Usio, Inc: (Nasdaq: USIO), a FinTech and integrated electronic
payment solutions provider, today announced financial results for
the fourth quarter and year 2020, which ended December 31, 2020.
Louis Hoch, President and Chief Executive Officer of Usio, said,
“Fourth quarter results once again illustrated the strength of our
multi-channel distribution strategy and the momentum it is
creating. Revenue growth in the quarter accelerated to 27.4%,
driven primarily by strong growth in our prepaid business, an
increase in card revenues and a one-month contribution from Output
Solutions, which was acquired late in the quarter. This strong
growth also demonstrated the leverage in our model, as gross
profits were up 62.7%, we generated an $800,000 improvement at the
operating income (loss) compared to the same quarter a year ago and
we achieved adjusted EBITDA positive cash flow in Q4. We ended the
year in a strong financial position, which will enable us to
continue to invest in our technology, sales and marketing
initiatives to further capitalize on growth opportunities and drive
shareholder value."
“We are extremely excited by the prospect for even faster growth
in calendar year 2021. Looking across the enterprise, our
PayFac business has inflected with PayFac's single largest
customer/client now rapidly boarding and improved conversion rates
throughout our growing portfolio of ISV relationships. Our Prepaid
business has established a new, higher level of performance, and we
are preparing for the next leg up. Our new line of business, Usio
Output Solutions should significantly add to this year’s
performance, with the opportunity to generate even better
performance through the dynamic cross-selling opportunities it
creates as a complement to our other businesses. And, most
importantly, in our ACH business, our relationships with leading
organizations in fast-growing industries like cryptocurrency should
drive strong growth in our most profitable segment and is back on
track for year-over-year growth in the first quarter of 2021. As a
result, revenues should be up significantly and we should
achieve positive cash flow this year. In each of our segments, our
success stems from our winning formula of innovative technology and
unparalleled service, which continues to provide a differentiated,
competitive advantage across the electronic payments
landscape.”
Fourth Quarter 2020 Financial Summary
Revenues were $9.4 million for the fourth quarter, up
27% compared to $7.4 million in the same period last
year.
|
|
Three Months Ended December 31, |
|
|
|
(in millions, except percentages) |
|
|
|
2020 |
|
2019 |
|
$ Change |
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACH and complementary service
revenue |
|
$ |
2.4 |
|
$ |
2.3 |
|
$ |
0.1 |
|
|
3.3 |
% |
Credit card revenue |
|
|
4.8 |
|
|
4.5 |
|
|
0.3 |
|
|
6.0 |
% |
Prepaid card services
revenue |
|
|
1.0 |
|
|
0.5 |
|
|
0.5 |
|
|
97.5 |
% |
Output solutions revenue |
|
|
1.2 |
|
|
— |
|
|
1.2 |
|
|
100.0 |
% |
Total Revenue |
|
$ |
9.4 |
|
$ |
7.4 |
|
$ |
2.0 |
|
|
27.4 |
% |
Revenue growth was primarily attributable to a
97.5% increase in prepaid revenues, the recognition of
approximately one month of revenues from the Output Solutions
acquisition and continued growth in our card business with PayFac
revenues up 22% from the same period last year.
Gross profits were $2.4 million, up
62.7% from $1.5 million from the same period last
year. Gross margins were 26.0% compared to 20.3% in the
same period last year. Gross margins in the quarter primarily
reflect a shift to a higher proportion of revenues from our more
profitable business lines including strong gross profit performance
from Usio Output Solutions.
The operating loss for the quarter was $0.7 million
compared to an operating loss of approximately $1.5 million in
the same period last year. The improvement in operating performance
primarily reflects the significant increase in gross profits,
slightly offset by an increase in other selling, general and
administrative expenses.
Adjusted EBITDA was a positive $ 0.3 million in the
quarter, an improvement of nearly $900,000 compared to adjusted
EBITDA loss of $0.6 million in the same period a year
ago.
During the quarter, the Company recognized $813,500 of other
income associated with the forgiveness of its PPP loan.
The Company generated positive net income. Net income for
the fourth quarter of 2020 was $0.2 million, or
$0.01 per share and compared to a net loss of
$1.5 million or $0.12 per share for the same period last
year.
Usio continues to be in solid financial condition with $5.0
million in cash and cash equivalents and no significant debt at
December 31, 2020.
Financial Results for Full Year 2020
Revenues for 2020 were $32.3 million, up
14% from $28.2 million for the same period last
year.
|
|
Year Ended December 31, |
|
|
|
(in millions, except percentages) |
|
|
|
2020 |
|
2019 |
|
$ Change |
|
% Change |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACH and complementary service
revenue |
|
$ |
8.5 |
|
$ |
9.3 |
|
$ |
(0.9 |
) |
|
(9.3 |
)% |
Credit card revenue |
|
19.5 |
|
|
17.3 |
|
|
2.1 |
|
|
12.3 |
% |
Prepaid card services
revenue |
|
|
3.2 |
|
|
1.5 |
|
|
1.6 |
|
|
107.3 |
% |
Output solutions revenue |
|
|
1.2 |
|
|
— |
|
|
1.2 |
|
|
100.0 |
% |
Total Revenue |
|
$ |
32.3 |
|
$ |
28.2 |
|
$ |
4.1 |
|
|
14.4 |
% |
Revenue growth was primarily attributable to a 107% increase in
prepaid revenues, incremental revenues from our Output Solutions
acquisition and 12% growth in our card business. ACH and
complimentary service revenues were down due to COVID-19 impacts to
our non-bank consumer lending merchants offset by gains in our
PINLess debit product.
Gross profit for the year ended December 31, 2020 was
$7.4 million, up 24.0% from $5.9 million for the
same period last year. Gross margins were 22.9% for the year
ended December 31, 2020 compared to 21.1% in the same period
last year reflecting an increase in the proportion of revenues
generated from our higher margin operations plus the one-month
impact of the Usio Output Solutions acquisition.
The Company recognized a significant improvement in most of its
profitability metrics. The operating loss for the year ended
December 31, 2020 decreased to $3.8 million compared
to a loss of $5.1 million for the same period of 2019 due to
the increase in gross profits. Adjusted EBITDA for the year ended
December 31, 2020 was a loss of $0.8 million compared to a
loss of $1.7 for the same period in the prior year. Net loss
for the year ended December 31, 2020 was $2.9 million or
$0.19 per share compared to a net loss of $5.1 million or
$0.39 per share in the same period last year.
Conference Call and Webcast
Usio, Inc.'s management will host a conference call with a live
webcast Tuesday March 30, 2021 at 11:00 am Eastern time to
provide a business update. To listen to the conference call,
interested parties within the U.S. should call
+1-844-883-3890. International callers should
call +1-412-317-9246. All callers should ask for the Usio
conference call. The conference call will also be available through
a live webcast, which can be accessed via the company’s website
at www.usio.com/invest.
A replay of the call will be available approximately one hour
after the end of the call through April 13, 2021. The replay
can be accessed via the Company’s website or by
dialing +1-877-344-7529 (U.S.) or
+1-412-317-0088 (international). The replay conference
playback code is 10153201.
About Usio, Inc.
Usio, Inc. (Nasdaq: USIO), a leading FinTech integrated payment
solutions provider, offers a wide range of payment solutions to
merchants, billers, banks, service bureaus, crypto exchanges and
card issuers. The Company operates credit, debit/prepaid, and ACH
payment processing platforms to deliver convenient, world-class
payment solutions and services to their clients. The strength of
the Company lies in its ability to provide tailored solutions for
card issuance, payment acceptance, and bill payments as well as its
unique technology in the prepaid sector. Usio is headquartered in
San Antonio, Texas, and has offices in Austin, Texas and Franklin,
Tennessee, just outside of Nashville.
Websites: www.usio.com, www.singularpayments.com, www.payfacinabox.com, www.akimbocard.com and www.usiooutput.com.
About Non-GAAP Financial Measures
This press release includes non-GAAP financial measures, EBITDA
and adjusted EBITDA, as defined in Regulation G of the Securities
and Exchange Act of 1934, as amended. The Company reports its
financial results in compliance with GAAP, but believes that also
discussing non-GAAP measures provides investors with financial
measures it uses in the management of its business. The Company
defines EBITDA as operating income (loss), before interest, taxes,
depreciation and amortization of intangibles. The Company defines
adjusted EBITDA as EBITDA, as defined above, plus non-cash stock
option costs and certain non-recurring items, such as acquisitions.
These measures may not be comparable to similarly titled measures
reported by other companies. Management uses EBITDA and adjusted
EBITDA as indicators of the Company's operating performance and
ability to fund acquisitions, capital expenditures and other
investments and, in the absence of refinancing options, to repay
debt obligations.
Management believes EBITDA and adjusted EBITDA are helpful to
investors in evaluating the Company's operating performance because
non-cash costs and other items that management believes are not
indicative of its results of operations are excluded. EBITDA and
adjusted EBITDA are supplemental non-GAAP measures, which have
limitations as an analytical tool. Non-GAAP financial measures
should not be considered as a substitute for, or superior to,
measures of financial performance prepared in accordance with GAAP.
Non-GAAP financial measures do not reflect a comprehensive system
of accounting, may differ from GAAP measures with the same names,
and may differ from non-GAAP financial measures with the same or
similar names that are used by other companies. For a description
of our use of EBITDA and adjusted EBITDA, and a reconciliation of
EBITDA and adjusted EBITDA to operating income (loss), see the
section of this press release titled "Non-GAAP Reconciliation."
FORWARD-LOOKING STATEMENTS DISCLAIMER
Except for the historical information contained herein, the
matters discussed in this release include forward-looking
statements which are covered by safe harbors. Those statements
include, but may not be limited to, all statements regarding
management's intent, belief and expectations, such as statements
concerning our future and our operating and growth strategy. These
forward-looking statements are identified by the use of words such
as "believe," "intend," "look forward," "anticipate," "schedule,”
and "expect" among others. Forward-looking statements in this press
release are subject to certain risks and uncertainties inherent in
the Company's business that could cause actual results to vary,
including such risks related to an economic downturn as a result of
the COVID-19 pandemic, the realization of opportunities from the
IMS acquisition, the management of the Company's growth, the loss
of key resellers, the relationships with the Automated
Clearinghouse network, bank sponsors, third-party card processing
providers and merchants, the security of our software, hardware and
information, the volatility of the stock price, the need to obtain
additional financing, risks associated with new tax legislation,
and compliance with complex federal, state and local laws and
regulations, and other risks detailed from time to time in the
Company's filings with the Securities and Exchange Commission
including its annual report on Form 10-K for the fiscal year ended
December 31, 2020. One or more of these factors have affected, and
in the future, could affect the Company’s businesses and financial
results in the future and could cause actual results to differ
materially from plans and projections. The Company believes that
the assumptions underlying the forward-looking statements included
in this release will prove to be accurate. In light of the
significant uncertainties inherent in the forward-looking
statements included herein, the inclusion of such information
should not be regarded as a representation by us or any other
person that the objectives and plans will be achieved. All
forward-looking statements made in this release are based on
information presently available to management. The Company assumes
no obligation to update any forward-looking statements, except as
required by law.
Contact:
Joe Hassett, Investor
Relationsjoeh@gregoryfca.com610-228-2110
USIO, INC.CONSOLIDATED
BALANCE SHEETS
|
|
December 31,2020 |
|
December 31,2019 |
|
ASSETS |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
5,011,132 |
|
$ |
2,137,580 |
|
Accounts receivable, net |
|
|
2,863,638 |
|
|
1,274,001 |
|
Settlement processing
assets |
|
|
43,558,442 |
|
|
38,906,780 |
|
Prepaid card load assets |
|
|
7,610,242 |
|
|
528,434 |
|
Customer deposits |
|
|
1,305,296 |
|
|
— |
|
Inventory |
|
|
176,466 |
|
|
— |
|
Prepaid expenses and
other |
|
|
301,755 |
|
|
183,575 |
|
Current assets before merchant reserves |
|
|
60,826,971 |
|
|
43,030,370 |
|
Merchant reserves |
|
|
8,265,555 |
|
|
10,016,904 |
|
Total current assets |
|
|
69,092,526 |
|
|
53,047,274 |
|
|
|
|
|
|
|
|
|
Property and equipment,
net |
|
|
3,105,926 |
|
|
1,557,521 |
|
|
|
|
|
|
|
|
|
Other assets: |
|
|
|
|
|
|
|
Intangibles, net |
|
|
6,035,761 |
|
|
2,676,427 |
|
Deferred tax asset |
|
|
1,394,000 |
|
|
1,394,000 |
|
Operating lease right-of-use assets |
|
|
2,671,266 |
|
|
2,480,902 |
|
Other assets |
|
|
368,078 |
|
|
404,055 |
|
Total other assets |
|
|
10,469,105 |
|
|
6,955,384 |
|
|
|
|
|
|
|
|
|
Total
Assets |
|
$ |
82,667,557 |
|
$ |
61,560,179 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
|
Accounts payable |
|
$ |
851,349 |
|
$ |
419,849 |
|
Accrued expenses |
|
|
1,463,944 |
|
|
1,360,551 |
|
Operating lease liabilities, current portion |
|
|
346,913 |
|
|
356,184 |
|
Settlement processing obligations |
|
|
43,558,442 |
|
|
38,906,780 |
|
Prepaid card load liabilities |
|
|
7,610,242 |
|
|
528,434 |
|
Customer deposits |
|
|
1,305,296 |
|
|
— |
|
Deferred revenues |
|
|
66,572 |
|
|
123,529 |
|
Current liabilities before
merchant reserve obligations |
|
|
55,202,758 |
|
|
41,695,327 |
|
Merchant reserve obligations |
|
|
8,265,555 |
|
|
10,016,904 |
|
Total current liabilities |
|
|
63,468,313 |
|
|
51,712,231 |
|
|
|
|
|
|
|
|
|
Non-current liabilities: |
|
|
|
|
|
|
|
Operating lease liabilities, non-current portion |
|
|
2,495,883 |
|
|
2,279,613 |
|
Total liabilities |
|
|
65,964,196 |
|
|
53,991,844 |
|
|
|
|
|
|
|
|
|
Stockholders' Equity: |
|
|
|
|
|
|
|
Preferred stock, $0.01 par value, 10,000,000 shares authorized; -0-
shares issued and outstanding in 2020 and 2019 |
|
|
— |
|
|
— |
|
|
|
|
|
|
|
|
|
Common stock, $0.001 par value, 200,000,000 shares authorized;
26,260,776 and 18,224,577 issued and 24,974,995 and 17,104,998
outstanding in 2020 and 2019 |
|
|
194,692 |
|
|
186,656 |
|
Additional paid-in capital |
|
|
89,659,433 |
|
|
77,055,273 |
|
Treasury stock, at cost; 1,285,781 and 1,119,579 shares in 2020 and
2019 |
|
|
(2,165,721 |
) |
|
(1,885,452 |
) |
Deferred compensation |
|
|
(5,926,872 |
) |
|
(5,636,154 |
) |
Accumulated deficit |
|
|
(65,058,171 |
) |
|
(62,151,988 |
) |
Total stockholders' equity |
|
|
16,703,361 |
|
|
7,568,335 |
|
|
|
|
|
|
|
|
|
Total Liabilities and
Stockholders' Equity |
|
$ |
82,667,557 |
|
$ |
61,560,179 |
|
USIO, INC.CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
Three Months Ended (unaudited) |
|
Twelve Months Ended |
|
|
|
December 31,2020 |
|
December 31,2019 |
|
December 31,2020 |
|
December 31,2019 |
|
Revenues |
|
$ |
9,382,514 |
|
$ |
7,367,392 |
|
$ |
32,251,823 |
|
$ |
28,200,535 |
|
Cost of services |
|
|
6,942,841 |
|
|
5,868,176 |
|
|
24,875,930 |
|
|
22,251,325 |
|
Gross profit |
|
|
2,439,673 |
|
|
1,499,216 |
|
|
7,375,893 |
|
|
5,949,210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
|
572,002 |
|
|
337,649 |
|
|
1,475,328 |
|
|
1,292,419 |
|
Other expenses |
|
|
2,183,998 |
|
|
2,095,096 |
|
|
8,139,219 |
|
|
7,697,267 |
|
Depreciation and Amortization |
|
|
357,959 |
|
|
547,229 |
|
|
1,518,214 |
|
|
2,022,520 |
|
Total operating expenses |
|
|
3,113,959 |
|
|
2,979,974 |
|
|
11,132,761 |
|
|
11,012,206 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (loss) |
|
|
(674,286 |
) |
|
(1,480,758 |
) |
|
(3,756,868 |
) |
|
(5,062,996 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
36,592 |
|
|
15,315 |
|
|
59,392 |
|
|
81,790 |
|
PPP Loan forgiveness |
|
|
813,500 |
|
|
— |
|
|
813,500 |
|
|
— |
|
Other income (expense) |
|
|
(10 |
) |
|
(32,838 |
) |
|
902 |
|
|
(32,653 |
) |
Other income and (expense), net |
|
|
850,082 |
|
|
(17,523 |
) |
|
873,794 |
|
|
49,137 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income
taxes |
|
|
175,796 |
|
|
(1,498,281 |
) |
|
(2,883,074 |
) |
|
(5,013,859 |
) |
Income taxes |
|
|
22,784 |
|
|
29,932 |
|
|
23,109 |
|
|
101,888 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
(Loss) |
|
$ |
153,012 |
|
$ |
(1,528,213 |
) |
$ |
(2,906,183 |
) |
$ |
(5,115,747 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (Loss) Per
Share |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic (loss) per common
share: |
|
$ |
0.01 |
|
$ |
(0.12 |
) |
$ |
(0.19 |
) |
$ |
(0.39 |
) |
Diluted (loss) per common
share: |
|
$ |
0.01 |
|
$ |
(0.12 |
) |
$ |
(0.19 |
) |
$ |
(0.39 |
) |
Weighted average common shares
outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
19,940,784 |
|
|
13,086,516 |
|
|
15,428,798 |
|
|
12,958,067 |
|
Diluted |
|
|
19,940,784 |
|
|
13,086,516 |
|
|
15,428,798 |
|
|
12,958,067 |
|
USIO, INC.CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
December 31,2020 |
|
December 31,2019 |
|
Operating Activities |
|
|
|
|
|
|
|
Net (loss) |
|
$ |
(2,906,183 |
) |
$ |
(5,115,747 |
) |
Adjustments to reconcile net
(loss) to net cash provided (used) by operating activities: |
|
|
|
|
|
|
|
Depreciation |
|
|
518,214 |
|
|
1,022,520 |
|
Amortization |
|
|
1,000,000 |
|
|
1,000,000 |
|
Provision for loss on note
receivable |
|
|
— |
|
|
108,750 |
|
Non-cash stock-based
compensation |
|
|
1,475,328 |
|
|
1,292,419 |
|
Amortization of stock warrant
costs |
|
|
35,943 |
|
|
35,940 |
|
Changes in operating assets
and liabilities: |
|
|
|
|
|
|
|
Accounts receivable |
|
|
(905,901 |
) |
|
(59,646 |
) |
Prepaid expenses and other |
|
|
(80,923 |
) |
|
(81,853 |
) |
Operating lease right-to-use assets |
|
|
(190,364 |
) |
|
(2,480,902 |
) |
Other assets |
|
|
35,977 |
|
|
(97,298 |
) |
Inventory |
|
|
(8,328 |
) |
|
— |
|
Accounts payable and accrued expenses |
|
|
534,893 |
|
|
619,505 |
|
Operating lease liabilities |
|
|
206,999 |
|
|
2,635,797 |
|
Prepaid card load obligations |
|
|
7,081,808 |
|
|
(7,045 |
) |
Merchant reserves |
|
|
(1,751,349 |
) |
|
(2,628,899 |
) |
Customer deposits |
|
|
1,305,296 |
|
|
— |
|
Deferred revenue |
|
|
(56,957 |
) |
|
103,529 |
|
Deferred rent |
|
|
— |
|
|
(79,748 |
) |
Net cash provided (used) by
operating activities |
|
|
6,294,453 |
|
|
(3,732,678 |
) |
|
|
|
|
|
|
|
|
Investing
Activities |
|
|
|
|
|
|
|
Purchases of property and
equipment |
|
|
(855,394 |
) |
|
(647,383 |
) |
Purchase of Information
Management Solutions, LLC (IMS) |
|
|
(5,907,408 |
) |
|
— |
|
Net cash (used) by investing
activities |
|
|
(6,762,802 |
) |
|
(647,383 |
) |
|
|
|
|
|
|
|
|
Financing
Activities |
|
|
|
|
|
|
|
Proceeds from PPP Loan
Program |
|
|
813,500 |
|
|
— |
|
Forgiveness of PPP Loan |
|
|
(813,500 |
) |
|
— |
|
Proceeds from public offering,
net of expenses |
|
|
7,257,925 |
|
|
1,793,905 |
|
Proceeds from private
offering |
|
|
3,000,000 |
|
|
— |
|
Purchases of treasury
stock |
|
|
(280,269 |
) |
|
(71,906 |
) |
Net cash provided by financing
activities |
|
|
9,977,656 |
|
|
1,721,999 |
|
|
|
|
|
|
|
|
|
Change in cash, cash
equivalents, prepaid card load assets, customer deposits and
merchant reserves |
|
|
9,509,307 |
|
|
(2,658,062 |
) |
Cash, cash equivalents,
prepaid card load assets, customer deposits and merchant reserves,
beginning of year |
|
|
12,682,918 |
|
|
15,340,980 |
|
|
|
|
|
|
|
|
|
Cash, Cash
Equivalents, Prepaid Card Load Assets, Customer Deposits and
Merchant Reserves, End of Year |
|
$ |
22,192,225 |
|
$ |
12,682,918 |
|
|
|
|
|
|
|
|
|
Supplemental
disclosures of cash flow information |
|
|
|
|
|
|
|
Cash paid during the period
for: |
|
|
|
|
|
|
|
Interest |
|
$ |
- |
|
$ |
- |
|
Income taxes |
|
|
93,525 |
|
|
82,206 |
|
Non-cash transactions: |
|
|
|
|
|
|
|
Issuance of stock warrants in exchange for purchase of IMS |
|
|
552,283 |
|
|
— |
|
Issuance of deferred stock compensation |
|
|
1,937,620 |
|
|
273,000 |
|
USIO, INC.STATEMENT OF
CHANGES in STOCKHOLDERS' EQUITY
|
|
Common Stock |
|
AdditionalPaid- In |
|
Treasury |
|
|
Deferred |
|
|
Accumulated |
|
|
TotalStockholders' |
|
|
|
Shares |
|
Amount |
|
Capital |
|
Stock |
|
|
Compensation |
|
|
Deficit |
|
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December
31, 2018 |
|
17,129,680 |
|
$ |
185,561 |
|
$ |
74,568,627 |
|
$ |
(1,813,546 |
) |
|
$ |
(6,270,675 |
) |
|
$ |
(57,036,241 |
) |
|
$ |
9,633,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock,
public offering |
|
769,230 |
|
|
769 |
|
|
1,793,136 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,793,905 |
|
Issuance of common stock,
employees, restricted |
|
175,000 |
|
|
175 |
|
|
272,825 |
|
|
— |
|
|
|
(273,000 |
) |
|
|
— |
|
|
|
— |
|
Issuance of common stock under
equity incentive plan |
|
156,667 |
|
|
157 |
|
|
397,999 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
398,156 |
|
Reversal of deferred
compensation amortization that did not vest |
|
(6,000 |
) |
|
(6 |
) |
|
(13,254 |
) |
|
— |
|
|
|
13,260 |
|
|
|
— |
|
|
|
— |
|
Warrant compensation cost |
|
— |
|
|
— |
|
|
35,940 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
35,940 |
|
Deferred compensation
amortization |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
894,261 |
|
|
|
— |
|
|
|
894,261 |
|
Purchase of treasury
stock |
|
— |
|
|
— |
|
|
— |
|
|
(71,906 |
) |
|
|
— |
|
|
|
— |
|
|
|
(71,906 |
) |
Net (loss) for the year |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(5,115,747 |
) |
|
|
(5,115,747 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December
31, 2019 |
|
18,224,577 |
|
$ |
186,656 |
|
$ |
77,055,273 |
|
$ |
(1,885,452 |
) |
|
$ |
(5,636,154 |
) |
|
$ |
(62,151,988 |
) |
|
$ |
7,568,335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issuance of common stock under
equity incentive plan |
|
1,956,858 |
|
|
1,958 |
|
|
2,556,087 |
|
|
— |
|
|
|
(1,937,620 |
) |
|
|
— |
|
|
|
620,425 |
|
Warrant compensation cost |
|
— |
|
|
— |
|
|
588,224 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
588,224 |
|
Cashless warrant exercise |
|
27,051 |
|
|
27 |
|
|
(27 |
) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Reversal of deferred
compensation amortization that did not vest |
|
(450,000 |
) |
|
(450 |
) |
|
(791,550 |
) |
|
— |
|
|
|
594,900 |
|
|
|
— |
|
|
|
(197,100 |
) |
Issuance of common stock,
public offering |
|
4,705,883 |
|
|
4,705 |
|
|
7,253,222 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,257,927 |
|
Issuance of common stock,
private offering |
|
1,796,407 |
|
|
1,796 |
|
|
2,998,204 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,000,000 |
|
Deferred compensation
amortization |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
1,052,002 |
|
|
|
— |
|
|
|
1,052,002 |
|
Purchase of treasury
stock |
|
— |
|
|
— |
|
|
— |
|
|
(280,269 |
) |
|
|
— |
|
|
|
— |
|
|
|
(280,269 |
) |
Net (loss) for the year |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(2,906,183 |
) |
|
|
(2,906,183 |
) |
Balance at December
31, 2020 |
|
26,260,776 |
|
$ |
194,692 |
|
$ |
89,659,433 |
|
$ |
(2,165,721 |
) |
|
$ |
(5,926,872 |
) |
|
$ |
(65,058,171 |
) |
|
$ |
16,703,361 |
|
RECONCILIATION OF GAAP TO NON-GAAP
FINANCIAL MEASURES
|
|
Three Months Ended (unaudited) |
|
|
Twelve Months Ended |
|
|
|
December 31,2020 |
|
|
December 31,2019 |
|
|
December 31,2020 |
|
|
December 31,2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation from Operating
(Loss) to Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating (Loss) |
|
$ |
(674,286 |
) |
|
$ |
(1,480,758 |
) |
|
$ |
(3,756,868 |
) |
|
$ |
(5,062,996 |
) |
Depreciation and amortization |
|
|
357,959 |
|
|
|
547,229 |
|
|
|
1,518,214 |
|
|
|
2,022,520 |
|
EBITDA |
|
|
(316,327 |
) |
|
|
(933,529 |
) |
|
|
(2,238,654 |
) |
|
|
(3,040,476 |
) |
Non-cash stock-based
compensation expense, net |
|
|
572,002 |
|
|
|
337,649 |
|
|
|
1,475,328 |
|
|
|
1,292,419 |
|
Adjusted EBITDA |
|
$ |
255,675 |
|
|
$ |
(595,880 |
) |
|
$ |
(763,326 |
) |
|
$ |
(1,748,057 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of Adjusted EBITDA
margins: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ |
9,382,514 |
|
|
$ |
7,367,392 |
|
|
$ |
32,251,823 |
|
|
$ |
28,200,535 |
|
Adjusted EBITDA |
|
|
255,675 |
|
|
|
(595,880 |
) |
|
|
(763,326 |
) |
|
|
(1,748,057 |
) |
Adjusted EBITDA
margins |
|
|
2.7 |
% |
|
|
(8.1 |
)% |
|
|
(2.4 |
)% |
|
|
(6.2 |
)% |
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