10-K Filing

PAYSIGN, INC. CIK: 1496443 FY 2021

Filing Information

Form Type	10-K
Accession Number	`0001683168-22-001854`
Period End Date	20211231
Filing Date	20220323
Fiscal Year	2021
Fiscal Period	FY
XBRL Instance	paysign_i10k-123121_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 65 Income Statement 35 Cash Flow Statement 67 Stockholders Equity 17

Balance Sheet 65 line items

Line Item	Tag	Value	Unit	Period
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
Cash	`Cash`	$7.39M	USD	Point-in-time
Cash	`Cash`	$7.83M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Restricted cash	`RestrictedCash`	$48.10M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Restricted cash	`RestrictedCash`	$61.28M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$3.39M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$512.10K	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Other receivables	`OtherReceivablesNetCurrent`	$1.02M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Other receivables	`OtherReceivablesNetCurrent`	$142.76K	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.24M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.38M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	50.25M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	52.10M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$74.33M	USD	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
Total current assets	`AssetsCurrent`	$57.96M	USD	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$1.64M	USD	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`	$4.09M	USD	Point-in-time
Operating lease right-of-use asset	`OperatingLeaseRightOfUseAsset`	$3.99M	USD	Point-in-time
Operating lease right-of-use asset	`OperatingLeaseRightOfUseAsset`	$4.32M	USD	Point-in-time
Total assets	`Assets`	$84.05M	USD	Point-in-time
Total assets	`Assets`	$67.83M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$5.77M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$2.16M	USD	Point-in-time
Operating lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$320.64K	USD	Point-in-time
Operating lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$340.41K	USD	Point-in-time
Customer card funding	`ContractWithCustomerLiabilityCurrent`	$48.10M	USD	Point-in-time
Customer card funding	`ContractWithCustomerLiabilityCurrent`	$61.28M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$67.39M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$50.58M	USD	Point-in-time
Operating lease liability, long term portion	`OperatingLeaseLiabilityNoncurrent`	$3.67M	USD	Point-in-time
Operating lease liability, long term portion	`OperatingLeaseLiabilityNoncurrent`	$4.01M	USD	Point-in-time
Total liabilities	`Liabilities`	$71.06M	USD	Point-in-time
Total liabilities	`Liabilities`	$54.60M	USD	Point-in-time
Commitments and contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 9)	`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, 52,095,382 and 50,251,607 issued at December 31, 2021 and 2020, respectively	`CommonStockValue`	$50.25K	USD	Point-in-time
Common stock; $0.001 par value; 150,000,000 shares authorized, 52,095,382 and 50,251,607 issued at December 31, 2021 and 2020, respectively	`CommonStockValue`	$52.09K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$14.39M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$16.86M	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
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-1.05M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.77M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$19.30M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$12.99M	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`	$84.05M	USD	Point-in-time

Income Statement 35 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$24.12M	USD	Annual
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$29.46M	USD	Annual
Cost of revenues	`CostOfGoodsAndServicesSold`	$14.82M	USD	Annual
Cost of revenues	`CostOfGoodsAndServicesSold`	$14.75M	USD	Annual
Gross profit	`GrossProfit`	$9.30M	USD	Annual
Gross profit	`GrossProfit`	$14.71M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$15.09M	USD	Annual
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$14.95M	USD	Annual
Impairment of intangible asset	`ImpairmentOfIntangibleAssetsFinitelived`	-	USD	Annual
Impairment of intangible asset	`ImpairmentOfIntangibleAssetsFinitelived`	$382.41K	USD	1 Quarter
Impairment of intangible asset	`ImpairmentOfIntangibleAssetsFinitelived`	$382.41K	USD	Annual
Loss on abandonment of assets	`AssetsDisposedOfByMethodOtherThanSaleInPeriodOfDispositionGainLossOnDisposition1`	-	USD	Annual
Loss on abandonment of assets	`AssetsDisposedOfByMethodOtherThanSaleInPeriodOfDispositionGainLossOnDisposition1`	$-42.90K	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.50M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.12M	USD	Annual
Total operating expenses	`OperatingExpenses`	$17.64M	USD	Annual
Total operating expenses	`OperatingExpenses`	$17.45M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-2.74M	USD	Annual
Loss from operations	`OperatingIncomeLoss`	$-8.34M	USD	Annual
Interest income, net	`InterestAndOtherIncome`	$28.30K	USD	Annual
Interest income, net	`InterestAndOtherIncome`	$90.72K	USD	Annual
Loss before income tax provision	`ProfitLoss`	$-8.25M	USD	Annual
Loss before income tax provision	`ProfitLoss`	$-2.71M	USD	Annual
Income tax provision	`IncomeTaxExpenseBenefit`	$894.18K	USD	Annual
Income tax provision	`IncomeTaxExpenseBenefit`	$10.20K	USD	Annual
Net loss	`NetIncomeLoss`	$-9.14M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.72M	USD	Annual
Basic	`EarningsPerShareBasic`	$-0.05	USD	Annual
Basic	`EarningsPerShareBasic`	$-0.19	USD	Annual
Diluted	`EarningsPerShareDiluted`	$-0.19	USD	Annual
Diluted	`EarningsPerShareDiluted`	$-0.05	USD	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	49.27M	shares	Annual
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	50.98M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	49.27M	shares	Annual
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	50.98M	shares	Annual

Cash Flow Statement 67 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-9.14M	USD	Annual
Net loss	`NetIncomeLoss`	$-2.72M	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$2.28M	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$2.97M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.50M	USD	Annual
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$2.12M	USD	Annual
Noncash lease expense	`OtherNoncashExpense`	$188.98K	USD	Annual
Noncash lease expense	`OtherNoncashExpense`	$331.03K	USD	Annual
Impairment of intangible asset	`ImpairmentOfIntangibleAssetsFinitelived`	$382.41K	USD	1 Quarter
Impairment of intangible asset	`ImpairmentOfIntangibleAssetsFinitelived`	$382.41K	USD	Annual
Impairment of intangible asset	`ImpairmentOfIntangibleAssetsFinitelived`	-	USD	Annual
Loss on abandonment of assets	`AssetsDisposedOfByMethodOtherThanSaleInPeriodOfDispositionGainLossOnDisposition1`	-	USD	Annual
Loss on abandonment of assets	`AssetsDisposedOfByMethodOtherThanSaleInPeriodOfDispositionGainLossOnDisposition1`	$-42.90K	USD	Annual
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	-	USD	Annual
Deferred income taxes	`IncreaseDecreaseInDeferredIncomeTaxes`	$-917.48K	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$2.88M	USD	Annual
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-237.08K	USD	Annual
Other receivables	`IncreaseDecreaseInOtherReceivables`	$876.46K	USD	Annual
Other receivables	`IncreaseDecreaseInOtherReceivables`	-	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$20.54K	USD	Annual
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-132.40K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$815.85K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$3.60M	USD	Annual
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-320.64K	USD	Annual
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-121.04K	USD	Annual
Customer card funding	`IncreaseDecreaseInContractWithCustomerLiability`	$15.38M	USD	Annual
Customer card funding	`IncreaseDecreaseInContractWithCustomerLiability`	$13.18M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$15.23M	USD	Annual
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$13.78M	USD	Annual
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$328.57K	USD	Annual
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$1.38M	USD	Annual
Capitalization of internally developed software	`PaymentsToDevelopSoftware`	$1.88M	USD	Annual
Capitalization of internally developed software	`PaymentsToDevelopSoftware`	$2.29M	USD	Annual
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$81.26K	USD	Annual
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$62.42K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.34M	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.68M	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$192.14K	USD	Annual
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$172.56K	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`	$192.14K	USD	Annual
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-72.86K	USD	Annual
Net change in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$12.74M	USD	Annual
Net change in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$10.36M	USD	Annual
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, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$68.67M	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`	$68.67M	USD	Point-in-time
Cash and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$55.93M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$7.83M	USD	Point-in-time
Cash	`CashAndCashEquivalentsAtCarryingValue`	$7.39M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$61.28M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$48.10M	USD	Point-in-time
Total cash and restricted cash	`RestrictedCashAndCashEquivalents`	$68.67M	USD	Point-in-time
Total cash and restricted cash	`RestrictedCashAndCashEquivalents`	$55.93M	USD	Point-in-time
Operating lease right-of-use asset and operating lease liability	`OperatingLeaseRightofuseAssetAndOperatingLeaseLiability`	-	USD	Annual
Operating lease right-of-use asset and operating lease liability	`OperatingLeaseRightofuseAssetAndOperatingLeaseLiability`	$4.46M	USD	Annual
Issuance of stock for asset acquisition	`StockIssued1`	$177.20K	USD	Annual
Issuance of stock for asset acquisition	`StockIssued1`	-	USD	Annual
Dissolution of noncontrolling interest	`DissolutionOfNoncontrollingInterest`	$263.09K	USD	Annual
Dissolution of noncontrolling interest	`DissolutionOfNoncontrollingInterest`	-	USD	Annual
Interest paid	`InterestPaidNet`	$4.59K	USD	Annual
Interest paid	`InterestPaidNet`	-	USD	Annual
Cash paid for taxes	`IncomeTaxesPaidNet`	-	USD	Annual
Cash paid for taxes	`IncomeTaxesPaidNet`	$4.07K	USD	Annual

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$19.30M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$12.99M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$13.24M	USD	Point-in-time
Stock issued upon vesting of restricted stock	`StockIssuedUponVestingOfRestrictedStock`	-	USD	Annual
Stock issued upon vesting of restricted stock	`StockIssuedUponVestingOfRestrictedStock`	-	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$172.56K	USD	Annual
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$192.14K	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.28M	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.97M	USD	Annual
Dissolution of Paysign, Ltd. Subsidiary	`DissolutionOfPaysignLtd.Subsidiary`	-	USD	Annual
Repurchase of employee common stock for taxes withheld	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$245.43K	USD	Annual
Issuance of stock for acquisition of contract assets	`StockIssuedDuringPeriodValuePurchaseOfAssets`	$177.20K	USD	Annual
Net loss	`NetIncomeLossAttributableToParentDiluted`	$-2.72M	USD	Annual
Net loss	`NetIncomeLossAttributableToParentDiluted`	$-9.14M	USD	Annual
Ending balance, value	`StockholdersEquity`	$12.99M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$19.30M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$13.24M	USD	Point-in-time

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