Upay Inc.
07/14/2026 | Press release | Distributed by Public on 07/14/2026 14:57
Quarterly Report for Quarter Ending May 31, 2026 (Form 10-Q)
Management's Discussion and Analysis of Financial Condition and Results of Operations
FORWARD-LOOKING STATEMENTS
This document contains "forward-looking statements." All statements other than statements of historical fact are forward-looking statements for purposes of federal and state securities laws, including any projections of earnings, revenue or other financial items; statements of the plans, strategies and objectives of management for future operations; statements concerning proposed new services or developments; statements regarding future economic conditions or performance; statements of belief; and statements of assumptions underlying any of the foregoing.
Forward-looking statements may include the words "may," "could," "estimate," "intend," "continue," "believe," "expect" or "anticipate" or other similar words. These forward-looking statements present our estimates and assumptions only as of the date of this report. Except as required by applicable securities laws, we do not intend, and undertake no obligation, to update any forward-looking statement. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed. The factors impacting these risks and uncertainties include, but are not limited to:
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Our results are vulnerable to economic conditions;
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Our ability to raise adequate working capital;
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Loss of customers or sales weakness;
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Inability to achieve sales levels or other operating results;
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The unavailability of funds for expansion purposes;
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Operational inefficiencies; and
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Increased competitive pressures from existing competitors and new entrants.
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Trends and Uncertainties
Our business is subject to the following trends and uncertainties:
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Whether our system will be adaptable to countries other than South Africa;
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Whether we will develop interest in our software system in other countries into which we plan to expand; and
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The level of activity of credit facilities and their need for our software.
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Results of Operations - For the three months ended May 31, 2026 and May 31, 2025
Revenues
Our revenues for the three-month periods ended May 31, 2026 and 2025 were $226,347 and $170,414, respectively, reflecting an increase in revenues of $55,933, which increase is primarily attributable to increased revenue generated from the Company's software development, and an increase in transactional revenue, from new and existing clients in the credit industry in South Africa.
Net Loss
We had net losses of $115,440 and $141,986 for the three months ended May 31, 2026 and 2025, respectively, reflecting a decrease net loss of $26,546, which is primarily attributable to increased revenues and gross profit during the period, partially offset by higher general and administrative expenses.
Expenses
We incurred total expenses of $269,811 and $258,432, respectively, for the three months ended May 31, 2026 and 2025, reflecting an increase in expenses of $11,379, which is primarily attributable to an increase in general and administrative expenses during the period.
Liquidity and Capital Resources
Working Capital
We had negative working capital of $380,139 at May 31, 2026 and negative working capital of $266,715 at our fiscal year end of February 28, 2026, representing a decrease in working capital of $113,424.
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Cash Flows
Our net cash used in operating activities was $74,222 and $130,676 for the three months ended May 31, 2026 and 2025, respectively.
Our net cash used in investing activities was $1,189 and $0, respectively, for the three months ended May 31, 2026 and 2025.
Our net cash provided by financing activities was $75,000 and $120,000 for the three months ended May 31, 2026 and 2025, respectively.
Off-Balance Sheet Arrangements
None.
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Upay Inc. published this content on July 14, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on July 14, 2026 at 20:57 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]