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GOING CONCERN AND MANAGEMENT’S PLANS
12 Months Ended
Dec. 31, 2016
Managements Plan [Abstract]  
GOING CONCERN AND MANAGEMENT’S PLANS

The accompanying consolidated financial statements have been prepared on a going concern basis which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has continued to incur losses. For the year ended December 31, 2016, the Company reported a net loss of $347,581. The Company has an accumulated deficit of $55,407,176 at December 31, 2016 and used $205,790 of cash in operations for the year ended December 31, 2016. These factors raise substantial doubt about the Company’s ability to continue as a going concern.

 

The addition of BeerRun and SpiritRun has significantly increased our revenues and gross profit for 2016. Management feels that the ShipTime acquisition is a pivotal moment for PAID. The technology, client relationships and increased product offerings brought forward by the ShipTime opportunity will have a significant impact on the revenues of the Company in the future. The revenues have been and will be significantly increased in hopes of eliminating the net loss and providing positive cash flow from 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 2017 and will have a positive impact on the Company for 2017 and future years.