(the “Company” or “PAID”) was incorporated in Delaware on August 9, 1995.
−Removed: The Company has multiple web addresses, www.paid.com, which offers updated information on various aspects of our operations and www.shiptime.com which showcases our online label generation software.
−Removed: Information contained in the Company's website shall not be deemed to be a part of this Annual Report.
+Added: The Company has multiple web addresses, including, www.paid.com, which offers updated information on various aspects of our operations and www.shiptime.com which showcases our online label generation software.
+Added: The information contained in the Company's website shall not be deemed to be a part of this Annual Report.
The Company's principal executive offices are located at 225 Cedar Hill Street, Marlborough, Massachusetts 01752 with offices also located at 700 Dorval Drive, Oakville, Ontario, Canada.
5 unchanged sentences
ShipTime Inc.
−Removed: ShipTime’s platform provides its members with the ability to quote, process, track and dispatch shipments while getting preferred rates on packages and skidded less than truckload (“LTL”) freight shipments throughout North America and around the world.
−Removed: In addition to these features, ShipTime also provides what it refers to as “Heroic Multilingual Customer Support.” In this capacity, ShipTime acts as an advocate on behalf of its clients in resolving matters concerning orders and shipping.
+Added: ShipTime’s platform provides its members with the ability to quote, process, generate labels, track and dispatch shipments while getting preferred rates on packages and skidded less than truckload (“LTL”) freight shipments throughout North America and around the world.
+Added: The application provides customers with a choice of today’s leading couriers and freight carriers, all with discounted pricing allowing members to save on every shipment.
+Added: In addition to these features, ShipTime also provides what it refers to as “Heroic Multilingual Customer Support.” In this capacity, ShipTime acts as an advocate on behalf of its clients in resolving matters concerning orders and shipping to enhance the customer experience.
With an increasing focus and service offering for e-commerce merchants;
1 unchanged sentence
ShipTime generates monthly revenue through transactions and “software as a service” (SAAS) offerings.
−Removed: It currently serves in excess of 76,900 members in North America and desires to expand its services worldwide.
+Added: We actively sell directly to small and medium businesses and through long standing partnerships with selected associations throughout Canada and we currently serve in excess of 89,700 members across the world.
BeerRun Software.
4 unchanged sentences
We currently offer two versions of the software BeerRun and BeerRun Light which excludes some of the enhanced features of BeerRun without disrupting the core functionality of the software.
−Removed: Additional features include Brewpad and Kegmaster and can be added on to the base product.
−Removed: Craft brewing continues to grow in the United States and we feel that there is potential to grow this portion of our business.
includes the PaidPayment, PaidWeb, PaidCart and PaidShipping products that offers a robust platform enabling small and medium businesses to launch websites via our catalog of templates.
3 unchanged sentences
PaidPayments and PaidShipping seamlessly interface with PaidCart to facilitate the checkout and shipping processes.
−Removed: Operating as a Payment Facilitator since 2019, PaidPayments provides businesses with a secure and efficient way to conduct online transactions including a virtual terminal, invoicing capability, subscriptions processing, checkout pages, and a point-of-sale system with support for USD, CAD, and EUR currencies.
+Added: PaidPayments provides businesses with a secure and efficient way to conduct online transactions including a virtual terminal, invoicing capability, subscriptions processing, checkout pages, and a point-of-sale system with support for USD, CAD, and EUR currencies.
PaidShipping delivers a solution to quote, process, generate labels, dispatch and track courier and LTL shipments all from a single interface.
5 unchanged sentences
While the ShipTime portion of our business is our key revenue driver;
−Removed: our strategy in 2023 was to continue to buildout the foundation of the Paid platform of e-commerce products while driving our core business forward.
+Added: our strategy in 2024 was to continue to build out the foundation of the Paid platform of e-commerce products while driving our core business forward.
By continuing to offer small to medium enterprises meaningful solutions and an integrated infrastructure platform we can enhance the value proposition to both our channel partners and our growing customer base allowing us to cost effectively break into new markets.
4 unchanged sentences
Paid products will continue to grow in 2024 with the launch of our PaidShipping, PaidWeb and PaidCart platforms.
−Removed: BeerRun continues to be a valuable component of the Company and remains effective for the existing clients.
+Added: BeerRun continues to be a component of the Company and remains effective for the existing clients.
Our strategy for 2025 is to continue to wind down this segment of the business as we are no longer investing in new technologies and development in the Craft Brewing industry.
−Removed: As ShipTime has been cash flow positive we are able to take advantage of the excess cash with a short-term investment.
+Added: As ShipTime has been cash flow positive we are able to take advantage of the excess cash with long- and short-term investments.
During 2022, the Company entered into a Securities Purchase Agreement with respect to a secured $1.875 million convertible note made by Embolx, Inc., a California corporation.
2 unchanged sentences
The Company has the option to convert the note into shares of common stock of Embolx.
−Removed: As additional consideration, the Company received a 5-year Warrant to purchase additional shares of common stock of Embolx.
−Removed: The shares are subject to certain piggyback registration rights under a Registration Rights Agreement, and the note is secured by all assets of Embolx pursuant to a Security Agreement.
−Removed: Under the Securities Purchase Agreement, the Company has the right to purchase additional shares on the same terms for a total potential investment amount of $2 million.
−Removed: An agreement to extend the Note has been authorized which includes an additional $500,000 investment with a 25% original issue discount subject to a 11-month maturity.
−Removed: Embolx is currently working with potential buyers and the expected timeline to close a sale is within the 11-month note period.
+Added: Under the Securities Purchase Agreement, the Company had the right to purchase additional shares on the same terms.
+Added: An agreement to extend the Note in 2024 has been authorized which includes an additional $500,000 investment with a 25% original issue discount.
Additionally, Management feels that the assets of Embolx are sufficient to satisfy the obligation of the note receivable.
−Removed: Management continues to evaluate the financial status of Embolx and has determined that they will need additional capital to fund future operations
+Added: Management continues to evaluate the financial status of Embolx and the potential sales of their business.
The business strategy described above is intended to expand our markets, increase revenue per member while enhancing our opportunities in the online ecommerce market.
3 unchanged sentences
Marketing and Sales
−Removed: The Company continues to successfully nurture and grow the relationships with our channel partners and has added new relationships that are global in scope.
−Removed: While much of the growth and success in 2023 was the result of the cooperative efforts of ShipTime sales staff, our channel partners and our marketing strategies.
+Added: The Company continues to successfully nurture and grow relationships with our channel partners and has added new relationships that are global in scope.
+Added: While much of the growth and success in 2024 was the result of the cooperative efforts of ShipTime sales staff, our channel partners and our marketing strategies play a key role in the Company’s growth.
Additions to our sales team have allowed us to continue to pursue opportunities with channel partners.
1 unchanged sentence
Cross-selling efforts will be enhanced, and new features are being added to our Paid platform.
−Removed: Based on experience and feedback with existing partnerships that promote our product lines, the Company believes that creating additional partnerships beyond North America is an effective marketing tool to promote and encourage new registrations.
−Removed: Additional resources and marketing initiatives will be utilized to increase onboarding and converting our members to being active long-time users of the Company’s services in order to accelerate our growth.
+Added: Based on experience and feedback with existing partnerships that promote our product lines, the Company believes that creating additional partnerships in the United States and beyond North America is an effective marketing tool to promote and encourage new registrations.
+Added: Additional resources and marketing initiatives will be utilized to increase onboarding and convert our members to being active long-time users of the Company’s services in order to accelerate our growth.
Revenue Sources
16 unchanged sentences
Our strategy includes continuous user enhancements on our existing platforms, new websites, updates to our e-commerce shopping cart solution, enhancements to our merchant payment processing platform, shipping calculator enhancements and many additional features and upgrades to our online shopping and shipping tools.
−Removed: As of April 1, 2024, the Company currently has twenty-seven full time equivalent employees and one part-time employee.
+Added: As of March 31, 2025, the Company currently has twenty-six full time equivalent employees and one part-time employee.
We have no collective bargaining agreements and consider the relationship with our employees to be excellent.
Government Regulation
−Removed: We are not currently subject to direct federal, state or local regulation, and laws or regulations applicable to access or commerce on the Internet, other than regulations applicable to businesses generally.
+Added: We are not currently subject to direct federal, state or local regulations, and laws or regulations applicable to access or commerce on the Internet, other than regulations applicable to businesses generally.
However, due to the increasing popularity and use of the Internet and other online services, it is possible that a number of laws and regulations may be adopted with respect to the Internet or other online services covering issues such as user privacy, freedom of expression, pricing, content and quality of products and services, taxation, advertising, intellectual property rights and information security.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.