10-Q Filing

PAYSIGN, INC. CIK: 1496443 Q2 2022

Filing Information

Form Type	10-Q
Accession Number	`0001683168-22-005495`
Period End Date	20220630
Filing Date	20220810
Fiscal Year	2022
Fiscal Period	Q2
XBRL Instance	paysign_i10q-063022_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 60 Cash Flow Statement 58 Stockholders Equity 26

Balance Sheet 70 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`	$6.62M	USD	Point-in-time
Cash	`Cash`	$7.39M	USD	Point-in-time
Cash	`Cash`	$6.53M	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`	$76.97M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$65.76M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$61.28M	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
Accounts receivable	`AccountsReceivableNetCurrent`	$3.49M	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	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`	$1.44M	USD	Point-in-time
Other receivables	`OtherReceivables`	$1.02M	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	150.00M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.75M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.24M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	52.10M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	52.32M	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
Total current assets	`AssetsCurrent`	$90.18M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$74.33M	USD	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$1.64M	USD	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$1.41M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$4.50M	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`	$3.81M	USD	Point-in-time
Total assets	`Assets`	$84.05M	USD	Point-in-time
Total assets	`Assets`	$99.90M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$5.58M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$5.77M	USD	Point-in-time
Operating lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$350.75K	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`	$76.97M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$67.39M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$82.89M	USD	Point-in-time
Operating lease liability, long term portion	`OperatingLeaseLiabilityNoncurrent`	$3.67M	USD	Point-in-time
Operating lease liability, long term portion	`OperatingLeaseLiabilityNoncurrent`	$3.50M	USD	Point-in-time
Total liabilities	`Liabilities`	$86.39M	USD	Point-in-time
Total liabilities	`Liabilities`	$71.06M	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, 52,323,382 and 52,095,382 issued at June 30, 2022 and December 31, 2021, respectively	`CommonStockValue`	$52.32K	USD	Point-in-time
Common stock; $ 0.001 par value; 150,000,000 shares authorized, 52,323,382 and 52,095,382 issued at June 30, 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`	$17.92M	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`	$-3.77M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-4.31M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$13.51M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$12.36M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$13.25M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$13.24M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$11.98M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$12.99M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$84.05M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$99.90M	USD	Point-in-time

Income Statement 60 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$16.82M	USD	2 Qtrs
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$6.65M	USD	1 Quarter
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$8.60M	USD	1 Quarter
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$12.93M	USD	2 Qtrs
Cost of revenues	`CostOfGoodsAndServicesSold`	$7.12M	USD	2 Qtrs
Cost of revenues	`CostOfGoodsAndServicesSold`	$6.95M	USD	2 Qtrs
Cost of revenues	`CostOfGoodsAndServicesSold`	$3.50M	USD	1 Quarter
Cost of revenues	`CostOfGoodsAndServicesSold`	$3.90M	USD	1 Quarter
Gross profit	`GrossProfit`	$9.70M	USD	2 Qtrs
Gross profit	`GrossProfit`	$5.98M	USD	2 Qtrs
Gross profit	`GrossProfit`	$3.15M	USD	1 Quarter
Gross profit	`GrossProfit`	$4.70M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$3.47M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$7.34M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.26M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$8.90M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$713.18K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.39M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.21M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$614.18K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$10.29M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$4.97M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.09M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$8.55M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-2.57M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-593.18K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-936.18K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-271.35K	USD	1 Quarter
Interest income, net	`InterestAndOtherIncome`	$5.01K	USD	1 Quarter
Interest income, net	`InterestAndOtherIncome`	$70.23K	USD	1 Quarter
Interest income, net	`InterestAndOtherIncome`	$12.11K	USD	2 Qtrs
Interest income, net	`InterestAndOtherIncome`	$84.56K	USD	2 Qtrs
Loss before income tax provision	`ProfitLoss`	$-508.62K	USD	2 Qtrs
Loss before income tax provision	`ProfitLoss`	$-2.55M	USD	2 Qtrs
Loss before income tax provision	`ProfitLoss`	$-931.17K	USD	1 Quarter
Loss before income tax provision	`ProfitLoss`	$-201.12K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$26.92K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$28.81K	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$2.40K	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$800.00	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-537.43K	USD	2 Qtrs
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-228.03K	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.56M	USD	2 Qtrs
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-931.97K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.01	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	-	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.02	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.05	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$-0.02	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.01	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	-	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.05	USD	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	50.55M	shares	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	50.75M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	51.99M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	51.91M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.91M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	50.55M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	50.75M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.99M	shares	1 Quarter

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-537.43K	USD	2 Qtrs
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-228.03K	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-2.56M	USD	2 Qtrs
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-931.97K	USD	1 Quarter
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$1.21M	USD	2 Qtrs
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$1.06M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$1.18M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$1.39M	USD	2 Qtrs
Noncash lease expense	`OtherNoncashExpense`	$186.86K	USD	2 Qtrs
Noncash lease expense	`OtherNoncashExpense`	$211.41K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$293.10K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$94.82K	USD	2 Qtrs
Other receivable	`IncreaseDecreaseInOtherReceivables`	$420.03K	USD	2 Qtrs
Other receivable	`IncreaseDecreaseInOtherReceivables`	-	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$366.50K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$511.17K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-190.36K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$701.58K	USD	2 Qtrs
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-167.66K	USD	2 Qtrs
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-157.92K	USD	2 Qtrs
Customer card funding	`IncreaseDecreaseInContractWithCustomerLiability`	$17.65M	USD	2 Qtrs
Customer card funding	`IncreaseDecreaseInContractWithCustomerLiability`	$15.68M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$17.58M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$16.40M	USD	2 Qtrs
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$173.48K	USD	2 Qtrs
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$38.19K	USD	2 Qtrs
Capitalization of internally developed software	`PaymentsToDevelopSoftware`	$1.05M	USD	2 Qtrs
Capitalization of internally developed software	`PaymentsToDevelopSoftware`	$1.54M	USD	2 Qtrs
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$39.71K	USD	2 Qtrs
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	-	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.26M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.58M	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	$120.14K	USD	2 Qtrs
Proceeds from exercise of stock options	`ProceedsFromStockOptionsExercised`	-	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$120.14K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	2 Qtrs
Net change in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$14.82M	USD	2 Qtrs
Net change in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$16.44M	USD	2 Qtrs
Cash and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$72.37M	USD	Point-in-time
Cash and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$83.50M	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`	$68.67M	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 and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$83.50M	USD	Point-in-time
Cash and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$72.37M	USD	Point-in-time
Cash	`Cash`	$6.62M	USD	Point-in-time
Cash	`Cash`	$7.39M	USD	Point-in-time
Cash	`Cash`	$6.53M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$76.97M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$65.76M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$61.28M	USD	Point-in-time
Total cash and restricted cash	`RestrictedCashAndCashEquivalents`	$83.50M	USD	Point-in-time
Total cash and restricted cash	`RestrictedCashAndCashEquivalents`	$72.37M	USD	Point-in-time
Cash paid for taxes	`IncomeTaxesPaidNet`	$8.70K	USD	2 Qtrs
Cash paid for taxes	`IncomeTaxesPaidNet`	$2.40K	USD	2 Qtrs
Interest paid	`InterestPaidNet`	$2.17K	USD	2 Qtrs
Interest paid	`InterestPaidNet`	$821.00	USD	2 Qtrs

Stockholders Equity 26 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$13.51M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$12.36M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$13.25M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$13.24M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$11.98M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$12.99M	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 issued upon vesting of restricted stock	`StockIssuedUponVestingOfRestrictedStock`	-	USD	1 Quarter
Stock issued upon vesting of restricted stock	`StockIssuedUponVestingOfRestrictedStock`	-	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$9.68K	USD	1 Quarter
Exercise of stock options	`StockIssuedDuringPeriodValueStockOptionsExercised`	$110.47K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$540.92K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$636.21K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$569.50K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	-	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-931.97K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.62M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-228.03K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-309.39K	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$11.98M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$13.51M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$12.36M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$13.25M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$13.24M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$12.99M	USD	Point-in-time

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