) — State of incorporation
• 7372 (sic_code) — Standard Industrial Classification
• 0001575872-24-000076 (accession_number) — Accession number for the filing
• UPYY (ticker) — Ticker symbol for UPAY

Forward-Looking Statements

• Increased scrutiny on UPAY's governance practices due to related-party transactions. (UPAY) — medium confidence, target: 2024-06-30
• Potential for investor concern regarding the company's financial independence. (UPAY) — medium confidence, target: 2024-03-31

FAQ

Industry Context

UPAY operates within the prepackaged software industry, a sector characterized by rapid technological advancements and evolving market demands.

Regulatory Implications

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

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and cash flow.
2. Examine the Management's Discussion and Analysis (MD&A) section for insights into business performance and outlook.
3. Identify any new risk factors or changes in existing risks disclosed in the filing.

Key Dates

• 2023-11-30: Quarterly Period End — End of the reporting period for the 10-Q
• 2024-01-22: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This is the 10-Q filing for the period ending November 30, 2023. Previous filings would include reports for earlier quarters and fiscal years.

Filing Documents

• upyy-20231130.htm (10-Q) — 4229KB
• up009_ex31-1.htm (EX-31.1) — 39KB
• up009_ex31-2.htm (EX-31.2) — 40KB
• up009_ex32-1.htm (EX-32.1) — 16KB
• up009_ex32-2.htm (EX-32.2) — 16KB
• 0001575872-24-000076.txt (&nbsp;) — 9808KB
• upyy-20231130.xsd (EX-101.SCH) — 41KB
• upyy-20231130_cal.xml (EX-101.CAL) — 32KB
• upyy-20231130_def.xml (EX-101.DEF) — 183KB
• upyy-20231130_lab.xml (EX-101.LAB) — 313KB
• upyy-20231130_pre.xml (EX-101.PRE) — 276KB
• upyy-20231130_htm.xml (XML) — 1450KB

— Financial Information

PART I — Financial Information Item 1. Consolidated Financial Statements (unaudited) F-1 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 3 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 5 Item 4.

Controls and Procedures

Controls and Procedures 5

— Other Information

PART II — Other Information 6 Item 1.

Legal Proceedings

Legal Proceedings 6 Item 1A.

Risk Factors

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

Signatures

Signatures 7 2 UPAY, Inc. C onsolidated Financial Statements (unaudited) Index Table of Contents Consolidated Balance Sheets (unaudited) F-2 Consolidated Statements of Operations and Comprehensive Income (Loss) (unaudited) F-3 Consolidated Statements of Stockholders' Deficit and Accumulated Other Comprehensive Loss (unaudited) F-4 Consolidated Statements of Cash Flows (unaudited) F-6 Notes to the Consolidated Financial Statements (unaudited) F-7 F-1 UPAY, INC. C onsolidated Balance Sheets (Expressed in U.S. dollars) November 30, 2023 February 28, 2023 (Unaudited) ASSETS Current Assets Cash and cash equivalents $ 845,985 $ 662,991 Accounts receivable, net of allowance 75,954 68,447 Prepaid expenses and other current assets 4,848 1,564 Total Current Assets 926,787 733,002 Property and Equipment, Net (Note 4) 25,101 17,061 Right-of-use Assets, Net (Note 5) 23,319 39,905 Deposit (Note 12) 10,676 43,289 Total Assets $ 985,883 $ 833,257 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Accounts payable and accrued liabilities $ 665,377 $ 760,613 Due to related parties (Note 6) 48,517 29,580 Taxes payable – 4,766 Current portion of lease liabilities (Note 8) 19,841 22,133 Current portion of notes payable (Note 7) 52,135 52,143 Current portion of notes payable – Related party (Note 6) 251,000 251,000 Total Current Liabilities 1,036,870 1,120,235 Non-Current Liabilities Lease Liabilities (Note 8) 3,478 18,892 Notes Payable (Note 7) 76,165 76,157 Total Liabilities 1,116,513 1,215,284 Stockholders' Deficit Preferred Stock, $ 0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding – – Common Stock, $ 0.001 par value, 100,000,000 shares authorized; 15,508,544 shares and 17,190,211 shares issued and outstanding, respectively 15,508 17,190 Common Stock Issuable 404,999 13,334 Additional Paid-in Cap

View Full Filing

View this 10-Q filing on SEC EDGAR