10-K Filing

PAYSIGN, INC. CIK: 1496443 FY 2020

Filing Information

Form Type	10-K
Accession Number	`0001683168-21-001067`
Period End Date	20201231
Filing Date	20210326
Fiscal Year	2020
Fiscal Period	FY
XBRL Instance	pays-20201231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 67 Income Statement 38 Cash Flow Statement 56 Stockholders Equity 18

Balance Sheet 67 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	50.25M	shares	Point-in-time
Cash	`Cash`	$9.66M	USD	Point-in-time
Cash	`Cash`	$7.83M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	48.58M	shares	Point-in-time
Treasury stock shares	`TreasuryStockShares`	303,450.00	shares	Point-in-time
Treasury stock shares	`TreasuryStockShares`	303,450.00	shares	Point-in-time
Restricted Cash	`RestrictedCash`	$48.10M	USD	Point-in-time
Restricted Cash	`RestrictedCash`	$35.91M	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts Receivable	`AccountsReceivableNetCurrent`	$891.94K	USD	Point-in-time
Accounts Receivable	`AccountsReceivableNetCurrent`	$654.86K	USD	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.38M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	25.00M	shares	Point-in-time
Prepaid expenses and other assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.41M	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	25.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$57.96M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$47.88M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$1.85M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$937.18K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.70M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.82M	USD	Point-in-time
Operating lease right-of-use asset	`OperatingLeaseRightOfUseAsset`	-	USD	Point-in-time
Operating lease right-of-use asset	`OperatingLeaseRightOfUseAsset`	$4.32M	USD	Point-in-time
Deferred tax asset	`DeferredIncomeTaxAssetsNet`	$917.48K	USD	Point-in-time
Deferred tax asset	`DeferredIncomeTaxAssetsNet`	-	USD	Point-in-time
Total assets	`Assets`	$67.83M	USD	Point-in-time
Total assets	`Assets`	$53.55M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.52M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$2.16M	USD	Point-in-time
Operating lease, current portion	`OperatingLeaseLiabilityCurrent`	-	USD	Point-in-time
Operating lease, current portion	`OperatingLeaseLiabilityCurrent`	$320.64K	USD	Point-in-time
Customer card funding	`ContractWithCustomerLiabilityCurrent`	$32.72M	USD	Point-in-time
Customer card funding	`ContractWithCustomerLiabilityCurrent`	$48.10M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$34.25M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$50.58M	USD	Point-in-time
Operating lease liability, long term portion	`OperatingLeaseLiabilityNoncurrent`	$4.01M	USD	Point-in-time
Operating lease liability, long term portion	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Total liabilities	`Liabilities`	$54.60M	USD	Point-in-time
Total liabilities	`Liabilities`	$34.25M	USD	Point-in-time
Preferred stock: $0.001 par value; 25,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock: $0.001 par value; 25,000,000 shares authorized; none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock; $0.001 par value; 150,000,000 shares authorized, 50,251,607 and 48,577,712 issued at December 31, 2020 and 2019, respectively	`CommonStockValue`	$50.25K	USD	Point-in-time
Common stock; $0.001 par value; 150,000,000 shares authorized, 50,251,607 and 48,577,712 issued at December 31, 2020 and 2019, respectively	`CommonStockValue`	$48.58K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$11.58M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$14.39M	USD	Point-in-time
Treasury stock at cost, 303,450 shares	`TreasuryStockValue`	$150.00K	USD	Point-in-time
Treasury stock at cost, 303,450 shares	`TreasuryStockValue`	$150.00K	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$8.09M	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-1.05M	USD	Point-in-time
Total Paysign, Inc. stockholders' equity	`StockholdersEquity`	$13.24M	USD	Point-in-time
Total Paysign, Inc. stockholders' equity	`StockholdersEquity`	$19.56M	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	$-263.09K	USD	Point-in-time
Noncontrolling interest	`MinorityInterest`	-	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$19.30M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$13.24M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$8.89M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$67.83M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$53.55M	USD	Point-in-time

Income Statement 38 line items

Line Item	Tag	Value	Unit	Period
Revenues	`Revenues`	$24.12M	USD	Annual
Revenues	`Revenues`	$34.67M	USD	Annual
Cost of revenues	`CostOfRevenue`	$14.82M	USD	Annual
Cost of revenues	`CostOfRevenue`	$15.43M	USD	Annual
Gross profit	`GrossProfit`	$9.30M	USD	Annual
Gross profit	`GrossProfit`	$19.24M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$11.66M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$15.09M	USD	Annual
Impairment of intangible asset	`ImpairmentOfIntangibleAssetsFinitelived`	$382.41K	USD	Annual
Impairment of intangible asset	`ImpairmentOfIntangibleAssetsFinitelived`	-	USD	Annual
Loss on abandonment of assets	`AssetsDisposedOfByMethodOtherThanSaleInPeriodOfDispositionGainLossOnDisposition1`	$-42.90K	USD	Annual
Loss on abandonment of assets	`AssetsDisposedOfByMethodOtherThanSaleInPeriodOfDispositionGainLossOnDisposition1`	-	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.12M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.48M	USD	Annual
Total operating expenses	`OperatingExpenses`	$17.64M	USD	Annual
Total operating expenses	`OperatingExpenses`	$13.14M	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$6.10M	USD	Annual
Income (loss) from operations	`OperatingIncomeLoss`	$-8.34M	USD	Annual
Interest income	`InterestAndOtherIncome`	$441.12K	USD	Annual
Interest income	`InterestAndOtherIncome`	$90.72K	USD	Annual
Income (loss) before income tax provision (benefit) and noncontrolling interest	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-8.25M	USD	Annual
Income (loss) before income tax provision (benefit) and noncontrolling interest	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$6.54M	USD	Annual
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$894.18K	USD	Annual
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$-909.98K	USD	Annual
Net income (loss) before noncontrolling interest	`ProfitLoss`	$-9.14M	USD	Annual
Net income (loss) before noncontrolling interest	`ProfitLoss`	$7.45M	USD	Annual
Net loss attributable to noncontrolling interest	`IncomeLossAttributableToNoncontrollingInterest`	$-1.57K	USD	Annual
Net loss attributable to noncontrolling interest	`IncomeLossAttributableToNoncontrollingInterest`	-	USD	Annual
Net income (loss) attributable to Paysign, Inc.	`NetIncomeLoss`	$-9.14M	USD	Annual
Net income (loss) attributable to Paysign, Inc.	`NetIncomeLoss`	$7.45M	USD	Annual
Basic	`EarningsPerShareBasic`	$-0.19	USD	Annual
Basic	`EarningsPerShareBasic`	$0.16	USD	Annual
Diluted	`EarningsPerShareDiluted`	$0.14	USD	Annual
Diluted	`EarningsPerShareDiluted`	$-0.19	USD	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	47.44M	shares	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	49.27M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	54.55M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	49.27M	shares	Annual

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income (loss) attributable to Paysign, Inc.	`NetIncomeLoss`	$7.45M	USD	Annual
Net income (loss) attributable to Paysign, Inc.	`NetIncomeLoss`	$-9.14M	USD	Annual
Net loss in noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	-	USD	Annual
Net loss in noncontrolling interest	`NetIncomeLossAttributableToNoncontrollingInterest`	$-1.57K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$2.97M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$2.53M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$1.48M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$2.12M	USD	Annual
Impairment of intangible asset	`ImpairmentOfIntangibleAssetsFinitelived`	-	USD	Annual
Impairment of intangible asset	`ImpairmentOfIntangibleAssetsFinitelived`	$382.41K	USD	Annual
Loss on abandonment of assets	`AssetsDisposedOfByMethodOtherThanSaleInPeriodOfDispositionGainLossOnDisposition1`	$-42.90K	USD	Annual
Loss on abandonment of assets	`AssetsDisposedOfByMethodOtherThanSaleInPeriodOfDispositionGainLossOnDisposition1`	-	USD	Annual
Amortization of lease right-of-use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$418.24K	USD	Annual
Amortization of lease right-of-use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	-	USD	Annual
Deferred taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$909.98K	USD	Annual
Deferred taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-917.48K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-237.08K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$554.63K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$245.47K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$20.54K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$741.53K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$196.11K	USD	Annual
Operating lease	`IncreaseDecreaseInOperatingLeaseLiability`	$-275.98K	USD	Annual
Operating lease	`IncreaseDecreaseInOperatingLeaseLiability`	-	USD	Annual
Customer card funding	`IncreaseDecreaseInContractWithCustomerLiability`	$15.38M	USD	Annual
Customer card funding	`IncreaseDecreaseInContractWithCustomerLiability`	$6.76M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$13.78M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$16.71M	USD	Annual
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$463.71K	USD	Annual
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.38M	USD	Annual
Capitalization of internally developed software	`PaymentsToDevelopSoftware`	$1.49M	USD	Annual
Capitalization of internally developed software	`PaymentsToDevelopSoftware`	$1.88M	USD	Annual
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$81.26K	USD	Annual
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$1.28M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.24M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.34M	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$172.56K	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$430.92K	USD	Annual
Repurchase of employee common stock for taxes withheld	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$245.43K	USD	Annual
Repurchase of employee common stock for taxes withheld	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	-	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$430.92K	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-72.86K	USD	Annual
Net change in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$10.36M	USD	Annual
Net change in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$13.91M	USD	Annual
Cash and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$31.67M	USD	Point-in-time
Cash and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$55.93M	USD	Point-in-time
Cash and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$45.57M	USD	Point-in-time
Cash and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$31.67M	USD	Point-in-time
Cash and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$55.93M	USD	Point-in-time
Cash and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$45.57M	USD	Point-in-time
Acquisition of right-of-use asset by operating lease	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	-	USD	Annual
Acquisition of right-of-use asset by operating lease	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$4.46M	USD	Annual
Issuance of stock for asset acquisition	`StockIssued1`	-	USD	Annual
Issuance of stock for asset acquisition	`StockIssued1`	$177.20K	USD	Annual
Dissolution of noncontrolling interest	`DissolutionOfNoncontrollingInterest`	-	USD	Annual
Dissolution of noncontrolling interest	`DissolutionOfNoncontrollingInterest`	$263.09K	USD	Annual

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$19.30M	USD	Point-in-time
Beginning balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$13.24M	USD	Point-in-time
Beginning balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$8.89M	USD	Point-in-time
Exercise of stock options, value	`StockIssuedDuringPeriodValueStockOptionsExercised`	$172.56K	USD	Annual
Exercise of stock options, value	`StockIssuedDuringPeriodValueStockOptionsExercised`	$430.92K	USD	Annual
Issuance of stock for previously vested stock-based compensation, value	`StockIssuedDuringPeriodValueShareBasedCompensation`	-	USD	Annual
Issuance of stock for previously vested stock-based compensation, value	`StockIssuedDuringPeriodValueShareBasedCompensation`	-	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.97M	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.53M	USD	Annual
Dissolution and amalgamation of Qfour, Inc. subsidiary	`DissolutionAndAmalgamationOfQfourInc.Subsidiary`	-	USD	Annual
Dissolution of Paysign, Ltd. Subsidiary	`StockholdersEquityChangeInReportingEntity`	-	USD	Annual
Repurchase of employee common stock for taxes withheld	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$245.43K	USD	Annual
Issuance of stock for acquisition of contract assets, value	`StockIssuedDuringPeriodValuePurchaseOfAssets`	$177.20K	USD	Annual
Net income (loss)	`NetIncomeLossAttributableToParentDiluted`	$-9.14M	USD	Annual
Net income (loss)	`NetIncomeLossAttributableToParentDiluted`	$7.45M	USD	Annual
Ending balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$13.24M	USD	Point-in-time
Ending balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$19.30M	USD	Point-in-time
Ending balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$8.89M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.