UPAY, Inc. reported a significant decline in its financial performance for the three and nine months ended November 30, 2024, compared to the same periods in the previous fiscal year. The company generated revenue of $150,366 for the third quarter, a decrease of 59.8% from $364,360 in the prior year. For the nine-month period, revenue fell to $575,686, down 45.6% from $1,060,978. The gross profit also decreased, totaling $105,967 for the quarter and $347,576 for the nine months, compared to $196,249 and $575,396, respectively, in the previous year.
The company's total expenses for the third quarter were $256,788, a reduction from $493,669 in the same quarter last year. This reduction was primarily due to lower general and administrative expenses, which amounted to $254,827, down from $491,141. Despite the decrease in expenses, UPAY reported a net loss of $159,184 for the third quarter, compared to a net loss of $302,077 in the same period last year. For the nine-month period, the net loss was $501,185, slightly improved from $508,915 in the previous year.
In terms of strategic developments, UPAY has made organizational changes, including the issuance of common stock for services and cash, which contributed to an increase in additional paid-in capital to $1,283,070 as of November 30, 2024, up from $1,116,590. The company also reported an increase in common stock issuable, which rose to $538,327 from $313,331. These actions are part of UPAY's efforts to strengthen its financial position amid challenging market conditions.
Operationally, UPAY's total assets decreased significantly to $168,801 from $770,340, while total liabilities also fell to $526,366 from $1,025,147. The company’s accumulated deficit increased to $2,124,374, reflecting ongoing losses. The weighted-average common shares outstanding increased to 16,740,856 from 16,242,600, indicating a slight dilution of shares as the company navigates its financial challenges.
Looking ahead, UPAY has not provided specific forward-looking statements regarding its strategic direction or anticipated recovery. However, the company continues to focus on managing its expenses and exploring opportunities for revenue generation as it seeks to stabilize its financial performance in a competitive market environment.
About UPAY
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