UPAY

UPAY, Inc.

Overview

UPAY, Inc. is a Nevada corporation with principal software and financial-technology operations in South Africa and expanding opportunities in the United States. The company delivers its core offerings through three platforms: ACPAS (Automated Credit Provider Administration System) via Rent Pay (Pty) Ltd, AML GO (Pty) Ltd, and HUNTPAL (Pty) Ltd / HUNTPAL LLC.

Core platforms and offerings

ACPAS (Rent Pay, South Africa)

• Cloud-based loan origination and credit-management system for lenders, retailers, and service businesses.
• Key features: loan origination, payment processing, collections, debit-order processing, decisioning engines, integration with payment gateways and credit bureaus, two-way SMS, credit protection insurance, and custom client portals.
• Embedded basic accounting capabilities.
• Revenue: monthly license fees, one-time setup and data-migration services, transaction fees tied to debit orders, insurance commissions, and custom website development on a quote basis.
• Market: credit providers, retailers, and professional services in South Africa.

AML GO (AML GO (Pty) Ltd)

• AML/KYC, sanctions and PEP screening, and transaction-monitoring platform for financial institutions, fintechs, and accountable institutions.
• Features: customer due diligence (CDD/EDD), real-time watch-list screening, transaction monitoring with risk scoring and configurable alerts, regulatory reporting and audit trails under South African AML regulations (FICA), API integration, training, and support.
• Positioned to support the company’s compliance software and fintech services in Southern Africa and expand into the U.S. market from a Dallas hub.

HUNTPAL (Hunt Now – Pay Later)

• Marketplace and financing platform for hunting experiences and related travel goods.
• Financing offered as interest-free installments (typically 3–12 months).
• Marketplace and booking portal connecting hunters with vetted outfitters; current focus in South Africa with planned global expansion, including the U.S.
• Services: outfitter partnerships, trip logistics (permits, guides, lodging, transfers, trophy processing), marketing, and promotional services.
• Revenue model: installment financing for hunts and packages, platform fees, and partner arrangements.

Geographic and corporate structure

• South Africa
  • Rent Pay (Pty) Ltd operates ACPAS and supports AML GO and HUNTPAL activities.
  • Offices in Centurion, South Africa; lease amended in 2026 with 4% escalation (base rate approximately $2,078 per month).
• United States
  • HUNTPAL LLC operates a Hunt Now – Pay Later marketplace for U.S. hunters traveling to South Africa and other destinations and serves as a coordination center for HUNTPAL financing and AML GO U.S. rollout.
• Subsidiaries and affiliations
  • Rent Pay (Pty) Ltd (SA)
  • AML GO (Pty) Ltd (SA)
  • HUNTPAL (Pty) Ltd (SA)
  • HUNTPAL LLC (U.S.)
  • Miway Finance Inc. (acquired 2022, minority/controlled interests) and related entities

Market position and customers

• Revenue is concentrated among a small number of customers.
  • 2026: two primary customers accounted for the largest shares of revenue (top customer 28.32%; others 9.86% and 8.53%).
  • 2025: revenue was concentrated among three customers.
• Employees
  • 16 full-time employees (as of the 2026 filing period), including the CEO/CFO/CAO Jacob C. Fölscher, an operations manager, financial director, scientific programmer, four systems engineers, two accounting/bookkeeping personnel, two assistants, and four software developers.
• Shareholders
  • As of June 2, 2026: 17,615,211 shares outstanding; 56 stockholders of record.

Financial snapshot (fiscal years ended Feb 28)

• Revenue
  • 2026: $746,311
  • 2025: $715,269
• Net income (loss)
  • 2026: net loss of $1,406,623
  • 2025: net loss of $540,062
• Operating and cash flow highlights (2026 vs. 2025)
  • Gross profit 2026: $547,510 on revenue of $746,311
  • Operating expenses 2026: $1,001,027 (vs. $953,220 in 2025)
  • Net cash used in operating activities: $(288,039) in 2026 vs. $(764,674) in 2025
  • Net cash used in investing activities: $(1,993) in 2026 vs. $0 in 2025
  • Net cash provided by financing activities: $320,000 in 2026 vs. $150,000 in 2025
• Liquidity
  • Cash and cash equivalents as of Feb 28, 2026: $96,279
  • Working capital deficit: $(266,715) in 2026 (vs. $(386,487) in 2025)
• The consolidated financial statements note substantial doubt about the company’s ability to continue as a going concern; management intends to fund operations through equity financing and existing South Africa operations.

Recent developments and milestones

• June 5, 2024: Acquired full ownership of HUNTPAL LLC, consolidating the U.S. subsidiary.
• June 20, 2024: Acquired controlling interest in AML GO (Pty) Ltd.
• Oct 29, 2024: AML GO launched a next-generation web-based AML screening and compliance portal.
• Feb 1, 2025: Lease executed for Centurion, South Africa offices with renewal options.
• 2025: AML GO onboarded 30+ clients; ongoing development and deployment of B2B lending on ACPAS.
• June–July 2025: ACPAS expansion and multi-phase development agreements in Africa.
• Oct 27, 2025: CEO Jaco Fölscher re-elected to CASA board.
• 2026: CASA sponsorship activities and planned roundtables in Durban, Bloemfontein, Port Elizabeth, and Limpopo; ongoing U.S. rollout planning for AML GO and HUNTPAL financing.

Products and services (summary)

• ACPAS (South Africa)
  • Cloud-based loan origination (SaaS), Theme Studio for client websites, credit inquiries, embedded credit protection and life insurance, debit-order transaction processing, and development and staffing services.
• AML GO (South Africa)
  • CDD/EDD, real-time watch-list screening (PEP/sanctions), transaction monitoring and alerts, regulatory reporting and audit trails, API integration, and training/support.
• HUNTPAL (Pty) Ltd (South Africa)
  • Hunt Now–Pay Later financing (interest-free installments), marketplace and booking portal, outfitter and ranch partnerships, logistics and trip management, marketing services.
• HUNTPAL LLC (United States)
  • U.S. marketplace for financing African hunting trips and planned expansion of outfitter networks and financing partnerships.

Governance and financial structure

• The company uses equity financing and related-party financing arrangements.
• Stock-based compensation is used to align incentives, including equity issuances to directors, officers, and consultants.

This summary is based on the company’s Form 10-K for the fiscal year ended February 28, 2026. All figures are in U.S. dollars unless noted otherwise.