Business
Paysign, Inc. Announces Preliminary Full-Year 2019 Financial Highlights and Delay of Form 10-K Filing
HENDERSON, Nev.--(BUSINESS WIRE)-- Paysign, Inc. (NASDAQ: PAYS) (“Paysign”), a vertically integrated provider of innovative prepaid card programs, digital
About this update from Paysign, Inc.
[{"type":"text","content":" HENDERSON, Nev.--(BUSINESS WIRE)--\nPaysign, Inc. (NASDAQ: PAYS) (“Paysign”), a vertically integrated provider of innovative prepaid card programs, digital banking and processing services for corporate, consumer and government applications, announced today that it will be delayed in the filing of its Annual Report on Form 10-K for the fiscal year ended December 31, 2019. Paysign is filing a Form 12b-25, Notification of Late Filing, with the Securities and Exchange Commission, which will provide Paysign with a 15 calendar-day extension beyond the March 16, 2020 deadline within which to file the annual report on Form 10-K. The filing extension will provide the necessary time to complete the financial audit.\n\n\nFor the full year 2019, total revenues are expected to be $34.7 million, an increase of 48% when compared to 2018. Net income attributable to Paysign on a GAAP basis is expected to be $7.5 million, an increase of 188% when compared to 2018, and Adjusted EBITDA is expected to be $10.1 Million, an increase of 106% when compared to 2018.\n\n\nThese are preliminary results and estimates based on current expectations and are subject to completion of the financial audit. Actual results may differ materially. Paysign expects to finalize its financial results and file its Annual Report on Form 10-K no later than the prescribed due date allowed pursuant to Rule 12b-25.\n\n\nSeparately, in the course of completing its assessment of internal controls over financial reporting for 2019 and the company’s initial year of compliance with Sarbanes-Oxley 404b, management identified material weaknesses related to (i) assessment of internal controls over financial reporting and (ii) information technology general controls.\n\n\nWith regard to the COVID-19 coronavirus, Paysign’s commitment to delivering exceptional, reliable solutions and maintaining exceptional service levels will not be affected. The safety and well-being of Paysign’s employees and partners is always Paysign’s top priority. Paysign has designed its processes, practices and infrastructure in place to provide uninterrupted business and support operations. While Paysign does not anticipate disruption to daily work practices, Paysign has and continues to implement practices necessary to provide the same level of quality and service expected from Paysign, while also ensuring the...