In This Story
Paid, Inc. (PAYD0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $4,445,910 from $4,107,771 in the same quarter the previous year. This increase is attributed to growth in the shipping coordination and label generation services segment.
Gross profit for the quarter was $1,083,834, compared to $944,272 in the previous year, with the improvement due to increased shipping volumes.
Operating expenses increased to $1,233,614 from $1,009,888, primarily due to higher legal expenses and the addition of new employees and consultants.
The company reported a net loss of $133,679 for the quarter, compared to a net loss of $44,783 in the previous year. The net loss per share was $0.02, compared to $0.01 in the previous year.
Cash and cash equivalents at the end of the period were $1,089,520, down from $2,052,421 at the end of the previous year. Net cash used in operating activities was $142,736.
Paid, Inc. reported a net income of $936,335 for the nine months ended September 30, 2024, compared to a net loss of $282,537 in the same period of the previous year. This improvement is primarily due to other income related to notes receivable.
The company had a working capital of $3,803,179 as of September 30, 2024, an increase from $2,912,950 at the end of the previous year.
The filing also discusses a legal proceeding involving a dispute with a former executive, with a trial scheduled for December 2024.
Paid, Inc. continues to focus on its SaaS-based business services, including PaidPayments, PaidCart, PaidShipping, and PaidWeb, and plans to grow its operations in the coming months.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Paid, Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.