UPAY Files 10-Q for Period Ending August 31, 2024

TL;DR

UPAY's Q2 10-Q is in, check financials for the period ending 8/31/24.

AI Summary

UPAY filed its 10-Q for the period ending August 31, 2024. The filing details financial performance and operational updates for the company, which is in the prepackaged software industry. Specific financial figures and operational details are provided within the report.

Why It Matters

This filing provides investors and stakeholders with a crucial update on UPAY's financial health and business activities during the second quarter of fiscal year 2024.

Risk Assessment

Risk Level: medium — The filing is a standard quarterly report, but the specific financial details and any disclosed risks within the full report would determine the precise risk level.

Key Players & Entities

• UPAY (company) — Filer of the 10-Q report
• 20240831 (date) — End of the reporting period
• 0001677897 (company) — Central Index Key for UPAY
• 7372 (industry_code) — Standard Industrial Classification for prepackaged software
• NV (state) — State of incorporation
• 371793622 (tax_id) — IRS Number for UPAY
• 3010 LBJ FWY SUITE 1200 DALLAS TX 75234 (address) — Business and mailing address
• 9728886052 (phone_number) — Business phone number

FAQ

Filing Documents

• upyy-20240831.htm (10-Q) — 3046KB
• up017_ex31-1.htm (EX-31.1) — 39KB
• up017_ex31-2.htm (EX-31.2) — 40KB
• up017_ex32-1.htm (EX-32.1) — 14KB
• up017_ex32-2.htm (EX-32.2) — 17KB
• 0001575872-24-001087.txt ( ) — 7302KB
• upyy-20240831.xsd (EX-101.SCH) — 37KB
• upyy-20240831_cal.xml (EX-101.CAL) — 26KB
• upyy-20240831_def.xml (EX-101.DEF) — 149KB
• upyy-20240831_lab.xml (EX-101.LAB) — 271KB
• upyy-20240831_pre.xml (EX-101.PRE) — 225KB
• upyy-20240831_htm.xml (XML) — 1003KB

From the Filing

UPAY UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended August 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 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 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 Emerging Growth Company 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 The Company has 16,128,544 shares outstanding as of October 17 , 2024. UPAY, Inc. Consolidated Financial Statements (unaudited) Table of Contents Index Consolidated Balance Sheets (unaudited) F-2 Consolidated Statements of Operations and Comprehensive 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 U PAY, INC. Consolidated Balance Sheets (Expressed in U.S. dollars) August 31, 2024 February 29, 2024 (unaudited) ASSETS Current Assets Cash and cash equivalents $ 121,846 $ 642,846 Accounts receivable, net of allowance 30,571 73,395 Prepaid expenses and other current assets 13,146 2,884 Total Current Assets 165,563 719,125 Property and Equipment, Net (Note 3) 20,596 22,638 Right-of-use Assets, Net (Note 4) 9,168 18,169 Deposit (Note 11) 11,356 10,408 Total Assets $ 206,683 $ 770,340 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Accounts payable and accrued liabilities $ 66,863 $ 572,904 Due to related parties (Note 5) 68,016 54,774 Current portion of lease liabilities (Note 7) 9,168 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 447,190 948,990 Non-Current Liabilities Notes Payable (Note 6) 76,157 76,157 Total Liabilities 523,347 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; 16,128,544 and 15,708,544 shares issued and outstanding, respectively 16,128 15,708 Common Stock Issuable 479,995 313,331 Additional Paid-in Capital 1,216,170 1,116,590 Accumulated Deficit ( 1,965,190 ) ( 1,623,189 ) Accumulated Other Comprehensive Loss ( 63,767 ) ( 77,247 ) Total Stockholders' Deficit ( 316,664 ) ( 254,807 ) Total Liabilities and Stockholders' Deficit $ 206,683 $ 770,340 The accompanying notes are an integral part of these unaudited consolidated financial statements. F-2 U PAY, Inc. Consolidated Statements of Operations and Comprehensive Loss (Expressed in U.S. dollars) (unaudited) Three months Three months Six months Six months Ended Ended Ended Ended August 31, August 31, August 31, August 31, 2024 2023 2024 2023 Revenue $ 168,071 $ 364,042 $

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View this 10-Q filing on SEC EDGAR