10-Q Filing

PAYSIGN, INC. CIK: 1496443 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001683168-23-003174`
Period End Date	20230331
Filing Date	20230511
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	paysign_i10q-33123_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 68 Income Statement 30 Cash Flow Statement 56 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
Cash	`Cash`	$8.46M	USD	Point-in-time
Cash	`Cash`	$9.71M	USD	Point-in-time
Cash	`Cash`	$6.40M	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`	$80.19M	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
Restricted cash	`RestrictedCash`	$64.68M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$84.40M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$9.17M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$4.68M	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
Common stock, shares authorized	`CommonStockSharesAuthorized`	150.00M	shares	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`	$1.57M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	52.65M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.58M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	52.77M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.70M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$97.72M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$104.13M	USD	Point-in-time
Treasury stock shares	`TreasuryStockCommonShares`	303,450.00	shares	Point-in-time
Treasury stock shares	`TreasuryStockCommonShares`	503,450.00	shares	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$1.26M	USD	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$1.19M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$6.53M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$5.66M	USD	Point-in-time
Operating lease right-of-use asset	`OperatingLeaseRightOfUseAsset`	$3.61M	USD	Point-in-time
Operating lease right-of-use asset	`OperatingLeaseRightOfUseAsset`	$3.52M	USD	Point-in-time
Total assets	`Assets`	$108.24M	USD	Point-in-time
Total assets	`Assets`	$115.37M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$8.09M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$11.30M	USD	Point-in-time
Operating lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$361.41K	USD	Point-in-time
Operating lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$366.86K	USD	Point-in-time
Customer card funding	`ContractWithCustomerLiabilityCurrent`	$80.19M	USD	Point-in-time
Customer card funding	`ContractWithCustomerLiabilityCurrent`	$84.40M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$96.07M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$88.64M	USD	Point-in-time
Operating lease liability, long term portion	`OperatingLeaseLiabilityNoncurrent`	$3.22M	USD	Point-in-time
Operating lease liability, long term portion	`OperatingLeaseLiabilityNoncurrent`	$3.31M	USD	Point-in-time
Total liabilities	`Liabilities`	$99.29M	USD	Point-in-time
Total liabilities	`Liabilities`	$91.95M	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; 52,768,382 and 52,650,382 issued at March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$52.77K	USD	Point-in-time
Common stock, $0.001 par value; 150,000,000 shares authorized; 52,768,382 and 52,650,382 issued at March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$52.65K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$19.76M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$19.14M	USD	Point-in-time
Treasury stock, at cost; 503,450 and 303,450 shares, respectively	`TreasuryStockValue`	$816.02K	USD	Point-in-time
Treasury stock, at cost; 503,450 and 303,450 shares, respectively	`TreasuryStockValue`	$150.00K	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.91M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.75M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$16.09M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$12.99M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$16.29M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$13.25M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$115.37M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$108.24M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$8.22M	USD	1 Quarter
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$10.14M	USD	1 Quarter
Cost of revenues	`CostOfGoodsAndServicesSold`	$5.10M	USD	1 Quarter
Cost of revenues	`CostOfGoodsAndServicesSold`	$3.22M	USD	1 Quarter
Gross profit	`GrossProfit`	$5.00M	USD	1 Quarter
Gross profit	`GrossProfit`	$5.05M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.95M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.64M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$845.02K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$679.17K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$5.79M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$5.32M	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-321.83K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-742.80K	USD	1 Quarter
Interest income, net	`InterestAndOtherIncome`	$14.34K	USD	1 Quarter
Interest income, net	`InterestAndOtherIncome`	$584.20K	USD	1 Quarter
Loss before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-158.60K	USD	1 Quarter
Loss before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-307.50K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$1.53K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$1.90K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-309.39K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-160.13K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
Basic	`EarningsPerShareBasic`	-	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	-	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	51.82M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	52.40M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	52.40M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.82M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-160.13K	USD	1 Quarter
Net loss	`NetIncomeLossAvailableToCommonStockholdersBasic`	$-309.39K	USD	1 Quarter
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$618.24K	USD	1 Quarter
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$569.50K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$679.17K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$845.02K	USD	1 Quarter
Noncash lease expense	`OtherNoncashExpense`	$97.94K	USD	1 Quarter
Noncash lease expense	`OtherNoncashExpense`	$92.80K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$11.93K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$4.49M	USD	1 Quarter
Other receivable	`IncreaseDecreaseInOtherReceivables`	-	USD	1 Quarter
Other receivable	`IncreaseDecreaseInOtherReceivables`	$135.64K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$882.67K	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`	$3.21M	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-88.33K	USD	1 Quarter
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-83.20K	USD	1 Quarter
Customer card funding	`IncreaseDecreaseInContractWithCustomerLiability`	$4.22M	USD	1 Quarter
Customer card funding	`IncreaseDecreaseInContractWithCustomerLiability`	$3.39M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$5.14M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$3.23M	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$44.89K	USD	1 Quarter
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$12.79K	USD	1 Quarter
Capitalization of internally developed software	`PaymentsToDevelopSoftware`	$635.33K	USD	1 Quarter
Capitalization of internally developed software	`PaymentsToDevelopSoftware`	$1.61M	USD	1 Quarter
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	-	USD	1 Quarter
Purchase of intangible assets	`PaymentsToAcquireIntangibleAssets`	$26.75K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-674.86K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.66M	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$666.02K	USD	1 Quarter
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-666.02K	USD	1 Quarter
Net change in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$906.69K	USD	1 Quarter
Net change in cash and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$4.46M	USD	1 Quarter
Cash and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$73.13M	USD	Point-in-time
Cash and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$90.80M	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`	$89.90M	USD	Point-in-time
Cash and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$90.80M	USD	Point-in-time
Cash and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$89.90M	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`	$8.46M	USD	Point-in-time
Cash	`Cash`	$9.71M	USD	Point-in-time
Cash	`Cash`	$6.40M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$80.19M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$64.68M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$84.40M	USD	Point-in-time
Total cash and restricted cash	`RestrictedCashAndCashEquivalents`	$73.13M	USD	Point-in-time
Total cash and restricted cash	`RestrictedCashAndCashEquivalents`	$90.80M	USD	Point-in-time
Cash paid for taxes	`IncomeTaxesPaidNet`	-	USD	1 Quarter
Cash paid for taxes	`IncomeTaxesPaidNet`	$68.81K	USD	1 Quarter
Interest paid	`InterestPaidNet`	-	USD	1 Quarter
Interest paid	`InterestPaidNet`	$221.00	USD	1 Quarter

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$16.09M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$12.99M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$16.29M	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`	$618.24K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$569.50K	USD	1 Quarter
Repurchase of common stock	`StockRepurchasedDuringPeriodValue`	$666.02K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-309.39K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-160.13K	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$16.09M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$12.99M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$16.29M	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.