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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Paid Inc (PK) | USOTC:PAYD | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.04 | 2.67% | 1.54 | 1.35 | 1.54 | 1.54 | 1.54 | 1.54 | 200 | 21:00:01 |
DELAWARE
|
73-1479833
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(State
or Other Jurisdiction of Incorporation or
Organization)
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(I.R.S.
Employer Identification No.)
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Large accelerated filer
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☐
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Accelerated
Filer
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☐
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Non-accelerated
filer
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☐
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Smaller reporting company
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☒
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(
Do not
check if a smaller reporting company)
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Emerging
Growth Company
|
☐
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1
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2
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3
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4-13
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13
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17
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17
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18
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18
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18
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18
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18
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18
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18
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19
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Three Months
Ended
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Nine
Months Ended
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||
|
September 30,
2018
|
September 30,
2017
|
September
30,
2018
|
September
30,
2017
|
Revenues,
net
|
$
2,238,445
|
$
1,949,815
|
$
6,572,841
|
$
5,465,807
|
Cost of
revenues:
|
|
|
|
|
Cost
of revenues
|
1,653,382
|
1,397,048
|
4,787,214
|
3,890,505
|
Amortization
of acquired technology
|
72,351
|
70,648
|
220,181
|
216,336
|
Total
cost of revenues
|
1,725,733
|
1,467,696
|
5,007,395
|
4,106,841
|
Gross
profit
|
512,712
|
482,119
|
1,565,446
|
1,358,966
|
|
||||
Operating
expenses:
|
|
|
|
|
Salaries and
related
|
193,036
|
154,388
|
589,217
|
452,783
|
General and
administrative
|
373,999
|
302,747
|
1,040,554
|
967,101
|
Stock-based
compensation
|
297,384
|
118,572
|
716,833
|
118,572
|
Amortization of
other acquired intangible assets
|
135,605
|
132,803
|
412,449
|
392,870
|
Total operating
expenses
|
1,000,024
|
708,510
|
2,759,053
|
1,931,326
|
Loss from
operations
|
(487,312
)
|
(226,391
)
|
(1,193,607
)
|
(572,360
)
|
|
|
|||
Other income
(expense):
|
|
|
|
|
Interest income
(expense), net
|
13
|
(8,554
)
|
(1,685
)
|
(12,171
)
|
Other income,
net
|
44,280
|
555
|
42,329
|
7,759
|
Unrealized loss on
stock price guarantee
|
(12,025
)
|
(3,329
)
|
(3,527
)
|
(16,036
)
|
Total other income
(expense), net
|
32,268
|
(11,328
)
|
37,117
|
(20,448
)
|
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|||
Loss before
provision for income taxes
|
(455,044
)
|
(237,719
)
|
(1,156,490
)
|
(592,808
)
|
Provision for
income taxes
|
-
|
-
|
1,260
|
1,494
|
Net
loss
|
(455,044
)
|
(237,719
)
|
(1,157,750
)
|
(594,302
)
|
Preferred share
redemption discount
|
116,017
|
89,327
|
250,170
|
89,327
|
Preferred
dividends
|
(6,830
)
|
(5,989
)
|
(19,160
)
|
(18,898
)
|
Net loss available
to common shareholders
|
$
(345,857
)
|
$
(154,381
)
|
$
(926,740
)
|
$
(523,873
)
|
|
|
|
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|
Net loss per share
– basic and diluted
|
$
(0.21
)
|
$
(0.09
)
|
$
(0.57
)
|
$
(0.32
)
|
Weighted average
number of common shares outstanding - basic and
diluted
|
1,620,589
|
1,644,045
|
1,625,318
|
1,647,304
|
Condensed
consolidated statements of comprehensive loss
|
|
|
|
|
Net
loss
|
$
(455,044
)
|
$
(237,719
)
|
$
(1,157,750
)
|
$
(594,302
)
|
Other comprehensive
income (loss):
|
|
|
|
|
Foreign currency
translation adjustments
|
229,484
|
535,599
|
(393,304
)
|
1,022,771
|
Comprehensive
income (loss)
|
$
(225,560
)
|
$
297,880
|
$
(1,551,054
)
|
$
428,469
|
|
2018
|
2017
|
Cash flows from
operating activities:
|
|
|
Net
loss
|
$
(1,157,750
)
|
$
(594,302
)
|
Adjustments
to reconcile net loss to net cash provided by operating
activities:
|
|
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Depreciation
and amortization
|
649,537
|
638,926
|
Share-based
compensation
|
716,833
|
118,572
|
Unrealized
loss on stock price guarantee
|
3,527
|
16,036
|
Loss on
disposal of property and equipment
|
1,944
|
-
|
Write-off of
other receivables
|
-
|
1,026
|
Changes in
assets and liabilities:
|
|
|
Accounts
receivable
|
(71,625
)
|
2,360
|
Prepaid
expenses and other current assets
|
(43,103
)
|
38,440
|
Accounts
payable
|
81,532
|
91,596
|
Accrued
expenses
|
33,709
|
98,888
|
Contract
liabilities
|
(64,643
)
|
(12,564
)
|
Net cash
provided by operating activities
|
149,961
|
398,978
|
|
|
|
Cash flows from
investing activities:
|
|
|
Proceeds
from sale of property and equipment
|
1,182
|
-
|
Purchase of
property and equipment
|
(31,226
)
|
(17,977
)
|
Net cash
used in investing activities
|
(30,044
)
|
(17,977
)
|
|
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Cash flows from
financing activities:
|
|
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Payments on
capital leases
|
(6,110
)
|
(4,161
)
|
Payments on
notes payable
|
(250,049
)
|
(32,711
)
|
Payments on
related party note payable
|
(29,422
)
|
(111,208
)
|
Net cash
used in financing activities
|
(285,581
)
|
(148,080
)
|
Effect of exchange
rate changes on cash, cash equivalents and funds held in
trust
|
(22,463
)
|
49,710
|
|
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Net change in cash,
cash equivalents and funds held in trust
|
(188,127
)
|
282,631
|
|
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Cash, cash
equivalents and funds held in trust, beginning of
period
|
738,690
|
508,644
|
|
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Cash
, cash equivalents
and funds held in trust,
end of period
|
$
550,563
|
$
791,275
|
Reconciliation of
cash, cash equivalents and funds held in trust at end of
period:
|
|
|
Cash and cash equivalents
|
550,563
|
626,160
|
Funds held in trust
|
-
|
165,115
|
Cash, cash
equivalents and funds held in trust at end of
period
|
550,563
|
791,275
|
|
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|
SUPPLEMENTAL
DISCLOSURES OF CASH FLOW INFORMATION
|
|
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Cash paid during
the period for:
|
|
|
Income
taxes
|
$
1,260
|
$
1,494
|
Interest
|
$
1,658
|
$
3,617
|
SUPPLEMENTAL
DISCLOSURES OF NON-CASH ITEMS
|
|
|
Repurchase
of preferred and common stock with note payable
|
$
202,656
|
$
95,931
|
a.
|
Client
services
|
b.
|
Shipping
calculator services
|
c.
|
Brewery
management software
|
d.
|
Shipping
coordination and label generation services
|
|
Three Months
Ended
|
Nine
Months Ended
|
||
|
September
30,
2018
|
September
30,
2017
|
September
30,
2018
|
September
30,
2017
|
Client
services
|
$
2,234
|
$
2,898
|
$
10,366
|
$
15,499
|
Shipping calculator
services
|
(95,941
)
|
(356,028
)
|
(644,377
)
|
(855,778
)
|
Brewery management
software
|
2,461
|
14,462
|
(8,376
)
|
27,028
|
Shipping
coordination and label generation services
|
(396,066
)
|
112,277
|
(551,220
)
|
240,891
|
Total loss from
operations
|
$
(487,312
)
|
$
(226,391
)
|
$
(1,193,607
)
|
$
(572,360
)
|
|
September
30,
2018
(unaudited)
|
December
31,
2017
|
Payroll and related
costs
|
$
2,796
|
$
3,448
|
Royalties
|
51,838
|
51,838
|
Stock price
guarantee
|
884,241
|
880,713
|
Other
|
162,487
|
130,995
|
Total
|
$
1,101,362
|
$
1,066,994
|
|
September
30,
2018
|
December
31,
2017
|
Patents
|
$
16,000
|
$
16,000
|
Software
|
83,750
|
83,750
|
Trade
Name
|
829,594
|
850,311
|
Technology
|
529,816
|
540,201
|
Client list /
relationship
|
4,870,721
|
4,998,130
|
Accumulated
amortization
|
(1,596,276
)
|
(986,070
)
|
|
$
4,733,605
|
$
5,502,322
|
|
For
the Nine Months Ended September 30,
|
|
2018
|
Beginning
Balance
|
$
10,695,120
|
Effect of exchange
rate changes
|
(296,891
)
|
Ending
Balance
|
$
10,398,229
|
|
|
ITEM 2.
|
MANAG
E
MENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
|
|
Three months Ended
September 30,
|
||
|
2018
|
2017
|
%
Change
|
Client
services
|
$
2,890
|
$
3,639
|
(21
)%
|
Brewery management
software
|
68,101
|
78,211
|
(13
)%
|
Shipping
coordination and label generation services
|
2,126,755
|
1,820,975
|
17
%
|
Shipping calculator
services
|
40,699
|
46,990
|
(13
)%
|
Total
revenues
|
$
2,238,445
|
$
1,949,815
|
15
%
|
|
Nine months Ended
September 30,
|
||
|
2018
|
2017
|
%
Change
|
Client
services
|
$
13,455
|
$
20,192
|
(33
)%
|
Brewery management
software
|
211,124
|
235,026
|
(10
)%
|
Shipping
coordination and label generation services
|
6,213,868
|
5,057,566
|
23
%
|
Shipping calculator
services
|
134,394
|
153,023
|
(12
)%
|
Total
revenues
|
$
6,572,841
|
$
5,465,807
|
20
%
|
|
2018
|
2017
|
Net
loss
|
$
(1,157,750
)
|
$
(594,302
)
|
Depreciation and
amortization
|
649,537
|
638,926
|
Share-based
compensation
|
716,833
|
118,572
|
Unrealized loss on
stock price guarantee
|
3,527
|
16,036
|
Loss on disposal of
property and equipment
|
1,944
|
-
|
Write-off of other
receivable
|
-
|
1,026
|
Changes in current
assets and liabilities
|
(64,130
)
|
218,720
|
Net cash provided
by operating activities
|
$
149,961
|
$
398,978
|
Exhibit
No.
|
|
Description
|
|
CEO
Certification required under Section 302 of Sarbanes-Oxley Act of
2002
|
|
|
CFO
Certification required under Section 302 of Sarbanes-Oxley Act of
2002
|
|
|
CEO and
CFO Certification required under Section 906 of Sarbanes-Oxley Act
of 2002
|
|
101.INS
|
|
XBRL
Instance Document (filed herewith)
|
101.SCH
|
|
XBRL
Taxonomy Extension Schema (filed herewith)
|
101.CAL
|
|
XBRL
Taxonomy Extension Calculation Linkbase (filed
herewith)
|
101.DEF
|
|
XBRL
Taxonomy Extension Definition Linkbase (filed
herewith)
|
101.LAB
|
|
XBRL
Taxonomy Extension Label Linkbase (filed herewith)
|
101.PRE
|
|
XBRL Taxonomy
Extension Presentation Linkbase (filed herewith)
|
|
|
PAID,
INC.
|
|
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|
|
|
|
|
|
|
|
|
By:
|
/s/ Allan
Pratt
|
|
|
|
Allan
Pratt, Chief Executive Officer
|
|
|
By:
|
/s/ W.
Austin Lewis IV
|
|
Date:
November 14, 2018
|
|
W.
Austin Lewis, IV, Chief Financial Officer
|
Exhibit
No.
|
|
Description
|
|
CEO
Certification required under Section 302 of Sarbanes-Oxley Act of
2002
|
|
|
CFO
Certification required under Section 302 of Sarbanes-Oxley Act of
2002
|
|
|
CEO and
CFO Certification required under Section 906 of Sarbanes-Oxley Act
of 2002
|
|
101.INS
|
|
XBRL
Instance Document (filed herewith)
|
101.SCH
|
|
XBRL
Taxonomy Extension Schema (filed herewith)
|
101.CAL
|
|
XBRL
Taxonomy Extension Calculation Linkbase (filed
herewith)
|
101.DEF
|
|
XBRL
Taxonomy Extension Definition Linkbase (filed
herewith)
|
101.LAB
|
|
XBRL
Taxonomy Extension Label Linkbase (filed herewith)
|
101.PRE
|
|
XBRL Taxonomy
Extension Presentation Linkbase (filed herewith)
|
1 Year Paid (PK) Chart |
1 Month Paid (PK) Chart |
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