Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Apr. 01, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 0-28720 | ||
Entity Registrant Name | PAID INC | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 73-1479833 | ||
Entity Address, Address Line One | 225 Cedar Hill Street | ||
Entity Address, City or Town | Marlborough | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 01752 | ||
City Area Code | 617 | ||
Local Phone Number | 861-6050 | ||
Title of 12(g) Security | Common Stock, $0.001 Par Value | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4,303,318 | ||
Entity Common Stock, Shares Outstanding (in shares) | 8,065,396 | ||
Auditor Firm ID | 170 | ||
Auditor Name | KMJ Corbin & Company LLP | ||
Auditor Location | Irvine, California | ||
Entity Central Index Key | 0001017655 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 2,052,421 | $ 1,787,248 |
Accounts receivable, net | 205,647 | 169,074 |
Note receivable, net of discount | 2,453,425 | 1,604,167 |
Prepaid expenses and other current assets | 134,110 | 151,374 |
Total current assets | 4,845,603 | 3,711,863 |
Property and equipment, net | 10,678 | 23,487 |
Intangible assets, net | 2,422,590 | 2,663,311 |
Operating lease right-of-use assets | 14,161 | 23,063 |
Total assets | 7,293,032 | 6,421,724 |
Current liabilities: | ||
Accounts payable | 1,482,498 | 1,610,416 |
Accrued expenses | 420,611 | 430,858 |
Contract liabilities | 15,382 | 13,020 |
Operating lease obligations | 14,162 | 22,199 |
Total current liabilities | 1,932,653 | 2,076,493 |
Deferred tax liability, net | 622,568 | 707,952 |
Uncertain tax position liability | 278,704 | 265,167 |
Total liabilities | 2,833,925 | 3,049,612 |
Commitments and Contingencies | ||
Common stock, $0.001 par value, 25,000,000 shares authorized; 8,154,474 shares issued and 8,010,837 shares outstanding at December 31, 2023, 7,840,124 shares issued and 7,696,487 shares outstanding at December 31, 2022 | 8,154 | 7,840 |
Accrued common stock bonus | 84,576 | 82,180 |
Additional paid-in capital | 73,505,439 | 72,800,976 |
Accumulated other comprehensive income | 342,968 | 316,360 |
Accumulated deficit | (69,317,190) | (69,670,404) |
Common stock in treasury, at cost, 143,637 shares at December 31, 2023 and 2022, respectively | (164,840) | (164,840) |
Total shareholders’ equity | 4,459,107 | 3,372,112 |
Total liabilities and shareholders’ equity | 7,293,032 | 6,421,724 |
Series A Preferred Stock [Member] | ||
Current liabilities: | ||
Series A Preferred stock, $0.001 par value, 5,000,000 shares authorized; no shares issued and outstanding at December 31, 2023 and 2022 | $ 0 | $ 0 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Dec. 31, 2023 | Dec. 31, 2022 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Common stock, shares issued (in shares) | 8,154,474 | 7,840,124 |
Common stock, shares outstanding (in shares) | 8,010,837 | 7,696,487 |
Treasury Stock (in shares) | 143,637 | |
Series A Preferred Stock [Member] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income (Loss) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenues, net | $ 16,564,829 | $ 16,585,929 |
Cost of revenues | 12,779,181 | 12,896,948 |
Gross profit | 3,785,648 | 3,688,981 |
Operating expenses: | ||
Salaries and related | 1,984,504 | 1,912,142 |
General and administrative | 1,388,350 | 1,233,549 |
Amortization of intangible assets | 296,856 | 311,809 |
Share-based compensation | 703,761 | 172,488 |
Total operating expenses | 4,373,471 | 3,629,988 |
Income (loss) from operations | (587,823) | 58,993 |
Other income (expense): | ||
Interest income | 203,425 | 0 |
Other income | 645,833 | 136,662 |
Total other income | 849,258 | 136,662 |
Income before income tax (benefit) provision | 261,435 | 195,655 |
Income tax (benefit) provision | (91,779) | (456,491) |
Net income | 353,214 | 652,146 |
Foreign currency translation adjustments | 26,608 | (273,707) |
Comprehensive income (loss) | $ 379,822 | $ 378,439 |
Net income per share – basic (in dollars per share) | $ 0.04 | $ 0.08 |
Net income per share – diluted (in dollars per share) | $ 0.04 | $ 0.08 |
Weighted average number of common shares outstanding – basic (in shares) | 7,939,210 | 7,770,298 |
Weighted average number of common shares outstanding – diluted (in shares) | 7,945,300 | 7,781,689 |
Consolidated statements of comprehensive income (loss): | ||
Net income | $ 353,214 | $ 652,146 |
Net income (loss) | $ 353,214 | $ 652,146 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) | Common Stock [Member] | Deferred Compensation, Share-Based Payments [Member] | Additional Paid-in Capital [Member] | AOCI Including Portion Attributable to Noncontrolling Interest [Member] | Retained Earnings [Member] | Treasury Stock, Common [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 7,807,103 | (33,840) | |||||
Balance at Dec. 31, 2021 | $ 7,807 | $ 0 | $ 72,691,201 | $ 590,067 | $ (70,322,550) | $ (57,847) | $ 2,908,678 |
Foreign currency translation adjustments | 0 | 0 | (273,707) | 0 | 0 | (273,707) | |
Share-based compensation expense | 82,180 | 65,308 | 0 | 0 | $ 0 | 147,488 | |
Repurchase of common stock for treasury (in shares) | 0 | 109,797 | |||||
Repurchase of common stock for treasury | $ 0 | 0 | 0 | 0 | 0 | $ 106,993 | 106,993 |
Repurchase of common stock for treasury (in shares) | 0 | (109,797) | |||||
Repurchase of common stock for treasury | $ 0 | 0 | 0 | 0 | 0 | $ (106,993) | (106,993) |
Option exercise (in shares) | 20,000 | 0 | |||||
Option exercise | $ 20 | 0 | 19,480 | 0 | 0 | $ 0 | 19,500 |
Issuance of common stock for compensation (in shares) | 13,021 | 0 | |||||
Issuance of common stock for compensation | $ 13 | 0 | 24,987 | 0 | 0 | $ 0 | 25,000 |
Net income (loss) | $ 0 | 0 | 0 | 0 | 652,146 | $ 0 | 652,146 |
Balance (in shares) at Dec. 31, 2022 | 7,840,124 | (143,637) | |||||
Balance at Dec. 31, 2022 | $ 7,840 | 82,180 | 72,800,976 | 316,360 | (69,670,404) | $ (164,840) | 3,372,112 |
Foreign currency translation adjustments | $ 0 | 0 | 0 | 26,608 | 0 | $ 0 | $ 26,608 |
Option exercise (in shares) | 3,500 | 0 | 3,500 | ||||
Option exercise | $ 3 | 0 | 3,409 | 0 | 0 | $ 0 | $ 3,412 |
Net income (loss) | $ 0 | 0 | 0 | 0 | 353,214 | $ 0 | 353,214 |
Issuance of common stock for accrued bonus (in shares) | 46,961 | 0 | |||||
Issuance of common stock for accrued bonus | $ 47 | (82,180) | 82,133 | 0 | 0 | $ 0 | 0 |
Issuance of common stock for signing bonus (in shares) | 250,000 | 0 | |||||
Issuance of common stock for signing bonus | $ 250 | 0 | 273,188 | 0 | 0 | $ 0 | 273,438 |
Issuance of common stock for compensation (in shares) | 13,889 | 0 | |||||
Issuance of common stock for compensation | $ 14 | 0 | 24,986 | 0 | 0 | $ 0 | 25,000 |
Share-based compensation expense | $ 0 | 320,747 | 0 | 0 | $ 0 | 405,323 | |
Balance (in shares) at Dec. 31, 2023 | 8,154,474 | (143,637) | |||||
Balance at Dec. 31, 2023 | $ 8,154 | $ 84,576 | $ 73,505,439 | $ 342,968 | $ (69,317,190) | $ (164,840) | $ 4,459,107 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 353,214 | $ 652,146 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 309,972 | 325,940 |
Amortization of operating lease right-of-use assets | 29,831 | 35,337 |
Provision for bad debts, net | 0 | 36,845 |
Accretion of discount on note receivable | (270,833) | (104,167) |
Gain on write off of other payables | 0 | (32,495) |
Share-based compensation | 703,761 | 172,488 |
Deferred income taxes | (99,914) | (77,128) |
Interest and default income accrued on note receivable | (578,425) | 0 |
Accounts receivable | (32,319) | (331) |
Prepaid expenses and other current assets | 19,495 | 5,916 |
Accounts payable | (160,488) | 122,833 |
Uncertain tax position liability | 7,288 | (380,719) |
Accrued expenses | (19,128) | 78,517 |
Contract liabilities | 2,025 | 2,731 |
Operating lease obligations | (28,963) | (36,501) |
Net cash provided by operating activities | 235,516 | 801,412 |
Cash flows from investing activities: | ||
Issuance of note receivable | 0 | (1,500,000) |
Net cash used in investing activities | 0 | (1,500,000) |
Cash flows from financing activities: | ||
Proceeds from option exercise | 3,412 | 19,500 |
Repurchase of common stock | 0 | (106,993) |
Net cash provided by (used in) financing activities | 3,412 | (87,493) |
Effect of exchange rate changes on cash and cash equivalents | 26,245 | (266,358) |
Net change in cash and cash equivalents | 265,173 | (1,052,439) |
Cash and cash equivalents, beginning of year | 1,787,248 | 2,839,687 |
Cash and cash equivalents, end of year | 2,052,421 | 1,787,248 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Income taxes | 856 | 1,356 |
Interest | 0 | 0 |
Issuance of common shares in settlement of accrued common stock bonus | 82,180 | 0 |
Adjustment to operating lease right-of-use assets and operating lease obligations due to lease amendment | $ 20,620 | $ 0 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | Item 9B. Other Information Not |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 1 - Organization
Note 1 - Organization | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | NOTE 1. ORGANIZATION PAID, Inc. (“PAID”, the “Company”, “we”, “us”, or “our”) has developed a full line of SaaS-based business services including PaidPayments, PaidCart, PaidShipping and PaidWeb. These solutions are developed to provide businesses with a streamlined experience for website creation, online sales, payment collection and shipping all in one platform. ShipTime Canada Inc. (“ShipTime”) has developed a SaaS-based application, which focuses on the small and medium business segments. This offering allows members to quote, process, generate labels, dispatch and track courier and LTL shipments all from a single interface. The application provides customers with a choice of today’s leading couriers and freight carriers all with discounted pricing allowing members to save on every shipment. ShipTime can also be integrated into on-line shopping carts to facilitate sales via e-commerce. We actively sell directly to small and medium businesses and through long standing partnerships with selected associations throughout Canada. Paid offers a robust platform enabling small and medium businesses to launch websites via our catalog of templates. Our platform includes a wide array of features such as mobile editing, search engine optimization, collaboration tools, pre-designed templates, and can be integrated with multiple platforms. PaidCart serves as a comprehensive solution for small and medium businesses looking to expand their online sales through multiple channels. It provides a centralized system to manage sales across various platforms, with additional functionalities for currency and language management, promotional sales, and abandoned cart recovery. PaidPayments and PaidShipping seamlessly interface with PaidCart to facilitate the checkout and shipping processes. Operating as a Payment Facilitator since 2019, PaidPayments provides businesses with a secure and efficient way to conduct online transactions including a virtual terminal, invoicing capability, subscriptions processing, checkout pages, and a point-of-sale system with support for USD, CAD, and EUR currencies. PaidShipping delivers a solution to quote, process, generate labels, dispatch and track courier and LTL shipments all from a single interface. We offer savings through partnerships with leading carriers. It includes a multi-courier comparison tool, integrations with eCommerce platforms and branded tracking. |
Note 2 - Liquidity and Manageme
Note 2 - Liquidity and Management's Plans | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Substantial Doubt about Going Concern [Text Block] | NOTE 2. LIQUIDITY AND MANAGEMENT S PLANS As of December 31, 2023, the Company reported cash and cash equivalents of $2,052,421 and had working capital of $2,912,950. The Company has reported operating loss of ($587,823) and generated cash flows from operations of $235,516 for the year ended December 31, 2023 and has an accumulated deficit of $69,317,190 at December 31, 2023. Management believes that the Company has adequate cash resources to fund operations during the next 12 months after the filing of this annual report on Form 10-K. However, there can be no assurance that anticipated growth in new business will occur, and that the Company will be successful in launching new products and services. Management continues to seek alternative sources of capital to support the growth of future operations. Although there can be no assurances, the Company believes that the above management plan will be sufficient to meet the Company’s working capital requirements through the end of March 2025 and will have a positive impact on the Company for the foreseeable future. |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Principles of Consolidation The consolidated financial statements include the accounts of PAID, Inc. and its wholly owned subsidiaries, PAID Run, LLC and ShipTime. All intercompany accounts and transactions have been eliminated. Foreign Currency The currency of ShipTime, the Company’s international subsidiary, is in Canadian dollars. Foreign currency denominated assets and liabilities are translated into U.S. dollars using the exchange rates in effect at each balance sheet date. Results of operations and cash flows are translated using the average exchange rates throughout the period. The effect of exchange rate fluctuations on translation of assets and liabilities is included as a separate component of shareholders’ equity in accumulated other comprehensive income. Geographic Concentrations The Company conducts business in the U.S. and Canada. For customers headquartered in their respective countries, the Company derived approximately 99% of its revenues from Canada and 1% from the U.S. during the years ended December 31, 2023 and 2022. At December 31, 2023 and 2022, the Company maintained 100% of its net property and equipment in Canada. Comprehensive Income (Loss) Comprehensive income (loss) includes all changes in equity (net assets) during a period from non-owner sources. For the years ended December 31, 2023 and 2022, the components of comprehensive income (loss) consist solely of foreign currency translation gains (losses). Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates made by the Company’s management include, but are not limited to, the collectability of accounts and note receivable, the recoverability of long-lived assets, the valuation of deferred tax assets and liabilities, renewal periods and discount rates for leases and the valuation of share-based transactions. Actual results could materially differ from those estimates. Fair Value Measurements The Company measures the fair value of certain of its financial assets on a recurring basis. A fair value hierarchy is used to rank the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as unadjusted quoted prices for similar assets and liabilities, unadjusted quoted prices in the markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. At December 31, 2023 and 2022, the Company’s financial instruments include cash and cash equivalents, accounts receivable, note receivable, accounts payable, and accrued expenses. The carrying amount of cash and cash equivalents, accounts receivable, note receivable, accounts payable, and accrued expenses approximates fair value due to the short-term maturities of these instruments. Cash and Cash Equivalents The Company considers all highly liquid temporary cash investments with initial maturities of three months or less to be cash equivalents. Concentration of Risk The Company maintains cash balances at financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to USD $250,000 and the Canadian Depositors Insurance Corporation (“CDIC”) up to CAD $100,000. At December 31, 2023, the Company had amounts that exceeded the CDIC insurance limits but none that were in excess of the FDIC insurance limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk related to these deposits. The Company extends credit based on an evaluation of the customer's financial condition, generally without requiring collateral. Exposure to losses on accounts receivable is principally dependent on each customer’s financial condition. The Company monitors its exposure for credit losses and maintains allowances for anticipated losses. Although the Company expects to collect amounts due, actual collections may differ from the estimated amounts. During the years ended December 31, 2023 and 2022, the Company recorded a bad debt expense of $0 and $36,845, respectively. For the years ended December 31, 2023 and 2022, no one Property and Equipment Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of three eight Right-of-Use Assets A right-of-use asset represents a lessee’s right to use a leased asset for the term of the lease. Our right-of-use assets consist of an operating lease for office space. Right-of-use assets are measured initially at the present value of the lease payments, plus any lease payments made before a lease began and any initial direct costs, such as commissions paid to obtain a lease. Right-of-use assets are subsequently measured at the present value of the remaining lease payments, adjusted for incentives, prepaid or accrued rent, and any initial direct costs not yet expensed. Intangible Assets Intangible assets consist of patents, client lists, trade names, customer relationships, brewery and distillery management software and shipping label generation technology which are being amortized on a straight-line basis over their estimated useful lives. Currently the intangible assets are being amortized over 15 years. Long-Lived Assets The Company reviews the carrying values of its long-lived assets for possible impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the expected future cash flows from the use of the asset and its eventual disposition is less than the carrying amount of the asset, an impairment loss is recognized and measured using the fair value of the related asset. No Revenue Recognition The Company generates revenues principally from fees for coordinating shipping services, sales of shipping calculator subscriptions, brewery management software subscriptions, merchant processing services and client services (see Note 4). Cost of Revenues Cost of revenues includes carrier services, web hosting, data storage, commissions, carrier insurance costs and merchant processing interchange fees. Operating Expenses Operating expenses include indirect expenses, including credit card processing fees, marketing, payroll, travel, facility costs, amortization of intangible assets and other general and administrative expenses. Advertising Advertising costs are charged to expense as incurred. For the years ended December 31, 2023 and 2022, advertising expenses totaled $263,565 and $247,549, respectively, and are included in general and administrative expenses in the accompanying consolidated statements of income and comprehensive income. Share-Based Compensation The Company grants options to purchase the Company’s common stock to employees, directors and consultants under stock option plans. The benefits provided under these plans are share-based payments that the Company accounts for using the fair value method. The Company recorded $84,576 for share-based bonus payments related to 2023 which were approved by the Board of Directors on February 22, 2024 during the year ended December 31, 2023. The Company recorded $82,180 for share-based bonus payments accrued in 2022 during the year ended December 31, 2022. The shares of common stock were issued to the CEO/CFO, one additional officer and one employee. The fair value of each option award is estimated on the date of grant using a Black-Scholes-Merton option pricing model (“Black-Scholes-Merton model”) that uses assumptions regarding a number of complex and subjective variables. These variables include, but are not limited to, expected stock price volatility, actual and projected employee stock option exercise behaviors, risk-free interest rate and expected dividends. Expected volatilities are based on the historical volatility of the Company’s common stock. The expected terms of options granted are based on analyses of historical employee termination rates and option exercises. The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of the grant. Since the Company does not expect to pay dividends on common stock in the foreseeable future, it estimated the dividend yield to be 0%. Share-based compensation expense recognized during a period is based on the value of the portion of share-based payment awards that is ultimately expected to vest and is amortized under the straight-line attribution method. As share-based compensation expense recognized in the accompanying consolidated statements of income and comprehensive income for the years ended December 31, 2023 and 2022 is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. The fair value method requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company estimates forfeitures based on historical experience. Changes to the estimated forfeiture rate are accounted for as a cumulative effect of change in the period the change occurred. Since the Company has a net operating loss carry-forward as of December 31, 2023 and 2022, no Income Taxes The Company accounts for income taxes and the related accounts under the liability method. Deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and the income tax bases of assets and liabilities. A valuation allowance is applied against any net deferred tax asset if, based on available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Therefore, the Company has recorded a full valuation allowance against the net deferred tax assets. The Company’s income tax provision includes state minimum taxes. The Company recognizes any uncertain income tax positions on income tax returns at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained (see Note 11). The Company’s policy is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company is subject to taxation in the U.S., and Canada and various state jurisdictions. Income (Loss) Per Common Share Basic income (loss) per share represent income (loss) divided by the weighted-average number of common shares outstanding during the period. Diluted income (loss) per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income (loss) that would result from the assumed issuance. For the year ended December 31, 2023 and 2022, there were approximately 6,100 and 11,400, respectively, dilutive shares that were included in the diluted income per share. The following is a reconciliation of the numerators and denominators of the basic and diluted income (loss) per share computations for the years ended December 31: 2023 2022 Numerator: Net income $ 353,214 $ 652,146 Denominator: Basic weighted-average shares outstanding 7,939,210 7,770,298 Effect of dilutive securities 6,090 11,391 Diluted weighted-average shares outstanding 7,945,300 7,781,689 Net income per share – basic $ 0.04 $ 0.08 Net income per share – diluted $ 0.04 $ 0.08 Segment Reporting The Company reports information about segments of its business in its annual consolidated financial statements and reports selected segment information in its quarterly reports issued to shareholders. The Company also reports on its entity-wide disclosures about the products and services it provides and reports revenues and its major customers. The Company’s four a) Client services; b) Merchant processing services; c) Shipping coordination and label generation services; and d) Corporate operations. The Company evaluates performance and allocates resources based on operating income. The accounting policies of the reportable segments are the same as those described in this summary of significant accounting policies. The Company’s chief operating decision maker is the Chief Executive Officer/Chief Financial Officer. The following table compares total revenues for the years indicated. Years Ended December 31, 2023 December 31, 2022 Client services $ 33,938 $ 47,345 Merchant processing services 65,167 40,153 Shipping coordination and label generation services 16,465,724 16,498,431 Total revenues, net $ 16,564,829 $ 16,585,929 The following table compares total income (loss) from operations for the years indicated. Years Ended December 31, 2023 December 31, 2022 Client services $ 13,303 $ (37,993 ) Merchant processing services 19,079 (4,434 ) Shipping coordination and label generation services (388,040 ) 273,363 Corporate operations (232,165 ) (171,943 ) Total income (loss) from operations $ (587,823 ) $ 58,993 During 2023 and 2022, the Company recorded depreciation and amortization expense of $309,972 and $325,940, respectively, which was solely related to the shipping coordination and label generations service segment of the Company. Reclassifications Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. An adjustment has been made to the segment reporting for the years ended 2023 and 2022, to consolidate revenue reporting for smaller segments of the Company. Recent Accounting Pronouncements In September 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326)-Measurement of Credit Losses on Financial Instruments, (“ASU 2016-13”), supplemented by subsequent accounting standards updates. The new standard requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. ASU 2016-13, as amended, is effective for fiscal years beginning after December 15, 2022. We adopted ASU 2016-13 on January 1, 2023. As of December 31, 2023, the Company has $205,647 of accounts receivable and notes receivable of $2,453,425. Based on the nature of our accounts receivable and the process of granting credit and collecting debt, we have determined that there are no expected credit losses for our accounts receivable. The Company has one note receivable and is a senior secure lender with an absolute obligation. Consideration has been taken into the contractual obligation, the valuation of the assets and the senior position of the repayment. We have determined that there are no expected credit losses for our note receivable. The adoption of this standard did not have a material impact on our consolidated financial statements or disclosures. Specifically, our estimate of expected credit losses as of December 31, 2023, using our expected credit loss evaluation process described above, resulted in no adjustments to the provision for credit losses and no cumulative-effect adjustment to accumulated deficit on the adoption date of the standard. Accounting Standard Update 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). In December 2023, the FASB issued ASU 2023-09, which requires more detailed income tax disclosures. The guidance requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. The disclosure requirements will be applied on a prospective basis, with the option to apply them retrospectively. The standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the disclosure requirements related to the new standard . In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which provides guidance to improve the disclosures about a public entity’s reportable segments and address requests from investors for additional, more detailed information about reportable segment’s expenses. The new guidance must be adopted for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and retrospective application is required for all periods presented. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures. |
Note 4 - Revenue From Contracts
Note 4 - Revenue From Contracts With Customers | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 4. REVENUE FROM CONTRACTS WITH CUSTOMERS The Company recognizes revenue by taking into consideration the following five steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. Due to the nature of the Company’s product offerings and contracts associated with those products, the Company’s deliverables do not fluctuate and its revenue recognition is consistent. Nature of Goods and Services For label generation service revenues, the Company recognizes revenue when a customer has successfully prepared a shipping label and scheduled a pickup. Customers with pickups after the end of the reporting period are recorded as contract liabilities on the condensed consolidated balance sheets. The service is offered to consumers via an online registration and allows users to create a shipping label using a credit card on their account (all customers must have a valid credit card on file to process shipments on the ShipTime platform). For shipping calculator revenues and brewery management software revenues, the Company recognizes subscription revenue on a monthly basis. Shipping calculator customers’ renewal dates are based on their date of installation and registration of the shipping calculator line of products. The timing of the revenue recognition and cash collection may vary within a given quarter and the deposits for future services are recorded as contract liabilities on the condensed consolidated balance sheets. Brewery management software subscribers are billed monthly at the first of the month. All payments are made via credit card for the following month. Merchant processing revenue consists of fees a seller pays us to process their payment transactions and is recognized upon authorization of a transaction. Revenue is recognized net of estimated refunds, which are reversals of transactions initiated by sellers. We act as the merchant of record for our sellers, which puts us in their shoes with respect to card networks and puts the risk for refunds and chargebacks on us. The gross transaction fees collected from sellers is recognized as revenue as we are the primary obligor to the seller and are responsible for processing the payment, have latitude in establishing pricing with respect to the sellers and other terms of service, have sole discretion in selecting the third party to perform the settlement, and assume the credit risk for the transaction processed. Revenue Disaggregation The Company operates in four Performance Obligations At contract inception, an assessment of the goods and services promised in the contracts with customers is performed and a performance obligation is identified for each distinct promise to transfer to the customer a good or service (or bundle of goods or services). To identify the performance obligations, the Company considers all of the goods or services promised in the contract regardless of whether they are explicitly stated or are implied by customary business practices. Revenue is recognized when the performance obligation has been met, which is when the customer has successfully prepared a shipping label and had a pickup for shipping coordination and label generation services. The Company considers control to have transferred at that time because the Company has a present right to payment at that time, the Company has provided the shipping label, and the customer is able to direct the use of, and obtain substantially all of the remaining benefits from, the shipping label. For arrangements under which the Company provides a subscription for brewery management software, the Company satisfies its performance obligations over the life of the subscription, typically twelve months or less. Merchant processing customers receive a merchant identification number which allows them to process credit card transactions. Once the transaction is approved, the funds are distributed in an overnight feed and the Company has met its performance obligation. The Company has no shipping and handling activities related to contracts with customers. Revenues are recognized net of any taxes collected from customers, which are subsequently remitted to government authorities. Significant Payment Terms Pursuant to the Company’s contracts with its customers, amounts are collected up front primarily through credit/debit card transactions. Accordingly, the Company determined that its contracts with customers do not include extended payment terms or a significant financing component. Variable Consideration In some cases, the nature of the Company’s contracts may give rise to variable consideration, including rebates and cancellations or other similar items that generally decrease the transaction price. Variable consideration is estimated at the most likely amount that is expected to be earned. Estimated amounts are included in the transaction price to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the anticipated performance and all information (historical, current and forecasted) that is reasonably available. Revenues are recorded net of variable consideration, such as rebates, refunds and cancellations. Warranties The Company’s products and services are provided on an “as is” basis and no warranties are included in the contracts with customers. Also, the Company does not offer separately priced extended warranty or product maintenance contracts. Contract Assets Typically, the Company has already collected revenue from the customer at the time it has satisfied its performance obligation. Accordingly, the Company has only a small balance of accounts receivable, totaling $205,647 and $169,074 at December 31, 2023 and 2022, respectively. Generally, the Company does not have material amounts of contract assets since revenue is recognized as control of goods is transferred or as services are performed. Contract Liabilities (Deferred Revenue) Contract liabilities are recorded when cash payments are received in advance of the Company’s performance (including rebates). Contract liabilities were $15,382 and $13,020 at December 31, 2023 and 2022, respectively. During the years ended December 31, 2023 and 2022, the Company recognized revenues of $13,020 and $11,154, respectively, related to contract liabilities outstanding at the beginning of each year. |
Note 5 - Notes Receivable
Note 5 - Notes Receivable | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Financing Receivables [Text Block] | NOTE 5. NOTE RECEIVABLE On October 13, 2022, the Company entered in a Securities Purchase Agreement (“SPA”) with respect to a secured $1,875,000 convertible note (“Convertible Note”) made by Embolx, Inc. (“Noteholder”), a California corporation. The Convertible Note was purchased at a 20% ($375,000) original issue discount and is subject to a 9 -month maturity, after which, if unpaid will then carry a 20% interest rate. The Company has recognized $270,833 in other income related to accretion of the discount on the Convertible Note for the year ended December 31, 2023 in addition to a $375,000, 20% non-payment penalty and interest due on the note of $203,425. The Company has the option to convert the Convertible Note into shares of common stock of the Noteholder. The Convertible Note is secured by substantially all assets of the Noteholder. Under the SPA, the Company has a right to purchase additional notes and receive warrants on the same terms for a total potential investment amount of $2,000,000 with an additional over-allotment option of $500,000 as defined in the SPA. As additional consideration, the Company received a 5-year warrant to purchase shares of common stock of the Noteholder. The shares are subject to certain piggyback registration rights under a Registration Rights Agreement. The warrant is offered at 50% of the original principal amount and will be valued at the price per share of common stock paid in the first liquidity event following October 19, 2022. The warrants expire five |
Note 6 - Property and Equipment
Note 6 - Property and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 6. PROPERTY AND EQUIPMENT At December 31, property and equipment consisted of the following: 2023 2022 Computer equipment and software $ 140,091 $ 139,769 Office furniture and equipment 67,976 66,644 Website development costs 398,907 396,977 606,974 603,410 Accumulated depreciation (596,296 ) (579,923 ) $ 10,678 $ 23,487 Depreciation expense of property and equipment for the years ended December 31, 2023 and 2022 amounted to $13,116 and $14,900, respectively. |
Note 7 - Intangible Assets
Note 7 - Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | NOTE 7. INTANGIBLE ASSETS The Company holds several patents for the real-time calculation of shipping costs for items purchased through online auctions using a zip code as a destination location indicator. It includes shipping charge calculations across multiple carriers and accounts for additional characteristics of the item being shipped, such as weight, special packaging or handling, and insurance costs. These patents help facilitate rapid and accurate estimation of shipping costs across multiple shipping carriers and also include real-time calculation of shipping. In addition, the Company has various intangible assets from past business combinations. At December 31, 2023, intangible assets consisted of the following: Patents Trade Name Technology & Software Customer Relationships Total Gross carrying amount $ 16,000 $ 807,420 $ 599,404 $ 4,746,242 $ 6,169,066 Accumulated amortization (16,000 ) (807,420 ) (599,404 ) (2,323,652 ) (3,746,476 ) $ - $ - $ - $ 2,422,590 $ 2,422,590 At December 31, 2022, intangible assets consisted of the following: Patents Trade Name Technology & Software Customer Relationships Total Gross carrying amount $ 16,000 $ 789,212 $ 587,776 $ 4,644,033 $ 6,037,021 Accumulated amortization (16,000 ) (789,212 ) (587,776 ) (1,980,722 ) (3,373,710 ) $ - $ - $ - $ 2,663,311 $ 2,663,311 Amortization expense of intangible assets for the years ended December 31, 2023 and 2022 was $296,856 and $311,809, respectively. Amortization of intangible assets for the next five years ending December 31 are as follows: Year Ended December 31, 2024 $ 302,166 2025 302,166 2026 302,166 2027 302,166 2028 302,166 Total 5-year amortization $ 1,510,830 |
Note 8 - Accrued Expenses
Note 8 - Accrued Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 8. ACCRUED EXPENSES At December 31, accrued expenses consist of the following: 2023 2022 Payroll and related costs $ 238,161 $ 195,803 Professional and consulting fees - 3,685 Royalties 40,075 40,075 Accrued cost of revenues 119,737 168,657 Sales tax 22,228 22,228 Other 410 410 Total $ 420,611 $ 430,858 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 9. COMMITMENTS AND CONTINGENCIES Legal Matters In the normal course of business, the Company periodically becomes involved in litigation and disputes. During 2021, the Company was notified of a dispute related to its non-renewal of the employment agreement with Mr. Allan Pratt, the Company’s former President, CEO and Chairman. On or around January 2020, the Company had allowed Mr. Pratt’s employment agreement to not renew, but Mr. Pratt alleges in a court in Canada that the Company terminated him and that the Company owes him a severance payment. Around the same time that Mr. Pratt’s employment term expired, the Company’s Board of Directors voted to reduce the size of the Board from five to three members, and Mr. Pratt and Mr. Austin Lewis, then CFO, automatically rolled off from the Board of Directors. More than a year later, in 2021, Mr. Pratt filed a claim in Delaware courts to contest that decision and this claim was dismissed on November 9, 2023. In July 2022, Mr. Pratt amended the complaint to dispute the proper authorization of a stock bonus that was awarded to the Company’s CEO in March 2021. The Company has not recorded a reserve as the outcome of these matters cannot be determined. Indemnities and Guarantees The Company has made certain indemnities and guarantees, under which it may be required to make payments to a guaranteed or indemnified party, in relation to certain actions or transactions. The Company indemnifies its directors, officers, employees and agents, as permitted under the laws of the State of Delaware. In connection with its facility lease, the Company has agreed to indemnify its lessor for certain claims arising from the use of the facilities. The duration of the guarantees and indemnities varies, and is generally tied to the life of the agreement. These guarantees and indemnities do not provide for any limitation of the maximum potential future payments the Company could be obligated to make. Historically, the Company has not been obligated nor incurred any payments for these obligations and, therefore, no liabilities have been recorded for these indemnities and guarantees in the accompanying consolidated balance sheets. |
Note 10 - Shareholders' Equity
Note 10 - Shareholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-Based Payments [Text Block] | NOTE 10. SHAREHOLDERS EQUITY Preferred Stock The Company’s amended Certificate of Incorporation authorizes the issuance of 20,000,000 shares of blank-check preferred stock at $0.001 par value. The Board of Directors will be authorized to fix the designations, rights, preferences, powers and limitations of each series of the preferred stock. The Company filed a Certificate of Designations effective on December 30, 2016 which sets aside 5,000,000 shares of Preferred Stock as Series A Preferred Stock. The Series A Preferred Stock carries a coupon payment obligation of 1.5% of the liquidation value per share ($ 3.03 no Common Stock In February 2020, ShipTime Canada amended its rights to exchange one During the second quarter of 2022, the Company issued 13,021 shares valued at $1.92 per share for a total share-based compensation expense of $25,000 to one employee as bonus compensation which is included in share-based compensation in the consolidated statements of income and comprehensive income for the year ended December 31, 2022. The shares were issued pursuant to the exemption for registration provided by Section 4(a)(2) of the Securities Act and Rule 506 of the SEC’s Regulation D thereunder. On March 21, 2023, the Company’s Board of Directors authorized the issuance of 46,961 bonus shares of PAID common stock to the CEO/CFO, one additional officer and one employee for services rendered during 2022. This bonus was valued at $82,180 based on the closing price of the Company’s common stock at March 20, 2023 and was issued in March 2023. This bonus was recorded in accrued common stock bonus in shareholders’ equity as of December 31, 2022. The Board of Directors also authorized the issuance of an additional 250,000 shares to the CEO/CFO as a renewal bonus valued at $437,500. $218,750 of share-based compensation expense was recognized immediately as 125,000 of the bonus shares are immediately vested. The remaining $218,750 of share-based compensation expense was recognized ratably during 2023 as 125,000 of the bonus shares are subject to repurchase if the CEO/CFO were to terminate employment during the period ended January 1, 2024. The Company recorded $437,500 of share-based compensation expense for the year ended December 31, 2023 in connection with these additional shares. On February 22, 2024 the Board authorized the issuance of 54,559 bonus shares of PAID common stock to the CEO/CFO, one additional officer and one employee for services rendered during 2023. This bonus was valued at $84,576 based on the closing price of the Company’s common stock at February 21, 2024 and was issued in February 2024. This bonus was recorded in accrued common stock bonus in shareholders’ equity as of December 31, 2023. On March 21, 2023, the Company’s Board of Directors approved the terms of the employment agreement for David Scott, the Company’s COO. Per the terms of the agreement, the Company issued 13,889 shares of PAID common stock to the COO. This compensation was valued at $25,000 based on the closing price of the Company’s common stock at March 31, 2023 and the shares were issued on April 10, 2023. The Company recorded $25,000 of share-based compensation expense in connection with the additional compensation. Share-Based Incentive Plans During the years ended December 31, 2023 and 2022, the Company had three stock option plans that include both incentive and non-qualified options to be granted to certain eligible employees, non-employee directors, or consultants of the Company. On March 23, 2018, the Board of Directors voted to approve the 2018 Stock Option Plan which reserves 450,000 non-qualified stock options to be granted to employees. The Company has three additional stock option plans that include both incentive and non-qualified stock options to be granted to certain eligible employees, non-employee directors, or consultants of the Company. On November 10, 2020, the board voted to increase the 2018 Stock Option Plan from 450,000 options to 900,000 options. On October 14, 2022, the Company received a notice of exercise of options to purchase 20,000 common shares of the Company’s stock. The options were exercised at $0.975 per share and the Company received proceeds of $19,500. On May 12, 2023, the Company received a notice of exercise of options to purchase 3,500 common shares of the Company’s stock from one board member and one employee. The options were exercised at $0.975 per share and the Company received proceeds of $3,412. Active Plans: 2018 Plan On March 23, 2018, the Company adopted the 2018 Non-Qualified Stock Option Plan (the “2018 Plan”). The purpose of the 2018 Plan is to provide long-term incentives and rewards to those employees of the Company, and any other individuals, whether directors, consultants or advisors who are in a position to contribute to the long-term success and growth of the Company. The options granted have a 10-year contractual term and have a vesting period that ranges from one hundred two Number of shares Weighted average exercise price per share Options outstanding at January 1, 2023 314,000 $ 3.17 Granted 85,000 1.75 Cancelled/Expired - - Exercised - - Options outstanding at December 31, 2023 399,000 $ 2.87 2012 Plan On October 15, 2012, the Company adopted the 2012 Non-Qualified Stock Option Plan (the “2012 Plan”). The purpose of the 2012 Plan is to provide long-term incentives and rewards to those employees of the Company, and any other individuals, whether directors, consultants or advisors who are in a position to contribute to the long-term success and growth of the Company. The options granted have a 10-year contractual term and vest one hundred no Number of shares Weighted average exercise price per share Options outstanding at January 1, 2023 14,000 $ 0.98 Granted - - Cancelled - - Exercised (2,000 ) 0.98 Options outstanding at December 31, 2023 12,000 $ 0.98 2011 Plan On February 1, 2011, the Company adopted the 2011 Non-Qualified Stock Option Plan (the “2011 Plan”). Under the 2011 Plan, employees and consultants may elect to receive their gross compensation in the form of options, exercisable at $0.98 to $3.30 per share, to acquire the number of shares of the Company’s common stock equal to their gross compensation divided by the fair value of the stock on the date of grant. The options granted have a 10-year contractual term and have vesting periods that range from one hundred percent on the date of grant to one-third one-third one-third Number of shares Weighted average exercise price per share Options outstanding at January 1, 2023 43,000 $ 3.00 Granted - - Cancelled (500 ) 0.98 Exercised (1,500 ) 0.98 Options outstanding at December 31, 2023 41,000 $ 3.10 Fair value of issuances The Company granted 85,000 options to purchase Company stock during the year ended December 31, 2023. The fair value of the Company’s 2023 option grants under the 2018, 2012, and 2011 Plans was estimated at the date of grant using the Black-Scholes-Merton model with the following weighted average assumptions (see below). 2023 Expected term (based upon historical experience) (in years) 5.0 Expected volatility 87% Expected dividends None Risk free interest rate 3.73% For the years ended December 31, 2023 and 2022, the Company recorded total share-based compensation expense related to the common stock bonuses, other stock issuances, and stock options of $703,761 and $172,488, respectively, which is recorded in share-based compensation expense in the accompanying consolidated statements of income and comprehensive income. The Company has unrecognized share-based compensation expense of $5,826 for options outstanding as of December 31, 2023 which will be recognized over the weighted average period of approximately 0.6 years. Information pertaining to options outstanding and exercisable at December 31, 2023 is as follows: Options Outstanding Options Exercisable Exercise Prices Number of shares Weighted Average Remaining contractual Life (In Years) Number of shares Weighted Average Remaining contractual Life (In Years) $ 0.98 15,500 1.53 15,500 1.53 $ 1.75 85,000 9.23 85,000 9.23 $ 1.91 10,000 7.25 6,667 7.25 $ 2.21 7,000 7.45 4,666 7.45 $ 2.68 5,300 7.87 3,533 7.87 $ 2.89 105,000 6.87 105,000 6.87 $ 2.92 52,500 5.13 52,500 5.13 $ 3.00 52,500 5.62 52,500 5.62 $ 3.30 37,500 3.75 37,500 3.75 $ 3.50 3,000 4.76 3,000 4.76 $ 4.10 78,700 4.23 78,700 4.23 452,000 6.08 444,566 6.06 Summary of all stock option plans activity during the year ended December 31, 2023 is as follows: Number of Shares Weighted Average Price Weighted Average Remaining Contractual Life (In Years) Aggregate Intrinsic Value Options outstanding at January 1, 2023 371,000 $ 3.07 Granted 85,000 1.75 Cancelled/Expired (500 ) 0.98 Exercised (3,500 ) 0.98 Options outstanding and expected to vest at December 31, 2023 452,000 $ 2.84 6.08 $ 7,363 Options exercisable at December 31, 2023 444,566 $ 2.85 6.06 $ 7,363 The aggregate intrinsic value of options is calculated as the difference between the exercise price of options and the fair value of the Company’s common stock at December 31, 2023. The aggregate intrinsic value of the options exercised during the years ended December 31, 2023 and 2022 was $2,228 and $25,300, respectively. |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 11. INCOME TAXES The Company’s income (loss) before income tax (benefit) provision includes the following components for the years ended December 31: 2023 2022 U.S. $ 649,079 $ (77,704 ) Foreign (387,644 ) 273,359 $ 261,435 $ 195,655 The Company is subject to taxation in the U.S., Canada, and Massachusetts. The (benefit) provision for income taxes for the years ended December 31 are summarized below: 2023 2022 Current: Federal $ - $ - State 856 1,356 Foreign 13,536 (364,879 ) Total current 14,392 (363,523 ) Deferred: Federal - - State - - Foreign (106,173 ) (92,968 ) Total deferred (106,173 ) (92,968 ) Income tax (benefit) provision $ (91,779 ) $ (456,491 ) A reconciliation of income taxes computed by applying the statutory U.S. income tax rate to the Company’s income (loss) before income tax (benefit) provision to the income tax (benefit) provision is as follows for the years ended December 31: 2022 2021 U.S. federal statutory tax rate 21.00 % 21.00 % State tax benefit, net 18.87 % 5.62 % Stock compensation 6.49 % 18.56 % Foreign rate differential (8.10 )% - % Attributes expiration 1.33 % 17.06 % Returns to Provision (1.13 )% (257.75 )% Other 13.76 % 30.65 % NOL Adjustment (60.74 )% 295.28 % Unrecognized tax benefit (9.65 )% 361.72 % GILTI 69.12 % 156.50 % Interest and penalties - % - % Valuation allowance (86.23 )% (882.41 )% Effective income tax rate (35.28 )% (233.77 )% Deferred tax assets and liabilities reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net deferred tax liabilities are as follows as of December 31: 2023 2022 Deferred taxes: NOLs $ 7,267,720 $ 7,495,858 Inventory and other reserves 31,340 31,340 Stock based compensation expense 223,680 196,700 Lease liability 3,753 5,883 Accruals 14,213 14,695 Other 96 96 Total deferred tax assets 7,540,802 7,744,572 Depreciation and amortization (606,765 ) (668,359 ) Right-of-use assets (3,753 ) (6,112 ) Valuation allowance (7,552,852 ) (7,778,053 ) Net deferred tax liabilities $ (622,568 ) $ (707,952 ) Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain. Accordingly, the net deferred tax assets have been fully offset by a valuation allowance. The reduction in the valuation allowance is approximately $225,000 and $1,727,000 in 2023 and 2022, respectively. As of December 31, 2022, the Company had net operating loss carryforwards for federal income tax purposes of approximately $31,990,000. Of the total amount approximately $902,000 were generated after January 1, 2018, and therefore will not expire but can only be used to offset 80 percent of future taxable income. The remaining amount of approximately $31,088,000 expires beginning in the year 2024. As of December 31, 2023, the Company had net operating loss carryforwards for state income tax purposes of approximately $8,370,000 which expire beginning in the year 2031. As of December 31, 2023, the Company also had Canada net operating loss carryforwards of $1,796,000 which expire beginning in the year 2039. Utilization of the net operating losses may be subject to substantial annual limitation due to federal and state ownership change limitation provided by the Internal Revenue Code and similar state provisions. Such annual limitations could result in the expiration of the net operating losses and credits before their utilization. The Company has not performed an analysis to determine the limitation of the net operating loss carryforwards. A valuation allowance of 100% has been established in respect of the deferred income tax assets due to the uncertainty of the Company’s utilization of such deferred tax assets for the U.S. federal and state on each of the Company’s consolidated balance sheets at December 31, 2023 and 2022. The evaluation of uncertainty in a tax position is a two-step process. The first step involves recognition. The Company determines whether it's more likely than not that a tax position will be sustained upon tax examination including any resolution of any related appeals or litigation, based on only the technical merits of the position. The technical merits of a tax position are derived from both statutory and judicial authority (legislation and statutes, legislative intent, regulations, rulings, and case law) and their applicability to the facts and circumstances of the tax position. If a tax position does not meet the more-likely-than-not recognition threshold, the benefit of that position is not recognized in the consolidated financial statements. The second step is measurement. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the consolidated financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being realized upon ultimate resolution with a taxing authority. Uncertain tax positions are reviewed on an ongoing basis and are adjusted after considering facts and circumstances, including progress of tax audits, developments in case law and closing of statutes of limitation. The following table summarizes the activity related to the Company’s gross unrecognized tax benefits at the beginning and end of the years ended December 31, 2023 and 2022: 2023 2022 Gross unrecognized tax benefits at the beginning of the year $ 691,675 $ - Increases related to current year positions - - Increases (decreases) related to prior year positions 15,957 691,675 Expiration of unrecognized tax benefits - - Gross unrecognized tax benefits at the end of the year $ 707,632 $ 691,675 The amount of unrecognized tax benefits that would impact the Company’s effective tax rate, if recognized, is $733,798 (including estimated penalties and interest). The income tax provision at December 31, 2023 reflects a full accounting of tax filings under ASC subtopic 740-10. The Company is subject to U.S. federal and Massachusetts state tax. With limited exceptions, the Company is no longer subject to U.S. federal, state and local income tax examinations by the tax authorities for years before 2020. Generally, the tax years remain open for examination by the federal and Massachusetts authorities under a three-year statute of limitation. In addition, the Company's tax years starting 2004 and 2011 are subject to limited examination by the United States and Massachusetts authorities, respectively, due to the carryforward of unutilized net operating losses. ShipTime is subject to taxation in Canada and Ontario. The foreign subsidy is generally subject to examination for 4 years following the year in which the tax obligation originated. ShipTime is not currently under examination by the local tax authority. The Company recognizes interest and penalties related with income taxes, as estimated or incurred, as part of the income tax provision. As of December 31, 2023 and 2022 the Company accrued $26,165 and $16,064 of interest and penalties related to foreign income taxes. The Company does not believe its unrecognized tax benefits will change significantly during the next twelve months. |
Note 12 - Leases
Note 12 - Leases | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases and Finance Lease [Text Block] | NOTE 12. LEASES We have an operating lease for our corporate office in Canada. Our lease has a remaining lease term of eight We report operating lease assets, as well as operating lease current and noncurrent obligations on our consolidated balance sheets for the right to use the office space in our business. The components of lease expense for the years ended December 31, were as follows: 2023 2022 Operating lease cost $ 29,290 $ 39,324 Supplemental cash flow information related to leases for the years ended December 31, was as follows: 2023 2022 Cash paid for amounts included in leases: Operating cash flows from operating leases $ 30,896 $ 38,355 Supplemental balance sheet information related to leases was as follows: December 31, 2023 December 31, 2022 Operating leases: Operating lease right-of-use assets $ 14,161 $ 23,063 Current portion of operating lease obligations $ 14,162 $ 22,199 Operating lease obligations, net of current portion - - Total operating lease liabilities $ 14,162 $ 22,199 Year Ended Weighted Average Remaining Lease Term Operating lease (in years) 0.7 Weighted Average Discount Rate Operating lease 9.0 % A summary of future minimum payments under non-cancellable operating lease commitment as of December 31, 2023 is as follows: Years ending December 31, Total 2024 $ 14,644 Total lease liabilities 14,644 Less amount representing interest (482 ) Total 14,162 Less current portion (14,162 ) $ - |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 13. SUBSEQUENT EVENTS On February 22, 2024, the Board of Directors approved the allocation of the 2023 bonus accrual to be paid out in cash and shares of which $84,567 has been recorded as share-based compensation expense for the year ended December 31, 2023. Option compensation for the board was also approved by the Board in the amounts of 10,000 common stock options per committee head from 5,000 common stock options per committee head. A total of 54,559 shares of common stock were issued to officers and one employee in February 2024. The Board of Directors has approved the granting of common stock options to five employees totaling 20,360 valued at $31,558 with a three On March 26, 2024 the Company amended its Note with Embolx to include an additional $500,000 investment and a 25% Original Issue Discount on the note balance which includes accrued interest and penalties through March 25, 2024. The Company has evaluated subsequent events through the filing of this Annual Report on Form 10-K, and determined that there have been no events that have occurred that would require adjustment to or additional disclosure in the consolidated financial statements, except as disclosed herein. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of PAID, Inc. and its wholly owned subsidiaries, PAID Run, LLC and ShipTime. All intercompany accounts and transactions have been eliminated. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency The currency of ShipTime, the Company’s international subsidiary, is in Canadian dollars. Foreign currency denominated assets and liabilities are translated into U.S. dollars using the exchange rates in effect at each balance sheet date. Results of operations and cash flows are translated using the average exchange rates throughout the period. The effect of exchange rate fluctuations on translation of assets and liabilities is included as a separate component of shareholders’ equity in accumulated other comprehensive income. |
Geographic Concentrations, Policy [Policy Text Block] | Geographic Concentrations The Company conducts business in the U.S. and Canada. For customers headquartered in their respective countries, the Company derived approximately 99% of its revenues from Canada and 1% from the U.S. during the years ended December 31, 2023 and 2022. At December 31, 2023 and 2022, the Company maintained 100% of its net property and equipment in Canada. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss) Comprehensive income (loss) includes all changes in equity (net assets) during a period from non-owner sources. For the years ended December 31, 2023 and 2022, the components of comprehensive income (loss) consist solely of foreign currency translation gains (losses). |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates made by the Company’s management include, but are not limited to, the collectability of accounts and note receivable, the recoverability of long-lived assets, the valuation of deferred tax assets and liabilities, renewal periods and discount rates for leases and the valuation of share-based transactions. Actual results could materially differ from those estimates. |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value Measurements The Company measures the fair value of certain of its financial assets on a recurring basis. A fair value hierarchy is used to rank the quality and reliability of the information used to determine fair values. Financial assets and liabilities carried at fair value will be classified and disclosed in one of the following three categories: Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as unadjusted quoted prices for similar assets and liabilities, unadjusted quoted prices in the markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. At December 31, 2023 and 2022, the Company’s financial instruments include cash and cash equivalents, accounts receivable, note receivable, accounts payable, and accrued expenses. The carrying amount of cash and cash equivalents, accounts receivable, note receivable, accounts payable, and accrued expenses approximates fair value due to the short-term maturities of these instruments. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers all highly liquid temporary cash investments with initial maturities of three months or less to be cash equivalents. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Risk The Company maintains cash balances at financial institutions that are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to USD $250,000 and the Canadian Depositors Insurance Corporation (“CDIC”) up to CAD $100,000. At December 31, 2023, the Company had amounts that exceeded the CDIC insurance limits but none that were in excess of the FDIC insurance limits. The Company has not experienced any losses in such accounts and believes it is not exposed to any significant credit risk related to these deposits. The Company extends credit based on an evaluation of the customer's financial condition, generally without requiring collateral. Exposure to losses on accounts receivable is principally dependent on each customer’s financial condition. The Company monitors its exposure for credit losses and maintains allowances for anticipated losses. Although the Company expects to collect amounts due, actual collections may differ from the estimated amounts. During the years ended December 31, 2023 and 2022, the Company recorded a bad debt expense of $0 and $36,845, respectively. For the years ended December 31, 2023 and 2022, no one |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost. Depreciation is computed using the straight-line method over the estimated useful lives of three eight |
Lessee, Leases [Policy Text Block] | Right-of-Use Assets A right-of-use asset represents a lessee’s right to use a leased asset for the term of the lease. Our right-of-use assets consist of an operating lease for office space. Right-of-use assets are measured initially at the present value of the lease payments, plus any lease payments made before a lease began and any initial direct costs, such as commissions paid to obtain a lease. Right-of-use assets are subsequently measured at the present value of the remaining lease payments, adjusted for incentives, prepaid or accrued rent, and any initial direct costs not yet expensed. |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Intangible Assets Intangible assets consist of patents, client lists, trade names, customer relationships, brewery and distillery management software and shipping label generation technology which are being amortized on a straight-line basis over their estimated useful lives. Currently the intangible assets are being amortized over 15 years. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-Lived Assets The Company reviews the carrying values of its long-lived assets for possible impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If the expected future cash flows from the use of the asset and its eventual disposition is less than the carrying amount of the asset, an impairment loss is recognized and measured using the fair value of the related asset. No |
Revenue [Policy Text Block] | Revenue Recognition The Company generates revenues principally from fees for coordinating shipping services, sales of shipping calculator subscriptions, brewery management software subscriptions, merchant processing services and client services (see Note 4). |
Cost of Goods and Service [Policy Text Block] | Cost of Revenues Cost of revenues includes carrier services, web hosting, data storage, commissions, carrier insurance costs and merchant processing interchange fees. |
Operating Expenses, Policy [Policy Text Block] | Operating Expenses Operating expenses include indirect expenses, including credit card processing fees, marketing, payroll, travel, facility costs, amortization of intangible assets and other general and administrative expenses. |
Advertising Cost [Policy Text Block] | Advertising Advertising costs are charged to expense as incurred. For the years ended December 31, 2023 and 2022, advertising expenses totaled $263,565 and $247,549, respectively, and are included in general and administrative expenses in the accompanying consolidated statements of income and comprehensive income. |
Share-Based Payment Arrangement [Policy Text Block] | Share-Based Compensation The Company grants options to purchase the Company’s common stock to employees, directors and consultants under stock option plans. The benefits provided under these plans are share-based payments that the Company accounts for using the fair value method. The Company recorded $84,576 for share-based bonus payments related to 2023 which were approved by the Board of Directors on February 22, 2024 during the year ended December 31, 2023. The Company recorded $82,180 for share-based bonus payments accrued in 2022 during the year ended December 31, 2022. The shares of common stock were issued to the CEO/CFO, one additional officer and one employee. The fair value of each option award is estimated on the date of grant using a Black-Scholes-Merton option pricing model (“Black-Scholes-Merton model”) that uses assumptions regarding a number of complex and subjective variables. These variables include, but are not limited to, expected stock price volatility, actual and projected employee stock option exercise behaviors, risk-free interest rate and expected dividends. Expected volatilities are based on the historical volatility of the Company’s common stock. The expected terms of options granted are based on analyses of historical employee termination rates and option exercises. The risk-free interest rate is based on the U.S. Treasury yield in effect at the time of the grant. Since the Company does not expect to pay dividends on common stock in the foreseeable future, it estimated the dividend yield to be 0%. Share-based compensation expense recognized during a period is based on the value of the portion of share-based payment awards that is ultimately expected to vest and is amortized under the straight-line attribution method. As share-based compensation expense recognized in the accompanying consolidated statements of income and comprehensive income for the years ended December 31, 2023 and 2022 is based on awards ultimately expected to vest, it has been reduced for estimated forfeitures. The fair value method requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company estimates forfeitures based on historical experience. Changes to the estimated forfeiture rate are accounted for as a cumulative effect of change in the period the change occurred. Since the Company has a net operating loss carry-forward as of December 31, 2023 and 2022, no |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company accounts for income taxes and the related accounts under the liability method. Deferred tax assets and liabilities are determined based on the differences between the financial statement carrying amounts and the income tax bases of assets and liabilities. A valuation allowance is applied against any net deferred tax asset if, based on available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Therefore, the Company has recorded a full valuation allowance against the net deferred tax assets. The Company’s income tax provision includes state minimum taxes. The Company recognizes any uncertain income tax positions on income tax returns at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained (see Note 11). The Company’s policy is to recognize interest and/or penalties related to income tax matters in income tax expense. The Company is subject to taxation in the U.S., and Canada and various state jurisdictions. |
Earnings Per Share, Policy [Policy Text Block] | Income (Loss) Per Common Share Basic income (loss) per share represent income (loss) divided by the weighted-average number of common shares outstanding during the period. Diluted income (loss) per share reflects additional common shares that would have been outstanding if dilutive potential common shares had been issued, as well as any adjustment to income (loss) that would result from the assumed issuance. For the year ended December 31, 2023 and 2022, there were approximately 6,100 and 11,400, respectively, dilutive shares that were included in the diluted income per share. The following is a reconciliation of the numerators and denominators of the basic and diluted income (loss) per share computations for the years ended December 31: 2023 2022 Numerator: Net income $ 353,214 $ 652,146 Denominator: Basic weighted-average shares outstanding 7,939,210 7,770,298 Effect of dilutive securities 6,090 11,391 Diluted weighted-average shares outstanding 7,945,300 7,781,689 Net income per share – basic $ 0.04 $ 0.08 Net income per share – diluted $ 0.04 $ 0.08 |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting The Company reports information about segments of its business in its annual consolidated financial statements and reports selected segment information in its quarterly reports issued to shareholders. The Company also reports on its entity-wide disclosures about the products and services it provides and reports revenues and its major customers. The Company’s four a) Client services; b) Merchant processing services; c) Shipping coordination and label generation services; and d) Corporate operations. The Company evaluates performance and allocates resources based on operating income. The accounting policies of the reportable segments are the same as those described in this summary of significant accounting policies. The Company’s chief operating decision maker is the Chief Executive Officer/Chief Financial Officer. The following table compares total revenues for the years indicated. Years Ended December 31, 2023 December 31, 2022 Client services $ 33,938 $ 47,345 Merchant processing services 65,167 40,153 Shipping coordination and label generation services 16,465,724 16,498,431 Total revenues, net $ 16,564,829 $ 16,585,929 The following table compares total income (loss) from operations for the years indicated. Years Ended December 31, 2023 December 31, 2022 Client services $ 13,303 $ (37,993 ) Merchant processing services 19,079 (4,434 ) Shipping coordination and label generation services (388,040 ) 273,363 Corporate operations (232,165 ) (171,943 ) Total income (loss) from operations $ (587,823 ) $ 58,993 During 2023 and 2022, the Company recorded depreciation and amortization expense of $309,972 and $325,940, respectively, which was solely related to the shipping coordination and label generations service segment of the Company. |
Reclassification, Comparability Adjustment [Policy Text Block] | Reclassifications Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. An adjustment has been made to the segment reporting for the years ended 2023 and 2022, to consolidate revenue reporting for smaller segments of the Company. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In September 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326)-Measurement of Credit Losses on Financial Instruments, (“ASU 2016-13”), supplemented by subsequent accounting standards updates. The new standard requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions and reasonable and supportable forecasts. ASU 2016-13, as amended, is effective for fiscal years beginning after December 15, 2022. We adopted ASU 2016-13 on January 1, 2023. As of December 31, 2023, the Company has $205,647 of accounts receivable and notes receivable of $2,453,425. Based on the nature of our accounts receivable and the process of granting credit and collecting debt, we have determined that there are no expected credit losses for our accounts receivable. The Company has one note receivable and is a senior secure lender with an absolute obligation. Consideration has been taken into the contractual obligation, the valuation of the assets and the senior position of the repayment. We have determined that there are no expected credit losses for our note receivable. The adoption of this standard did not have a material impact on our consolidated financial statements or disclosures. Specifically, our estimate of expected credit losses as of December 31, 2023, using our expected credit loss evaluation process described above, resulted in no adjustments to the provision for credit losses and no cumulative-effect adjustment to accumulated deficit on the adoption date of the standard. Accounting Standard Update 2023-09, Improvements to Income Tax Disclosures (“ASU 2023-09”). In December 2023, the FASB issued ASU 2023-09, which requires more detailed income tax disclosures. The guidance requires entities to disclose disaggregated information about their effective tax rate reconciliation as well as expanded information on income taxes paid by jurisdiction. The disclosure requirements will be applied on a prospective basis, with the option to apply them retrospectively. The standard is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the disclosure requirements related to the new standard . In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures which provides guidance to improve the disclosures about a public entity’s reportable segments and address requests from investors for additional, more detailed information about reportable segment’s expenses. The new guidance must be adopted for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted, and retrospective application is required for all periods presented. We are currently evaluating the impact of this standard on our consolidated financial statements and related disclosures. |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | 2023 2022 Numerator: Net income $ 353,214 $ 652,146 Denominator: Basic weighted-average shares outstanding 7,939,210 7,770,298 Effect of dilutive securities 6,090 11,391 Diluted weighted-average shares outstanding 7,945,300 7,781,689 Net income per share – basic $ 0.04 $ 0.08 Net income per share – diluted $ 0.04 $ 0.08 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Years Ended December 31, 2023 December 31, 2022 Client services $ 33,938 $ 47,345 Merchant processing services 65,167 40,153 Shipping coordination and label generation services 16,465,724 16,498,431 Total revenues, net $ 16,564,829 $ 16,585,929 Years Ended December 31, 2023 December 31, 2022 Client services $ 13,303 $ (37,993 ) Merchant processing services 19,079 (4,434 ) Shipping coordination and label generation services (388,040 ) 273,363 Corporate operations (232,165 ) (171,943 ) Total income (loss) from operations $ (587,823 ) $ 58,993 |
Note 6 - Property and Equipme_2
Note 6 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | 2023 2022 Computer equipment and software $ 140,091 $ 139,769 Office furniture and equipment 67,976 66,644 Website development costs 398,907 396,977 606,974 603,410 Accumulated depreciation (596,296 ) (579,923 ) $ 10,678 $ 23,487 |
Note 7 - Intangible Assets (Tab
Note 7 - Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Patents Trade Name Technology & Software Customer Relationships Total Gross carrying amount $ 16,000 $ 807,420 $ 599,404 $ 4,746,242 $ 6,169,066 Accumulated amortization (16,000 ) (807,420 ) (599,404 ) (2,323,652 ) (3,746,476 ) $ - $ - $ - $ 2,422,590 $ 2,422,590 Patents Trade Name Technology & Software Customer Relationships Total Gross carrying amount $ 16,000 $ 789,212 $ 587,776 $ 4,644,033 $ 6,037,021 Accumulated amortization (16,000 ) (789,212 ) (587,776 ) (1,980,722 ) (3,373,710 ) $ - $ - $ - $ 2,663,311 $ 2,663,311 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year Ended December 31, 2024 $ 302,166 2025 302,166 2026 302,166 2027 302,166 2028 302,166 Total 5-year amortization $ 1,510,830 |
Note 8 - Accrued Expenses (Tabl
Note 8 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | 2023 2022 Payroll and related costs $ 238,161 $ 195,803 Professional and consulting fees - 3,685 Royalties 40,075 40,075 Accrued cost of revenues 119,737 168,657 Sales tax 22,228 22,228 Other 410 410 Total $ 420,611 $ 430,858 |
Note 10 - Shareholders' Equity
Note 10 - Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of shares Weighted average exercise price per share Options outstanding at January 1, 2023 314,000 $ 3.17 Granted 85,000 1.75 Cancelled/Expired - - Exercised - - Options outstanding at December 31, 2023 399,000 $ 2.87 Number of shares Weighted average exercise price per share Options outstanding at January 1, 2023 14,000 $ 0.98 Granted - - Cancelled - - Exercised (2,000 ) 0.98 Options outstanding at December 31, 2023 12,000 $ 0.98 Number of shares Weighted average exercise price per share Options outstanding at January 1, 2023 43,000 $ 3.00 Granted - - Cancelled (500 ) 0.98 Exercised (1,500 ) 0.98 Options outstanding at December 31, 2023 41,000 $ 3.10 Number of Shares Weighted Average Price Weighted Average Remaining Contractual Life (In Years) Aggregate Intrinsic Value Options outstanding at January 1, 2023 371,000 $ 3.07 Granted 85,000 1.75 Cancelled/Expired (500 ) 0.98 Exercised (3,500 ) 0.98 Options outstanding and expected to vest at December 31, 2023 452,000 $ 2.84 6.08 $ 7,363 Options exercisable at December 31, 2023 444,566 $ 2.85 6.06 $ 7,363 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2023 Expected term (based upon historical experience) (in years) 5.0 Expected volatility 87% Expected dividends None Risk free interest rate 3.73% |
Share-Based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Exercise Prices Number of shares Weighted Average Remaining contractual Life (In Years) Number of shares Weighted Average Remaining contractual Life (In Years) $ 0.98 15,500 1.53 15,500 1.53 $ 1.75 85,000 9.23 85,000 9.23 $ 1.91 10,000 7.25 6,667 7.25 $ 2.21 7,000 7.45 4,666 7.45 $ 2.68 5,300 7.87 3,533 7.87 $ 2.89 105,000 6.87 105,000 6.87 $ 2.92 52,500 5.13 52,500 5.13 $ 3.00 52,500 5.62 52,500 5.62 $ 3.30 37,500 3.75 37,500 3.75 $ 3.50 3,000 4.76 3,000 4.76 $ 4.10 78,700 4.23 78,700 4.23 452,000 6.08 444,566 6.06 |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2023 2022 U.S. $ 649,079 $ (77,704 ) Foreign (387,644 ) 273,359 $ 261,435 $ 195,655 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2023 2022 Current: Federal $ - $ - State 856 1,356 Foreign 13,536 (364,879 ) Total current 14,392 (363,523 ) Deferred: Federal - - State - - Foreign (106,173 ) (92,968 ) Total deferred (106,173 ) (92,968 ) Income tax (benefit) provision $ (91,779 ) $ (456,491 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2022 2021 U.S. federal statutory tax rate 21.00 % 21.00 % State tax benefit, net 18.87 % 5.62 % Stock compensation 6.49 % 18.56 % Foreign rate differential (8.10 )% - % Attributes expiration 1.33 % 17.06 % Returns to Provision (1.13 )% (257.75 )% Other 13.76 % 30.65 % NOL Adjustment (60.74 )% 295.28 % Unrecognized tax benefit (9.65 )% 361.72 % GILTI 69.12 % 156.50 % Interest and penalties - % - % Valuation allowance (86.23 )% (882.41 )% Effective income tax rate (35.28 )% (233.77 )% |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2023 2022 Deferred taxes: NOLs $ 7,267,720 $ 7,495,858 Inventory and other reserves 31,340 31,340 Stock based compensation expense 223,680 196,700 Lease liability 3,753 5,883 Accruals 14,213 14,695 Other 96 96 Total deferred tax assets 7,540,802 7,744,572 Depreciation and amortization (606,765 ) (668,359 ) Right-of-use assets (3,753 ) (6,112 ) Valuation allowance (7,552,852 ) (7,778,053 ) Net deferred tax liabilities $ (622,568 ) $ (707,952 ) |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2023 2022 Gross unrecognized tax benefits at the beginning of the year $ 691,675 $ - Increases related to current year positions - - Increases (decreases) related to prior year positions 15,957 691,675 Expiration of unrecognized tax benefits - - Gross unrecognized tax benefits at the end of the year $ 707,632 $ 691,675 |
Note 12 - Leases (Tables)
Note 12 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | 2023 2022 Operating lease cost $ 29,290 $ 39,324 |
Cash Flow, Leases, Lessee [Table Text Block] | 2023 2022 Cash paid for amounts included in leases: Operating cash flows from operating leases $ 30,896 $ 38,355 |
Balance Sheet, Leases, Lessee [Table Text Block] | December 31, 2023 December 31, 2022 Operating leases: Operating lease right-of-use assets $ 14,161 $ 23,063 Current portion of operating lease obligations $ 14,162 $ 22,199 Operating lease obligations, net of current portion - - Total operating lease liabilities $ 14,162 $ 22,199 |
Weighted Average Remaining Lease Term and Discount Rate [Table Text Block] | Year Ended Weighted Average Remaining Lease Term Operating lease (in years) 0.7 Weighted Average Discount Rate Operating lease 9.0 % |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Years ending December 31, Total 2024 $ 14,644 Total lease liabilities 14,644 Less amount representing interest (482 ) Total 14,162 Less current portion (14,162 ) $ - |
Note 2 - Liquidity and Manage_2
Note 2 - Liquidity and Management's Plans (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash and Cash Equivalents, at Carrying Value, Total | $ 2,052,421 | $ 1,787,248 |
Net Working Capital | 2,912,950 | |
Operating Income (Loss) | (587,823) | 58,993 |
Net Cash Provided by (Used in) Operating Activities, Total | 235,516 | 801,412 |
Retained Earnings (Accumulated Deficit), Total | $ 69,317,190 | $ 69,670,404 |
Note 3 - Summary of Significa_3
Note 3 - Summary of Significant Accounting Policies (Details Textual) | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Accounts Receivable, Allowance for Credit Loss, Ending Balance | $ 36,845 | $ 0 | $ 36,845 | |
Asset Impairment Charges | 0 | 0 | ||
Advertising Expense | 263,565 | 247,549 | ||
Deferred Compensation Equity | $ 82,180 | $ 84,576 | $ 82,180 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | 0% | ||
Excess Tax Benefit From Share-based Compensation, Reclassification From Operating Activities to Financing Activities | $ 0 | |||
Number of Reportable Segments | 4 | |||
Depreciation, Depletion and Amortization, Total | $ 309,972 | $ 325,940 | ||
Shipping Coordination and Label Generation Service Segment [Member] | ||||
Depreciation, Depletion and Amortization, Total | $ 309,972 | $ 325,940 | ||
Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||
Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 8 years | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | ||||
Number of Major Customers | 0 | |||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||||
Number of Major Customers | 0 | |||
CANADA | Revenue from Contract with Customer Benchmark [Member] | Geographic Concentration Risk [Member] | ||||
Concentration Risk, Percentage | 99% | 99% | ||
CANADA | Net Property and Equipment [Member] | Geographic Concentration Risk [Member] | ||||
Concentration Risk, Percentage | 100% | 100% | ||
UNITED STATES | Revenue from Contract with Customer Benchmark [Member] | Geographic Concentration Risk [Member] | ||||
Concentration Risk, Percentage | 1% | 1% |
Note 3 - Summary of Significa_4
Note 3 - Summary of Significant Accounting Policies - Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Net income (loss) | $ 353,214 | $ 652,146 |
Weighted average number of common shares outstanding – basic (in shares) | 7,939,210 | 7,770,298 |
Effect of dilutive securities (in shares) | 6,090 | 11,391 |
Diluted weighted-average shares outstanding (in shares) | 7,945,300 | 7,781,689 |
Net income per share – basic (in dollars per share) | $ 0.04 | $ 0.08 |
Net income per share – diluted (in dollars per share) | $ 0.04 | $ 0.08 |
Note 3 - Summary of Significa_5
Note 3 - Summary of Significant Accounting Policies - Schedule of Segment Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenues, net | $ 16,564,829 | $ 16,585,929 |
Operating income loss | (587,823) | 58,993 |
Service [Member] | ||
Revenues, net | 33,938 | 47,345 |
Operating income loss | 13,303 | (37,993) |
Merchant Processing Services [Member] | ||
Revenues, net | 65,167 | 40,153 |
Operating income loss | 19,079 | (4,434) |
Shipping Calculator Services [Member] | ||
Revenues, net | 16,465,724 | 16,498,431 |
Operating income loss | (388,040) | 273,363 |
Corporate Operations [Member] | ||
Operating income loss | $ (232,165) | $ (171,943) |
Note 4 - Revenue From Contrac_2
Note 4 - Revenue From Contracts With Customers (Details Textual) | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Number of Reportable Segments | 4 | |
Contract with Customer, Asset, after Allowance for Credit Loss, Total | $ 205,647 | $ 169,074 |
Contract with Customer, Liability, Total | 15,382 | 13,020 |
Contract with Customer, Liability, Revenue Recognized | $ 13,020 | $ 11,154 |
Note 5 - Notes Receivable (Deta
Note 5 - Notes Receivable (Details Textual) - USD ($) | Jul. 19, 2023 | Oct. 13, 2022 | Mar. 26, 2024 | Mar. 21, 2024 | Dec. 31, 2023 | Oct. 31, 2022 |
Investment, Expiration Term (Year) | 5 years | |||||
Investment, Purchase Price, Percentage of Original Principal | 50% | |||||
Securities Purchase Agreement [Member] | ||||||
Financing Receivable, after Allowance for Credit Loss, Total | $ 1,875,000 | |||||
Note Receivable, Purchase Discount | 20% | 20% | ||||
Financing Receivable, Unamortized Purchase Premium (Discount) | $ 375,000 | $ 375,000 | ||||
Financing Receivable, Term (Month) | 9 months | |||||
Financing Receivable, Interest Rate, Stated Percentage | 20% | 20% | ||||
Investment Income, Amortization of Discount | $ 578,425 | $ 270,833 | ||||
Financing Receivable, Accrued Interest, after Allowance for Credit Loss | $ 203,425 | |||||
Note Receivable, Potential Investment Amount | 2,000,000 | |||||
Note Receivable, Over Allotment Option | $ 500,000 | |||||
Securities Purchase Agreement [Member] | Subsequent Event [Member] | ||||||
Note Receivable, Purchase Discount | 25% | 25% | ||||
Financing Receivable, Term (Month) | 9 months |
Note 6 - Property and Equipme_3
Note 6 - Property and Equipment (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Depreciation, Total | $ 13,116 | $ 14,900 |
Note 6 - Property and Equipme_4
Note 6 - Property and Equipment - Property and Equipment (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Property, plant and equipment, gross | $ 606,974 | $ 603,410 |
Accumulated depreciation | (596,296) | (579,923) |
Property, plant and equipment, net | 10,678 | 23,487 |
Computer Equipment [Member] | ||
Property, plant and equipment, gross | 140,091 | 139,769 |
Office Equipment [Member] | ||
Property, plant and equipment, gross | 67,976 | 66,644 |
Website Development Costs [Member] | ||
Property, plant and equipment, gross | $ 398,907 | $ 396,977 |
Note 7 - Intangible Assets (Det
Note 7 - Intangible Assets (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Amortization of Intangible Assets | $ 296,856 | $ 311,809 |
Note 7 - Intangible Assets - Sc
Note 7 - Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Intangible asset, gross | $ 6,169,066 | $ 6,037,021 |
Accumulated amortization | (3,746,476) | (3,373,710) |
Finite-Lived Intangible Assets, Net | 2,422,590 | 2,663,311 |
Patents [Member] | ||
Intangible asset, gross | 16,000 | 16,000 |
Accumulated amortization | (16,000) | (16,000) |
Finite-Lived Intangible Assets, Net | 0 | 0 |
Trade Names [Member] | ||
Intangible asset, gross | 807,420 | 789,212 |
Accumulated amortization | (807,420) | (789,212) |
Finite-Lived Intangible Assets, Net | 0 | 0 |
Technology and Software [Member] | ||
Intangible asset, gross | 599,404 | 587,776 |
Accumulated amortization | (599,404) | (587,776) |
Finite-Lived Intangible Assets, Net | 0 | 0 |
Customer Relationships [Member] | ||
Intangible asset, gross | 4,746,242 | 4,644,033 |
Accumulated amortization | (2,323,652) | (1,980,722) |
Finite-Lived Intangible Assets, Net | $ 2,422,590 | $ 2,663,311 |
Note 7 - Intangible Assets - _2
Note 7 - Intangible Assets - Schedule of Finite-Lived Intangible Assets (Details) | Dec. 31, 2023 USD ($) |
2024 | $ 302,166 |
2025 | 302,166 |
2026 | 302,166 |
2027 | 302,166 |
2028 | 302,166 |
Total 5-year amortization | $ 1,510,830 |
Note 8 - Accrued Expenses - Sch
Note 8 - Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Payroll and related costs | $ 238,161 | $ 195,803 |
Professional and consulting fees | 0 | 3,685 |
Royalties | 40,075 | 40,075 |
Accrued cost of revenues | 119,737 | 168,657 |
Sales tax | 22,228 | 22,228 |
Other | 410 | 410 |
Total | $ 420,611 | $ 430,858 |
Note 10 - Shareholders' Equit_2
Note 10 - Shareholders' Equity (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||
Feb. 22, 2024 | May 12, 2023 | Mar. 21, 2023 | Mar. 20, 2023 | Oct. 14, 2022 | Mar. 21, 2021 | Jan. 31, 2020 | Mar. 23, 2018 | Oct. 15, 2012 | Feb. 01, 2011 | Feb. 29, 2020 | Feb. 28, 2020 | Jun. 30, 2022 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2020 | Nov. 10, 2020 | Dec. 30, 2016 | |
Preferred Stock, Shares Authorized | 20,000,000 | ||||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | ||||||||||||||||||
Deferred Compensation Arrangement with Individual, Shares Issued (in shares) | 13,021 | ||||||||||||||||||
Deferred Compensation Arrangement with Individual, Exercise Price (in dollars per share) | $ 1.92 | ||||||||||||||||||
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued | $ 25,000 | ||||||||||||||||||
Issuance of common stock for compensation | $ 25,000 | ||||||||||||||||||
Share-Based Payment Arrangement, Expense | $ 703,761 | 172,488 | |||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 3,500 | 20,000 | 3,500 | ||||||||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | $ 0.975 | $ 0.975 | $ 0.98 | ||||||||||||||||
Proceeds from Stock Options Exercised | $ 3,412 | $ 19,500 | $ 3,412 | 19,500 | |||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 2.85 | ||||||||||||||||||
Granted (in shares) | 85,000 | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 2,228 | 25,300 | |||||||||||||||||
The 2018 Non-qualified Stock Option Plan [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 0 | ||||||||||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | $ 0 | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 2 years | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Reserved for Future Issuance (in shares) | 501,000 | ||||||||||||||||||
Granted (in shares) | 85,000 | ||||||||||||||||||
The 2012 Non-qualified Stock Option Plan [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 2,000 | ||||||||||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | $ 0.98 | ||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Reserved for Future Issuance (in shares) | 0 | ||||||||||||||||||
Granted (in shares) | 0 | ||||||||||||||||||
The 2012 Non-qualified Stock Option Plan [Member] | Maximum [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 3.3 | ||||||||||||||||||
The 2011 Non-qualified Stock Option [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 1,500 | ||||||||||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price (in dollars per share) | $ 0.98 | ||||||||||||||||||
Granted (in shares) | 0 | ||||||||||||||||||
The 2011 Non-qualified Stock Option [Member] | Minimum [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in dollars per share) | $ 0.98 | ||||||||||||||||||
Non-qualified Stock Option [Member] | Two Thousand Eighteen Stock Option Plan [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 450,000 | 900,000 | |||||||||||||||||
Share-Based Payment Arrangement, Option [Member] | |||||||||||||||||||
Share-Based Payment Arrangement, Expense | $ 703,761 | $ 172,488 | |||||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 5,826 | ||||||||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 7 months 6 days | ||||||||||||||||||
Share-Based Payment Arrangement, Option [Member] | The 2018 Non-qualified Stock Option Plan [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | ||||||||||||||||||
Share-Based Payment Arrangement, Option [Member] | The 2018 Non-qualified Stock Option Plan [Member] | Share-Based Payment Arrangement, Employee [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 100% | ||||||||||||||||||
Share-Based Payment Arrangement, Option [Member] | The 2012 Non-qualified Stock Option Plan [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | ||||||||||||||||||
Share-Based Payment Arrangement, Option [Member] | The 2012 Non-qualified Stock Option Plan [Member] | Share-Based Payment Arrangement, Employee [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 100% | ||||||||||||||||||
Share-Based Payment Arrangement, Option [Member] | The 2011 Non-qualified Stock Option [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | ||||||||||||||||||
Share-Based Payment Arrangement, Option [Member] | The 2011 Non-qualified Stock Option [Member] | Share-Based Payment Arrangement, Employee [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 0.3333% | ||||||||||||||||||
Share-Based Payment Arrangement, Option [Member] | The 2011 Non-qualified Stock Option [Member] | Share-Based Payment Arrangement, Employee [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 0.3333% | ||||||||||||||||||
Share-Based Payment Arrangement, Option [Member] | The 2011 Non-qualified Stock Option [Member] | Share-Based Payment Arrangement, Employee [Member] | Share-Based Payment Arrangement, Tranche Three [Member] | |||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Rights, Percentage | 0.3333% | ||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued | $ 84,567 | ||||||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||||||||||||
CEO/CFO [Member] | |||||||||||||||||||
Issuance of common stock for compensation (in shares) | 46,961 | ||||||||||||||||||
Issuance of common stock for compensation | $ 82,180 | ||||||||||||||||||
Share-Based Payment Arrangement, Expense | $ 437,500 | ||||||||||||||||||
Deferred Compensation Arrangement with Individual, Shares Subject to Repurchase (in shares) | 125,000 | ||||||||||||||||||
CEO/CFO [Member] | Subsequent Event [Member] | |||||||||||||||||||
Issuance of common stock for compensation (in shares) | 54,559 | ||||||||||||||||||
Issuance of common stock for compensation | $ 84,576 | ||||||||||||||||||
Chief Executive Officer [Member] | |||||||||||||||||||
Deferred Compensation Arrangement with Individual, Shares Issued (in shares) | 250,000 | ||||||||||||||||||
Share-Based Payment Arrangement, Expense | $ 437,500 | ||||||||||||||||||
Chief Financial Officer [Member] | |||||||||||||||||||
Deferred Compensation Arrangement with Individual, Shares Issued (in shares) | 125,000 | ||||||||||||||||||
Share-Based Payment Arrangement, Expense | $ 218,750 | $ 218,750 | |||||||||||||||||
Chief Operating Officer [Member] | |||||||||||||||||||
Deferred Compensation Arrangement with Individual, Shares Issued (in shares) | 13,889 | ||||||||||||||||||
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued | $ 25,000 | ||||||||||||||||||
Share-Based Payment Arrangement, Expense | $ 25,000 | ||||||||||||||||||
ShipTime Acquisition [Member] | |||||||||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 5,918 | ||||||||||||||||||
Conversion of Series A Preferred Stock to Common Stock [Member] | |||||||||||||||||||
Conversion of Stock, Shares Converted (in shares) | 1,015,851 | ||||||||||||||||||
Conversion of Stock, Shares Issued (in shares) | 1,015,851 | ||||||||||||||||||
Additional Conversion of Series A Preferred Stock to Common Stock [Member] | |||||||||||||||||||
Conversion of Stock, Shares Issued (in shares) | 2,089,298 | ||||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | |||||||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |||||||||||||||||
Preferred Stock, Shares Issued | 0 | 0 | 5,000,000 | ||||||||||||||||
Preferred Stock, Coupon Payment Obligation, Percentage of Liquidation Value Per Share | 1.50% | ||||||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 3.03 | ||||||||||||||||||
Preferred Stock, Shares Outstanding (in shares) | 0 | 0 | |||||||||||||||||
ShipTime Canada Stock [Member] | |||||||||||||||||||
Conversion of Stock, Shares, Convertible | 1 | ||||||||||||||||||
PAID Preferred Stock [Member] | |||||||||||||||||||
Conversion of Stock, Shares Issuable | 45 | ||||||||||||||||||
PAID Common Stock [Member] | |||||||||||||||||||
Conversion of Stock, Shares Issuable | 311 | 356 | |||||||||||||||||
Common Stock Exercised Shares | 1,461,078 | ||||||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 2,106,808 | ||||||||||||||||||
PAID Series A Preferred Stock [Member] | |||||||||||||||||||
Preferred Stock Exercised Shares | 1,461,078 |
Note 10 - Shareholders' Equit_3
Note 10 - Shareholders' Equity - Share-Based Payment Arrangement, Option, Activity (Details) - USD ($) | 12 Months Ended | |||
May 12, 2023 | Oct. 14, 2022 | Dec. 31, 2023 | Jan. 01, 2023 | |
Options outstanding (in shares) | 371,000 | |||
Options outstanding (in dollars per share) | $ 2.84 | $ 3.07 | ||
Granted (in shares) | 85,000 | |||
Granted (in dollars per share) | $ 1.75 | |||
Cancelled/Expired (in shares) | (500) | |||
Cancelled/Expired (in dollars per share) | $ 0.98 | |||
Exercised (in shares) | (3,500) | (20,000) | (3,500) | |
Exercised (in dollars per share) | $ 0.975 | $ 0.975 | $ 0.98 | |
Options outstanding (in shares) | 452,000 | |||
Options outstanding and expected to vest (Year) | 6 years 29 days | |||
Options outstanding and expected to vest | $ 7,363 | |||
Options exercisable (in shares) | 444,566 | |||
Options exercisable (in dollars per share) | $ 2.85 | |||
Options exercisable (Year) | 6 years 21 days | |||
Options exercisable | $ 7,363 | |||
The 2018 Non-qualified Stock Option Plan [Member] | ||||
Options outstanding (in shares) | 314,000 | |||
Options outstanding (in dollars per share) | $ 2.87 | 3.17 | ||
Granted (in shares) | 85,000 | |||
Granted (in dollars per share) | $ 1.75 | |||
Cancelled/Expired (in shares) | 0 | |||
Cancelled/Expired (in dollars per share) | $ 0 | |||
Exercised (in shares) | 0 | |||
Exercised (in dollars per share) | $ 0 | |||
Options outstanding (in shares) | 399,000 | |||
The 2012 Non-qualified Stock Option Plan [Member] | ||||
Options outstanding (in shares) | 14,000 | |||
Options outstanding (in dollars per share) | $ 0.98 | 0.98 | ||
Granted (in shares) | 0 | |||
Granted (in dollars per share) | $ 0 | |||
Cancelled (in shares) | 0 | |||
Cancelled (in dollars per share) | $ 0 | |||
Exercised (in shares) | (2,000) | |||
Exercised (in dollars per share) | $ 0.98 | |||
Options outstanding (in shares) | 12,000 | |||
The 2011 Non-qualified Stock Option [Member] | ||||
Options outstanding (in shares) | 43,000 | |||
Options outstanding (in dollars per share) | $ 3.1 | $ 3 | ||
Granted (in shares) | 0 | |||
Granted (in dollars per share) | $ 0 | |||
Cancelled (in shares) | (500) | |||
Cancelled (in dollars per share) | $ 0.98 | |||
Exercised (in shares) | (1,500) | |||
Exercised (in dollars per share) | $ 0.98 | |||
Options outstanding (in shares) | 41,000 |
Note 10 - Shareholders' Equit_4
Note 10 - Shareholders' Equity - Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Expected volatility | 87% | |
Expected dividends | 0% | 0% |
Risk free interest rate | 3.73% | |
Minimum [Member] | ||
Expected term (based upon historical experience) (in years) (Year) | 5 years |
Note 10 - Shareholders' Equit_5
Note 10 - Shareholders' Equity - Share-Based Payment Arrangement, Option, Exercise Price Range (Details) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 452,000 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 6 years 29 days |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 444,566 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Remaining Contractual Term | 6 years 21 days |
Exercise Price Range 1 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ / shares | $ 0.98 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 15,500 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 1 year 6 months 10 days |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 15,500 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Remaining Contractual Term | 1 year 6 months 10 days |
Exercise Price Range 2 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ / shares | $ 1.75 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 85,000 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 9 years 2 months 23 days |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 85,000 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Remaining Contractual Term | 9 years 2 months 23 days |
Exercise Price Range 3 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ / shares | $ 1.91 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 10,000 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 7 years 3 months |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 6,667 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Remaining Contractual Term | 7 years 3 months |
Exercise Price Range 4 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ / shares | $ 2.21 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 7,000 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 7 years 5 months 12 days |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 4,666 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Remaining Contractual Term | 7 years 5 months 12 days |
Exercise Price Range 5 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ / shares | $ 2.68 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 5,300 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 7 years 10 months 13 days |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 3,533 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Remaining Contractual Term | 7 years 10 months 13 days |
Exercise Price Range 6 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ / shares | $ 2.89 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 105,000 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 6 years 10 months 13 days |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 105,000 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Remaining Contractual Term | 6 years 10 months 13 days |
Exercise Price Range 7 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ / shares | $ 2.92 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 52,500 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 5 years 1 month 17 days |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 52,500 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Remaining Contractual Term | 5 years 1 month 17 days |
Exercise Price Range 8 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ / shares | $ 3 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 52,500 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 5 years 7 months 13 days |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 52,500 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Remaining Contractual Term | 5 years 7 months 13 days |
Exercise Price Range 9 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ / shares | $ 3.3 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 37,500 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 3 years 9 months |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 37,500 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Remaining Contractual Term | 3 years 9 months |
Exercise Price Range 10 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ / shares | $ 3.5 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 3,000 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 4 years 9 months 3 days |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 3,000 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Remaining Contractual Term | 4 years 9 months 3 days |
Exercise Price Range 11 [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Exercise Price | $ / shares | $ 4.1 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Outstanding | 78,700 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Outstanding, Weighted Average Remaining Contractual Term | 4 years 2 months 23 days |
Share-Based Payment Arrangement, Option, Exercise Price Range, Shares Exercisable | 78,700 |
Share-Based Payment Arrangement, Option, Exercise Price Range, Exercisable, Weighted Average Remaining Contractual Term | 4 years 2 months 23 days |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (225,000) | $ (1,727,000) |
Deferred Tax Assets, Valuation Allowance, Percent | 100% | 100% |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 733,798 | |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards, Total | $ 31,990,000 | |
Operating Loss Carryforwards, Not Subject to Expiration | 902,000 | |
Operating Loss Carryforwards, Subject to Expiration | 31,088,000 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards, Total | 8,370,000 | |
Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards, Total | 1,796,000 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | $ 26,165 | $ 16,064 |
Note 11 - Income Taxes - Compon
Note 11 - Income Taxes - Components of Income (Loss) Before Income Tax Provision (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
U.S. | $ 649,079 | $ (77,704) |
Foreign | (387,644) | 273,359 |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 261,435 | $ 195,655 |
Note 11 - Income Taxes - Income
Note 11 - Income Taxes - Income Tax Expense (Benefits) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Federal, current | $ 0 | $ 0 |
State, current | 856 | 1,356 |
Foreign, current | 13,536 | (364,879) |
Total current | 14,392 | (363,523) |
Federal, deferred | 0 | 0 |
State, deferred | 0 | 0 |
Foreign, deferred | (106,173) | (92,968) |
Total deferred | (106,173) | (92,968) |
Income tax (benefit) provision | $ (91,779) | $ (456,491) |
Note 11 - Income Taxes - Reconc
Note 11 - Income Taxes - Reconciliations of Federal Statutory Rate to Effective Income Tax Rate (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
U.S. federal statutory tax rate | 21% | 21% |
State tax benefit, net | 18.87% | 5.62% |
Stock compensation | 6.49% | 18.56% |
Foreign rate differential | (8.10%) | 0% |
Attributes expiration | 1.33% | 17.06% |
Return to Provision | (1.13%) | (257.75%) |
Other adjustment | 13.76% | 30.65% |
NOL Adjustment | (60.74%) | 295.28% |
Unrecognized tax benefit | (9.65%) | 361.72% |
GILTI | 69.12% | 156.50% |
Interest and penalties | 0% | 0% |
Valuation allowance | (86.23%) | (882.41%) |
Effective income tax rate | (35.28%) | (233.77%) |
Note 11 - Income Taxes - Deferr
Note 11 - Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
NOLs | $ 7,267,720 | $ 7,495,858 |
Inventory and other reserves | 31,340 | 31,340 |
Stock based compensation expense | 223,680 | 196,700 |
Lease liability | 3,753 | 5,883 |
Accruals | 14,213 | 14,695 |
Other | 96 | 96 |
Total deferred tax assets | 7,540,802 | 7,744,572 |
Depreciation and amortization | (606,765) | (668,359) |
Right-of-use assets | (3,753) | (6,112) |
Valuation allowance | (7,552,852) | (7,778,053) |
Net deferred tax liabilities | $ (622,568) | $ (707,952) |
Note 11 - Income Taxes - Unreco
Note 11 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Gross unrecognized tax benefits at the beginning of the year | $ 691,675 | $ 0 |
Increases related to current year positions | 0 | 0 |
Increases (decreases) related to prior year positions | 15,957 | 691,675 |
Expiration of unrecognized tax benefits | 0 | 0 |
Gross unrecognized tax benefits at the end of the year | $ 707,632 | $ 691,675 |
Note 12 - Leases (Details Textu
Note 12 - Leases (Details Textual) | Dec. 31, 2023 |
Minimum [Member] | |
Lessee, Operating Lease, Remaining Lease Term (Month) | 8 months |
Note 12 - Leases - Schedule of
Note 12 - Leases - Schedule of Lease Expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating lease cost | $ 29,290 | $ 39,324 |
Note 12 - Leases - Schedule o_2
Note 12 - Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Operating cash flows from operating leases | $ 30,896 | $ 38,355 |
Note 12 - Leases - Schedule o_3
Note 12 - Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Operating lease right-of-use assets | $ 14,161 | $ 23,063 |
Current portion of operating lease obligations | 14,162 | 22,199 |
Operating lease obligations, net of current portion | 0 | 0 |
Total operating lease liabilities | $ 14,162 | $ 22,199 |
Note 12 - Leases - Schedule o_4
Note 12 - Leases - Schedule of Lease Terms (Details) | Dec. 31, 2023 |
Weighted Average Remaining Lease Term | |
Operating lease (in years) (Year) | 8 months 12 days |
Weighted Average Discount Rate | |
Operating lease | 9% |
Note 12 - Leases -Schedule of O
Note 12 - Leases -Schedule of Operating Lease Minimum Payments (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
2024 | $ 14,644 | |
Total lease liabilities | 14,644 | |
Less amount representing interest | (482) | |
Total | 14,162 | $ 22,199 |
Less current portion | $ (14,162) | $ (22,199) |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | |||||
Feb. 22, 2024 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 26, 2024 | Mar. 21, 2024 | Dec. 31, 2023 | Oct. 13, 2022 | |
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued | $ 25,000 | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 54,559 | ||||||
Securities Purchase Agreement [Member] | |||||||
Note Receivable, Purchase Discount | 20% | 20% | |||||
Share-Based Payment Arrangement, Option [Member] | Minimum [Member] | Director [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 10,000 | ||||||
Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | Director [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized | 5,000 | ||||||
Subsequent Event [Member] | |||||||
Deferred Compensation Arrangement with Individual, Fair Value of Shares Issued | $ 84,567 | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 20,360 | ||||||
Stock Issued During Period, Value, New Issues | $ 31,558 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||||||
Subsequent Event [Member] | Securities Purchase Agreement [Member] | |||||||
Financing Receivable, before Allowance for Credit Loss | $ 500,000 | ||||||
Note Receivable, Purchase Discount | 25% | 25% |