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UPAY (UPYY0.00%), Inc. has submitted its 10-Q filing for the quarterly period ended November 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $150,366 from $364,360 in the same quarter the previous year. The decrease is attributed primarily to reduced transactional revenue in the company's South African operations.
Net loss for the quarter was $159,184, down from $302,077 in the previous year, mainly due to a reduction in general and administrative expenses.
The company reported total expenses of $256,788 for the quarter, compared to $493,669 in the previous year, reflecting a decrease primarily in general and administrative expenses.
For the nine-month period ended November 30, 2024, UPAY reported revenues of $575,686, down from $1,060,978 in the previous year, reflecting decreased transactional revenue.
Net loss for the nine-month period was $501,185, compared to $508,915 in the previous year, with the decrease attributed to reduced general and administrative expenses.
Total expenses for the nine-month period were $826,599, down from $1,067,008 the previous year, primarily due to a decrease in cost of sales.
UPAY reported a negative working capital of $314,287 as of November 30, 2024, compared to negative $229,865 at the end of the previous fiscal year, indicating increased negative working capital.
The company experienced a net cash outflow from operating activities of $741,637 for the nine months ended November 30, 2024, compared to a net cash inflow of $40,963 in the previous year.
Cash provided by financing activities was $100,000 for the nine-month period, compared to $185,486 in the previous year.
UPAY did not maintain effective controls over its control environment as of November 30, 2024, citing a lack of developed and communicated accounting policies and procedures.
The filing also notes that UPAY does not anticipate any material legal proceedings, and there were no defaults upon senior securities or mine safety disclosures to report.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the UPAY quarterly 10-Q report dated January 13, 2025. To report an error, please email earnings@qz.com.