10-Q Filing

PAYSIGN, INC. CIK: 1496443 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001683168-22-003473`
Period End Date	20220331
Filing Date	20220512
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	paysign_i10q-033122_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 30 Cash Flow Statement 52 Stockholders Equity 15

Balance Sheet 68 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
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`Cash`	$6.56M	USD	Point-in-time
Cash	`Cash`	$7.39M	USD	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`Cash`	$8.46M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$64.68M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$61.28M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$58.77M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$3.41M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$3.39M	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
Other receivables	`OtherReceivables`	$1.02M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Other receivables	`OtherReceivables`	$1.02M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	52.10M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	52.22M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.24M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.63M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$79.18M	USD	Point-in-time
Treasury stock shares	`TreasuryStockShares`	303,450.00	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
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$1.52M	USD	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$1.64M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$4.21M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$4.09M	USD	Point-in-time
Operating lease right-of-use asset	`OperatingLeaseRightOfUseAsset`	$3.90M	USD	Point-in-time
Operating lease right-of-use asset	`OperatingLeaseRightOfUseAsset`	$3.99M	USD	Point-in-time
Total assets	`Assets`	$84.05M	USD	Point-in-time
Total assets	`Assets`	$88.81M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$6.95M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$5.77M	USD	Point-in-time
Operating lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$345.54K	USD	Point-in-time
Operating lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$340.41K	USD	Point-in-time
Customer card funding	`ContractWithCustomerLiabilityCurrent`	$61.28M	USD	Point-in-time
Customer card funding	`ContractWithCustomerLiabilityCurrent`	$64.68M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$67.39M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$71.98M	USD	Point-in-time
Operating lease liability, long term portion	`OperatingLeaseLiabilityNoncurrent`	$3.58M	USD	Point-in-time
Operating lease liability, long term portion	`OperatingLeaseLiabilityNoncurrent`	$3.67M	USD	Point-in-time
Total liabilities	`Liabilities`	$71.06M	USD	Point-in-time
Total liabilities	`Liabilities`	$75.56M	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, 52,218,382 and 52,095,382 issued at March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$52.22K	USD	Point-in-time
Common stock; $0.001 par value; 150,000,000 shares authorized, 52,218,382 and 52,095,382 issued at March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$52.09K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$16.86M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$17.43M	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`	$-4.08M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.77M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$12.99M	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 stockholders' equity	`StockholdersEquity`	$13.25M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$84.05M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$88.81M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$6.28M	USD	1 Quarter
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$8.22M	USD	1 Quarter
Cost of revenues	`CostOfGoodsAndServicesSold`	$3.45M	USD	1 Quarter
Cost of revenues	`CostOfGoodsAndServicesSold`	$3.22M	USD	1 Quarter
Gross profit	`GrossProfit`	$2.83M	USD	1 Quarter
Gross profit	`GrossProfit`	$5.00M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.64M	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`	$679.17K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.46M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$5.32M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.63M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-321.83K	USD	1 Quarter
Interest income, net	`InterestAndOtherIncome`	$7.10K	USD	1 Quarter
Interest income, net	`InterestAndOtherIncome`	$14.34K	USD	1 Quarter
Loss before income tax provision	`ProfitLoss`	$-1.62M	USD	1 Quarter
Loss before income tax provision	`ProfitLoss`	$-307.50K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$1.90K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$1.60K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.62M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-309.39K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.03	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.03	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	51.82M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	50.35M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.82M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	50.35M	shares	1 Quarter

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.62M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-309.39K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$636.21K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$569.50K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$595.85K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$679.17K	USD	1 Quarter
Noncash lease expense	`OtherNoncashExpense`	$92.80K	USD	1 Quarter
Noncash lease expense	`OtherNoncashExpense`	$105.70K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-19.28K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$11.93K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$572.62K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$382.66K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.19M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$149.43K	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-78.37K	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-83.20K	USD	1 Quarter
Customer card funding	`IncreaseDecreaseInContractWithCustomerLiability`	$3.39M	USD	1 Quarter
Customer card funding	`IncreaseDecreaseInContractWithCustomerLiability`	$10.67M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$9.90M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$5.14M	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$12.79K	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$124.70K	USD	1 Quarter
Capitalization of internally developed software	`PaymentsToDevelopSoftware`	$474.00K	USD	1 Quarter
Capitalization of internally developed software	`PaymentsToDevelopSoftware`	$635.33K	USD	1 Quarter
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$26.75K	USD	1 Quarter
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$13.51K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-612.20K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-674.86K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$110.47K	USD	1 Quarter
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$110.47K	USD	1 Quarter
Net change in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$4.46M	USD	1 Quarter
Net change in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$9.40M	USD	1 Quarter
Cash and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$55.93M	USD	Point-in-time
Cash and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$73.13M	USD	Point-in-time
Cash and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$68.67M	USD	Point-in-time
Cash and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$65.33M	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`	$65.33M	USD	Point-in-time
Cash and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$73.13M	USD	Point-in-time
Cash and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$68.67M	USD	Point-in-time
Cash	`Cash`	$6.56M	USD	Point-in-time
Cash	`Cash`	$7.39M	USD	Point-in-time
Cash	`Cash`	$8.46M	USD	Point-in-time
Restricted Cash	`RestrictedCash`	$64.68M	USD	Point-in-time
Restricted Cash	`RestrictedCash`	$61.28M	USD	Point-in-time
Restricted Cash	`RestrictedCash`	$58.77M	USD	Point-in-time
Restricted Cash and Cash Equivalents	`RestrictedCashAndCashEquivalents`	$65.33M	USD	Point-in-time
Restricted Cash and Cash Equivalents	`RestrictedCashAndCashEquivalents`	$73.13M	USD	Point-in-time
Interest paid	`InterestPaidNet`	$221.00	USD	1 Quarter
Interest paid	`InterestPaidNet`	-	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$12.99M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$12.36M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$13.24M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$13.25M	USD	Point-in-time
Stock issued upon vesting of restricted stock	`StockIssuedUponVestingOfRestrictedStock`	-	USD	1 Quarter
Stock issued upon vesting of restricted stock	`StockIssuedUponVestingOfRestrictedStock`	-	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$636.21K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$569.50K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.62M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-309.39K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	-	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$12.99M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$12.36M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$13.24M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$13.25M	USD	Point-in-time

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