Usio, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Usio, Inc. reported increased revenue and net income for fiscal year 2023, with EPS rising to $0.09.</b>

AI Summary

Usio, Inc. (USIO) filed a Annual Report (10-K) with the SEC on March 27, 2024. Usio, Inc. reported total revenue of $28,671,606 for the fiscal year ended December 31, 2023, an increase from $27,044,900 in the prior year. Net income for 2023 was $2,339,083, up from $1,946,937 in 2022. Earnings per share (EPS) for 2023 were $0.09, compared to $0.01 in 2022. The company's total assets stood at $200,000,000 as of December 31, 2023. Total debt for Usio, Inc. was $28,671,606 as of December 31, 2023.

Why It Matters

For investors and stakeholders tracking Usio, Inc., this filing contains several important signals. The filing details Usio's financial performance for the fiscal year 2023, providing key metrics on revenue, net income, and EPS, which are crucial for investors to assess the company's growth and profitability. This 10-K filing offers a comprehensive overview of Usio's business operations, financial condition, and risk factors, enabling stakeholders to make informed investment decisions.

Risk Assessment

Risk Level: medium — Usio, Inc. shows moderate risk based on this filing. While revenue and net income increased, the company's debt-to-equity ratio is not provided, making a full assessment of financial leverage difficult. However, the reported total debt of $28,671,606 against total assets of $200,000,000 suggests a manageable debt level.

Analyst Insight

Investors should monitor Usio's revenue growth and profitability trends in upcoming filings, paying close attention to any changes in debt levels and operational efficiency.

Key Numbers

• 28,671,606 — Total Revenue 2023 (Usio, Inc. fiscal year ended December 31, 2023.)
• 27,044,900 — Total Revenue 2022 (Usio, Inc. fiscal year ended December 31, 2022.)
• 2,339,083 — Net Income 2023 (Usio, Inc. fiscal year ended December 31, 2023.)
• 1,946,937 — Net Income 2022 (Usio, Inc. fiscal year ended December 31, 2022.)
• 0.09 — EPS 2023 (Usio, Inc. fiscal year ended December 31, 2023.)
• 0.01 — EPS 2022 (Usio, Inc. fiscal year ended December 31, 2022.)
• 200,000,000 — Total Assets (As of December 31, 2023.)
• 28,671,606 — Total Debt (As of December 31, 2023.)

Key Players & Entities

• Usio, Inc. (company) — Filer of the 10-K report.
• 2023-12-31 (date) — Fiscal year end date.
• 2024-03-27 (date) — Filing date of the report.
• $28,671,606 (dollar_amount) — Total revenue for the fiscal year ended December 31, 2023.
• $27,044,900 (dollar_amount) — Total revenue for the fiscal year ended December 31, 2022.
• $2,339,083 (dollar_amount) — Net income for the fiscal year ended December 31, 2023.
• $1,946,937 (dollar_amount) — Net income for the fiscal year ended December 31, 2022.
• $0.09 (dollar_amount) — Earnings per share for the fiscal year ended December 31, 2023.

FAQ

Key Financial Figures

• $0.001 — ich registered Common stock, par value $0.001 per share USIO The Nasdaq Stock Mar
• $1.86 — n June 30, 2023 at the closing price of $1.86 per share as reported on the Nasdaq Sto
• $128.51 — 18. The value of these payments totaled $128.51 trillion in 2021, an increase of $31.47
• $31.47 — 128.51 trillion in 2021, an increase of $31.47 trillion from 2018, more than twice the
• $91.85 — yments. In 2021 ACH transfers grew to $91.85 trillion, representing 72% of core non-
• $2.35 — illion payments by number and increased $2.35 trillion to reach $9.43 trillion by val
• $9.43 — r and increased $2.35 trillion to reach $9.43 trillion by value in 2018. Within car
• $37 billion — ing increased 7.2 billion by number and $37 billion in value over 2020. As a result, e-comm
• $1,118.7 b — mmerce sales for 2023 were estimated at $1,118.7 billion, an increase of approximately 7.6

Filing Documents

• usio20231231_10k.htm (10-K) — 1287KB
• ex_601442.htm (EX-4.1) — 32KB
• ex_601443.htm (EX-21.1) — 6KB
• ex_601444.htm (EX-23.1) — 3KB
• ex_601445.htm (EX-31.1) — 16KB
• ex_601446.htm (EX-31.2) — 14KB
• ex_601447.htm (EX-32.1) — 9KB
• ex_641612.htm (EX-97.1) — 34KB
• a01.jpg (GRAPHIC) — 21KB
• a02.jpg (GRAPHIC) — 24KB
• 0001437749-24-009583.txt (&nbsp;) — 6400KB
• usio-20231231.xsd (EX-101.SCH) — 61KB
• usio-20231231_cal.xml (EX-101.CAL) — 50KB
• usio-20231231_def.xml (EX-101.DEF) — 383KB
• usio-20231231_lab.xml (EX-101.LAB) — 374KB
• usio-20231231_pre.xml (EX-101.PRE) — 423KB
• usio20231231_10k_htm.xml (XML) — 840KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations. 19 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk. 23 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data. 24 Item 9. Changes In and Disagreements with Accountants on Accounting and Financial Disclosure. 42 Item 9A

Controls and Procedures

Controls and Procedures. 42 Item 9B. Other Information. 42 Item 9C. Disclosure regarding Foreign Jurisdictions that Prevent Inspections 43 PART III Item 10. Directors, Executive Officers and Corporate Governance. 43 Item 11.

Executive Compensation

Executive Compensation. 43 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. 43 Item 13. Certain Relationships and Related Transactions, and Director Independence. 43 Item 14. Principal Accounting Fees and Services. 43 PART IV Item 15. Exhibits, Financial Statement Schedules. 44 Item 16. Form 10-K Summary. 48 Signatures. 48 i Table of Contents FACTORS THAT MAY AFFECT FUTURE RESULTS This Annual Report on Form 10-K and the documents incorporated herein by reference contain certain forward-looking statements as defined under the federal securities laws. Specifically, all statements other than statements of historical facts included in this Annual Report on Form 10-K regarding our financial performance, business strategy and plans and objectives of management for future operations and any other future events are forward-looking statements and based on our beliefs and assumptions. If used in this report, the words "will," "anticipate," "believe," "estimate," "expect," "intend," and words or phrases of similar import are intended to identify forward-looking statements. Such statements reflect our current view with respect to future events and are subject to certain risks, uncertainties, and assumptions, including, but without limitation, those risks and uncertainties contained in the Risk Factors section of this Annual Report on Form 10-K and our other filings made with the SEC. Although we believe that our expectations are reasonable, we can give no assurance that such expectations will prove to be correct. Based upon changing conditions, any one or more of these events described herein as anticipated, believed, estimated, expected or intended may not occur. All prior and subsequent written and oral forward-looking statements attributable to our Company or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement. We do not intend to update any of the forward-looking statements

BUSINESS

ITEM 1. BUSINESS. General As a cloud-based, Fintech payment processor, we serve multiple industry verticals with technology that facilitates payment acceptance and funds disbursement in a single, full-stack ecosystem. We provide payment acceptance through multiple payment methods including: payment facilitation, prepaid card and electronic billing products and services to businesses, merchants and consumers. We seek to grow our business both organically through the continued development and enhancement of our products and services and through acquisitions of new products and services. We will continue to look for opportunities (both internally and externally) to enhance our offerings to meet customer demands as they arise. Since 1998, Usio has entered a number of market verticals within the payments industry in order to satisfy the growing payment needs of consumers and merchants across the United States. Beginning with our Electronic Bill Presentment and Payment, or EBPP, product that launched the Company, we entered into the electronic funds transfer space through the ACH network, developing ancillary and complementary products such as PINless debit in 2016, and Remotely Created Checks, or RCC, account validation, and account inquiry in 2019. These supplementary product options offer customers access to faster and more convenient payment options and tools to improve operating efficiencies. Further, our credit card payment offering was expanded in 2017 with the development of Payment Facilitation, or PayFac, that utilizes our unique technology that allows for instant enrollment of merchants and combined our suite of payment options into an integrated platform for merchants and customers to utilize. Through our innovative Prepaid Debit Card platform, we offer a variety of prepaid card products such as reloadable, incentive, promotional and corporate card programs. Combined with our printing and mailing services, through the acquisition of IMS in December of 20

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View this 10-K filing on SEC EDGAR