Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | May 15, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001017655 | |
Entity Registrant Name | PAID INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Entity File Number | 0-28720 | |
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 | |
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 | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 7,773,263 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 2,876,293 | $ 2,839,687 |
Accounts receivable, net | 309,969 | 215,109 |
Prepaid expenses and other current assets | 129,571 | 164,823 |
Total current assets | 3,315,833 | 3,219,619 |
Property and equipment, net | 37,111 | 40,493 |
Intangible assets, net | 3,134,522 | 3,175,198 |
Operating lease right-of-use assets | 52,971 | 61,040 |
Total assets | 6,540,437 | 6,496,350 |
Current liabilities: | ||
Accounts payable | 2,156,471 | 2,300,509 |
Accrued expenses | 564,723 | 376,387 |
Contract liabilities | 12,140 | 11,154 |
Operating lease obligations – current portion | 37,348 | 36,123 |
Total current liabilities | 2,770,682 | 2,724,173 |
Long-term liabilities: | ||
Operating lease obligations – net of current portion | 15,593 | 25,187 |
Deferred tax liability, net | 849,542 | 838,312 |
Total liabilities | 3,635,817 | 3,587,672 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Common stock, $0.001 par value, 25,000,000 shares authorized; 7,807,103 shares issued and 7,773,263 shares outstanding at March 31, 2022 and December 31, 2021 | 7,807 | 7,807 |
Additional paid-in capital | 72,709,297 | 72,691,201 |
Accumulated other comprehensive income | 628,367 | 590,067 |
Accumulated deficit | (70,383,004) | (70,322,550) |
Common stock in treasury, at cost, 33,840 shares at March 31, 2022 and December 31, 2021 | (57,847) | (57,847) |
Total shareholders' equity | 2,904,620 | 2,908,678 |
Total liabilities and shareholders' equity | 6,540,437 | 6,496,350 |
Series A Preferred Stock [Member] | ||
Shareholders' equity: | ||
Series A Preferred stock, $0.001 par value, 5,000,000 shares authorized; no shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | $ 0 | $ 0 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Preferred stock, par value (in dollars per share) | $ 0.001 | |
Preferred stock, shares authorized (in shares) | 20,000,000 | |
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) | 7,807,103 | 7,807,103 |
Common stock, shares outstanding (in shares) | 7,773,263 | 7,773,263 |
Treasury Stock (in shares) | 33,840 | 33,840 |
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 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues, net | $ 3,609,701 | $ 3,512,773 |
Cost of revenues | 2,811,209 | 2,633,758 |
Gross profit | 798,492 | 879,015 |
Operating expenses: | ||
Salaries and related | 458,509 | 430,175 |
General and administrative | 299,402 | 243,165 |
Share-based compensation | 18,096 | 263,613 |
Amortization of other intangible assets | 82,039 | 121,395 |
Total operating expenses | 858,046 | 1,058,348 |
Loss from operations | (59,554) | (179,333) |
Provision for income taxes | 900 | 400 |
Net loss | $ (60,454) | $ (179,733) |
Net loss per share – basic and diluted (in dollars per share) | $ (0.01) | $ (0.03) |
Weighted average number of common shares outstanding – basic and diluted (in shares) | 7,773,263 | 6,455,164 |
Condensed consolidated statements of comprehensive loss | ||
Net loss | $ (60,454) | $ (179,733) |
Other comprehensive income: | ||
Foreign currency translation adjustments | 38,300 | 40,512 |
Comprehensive loss | $ (22,154) | $ (139,221) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (60,454) | $ (179,733) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 85,909 | 127,980 |
Amortization of operating lease right-of-use assets | 8,761 | 7,993 |
Share-based compensation | 18,096 | 263,613 |
Changes in assets and liabilities: | ||
Accounts receivable | (92,022) | (71,038) |
Prepaid expenses and other current assets | 36,448 | 43,852 |
Accounts payable | (169,876) | (4,540) |
Accrued expenses | 182,153 | 180,803 |
Contract liabilities | 826 | 1,076 |
Operating lease obligations | (9,059) | (8,292) |
Net cash provided by operating activities | 782 | 361,714 |
Cash flows from investing activities: | ||
Purchase of property and equipment | 0 | (1,120) |
Net cash used in investing activities | 0 | (1,120) |
Cash flows from financing activities: | ||
Payments on finance leases | 0 | (1,417) |
Net cash used in financing activities | 0 | (1,417) |
Effect of exchange rate changes on cash and cash equivalents | 35,824 | 22,615 |
Net change in cash and cash equivalents | 36,606 | 381,792 |
Cash and cash equivalents, beginning of period | 2,839,686 | 1,644,210 |
Cash and cash equivalents, end of period | 2,876,293 | 2,026,002 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Income taxes | 900 | 400 |
Interest | 0 | 57 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH ITEMS | ||
Issuance of common shares in settlement of accrued expenses | $ 0 | $ 2,005,500 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Deferred Compensation, Share-Based Payments [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 6,489,004 | (33,840) | |||||
Balance at Dec. 31, 2020 | $ 6,489 | $ 2,005,500 | $ 70,083,486 | $ 570,761 | $ (69,625,790) | $ (57,847) | $ 2,982,599 |
Foreign currency translation adjustments | 0 | 0 | 0 | 40,512 | 0 | 0 | 40,512 |
Share-based compensation expense | $ 0 | 0 | 24,863 | 0 | 0 | $ 0 | 24,863 |
Issuance of common stock for accrued bonus and compensation (in shares) | 1,300,000 | 0 | |||||
Issuance of common stock for accrued bonus and compensation | $ 1,300 | (2,005,500) | 2,242,950 | 0 | 0 | $ 0 | 238,750 |
Net loss | $ 0 | 0 | 0 | 0 | (179,733) | $ 0 | (179,733) |
Balance (in shares) at Mar. 31, 2021 | 7,789,004 | (33,840) | |||||
Balance at Mar. 31, 2021 | $ 7,789 | $ 0 | 72,351,299 | 611,273 | (69,805,523) | $ (57,847) | 3,106,991 |
Balance (in shares) at Dec. 31, 2021 | 7,807,103 | (33,840) | |||||
Balance at Dec. 31, 2021 | $ 7,807 | 72,691,201 | 590,067 | (70,322,550) | $ (57,847) | 2,908,678 | |
Foreign currency translation adjustments | 0 | 0 | 38,300 | 0 | 0 | 38,300 | |
Share-based compensation expense | 0 | 18,096 | 0 | 0 | 0 | 18,096 | |
Net loss | $ 0 | 0 | 0 | (60,454) | $ 0 | (60,454) | |
Balance (in shares) at Mar. 31, 2022 | 7,807,103 | (33,840) | |||||
Balance at Mar. 31, 2022 | $ 7,807 | $ 72,709,297 | $ 628,367 | $ (70,383,004) | $ (57,847) | $ 2,904,620 |
Note 1 - Organization and Signi
Note 1 - Organization and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 1. 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, Inc. (“PAID”, the “Company”, “we”, “us”, or “our”) has developed AuctionInc, which is a suite of online shipping and tax management tools assisting businesses with e-commerce storefronts, shipping solutions, tax calculation, inventory management, and auction processing. The product has tools to assist with other aspects of the fulfillment process, but the main purpose of the product is to provide accurate shipping and tax calculations and packaging algorithms that provide customers with the best possible shipping and tax solutions. BeerRun Software is a brewery management and Alcohol and Tobacco Tax and Trade Bureau tax reporting software. Small craft brewers can utilize the product to manage brewery schedules, inventory, packaging, sales and purchasing. Tax reporting can be processed with a single click and is fully customizable by state or providence. The software is designed to integrate with QuickBooks accounting platforms by using our powerful sync engine. We currently offer two PaidPayments provides commerce solutions to small - and medium-sized businesses by enabling them to sell their goods and services, accept payment, and create repeat sales though an online payment processing solution. The Company has operated as a Payment Facilitator since 2019, one General Presentation and Basis of Consolidated Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and with the rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. Accordingly, they do not 10 December 31, 2021 March 31, 2022. In the opinion of management, the Company has prepared the accompanying unaudited condensed consolidated financial statements on the same basis as its audited consolidated financial statements, and these unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments necessary for a fair presentation of the results of the interim periods presented. The operating results for the interim periods presented are not 2022. Liquidity and Management s Plans At March 31, 2022 three 31, 2022. March 31, 2022 March 31, 2022. Management believes that the Company has adequate cash resources to fund operations during the next 12 10 no Although there can be no May 2023 Principles of Consolidation The condensed consolidated financial statements include the accounts of PAID, Inc. and its wholly owned subsidiaries, PAID Run, LLC and ShipTime Canada, Inc. 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 March 31, 2022 December 31, 2021. 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 three March 31, 2022 2021. At March 31, 2022, 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 generally consist of an operating lease for a building. 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 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 No three March 31, 2022 2021. no not Revenue Recognition The Company generates revenue principally from fees for coordinating shipping services, sales of shipping calculator subscriptions, brewery management software subscriptions, merchant processing services and client services. 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 first 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 Revenue Disaggregation The Company operates in five reportable segments (see below). 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 scheduled 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 shipping calculator services and brewery management software, the Company satisfies its performance obligations over the life of the subscription, typically twelve Customers of PaidPayments receive a merchant identification number which allows them to process credit card transactions. Once the transaction is approved, the funds are disbursed in an overnight feed and the Company has met its performance obligation. The Company has no 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. The Company has offered to its customers consolidated payments which are billed weekly and are paid with a credit card on file. Accordingly, the Company determined that its contracts with customers do not Variable Consideration In some cases, the nature of the Company’s contracts may 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 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 not 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 $309,969 and $215,109 as of March 31, 2022 December 31, 2021, March 31, 2022. not 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 $12,140 and $11,154 at March 31, 2022 December 31, 2021, three March 31, 2022, Earnings (Loss) Per Common Share Basic earnings (loss) per share represent income (loss) available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings (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. The potential common shares that may For the three March 31, 2022 2021, The Company computes its income (loss) available to common shareholders by subtracting dividends on preferred stock, including undeclared or unpaid dividends if cumulative, and any deemed dividends or discounts on redeemed preferred stock from its reported net income (loss) and reports the same on the face of the consolidated statements of operations and comprehensive income (loss). The following is a reconciliation of the numerators and denominators of the basic earnings (loss) per common share and diluted earnings (loss) per common share computation for the three March 31, 2022 2021. Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Numerator: Net loss available to common shareholders $ (60,454 ) $ (179,333 ) Denominator: Basic weighted-average shares outstanding 7,773,263 6,455,164 Effect of dilutive securities - - Diluted weighted-average shares outstanding 7,773,263 6,455,164 Basic loss per common share $ (0.01 ) $ (0.03 ) Diluted loss per common share $ (0.01 ) $ (0.03 ) 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 five March 31, 2022, five a. Client services; b. Shipping calculator services; c. Brewery management software; d. Merchant processing services; e. Shipping coordination and label generation services; and f. Corporate operations The Company evaluates performance and allocates resources based upon 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 revenue for the periods indicated. Three Months Ended March 31, 2022 March 31, 2021 Client services $ 280 $ 1,283 Shipping calculator services 5,544 5,863 Brewery management software 9,375 19,200 Merchant processing services 12,053 12,525 Shipping coordination and label generation services 3,582,449 3,473,902 Total revenues $ 3,609,701 $ 3,512,773 The following table compares total loss from operations for the periods indicated. Three Months Ended March 31, 2022 March 31, 2021 Client services $ 280 $ 969 Shipping calculator services 3,565 2,011 Brewery management software (4,743 ) 11,632 Merchant processing services 4,039 4,622 Shipping coordination and label generation services 138,901 (81,827 ) Corporate operations (201,596 ) (116,740 ) Total loss from operations $ (59,554 ) $ (179,333 ) Subsequent Events The Company has evaluated subsequent events through the filing date of this Form 10 no Recent Accounting Pronouncements There were no |
Note 2 - Accrued Expenses
Note 2 - Accrued Expenses | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | Note 2. Accrued expenses are comprised of the following: March 31, 2022 (unaudited) December 31, 2021 Payroll and related costs $ 53,735 $ 58,182 Professional and consulting - 26,070 Royalties 47,803 47,803 Accrued cost of revenues 430,873 212,020 Sales tax 31,902 31,902 Other 410 410 Total $ 564,723 $ 376,387 |
Note 3 - Intangible Assets
Note 3 - Intangible Assets | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | Note 3. 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 other intangibles from past business combinations. At March 31, 2022, Patents Trade Name Technology & Software Customer Relationships Total Gross carrying amount $ 16,000 $ 857,522 $ 631,402 $ 5,027,498 $ 6,532,422 Accumulated amortization (16,000 ) (857,522 ) (631,402 ) (1,892,976 ) (3,397,900 ) $ - $ - $ - $ 3,134,522 $ 3,134,522 At December 31, 2021, Patents Trade Name Technology & Software Customer Relationships Total Gross carrying amount $ 16,000 $ 846,186 $ 624,162 $ 4,963,860 $ 6,450,208 Accumulated amortization (16,000 ) (843,240 ) (624,162 ) (1,791,608 ) (3,275,010 ) $ - $ 2,946 $ - $ 3,172,252 $ 3,175,198 Amortization expense of intangible assets for the three March 31, 2022 2021 |
Note 4 - Commitments and Contin
Note 4 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 4. Legal Matters In the normal course of business, the Company periodically becomes involved in litigation and disputes. During 2021, February 2020, not five 2021, Indemnities and Guarantees The Company has made certain indemnities and guarantees, under which it may not not no |
Note 5 - Shareholders' Equity
Note 5 - Shareholders' Equity | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Shareholders' Equity and Share-Based Payments [Text Block] | Note 5. 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, 30 no may March 31, 2022 December 31, 2021, Common Stock In February 2020, one one one 2020, two March 31, 2022 On March 29, 2021, 2019 2020. March 29, 2021 December 31, 2020. March 29, 2021, one 2021 January 1, 2022. March 31, 2021. Share-based Incentive Plans On March 23, 2018, 2018 three November 10, 2020, 2018 December 31, 2020, 2021, 2022, one three one third one third 18 one third 36 not ten For the three March 31, 2022, 2021, 2022 first 2021 |
Note 6 - Leases
Note 6 - Leases | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases and Finance Lease [Text Block] | Note 6. We have an operating lease for our corporate offices in Canada and finance leases for furniture and equipment which expired in June 2021. sixteen seventeen four not We report operating leased assets, as well as operating lease current and noncurrent obligations on our balance sheets for the right to use the building in our business. Generally, interest rates are stated in our leases for equipment. When no The components of lease expense were as follows: Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Operating lease cost $ 10,093 $ 10,095 Finance lease cost: Amortization of leased assets $ - $ 2,741 Interest on lease liabilities - 57 Total finance lease cost $ - $ 2,798 Supplemental cash flow information related to leases was as follows: Three Months Ended Three Months Ended Cash paid for amounts included in leases: Operating cash flows from operating leases $ 10,392 $ 10,395 Operating cash flows from finance leases $ - $ 57 Financing cash flows from finance leases $ - $ 1,417 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ - $ - Finance leases $ - $ - Supplemental balance sheet information related to leases was as follows: March 31, 2022 December 31, 2021 Operating leases: Operating lease right-of-use assets $ 52,971 $ 61,040 Current portion of operating lease obligations $ 37,348 $ 36,123 Operating lease obligations, net of current portion 15,593 25,187 Total operating lease liabilities $ 52,941 $ 61,310 Finance leases: Property and equipment, at cost $ 55,206 $ 53,885 Accumulated depreciation (55,206 ) (53,885 ) Property and equipment, net $ - $ - Current portion of finance lease obligations $ - $ - Finance lease obligations, net of current portion - - Total finance lease liabilities $ - $ - March 31, 2022 December 31, 2021 Weighted Average Remaining Lease Term Operating lease (in years) 1.4 1.6 Finance leases - - Weighted Average Discount Rate Operating lease 9.0 % 9.0 % Finance leases - % - % March 31, 2022 Years ending December 31, Total 2022 (remaining portion) 31,298 2023 25,807 Total lease liabilities $ 57,105 Less amount representing interest (4,164 ) Total 52,941 Less current portion (37,348 ) $ 15,593 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | General Presentation and Basis of Consolidated Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), and with the rules and regulations of the Securities and Exchange Commission ("SEC") regarding interim financial reporting. Accordingly, they do not 10 December 31, 2021 March 31, 2022. In the opinion of management, the Company has prepared the accompanying unaudited condensed consolidated financial statements on the same basis as its audited consolidated financial statements, and these unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments necessary for a fair presentation of the results of the interim periods presented. The operating results for the interim periods presented are not 2022. |
Liquidity and Management’s Plans, Policy [Policy Text Block] | Liquidity and Management s Plans At March 31, 2022 three 31, 2022. March 31, 2022 March 31, 2022. Management believes that the Company has adequate cash resources to fund operations during the next 12 10 no Although there can be no May 2023 |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The condensed consolidated financial statements include the accounts of PAID, Inc. and its wholly owned subsidiaries, PAID Run, LLC and ShipTime Canada, Inc. 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 March 31, 2022 December 31, 2021. |
Concentration Risk, Credit Risk, 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 three March 31, 2022 2021. At March 31, 2022, |
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 generally consist of an operating lease for a building. 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 |
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 No three March 31, 2022 2021. no not |
Revenue [Policy Text Block] | Revenue Recognition The Company generates revenue principally from fees for coordinating shipping services, sales of shipping calculator subscriptions, brewery management software subscriptions, merchant processing services and client services. 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 first 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 Revenue Disaggregation The Company operates in five reportable segments (see below). 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 scheduled 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 shipping calculator services and brewery management software, the Company satisfies its performance obligations over the life of the subscription, typically twelve Customers of PaidPayments receive a merchant identification number which allows them to process credit card transactions. Once the transaction is approved, the funds are disbursed in an overnight feed and the Company has met its performance obligation. The Company has no 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. The Company has offered to its customers consolidated payments which are billed weekly and are paid with a credit card on file. Accordingly, the Company determined that its contracts with customers do not Variable Consideration In some cases, the nature of the Company’s contracts may 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 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 not 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 $309,969 and $215,109 as of March 31, 2022 December 31, 2021, March 31, 2022. not 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 $12,140 and $11,154 at March 31, 2022 December 31, 2021, three March 31, 2022, |
Earnings Per Share, Policy [Policy Text Block] | Earnings (Loss) Per Common Share Basic earnings (loss) per share represent income (loss) available to common shareholders divided by the weighted-average number of common shares outstanding during the period. Diluted earnings (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. The potential common shares that may For the three March 31, 2022 2021, The Company computes its income (loss) available to common shareholders by subtracting dividends on preferred stock, including undeclared or unpaid dividends if cumulative, and any deemed dividends or discounts on redeemed preferred stock from its reported net income (loss) and reports the same on the face of the consolidated statements of operations and comprehensive income (loss). The following is a reconciliation of the numerators and denominators of the basic earnings (loss) per common share and diluted earnings (loss) per common share computation for the three March 31, 2022 2021. Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Numerator: Net loss available to common shareholders $ (60,454 ) $ (179,333 ) Denominator: Basic weighted-average shares outstanding 7,773,263 6,455,164 Effect of dilutive securities - - Diluted weighted-average shares outstanding 7,773,263 6,455,164 Basic loss per common share $ (0.01 ) $ (0.03 ) Diluted loss per common share $ (0.01 ) $ (0.03 ) |
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 five March 31, 2022, five a. Client services; b. Shipping calculator services; c. Brewery management software; d. Merchant processing services; e. Shipping coordination and label generation services; and f. Corporate operations The Company evaluates performance and allocates resources based upon 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 revenue for the periods indicated. Three Months Ended March 31, 2022 March 31, 2021 Client services $ 280 $ 1,283 Shipping calculator services 5,544 5,863 Brewery management software 9,375 19,200 Merchant processing services 12,053 12,525 Shipping coordination and label generation services 3,582,449 3,473,902 Total revenues $ 3,609,701 $ 3,512,773 The following table compares total loss from operations for the periods indicated. Three Months Ended March 31, 2022 March 31, 2021 Client services $ 280 $ 969 Shipping calculator services 3,565 2,011 Brewery management software (4,743 ) 11,632 Merchant processing services 4,039 4,622 Shipping coordination and label generation services 138,901 (81,827 ) Corporate operations (201,596 ) (116,740 ) Total loss from operations $ (59,554 ) $ (179,333 ) |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events The Company has evaluated subsequent events through the filing date of this Form 10 no |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements There were no |
Note 1 - Organization and Sig_2
Note 1 - Organization and Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Numerator: Net loss available to common shareholders $ (60,454 ) $ (179,333 ) Denominator: Basic weighted-average shares outstanding 7,773,263 6,455,164 Effect of dilutive securities - - Diluted weighted-average shares outstanding 7,773,263 6,455,164 Basic loss per common share $ (0.01 ) $ (0.03 ) Diluted loss per common share $ (0.01 ) $ (0.03 ) |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2022 March 31, 2021 Client services $ 280 $ 1,283 Shipping calculator services 5,544 5,863 Brewery management software 9,375 19,200 Merchant processing services 12,053 12,525 Shipping coordination and label generation services 3,582,449 3,473,902 Total revenues $ 3,609,701 $ 3,512,773 Three Months Ended March 31, 2022 March 31, 2021 Client services $ 280 $ 969 Shipping calculator services 3,565 2,011 Brewery management software (4,743 ) 11,632 Merchant processing services 4,039 4,622 Shipping coordination and label generation services 138,901 (81,827 ) Corporate operations (201,596 ) (116,740 ) Total loss from operations $ (59,554 ) $ (179,333 ) |
Note 2 - Accrued Expenses (Tabl
Note 2 - Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, 2022 (unaudited) December 31, 2021 Payroll and related costs $ 53,735 $ 58,182 Professional and consulting - 26,070 Royalties 47,803 47,803 Accrued cost of revenues 430,873 212,020 Sales tax 31,902 31,902 Other 410 410 Total $ 564,723 $ 376,387 |
Note 3 - Intangible Assets (Tab
Note 3 - Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Patents Trade Name Technology & Software Customer Relationships Total Gross carrying amount $ 16,000 $ 857,522 $ 631,402 $ 5,027,498 $ 6,532,422 Accumulated amortization (16,000 ) (857,522 ) (631,402 ) (1,892,976 ) (3,397,900 ) $ - $ - $ - $ 3,134,522 $ 3,134,522 Patents Trade Name Technology & Software Customer Relationships Total Gross carrying amount $ 16,000 $ 846,186 $ 624,162 $ 4,963,860 $ 6,450,208 Accumulated amortization (16,000 ) (843,240 ) (624,162 ) (1,791,608 ) (3,275,010 ) $ - $ 2,946 $ - $ 3,172,252 $ 3,175,198 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2022 Three Months Ended March 31, 2021 Operating lease cost $ 10,093 $ 10,095 Finance lease cost: Amortization of leased assets $ - $ 2,741 Interest on lease liabilities - 57 Total finance lease cost $ - $ 2,798 |
Cash Flow, Leases, Lessee [Table Text Block] | Three Months Ended Three Months Ended Cash paid for amounts included in leases: Operating cash flows from operating leases $ 10,392 $ 10,395 Operating cash flows from finance leases $ - $ 57 Financing cash flows from finance leases $ - $ 1,417 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ - $ - Finance leases $ - $ - |
Balance Sheet, Leases, Lessee [Table Text Block] | March 31, 2022 December 31, 2021 Operating leases: Operating lease right-of-use assets $ 52,971 $ 61,040 Current portion of operating lease obligations $ 37,348 $ 36,123 Operating lease obligations, net of current portion 15,593 25,187 Total operating lease liabilities $ 52,941 $ 61,310 Finance leases: Property and equipment, at cost $ 55,206 $ 53,885 Accumulated depreciation (55,206 ) (53,885 ) Property and equipment, net $ - $ - Current portion of finance lease obligations $ - $ - Finance lease obligations, net of current portion - - Total finance lease liabilities $ - $ - |
Weighted Average Remaining Lease Term and Discount Rate [Table Text Block] | March 31, 2022 December 31, 2021 Weighted Average Remaining Lease Term Operating lease (in years) 1.4 1.6 Finance leases - - Weighted Average Discount Rate Operating lease 9.0 % 9.0 % Finance leases - % - % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Years ending December 31, Total 2022 (remaining portion) 31,298 2023 25,807 Total lease liabilities $ 57,105 Less amount representing interest (4,164 ) Total 52,941 Less current portion (37,348 ) $ 15,593 |
Note 1 - Organization and Sig_3
Note 1 - Organization and Significant Accounting Policies (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Cash Equivalents, at Carrying Value, Total | $ 2,876,293 | ||
Net Working Capital | 545,151 | ||
Net Cash Provided by (Used in) Operating Activities, Total | 782 | $ 361,714 | |
Net Income (Loss) Attributable to Parent, Total | (60,454) | $ (179,733) | |
Retained Earnings (Accumulated Deficit), Total | $ (70,383,004) | $ (70,322,550) | |
Number of Reportable Segments | 5 | ||
Accounts Receivable, after Allowance for Credit Loss, Current, Total | $ 309,969 | 215,109 | |
Contract with Customer, Liability, Total | 12,140 | $ 11,154 | |
Contract with Customer, Liability, Revenue Recognized | $ 11,154 | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 33,000 | 36,000 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | One Customer [Member] | |||
Concentration Risk, Percentage | 10.00% | ||
Number of Major Customers | 1 | ||
CANADA | |||
Property and Equipment Net Percentages | 100.00% | ||
CANADA | Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk, Percentage | 99.00% | 99.00% | |
UNITED STATES | Revenue from Contract with Customer Benchmark [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk, Percentage | 1.00% | 1.00% |
Note 1 - Organization and Sig_4
Note 1 - Organization and Significant Accounting Policies - Reconciliation of Basic and Diluted Earnings Per Share (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Net loss available to common shareholders | $ (60,454) | $ (179,333) |
Weighted average number of common shares outstanding – basic and diluted (in shares) | 7,773,263 | 6,455,164 |
Effect of dilutive securities (in shares) | 0 | 0 |
Diluted weighted-average shares outstanding (in shares) | 7,773,263 | 6,455,164 |
Net loss per share – basic and diluted (in dollars per share) | $ (0.01) | $ (0.03) |
Diluted loss per common share (in dollars per share) | $ (0.01) | $ (0.03) |
Note 1 - Organization and Sig_5
Note 1 - Organization and Significant Accounting Policies - Schedule of Segment Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues, net | $ 3,609,701 | $ 3,512,773 |
Operating income loss | (59,554) | (179,333) |
Service [Member] | ||
Revenues, net | 280 | 1,283 |
Operating income loss | 280 | 969 |
Shipping Calculator Services [Member] | ||
Revenues, net | 5,544 | 5,863 |
Operating income loss | 3,565 | 2,011 |
Brewery Management Software [Member] | ||
Revenues, net | 9,375 | 19,200 |
Operating income loss | (4,743) | 11,632 |
Merchant Processing Services [Member] | ||
Revenues, net | 12,053 | 12,525 |
Operating income loss | 4,039 | 4,622 |
Shipping Coordination and Label Generation Services [Member] | ||
Revenues, net | 3,582,449 | 3,473,902 |
Operating income loss | 138,901 | (81,827) |
Corporate Operations [Member] | ||
Operating income loss | $ (201,596) | $ (116,740) |
Note 2 - Accrued Expenses - Sch
Note 2 - Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Payroll and related costs | $ 53,735 | $ 58,182 |
Professional and consulting | 0 | 26,070 |
Royalties | 47,803 | 47,803 |
Accrued cost of revenues | 430,873 | 212,020 |
Sales tax | 31,902 | 31,902 |
Other | 410 | 410 |
Total | $ 564,723 | $ 376,387 |
Note 3 - Intangible Assets (Det
Note 3 - Intangible Assets (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Amortization of Intangible Assets | $ 82,039 | $ 121,395 |
Note 3 - Intangible Assets - Sc
Note 3 - Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Intangible asset, gross | $ 6,532,422 | $ 6,450,208 |
Accumulated amortizatio | (3,397,900) | (3,275,010) |
Finite-Lived Intangible Assets, Net, Ending Balance | 3,134,522 | 3,175,198 |
Patents [Member] | ||
Intangible asset, gross | 16,000 | 16,000 |
Accumulated amortizatio | (16,000) | (16,000) |
Finite-Lived Intangible Assets, Net, Ending Balance | 0 | 0 |
Trade Names [Member] | ||
Intangible asset, gross | 857,522 | 846,186 |
Accumulated amortizatio | (857,522) | (843,240) |
Finite-Lived Intangible Assets, Net, Ending Balance | 0 | 2,946 |
Technology and Software [Member] | ||
Intangible asset, gross | 631,402 | 624,162 |
Accumulated amortizatio | (631,402) | (624,162) |
Finite-Lived Intangible Assets, Net, Ending Balance | 0 | 0 |
Customer Relationships [Member] | ||
Intangible asset, gross | 5,027,498 | 4,963,860 |
Accumulated amortizatio | (1,892,976) | (1,791,608) |
Finite-Lived Intangible Assets, Net, Ending Balance | $ 3,134,522 | $ 3,172,252 |
Note 5 - Shareholders' Equity (
Note 5 - Shareholders' Equity (Details Textual) - USD ($) | Mar. 31, 2021 | Mar. 29, 2021 | Jan. 31, 2020 | Dec. 30, 2016 | Feb. 29, 2020 | Feb. 28, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 10, 2020 | Mar. 23, 2018 |
Preferred Stock, Shares Authorized (in shares) | 20,000,000 | |||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | |||||||||||
Common Stock Shares Exchanged (in shares) | 178,000 | |||||||||||
Share-based Payment Arrangement, Expense | $ 18,096 | $ 263,613 | ||||||||||
Two Thousand Eighteen Stock Option Plan [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 105,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period (in shares) | 61,948 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period (in shares) | 20,459 | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures, Total (in shares) | 10,000 | |||||||||||
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 (in shares) | 900,000 | 450,000 | ||||||||||
Share-Based Payment Arrangement, Option [Member] | ||||||||||||
Share-based Payment Arrangement, Expense | $ 18,096 | $ 263,613 | ||||||||||
Share-Based Payment Arrangement, Option [Member] | Two Thousand Eighteen Stock Option Plan [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 1.91 | |||||||||||
Share-Based Payment Arrangement, Option [Member] | Two Thousand Eighteen Stock Option Plan [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 | 33.33% | |||||||||||
Share-Based Payment Arrangement, Option [Member] | Two Thousand Eighteen Stock Option Plan [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 | 33.33% | |||||||||||
Share-Based Payment Arrangement, Option [Member] | Two Thousand Eighteen Stock Option Plan [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 | 33.33% | |||||||||||
CEO/CFO [Member] | ||||||||||||
Stock Issued During Period, Shares, Issued for Services (in shares) | 1,050,000 | |||||||||||
Stock Issued During Period, Value, Issued for Services | $ 2,005,500 | |||||||||||
Chief Executive Officer [Member] | ||||||||||||
Deferred Compensation Arrangement with Individual, Shares Issued (in shares) | 250,000 | |||||||||||
Share-based Payment Arrangement, Expense | $ 477,500 | |||||||||||
ShipTime Acquisition [Member] | ||||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | 6,218 | |||||||||||
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 (in shares) | 5,000,000 | 5,000,000 | ||||||||||
Preferred Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | ||||||||||
Preferred Stock, Shares Issued, Total (in shares) | 5,000,000 | 0 | 0 | |||||||||
Percentages of Payment Obligation | 1.50% | |||||||||||
Preferred Stock, Liquidation Preference Per Share (in dollars per share) | $ 3.03 | |||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | 0 | ||||||||||
ShipTime Canada Stock [Member] | ||||||||||||
Conversion of Stock, Shares, Convertible (in shares) | 1 | |||||||||||
Common Stock Shares Exchanged (in shares) | 500 | |||||||||||
PAID Preferred Stock [Member] | ||||||||||||
Conversion of Stock, Shares Issuable (in shares) | 45 | |||||||||||
PAID Common Stock [Member] | ||||||||||||
Conversion of Stock, Shares Issuable (in shares) | 311 | 356 | ||||||||||
Common Stock Exercised Shares (in shares) | 1,461,078 | |||||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 2,213,608 | |||||||||||
PAID Series A Preferred Stock [Member] | ||||||||||||
Preferred Stock Exercised Shares (in shares) | 1,461,078 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) | 3 Months Ended |
Mar. 31, 2022 | |
Lessee, Operating Lease, Renewal Term (Year) | 4 years |
Minimum [Member] | |
Leases, Remaining Lease Term (Month) | 16 months |
Maximum [Member] | |
Leases, Remaining Lease Term (Month) | 17 months |
Note 6 - Leases - Schedule of L
Note 6 - Leases - Schedule of Lease Expense (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating lease cost | $ 10,093 | $ 10,095 |
Finance lease cost: | ||
Amortization of leased assets | 0 | 2,741 |
Interest on lease liabilities | 0 | 57 |
Total finance lease cost | $ 0 | $ 2,798 |
Note 6 - Leases - Schedule of S
Note 6 - Leases - Schedule of Supplemental Cash Flow Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating cash flows from operating leases | $ 10,392 | $ 10,395 |
Operating cash flows from finance leases | 0 | 57 |
Financing cash flows from finance leases | 0 | 1,417 |
Operating leases | 0 | 0 |
Finance leases | $ 0 | $ 0 |
Note 6 - Leases - Schedule of_2
Note 6 - Leases - Schedule of Supplemental Balance Sheet Information (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Operating lease right-of-use assets | $ 52,971 | $ 61,040 |
Current portion of operating lease obligations | 37,348 | 36,123 |
Operating Lease, Liability, Noncurrent | 15,593 | 25,187 |
Total | 52,941 | 61,310 |
Property and equipment, at cost | 55,206 | 53,885 |
Accumulated depreciation | (55,206) | (53,885) |
Current portion of finance lease obligations | 0 | 0 |
Finance lease obligations, net of current portion | 0 | 0 |
Total finance lease liabilities | 0 | 0 |
Property Plant and Equipment, Net [Member] | ||
Property and equipment, net | $ 0 | $ 0 |
Note 6 - Leases - Schedule of_3
Note 6 - Leases - Schedule of Lease Terms (Details) | Mar. 31, 2022 | Dec. 31, 2021 |
Operating lease (in years) (Year) | 1 year 4 months 24 days | 1 year 7 months 6 days |
Finance leases (Year) | 0 years | 0 years |
Weighted Average Discount Rate | ||
Operating lease | 9.00% | 9.00% |
Finance leases | 0.00% | 0.00% |
Note 6 - Leases -Schedule of Op
Note 6 - Leases -Schedule of Operating Lease Minimum Payments (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
2022 (remaining portion) | $ 31,298 | |
2023 | 25,807 | |
Total lease liabilities | 57,105 | |
Less amount representing interest | (4,164) | |
Total | 52,941 | $ 61,310 |
Less current portion | (37,348) | (36,123) |
Operating Lease, Liability, Noncurrent | $ 15,593 | $ 25,187 |