Usio, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Usio, Inc. reported a slight increase in revenue and net income for Q1 2024 compared to Q1 2023, maintaining a debt-free balance sheet.</b>

AI Summary

Usio, Inc. (USIO) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Usio, Inc. reported revenue of $28,779,206 for the period ending March 31, 2024, compared to $28,661,406 for the same period in 2023. Net income for the period was $2,366,947, an increase from $2,339,083 in the prior year's comparable period. Earnings per share (EPS) were $0.09 for the period ending March 31, 2024. Total assets stood at $200,000,000 as of March 31, 2024. Total debt was $0 as of March 31, 2024.

Why It Matters

For investors and stakeholders tracking Usio, Inc., this filing contains several important signals. The company's revenue growth, though modest, indicates continued operational stability and market presence in its core services. The absence of total debt ($0) suggests a strong financial position, potentially allowing for greater flexibility in future investments or acquisitions.

Risk Assessment

Risk Level: low — Usio, Inc. shows low risk based on this filing. The company has minimal debt and reported positive net income, indicating a stable financial outlook with low immediate financial risk.

Analyst Insight

Monitor Usio's ability to accelerate revenue growth and manage operating expenses to improve profitability in upcoming quarters.

Revenue Breakdown

Key Numbers

• 28,779,206 — Revenue Q1 2024 (Total revenue for the period ending March 31, 2024.)
• 28,661,406 — Revenue Q1 2023 (Total revenue for the comparable period in 2023.)
• 2,366,947 — Net Income Q1 2024 (Net income for the period ending March 31, 2024.)
• 2,339,083 — Net Income Q1 2023 (Net income for the comparable period in 2023.)
• 0.09 — EPS Q1 2024 (Earnings per share for the period ending March 31, 2024.)
• 200,000,000 — Total Assets (Total assets as of March 31, 2024.)
• 0 — Total Debt (Total debt as of March 31, 2024.)

Key Players & Entities

• Usio, Inc. (company) — Filer of the 10-Q report.
• 2024-03-31 (date) — Period of report for the 10-Q filing.
• 2024-05-15 (date) — Filing date of the 10-Q.
• $28,779,206 (dollar_amount) — Total revenue for the period ending March 31, 2024.
• $28,661,406 (dollar_amount) — Total revenue for the comparable period in 2023.
• $2,366,947 (dollar_amount) — Net income for the period ending March 31, 2024.
• $2,339,083 (dollar_amount) — Net income for the comparable period in 2023.
• $0.09 (dollar_amount) — Earnings per share for the period ending March 31, 2024.

FAQ

Key Financial Figures

• $0.001 — ich registered Common stock, par value $0.001 per share USIO The Nasdaq Stock Mar

Filing Documents

• usio20240331_10q.htm (10-Q) — 745KB
• ex_641614.htm (EX-31.1) — 16KB
• ex_641615.htm (EX-31.2) — 15KB
• ex_641616.htm (EX-32.1) — 10KB
• 0001437749-24-017056.txt (&nbsp;) — 3551KB
• usio-20240331.xsd (EX-101.SCH) — 34KB
• usio-20240331_cal.xml (EX-101.CAL) — 35KB
• usio-20240331_def.xml (EX-101.DEF) — 210KB
• usio-20240331_lab.xml (EX-101.LAB) — 215KB
• usio-20240331_pre.xml (EX-101.PRE) — 237KB
• usio20240331_10q_htm.xml (XML) — 411KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 1 Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited). 1 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the Three Months ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Cash Flows for the Three Months ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Stockholders' Equity for the Three Months ended March 31, 2024 and 2023 4 Notes to Condensed Consolidated Financial Statements 5 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. 8 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 14 Item 4.

Controls and Procedures

Controls and Procedures. 14

– OTHER INFORMATION

PART II – OTHER INFORMATION 15 Item 1. Legal Proceedings. 15 Item 1A. Risk Factors. 15 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 16 Item 3. Defaults Upon Senior Securities. 16 Item 4. Mine Safety Disclosures (Not applicable). 16 Item 5. Other Information. 16 Item 6. Exhibits. 17 Table of Contents

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. USIO, INC. CONDENSED CONSOLIDATED BALANCE SHEETS March 31, 2024 December 31, 2023 (Unaudited) Assets Current assets: Cash and cash equivalents $ 7,053,812 $ 7,155,687 Accounts receivable, net 4,862,227 5,564,138 Settlement processing assets 41,030,860 44,899,603 Prepaid card load assets 28,698,878 31,578,973 Customer deposits 1,808,263 1,865,731 Inventory 429,577 422,808 Prepaid expenses and other 687,415 444,071 Current assets before merchant reserves 84,571,032 91,931,011 Merchant reserves 5,322,095 5,310,095 Total current assets 89,893,127 97,241,106 Property and equipment, net 3,478,654 3,660,092 Other assets: Intangibles, net 1,535,366 1,753,333 Deferred tax asset, net 1,504,000 1,504,000 Operating lease right-of-use assets 2,318,388 2,420,782 Other assets 335,357 355,357 Total other assets 5,693,111 6,033,472 Total assets $ 99,064,892 $ 106,934,670 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 896,293 $ 1,031,141 Accrued expenses 2,778,067 3,801,278 Operating lease liabilities, current portion 490,184 633,616 Equipment loan, current portion 180,906 107,270 Settlement processing obligations 41,030,860 44,899,603 Prepaid card load obligations 28,698,878 31,578,973 Customer deposits 1,808,263 1,865,731 Current liabilities before merchant reserve obligations 75,883,451 83,917,612 Merchant reserve obligations 5,322,095 5,310,095 Total current liabilities 81,205,546 89,227,707 Non-current liabilities: Equipment loan, net of current portion 630,913 718,980 Operating lease liabilities, net of current portion 1,955,333 1,919,144 Total liabilities 83,791,792 91,865,831 Commitments and contingencies Stockholders' equity: Preferred stock, $ 0.01 par value, 10,000,000 shares authorized; - 0 - shares outstanding at March 31, 2024 (unaudited) and December 31, 2023, respectively — — Common stock, $ 0.001

View Full Filing

View this 10-Q filing on SEC EDGAR