Tue, Jun 11, 9:10 PM (132 days ago)
UPAY, Inc.'s Form 10-K for the year ending February 28, 2024, reveals several key financial and operational highlights: 1. **Revenue**: UPAY reported revenues of $1,394,408, a slight increase from $1,359,991 in the previous year, primarily driven by transactional revenue from its South African operations. 2. **Net Income**: The company experienced a significant net loss of $736,191 for the year, up from $135,487 in the prior year, largely due to increased general and administrative expenses. 3. **Operating Expenses**: Total expenses rose to $1,416,478 from $874,362, reflecting a $542,116 increase, mainly attributed to stock issued for services. 4. **Earnings Per Share**: The net loss per share was $0.04, compared to $0.01 in the previous year. 5. **Strategic Developments**: UPAY launched standalone funeral cover software in South Africa and acquired Huntpal LLC to market hunting trips in South Africa. 6. **Financial Condition**: The company had a working capital deficit of $229,865 as of February 28, 2024, compared to $387,233 the previous year. 7. **Future Outlook**: UPAY plans to focus on expanding its South African operations and exploring potential US market opportunities following the appointment of Randall Greene as COO. 8. **Risk Factors**: The company highlighted increased operational inefficiencies and competitive pressures as significant risks. Overall, UPAY remains focused on its core South African market while exploring strategic expansions and managing increased operational costs.