Telupay International Inc (OTCMKTS:TLPY) filed its quarterly report on Form 10-Q in February. For the three months ended December 2014, the revenue from service income came at $58,136 compared to $30,542 in 3Q2013. These revenues are linked to an overall increase of Service Income, Bills Payment and Airtime Purchase for the ongoing operations in the Philippines.
In 3Q2014, the operating expenses declined by $150,537 to $501,679. The largest difference was a decline in director’s compensation amounting to $129,725 resulting from share based compensation. The benefits and salaries jumped by $61,070 to $207,183 compared to $146,113 in 3Q2013. It was due to cutback of Telupay Philippine personnel, thus, mounting up for separation pay as stated by Philippine laws.
Telupay stated that for 3Q2014, the direct operational costs surged by $24,413 to $51,998 compared to $27,585 in 3Q2013 due to aggressive marketing plans to boost up future sales. However, the travel expenses declined by $40,949 to $48 compared to $40,997 in 3Q2013 due to no international travel recorded in respective quarter. The G&A expenses declined by $11,862 to $28,488 to drop in administrative and accounting fees as the company moved to a smaller office space. The other expenses surged by $12,898 to $16,425 in 3Q2014. During the quarter the net loss declined by $158,089 to $460,058. It can be attributed to cost savings initiatives adopted in 2014.
The future plans
Telupay stated that it require additional funds to support the ongoing operations and overhead projected to be around $1 million in the next one year. The company needs $3 million in additional funds to start implementing the business plans in each of United Kingdom, Peru, the Philippines and Indonesia in next one year. For the purpose the company might opt for private equity financing in the coming period.
In last trading session, the stock price of TLPY declined more than 17% to close the trading session at $0.0111 on share volume of 12.59 million.