Usio Inc
For the period ended Sep 30, 2024. Filed Nov 6, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 6, 2024
USIO$2.96+1.0%Stored close · as of Nov 6, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
INDEX
| Page | ||
|---|---|---|
| PART I – FINANCIAL INFORMATION | 3 | |
| Item 1. | Financial Statements (Unaudited). | 3 |
| Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 | 3 | |
| Condensed Consolidated Statements of Operations for the Three and Nine Months ended September 30, 2024 and 2023 | 4 | |
| Condensed Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2024 and 2023 | 5 | |
| Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months ended September 30, 2024 and 2023 | 6 | |
| Notes to Condensed Consolidated Financial Statements | 7 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations. | 12 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk. | 18 |
| Item 4. | Controls and Procedures. | 18 |
| PART II – OTHER INFORMATION | 19 | |
| Item 1. | Legal Proceedings. | 19 |
| Item 1A. | Risk Factors. | 20 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds. | 20 |
| Item 3. | Defaults Upon Senior Securities. | 20 |
| Item 4. | Mine Safety Disclosures (Not applicable). | 20 |
| Item 5. | Other Information. | 20 |
| Item 6. | Exhibits. | 21 |
PART I –FINANCIAL INFORMATION
Item 1. Financial Statements.
CONDENSED CONSOLIDATED BALANCE SHEETS
| September 30, 2024 | December 31, 2023 | |
|---|---|---|
| (Unaudited) | ||
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $8,392,317 | $7,155,687 |
| Accounts receivable, net | 4,257,022 | 5,564,138 |
| Settlement processing assets | 59,549,564 | 44,899,603 |
| Prepaid card load assets | 22,065,567 | 31,578,973 |
| Customer deposits | 1,824,820 | 1,865,731 |
| Inventory | 400,002 | 422,808 |
| Prepaid expenses and other | 775,310 | 444,071 |
| Current assets before merchant reserves | 97,264,602 | 91,931,011 |
| Merchant reserves | 4,892,601 | 5,310,095 |
| Total current assets | 102,157,203 | 97,241,106 |
| Property and equipment, net | 3,304,601 | 3,660,092 |
| Other assets: | ||
| Intangibles, net | 1,099,373 | 1,753,333 |
| Deferred tax asset, net | 4,690,053 | 1,504,000 |
| Operating lease right-of-use assets | 3,012,779 | 2,420,782 |
| Other assets | 340,285 | 355,357 |
| Total other assets | 9,142,490 | 6,033,472 |
| Total assets | $114,604,294 | $106,934,670 |
| Liabilities and stockholders’ equity | ||
| Current liabilities: | ||
| Accounts payable | $579,618 | $1,031,141 |
| Accrued expenses | 2,879,369 | 3,801,278 |
| Operating lease liabilities, current portion | 553,480 | 633,616 |
| Equipment loan, current portion | 192,206 | 107,270 |
| Settlement processing obligations | 59,549,564 | 44,899,603 |
| Prepaid card load obligations | 22,065,567 | 31,578,973 |
| Customer deposits | 1,824,820 | 1,865,731 |
| Current liabilities before merchant reserve obligations | 87,644,624 | 83,917,612 |
| Merchant reserve obligations | 4,892,601 | 5,310,095 |
| Total current liabilities | 92,537,225 | 89,227,707 |
| Non-current liabilities: | ||
| Equipment loan, net of current portion | 562,923 | 718,980 |
| Operating lease liabilities, net of current portion | 2,573,100 | 1,919,144 |
| Total liabilities | 95,673,248 | 91,865,831 |
| Commitments and contingencies (Note 9) | ||
| Stockholders’ equity: | ||
| Preferred stock, $0.01 par value, 10,000,000 shares authorized; -0- shares outstanding at September 30, 2024 (unaudited) and December 31, 2023, respectively | — | — |
| Common stock, $0.001 par value, 200,000,000 shares authorized; 29,811,487 and 28,671,606 issued, and 27,216,864 and 26,332,523 outstanding at September 30, 2024 (unaudited) and December 31, 2023, respectively | 198,226 | 197,087 |
| Additional paid-in capital | 99,447,552 | 97,479,830 |
| Treasury stock, at cost; 2,594,623 and 2,339,083 shares at September 30, 2024 (unaudited) and December 31, 2023, respectively | (4,755,916) | (4,362,150) |
| Deferred compensation | (7,297,234) | (6,907,775) |
| Accumulated deficit | (68,661,582) | (71,338,153) |
| Total stockholders’ equity | 18,931,046 | 15,068,839 |
| Total liabilities and stockholders’ equity | $114,604,294 | $106,934,670 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.