UPAY Files Q1 2025 10-Q

TL;DR

UPAY's Q1 2025 10-Q is in. Check financials and related party deals.

AI Summary

UPAY filed its 10-Q for the period ending May 31, 2024. The filing details financial performance and operational updates for the first quarter of fiscal year 2025. Key financial data and disclosures regarding assets, liabilities, and equity are presented, along with information on related party transactions.

Why It Matters

This filing provides investors with a quarterly update on UPAY's financial health and operational status, crucial for assessing the company's performance and future prospects.

Risk Assessment

Risk Level: medium — The filing contains standard financial disclosures for a 10-Q, but the presence of related party transactions and convertible notes payable introduces potential complexities and risks.

Key Numbers

• 20240531 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 20240715 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 0228 — Fiscal Year End (UPAY's fiscal year concludes on February 28th.)

Key Players & Entities

• UPAY (company) — Filer of the 10-Q
• 20240531 (date) — End of the reporting period
• 0001677897 (company) — Central Index Key for UPAY
• 3010 LBJ FWY SUITE 1200 DALLAS TX 75234 (address) — Business and mailing address for UPAY
• upyy:Director2Member (person) — Related party director
• upyy:ThirdPartyLender1Member (company) — Related party lender
• upyy:ConvertibleNotesPayable2Member (dollar_amount) — Type of liability

FAQ

Filing Documents

• upyy-20240531.htm (10-Q) — 2243KB
• up016_ex31-1.htm (EX-31.1) — 38KB
• up016_ex31-2.htm (EX-31.2) — 38KB
• up016_ex32-1.htm (EX-32.1) — 14KB
• up016_ex32-2.htm (EX-32.2) — 17KB
• 0001575872-24-000776.txt ( ) — 6219KB
• upyy-20240531.xsd (EX-101.SCH) — 36KB
• upyy-20240531_cal.xml (EX-101.CAL) — 28KB
• upyy-20240531_def.xml (EX-101.DEF) — 137KB
• upyy-20240531_lab.xml (EX-101.LAB) — 259KB
• upyy-20240531_pre.xml (EX-101.PRE) — 211KB
• upyy-20240531_htm.xml (XML) — 926KB

From the Filing

UPAY UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended May 31 , 2024 or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ____to ___. 333-212447 Commission File Number UPAY, Inc. (Exact name of small business issuer as specified in its charter) NEVADA 37-1793622 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 3010 LBJ Freeway , 12 th Floor Dallas , Texas 75234 (Address of principal executive offices) ( 972 ) 888-6052 (Company's telephone number, including area code) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company x Emerging Growth Company x If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No x The Company has 15,708,544 shares outstanding as of July 15 , 2024. UPAY, Inc. Consolidated Financial Statements (unaudited) Index Table of Contents Consolidated Balance Sheets (unaudited) F-3 Consolidated Statements of Operations and Comprehensive Loss (unaudited) F-4 Consolidated Statements of Stockholders' Deficit and Accumulated Other Comprehensive Loss (unaudited) F-5 Consolidated Statements of Cash Flows (unaudited) F-6 Notes to the Consolidated Financial Statements (unaudited) F-7 F-2 UPAY, INC. C onsolidated Balance Sheets (Expressed in U.S. dollars) May 31, 2024 February 29, 2024 (unaudited) ASSETS Current Assets Cash and cash equivalents $ 231,196 $ 642,846 Accounts receivable, net of allowance 46,681 73,395 Prepaid expenses and other current assets 12,939 2,884 Total Current Assets 290,816 719,125 Property and Equipment, Net (Note 3) 21,164 22,638 Right-of-use Assets, Net (Note 4) 13,584 18,169 Deposit (Note 11) 10,608 10,408 Total Assets $ 336,172 $ 770,340 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Accounts payable and accrued liabilities $ 201,275 $ 572,904 Due to related parties (Note 5) 61,138 54,774 Current portion of lease liabilities (Note 7) 13,584 18,169 Current portion of notes payable (Note 6) 52,143 52,143 Notes payable – Related parties (Note 5) 251,000 251,000 Total Current Liabilities 579,140 948,990 Non-Current Liabilities Notes Payable (Note 6) 76,157 76,157 Total Liabilities 655,297 1,025,147 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; 15,708,544 shares issued and outstanding 15,708 15,708 Common Stock Issuable 396,663 313,331 Additional Paid-in Capital 1,116,590 1,116,590 Accumulated Deficit ( 1,773,866 ) ( 1,623,189 ) Accumulated Other Comprehensive Loss ( 74,220 ) ( 77,247 ) Total Stockholders' Deficit ( 319,125 ) ( 254,807 ) Total Liabilities and Stockholders' Deficit $ 336,172 $ 770,340 The accompanying notes are an integral part of these consolidated financial statements. F-3 UPAY, Inc. C onsolidated Statements of Operations and Comprehensive Loss (Expressed in U.S. dollars) (unaudited) Three months Three months Ended Ended May 31, May 31, 2024 2023 Revenue $ 257,249 $ 332,576 Cost of Revenue ( 134,333 ) ( 159,136 ) Gross Profit 122,916 173,440 Expenses Amortization of right-of-

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View this 10-Q filing on SEC EDGAR