10-Q Filing

PAYSIGN, INC. CIK: 1496443 Q2 2023

Filing Information

Form Type	10-Q
Accession Number	`0001683168-23-005436`
Period End Date	20230630
Filing Date	20230809
Fiscal Year	2023
Fiscal Period	Q2
XBRL Instance	paysign_i10q-063023_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 70 Income Statement 62 Cash Flow Statement 58 Stockholders Equity 29

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
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Cash	`Cash`	$6.53M	USD	Point-in-time
Cash	`Cash`	$9.71M	USD	Point-in-time
Cash	`Cash`	$7.67M	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
Restricted cash	`RestrictedCash`	$78.37M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$76.97M	USD	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Restricted cash	`RestrictedCash`	$80.19M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$4.68M	USD	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$7.75M	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	`OtherReceivables`	$1.44M	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`	$1.24M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	52.84M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$2.29M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	52.65M	shares	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.70M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$97.31M	USD	Point-in-time
Treasury stock shares	`TreasuryStockCommonShares`	303,450.00	shares	Point-in-time
Total current assets	`AssetsCurrent`	$97.72M	USD	Point-in-time
Treasury stock shares	`TreasuryStockCommonShares`	623,008.00	shares	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$1.12M	USD	Point-in-time
Fixed assets, net	`PropertyPlantAndEquipmentNet`	$1.26M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$5.66M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$7.00M	USD	Point-in-time
Operating lease right-of-use asset	`OperatingLeaseRightOfUseAsset`	$3.61M	USD	Point-in-time
Operating lease right-of-use asset	`OperatingLeaseRightOfUseAsset`	$3.42M	USD	Point-in-time
Total assets	`Assets`	$108.86M	USD	Point-in-time
Total assets	`Assets`	$108.24M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$10.48M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$8.09M	USD	Point-in-time
Operating lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$372.39K	USD	Point-in-time
Operating lease liability, current portion	`OperatingLeaseLiabilityCurrent`	$361.41K	USD	Point-in-time
Customer card funding	`ContractWithCustomerLiabilityCurrent`	$80.19M	USD	Point-in-time
Customer card funding	`ContractWithCustomerLiabilityCurrent`	$78.37M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$89.22M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$88.64M	USD	Point-in-time
Operating lease liability, long term portion	`OperatingLeaseLiabilityNoncurrent`	$3.31M	USD	Point-in-time
Operating lease liability, long term portion	`OperatingLeaseLiabilityNoncurrent`	$3.12M	USD	Point-in-time
Total liabilities	`Liabilities`	$92.35M	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; 52,842,382 and 52,650,382 issued at June 30, 2023 and December 31, 2022, respectively	`CommonStockValue`	$52.65K	USD	Point-in-time
Common stock, $0.001 par value; 150,000,000 shares authorized; 52,842,382 and 52,650,382 issued at June 30, 2023 and December 31, 2022, respectively	`CommonStockValue`	$52.84K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$20.60M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$19.14M	USD	Point-in-time
Treasury stock, at cost; 623,008 and 303,450 shares, respectively	`TreasuryStockValue`	$150.00K	USD	Point-in-time
Treasury stock, at cost; 623,008 and 303,450 shares, respectively	`TreasuryStockValue`	$1.13M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-3.01M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-2.75M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$16.29M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$16.51M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$13.51M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$13.25M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$12.99M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$16.09M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$108.86M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$108.24M	USD	Point-in-time

Income Statement 62 line items

Line Item	Tag	Value	Unit	Period
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$8.60M	USD	1 Quarter
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$21.18M	USD	2 Qtrs
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$11.04M	USD	1 Quarter
Total revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$16.82M	USD	2 Qtrs
Cost of revenues	`CostOfGoodsAndServicesSold`	$10.52M	USD	2 Qtrs
Cost of revenues	`CostOfGoodsAndServicesSold`	$5.43M	USD	1 Quarter
Cost of revenues	`CostOfGoodsAndServicesSold`	$3.90M	USD	1 Quarter
Cost of revenues	`CostOfGoodsAndServicesSold`	$7.12M	USD	2 Qtrs
Gross profit	`GrossProfit`	$10.66M	USD	2 Qtrs
Gross profit	`GrossProfit`	$4.70M	USD	1 Quarter
Gross profit	`GrossProfit`	$9.70M	USD	2 Qtrs
Gross profit	`GrossProfit`	$5.62M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$10.25M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$5.30M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$8.90M	USD	2 Qtrs
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$4.26M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.80M	USD	2 Qtrs
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$713.18K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$958.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$1.39M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$12.05M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$4.97M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$6.26M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$10.29M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-271.35K	USD	1 Quarter
Loss from operations	`OperatingIncomeLoss`	$-1.39M	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-593.18K	USD	2 Qtrs
Loss from operations	`OperatingIncomeLoss`	$-646.89K	USD	1 Quarter
Interest income, net	`InterestAndOtherIncome`	$84.56K	USD	2 Qtrs
Interest income, net	`InterestAndOtherIncome`	$600.87K	USD	1 Quarter
Interest income, net	`InterestAndOtherIncome`	$70.23K	USD	1 Quarter
Interest income, net	`InterestAndOtherIncome`	$1.19M	USD	2 Qtrs
Loss before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-201.12K	USD	1 Quarter
Loss before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-46.02K	USD	1 Quarter
Loss before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-508.62K	USD	2 Qtrs
Loss before income tax provision	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-204.62K	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$26.92K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$28.81K	USD	2 Qtrs
Income tax provision	`IncomeTaxExpenseBenefit`	$58.14K	USD	1 Quarter
Income tax provision	`IncomeTaxExpenseBenefit`	$59.67K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-228.03K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-104.16K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-537.43K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-160.13K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-309.39K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-264.29K	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$-0.01	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	-	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.01	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	-	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.01	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$-0.01	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	-	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	-	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	51.99M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	52.33M	shares	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	52.26M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	51.91M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.99M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	51.91M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	52.26M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	52.33M	shares	2 Qtrs

Cash Flow Statement 58 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-537.43K	USD	2 Qtrs
Net loss	`ProfitLoss`	$-264.29K	USD	2 Qtrs
Gain on disposal assets	`GainOnDisposalAssets`	-	USD	2 Qtrs
Gain on disposal assets	`GainOnDisposalAssets`	$4.86K	USD	2 Qtrs
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$1.45M	USD	2 Qtrs
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$1.06M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$1.80M	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`	$197.20K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$3.07M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$94.82K	USD	2 Qtrs
Other receivable	`IncreaseDecreaseInOtherReceivables`	$-201.23K	USD	2 Qtrs
Other receivable	`IncreaseDecreaseInOtherReceivables`	$420.03K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$511.17K	USD	2 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$590.98K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-190.36K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$2.43M	USD	2 Qtrs
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-167.66K	USD	2 Qtrs
Operating lease liability	`IncreaseDecreaseInOperatingLeaseLiability`	$-178.00K	USD	2 Qtrs
Customer card funding	`IncreaseDecreaseInContractWithCustomerLiability`	$15.68M	USD	2 Qtrs
Customer card funding	`IncreaseDecreaseInContractWithCustomerLiability`	$-1.82M	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$151.35K	USD	2 Qtrs
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$16.40M	USD	2 Qtrs
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$84.91K	USD	2 Qtrs
Purchase of fixed assets	`PaymentsToAcquirePropertyPlantAndEquipment`	$38.19K	USD	2 Qtrs
Capitalization of internally developed software	`PaymentsToDevelopSoftware`	$2.96M	USD	2 Qtrs
Capitalization of internally developed software	`PaymentsToDevelopSoftware`	$1.54M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-1.58M	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.04M	USD	2 Qtrs
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	$9.60K	USD	2 Qtrs
Proceeds from exercise of options	`ProceedsFromStockOptionsExercised`	-	USD	2 Qtrs
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	-	USD	2 Qtrs
Repurchase of common stock	`PaymentsForRepurchaseOfCommonStock`	$977.67K	USD	2 Qtrs
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-968.07K	USD	2 Qtrs
Net cash used in 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`	$-3.86M	USD	2 Qtrs
Cash and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$86.04M	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, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$83.50M	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`	$89.90M	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`	$86.04M	USD	Point-in-time
Cash	`Cash`	$6.53M	USD	Point-in-time
Cash	`Cash`	$9.71M	USD	Point-in-time
Cash	`Cash`	$7.67M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$78.37M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$76.97M	USD	Point-in-time
Restricted cash	`RestrictedCash`	$80.19M	USD	Point-in-time
Total cash and restricted cash	`RestrictedCashAndCashEquivalents`	$83.50M	USD	Point-in-time
Total cash and restricted cash	`RestrictedCashAndCashEquivalents`	$86.04M	USD	Point-in-time
Cash paid for taxes	`IncomeTaxesPaidNet`	$8.70K	USD	2 Qtrs
Cash paid for taxes	`IncomeTaxesPaidNet`	$159.51K	USD	2 Qtrs
Interest paid	`InterestPaidNet`	$821.00	USD	2 Qtrs
Interest paid	`InterestPaidNet`	-	USD	2 Qtrs

Stockholders Equity 29 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, value	`StockholdersEquity`	$16.29M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$16.51M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$13.51M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$13.25M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$12.99M	USD	Point-in-time
Beginning balance, value	`StockholdersEquity`	$16.09M	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`	$9.60K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$618.24K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$830.43K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$488.29K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$569.50K	USD	1 Quarter
Repurchase of common stock	`StockRepurchasedDuringPeriodValue`	$311.65K	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
Net loss	`NetIncomeLoss`	$-264.29K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-104.16K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-537.43K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-228.03K	USD	1 Quarter
Ending balance, value	`StockholdersEquity`	$12.99M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$16.29M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$16.51M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$13.51M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$13.25M	USD	Point-in-time
Ending balance, value	`StockholdersEquity`	$16.09M	USD	Point-in-time

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