10-Q Filing

PAYSIGN, INC. CIK: 1496443 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001683168-21-001913`
Period End Date	20210331
Filing Date	20210512
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	pays-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 64 Income Statement 30 Cash Flow Statement 46 Stockholders Equity 17

Balance Sheet 64 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
Cash	`Cash`	$7.83M	USD	Point-in-time
Cash	`Cash`	$6.56M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	50.75M	shares	Point-in-time
Cash	`Cash`	$9.42M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	50.25M	shares	Point-in-time
Restricted Cash	`RestrictedCash`	$48.10M	USD	Point-in-time
Treasury stock shares	`TreasuryStockShares`	303,450.00	shares	Point-in-time
Restricted Cash	`RestrictedCash`	$58.77M	USD	Point-in-time
Restricted Cash	`RestrictedCash`	$45.42M	USD	Point-in-time
Treasury stock shares	`TreasuryStockShares`	303,450.00	shares	Point-in-time
Accounts Receivable	`AccountsReceivableNetCurrent`	$654.86K	USD	Point-in-time
Accounts Receivable	`AccountsReceivableNetCurrent`	$635.58K	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
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	25.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	25.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.95M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.38M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$57.96M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$67.92M	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`	$1.84M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$1.85M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.70M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$3.72M	USD	Point-in-time
Operating lease right-of-use asset	`OperatingLeaseRightOfUseAsset`	$4.32M	USD	Point-in-time
Operating lease right-of-use asset	`OperatingLeaseRightOfUseAsset`	$4.22M	USD	Point-in-time
Total assets	`Assets`	$67.83M	USD	Point-in-time
Total assets	`Assets`	$77.70M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$2.16M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$2.31M	USD	Point-in-time
Operating lease, current portion	`OperatingLeaseLiabilityCurrent`	$320.64K	USD	Point-in-time
Operating lease, current portion	`OperatingLeaseLiabilityCurrent`	$325.47K	USD	Point-in-time
Customer card funding	`ContractWithCustomerLiabilityCurrent`	$48.10M	USD	Point-in-time
Customer card funding	`ContractWithCustomerLiabilityCurrent`	$58.77M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$50.58M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$61.41M	USD	Point-in-time
Operating lease liability, long term portion	`OperatingLeaseLiabilityNoncurrent`	$3.93M	USD	Point-in-time
Operating lease liability, long term portion	`OperatingLeaseLiabilityNoncurrent`	$4.01M	USD	Point-in-time
Total liabilities	`Liabilities`	$54.60M	USD	Point-in-time
Total liabilities	`Liabilities`	$65.34M	USD	Point-in-time
Commitments and contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 8)	`CommitmentsAndContingencies`	-	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, 50,750,882 and 50,251,607 issued at March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$50.75K	USD	Point-in-time
Common stock; $0.001 par value; 150,000,000 shares authorized, 50,750,882 and 50,251,607 issued at March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$50.25K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$15.14M	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`	$-2.68M	USD	Point-in-time
Retained earnings (accumulated deficit)	`RetainedEarningsAccumulatedDeficit`	$-1.05M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$12.36M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$13.24M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$67.83M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$77.70M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$10.58M	USD	1 Quarter
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$6.28M	USD	1 Quarter
Cost of revenues	`CostOfGoodsAndServicesSold`	$4.86M	USD	1 Quarter
Cost of revenues	`CostOfGoodsAndServicesSold`	$3.45M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.83M	USD	1 Quarter
Gross profit	`GrossProfit`	$5.72M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$3.83M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$3.86M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$595.85K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$502.38K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.46M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.33M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-1.63M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$1.39M	USD	1 Quarter
Interest income	`InterestAndOtherIncome`	$62.16K	USD	1 Quarter
Interest income	`InterestAndOtherIncome`	$7.10K	USD	1 Quarter
Income (loss) before income tax provision (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$-1.62M	USD	1 Quarter
Income (loss) before income tax provision (benefit)	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments`	$1.45M	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$1.60K	USD	1 Quarter
Income tax provision (benefit)	`IncomeTaxExpenseBenefit`	$-87.55K	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$1.54M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-1.62M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.03	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.03	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.03	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.03	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	48.71M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	50.35M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	54.69M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	50.35M	shares	1 Quarter

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$1.54M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-1.62M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$595.85K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$502.38K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$636.21K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$724.18K	USD	1 Quarter
Amortization of lease right-of use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$177.47K	USD	1 Quarter
Amortization of lease right-of use asset	`OperatingLeaseRightOfUseAssetAmortizationExpense`	-	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	-	USD	1 Quarter
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$75.90K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-19.28K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$19.66K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-32.52K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$572.62K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$475.44K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$142.29K	USD	1 Quarter
Operating lease	`IncreaseDecreaseInOperatingLeaseLiability`	-	USD	1 Quarter
Operating lease	`IncreaseDecreaseInOperatingLeaseLiability`	$-142.99K	USD	1 Quarter
Customer card funding	`IncreaseDecreaseInContractWithCustomerLiability`	$10.67M	USD	1 Quarter
Customer card funding	`IncreaseDecreaseInContractWithCustomerLiability`	$7.57M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$9.90M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$10.75M	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$124.70K	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$953.89K	USD	1 Quarter
Capitalization of internally developed software	`PaymentsToDevelopSoftware`	$474.00K	USD	1 Quarter
Capitalization of internally developed software	`PaymentsToDevelopSoftware`	$485.10K	USD	1 Quarter
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$13.51K	USD	1 Quarter
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$57.13K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.50M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-612.20K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$110.47K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$24.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$110.47K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$24.00K	USD	1 Quarter
Net change in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$9.40M	USD	1 Quarter
Net change in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$9.28M	USD	1 Quarter
Cash and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$65.33M	USD	Point-in-time
Cash and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$54.85M	USD	Point-in-time
Cash and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$45.57M	USD	Point-in-time
Cash and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$55.93M	USD	Point-in-time
Cash and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$65.33M	USD	Point-in-time
Cash and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$54.85M	USD	Point-in-time
Cash and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$45.57M	USD	Point-in-time
Cash and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$55.93M	USD	Point-in-time
Dissolution of noncontrolling interest	`DissolutionOfNoncontrollingInterest`	-	USD	1 Quarter
Dissolution of noncontrolling interest	`DissolutionOfNoncontrollingInterest`	$263.09K	USD	1 Quarter

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$12.36M	USD	Point-in-time
Beginning balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$21.59M	USD	Point-in-time
Beginning balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$19.30M	USD	Point-in-time
Beginning balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$13.24M	USD	Point-in-time
Issuance of stock for previously vested stock-based compensation, value	`StockIssuedDuringPeriodValueShareBasedCompensation`	-	USD	1 Quarter
Issuance of stock for previously vested stock-based compensation, value	`StockIssuedDuringPeriodValueShareBasedCompensation`	-	USD	1 Quarter
Exercise of stock options, value	`StockIssuedDuringPeriodValueStockOptionsExercised`	$110.47K	USD	1 Quarter
Exercise of stock options, value	`StockIssuedDuringPeriodValueStockOptionsExercised`	$24.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$636.21K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$724.18K	USD	1 Quarter
Dissolution of Paysign, Ltd. Subsidiary	`StockholdersEquityChangeInReportingEntity`	-	USD	1 Quarter
Net loss	`NetIncomeLossAttributableToParentDiluted`	$-1.62M	USD	1 Quarter
Net loss	`NetIncomeLossAttributableToParentDiluted`	$1.54M	USD	1 Quarter
Ending balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$12.36M	USD	Point-in-time
Ending balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$21.59M	USD	Point-in-time
Ending balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$19.30M	USD	Point-in-time
Ending balance, value	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$13.24M	USD	Point-in-time

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