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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.03 | 1.91% | 1.60 | 1.05 | 1.64 | 1.60 | 1.56 | 1.56 | 401 | 21:38:29 |
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DELAWARE
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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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Title of each
class
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Trading
Symbol
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Name of each
exchange on which registered
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None
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None
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None
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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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Emerging Growth Company
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☐
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Three Months
Ended
|
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|
March
31,
2020
|
March
31,
2019
|
Net
revenues
|
$2,675,322
|
$2,289,020
|
Cost of
revenues:
|
|
|
Cost
of revenues
|
2,024,176
|
1,699,918
|
Gross
profit
|
651,146
|
589,102
|
|
|
|
Operating
expenses:
|
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|
Salaries and
related
|
399,182
|
328,848
|
General and
administrative
|
270,952
|
291,909
|
Stock-based
compensation
|
(20,789)
|
58,840
|
Amortization of
other acquired intangible assets
|
114,543
|
120,127
|
Total operating
expenses
|
763,888
|
799,724
|
Loss from
operations
|
(112,742)
|
(210,622)
|
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|
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Other income
(expense):
|
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Other
income
|
-
|
5,550
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Unrealized loss on
stock price guarantee
|
-
|
(6,414)
|
Total other
expense, net
|
-
|
(864)
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|
|
Loss before
provision for income taxes
|
(112,742)
|
(211,486)
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Provision for
income taxes
|
500
|
500
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Net
loss
|
(113,242)
|
(211,986)
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Preferred
dividends
|
(28,532)
|
(42,971)
|
Net loss available
to common shareholders
|
$(141,774)
|
$(254,957)
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Net loss per share
– basic and diluted
|
$(0.05)
|
$(0.16)
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Weighted average
number of common shares outstanding - basic and
diluted
|
3,247,248
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1,614,817
|
Condensed
consolidated statements of comprehensive loss:
|
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|
Net
loss
|
$(113,242)
|
$(211,986)
|
Other comprehensive
income (loss):
|
|
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Foreign currency
translation adjustments
|
(235,181)
|
73,145
|
Comprehensive
loss
|
$(348,423)
|
$(138,841)
|
|
2020
|
2019
|
Cash flows from
operating activities:
|
|
|
Net
loss
|
$(113,242)
|
$(211,986)
|
Adjustments
to reconcile net loss to net cash provided by operating
activities:
|
|
|
Depreciation
and amortization
|
122,404
|
125,562
|
Amortization
of operating lease right-of-use assets
|
6,880
|
3,748
|
Share-based
compensation
|
(20,789)
|
58,840
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Provision
for bad debt
|
20,125
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-
|
Unrealized
loss on stock price guarantee
|
-
|
6,414
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Changes in
assets and liabilities:
|
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Accounts
receivable
|
(48,761)
|
(57,987)
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Prepaid
expenses and other current assets
|
27,395
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20,636
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Accounts
payable
|
67,016
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96,122
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Accrued
expenses
|
40,095
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40,690
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Contract
liabilities
|
1,381
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(46,700)
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Operating
lease obligations
|
(7,061)
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(3,574)
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Net cash
provided by operating activities
|
95,443
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31,765
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Cash flows from
investing activities:
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Purchase of
property and equipment
|
-
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(5,424)
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Net cash
used in investing activities
|
-
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(5,424)
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Cash flows from
financing activities:
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Payments on
finance leases
|
(2,316)
|
(2,121)
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Payments on
notes payable
|
-
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(15,346)
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Payments of
preferred dividends
|
(26,252)
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-
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Net cash
used in financing activities
|
(28,568)
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(17,467)
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Effect of exchange
rate changes on cash and cash equivalents
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(41,874)
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4,780
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Net change in cash
and cash equivalents
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25,001
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13,654
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Cash and cash
equivalents, beginning of period
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475,881
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632,331
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Cash and cash
equivalents, end of period
|
$500,882
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$645,985
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SUPPLEMENTAL
DISCLOSURES OF CASH FLOW INFORMATION
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Cash paid during
the year for:
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Income
taxes
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$500
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$500
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Interest
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$281
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$-
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SUPPLEMENTAL
DISCLOSURES OF NON-CASH ITEMS
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Issuance of
preferred share for settlement of dividends
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$358,638
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$-
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Additional
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Accumulated Other
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Preferred stock
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Common stock
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Paid-in
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Comprehensive
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Accumulated
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Treasury Stock
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Shares
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Amount
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Shares
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Amount
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Capital
|
income
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Deficit
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Shares
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Amount
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Total
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Balance,
January 1, 2019
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3,784,712
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3,785
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1,648,657
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$1,649
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$68,751,871
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$344,182
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$(67,127,122)
|
(33,840)
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$(57,847)
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$1,916,518
|
Freign currency
translation adjustment
|
-
|
-
|
-
|
-
|
-
|
73,145
|
-
|
-
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|
73,145
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Share-based
compensation expense
|
-
|
-
|
-
|
-
|
58,840
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-
|
-
|
-
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58,840
|
Net
loss
|
-
|
-
|
-
|
-
|
-
|
-
|
(211,986)
|
-
|
-
|
(211,986)
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Balance, March 31,
2019
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3,784,712
|
3,785
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1,648,657
|
1,649
|
68,810,711
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417,327
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(67,339,108)
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(33,840)
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(57,847)
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1,836,517
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Additional
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Accumulated
Other
|
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|||
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Preferred
stock
|
Common
stock
|
Paid-in
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Comprehensive
|
Accumulated
|
Treasury
Stock
|
|
|||
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Shares
|
Amount
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Shares
|
Amount
|
Capital
|
income
|
Deficit
|
Shares
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Amount
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Total
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Balance,
January 1, 20120
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4,438,578
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$4,439
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1,648,657
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$1,649
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$69,242,412
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$512,894
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$(67,008,347)
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(33,840)
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$(57,847)
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$2,695,200
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Freign currency
translation adjustment
|
-
|
-
|
-
|
-
|
-
|
(235,181)
|
-
|
-
|
-
|
(235,181)
|
Share-based
compensation expense
|
-
|
-
|
-
|
-
|
(20,789)
|
-
|
-
|
-
|
-
|
(20,789)
|
Preferred
dividends paid in shares
|
126,727
|
127
|
-
|
-
|
358,511
|
-
|
(358,638)
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-
|
-
|
-
|
Exchange of
Preferred to Common
|
(4,125,500)
|
(4,126)
|
4,126,422
|
4,126
|
-
|
-
|
-
|
-
|
-
|
-
|
Preferred dividends
paid
|
-
|
-
|
-
|
-
|
-
|
-
|
(26,252)
|
-
|
-
|
(26,252)
|
Net
loss
|
-
|
-
|
-
|
-
|
-
|
-
|
(113,242)
|
-
|
-
|
(113,242)
|
Balance, March 31,
2020
|
439,805
|
$440
|
5,775,079
|
$5,775
|
$69,580,134
|
$277,713
|
$(67,506,479)
|
(33,840)
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$(57,847)
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$2,299,736
|
a.
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Client
services
|
b.
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Shipping
calculator services
|
c.
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Brewery
management software
|
d.
|
Merchant
processing services; and
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e.
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Shipping
coordination and label generation services
|
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Three Months
Ended
|
|
|
March
31,
2020
|
March
31,
2019
|
Client
services
|
$99
|
$2,354
|
Shipping calculator
services
|
(98,657)
|
(152,585)
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Brewery management
software
|
(4,882)
|
20,607
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Merchant processing
services
|
36,496
|
-
|
Shipping
coordination and label generation services
|
(45,798)
|
(80,998)
|
Total loss from
operations
|
$(112,742)
|
$(210,622)
|
|
March
31,
2020
(unaudited)
|
December
31,
2019
|
Payroll and related
costs
|
$-
|
$1,797
|
Professional and
consulting fees
|
949
|
960
|
Royalties
|
47,803
|
47,803
|
Accrued cost of
revenues
|
141,603
|
114,455
|
Sales
tax
|
31,902
|
31,902
|
Other
|
12,407
|
10,869
|
Total
|
$234,664
|
$207,786
|
|
March
31,
2020
|
December
31,
2019
|
Patents
|
$16,000
|
$16,000
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Software
|
83,750
|
83,750
|
Trade
name
|
754,219
|
826,098
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Technology
|
481,677
|
527,583
|
Client list /
relationship
|
4,447,590
|
4,851,093
|
Accumulated
amortization
|
(2,195,212)
|
(2,255,952)
|
|
$3,588,024
|
$4,048,572
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Three Months
Ended
March 31,
2020
|
Three Months
Ended
March 31,
2019
|
Operating lease
cost
|
$9,707
|
$5,653
|
|
|
|
Finance lease
cost:
|
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Amortization of
leased assets
|
$2,428
|
$2,583
|
Interest on lease
liabilities
|
281
|
501
|
Total finance lease
cost
|
$2,709
|
$3,084
|
|
Three Months
Ended
March 31,
2020
|
December
31,
2019
|
Weighted Average
Remaining Lease Term
|
|
|
Operating
lease
|
3.4
years
|
3.6
years
|
Finance
leases
|
0.9
years
|
1.3
years
|
|
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|
Weighted Average
Discount Rate
|
|
|
Operating
lease
|
9.0%
|
9.0%
|
Finance
leases
|
9.7%
|
9.7%
|
Years ending
December 31,
|
Total
|
2020 (remaining
months)
|
$27,526
|
2021
|
36,702
|
2022
|
36,702
|
2023
|
23,974
|
Total lease
liabilities
|
$124,904
|
Less
amount representing interest
|
(18,461)
|
Total
|
106,443
|
Less
current portion
|
(28,249)
|
|
$78,194
|
Year ending
December 31,
|
Total
|
2020 (remaining
months)
|
$7,791
|
2021
|
2,777
|
Total minimum
payments required:
|
10,568
|
Less amount
representing interest:
|
(1,119)
|
Present value of
net minimum lease payments:
|
9,449
|
Less current
portion
|
(8,159)
|
|
$1,290
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ITEM 2.
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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS
|
|
Three months
Ended March 31,
|
||
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2020
|
2019
|
%
Change
|
Client
services
|
$99
|
$3,042
|
(97) %
|
Brewery management
software
|
37,106
|
56,069
|
(34) %
|
Shipping
coordination and label generation services
|
2,536,885
|
2,195,180
|
16%
|
Merchant processing
services
|
92,910
|
-
|
100%
|
Shipping calculator
services
|
8,322
|
34,729
|
(76) %
|
Total
revenues
|
$2,675,322
|
$2,289,020
|
17%
|
|
2020
|
2019
|
Net
loss
|
$(113,242)
|
$(211,986)
|
Depreciation and
amortization
|
122,404
|
125,562
|
Amortization of
operating lease right-of-use assets
|
6,880
|
3,748
|
Share-based
compensation
|
(20,789)
|
58,840
|
Unrealized loss on
stock price guarantee
|
-
|
6,414
|
Provision for bad
debt
|
20,125
|
-
|
Changes in assets
and liabilities
|
80,065
|
49,187
|
Net cash provided
by operating activities
|
$95,443
|
$31,765
|
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PAID, INC.
|
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By:
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/s/ W.
Austin Lewis IV
|
|
Date:
May 15, 2020
|
|
W.
Austin Lewis, IV, Interim CEO, Chief Financial Officer
|
Exhibit No.
|
|
Description
|
|
CEO and
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
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101.INS
|
|
XBRL Instance Document (filed herewith)
|
101.SCH
|
|
XBRL Taxonomy Extension Schema (filed herewith)
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase (filed
herewith)
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101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase (filed
herewith)
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101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase (filed
herewith)
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101.PRE
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|
XBRL Taxonomy Extension Presentation Linkbase (filed
herewith)
|
1 Year Paid (PK) Chart |
1 Month Paid (PK) Chart |
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