PaySign (PAYS) 10-Q1 Aug 242024 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2024	Jul. 25, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	001-38623
Entity Registrant Name	PAYSIGN, INC.
Entity Central Index Key	0001496443
Entity Tax Identification Number	95-4550154
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	2615 St. Rose Parkway
Entity Address, City or Town	Henderson
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89052
City Area Code	702
Local Phone Number	453-2221
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	PAYS
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		53,138,374

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash	$ 31,290,865	$ 16,994,705
Restricted cash	102,240,796	92,356,308
Accounts receivable, net	25,750,319	16,222,341
Other receivables	1,650,201	1,585,983
Prepaid expenses and other current assets	2,474,716	2,020,781
Total current assets	163,406,897	129,180,118
Fixed assets, net	1,107,852	1,089,649
Intangible assets, net	10,710,142	8,814,327
Operating lease right-of-use asset	3,006,844	3,215,025
Deferred tax asset, net	4,077,175	4,299,730
Total assets	182,308,910	146,598,849
Current liabilities
Accounts payable and accrued liabilities	50,254,617	26,517,567
Operating lease liability, current portion	401,075	383,699
Customer card funding	102,079,826	92,282,124
Total current liabilities	152,735,518	119,183,390
Operating lease liability, long-term portion	2,721,724	2,928,078
Total liabilities	155,457,242	122,111,468
Commitments and contingencies (Note 8)
Stockholders’ equity
Preferred stock: $0.001 par value; 25,000,000 shares authorized; none issued and outstanding	0	0
Common stock; $0.001 par value; 150,000,000 shares authorized, 53,782,382 and 53,452,382 issued at June 30, 2024 and December 31, 2023, respectively	53,782	53,452
Additional paid-in capital	23,357,481	21,999,722
Treasury stock at cost, 698,008 shares	(1,277,884)	(1,277,884)
Retained earnings	4,718,289	3,712,091
Total stockholders’ equity	26,851,668	24,487,381
Total liabilities and stockholders’ equity	$ 182,308,910	$ 146,598,849

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	53,782,382	53,452,382
Treasury stock shares	698,008	698,008

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues
Total revenues	$ 14,331,599	$ 11,041,051	$ 27,521,673	$ 21,184,341
Cost of revenues	6,745,836	5,425,311	12,996,659	10,520,932
Gross profit	7,585,763	5,615,740	14,525,014	10,663,409
Operating expenses
Selling, general and administrative	6,020,464	5,304,625	11,931,662	10,250,075
Depreciation and amortization	1,439,622	958,001	2,726,027	1,803,017
Total operating expenses	7,460,086	6,262,626	14,657,689	12,053,092
Income (loss) from operations	125,677	(646,886)	(132,675)	(1,389,683)
Other income
Interest income, net	813,357	600,867	1,544,701	1,185,064
Income (loss) before income tax provision	939,034	(46,019)	1,412,026	(204,619)
Income tax provision	241,932	58,137	405,828	59,667
Net income (loss)	$ 697,102	$ (104,156)	$ 1,006,198	$ (264,286)
Net income (loss) per share
Basic	$ 0.01	$ 0	$ 0.02	$ (0.01)
Diluted	$ 0.01	$ 0	$ 0.02	$ (0.01)
Weighted average common shares
Basic	53,008,286	52,259,002	52,926,462	52,330,829
Diluted	55,861,786	52,259,002	55,374,336	52,330,829
Plasma Industry [Member]
Revenues
Total revenues	$ 11,273,262	$ 10,014,461	$ 21,641,296	$ 19,374,528
Pharma Industry [Member]
Revenues
Total revenues	2,674,901	729,236	5,063,545	1,318,798
Other Revenue [Member]
Revenues
Total revenues	$ 383,436	$ 297,354	$ 816,832	$ 491,015

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock, Common [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2022	$ 52,650	$ 19,137,281	$ (150,000)	$ (2,746,636)	$ 16,293,295
Beginning balance, shares at Dec. 31, 2022	52,650,382		(303,450)
Stock issued upon vesting of restricted stock	$ 118	(118)
Stock issued upon vesting of restricted stock, shares	118,000
Stock-based compensation		618,244			618,244
Repurchase of common stock			$ (666,018)		(666,018)
Repurchase of common stock, shares			(200,000)
Net loss				(160,130)	(160,130)
Ending balance, value at Mar. 31, 2023	$ 52,768	19,755,407	$ (816,018)	(2,906,766)	16,085,391
Ending balance, shares at Mar. 31, 2023	52,768,382		(503,450)
Beginning balance, value at Dec. 31, 2022	$ 52,650	19,137,281	$ (150,000)	(2,746,636)	16,293,295
Beginning balance, shares at Dec. 31, 2022	52,650,382		(303,450)
Net loss					(264,286)
Ending balance, value at Jun. 30, 2023	$ 52,842	20,595,359	$ (1,127,667)	(3,010,922)	16,509,612
Ending balance, shares at Jun. 30, 2023	52,842,382		(623,008)
Beginning balance, value at Mar. 31, 2023	$ 52,768	19,755,407	$ (816,018)	(2,906,766)	16,085,391
Beginning balance, shares at Mar. 31, 2023	52,768,382		(503,450)
Stock issued upon vesting of restricted stock	$ 70	(70)
Stock issued upon vesting of restricted stock, shares	70,000
Stock-based compensation		830,426			830,426
Repurchase of common stock			$ (311,649)		(311,649)
Repurchase of common stock, shares			(119,558)
Net loss				(104,156)	(104,156)
Exercise of stock options, shares	4,000
Exercise of stock options	$ 4	9,596			9,600
Ending balance, value at Jun. 30, 2023	$ 52,842	20,595,359	$ (1,127,667)	(3,010,922)	16,509,612
Ending balance, shares at Jun. 30, 2023	52,842,382		(623,008)
Beginning balance, value at Dec. 31, 2023	$ 53,452	21,999,722	$ (1,277,884)	3,712,091	24,487,381
Beginning balance, shares at Dec. 31, 2023	53,452,382		(698,008)
Stock issued upon vesting of restricted stock	$ 214	(214)
Stock issued upon vesting of restricted stock, shares	214,000
Stock-based compensation		663,951			663,951
Net loss				309,096	309,096
Ending balance, value at Mar. 31, 2024	$ 53,666	22,663,459	$ (1,277,884)	4,021,187	25,460,428
Ending balance, shares at Mar. 31, 2024	53,666,382		(698,008)
Beginning balance, value at Dec. 31, 2023	$ 53,452	21,999,722	$ (1,277,884)	3,712,091	24,487,381
Beginning balance, shares at Dec. 31, 2023	53,452,382		(698,008)
Net loss					1,006,198
Ending balance, value at Jun. 30, 2024	$ 53,782	23,357,481	$ (1,277,884)	4,718,289	26,851,668
Ending balance, shares at Jun. 30, 2024	53,782,382		(698,008)
Beginning balance, value at Mar. 31, 2024	$ 53,666	22,663,459	$ (1,277,884)	4,021,187	25,460,428
Beginning balance, shares at Mar. 31, 2024	53,666,382		(698,008)
Stock issued upon vesting of restricted stock	$ 106	(106)
Stock issued upon vesting of restricted stock, shares	106,000
Stock-based compensation		670,138			670,138
Net loss				697,102	697,102
Exercise of stock options, shares	10,000
Exercise of stock options	$ 10	23,990			24,000
Ending balance, value at Jun. 30, 2024	$ 53,782	$ 23,357,481	$ (1,277,884)	$ 4,718,289	$ 26,851,668
Ending balance, shares at Jun. 30, 2024	53,782,382		(698,008)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 1,006,198	$ (264,286)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Gain on disposal assets	0	(4,862)
Stock-based compensation expense	1,334,089	1,448,670
Depreciation and amortization	2,726,027	1,803,017
Noncash lease expense	208,181	197,203
Deferred income taxes, net	222,555	0
Changes in operating assets and liabilities:
Accounts receivable	(9,527,978)	(3,068,460)
Other receivables	(64,218)	201,231
Prepaid expenses and other current assets	(453,935)	(590,984)
Accounts payable and accrued liabilities	23,737,050	2,431,087
Operating lease liability	(188,978)	(178,000)
Customer card funding	9,797,702	(1,823,268)
Net cash provided by operating activities	28,796,693	151,348
Cash flows from investing activities:
Purchase of fixed assets	(196,126)	(84,911)
Capitalization of internally developed software	(4,321,319)	(2,959,199)
Purchase of intangible assets	(122,600)	0
Net cash used in investing activities	(4,640,045)	(3,044,110)
Cash flows from financing activities:
Proceeds from exercise of options	24,000	9,600
Repurchase of common stock	0	(977,667)
Net cash provided by (used in) financing activities	24,000	(968,067)
Net change in cash and restricted cash	24,180,648	(3,860,829)
Cash and restricted cash, beginning of period	109,351,013	89,897,351
Cash and restricted cash, end of period	133,531,661	86,036,522
Cash and restricted cash reconciliation:
Cash	31,290,865	7,670,677
Restricted cash	102,240,796	78,365,845
Total cash and restricted cash	133,531,661	86,036,522
Non-cash financing activities
Cash paid for taxes	$ 75,198	$ 159,510

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($)	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ 697,102	$ 309,096	$ (104,156)	$ (160,130)	$ 1,006,198	$ (264,286)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2024
Insider Trading Arrangements [Line Items]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT POLICIES	6 Months Ended
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT POLICIES	Jun. 30, 2024
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT POLICIES	1. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT POLICIES The foregoing unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and with the instructions for Form 10-Q and Regulation S-X as promulgated by the Securities and Exchange Commission (“SEC”). Accordingly, these financial statements do not include all of the disclosures required by GAAP for complete financial statements. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto included on Form 10-K for the year ended December 31, 2023. In the opinion of management, the unaudited interim condensed consolidated financial statements furnished herein include all adjustments, all of which are of a normal recurring nature, necessary for a fair statement of the results for the interim period presented. The preparation of financial statements in accordance with GAAP requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities known to exist as of the date the financial statements are published, and the reported amounts of revenues and expenses during the reporting period. Uncertainties with respect to such estimates and assumptions are inherent in the preparation of the Company’s financial statements; accordingly, it is possible that the actual results could differ from these estimates and assumptions that could have a material effect on the reported amounts of the Company’s financial position and results of operations. Operating results for the three and six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. About Paysign, Inc. Paysign, Inc. (the “Company,” “Paysign,” “we” or “our”) was incorporated on August 24, 1995, and trades under the symbol PAYS on The Nasdaq Stock Market LLC. Paysign is a provider of prepaid card programs, comprehensive patient affordability offerings, digital banking services and integrated payment processing designed for businesses, consumers and government institutions. Headquartered in Nevada, the company creates customized, innovative payment solutions for clients across all industries, including pharmaceutical, healthcare, hospitality and retail. Principles of Consolidation Use of Estimates Cash and Cash Equivalents no Restricted Cash Concentrations of Credit Risk 179,881 59,958,918 As of June 30, 2024, the Company also had a concentration of accounts receivable risk. Three pharma program customers associated with our pharma patient affordability programs each individually represented 23 14 11 30 12 Fixed Assets 3 to 10 years The Company periodically evaluates whether events and circumstances have occurred that may warrant revision of the estimated useful life of fixed assets or whether the remaining balance of fixed assets should be evaluated for possible impairment. The Company uses an estimate of the related undiscounted cash flows over the remaining life of the fixed assets in measuring their recoverability. Intangible Assets Intangible assets with a finite life are amortized on a straight-line basis over its estimated useful life, which is generally 3 to 15 years Internally Developed Software Costs For computer software developed or obtained for internal use, costs that are incurred in the preliminary project and post implementation stages of software development are expensed as incurred. Costs incurred during the application and development stage are capitalized. Capitalized costs are amortized using the straight-line method over a three year estimated useful life, beginning in the period in which the software is available for use. Contract Assets three to five years Hosting Implementation – three-year Customer Card Funding Earnings Per Share Revenue and Expense Recognition The Company generates revenues from plasma card programs through fees generated from cardholder fees and interchange fees. Revenues from pharma card programs are generated through card program management fees, transaction claims processing fees, interchange fees, and settlement income. Other revenues are generated through cardholder fees, interchange fees, program management fees, load fees and breakage. Plasma and pharma card program revenues include both fixed and variable components. Cardholder fees represent an obligation to the cardholder based on a per transaction basis and are recognized at a point in time when the performance obligation is fulfilled. Card program management fees and transaction claims processing fees include an obligation to our card program sponsors and are generally recognized when earned on a monthly basis and are typically due within 30 days pursuant to the contract terms which are generally multi-year contracts. The Company uses the output method to recognize card program management fee revenue at the amount of consideration to which an entity has a right to invoice. The performance obligation is satisfied when the services are transferred to the customer which the Company determined to be monthly, as the customer simultaneously receives and consumes the benefit from the Company’s performance. Interchange fees are earned when customer-issued cards are processed through card payment networks as the nature of our promise to the customer is that we stand ready to process transactions at the customer’s requests on a daily basis over the contract term. Since the timing and quantity of transactions to be processed by us are not determinable, we view interchange fees to comprise an obligation to stand ready to process as many transactions as the customer requests. Accordingly, the promise to stand ready is accounted for as a single series performance obligation. The Company uses the right to invoice practical expedient and recognizes interchange fee revenue concurrent with the processing of card transactions. Interchange fees are settled in accordance with the card payment network terms and conditions, which is typically within a few days. The portion of the dollar value of prepaid-stored value cards that consumers do not ultimately redeem are referred to as breakage. In certain card programs where we hold the cardholder funds and expect to be entitled to a breakage amount, we recognize revenue using estimated breakage rates ratably over the estimated card life; provided that a significant reversal of the amount of breakage revenue recognized is not probable, and record adjustments to such estimates when redemption is remote or we are legally defeased of the obligation, if applicable. For each program, we utilize a third party to estimate breakage rates based on historical redemption patterns, market-specific trends, escheatment rules and existing economic conditions. The Company accounts for breakage in accordance with Accounting Standards Update (“ASU”) 2016-04, Liabilities—Extinguishment of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Cards 33,995 86,786 0 The Company utilizes the remote method of revenue recognition for settlement income whereby the unspent balances will be recognized as revenue at the expiration of the cards or the respective card program. This has primarily been associated with the pharma prepaid business which ended in 2022. The Company records all revenue on a gross basis since it is the primary obligor and establishes the price in the contract arrangement with its customers. The Company is currently under no obligation to refund any fees, and the Company does not currently have any obligations for disputed claim settlements. Given the nature of the Company’s services and contracts, generally it has no contract assets. Settlement income was $ 0 211 Cost of revenues is comprised of transaction processing fees, data connectivity and data center expenses, network fees, bank fees, card production and postage costs, customer service, program management, application integration setup, fraud charges, and sales and commission expense. Operating Leases In determining the present value of lease payments at lease commencement date, the Company utilizes its incremental borrowing rate based on the information available, unless the rate implicit in the lease is readily determinable. The liability for operating leases is based on the present value of future lease payments. Operating lease expenses are recorded as rent expense, which is included within selling, general and administrative expenses within the consolidated statements of operations and presented as operating cash outflows within the consolidated statements of cash flows. Leases with an initial term of 12 months or less are not recorded on the balance sheet, with lease expense for these leases recognized on a straight-line basis over the lease term. Stock-Based Compensation Recently Issued Accounting Pronouncement Income Taxes – Improvements to Income Tax Disclosures In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures”, which expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in the ASU require, among other things, disclosure of significant segment expenses that are regularly provided to an entity's chief operating decision maker (“CODM”) and a description of other segment items by reportable segment, as well as disclosure of the title and position of the CODM, and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Annual disclosures are required for fiscal years beginning after December 15, 2023 and interim disclosures are required for periods within fiscal years beginning after December 15, 2024. Retrospective application is required, and early adoption is permitted. These requirements had no material impact on our financial statements.

FIXED ASSETS, NET

FIXED ASSETS, NET	6 Months Ended
FIXED ASSETS, NET	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
FIXED ASSETS, NET	2. FIXED ASSETS, NET Fixed assets consist of the following: Schedule of fixed assets June 30, December 31, Equipment $ 2,504,196 $ 2,399,243 Software 433,004 345,057 Furniture and fixtures 762,144 757,662 Website costs 69,881 69,881 Leasehold improvements 236,904 236,904 4,006,129 3,808,747 Less: accumulated depreciation (2,898,277 ) (2,719,098 ) Fixed assets, net $ 1,107,852 $ 1,089,649 Depreciation expense for the three months ended June 30, 2024 and 2023 was $ 86,823 107,615 177,923 215,961

INTANGIBLE ASSETS, NET

INTANGIBLE ASSETS, NET	6 Months Ended
INTANGIBLE ASSETS, NET	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS, NET	3. INTANGIBLE ASSETS, NET Intangible assets consist of the following: Schedule of intangible assets June 30, 2024 December 31, Patents and trademarks $ 38,186 $ 38,186 Platform 24,712,437 20,391,118 Customer lists and contracts 1,177,200 1,177,200 Licenses 216,901 216,901 Hosting implementation 43,400 43,400 Contract assets 272,600 150,000 26,460,724 22,016,805 Less: accumulated amortization (15,750,582 ) (13,202,478 ) Intangible assets, net $ 10,710,142 $ 8,814,327 Intangible assets are amortized over their useful lives ranging from periods of 3 to 15 years 1,352,799 850,386 2,548,104 1,587,056

LEASE

LEASE	6 Months Ended
LEASE	Jun. 30, 2024
Lease
LEASE	4. LEASE The Company entered into an operating lease for an office space which became effective in June 2020. The lease term is 10 two optional extensions of five years each 5.9 6 Operating lease cost included in selling, general and administrative expenses was $ 189,020 378,039 196,214 379,435 The following is the lease maturity analysis of our operating lease as of June 30, 2024: Year ending December 31, Schedule of lease maturity 2024 (excluding the six months ended June 30, 2024) $ 285,984 2025 612,006 2026 640,604 2027 640,604 2028 640,604 Thereafter 907,523 Total lease payments 3,727,325 Less: Imputed interest (604,526 ) Present value of future lease payments 3,122,799 Less: current portion of lease liability (401,075 ) Long-term portion of lease liability $ 2,721,724

CUSTOMER CARD FUNDING LIABILITY

CUSTOMER CARD FUNDING LIABILITY	6 Months Ended
CUSTOMER CARD FUNDING LIABILITY	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
CUSTOMER CARD FUNDING LIABILITY	5. CUSTOMER CARD FUNDING LIABILITY The Company issues prepaid cards with various provisions for cardholder fees or expiration. Revenue generated from cardholder transactions and interchange fees are recognized when the Company’s performance obligation is fulfilled. Unspent balances left on pharma cards are recognized as settlement income at the expiration of the cards and the card program. Contract liabilities related to prepaid cards represent funds on card and client funds held to be loaded to card before the amounts are ultimately spent by the cardholders or recognized as revenue by the Company. Contract liabilities related to prepaid cards are reported as customer card funding liability on the condensed consolidated balance sheet. The opening and closing balances of the Company's liabilities are as follows: Schedule of contract liabilities Six Months Ended June, 2024 2023 Beginning balance $ 92,282,124 $ 80,189,113 Increase (decrease), net 9,797,702 (1,823,268 ) Ending balance $ 102,079,826 $ 78,365,845 The amount of revenue recognized during the six months ended June 30, 2024 and 2023 that was included in the opening contract liability for prepaid cards was $ 2,319,630 2,020,224

COMMON STOCK

COMMON STOCK	6 Months Ended
COMMON STOCK	Jun. 30, 2024
Equity [Abstract]
COMMON STOCK	6. COMMON STOCK At June 30, 2024, the Company's authorized capital stock was 150,000,000 0.001 25,000,000 0.001 53,782,382 53,084,374 no Stock-based compensation expense related to Company grants for the three and six months ended June 30, 2024 was $ 670,138 1,334,089 830,426 1,448,670 2024 Transactions 116,000 330,000 24,000 The Company granted 180,000 4.44 480,000 3.53 five years 2023 Transactions 74,000 192,000 9,600 During the three and six months ended June 30, 2023 the Company repurchased 119,558 319,558 311,649 2.61 977,667 3.06 The Company granted 80,000 3.40 350,000 2.96 two months to five years

BASIC AND FULLY DILUTED NET INC

BASIC AND FULLY DILUTED NET INCOME (LOSS) PER COMMON SHARE	6 Months Ended
BASIC AND FULLY DILUTED NET INCOME (LOSS) PER COMMON SHARE	Jun. 30, 2024
Net income (loss) per share
BASIC AND FULLY DILUTED NET INCOME (LOSS) PER COMMON SHARE	7. BASIC AND FULLY DILUTED NET INCOME (LOSS) PER COMMON SHARE The following table sets forth the computation of basic and fully diluted net income (loss) per common share for the three and six months ended June 30, 2024 and 2023: Schedule of computation of earning per share Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Net income (loss) $ 697,102 $ (104,156 ) $ 1,006,198 $ (264,286 ) Denominator: Weighted average common shares: Denominator for basic calculation 53,008,286 52,259,002 52,926,462 52,330,829 Weighted average effects of potentially diluted common stock: Stock options (calculated using the treasury method) 1,068,682 – 941,642 – Unvested restricted stock grants 1,784,818 – 1,506,232 – Denominator for fully diluted calculation 55,861,786 52,259,002 55,374,336 52,330,829 Net income (loss) per common share: Basic $ 0.01 $ (0.00 ) $ 0.02 $ (0.01 ) Fully diluted $ 0.01 $ (0.00 ) $ 0.02 $ (0.01 ) Anti-dilutive shares: Stock options – 1,815,000 – 1,815,000 Unvested restricted stock options – 3,652,000 – 3,652,000 The potential common share equivalents are no

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
COMMITMENTS AND CONTINGENCIES	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	8. COMMITMENTS AND CONTINGENCIES From time to time, we may become involved in various lawsuits and legal proceedings which arise in the ordinary course of business. However, litigation is subject to inherent uncertainties, and an adverse result in these or other matters may arise from time to time that may harm our business. The Company has been named as a defendant in three securities class action complaints filed in the United States District Court for the District of Nevada: Yilan Shi v. Paysign, Inc. et al., filed on March 19, 2020 (“Shi”), Lorna Chase v. Paysign, Inc. et al., filed on March 25, 2020 (“Chase”), and Smith & Duvall v. Paysign, Inc. et al., filed on April 2, 2020 (collectively, the “Complaints” or “Securities Class Action”). Smith & Duvall v. Paysign, Inc. et al. was voluntarily dismissed on May 21, 2020. On May 18, 2020, the Shi plaintiffs and another entity called the Paysign Investor Group each filed a motion to consolidate the remaining Shi and Chase actions and to be appointed lead plaintiff. The Complaints are putative class actions filed on behalf of a class of persons who acquired the Company’s common stock from March 19, 2019 through March 31, 2020, inclusive. The Complaints generally allege that the Company, Mark R. Newcomer, and Mark Attinger violated Section 10(b) of the Exchange Act, and that Messrs. Newcomer and Attinger violated Section 20(a) of the Exchange Act, by making materially false or misleading statements, or failing to disclose material facts, regarding the Company’s internal control over financial reporting and its financial statements. The Complaints seek class action certification, compensatory damages, and attorney’s fees and costs. On December 2, 2020, the Court consolidated Shi and Chase as In re Paysign, Inc. Securities Litigation and appointed the Paysign Investor Group as lead plaintiff. On January 12, 2021, Plaintiffs filed an Amended Complaint in the consolidated action. Defendants filed a Motion to Dismiss the Amended Complaint on March 15, 2021. On February 9, 2023, the Court granted in part and denied in part Defendants’ Motion to Dismiss. On May 22, 2023, Defendants filed an Answer to the Amended Complaint. On December 15, 2023, the parties agreed in principle to a proposed settlement of the Securities Class Action and Plaintiffs filed a Consented Motion for Preliminary Approval of Settlement. On January 4, 2024, the Court preliminarily approved a settlement in the amount of $ 3,750,000 The Company has also been named as a nominal defendant in four stockholder derivative actions currently pending in the United States District Court for the District of Nevada. The first-filed derivative action is entitled Andrzej Toczek, derivatively on behalf of Paysign, Inc. v. Mark R. Newcomer, et al. and was filed on September 17, 2020. This action alleges violations of Section 14(a) of the Exchange Act, breach of fiduciary duty, unjust enrichment, and waste, largely in connection with the failure to correct information technology controls over financial reporting alleged in the Securities Class Action, thereby causing the Company to face exposure in the Securities Class Action. The complaint also alleges insider trading violations against certain individual defendants. The second-filed derivative action is entitled John K. Gray, derivatively on behalf of Paysign, Inc. v. Mark Attinger, et al. and was filed on May 9, 2022. This action involves the same alleged conduct raised in the Toczek action and asserts claims for breach of fiduciary duty in connection with financial reporting, breach of fiduciary duty in connection with alleged insider trading against certain individual defendants, and unjust enrichment. On June 3, 2022, the Court approved a stipulation staying the action until the Court in the consolidated Securities Class Action issued a ruling on the Motion to Dismiss. On May 10, 2023, the Toczek and Gray actions were consolidated. The Company has also been named as a nominal defendant in a third stockholder derivative action initially filed in state court in Clark County, Nevada, on October 2, 2023, entitled Simone Blanchette, derivatively on behalf of Paysign, Inc. v. Mark Newcomer, et al, which the defendants subsequently removed to federal district court in Nevada pursuant to a Notice of Removal filed on October 10, 2023. That complaint makes substantially the same allegations as made in the consolidated Toczek and Gray actions, and also contains a claim that the individual defendants violated Section 10(b) and Rule 10b-5 promulgated thereunder. On December 7, 2023, the parties requested that the action be stayed for sixty days due to the settlement negotiations in the consolidated Toczek and Gray actions, and the Court granted the sixty-day stay on December 11, 2023. Subsequently, the Court extended that deadline to March 29, 2024 and then to May 29, 2024 based upon the parties’ stipulations. The Company has also been named as a nominal defendant in a fourth stockholder derivative action in the United States District Court for the District of Nevada, filed on December 27, 2023, entitled Mo Jeewa, derivatively on behalf of Paysign, Inc. v. Mark R. Newcomer, et al. That complaint makes substantially the same allegations as made in the consolidated Toczek and Gray actions and the Blanchette action discussed above, and alleges breach of fiduciary duty and unjust enrichment. If the derivative cases do not settle, it is the Company’s intention to file motions to dismiss. As of the date of this filing, the Company cannot give any meaningful estimate of likely outcome or damages.

INCOME TAX

INCOME TAX	6 Months Ended
INCOME TAX	Jun. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAX	9. INCOME TAX The effective tax rates for the three months and six months ended June 30, 2024 and 2023 were based on the Company’s forecasted annualized effective tax rates and were adjusted for discrete items that occurred within the periods presented. The effective tax rate for the three months and six months ended June 30, 2024 varies from the three months and six months ended June 30, 2023 primarily as a result of tax benefits related to our stock-based compensation and changes to the Company’s valuation allowance recorded on its net deferred tax assets. Under the provisions of the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”) signed into law in 2020 and the subsequent extension of the CARES Act through September 30, 2021, the Company was eligible for a refundable employee retention credit subject to certain criteria. The Company has elected an accounting policy to recognize the government assistance when it is probable that the Company is eligible to receive the assistance and present the credit as a reduction of the related expense. As of June 30, 2024 and December 31, 2023, the Company recorded $ 1,129,164

BASIS OF PRESENTATION AND SUM_2

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT POLICIES (Policies)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
About Paysign, Inc.	About Paysign, Inc. Paysign, Inc. (the “Company,” “Paysign,” “we” or “our”) was incorporated on August 24, 1995, and trades under the symbol PAYS on The Nasdaq Stock Market LLC. Paysign is a provider of prepaid card programs, comprehensive patient affordability offerings, digital banking services and integrated payment processing designed for businesses, consumers and government institutions. Headquartered in Nevada, the company creates customized, innovative payment solutions for clients across all industries, including pharmaceutical, healthcare, hospitality and retail.
Principles of Consolidation	Principles of Consolidation
Use of Estimates	Use of Estimates
Cash and Cash Equivalents	Cash and Cash Equivalents no
Restricted Cash	Restricted Cash
Concentrations of Credit Risk	Concentrations of Credit Risk 179,881 59,958,918 As of June 30, 2024, the Company also had a concentration of accounts receivable risk. Three pharma program customers associated with our pharma patient affordability programs each individually represented 23 14 11 30 12
Fixed Assets	Fixed Assets 3 to 10 years The Company periodically evaluates whether events and circumstances have occurred that may warrant revision of the estimated useful life of fixed assets or whether the remaining balance of fixed assets should be evaluated for possible impairment. The Company uses an estimate of the related undiscounted cash flows over the remaining life of the fixed assets in measuring their recoverability.
Intangible Assets	Intangible Assets Intangible assets with a finite life are amortized on a straight-line basis over its estimated useful life, which is generally 3 to 15 years Internally Developed Software Costs For computer software developed or obtained for internal use, costs that are incurred in the preliminary project and post implementation stages of software development are expensed as incurred. Costs incurred during the application and development stage are capitalized. Capitalized costs are amortized using the straight-line method over a three year estimated useful life, beginning in the period in which the software is available for use. Contract Assets three to five years Hosting Implementation – three-year
Customer Card Funding	Customer Card Funding
Earnings Per Share	Earnings Per Share
Revenue and Expense Recognition	Revenue and Expense Recognition The Company generates revenues from plasma card programs through fees generated from cardholder fees and interchange fees. Revenues from pharma card programs are generated through card program management fees, transaction claims processing fees, interchange fees, and settlement income. Other revenues are generated through cardholder fees, interchange fees, program management fees, load fees and breakage. Plasma and pharma card program revenues include both fixed and variable components. Cardholder fees represent an obligation to the cardholder based on a per transaction basis and are recognized at a point in time when the performance obligation is fulfilled. Card program management fees and transaction claims processing fees include an obligation to our card program sponsors and are generally recognized when earned on a monthly basis and are typically due within 30 days pursuant to the contract terms which are generally multi-year contracts. The Company uses the output method to recognize card program management fee revenue at the amount of consideration to which an entity has a right to invoice. The performance obligation is satisfied when the services are transferred to the customer which the Company determined to be monthly, as the customer simultaneously receives and consumes the benefit from the Company’s performance. Interchange fees are earned when customer-issued cards are processed through card payment networks as the nature of our promise to the customer is that we stand ready to process transactions at the customer’s requests on a daily basis over the contract term. Since the timing and quantity of transactions to be processed by us are not determinable, we view interchange fees to comprise an obligation to stand ready to process as many transactions as the customer requests. Accordingly, the promise to stand ready is accounted for as a single series performance obligation. The Company uses the right to invoice practical expedient and recognizes interchange fee revenue concurrent with the processing of card transactions. Interchange fees are settled in accordance with the card payment network terms and conditions, which is typically within a few days. The portion of the dollar value of prepaid-stored value cards that consumers do not ultimately redeem are referred to as breakage. In certain card programs where we hold the cardholder funds and expect to be entitled to a breakage amount, we recognize revenue using estimated breakage rates ratably over the estimated card life; provided that a significant reversal of the amount of breakage revenue recognized is not probable, and record adjustments to such estimates when redemption is remote or we are legally defeased of the obligation, if applicable. For each program, we utilize a third party to estimate breakage rates based on historical redemption patterns, market-specific trends, escheatment rules and existing economic conditions. The Company accounts for breakage in accordance with Accounting Standards Update (“ASU”) 2016-04, Liabilities—Extinguishment of Liabilities (Subtopic 405-20): Recognition of Breakage for Certain Prepaid Stored-Value Cards 33,995 86,786 0 The Company utilizes the remote method of revenue recognition for settlement income whereby the unspent balances will be recognized as revenue at the expiration of the cards or the respective card program. This has primarily been associated with the pharma prepaid business which ended in 2022. The Company records all revenue on a gross basis since it is the primary obligor and establishes the price in the contract arrangement with its customers. The Company is currently under no obligation to refund any fees, and the Company does not currently have any obligations for disputed claim settlements. Given the nature of the Company’s services and contracts, generally it has no contract assets. Settlement income was $ 0 211 Cost of revenues is comprised of transaction processing fees, data connectivity and data center expenses, network fees, bank fees, card production and postage costs, customer service, program management, application integration setup, fraud charges, and sales and commission expense.
Operating Leases	Operating Leases In determining the present value of lease payments at lease commencement date, the Company utilizes its incremental borrowing rate based on the information available, unless the rate implicit in the lease is readily determinable. The liability for operating leases is based on the present value of future lease payments. Operating lease expenses are recorded as rent expense, which is included within selling, general and administrative expenses within the consolidated statements of operations and presented as operating cash outflows within the consolidated statements of cash flows. Leases with an initial term of 12 months or less are not recorded on the balance sheet, with lease expense for these leases recognized on a straight-line basis over the lease term.
Stock-Based Compensation	Stock-Based Compensation
Recently Issued Accounting Pronouncement	Recently Issued Accounting Pronouncement Income Taxes – Improvements to Income Tax Disclosures In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures”, which expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in the ASU require, among other things, disclosure of significant segment expenses that are regularly provided to an entity's chief operating decision maker (“CODM”) and a description of other segment items by reportable segment, as well as disclosure of the title and position of the CODM, and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Annual disclosures are required for fiscal years beginning after December 15, 2023 and interim disclosures are required for periods within fiscal years beginning after December 15, 2024. Retrospective application is required, and early adoption is permitted. These requirements had no material impact on our financial statements.

FIXED ASSETS, NET (Tables)

FIXED ASSETS, NET (Tables)	6 Months Ended
FIXED ASSETS, NET (Tables)	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
Schedule of fixed assets	Schedule of fixed assets June 30, December 31, Equipment $ 2,504,196 $ 2,399,243 Software 433,004 345,057 Furniture and fixtures 762,144 757,662 Website costs 69,881 69,881 Leasehold improvements 236,904 236,904 4,006,129 3,808,747 Less: accumulated depreciation (2,898,277 ) (2,719,098 ) Fixed assets, net $ 1,107,852 $ 1,089,649

INTANGIBLE ASSETS, NET (Tables)

INTANGIBLE ASSETS, NET (Tables)	6 Months Ended
INTANGIBLE ASSETS, NET (Tables)	Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	Schedule of intangible assets June 30, 2024 December 31, Patents and trademarks $ 38,186 $ 38,186 Platform 24,712,437 20,391,118 Customer lists and contracts 1,177,200 1,177,200 Licenses 216,901 216,901 Hosting implementation 43,400 43,400 Contract assets 272,600 150,000 26,460,724 22,016,805 Less: accumulated amortization (15,750,582 ) (13,202,478 ) Intangible assets, net $ 10,710,142 $ 8,814,327

LEASE (Tables)

LEASE (Tables)	6 Months Ended
LEASE (Tables)	Jun. 30, 2024
Lease
Schedule of lease maturity	Schedule of lease maturity 2024 (excluding the six months ended June 30, 2024) $ 285,984 2025 612,006 2026 640,604 2027 640,604 2028 640,604 Thereafter 907,523 Total lease payments 3,727,325 Less: Imputed interest (604,526 ) Present value of future lease payments 3,122,799 Less: current portion of lease liability (401,075 ) Long-term portion of lease liability $ 2,721,724

CUSTOMER CARD FUNDING LIABILI_2

CUSTOMER CARD FUNDING LIABILITY (Tables)	6 Months Ended
CUSTOMER CARD FUNDING LIABILITY (Tables)	Jun. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of contract liabilities	Schedule of contract liabilities Six Months Ended June, 2024 2023 Beginning balance $ 92,282,124 $ 80,189,113 Increase (decrease), net 9,797,702 (1,823,268 ) Ending balance $ 102,079,826 $ 78,365,845

BASIC AND FULLY DILUTED NET I_2

BASIC AND FULLY DILUTED NET INCOME (LOSS) PER COMMON SHARE (Tables)	6 Months Ended
	Jun. 30, 2024
Net income (loss) per share
Schedule of computation of earning per share	Schedule of computation of earning per share Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Numerator: Net income (loss) $ 697,102 $ (104,156 ) $ 1,006,198 $ (264,286 ) Denominator: Weighted average common shares: Denominator for basic calculation 53,008,286 52,259,002 52,926,462 52,330,829 Weighted average effects of potentially diluted common stock: Stock options (calculated using the treasury method) 1,068,682 – 941,642 – Unvested restricted stock grants 1,784,818 – 1,506,232 – Denominator for fully diluted calculation 55,861,786 52,259,002 55,374,336 52,330,829 Net income (loss) per common share: Basic $ 0.01 $ (0.00 ) $ 0.02 $ (0.01 ) Fully diluted $ 0.01 $ (0.00 ) $ 0.02 $ (0.01 ) Anti-dilutive shares: Stock options – 1,815,000 – 1,815,000 Unvested restricted stock options – 3,652,000 – 3,652,000

BASIS OF PRESENTATION AND SUM_3

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT POLICIES (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Product Information [Line Items]
Cash equivalents	$ 0		$ 0		$ 0
Cash in excess of federally insured limits	179,881		$ 179,881		$ 59,958,918
Property plant and equipment estimated useful lives			3 to 10 years
Revenues	14,331,599	$ 11,041,051	$ 27,521,673	$ 21,184,341
Other Income [Member] \| Breakage Revenue [Member]
Product Information [Line Items]
Revenues	33,995	0	86,786	0
Other Income [Member] \| Settlement Revenue [Member]
Product Information [Line Items]
Revenues	$ 0	$ 211	$ 0	$ 211
Intangible Assets [Member]
Product Information [Line Items]
Finite lived intangible asset useful life			3 to 15 years
Contract Assets [Member]
Product Information [Line Items]
Finite lived intangible asset useful life			three to five years
Hosting Implementation [Member]
Product Information [Line Items]
Finite lived intangible asset useful life			three-year
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Pharma Program Customer One [Member]
Product Information [Line Items]
Concentration risk, percentage			23%		30%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Pharma Program Customer Two [Member]
Product Information [Line Items]
Concentration risk, percentage			14%		12%
Accounts Receivable [Member] \| Customer Concentration Risk [Member] \| Pharma Program Customer Three [Member]
Product Information [Line Items]
Concentration risk, percentage			11%

FIXED ASSETS, NET (Details)

FIXED ASSETS, NET (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 4,006,129	$ 3,808,747
Less: accumulated depreciation	(2,898,277)	(2,719,098)
Fixed assets, net	1,107,852	1,089,649
Equipment [Member]
Property, Plant and Equipment [Line Items]
Fixed assets, gross	2,504,196	2,399,243
Software Development [Member]
Property, Plant and Equipment [Line Items]
Fixed assets, gross	433,004	345,057
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Fixed assets, gross	762,144	757,662
Website Costs [Member]
Property, Plant and Equipment [Line Items]
Fixed assets, gross	69,881	69,881
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Fixed assets, gross	$ 236,904	$ 236,904

FIXED ASSETS, NET (Details Narr

FIXED ASSETS, NET (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
FIXED ASSETS, NET (Details Narrative) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 86,823	$ 107,615	$ 177,923	$ 215,961

INTANGIBLE ASSETS, NET (Details

INTANGIBLE ASSETS, NET (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 26,460,724	$ 22,016,805
Less: accumulated amortization	(15,750,582)	(13,202,478)
Intangible assets, net	10,710,142	8,814,327
Trademarks and Trade Names [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	38,186	38,186
Platform [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	24,712,437	20,391,118
Customer Lists And Contracts [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	1,177,200	1,177,200
Licenses [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	216,901	216,901
Hosting Implementation [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	43,400	43,400
Contract Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 272,600	$ 150,000

INTANGIBLE ASSETS, NET (Detai_2

INTANGIBLE ASSETS, NET (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
INTANGIBLE ASSETS, NET (Details Narrative) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Finite-Lived Intangible Assets [Line Items]
Amortization expense	$ 1,352,799	$ 850,386	$ 2,548,104	$ 1,587,056
Intangible Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Finite lived intangible asset useful life			3 to 15 years

LEASE (Details)

LEASE (Details) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Lease
2024 (excluding the six months ended June 30, 2024)	$ 285,984
2025	612,006
2026	640,604
2027	640,604
2028	640,604
Thereafter	907,523
Total lease payments	3,727,325
Less: Imputed interest	(604,526)
Present value of future lease payments	3,122,799
Less: current portion of lease liability	(401,075)	$ (383,699)
Long-term portion of lease liability	$ 2,721,724	$ 2,928,078

LEASE (Details Narrative)

LEASE (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
LEASE (Details Narrative) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Lease
Lease term	10 years		10 years
Lease term option to extend			two optional extensions of five years each
Remaining lease term	5 years 10 months 24 days		5 years 10 months 24 days
Discount rate	6%		6%
Operating lease cost	$ 189,020	$ 196,214	$ 378,039	$ 379,435

CUSTOMER CARD FUNDING LIABILI_3

CUSTOMER CARD FUNDING LIABILITY (Details) - USD ($)	6 Months Ended
CUSTOMER CARD FUNDING LIABILITY (Details) - USD ($)	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Beginning balance	$ 92,282,124	$ 80,189,113
Increase (decrease), net	9,797,702	(1,823,268)
Ending balance	$ 102,079,826	$ 78,365,845

CUSTOMER CARD FUNDING LIABILI_4

CUSTOMER CARD FUNDING LIABILITY (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Revenue recognized, included in contract liability	$ 2,319,630	$ 2,020,224

COMMON STOCK (Details Narrative

COMMON STOCK (Details Narrative) - USD ($)	3 Months Ended			6 Months Ended
COMMON STOCK (Details Narrative) - USD ($)	Jun. 30, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Class of Stock [Line Items]
Common stock, shares authorized	150,000,000			150,000,000		150,000,000
Common stock, par value	$ 0.001			$ 0.001		$ 0.001
Preferred stock, shares authorized	25,000,000			25,000,000		25,000,000
Preferred stock, par value	$ 0.001			$ 0.001		$ 0.001
Common stock, shares issued	53,782,382			53,782,382		53,452,382
Common stock, shares outstanding	53,084,374			53,084,374
Preferred stock, shares outstanding	0			0		0
Stock-based compensation expense	$ 670,138	$ 830,426		$ 1,334,089	$ 1,448,670
Proceeds from exercise of stock options				$ 24,000	$ 9,600
Repurchase of common stock, value		$ 311,649	$ 666,018
Treasury Stock, Common [Member]
Class of Stock [Line Items]
Repurchase of common stock, shares		119,558			319,558
Repurchase of common stock, value		$ 311,649			$ 977,667
Weighted average price		$ 2.61			$ 3.06
Vested Stock Awards And Stock Options Exercised [Member]
Class of Stock [Line Items]
Exercise of stock options, shares	116,000	74,000		330,000	192,000
Restricted Stock [Member]
Class of Stock [Line Items]
Restricted stock granted	180,000	80,000		480,000	350,000
Weighted average grant date fair value	$ 4.44	$ 3.40		$ 3.53	$ 2.96
Restricted stock awards granted vest over a period	five years	two months to five years		five years	two months to five years

BASIC AND FULLY DILUTED NET I_3

BASIC AND FULLY DILUTED NET INCOME (LOSS) PER COMMON SHARE (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net income (loss)	$ 697,102	$ (104,156)	$ 1,006,198	$ (264,286)
Weighted average common shares:
Denominator for basic calculation	53,008,286	52,259,002	52,926,462	52,330,829
Weighted average effects of potentially diluted common stock:
Stock options (calculated using the treasury method)	1,068,682	0	941,642	0
Unvested restricted stock grants	1,784,818	0	1,506,232	0
Denominator for fully diluted calculation	55,861,786	52,259,002	55,374,336	52,330,829
Net income (loss) per common share:
Basic	$ 0.01	$ 0	$ 0.02	$ (0.01)
Fully diluted	$ 0.01	$ 0	$ 0.02	$ (0.01)
Anti-dilutive shares:
Stock options	0	1,815,000	0	1,815,000
Unvested restricted stock options	0	3,652,000	0	3,652,000

BASIC AND FULLY DILUTED NET I_4

BASIC AND FULLY DILUTED NET INCOME (LOSS) PER COMMON SHARE (Details Narrative) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023
Potential Common Share Equivalents [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares	0	0

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative)	Jan. 04, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Settlement amount	$ 3,750,000

INCOME TAX (Details Narrative)

INCOME TAX (Details Narrative) - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Other receivables	$ 1,650,201	$ 1,585,983
US Federal Government [Member]
Other receivables	$ 1,129,164	$ 1,129,164