Paid Inc. Looks Up In Q3
Worcester-based Paid Inc., which runs fan-based services for bands and celebrities, eked out a profit during the third quarter, but still reported a loss for the first nine months of 2009, according to its latest filing with the Securities and Exchange Commission.
The company recorded a nearly $210,000 profit on $2 million of revenues for the most recent quarter, which ended Sept. 30. From January through September, the company had a $1.7 million loss. That's an improvement over the first nine months of 2008, when the company had a more than $3 million loss.
The company reported a $4.3 million loss for all of 2008.
The company also disclosed in its SEC filing that its accounting firm "has issued a going concern opinion on the company's financial statements for the year ended December 31, 2008." The disclosure continues, noting that Paid Inc. "may need an infusion of additional capital to fund anticipated operating costs over the next 12 months."
"Management continues to seek alternative sources of capital to support operations," the SEC filing states.
Paid Inc.'s management includes Gregory Rotman and Richard Rotman, who are related to the family that owns Rotmans Furniture of Worcester.
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