0001654954-18-005442.txt : 20180515 0001654954-18-005442.hdr.sgml : 20180515 20180515163137 ACCESSION NUMBER: 0001654954-18-005442 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 41 CONFORMED PERIOD OF REPORT: 20180331 FILED AS OF DATE: 20180515 DATE AS OF CHANGE: 20180515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PAID INC CENTRAL INDEX KEY: 0001017655 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 731479833 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-28720 FILM NUMBER: 18837047 BUSINESS ADDRESS: STREET 1: 200 FRIBERG PARKWAY STREET 2: SUITE 4004 CITY: WESTBOROUGH STATE: MA ZIP: 01581 BUSINESS PHONE: 617-861-6050 MAIL ADDRESS: STREET 1: 200 FRIBERG PARKWAY STREET 2: SUITE 4004 CITY: WESTBOROUGH STATE: MA ZIP: 01581 FORMER COMPANY: FORMER CONFORMED NAME: SALES ONLINE DIRECT INC DATE OF NAME CHANGE: 19990525 FORMER COMPANY: FORMER CONFORMED NAME: SECURITIES RESOLUTION ADVISORS INC DATE OF NAME CHANGE: 19980814 FORMER COMPANY: FORMER CONFORMED NAME: ROSE INTERNATIONAL LTD DATE OF NAME CHANGE: 19960627 10-Q 1 payd10q_mar312018.htm QUARTERLY REPORT 10-Q
 

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM 10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
 
For the quarterly period ended March 31, 2018
COMMISSION FILE NUMBER 0-28720
(Exact Name of Registrant as Specified in its Charter)
 
 
 
 
DELAWARE
73-1479833
(State or Other Jurisdiction of Incorporation or Organization)
(I.R.S. Employer Identification No.)
 
200 Friberg Parkway, Westborough, Massachusetts 01581
(Address of Principal Executive Offices) (Zip Code)
 
(617) 861-6050
(Registrant’s Telephone Number, Including Area Code)
 
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
 
Yes ☒     No ☐
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  
Yes ☒     No ☐
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company.  See the definitions of “large accelerated filer”, “accelerated filer”, and “smaller reporting company” in Rule 12b-2 of the Exchange Act.  (Check one):
 
 
 
 
 
 
 
 
Large accelerated filer  
☐
Accelerated Filer
☐
Non-accelerated filer
☐
Smaller reporting company  
☒
(Do not check if a smaller reporting company)                                                                                      
Emerging Growth Company ☐
 
If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  
Yes ☐     No ☒
 
As of May 15, 2018, the issuer had outstanding 1,623,817 shares of its Common Stock.
 

 
 
 
PAID, INC.
FORM 10-Q
 
TABLE OF CONTENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 1
 
 
 
 
 
 2
 
 
 
 
 
 
 3
 
 
 
 
 
 
4-13
 
 
 
 
 
13
 
 
 
 
 
17
 
 
 
 
 
17
 
 
 
 
 
 
 
 
 
 
18
 
 
 
 
 
18
 
 
 
 
 
18
 
 
 
 
 
18
 
 
 
 
 
18
 
 
 
 
 
18
 
 
 
 
 
18
 
 
 
 
 

 19
 
 
PART I – FINANCIAL INFORMATION
 
ITEM 1. FINANCIAL STATEMENTS
PAID, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
 
 
 
March 31,
2018
(Unaudited)
 
 
December 31,
2017
(Audited)
 
ASSETS
 
 
 
 
 
 
Current assets:
 
 
 
 
 
 
  Cash and cash equivalents
 $449,482 
 $535,520 
  Accounts receivable, net
  29,404 
  38,287 
  Funds held in trust
  189,577 
  203,170 
  Prepaid expenses and other current assets
  63,980 
  44,088 
  Total current assets
  732,443 
  821,065 
 
    
    
Property and equipment, net
  102,638 
  92,486 
Intangible assets, net
  5,161,023 
  5,502,322 
Goodwill
  10,411,918 
  10,695,120 
Total assets
 $16,408,022 
 $17,110,993 
 
    
    
LIABILITIES AND SHAREHOLDERS' EQUITY
    
    
Current liabilities:
    
    
   Accounts payable
 $634,992 
 $636,997 
  Notes payable
  86,722 
  113,033 
  Related party notes payable
  - 
  30,176 
  Capital leases - current portion
  8,438 
  8,459 
  Accrued expenses
  1,052,695 
  1,066,994 
  Contract liabilities
  262,629 
  279,250 
  Total current liabilities
  2,045,476 
  2,134,909 
Long term liabilities:
    
    
  Capital leases - net of current portion
  19,711 
  22,494 
  Deferred tax liability
  1,236,038 
  1,269,660 
Total liabilities
  3,301,225
  3,427,063 
Commitments and contingencies
    
    
Shareholders' equity:
    
    
  Preferred stock, $0.001 par value, 20,000,000 shares authorized; 3,690,648 and 3,724,547 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively;
  liquidation value of $11,205,591 and $11,301,999 as of March 31, 2018 and December 31, 2017, respectively
  3,691 
  3,725 
  Common stock, $0.001 par value, 25,000,000 shares authorized; 1,648,657 shares issued 1,629,217 shares outstanding at March 31, 2018 and 1,648,657 shares issued and 1,634,122 outstanding at December 31, 2017
  1,649 
  1,649 
  Additional paid-in capital
  68,824,144 
  68,574,974 
  Accumulated other comprehensive income
  603,720 
  975,877 
  Accumulated deficit
  (56,291,892)
  (55,845,766)
Common stock in treasury, at cost;19,440 and 14,535 shares at March 31, 2018 and December 31, 2017, respectively
  (34,515)
  (26,529)
Total shareholders' equity
  13,106,797 
  13,683,930 
 
    
    
Total liabilities and shareholders' equity
 $16,408,022 
 $17,110,993 
 
See accompanying notes to condensed consolidated financial statements
 
PAID, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
 
 
 
Three Months Ended
 
 
 
March 31, 2018
 
 
March 31, 2017
 
Revenues, net
 $1,997,936 
 $1,589,682 
Cost of revenues:
    
    
         Cost of revenues
  1,406,847 
  1,099,160 
         Amortization of acquired technology
  74,622 
  72,843 
         Total cost of revenues
  1,481,469 
  1,172,003 
Gross profit
  516,467 
  417,679 
 
 
 
Operating expenses:
    
    
        Salaries and related
  559,631 
  154,308 
        General and administrative
  333,250 
  332,363 
        Amortization of other acquired intangible assets
  139,690 
  130,226 
 Total operating expenses
  1,032,571 
  616,897 
Loss from operations
  (516,104)
  (199,218)
 
 
 
Other income (expense):
    
    
Interest expense
  (964)
  (2,261)
Other income, net
  - 
  6,895 
Unrealized gain (loss) on stock price guarantee
  8,498 
  (8,339)
Total other income (expense), net
  7,534 
  (3,705)
 
 
 
Loss before provision for income taxes
  (508,570)
  (202,923)
Provision for income taxes
  800 
  450 
Net loss
  (509,370)
  (203,373)
Preferred share redemption discount
  63,244 
  - 
Preferred dividends
  (6,228)
  (6,454)
 
    
    
Net loss available to common stockholders
 $(452,354)
 $(209,827)
 
    
    
Net loss per share – basic and diluted
 $(0.28)
 $(0.13)
Weighted average number of common shares outstanding - basic and diluted
  1,630,580 
  1,648,960 
 
Condensed consolidated statements of comprehensive loss
 
 
 
 
 
 
Net loss
 $(509,370)
 $(203,373)
Other comprehensive loss:
    
    
Foreign currency translation adjustments
  (372,157)
  (3,175)
Comprehensive loss
 $(881,527)
 $(206,548)
 
See accompanying notes to condensed consolidated financial statements
 
 
PAID, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE THREE MONTHS ENDED MARCH 31,
(Unaudited)
 
 
 
2018
 
 
2017
 
Cash flows from operating activities:
 
 
 
 
 
 
  Net loss
 $(509,370)
 $(203,373)
  Adjustments to reconcile net loss to net cash provided by operating activities:
    
    
  Depreciation and amortization
  220,288 
  212,898 
  Share-based compensation
  356,354 
  - 
  Unrealized loss (gain) on stock price guarantee
  (8,498)
  8,339 
  Write-off of other receivables
  - 
  1,040 
  Changes in assets and liabilities:
    
    
  Accounts receivable
  6,772 
  (35,480)
  Prepaid expenses and other current assets
  (10,884)
  (10,711)
  Accounts payable
  11,894 
  52,972 
  Accrued expenses
  (3,188)
  17,268 
  Contract liabilities
  (9,566)
  (155)
  Net cash provided by operating activities
  53,802 
  42,798 
 
    
    
Cash flows from investing activities:
    
    
  Purchase of property and equipment
  (18,756)
  (5,037)
  Net cash used in investing activities
  (18,756)
  (5,037)
 
    
    
Cash flows from financing activities:
    
    
  Payments on capital leases
  (2,024)
  (262)
  Payments on notes payable
  (76,565)
  (7,650)
  Payments on related party note payable
  (29,965)
  (26,290)
  Net cash used in financing activities
  (108,554)
  (34,202)
Effect of exchange rate changes on cash and cash equivalents
  (12,530)
  929 
 
    
    
Net change in cash and cash equivalents
  (86,038)
  4,488 
 
    
    
Cash and cash equivalents, beginning of period
  535,520 
  339,562 
 
    
    
Cash and cash equivalents, end of period
 $449,482 
 $344,050 
 
    
    
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
    
    
Cash paid during the period for:
    
    
  Income taxes
 $800 
 $450 
  Interest
 $964 
 $2,261 
SUPPLEMENTAL DISCLOSURES OF NON-CASH ITEMS
    
    
  Repurchase of preferred and common stock with note payable
 $51,744 
 $- 
 
 
See accompanying notes to condensed consolidated financial statements
 
 
 
PAID, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
March 31, 2018
 
Note 1. Organization and Significant Accounting Policies
 
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 province. The software is designed to integrate with QuickBooks accounting platforms by using our powerful sync engine. We currently offer two versions of the software BeerRun and BeerRun Light which excludes some of the enhanced features of BeerRun without disrupting the core functionality of the software. Additional features include Brewpad and Kegmaster and can be added on to the base product. During 2018, the software will undergo a re-design to create a better user experience.
 
SpiritRun is a product of BeerRun and is designed specifically for distilleries. This product was recently enhanced, and we feel that with additional marketing and visibility in the distillery industry, SpiritRun has the right core resources to be a valuable tool in distilleries around the United States.
 
ShipTime Inc. 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. 
 
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 include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2017 that was filed on March 30, 2018.
 
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 necessarily indicative of the results expected for the full year 2018.
 
On November 9, 2016, the Company’s board of directors agreed to effectuate a reverse split immediately followed by a forward split. The process was completed with FINRA on January 23, 2017. As a result of the split, every ten shares of common stock outstanding prior to the reverse split were consolidated into one share, reducing the number of common shares outstanding on the effective date from 10,989,608 to 1,098,960. All share and per share information in this Form 10-Q have been retroactively adjusted to reflect the reverse stock split.

 
Going Concern and Management's Plan
 
The accompanying unaudited condensed 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, although it has taken significant steps to reduce them. For the three months ended March 31, 2018, the Company reported a net loss of $509,370. The Company has an accumulated deficit of $56,291,892 and has a working capital deficit of $(1,313,033) as of March 31, 2018. These factors raise substantial doubt about the Company’s ability to continue as a going concern.
 
Management feels that the addition of ShipTime’s services will return a valuable impact on the Company’s growth in the near future. The positive cash flow from operations is a significant indicator of our successful transition to the new shipping services. In addition to the existing services provided, ShipTime will launch products that are complementary to the current offerings of AuctionInc, BeerRun and SpiritRun. Combined, the Company believes that all segments of the operations will benefit from ShipTime.
 
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 2018 and will have a positive impact on the Company for 2019 and future years.
 
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 currencies of ShipTime, the Company’s international subsidiary, are in Canadian dollars. Foreign currency denominated assets and liabilities are translated into U.S. dollars using the exchange rates in effect at March 31, 2018. 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 loss.
 
Geographic Concentrations
 
The Company conducts business in the U.S. and Canada. For customers headquartered in their respective countries, the Company derived approximately 94% of its revenues from Canada and 6% from the U.S. during the quarter ended March 31, 2018, compared to 91% from Canada and 9% from the U.S. during the quarter ended March 31, 2017.
 
At March 31, 2018, the Company maintained 98% of its net property and equipment in Canada and the remaining 2% in the U.S.
 
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 flow 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 impairment charges were recognized during the three months ended March 31, 2018 and 2017. There can be no assurance, however, that market conditions will not change or demand for the Company’s services will continue, which could result in impairment of long-lived assets in the future.
 
Revenue Recognition
 
The Company generates revenue principally from fees for coordinating shipping services, sales of shipping calculator subscriptions, brewery management software subscriptions, and client services (See Note 5).
 
 
 
 
 
Earnings (Loss) Per Common Share
 
Basic earnings (loss) per share represent income (loss) available to common stockholders 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 be issued by the Company relate to outstanding stock options and have been excluded from the computation of diluted earnings (loss) per share because they would reduce the reported loss per share and therefore have an anti-dilutive effect.
 
For the three months ended March 31, 2018 and 2017, there were approximately 62,000 and 63,000 dilutive shares that were excluded from the diluted earnings (loss) per share as their effect would have been antidilutive for the periods then ended.
 
The Company computes its loss applicable to common stockholders by adding/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 loss and reports the same on the face of the condensed consolidated statements of operations and comprehensive loss.
 
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 reportable segments are managed separately based on fundamental differences in their operations. At March 31, 2018, the Company operated in the following four reportable segments:
 
a.
Client services
b.
Shipping calculator services
c.
Brewery management software
d.
Shipping coordination and label generation services
 
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 makers are the Chief Executive Officer and Chief Financial Officer.
 
 
The following table compares total revenue for the periods indicated.
 
 
 
Three Months Ended
 
 
 
March 31, 2018
 
 
March 31, 2017
 
Client services
  5,383 
 $13,409 
Shipping calculator services
  48,126 
  56,306 
Brewery management software
  72,063 
  77,841 
Shipping coordination and label generation services
  1,872,364 
  1,442,126 
Total revenues
 $1,997,936 
 $1,589,682 
 
The following table compares total loss from operations for the periods indicated.
 
 
 
Three Months Ended
 
 
 
March 31, 2018
 
 
March 31, 2017
 
Client services
  4,188 
 $10,157 
Shipping calculator services
  (435,259)
  (256,607)
Brewery management software
  (229)
  12,279 
Shipping coordination and label generation services
  (84,805)
  34,953 
Total loss from operations
 $(516,104)
 $(199,218)
 
Reclassification
 
Certain amounts were reclassified in the accompanying condensed consolidated statements of operations and comprehensive loss for the quarter ended March 31, 2017 in order to conform to the current period presentation
 
Recent Accounting Pronouncements
 
In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases”, which requires the lease rights and obligations arising from lease contracts, including existing and new arrangements, to be recognized as assets and liabilities on the balance sheet. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018 with early adoption permitted. While the Company is still evaluating ASU 2016-02, the Company expects the adoption of ASU 2016-02 to have a material effect on the Company’s financial condition due to the recognition of the lease rights and obligations as assets and liabilities. The Company does not expect ASU 2016-02 to have a material effect on the Company’s results of operations and cash flows.
 
In January 2016, the FASB issued ASU 2016-01, “Financial Instruments: Recognition and Measurement of Financial Assets and Financial Liabilities”, which addresses certain aspects of recognition, measurement, presentation and disclosure of financial statements. This guidance will be effective in the first quarter of fiscal year 2019 and early adoption is not permitted. The Company is currently evaluating the impact that this guidance will have on its consolidated financial statements.
 
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. This updated guidance supersedes the current revenue recognition guidance, including industry-specific guidance. The updated guidance introduces a five-step model to achieve its core principal of the entity recognizing revenue to depict the transfer of goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.
 
The updated guidance is effective for interim and annual periods beginning after December 15, 2016, and early adoption is not permitted. In July 2015, the FASB decided to delay the effective date of ASU 2014-09 until December 15, 2017. The FASB also agreed to allow entities to choose to adopt the standard as of the original effective date. On January 1, 2018, the Company elected to adopt the Cumulative-Effect Adjustment method and has determined there is no impact on its consolidated financial statements (see Note 5 for additional details on this implementation and the required disclosures).
 

 
 
In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business”. The amendments in this updated guidance clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of businesses. The guidance in this update is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. The Company adopted ASU 2017-01 as of January 1, 2018, which had no impact on the Company’s financial statements as of and for the three months ended March 31, 2018.
  
In January 2017, the FASB also issued ASU 2017-04, “Intangibles - Goodwill and other (Topic 350): Simplifying the Test for Goodwill Impairment”. The amendments in this Update remove the second step of the current goodwill impairment test. An entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The new guidance does not amend the optional qualitative assessment of goodwill impairment. This guidance is effective for impairment tests in fiscal years beginning after December 15, 2019.
 
Note 2. Accrued Expenses
 
Accrued expenses are comprised of the following:
 
 
 
March 31,
2018
(unaudited)
 
 
December  31, 2017
(audited)
 
Payroll and related costs
 $2,812 
 $3,448 
Royalties
  51,838 
  51,838 
Stock price guarantee
  872,215 
  880,713 
Other
  125,830 
  130,995 
 Total
 $1,052,695 
 $1,066,994 
 
Note 3. Acquisitions and 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.
 
On October 7, 2015, the Company, through a newly formed limited liability company named PAID Run, LLC, entered into an asset purchase agreement to purchase assets related to BeerRun Software and SpiritRun Software and related intellectual property. The purchase price and additional development for these assets was $297,500, which include all of the client lists, along with all rights, benefits and privileges associated with the software and intellectual property, associated contracts, and books and records.
 
On December 30, 2016, the Company completed a merger with ShipTime Inc. and its subsidiary (“ShipTime”) to acquire assets related to the technology, client base and other intellectual property. The Company engaged an outside independent third party valuation firm to assist in establishing a value for the ShipTime acquisition.
 
 
At March 31, 2018 and December 31, 2017, intangible assets consisted of the following:
 
 
 
March 31,
2018
 
 
December 31,
2017
 
Patents
 $16,000 
 $16,000 
Software
  83,750 
  83,750 
Trade Name
  830,681 
  850,311 
Technology
  530,510 
  540,201 
Client list / relationship
  4,876,823 
  4,998,130 
Accumulated amortization
  (1,176,741)
  (986,070)
 
 $5,161,023 
 $5,502,322 
 
Amortization expense of intangible assets for all subsidiaries for the three months ended March 31, 2018, and 2017 was $214,312 and $203,070, respectively.
 
Goodwill
 
Goodwill represents the excess of the purchase price of the acquired business over the estimated fair value of the underlying net tangible and intangible assets acquired. In the event the Company determines that the value of goodwill has become impaired, it will incur an accounting charge for the amount of the impairment during the fiscal quarter in which the determination is made. None of the goodwill is expected to be deductible for income tax purposes.
 
For the three months ended March 31, 2018, goodwill activity was as follows:
 
 
 
For the Three Months
Ended March 31,
 
 
 
2018
 
Beginning Balance
 $10,695,120
Effect of exchange rate changes
 (283,202)
Ending Balance
 $10,411,918 
 
Note 4. Commitments and Contingencies
 
Notes Payable
 
In 2017, the Company entered into two notes payable with a shareholder to repurchase common and preferred shares. The first note is for a period of one year for CAD $120,000 with payment terms of twelve equal installments of CAD $10,328 at an interest rate of 6%. The second note is an interest-free seven-month note for CAD $70,992 with payment terms of one payment of CAD $10,000 followed by six equal installments of CAD $10,165.
 
In January 2018, the Company entered into a note payable with a shareholder to repurchase common and preferred shares. The note is an interest-free eightmonth note for CAD $66,708 with payment terms of one payment of CAD $10,000 followed by eight equal installments of CAD $8,101.
 
The balance of the notes on March 31, 2018 is USD $86,722. All outstanding notes are expected to be paid in full in the third quarter of 2018.
 
Related Party Note Payable
 
In June 2017, the Company agreed to make monthly payments of $5,000 CAD to related parties for seven months followed by monthly payments of $15,000 CAD with one final payment in March 2018. As of March 31, 2018, the note was paid in full.
 
 
Stock Price Guarantee
 
In connection with the Company’s advance royalties with a client, the Company guaranteed that shares of common stock would sell for at least $60.00 per share as adjusted for the reverse stock split.  If the shares are not at the required $60.00 per share when they are sold, the Company has the option of issuing additional shares at their fair value or making cash payments for the difference between the guaranteed price per share and the fair value of the stock.  As of March 31, 2018 and December 31, 2017, the maximum value of the stock price guarantee was $872,215 and $880,713, respectively, as the Company’s stock price was below $60.00 per share at March 31, 2018 and December 31, 2017, although some or all of the stock may already be sold and no longer subject to a guaranty and any required payment would be disputed by the Company. For the three months ended March 31, 2018 and 2017, the Company recorded an unrealized gain (loss) on stock price guarantee of $8,498 and ($8,339), respectively.
 
Legal Matters
 
In the normal course of business, the Company periodically becomes involved in litigation. As of March 31, 2018, in the opinion of management, the Company had no pending litigation that would have a material adverse effect on the Company's consolidated financial position, results of operations, or cash flows.
 
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 leases, the Company has agreed to indemnify its lessors 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 agreements. 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 5. Revenue from Contracts with Customers
 
Revenue Recognition
 
In May 2014, the FASB issued Accounting Standards Update ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which modifies how all entities recognize revenue. Topic 606 introduces a five-step model to achieve its core principle of the entity recognizing revenue to depict the transfer of goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.  We adopted Topic 606 on January 1, 2018 and have evaluated the Company’s current revenue recognition process in comparison to the adoption of Topic 606.  The Company reviewed the principles of Topic 606 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.
 
The Company adopted Topic 606 on January 1, 2018 using the modified retrospective transition method. The adoption of Topic 606 did not have a material effect on the Company’s financial statements or results of operations, and no cumulative catch-up adjustment to the opening balance of retained earnings was required. The Company used the related practical expedients to not disclose the transaction price allocated to remaining unsatisfied obligations and when the Company expects to recognize the related revenue.
 
 
-10-
 
 
Nature of Goods and Services
 
For label generation service revenues the Company recognizes revenue when a customer has successfully prepared a shipping label and had 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. ShipTime, in partnership with the Canadian Federation of Independent Businesses, offers a rebate to its customers. Revenues are recognized net of the rebates, which are held in “funds held in trust” account in the accompanying condensed consolidated balance sheets. The rebate is held in the trust account for twelve months for future use. Rebate revenue is recognized when the rebate is used. All clients 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 month following.
 
Revenue Disaggregation
 
The Company operates in four reportable segments – see Note 2
 
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 shipping calculator services and brewery management software, the Company satisfies its performance obligations over the life of the subscription, typically twelve months or less.
 
The Company has no shipping and handling activities related to contracts with customers.
 
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 and cancellations.
   
 
-11-
 
 
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, we have already collected revenue from the customer at the time we have satisfied our performance obligation. Accordingly, our contract assets consist of only a small balance of accounts receivable, totaling $29,404 and $38,287 as of March 31, 2018 and December 31, 2017, respectively. Generally, we do not have material amounts of other 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 $262,629 and $279,250 at March 31, 2018 and December 31, 2017, respectively.
 
Practical Expedients and Exemptions
 
The Company has elected the following practical expedients allowed under Topic 606:
 
● 
Payment terms with the Company’s customers, which are one year or less, are not considered a significant financing component.
 
● 
The Company’s performance obligations on its orders are generally satisfied within one year from a given reporting date and, therefore, the Company has omitted disclosure of the transaction price allocated to remaining performance obligations on open orders.
 
Note 6. Shareholder’s Equity
 
Preferred Stock
 
                On December 19, 2016, the Company filed an amendment to its Certificate of Incorporation to authorize the issuance of 20,000,000 shares of blank-check preferred stock at $0.001 par value, of which 3,825,000 shares have been reserved for future issuance. 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 holders have no voting rights and have an aggregate liquidation value of $11,205,591 at March 31, 2018. The Series A Preferred Stock also carries a coupon payment obligation of 1.5% per year calculated by taking the 30-day average closing price for an equal number of shares of common stock for the month immediately preceding the coupon payment date, which is made annually. Payout of the coupon may be made out of existing cash or in shares of Series A Preferred stock of the Company. For the three-month periods ended March 31, 2018 and 2017, the estimated portion of the annual coupon is $6,228 and $6,454, respectively, which has been added to the liquidation value of the preferred stock as the Company does not anticipate paying the coupon in cash. The Series A Preferred Stock have no voting or conversion rights. If purchased, redeemed, or otherwise acquired (other than conversion), the preferred stock may be reissued.
 
Common Stock
 
In November 2016, the majority shareholders approved an amendment to the Company’s Certificate of Incorporation to increase the Company’s authorized shares of common stock from 1,100,000 to 25,000,000, to issue up to 2,000,000 shares of blank check preferred stock and to make effective, a reverse stock split at a range of 1 for 500 through 1 for 3,000 immediately followed by a forward split of the outstanding common stock at an exchange rate of 50 for 1 through 300 for 1 to reduce the number of authorized shares of the Company’s common stock, subject to the Board of Directors’ discretion.
 
In January 2017, the Company completed a reverse split of 1-for-3,000 immediately followed by a forward split of 300-for-1. As a result of the split every ten shares of common stock outstanding were consolidated into one share, reducing the number of common shares outstanding on the effective date from 10,989,608 to 1,098,960. All share and per share information on this Form 10-Q have been retroactively adjusted to reflect the reverse stock split.
 
The Company has authorized and reserved for future issuance 495,280 shares of common stock and 3,446,824 shares of preferred stock with respect to the remaining exchangeable shares to be issued as a result of the ShipTime acquisition.
 
 
-12-
 
 
Share Repurchase
 
During 2017, the Company entered into three agreements to repurchase exchangeable shares of ShipTime common stock. Each ShipTime exchangeable share exchanges into 311 preferred shares and 45 common shares of the Company. The total shares exchanged in these transactions were 14,535 common shares and 100,453 preferred shares. The allocated discount on the repurchase of the preferred stock was $1.77 per share of preferred stock and has been recorded in accumulated deficit, and was added to the net loss available to common stockholders in accordance with ASC 260-10-S99-2. The repurchase of the common shares was recorded at an allocated cost of $1.83 per share.
 
In January 2018, the Company entered into an agreement to repurchase 109 exchangeable shares of ShipTime common stock. The total shares exchanged in this transaction was 4,905 common shares and 33,899 preferred shares of the Company. The allocated discount on the repurchase of the preferred stock was $1.87 per share and has been recorded in accumulated deficit, and was added to the net loss available to common stockholders. The repurchase of the common shares was recorded at an allocated cost of $1.59 per share.
 
Share-based Incentive Plans
 
During the period ended March 31, 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. The Company granted 183,700 stock options to employees and consultants during the three months ended March 31, 2018. The options have vesting periods of immediately and over a two-year period, they expire if not exercised within ten years from grant date, and the exercise price is $4.10 per share. As a result of the issuance, the Company recorded share-based compensation expense of $356,354 during the quarter ended March 31, 2018.
 
Note 7. Subsequent Events
 
The Company has evaluated subsequent events through the filing date of this Form 10-Q, and has determined that no subsequent events have occurred that would require recognition in the condensed consolidated financial statements or disclosure in the notes thereto, other than as disclosed herein.
 
ITEM 2.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 
Forward Looking Statements
 
This Quarterly Report on Form 10-Q contains certain forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934) regarding PAID, Inc. (the “Company”) and its business, financial condition, results of operations and prospects. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates", "could", "may", "should", "will", "would", and similar expressions or variations of such words are intended to identify forward-looking statements in this report. Additionally, statements concerning future matters such as the development of new services, technology enhancements, purchase of equipment, credit arrangements, possible changes in legislation and other statements regarding matters that are not historical are forward-looking statements.
 
Although forward-looking statements in this quarterly report reflect the good faith judgment of the Company's management, such statements can only be based on facts and factors currently known by the Company. Consequently, forward-looking statements are inherently subject to risks, contingencies and uncertainties, and actual results and outcomes may differ materially from results and outcomes discussed in this report. Although the Company believes that its plans, intentions and expectations reflected in these forward-looking statements are reasonable, the Company can give no assurance that its plans, intentions or expectations will be achieved. For a more complete discussion of these risk factors, see Item 1A, "Risk Factors", in the Company's Form 10-K for the fiscal year ended December 31, 2017 that was filed on March 30, 2018.
 
For example, the Company's ability to achieve positive cash flow and to become profitable may be adversely affected as a result of a number of factors that could thwart its efforts. These factors include the Company's inability to successfully implement the Company's business and revenue model, higher costs than anticipated, the Company's inability to sell its products and services to a sufficient number of customers, the introduction of competing products or services by others, the Company's failure to attract sufficient interest in, and traffic to, its site, the Company's inability to complete development of its products, the failure of the Company's operating systems, and the Company's inability to increase its revenues as rapidly as anticipated. If the Company is not profitable in the future, it will not be able to continue its business operations
 
Except as required by applicable laws, we do not intend to publish updates or revisions of any forward-looking statements we make to reflect new information, future events or otherwise. Readers are urged to review carefully and to consider the various disclosures made by the Company in this Quarterly Report, which attempts to advise interested parties of the risks and factors that may affect our business, financial condition, results of operations and prospects.
 
 
-13-
Overview
 
ShipTime Inc. ShipTime’s platform provides its members with the ability to quote, process, track and dispatch shipments while getting preferred rates on packages and skidded (LTL) freight shipments throughout North America and around the world. In addition to these features, ShipTime also provides what it refers to as “Heroic Multilingual Customer Support.” In this capacity, ShipTime acts as an advocate on behalf of its clients in resolving matters concerning orders and shipping.  With an increasing focus and service offering for e-commerce merchants, which include online shopping carts, inventory management, payment services, client prospecting and retention software, ShipTime can help merchants worldwide grow and scale their businesses. ShipTime generates monthly recurring revenue through transactions and “software as a service” (SAAS) offerings. It currently serves in excess of 30,000 members in North America and has plans to expand its services into Europe and then worldwide.
 
AuctionInc Software. AuctionInc 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 application was designed to focus on real-time carrier calculated shipping rates and tax calculations. The product does have 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. 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 province. The software is designed to integrate with QuickBooks accounting platforms by using our powerful sync engine. We currently offer two versions of the software BeerRun and BeerRun Light which excludes some of the enhanced features of BeerRun without disrupting the core functionality of the software. Additional features include Brewpad and Kegmaster and can be added on to the base product. Craft brewing continues to grow in the United States and we feel that there is considerable potential to grow this portion of our business.
 
Paid products are in development and include PaidCart, PaidApp and PaidWeb. These additional offerings will provide a full e-commerce solution for small businesses.
 
Significant Accounting Policies
 
Our significant accounting policies are more fully described in Note 3 to our consolidated financial statements for the years ended December 31, 2017 and 2016 included in our Form 10-K filed on March 30, 2018, as updated and amended in Note 1 of the Notes to Condensed Consolidated Financial Statements included herein. In addition, we adopted the new revenue recognition standard on January 1, 2018 as discussed in Note 5 of the Notes to Condensed Consolidated Financial Statements with no effect to current or past amounts recognized as revenue. However, certain of our accounting policies, most notably with respect to revenue recognition, are particularly important to the portrayal of our financial position and results of operations and require the application of significant judgment by our management; as a result, they are subject to an inherent degree of uncertainty. In applying these policies, our management makes estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures. Those estimates and judgments are based upon our historical experience, the terms of existing contracts, our observance of trends in the industry, information that we obtain from our customers and outside sources, and on various other assumptions that we believe to be reasonable and appropriate under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.
 

 
 
 
-14-
Results of Operations

Comparison of the three months ended March 31, 2018 and 2017.
 
The following discussion compares the Company's results of operations for the three months ended March 31, 2018 with those for the three months ended March 31, 2017. The Company's condensed consolidated financial statements and notes thereto included elsewhere in this quarterly report contain detailed information that should be referred to in conjunction with the following discussion.
 
Revenues
 
The following table compares total revenue for the periods indicated.
 
 
 
Three months Ended March 31,
 
 
 
2018
 
 
2017
 
 
% Change
 
Client services
 $5,383 
 $13,409 
  (60)%
Brewery management software
  72,063 
  77,841 
  (7)%
Shipping coordination and label generation services
  1,872,364 
  1,442,126 
  30%
Shipping calculator services
  48,126 
  56,306 
  (15)%
Total revenues
 $1,997,936 
 $1,589,682 
  26%

Revenues increased 26% in the first quarter primarily from the growth of our shipping coordination and label generation services.
 
Client service revenues decreased $8,026 or 60% to $5,383 in the first quarter of 2018 compared to $13,409 in 2017. This decrease is a result of the diminishing inventory available for sale in our movie poster auctions.
 
Brewery management software revenues decreased $5,778 to $72,063 in 2018 from $77,841 in 2017. The decrease in revenues is due to a reduced number of new clients and an increase in competition.
 
Shipping calculator services revenue decreased $8,180 or 15% to $48,126 in the first quarter of 2018 compared to $56,306 in 2017.  The decrease was primarily due to a decline in new customers and the projected transition to the new e-commerce shopping cart offering.
 
Shipping coordination and label generation service revenues increased $430,238 or 30% to $1,872,364 in the first quarter of 2018 compared to $1,442,126 in 2017. The increase is attributable to the increased marketing for this segment of our business.
 
Gross Profit
 
Gross profit increased $98,788 or 24% in the first quarter of 2018 to $516,467 compared to $417,679 in 2017. Gross margin remains at 26% for the first quarter of 2018. The gross margin remains unchanged as a result of the fixed markups on shipping coordination and label generation services that the Company offers.
 
Operating Expenses
 
Total operating expenses in the first quarter 2018 were $1,032,571 compared to $616,897 in the first quarter of 2017, an increase of $415,674 or 67%. The increase is due to the growth in personnel in addition to the option compensation of $356,354 in the first quarter of 2018.
 
 
 
-15-
Other Income/Expense, net
 
Net other income (expense) in the first quarter of 2018 was $7,534 compared to ($3,705) in the same period of 2017, a change of $11,239. This is primarily attributable to the unrealized gain on stock price guarantee of $8,498 in the first quarter of 2018 compared to a loss of $8,339 in the same period of 2017.
 
Net Loss
 
The Company realized a net loss in the first quarter of 2018 of ($509,370) compared to a net loss of ($203,373) for the same period in 2017. The net loss available to common stockholders for the first quarter of 2018 and 2017 represent ($0.28) and ($0.13) per share, respectively.
 
Cash Flows from Operating Activities
 
A summarized reconciliation of the Company's net loss to cash and cash equivalents provided by operating activities for the three months ended March 31, 2018 and 2017 is as follows:
 
 
 
 2018
 
 
 2017
 
Net loss
 $(509,370)
 $(203,373)
Depreciation and amortization
  220,288 
  212,898 
Share-based compensation
  356,354 
  - 
Unrealized loss (gain) on stock price guarantee
  (8,498)
  8,339 
Write-off of other receivable
  - 
  1,040 
Changes in current assets and liabilities
  (4,972)
  23,894 
Net cash provided by operating activities
 $53,802 
 $42,798 
 
Working Capital and Liquidity
 
The Company had cash and cash equivalents of $449,482 at March 31, 2018, compared to $535,520 at December 31, 2017. The Company had a negative working capital of $1,313,033 at March 31, 2018, an improvement of $811 compared to $1,313,844 at December 31, 2017. The decrease in working capital deficit is attributable to the improved revenues and expense management associated with ShipTime Canada. The decrease to the cash and cash equivalents is due to an increase in expenses in addition to the cash used in the repurchase of common and preferred shares.
 
The Company may need an infusion of additional capital to fund anticipated operating costs over the next 12 months, however, management believes that the Company has adequate cash resources to fund operations. There can be no assurance that anticipated growth will occur, and that the Company will be successful in launching new products and services. If necessary, management will seek alternative sources of capital to support operations.
 
 
-16-
 
ITEM 3.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

As a smaller reporting company, the Company is not required to provide the information for this Item 3.
 
ITEM 4.
CONTROLS AND PROCEDURES
 
Evaluation of Disclosure Controls and Procedures
 
The Company's management, including the Chief Executive Officer of the Company and the Chief Financial Officer of the Company, as its principal financial officers have evaluated the effectiveness of the Company's “disclosure controls and procedures,” as such term is defined in Rule 13a-15(e) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).  Based upon this evaluation, the Chief Executive Officer, and Chief Financial Officer both have concluded that, as of March 31, 2018, the Company's disclosure controls and procedures were not effective, due to material weaknesses in internal control over financial reporting, for the purpose of ensuring that the information required to be disclosed in the reports that the Company files or submits under the Exchange Act with the Securities and Exchange Commission is recorded, processed, summarized and reported within the time period specified by the Securities and Exchange Commission's rules and forms, and is accumulated and communicated to the Company's management, including its principal executive and financial officers, as appropriate to allow timely decisions regarding required disclosure.
 
The Company has identified six material weaknesses in internal control over financial reporting as described in the Company's Form 10-K for the year ended December 31, 2017.
 
Changes in Internal Control over Financial Reporting
 
There was no change in our internal control over financial reporting during the quarter ended March 31, 2018 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
 
 
 
-17-
PART II - OTHER INFORMATION
 
ITEM 1.     LEGAL PROCEEDINGS
 
In the normal course of business, the Company periodically becomes involved in litigation.  As of March 31, 2018, in the opinion of management, the Company had no material pending litigation other than ordinary litigation incidental to the business.
 
ITEM 1A.     RISK FACTORS
 
There are no material changes for the risk factors previously disclosed on Form 10-K for the year ended December 31, 2017.
 
ITEM 2.     UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
 
There were no issuances of unregistered securities during the three months ended March 31, 2018.
 
ITEM 3.     DEFAULTS UPON SENIOR SECURITIES
 
None.
 
ITEM 4.     MINE SAFETY DISCLOSURES
 
Not Applicable.
 
ITEM 5.     OTHER INFORMATION
 
None.
 
ITEM 6.     EXHIBITS
 
CEO Certification required under Section 302 of Sarbanes-Oxley Act of 2002
CFO Certification required under Section 302 of Sarbanes-Oxley Act of 2002
CEO and CFO Certification required under Section 906 of Sarbanes-Oxley Act of 2002
101.
INS XBRL Instance Document (filed herewith)
101.
SCH XBRL Taxonomy Extension Schema (filed herewith)
101.
CAL XBRL Taxonomy Extension Calculation Linkbase (filed herewith)
101.
DEF XBRL Taxonomy Extension Definition Linkbase (filed herewith)
101.
LAB XBRL Taxonomy Extension Label Linkbase (filed herewith)
101.
PRE XBRL Taxonomy Extension Presentation Linkbase (filed herewith)
 
 
-18-
 
SIGNATURES
 
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
 
 
PAID, INC.
 
 
 
 
 
 
 
 
 
By:
/s/ Allan Pratt
 
 
 
Allan Pratt, Chief Executive Officer
 
 
 
By:
/s/ W. Austin Lewis IV
 
Date: May 15, 2018
 
 
W. Austin Lewis, IV, Chief Financial Officer
 
 
 
 
 
 
 
 
-19-
LIST OF EXHIBITS
 
Exhibit No.
 
Description
 
CEO Certification required under Section 302 of Sarbanes-Oxley Act of 2002
 
CFO Certification required under Section 302 of Sarbanes-Oxley Act of 2002
 
CEO and CFO Certification required under Section 906 of Sarbanes-Oxley Act of 2002
101.INS
 
XBRL Instance Document (filed herewith)
101.SCH
 
XBRL Taxonomy Extension Schema (filed herewith)
101.CAL
 
XBRL Taxonomy Extension Calculation Linkbase (filed herewith)
101.DEF
 
XBRL Taxonomy Extension Definition Linkbase (filed herewith)
101.LAB
 
XBRL Taxonomy Extension Label Linkbase (filed herewith)
101.PRE
 
XBRL Taxonomy Extension Presentation Linkbase (filed herewith)
 
 
 
 
 
 
 
-20-
 EX-31 2 ex31-1.htm CERTIFICATION PURSUANT TO RULE 13A-14(A)/15D-14(A) CERTIFICATIONS SECTION 302 OF THE SARBANES-OXLY ACT OF 2002 EXHIBIT 31.1
 
EXHIBIT 31.1
 
CERTIFICATION
 
I, Allan Pratt, certify that:
 
1.            
I have reviewed this quarterly report on Form 10-Q of PAID, INC.;
 
2.            
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.            
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
 
4.            
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)) for the Registrant and have:
 
(a) 
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
(b) 
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
(c) 
Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
(d) 
Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
 
5.            
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of Registrant’s board of directors (or persons performing the equivalent functions):
 
(a) 
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Company’s ability to record, process, summarize and report financial information;
 
(b) 
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
 
 
Date: May 15, 2018
/s/ Allan Pratt
Allan Pratt, Chief Executive Officer
 
 
 
 
 
 EX-31.2 3 ex31-2.htm CERTIFICATION PURSUANT TO RULE 13A-14(A)/15D-14(A) CERTIFICATIONS SECTION 302 OF THE SARBANES-OXLY ACT OF 2002 EXHIBIT 31.2
 
EXHIBIT 31.2
 
CERTIFICATION
 
I, W. Austin Lewis, IV, certify that:
 
1.            
I have reviewed this quarterly report on Form 10-Q of PAID, INC.;
 
2.            
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
3.            
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the Registrant as of, and for, the periods presented in this report;
 
4.            
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)) for the Registrant and have:
 
(a) 
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
(b) 
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
(c) 
Evaluated the effectiveness of the Registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
 
(d) 
Disclosed in this report any change in the Registrant’s internal control over financial reporting that occurred during the Registrant’s most recent fiscal quarter (the Registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting; and
 
5.            
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the Registrant’s auditors and the audit committee of Registrant’s board of directors (or persons performing the equivalent functions):
 
(a) 
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information;
 
(b) 
Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant’s internal control over financial reporting.
 
 
Date: May 15, 2018
/s/ W. Austin Lewis, IV
W. Austin Lewis, IV, Chief Financial Officer
(Principal Financial and Accounting Officer)
 
 
 
 
 EX-32 4 ex32.htm CERTIFICATE PURSUANT TO SECTION 18 U.S.C. PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 EXHIBIT 32
 
EXHIBIT 32
 
CERTIFICATION PURSUANT TO
 
18 U.S.C. SECTION 1350,
 
AS ADOPTED PURSUANT TO
 
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
 
In connection with the Quarterly Report of PAID, INC. (the “Company”) on Form 10-Q for the quarter ended March 31, 2018 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, in their capacities as CEO and CFO of the Company, certifies, pursuant to 18 U.S.C. § 1350, as adopted pursuant to § 906 of the Sarbanes-Oxley Act of 2002, that:
 
1.            
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
 
2.            
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
 
 
/s/ Allan Pratt
Allan Pratt, CEO
 
/s/ W. Austin Lewis, IV
W. Austin Lewis, IV, CFO
 
May 15, 2018
 
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Entity Registrant Name PAID INC  
Entity Central Index Key 0001017655  
Current Fiscal Year End Date --12-31  
Entity Filer Category Smaller Reporting Company  
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Mar. 31, 2018  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2018  
Trading Symbol PAYD  
Entity Common Stock, Shares Outstanding   1,623,817
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Mar. 31, 2018
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Accounts receivable, net 29,404 38,287
Funds held in trust 189,577 203,170
Prepaid expenses and other current assets 63,980 44,088
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Property and equipment, net 102,638 92,486
Intangible assets, net 5,161,023 5,502,322
Goodwill 10,411,918 10,695,120
Total assets 16,408,022 17,110,993
Current liabilities:    
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Note payable 86,722 113,033
Related party notes payable 0 30,176
Capital leases - current portion 8,438 8,459
Accrued expenses 1,052,695 1,066,994
Contract liabilities 262,629 279,250
Total current liabilities 2,045,476 2,134,909
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Deferred tax liability 1,236,038 1,269,660
Total liabilities 3,301,225 3,427,063
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Additional paid-in capital 68,824,144 68,574,974
Accumulated other comprehensive income 603,720 975,877
Accumulated deficit (56,291,892) (55,845,766)
Common stock in treasury, at cost; 19,440 and 14,535 shares at March 31, 2018 and December 31, 2017, respectively (34,515) (26,529)
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CONDENSED STATEMENTS OF OPERATIONS - USD ($)
 3 Months Ended
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Income Statement [Abstract]    
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Cost of revenues    
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Amortization of acquired technology 74,622 72,843
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Other income (expense):    
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Other income, net 0 6,895
Unrealized (gain) loss on stock price guarantee 8,498 (8,339)
Total other (expense), net 7,534 (3,705)
Loss before provision for income taxes (508,570) (202,923)
Provision for income taxes 800 450
Net loss (509,370) (203,373)
Preferred share redemption discount 63,244 0
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Net loss available to common stockholders $ (452,354) $ (209,827)
Net loss per share – basic and diluted $ (.28) $ (.13)
Weighted average number of common shares outstanding - basic and diluted 1,630,580 1,648,960
Other comprehensive loss:    
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Foreign currency translation adjustments (372,157) (3,175)
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CONDENSED STATEMENTS OF CASH FLOWS - USD ($)
 3 Months Ended
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Mar. 31, 2017
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Share-based compensation 356,354 0
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Changes in assets and liabilities:    
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Prepaid expenses and other current assets (10,884) (10,711)
Accounts payable 11,894 52,972
Accrued expenses (3,188) 17,268
Contract liabilities (9,566) (155)
Net cash provided by operating activities 53,802 42,798
Cash flows from investing activities:    
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Net cash used in investing activities (18,756) (5,037)
Cash flows from financing activities:    
Payments on capital leases (2,024) (262)
Payments on note payable (76,565) (7,650)
Payments on related party note payable (29,965) (26,290)
Net cash used in financing activities (108,554) (34,202)
Effect of exchange rate changes on cash and cash equivalents (12,530) 929
Net change in cash and cash equivalents (86,038) 4,488
Cash and cash equivalents, beginning of period 535,520 339,562
Cash and cash equivalents, end of period 449,482 344,050
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION    
Income taxes 800 450
Interest 964 2,261
SUPPLEMENTAL DISCLOSURES OF NON-CASH ITEMS    
Repurchase of preferred and common stock with note payable $ 51,744 $ 0
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Organization and Significant Accounting Policies
 3 Months Ended
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Accounting Policies [Abstract]  
Organization and Significant Accounting Policies

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 province. The software is designed to integrate with QuickBooks accounting platforms by using our powerful sync engine. We currently offer two versions of the software BeerRun and BeerRun Light which excludes some of the enhanced features of BeerRun without disrupting the core functionality of the software. Additional features include Brewpad and Kegmaster and can be added on to the base product. During 2018, the software will undergo a re-design to create a better user experience.

 

SpiritRun is a product of BeerRun and is designed specifically for distilleries. This product was recently enhanced, and we feel that with additional marketing and visibility in the distillery industry, SpiritRun has the right core resources to be a valuable tool in distilleries around the United States.

 

ShipTime Inc. 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. 

 

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 include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2017 that was filed on March 30, 2018.

 

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 necessarily indicative of the results expected for the full year 2018.

 

On November 9, 2016, the Company’s board of directors agreed to effectuate a reverse split immediately followed by a forward split. The process was completed with FINRA on January 23, 2017. As a result of the split, every ten shares of common stock outstanding prior to the reverse split were consolidated into one share, reducing the number of common shares outstanding on the effective date from 10,989,608 to 1,098,960. All share and per share information in this Form 10-Q have been retroactively adjusted to reflect the reverse stock split.

 

Going Concern and Management's Plan

 

The accompanying unaudited condensed 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, although it has taken significant steps to reduce them. For the three months ended March 31, 2018, the Company reported a net loss of $509,370. The Company has an accumulated deficit of $56,291,892 and has a working capital deficit of $(1,313,033) as of March 31, 2018. These factors raise substantial doubt about the Company’s ability to continue as a going concern.

 

Management feels that the addition of ShipTime’s services will return a valuable impact on the Company’s growth in the near future. The positive cash flow from operations is a significant indicator of our successful transition to the new shipping services. In addition to the existing services provided, ShipTime will launch products that are complementary to the current offerings of AuctionInc, BeerRun and SpiritRun. Combined, the Company believes that all segments of the operations will benefit from ShipTime.

 

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 2018 and will have a positive impact on the Company for 2019 and future years.

 

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 currencies of ShipTime, the Company’s international subsidiary, are in Canadian dollars. Foreign currency denominated assets and liabilities are translated into U.S. dollars using the exchange rates in effect at March 31, 2018. 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 loss.

 

Geographic Concentrations

 

The Company conducts business in the U.S. and Canada. For customers headquartered in their respective countries, the Company derived approximately 94% of its revenues from Canada and 6% from the U.S. during the quarter ended March 31, 2018, compared to 91% from Canada and 9% from the U.S. during the quarter ended March 31, 2017.

 

At March 31, 2018, the Company maintained 98% of its net property and equipment in Canada and the remaining 2% in the U.S.

 

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 flow 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 impairment charges were recognized during the three months ended March 31, 2018 and 2017. There can be no assurance, however, that market conditions will not change or demand for the Company’s services will continue, which could result in impairment of long-lived assets in the future.

 

Revenue Recognition

 

The Company generates revenue principally from fees for coordinating shipping services, sales of shipping calculator subscriptions, brewery management software subscriptions, and client services (See Note 5).

 

Earnings (Loss) Per Common Share

 

Basic earnings (loss) per share represent income (loss) available to common stockholders 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 be issued by the Company relate to outstanding stock options and have been excluded from the computation of diluted earnings (loss) per share because they would reduce the reported loss per share and therefore have an anti-dilutive effect.

 

For the three months ended March 31, 2018 and 2017, there were approximately 62,000 and 63,000 dilutive shares that were excluded from the diluted earnings (loss) per share as their effect would have been antidilutive for the periods then ended.

 

The Company computes its loss applicable to common stockholders by adding/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 loss and reports the same on the face of the condensed consolidated statements of operations and comprehensive loss.

 

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 reportable segments are managed separately based on fundamental differences in their operations. At March 31, 2018, the Company operated in the following four reportable segments:

 

a. Client services
b. Shipping calculator services
c. Brewery management software
d. Shipping coordination and label generation services
         

 

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 makers are the Chief Executive Officer and Chief Financial Officer.

 

The following table compares total revenue for the periods indicated.

  Three Months Ended  
  March 31, 2018   March 31, 2017  
Client services $ 5,383     $ 13,409    
Shipping calculator services 48,126     56,306    
Brewery management software 72,063     77,841    
Shipping coordination and label generation services 1,872,364     1,442,126    
Total revenues $    1,997,936     $     1,589,682    

 

The following table compares total loss from operations for the periods indicated.

  Three Months Ended  
  March 31, 2018   March 31, 2017  
Client services $ 4,188     $ 10,157    
Shipping calculator services (435,259 )   (256,607)    
Brewery management software (229 )   12,279    
Shipping coordination and label generation services (84,805 )   34,953    
Total loss from operations $    (516,104 )   $    (199,218)    

 

Reclassification

 

Certain amounts were reclassified in the accompanying condensed consolidated statements of operations and comprehensive loss for the quarter ended March 31, 2017 in order to conform to the current period presentation

 

Recent Accounting Pronouncements

 

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases”, which requires the lease rights and obligations arising from lease contracts, including existing and new arrangements, to be recognized as assets and liabilities on the balance sheet. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018 with early adoption permitted. While the Company is still evaluating ASU 2016-02, the Company expects the adoption of ASU 2016-02 to have a material effect on the Company’s financial condition due to the recognition of the lease rights and obligations as assets and liabilities. The Company does not expect ASU 2016-02 to have a material effect on the Company’s results of operations and cash flows.

 

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments: Recognition and Measurement of Financial Assets and Financial Liabilities”, which addresses certain aspects of recognition, measurement, presentation and disclosure of financial statements. This guidance will be effective in the first quarter of fiscal year 2019 and early adoption is not permitted. The Company is currently evaluating the impact that this guidance will have on its consolidated financial statements.

 

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. This updated guidance supersedes the current revenue recognition guidance, including industry-specific guidance. The updated guidance introduces a five-step model to achieve its core principal of the entity recognizing revenue to depict the transfer of goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

 

The updated guidance is effective for interim and annual periods beginning after December 15, 2016, and early adoption is not permitted. In July 2015, the FASB decided to delay the effective date of ASU 2014-09 until December 15, 2017. The FASB also agreed to allow entities to choose to adopt the standard as of the original effective date. On January 1, 2018, the Company elected to adopt the Cumulative-Effect Adjustment method and has determined there is no impact on its consolidated financial statements (see Note 5 for additional details on this implementation and the required disclosures).

 

In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business”. The amendments in this updated guidance clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of businesses. The guidance in this update is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. The Company adopted ASU 2017-01 as of January 1, 2018, which had no impact on the Company’s financial statements as of and for the three months ended March 31, 2018.

 

In January 2017, the FASB also issued ASU 2017-04, “Intangibles - Goodwill and other (Topic 350): Simplifying the Test for Goodwill Impairment”. The amendments in this Update remove the second step of the current goodwill impairment test. An entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The new guidance does not amend the optional qualitative assessment of goodwill impairment. This guidance is effective for impairment tests in fiscal years beginning after December 15, 2019.
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.8.0.1
Accrued Expenses
 3 Months Ended
Mar. 31, 2018
Payables and Accruals [Abstract]  
Accrued Expenses

Accrued expenses are comprised of the following:

 

   

March 31,

2018

(unaudited)

    

December  31, 2017

(audited)

  
Payroll and related costs   $ 2,812     $ 3,448  
Royalties     51,838       51,838  
Stock price guarantee     872,215       880,713  
Other     125,830       130,995  
 Total   $ 1,052,695     $ 1,066,994  

 
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.8.0.1
Acquisition and Intangible Assets
 3 Months Ended
Mar. 31, 2018
Intangible Assets  
Acquisitions and 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.

 

On October 7, 2015, the Company, through a newly formed limited liability company named PAID Run, LLC, entered into an asset purchase agreement to purchase assets related to BeerRun Software and SpiritRun Software and related intellectual property. The purchase price and additional development for these assets was $297,500, which include all of the client lists, along with all rights, benefits and privileges associated with the software and intellectual property, associated contracts, and books and records.

 

On December 30, 2016, the Company completed a merger with ShipTime Inc. and its subsidiary (“ShipTime”) to acquire assets related to the technology, client base and other intellectual property. The Company engaged an outside independent third party valuation firm to assist in establishing a value for the ShipTime acquisition.

 

At March 31, 2018 and December 31, 2017, intangible assets consisted of the following:

 

   

March 31,

2018

    

December 31,

2017

  
Patents   $ 16,000     $ 16,000  
Software     83,750       83,750  
Trade Name     830,681       850,311  
Technology     530,510       540,201  
Client list / relationship     4,876,823       4,998,130  
Accumulated amortization     (1,176,741 )     (986,070 )
    $  5,161,023     $  5,502,322  

 

Amortization expense of intangible assets for all subsidiaries for the three months ended March 31, 2018, and 2017 was $214,312 and $203,070, respectively.

 

Goodwill

 

Goodwill represents the excess of the purchase price of the acquired business over the estimated fair value of the underlying net tangible and intangible assets acquired. In the event the Company determines that the value of goodwill has become impaired, it will incur an accounting charge for the amount of the impairment during the fiscal quarter in which the determination is made. None of the goodwill is expected to be deductible for income tax purposes.

 

For the three months ended March 31, 2018, goodwill activity was as follows:

 

   For the Three Months Ended March 31,
   2018
Beginning Balance  $10,695,120 
Effect of exchange rate changes   (283,202)
Ending Balance  $10,411,918 

 

 

 
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Notes Payable

 

In 2017, the Company entered into two notes payable with a shareholder to repurchase common and preferred shares. The first note is for a period of one year for CAD $120,000 with payment terms of twelve equal installments of CAD $10,328 at an interest rate of 6%. The second note is an interest-free seven-month note for CAD $70,992 with payment terms of one payment of CAD $10,000 followed by six equal installments of CAD $10,165.

 

In January 2018, the Company entered into a note payable with a shareholder to repurchase common and preferred shares. The note is an interest-free eightmonth note for CAD $66,708 with payment terms of one payment of CAD $10,000 followed by eight equal installments of CAD $8,101.

 

The balance of the notes on March 31, 2018 is USD $86,722. All outstanding notes are expected to be paid in full in the third quarter of 2018.

 

Related Party Note Payable

 

. In June 2017, the Company agreed to make monthly payments of $5,000 CAD to related parties for seven months followed by monthly payments of $15,000 CAD with one final payment in March 2018. As of March 31, 2018, the note was paid in full.

 

Stock Price Guarantee

 

In connection with the Company’s advance royalties with a client, the Company guaranteed that shares of common stock would sell for at least $60.00 per share as adjusted for the reverse stock split.  If the shares are not at the required $60.00 per share when they are sold, the Company has the option of issuing additional shares at their fair value or making cash payments for the difference between the guaranteed price per share and the fair value of the stock.  As of March 31, 2018 and December 31, 2017, the maximum value of the stock price guarantee was $872,215 and $880,713, respectively, as the Company’s stock price was below $60.00 per share at March 31, 2018 and December 31, 2017, although some or all of the stock may already be sold and no longer subject to a guaranty and any required payment would be disputed by the Company. For the three months ended March 31, 2018 and 2017, the Company recorded an unrealized gain (loss) on stock price guarantee of $8,498 and ($8,339), respectively.

 

Legal Matters

 

In the normal course of business, the Company periodically becomes involved in litigation. As of March 31, 2018, in the opinion of management, the Company had no pending litigation that would have a material adverse effect on the Company's consolidated financial position, results of operations, or cash flows.

 

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 leases, the Company has agreed to indemnify its lessors 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 agreements. 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.

 
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.8.0.1
Revenue from Contracts with Customers
 3 Months Ended
Mar. 31, 2018
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers

Revenue Recognition

 

In May 2014, the FASB issued Accounting Standards Update ASU 2014-09, “Revenue from Contracts with Customers (Topic 606),” which modifies how all entities recognize revenue. Topic 606 introduces a five-step model to achieve its core principle of the entity recognizing revenue to depict the transfer of goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.  We adopted Topic 606 on January 1, 2018 and have evaluated the Company’s current revenue recognition process in comparison to the adoption of Topic 606.  The Company reviewed the principles of Topic 606 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.

 

The Company adopted Topic 606 on January 1, 2018 using the modified retrospective transition method. The adoption of Topic 606 did not have a material effect on the Company’s financial statements or results of operations, and no cumulative catch-up adjustment to the opening balance of retained earnings was required. The Company used the related practical expedients to not disclose the transaction price allocated to remaining unsatisfied obligations and when the Company expects to recognize the related revenue.

 

Nature of Goods and Services

 

For label generation service revenues the Company recognizes revenue when a customer has successfully prepared a shipping label and had a pickup. Customers with pickups after the end of the reporting period are recorded as contract liabilities on the condensed consolidated balance sheet. 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. ShipTime, in partnership with the Canadian Federation of Independent Businesses, offers a rebate to its customers. Revenues are recognized net of the rebates, which are held in “funds held in trust” account in the accompanying condensed consolidated balance sheets. The rebate is held in the trust account for twelve months for future use. Rebate revenue is recognized when the rebate is used. All clients 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 month following.

 

Revenue Disaggregation

 

The Company operates in four reportable segments (see Note 2).

 

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 shipping calculator services and brewery management software, the Company satisfies its performance obligations over the life of the subscription, typically twelve months or less.

 

The Company has no shipping and handling activities related to contracts with customers.

 

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 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, we have already collected revenue from the customer at the time we have satisfied our performance obligation. Accordingly, our contract assets consist of only a small balance of accounts receivable, totaling $29,404 and $38,287 as of March 31, 2018 and December 31, 2017, respectively. Generally, we do not have material amounts of other 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 $262,629 and $279,250 at March 31, 2018 and December 31, 2017, respectively.

 

Practical Expedients and Exemptions

 

The Company has elected the following practical expedients allowed under Topic 606:

 

·           Payment terms with the Company’s customers, which are one year or less, are not considered a significant financing component.

 

·          The Company’s performance obligations on its orders are generally satisfied within one year from a given reporting date and, therefore, the Company has omitted disclosure of the transaction price allocated to remaining performance obligations on open orders.
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.8.0.1
Shareholder's Equity
 3 Months Ended
Mar. 31, 2018
Equity [Abstract]  
Shareholder's Equity

Preferred Stock

 

                On December 19, 2016, the Company filed an amendment to its Certificate of Incorporation to authorize the issuance of 20,000,000 shares of blank-check preferred stock at $0.001 par value, of which 3,825,000 shares have been reserved for future issuance. 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 holders have no voting rights and have an aggregate liquidation value of $11,205,591 at March 31, 2018. The Series A Preferred Stock also carries a coupon payment obligation of 1.5% per year calculated by taking the 30-day average closing price for an equal number of shares of common stock for the month immediately preceding the coupon payment date, which is made annually. Payout of the coupon may be made out of existing cash or in shares of Series A Preferred stock of the Company. For the three-month periods ended March 31, 2018 and 2017, the estimated portion of the annual coupon is $6,228 and $6,454, respectively, which has been added to the liquidation value of the preferred stock as the Company does not anticipate paying the coupon in cash. The Series A Preferred Stock have no voting or conversion rights. If purchased, redeemed, or otherwise acquired (other than conversion), the preferred stock may be reissued.

 

Common Stock

 

In November 2016, the majority shareholders approved an amendment to the Company’s Certificate of Incorporation to increase the Company’s authorized shares of common stock from 1,100,000 to 25,000,000, to issue up to 2,000,000 shares of blank check preferred stock and to make effective, a reverse stock split at a range of 1 for 500 through 1 for 3,000 immediately followed by a forward split of the outstanding common stock at an exchange rate of 50 for 1 through 300 for 1 to reduce the number of authorized shares of the Company’s common stock, subject to the Board of Directors’ discretion.

 

In January 2017, the Company completed a reverse split of 1-for-3,000 immediately followed by a forward split of 300-for-1. As a result of the split every ten shares of common stock outstanding were consolidated into one share, reducing the number of common shares outstanding on the effective date from 10,989,608 to 1,098,960. All share and per share information on this Form 10-Q have been retroactively adjusted to reflect the reverse stock split.

 

The Company has authorized and reserved for future issuance 495,280 shares of common stock and 3,446,824 shares of preferred stock with respect to the remaining exchangeable shares to be issued as a result of the ShipTime acquisition.

 

Share Repurchase

 

During 2017, the Company entered into three agreements to repurchase exchangeable shares of ShipTime common stock. Each ShipTime exchangeable share exchanges into 311 preferred shares and 45 common shares of the Company. The total shares exchanged in these transactions were 14,535 common shares and 100,453 preferred shares. The allocated discount on the repurchase of the preferred stock was $1.77 per share of preferred stock and has been recorded in accumulated deficit, and was added to the net loss available to common stockholders in accordance with ASC 260-10-S99-2. The repurchase of the common shares was recorded at an allocated cost of $1.83 per share.

 

In January 2018, the Company entered into an agreement to repurchase 109 exchangeable shares of ShipTime common stock. The total shares exchanged in this transaction was 4,905 common shares and 33,899 preferred shares of the Company. The allocated discount on the repurchase of the preferred stock was $1.87 per share and has been recorded in accumulated deficit, and was added to the net loss available to common stockholders. The repurchase of the common shares was recorded at an allocated cost of $1.59 per share.

 

Share-based Incentive Plans

During the period ended March 31, 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. The Company granted 183,700 stock options to employees and consultants during the three months ended March 31, 2018. The options have vesting periods of immediately and over a two-year period, they expire if not exercised within ten years from grant date, and the exercise price is $4.10 per share. As a result of the issuance, the Company recorded share-based compensation expense of $356,354 during the quarter ended March 31, 2018.
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.8.0.1
Subsequent Events
 3 Months Ended
Mar. 31, 2018
Subsequent Events [Abstract]  
Subsequent Events

The Company has evaluated subsequent events through the filing date of this Form 10-Q, and has determined that no subsequent events have occurred that would require recognition in the condensed consolidated financial statements or disclosure in the notes thereto, other than as disclosed herein.

 
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.8.0.1
Organization and Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2018
Accounting Policies [Abstract]  
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 include all of the information and footnotes required by GAAP for complete financial statements and should be read in conjunction with the Company's audited consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2017 that was filed on March 30, 2018.

 

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 necessarily indicative of the results expected for the full year 2018.

 

On November 9, 2016, the Company’s board of directors agreed to effectuate a reverse split immediately followed by a forward split. The process was completed with FINRA on January 23, 2017. As a result of the split, every ten shares of common stock outstanding prior to the reverse split were consolidated into one share, reducing the number of common shares outstanding on the effective date from 10,989,608 to 1,098,960. All share and per share information in this Form 10-Q have been retroactively adjusted to reflect the reverse stock split.
Going Concern And Management Plan

The accompanying unaudited condensed 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, although it has taken significant steps to reduce them. For the three months ended March 31, 2018, the Company reported a net loss of $509,370. The Company has an accumulated deficit of $56,291,892 and has a working capital deficit of $(1,313,033) as of March 31, 2018. These factors raise substantial doubt about the Company’s ability to continue as a going concern.

 

Management feels that the addition of ShipTime’s services will return a valuable impact on the Company’s growth in the near future. The positive cash flow from operations is a significant indicator of our successful transition to the new shipping services. In addition to the existing services provided, ShipTime will launch products that are complementary to the current offerings of AuctionInc, BeerRun and SpiritRun. Combined, the Company believes that all segments of the operations will benefit from ShipTime.

 

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 2018 and will have a positive impact on the Company for 2019 and future years.
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 currencies of ShipTime, the Company’s international subsidiary, are in Canadian dollars. Foreign currency denominated assets and liabilities are translated into U.S. dollars using the exchange rates in effect at March 31, 2018. 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 loss.
Geographic Concentrations

The Company conducts business in the U.S. and Canada. For customers headquartered in their respective countries, the Company derived approximately 94% of its revenues from Canada and 6% from the U.S. during the quarter ended March 31, 2018, compared to 91% from Canada and 9% from the U.S. during the quarter ended March 31, 2017.

 

At March 31, 2018, the Company maintained 98% of its net property and equipment in Canada and the remaining 2% in the U.S.

 
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 flow 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 impairment charges were recognized during the three months ended March 31, 2018 and 2017. There can be no assurance, however, that market conditions will not change or demand for the Company’s services will continue, which could result in impairment of long-lived assets in the future.
Revenue Recognition

The Company generates revenue principally from fees for coordinating shipping services, sales of shipping calculator subscriptions, brewery management software subscriptions, and client services (See Note 5).
Earnings (Loss) Per Common Share

Basic earnings (loss) per share represent income (loss) available to common stockholders 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 be issued by the Company relate to outstanding stock options and have been excluded from the computation of diluted earnings (loss) per share because they would reduce the reported loss per share and therefore have an anti-dilutive effect.

 

For the three months ended March 31, 2018 and 2017, there were approximately 62,000 and 63,000 dilutive shares that were excluded from the diluted earnings (loss) per share as their effect would have been antidilutive for the periods then ended.

 

The Company computes its loss applicable to common stockholders by adding/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 loss and reports the same on the face of the condensed consolidated statements of operations and comprehensive loss.
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 reportable segments are managed separately based on fundamental differences in their operations. At March 31, 2018, the Company operated in the following four reportable segments:

 

a. Client services
b. Shipping calculator services
c. Brewery management software
d. Shipping coordination and label generation services
         

 

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 makers are the Chief Executive Officer and Chief Financial Officer.

 

The following table compares total revenue for the periods indicated.

  Three Months Ended  
  March 31, 2018   March 31, 2017  
Client services $ 5,383     $ 13,409    
Shipping calculator services 48,126     56,306    
Brewery management software 72,063     77,841    
Shipping coordination and label generation services 1,872,364     1,442,126    
Total revenues $    1,997,936     $     1,589,682    

 

The following table compares total loss from operations for the periods indicated.

  Three Months Ended  
  March 31, 2018   March 31, 2017  
Client services $ 4,188     $ 10,157    
Shipping calculator services (435,259 )   (256,607)    
Brewery management software (229 )   12,279    
Shipping coordination and label generation services (84,805 )   34,953    
Total loss from operations $    (516,104 )   $    (199,218)    
Reclassifications

Certain amounts were reclassified in the accompanying condensed consolidated statements of operations and comprehensive loss for the quarter ended March 31, 2017 in order to conform to the current period presentation
Recent Accounting Pronouncements

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, “Leases”, which requires the lease rights and obligations arising from lease contracts, including existing and new arrangements, to be recognized as assets and liabilities on the balance sheet. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018 with early adoption permitted. While the Company is still evaluating ASU 2016-02, the Company expects the adoption of ASU 2016-02 to have a material effect on the Company’s financial condition due to the recognition of the lease rights and obligations as assets and liabilities. The Company does not expect ASU 2016-02 to have a material effect on the Company’s results of operations and cash flows.

 

In January 2016, the FASB issued ASU 2016-01, “Financial Instruments: Recognition and Measurement of Financial Assets and Financial Liabilities”, which addresses certain aspects of recognition, measurement, presentation and disclosure of financial statements. This guidance will be effective in the first quarter of fiscal year 2019 and early adoption is not permitted. The Company is currently evaluating the impact that this guidance will have on its consolidated financial statements.

 

In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606)”. This updated guidance supersedes the current revenue recognition guidance, including industry-specific guidance. The updated guidance introduces a five-step model to achieve its core principal of the entity recognizing revenue to depict the transfer of goods or services to customers at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.

 

The updated guidance is effective for interim and annual periods beginning after December 15, 2016, and early adoption is not permitted. In July 2015, the FASB decided to delay the effective date of ASU 2014-09 until December 15, 2017. The FASB also agreed to allow entities to choose to adopt the standard as of the original effective date. On January 1, 2018, the Company elected to adopt the Cumulative-Effect Adjustment method and has determined there is no impact on its consolidated financial statements (see Note 5 for additional details on this implementation and the required disclosures).

 

In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805): Clarifying the Definition of a Business”. The amendments in this updated guidance clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of businesses. The guidance in this update is effective for fiscal years beginning after December 15, 2017, and interim periods within those years. The Company adopted ASU 2017-01 as of January 1, 2018, which had no impact on the Company’s financial statements as of and for the three months ended March 31, 2018.

 

In January 2017, the FASB also issued ASU 2017-04, “Intangibles - Goodwill and other (Topic 350): Simplifying the Test for Goodwill Impairment”. The amendments in this Update remove the second step of the current goodwill impairment test. An entity will apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. The new guidance does not amend the optional qualitative assessment of goodwill impairment. This guidance is effective for impairment tests in fiscal years beginning after December 15, 2019.
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.8.0.1
Organization and Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2018
Accounting Policies [Abstract]  
Condensed Income Statement

 

The following table compares total revenue for the periods indicated.

  Three Months Ended  
  March 31, 2018   March 31, 2017  
Client services $ 5,383     $ 13,409    
Shipping calculator services 48,126     56,306    
Brewery management software 72,063     77,841    
Shipping coordination and label generation services 1,872,364     1,442,126    
Total revenues $    1,997,936     $     1,589,682    

 

The following table compares total loss from operations for the periods indicated.

  Three Months Ended  
  March 31, 2018   March 31, 2017  
Client services $ 4,188     $ 10,157    
Shipping calculator services (435,259 )   (256,607)    
Brewery management software (229 )   12,279    
Shipping coordination and label generation services (84,805 )   34,953    
Total loss from operations $    (516,104 )   $    (199,218)    
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.8.0.1
Accrued Expenses (Tables)
 3 Months Ended
Mar. 31, 2018
Payables and Accruals [Abstract]  
Schedule of Accrued Expenses
   

March 31,

2018

(unaudited)

    

December  31, 2017

(audited)

  
Payroll and related costs   $ 2,812     $ 3,448  
Royalties     51,838       51,838  
Stock price guarantee     872,215       880,713  
Other     125,830       130,995  
 Total   $ 1,052,695     $ 1,066,994  
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.8.0.1
Acquisitions and Intangible Assets (Tables)
 3 Months Ended
Mar. 31, 2018
Intangible Assets Tables  
Schedule of Intangible Assets
    March 31,
2018		   December 31,
2017
Patents   $ 16,000     $ 16,000  
Software     83,750       83,750  
Trade Name     830,681       850,311  
Technology     530,510       540,201  
Client list / relationship     4,876,823       4,998,130  
Accumulated amortization     (1,176,741 )     (986,070 )
    $ 5,161,023     $ 5,502,322  
Goodwill activity
   For the Three Months Ended March 31,
   2018
Beginning Balance  $10,695,120 
Effect of exchange rate changes   (283,202)
Ending Balance  $10,411,918 
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.8.0.1
Organization and Significant Accounting Policies (Details) - USD ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Accounting Policies [Line Items]    
Total revenue $ 1,997,936 $ 1,589,682
Total loss from operations (516,104) (199,218)
Client Services [Member]    
Accounting Policies [Line Items]    
Total revenue 5,383 13,409
Total loss from operations 4,188 10,157
Shipping Calculator services [Member]    
Accounting Policies [Line Items]    
Total revenue 48,126 56,306
Total loss from operations (435,259) (256,607)
Brewery Management Software [Member]    
Accounting Policies [Line Items]    
Total revenue 72,063 77,841
Total loss from operations (229) 12,279
Shipping Services [Member]    
Accounting Policies [Line Items]    
Total revenue 1,872,364 1,442,126
Total loss from operations $ (84,805) $ 34,953
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.8.0.1
Organization and Significant Accounting Policies (Details Narrative) - USD ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
Organization And Significant Accounting Policies Details Narrative      
Net loss $ (509,370) $ (203,373)  
Accumulated deficit (56,291,892)   $ (55,845,766)
Cash used in operations $ (86,038) $ 4,488  
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.8.0.1
Accrued Expenses (Details) - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Payables and Accruals [Abstract]    
Payroll and related costs $ 2,812 $ 3,448
Royalties 51,838 51,838
Stock price guarantee 872,215 880,713
Other 125,830 130,995
Total $ 1,052,695 $ 1,066,994
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.8.0.1
Acquisitions and Intangible Assets (Details) - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Intangible Assets Details    
Patents $ 16,000 $ 16,000
Software 83,750 83,750
Trade Name 830,681 850,311
Technology 530,510 540,201
Client list / relationship 4,876,823 4,998,130
Accumulated amortization (1,176,741) (986,070)
Intangible asset, net $ 5,161,023 $ 5,502,322
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.8.0.1
Acquisitions and Intangible Assets (Details 1)
 3 Months Ended
Mar. 31, 2018
USD ($)
Acquisitions And Intangible Assets Details 1  
Beginning Balance $ 10,695,120
Effect of exchange rate changes (283,202)
Ending Balance $ 10,411,918
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.8.0.1
Acquisitions and Intangible Assets (Details Narrative) - USD ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Intangible Assets Details Narrative    
Amortization of Intangible Assets $ 214,312 $ 203,070
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.8.0.1
Commitments and Contingencies (Details Narrative) - USD ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]      
Note Payable $ 86,722   $ 113,033
Stock price guarantee 872,215   $ 880,713
Unrealized loss on stock price guarantee $ 8,498 $ (8,339)  
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.8.0.1
Revenue from Contracts with Customers (Details Narrative) - USD ($)
Mar. 31, 2018
Dec. 31, 2017
Revenue from Contract with Customer [Abstract]    
Contract assets $ 11,657 $ 18,571
Contract Liabilities $ 262,629 $ 279,250
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.8.0.1
Shareholder's Equity (Details Narrative) - USD ($)
 3 Months Ended
Mar. 31, 2018
Mar. 31, 2017
Shareholders Deficit Details Narrative    
Common stock issued 183,700  
Share-based compensation expense $ 356,354 $ 0
Authorized and reserved stock for future issuance 495,280  
Authorized and reserved preferred stock for future issuance 446,824  
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