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UPAY, Inc. reports modest revenue growth but deeper losses for the year ended February 28, 2026. Revenue rose to $746,311 from $715,269, mainly from South African ACPAS lending software and related fintech services. Gross profit improved to $547,510, but expenses and financing costs more than offset this.
The company recorded a net loss of $1,406,623 versus $540,062 a year earlier, driven largely by a $904,400 loss on settlement of debt and higher interest and general and administrative expenses. UPAY ended the year with a working capital deficit of $266,715, cash of $96,279, and a stockholders’ deficit of $513,858, relying on related-party financing of $320,000 during the year.
Auditors issued a going concern emphasis, citing recurring losses and a significant accumulated deficit of $3,569,874. Management plans to fund roughly $70,000 in estimated monthly cash needs through South African operations and additional financing while pursuing growth in ACPAS, AML GO compliance software, and HUNTPAL’s “Hunt Now–Pay Later” hunting marketplace in South Africa and the United States.
UPAY, Inc. has filed a Form 12b-25 notification stating it cannot timely file its Form 10-Q for the period ended February 28, 2026 because the company's auditor has not completed its review. The company discloses an expected $86,835 decrease in revenues for a referenced three-month period.
UPAY, Inc. reported modestly higher quarterly revenue but a much larger loss for the quarter ended November 30, 2025. Revenue for the three months rose to $184,587 from $150,366 a year earlier, driven mainly by higher transactional activity in South Africa. However, a loss on settlement of debt of $904,400 pushed the quarterly net loss to $1,032,123, compared with a net loss of $159,184 in the prior-year quarter.
For the nine months, revenue was $543,948 versus $575,686 a year earlier, while the net loss widened to $1,291,361 from $501,185. Total assets were $211,845 and total liabilities $698,196, resulting in a stockholders’ deficit of $486,351 as of November 30, 2025. Negative working capital improved but remained a deficit. Management states there is substantial doubt about the company’s ability to continue as a going concern and plans to rely on equity financing, with internal controls over financial reporting also deemed not effective.
UPAY, Inc. reported operating results for the three and six months ended August 31, 2025. For the quarter the company recorded revenue of $188,947, up from $168,071, and a net loss of $117,252, improved from a loss of $191,324 a year earlier. For the six-month period revenue fell to $359,361 from $425,320, and net loss narrowed to $259,238 from $342,001, driven primarily by lower general and administrative expenses and changes in South African transactional revenue.
The company has working capital of ($409,379) and used $188,768 of cash in operating activities in the six months. Management states it does not have sufficient revenues to execute its business plan and intends to seek equity financing, and that these factors raise substantial doubt about the company’s ability to continue as a going concern.