ReposiTrak, Inc. 2026財年第三季度10-Q業績摘要（截至2026年3月31日）

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Contract asset balances for March 31, 2026 include a current and a long-term contract asset of $454,408 and $0, respectively.
Contract asset balances for December 31, 2025 include a current and a long-term contract asset of $481,158 and $0, respectively.
We close our books and records on the last calendar day of each month to align our financial closing with our business processes.

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 Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

 ☒
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
 For the quarterly period ended March 31, 2026
 

 

 ☐
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934.
 For the transition period from                 to                .
 

 

Commission File Number 001-34941

 

REPOSITRAK, INC.

(Exact name of small business issuer as specified in its charter)

 

 Nevada
 37-1454128
 

 (State or other jurisdiction of incorporation or organization)
 (IRS Employer Identification No.)
 

 

5282 South Commerce Drive, Suite D292, Murray, Utah 84107

(Address of principal executive offices)

 

(435) 645-2000

(Registrant’s telephone number)

 

Securities registered pursuant to Section 12(b) of the Act:

 

 Title of each class
 Trading Symbol(s)
 Name of each exchange on which 
 registered
 

 Common stock, par value $0.01 per share
 TRAK
 New York Stock Exchange
 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities and Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Sec.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☒ Yes ☐ No

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

 Large accelerated filer
 ☐
 Accelerated filer
 ☐
 

 Non-accelerated filer
 ☒
 Smaller reporting company
 ☒
 

   Emerging growth company
 ☐
 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes  ☒ No

 

As of May 14, 2026, 18,173,565 shares of the registrant’s common stock, $0.01 par value, were issued and outstanding.  

 

 
  
 

 
 
 
 
 Table of Contents
 

 

 

   

 
  
 

 
 REPOSITRAK, INC.

  

 TABLE OF CONTENTS

  

 
 
 
  
  
 Page
 
 

 
 PART I - FINANCIAL INFORMATION
 
 

 
  
  
  
 

 
 Item 1.
 
 Financial Statements
 
 1
 

 
  
  
  
 

 
  
 Consolidated Condensed Balance Sheets as of March 31, 2026 and June 30, 2025 (Unaudited)
 
 1
 

 
  
 Consolidated Condensed Statements of Operations and Comprehensive Income for the Three and Nine months Ended March 31, 2026 and 2025 (Unaudited)
 
 2
 

 
  
 Consolidated Condensed Statements of Cash Flows for the Nine months Ended March 31, 2026 and 2025 (Unaudited)
 
 3
 

 
  
 Consolidated Condensed Statements of Stockholders’ Equity for the Three and Nine months Ended March 31, 2026 and 2025 (Unaudited)
 
 4
 

 
  
 Notes to Consolidated Condensed Financial Statements
 
 5
 

 
  
  
  
 

 
 Item 2.
 
 Management's Discussion and Analysis of Financial Condition and Results of Operations
 
 12
 

 
  
  
  
 

 
 Item 3.
 
 Quantitative and Qualitative Disclosures About Market Risk
 
 22
 

 
  
  
  
 

 
 Item 4.
 
 Controls and Procedures
 
 22
 

 
  
  
  
 

 
 PART II OTHER INFORMATION
 
 

 
  
  
  
 

 
 Item 1.
 
 Legal Proceedings
 
 23
 

 
  
  
  
 

 
 Item 1A.
 
 Risk Factors
 
 23
 

 
  
  
  
 

 
 Item 2.
 
 Unregistered Sales of Equity Securities and Use of Proceeds
 
 23
 

 
  
  
  
 

 
 Item 3.
 
 Defaults Upon Senior Securities
 
 23
 

 
  
  
  
 

 
 Item 5.
 
 Other Information
 
 23
 

 
  
  
  
 

 
 Item 6.
 
 Exhibits
 
 23
 

 
  
  
  
 

 
 Signatures
 
 24
 

 
 
  

 
 
 
 
  
 

 

 

 
 
 
 
 Table of Contents
 

 

 

 

  

 

 
  
 

 
  
 

 PART I

  

 FINANCIAL INFORMATION

  

 ITEM 1.  FINANCIAL STATEMENTS

  

 REPOSITRAK, INC.

 Consolidated Condensed Balance Sheets (Unaudited)

  

 
    March 31,
    June 30,
  

   2026
    2025
  

 Assets
         

 Current Assets
         

 Cash
  $26,409,558  $28,568,805 

 Receivables, net of allowance for doubtful accounts of $264,517 and $242,437 at March 31, 2026 and June 30, 2025, respectively
   5,101,465   4,133,026 

 Contract asset – unbilled current portion
   454,408   428,585 

 Prepaid expense and other current assets
   1,137,554   555,384 

 Total Current Assets
   33,102,985   33,685,800 

         

 Property and equipment, net
   362,973   602,172 

         

 Other Assets:
         

 Notes receivable
   3,000,000   - 

 Deposits and other assets
   22,414   22,414 

 Prepaid expense – less current portion
   3,453   6,568 

 Goodwill
   20,883,886   20,883,886 

 Capitalized software costs, net
   -   128,207 

 Total Other Assets
   23,909,753   21,041,075 

         

 Total Assets
  $57,375,711  $55,329,047 

         

 Liabilities and Shareholders’ Equity
         

 Current liabilities
         

 Accounts payable
  $270,175  $282,146 

 Accrued liabilities
   2,507,489   1,841,839 

 Contract liability – deferred revenue
   3,754,750   3,175,908 

 Notes payable and financing leases – current
   234,523   231,225 

 Total current liabilities
   6,766,937   5,531,118 

         

 Long-term liabilities
         

 Notes payable and financing leases – less current portion
   114,939   278,748 

 Total liabilities
   6,881,876   5,809,866 

         

 Commitments and contingencies
           

         

 Stockholders’ equity:
         

 Preferred Stock; $0.01 par value, 30,000,000 shares authorized;
         

 Series B Preferred, 700,000 shares authorized; 160,865 and 336,098 shares issued and outstanding at March 31, 2026 and June 30, 2025, respectively
   1,609   3,361 

 Common Stock, $0.01 par value, 50,000,000 shares authorized; 18,173,565 and 18,282,805 and issued and outstanding at March 31, 2026 and June 30, 2025, respectively
   181,738   182,830 

 Additional paid-in capital
   59,063,066   62,181,156 

 Accumulated other comprehensive loss
   (51,173)  (11,256)

 Accumulated deficit
   (8,701,405)  (12,836,910)

 Total stockholders’ equity
   50,493,835   49,519,181 

 Total liabilities and stockholders’ equity
  $57,375,711  $55,329,047 

 

  

 See accompanying notes to consolidated condensed financial statements.

  

 
 
 
 
 - 1 -
 

 

 

 
 
 
 
 Table of Contents
 

 

 

 

  

 
  
 

 REPOSITRAK, INC.

 Consolidated Condensed Statements of Operations and Comprehensive Income (Unaudited)

  

 
 
 
 
  
  
 Three Months Ended
 
  
  
 Nine Months Ended
 
  
 

 
  
  
 March 31,
 
  
  
 March 31,
 
  
 

 
  
  
 2026
 
  
  
 2025
 
  
  
 2026
 
  
  
 2025
 
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 Revenue
 
  
 $
 5,883,198
  
  
 $
 5,913,732
  
  
 $
 17,711,476
  
  
 $
 16,845,782
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 Operating expense:
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 Cost of revenue and product support
 
  
  
 803,353
  
  
  
 911,693
  
  
  
 2,511,249
  
  
  
 2,773,468
  
 

 
 Sales and marketing
 
  
  
 1,356,865
  
  
  
 1,408,861
  
  
  
 4,458,676
  
  
  
 4,392,997
  
 

 
 General and administrative
 
  
  
 1,376,346
  
  
  
 1,455,602
  
  
  
 4,216,435
  
  
  
 4,124,706
  
 

 
 Depreciation and amortization
 
  
  
 95,414
  
  
  
 328,723
  
  
  
 563,090
  
  
  
 913,646
  
 

 
 Total operating expense
 
  
  
 3,631,978
  
  
  
 4,104,879
  
  
  
 11,749,450
  
  
  
 12,204,817
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 Income from operations
 
  
  
 2,251,220
  
  
  
 1,808,853
  
  
  
 5,962,026
  
  
  
 4,640,965
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 Other income (expense):
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 Interest income
 
  
  
 321,109
  
  
  
 326,388
  
  
  
 1,082,011
  
  
  
 1,030,554
  
 

 
 Interest expense
 
  
  
 (9,191
 )
  
  
 (12,817
 )
  
  
 (29,930
 )
  
  
 (35,022
 )
 

 
 Realized gain (loss) on short term investments
 
  
  
 1,194
  
  
  
 -
  
  
  
 (19,052
 )
  
  
 -
  
 

 
 Unrealized gain (loss) on short term investments
 
  
  
 (128,697
 )
  
  
 (6,705
 )
  
  
 (153,852
 )
  
  
 (2,438
 )
 

 
 Income before income taxes
 
  
  
 2,435,635
  
  
  
 2,115,719
  
  
  
 6,841,203
  
  
  
 5,634,059
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 (Provision) for income taxes:
 
  
  
 (450,000
 )
  
  
 (149,931
 )
  
  
 (1,349,999
 )
  
  
 (452,036
 )
 

 
 Net income
 
  
  
 1,985,635
  
  
  
 1,965,788
  
  
  
 5,491,204
  
  
  
 5,182,023
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 Dividends on preferred stock
 
  
  
 (34,285
 )
  
  
 (85,725
 )
  
  
 (139,653
 )
  
  
 (289,223
 )
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 Net income applicable to common shareholders
 
  
 $
 1,951,350
  
  
 $
 1,880,063
  
  
 $
 5,351,551
  
  
 $
 4,892,800
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 Weighted average shares, basic
 
  
  
 18,205,000
  
  
  
 18,254,000
  
  
  
 18,254,000
  
  
  
 18,249,000
  
 

 
 Weighted average shares, diluted
 
  
  
 18,838,000
  
  
  
 19,143,000
  
  
  
 19,029,000
  
  
  
 19,122,000
  
 

 
 Basic income per share
 
  
 $
 0.11
  
  
 $
 0.10
  
  
 $
 0.29
  
  
 $
 0.27
  
 

 
 Diluted income per share
 
  
 $
 0.10
  
  
 $
 0.10
  
  
 $
 0.28
  
  
 $
 0.26
  
 

 
 Comprehensive income:
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 Net income
 
  
 $
 1,985,635
  
  
 $
 1,965,788
  
  
 $
 5,491,204
  
  
 $
 5,182,023
  
 

 
 Other comprehensive gain:
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 Unrealized gain (loss) on available-for-sale securities
 
  
  
 (31,328
 )
  
  
 (3,759
 )
  
  
 (39,917
 )
  
  
 15,110
  
 

 
 Total comprehensive income
 
  
 $
 1,954,307
  
  
 $
 1,962,029
  
  
 $
 5,451,287
  
  
 $
 5,197,133
  
 

 
 
 

  

 See accompanying notes to consolidated condensed financial statements.

  

 
 
 
 
 - 2 -
 

 

 

 
 
 
 
 Table of Contents
 

 

 

 

  

 
  
 

 REPOSITRAK, INC.

 Consolidated Condensed Statements of Cash Flows (Unaudited)

  

 
 
 
 
  
  
 Nine Months Ended
 
  
 

 
  
  
 March 31,
 
  
 

 
  
  
 2026
 
  
  
 2025
 
  
 

 
 Cash flows from operating activities:
 
  
  
  
  
  
  
  
  
 

 
 Net income
 
  
 $
 5,491,204
  
  
 $
 5,182,023
  
 

 
 Adjustments to reconcile net income to net cash provided by operating activities:
 
  
  
  
  
  
  
  
  
 

 
 Depreciation and amortization
 
  
  
 563,090
  
  
  
 913,646
  
 

 
 Amortization of operating right of use asset
 
  
  
 -
  
  
  
 47,386
  
 

 
 Stock compensation expense
 
  
  
 327,069
  
  
  
 302,251
  
 

 
 Bad debt expense
 
  
  
 675,000
  
  
  
 450,000
  
 

 
 (Increase) decrease in:
 
  
  
  
  
  
  
  
  
 

 
 Accounts receivables
 
  
  
 (1,669,262
 )
  
  
 (796,122
 )
 

 
 Long-term receivables, prepaids and other assets
 
  
  
 (762,990
 )
  
  
 (208,916
 )
 

 
 Increase (decrease) in:
 
  
  
  
  
  
  
  
  
 

 
 Accounts payable
 
  
  
 (11,971
 )
  
  
 21,746
  
 

 
 Operating lease liability
 
  
  
 -
  
  
  
 (47,372
 )
 

 
 Accrued liabilities
 
  
  
 669,156
  
  
  
 (335,917
 )
 

 
 Deferred revenue
 
  
  
 578,842
  
  
  
 1,234,646
  
 

 
 Net cash provided by operating activities
 
  
  
 5,860,138
  
  
  
 6,763,371
  
 

 
  
  
  
  
  
  
  
  
  
 

 
 Cash flows from investing activities:
 
  
  
  
  
  
  
  
  
 

 
 Issuance of note receivable
 
  
  
 (3,000,000
 )
  
  
 -
  
 

 
 Purchase of property and equipment
 
  
  
 (11,749
 )
  
  
 (8,795
 )
 

 
 Sale (purchase) of marketable securities
 
  
  
 (39,917
 )
  
  
 15,110
  
 

 
 Net cash provided by (used in) investing activities
 
  
  
 (3,051,666
 )
  
  
 6,315
  
 

 
  
  
  
  
  
  
  
  
  
 

 
 Cash flows from financing activities:
 
  
  
  
  
  
  
  
  
 

 
 Common Stock buyback/retirement
 
  
  
 (1,798,537
 )
  
  
 (100,016
 )
 

 
 Redemption of Series B Preferred
 
  
  
 (1,874,993
 )
  
  
 (2,249,975
 )
 

 
 Proceeds from exercise of warrants
 
  
  
 -
  
  
  
 79,120
  
 

 
 Proceeds from employee stock plan
 
  
  
 104,519
  
  
  
 134,345
  
 

 
 Dividends paid
 
  
  
 (1,238,197
 )
  
  
 (1,342,235
 )
 

 
 Payments on notes payable and capital leases
 
  
  
 (160,511
 )
  
  
 (310,466
 )
 

 
 Net cash used in financing activities
 
  
  
 (4,967,719
 )
  
  
 (3,789,227
 )
 

 
  
  
  
  
  
  
  
  
  
 

 
 Net increase (decrease) in cash and cash equivalents
 
  
  
 (2,159,247
 )
  
  
 2,980,459
  
 

 
  
  
  
  
  
  
  
  
  
 

 
 Cash and cash equivalents at beginning of period
 
  
  
 28,568,805
  
  
  
 25,153,862
  
 

 
 Cash and cash equivalents at end of period
 
  
 $
 26,409,558
  
  
 $
 28,134,321
  
 

 
  
  
  
  
  
  
  
  
  
 

 
 Supplemental disclosure of cash flow information:
 
  
  
  
  
  
  
  
  
 

 
 Cash paid for income taxes
 
  
 $
 709,420
  
  
 $
 375,119
  
 

 
 Cash paid for interest
 
  
 $
 12,054
  
  
 $
 7,769
  
 

 
 Cash paid for operating leases
 
  
 $
 -
  
  
 $
 56,244
  
 

 
  
  
  
  
  
  
  
  
  
 

 
 Supplemental disclosure of non-cash investing and financing activities:
 
  
  
  
  
  
  
  
  
 

 
 Common stock to pay accrued liabilities
 
  
 $
 325,136
  
  
 $
 259,302
  
 

 
 Dividends accrued on preferred stock
 
  
 $
 139,653
  
  
 $
 289,223
  
 

 
 Right-of-use asset
 
  
 $
 -
  
  
 $
 654,444
  
 

 
 
 

  

 See accompanying notes to consolidated condensed financial statements.

  

 
 
 
 
 - 3 -
 

 

 

 
 
 
 
 Table of Contents
 

 

 

 

  

 
  
 

 REPOSITRAK, INC.

 Consolidated Condensed Statements of Stockholders’ Equity (Deficit) (Unaudited)

  

 Nine months Ended March 31, 2026

  

 
 
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 Accumulated
 
  
  
  
  
  
 

 
  
  
 Series B
 
  
  
  
  
  
  
  
  
  
  
 Additional
 
  
  
  
  
  
  
 Other
 
  
  
  
  
  
 

 
  
  
 Preferred Stock
 
  
  
 Common Stock
 
  
  
 Paid-In
 
  
  
 Accumulated
 
  
  
 Comprehensive
 
  
  
  
  
  
 

 
  
  
 Shares
 
  
  
 Amount
 
  
  
 Shares
 
  
  
 Amount
 
  
  
 Capital
 
  
  
 Deficit
 
  
  
 Gain/Loss
 
  
  
 Total
 
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 Balance, June 30, 2025
 
  
  
 336,098
  
  
 $
 3,361
  
  
  
 18,282,805
  
  
 $
 182,830
  
  
 $
 62,181,156
  
  
 $
 (12,836,910
 )
  
 $
 (11,256
 )
  
 $
 49,519,181
  
 

 
 Stock issued for:
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 Accrued compensation
 
  
  
 -
  
  
  
 -
  
  
  
 6,241
  
  
  
 62
  
  
  
 99,937
  
  
  
 -
  
  
  
 -
  
  
  
 99,999
  
 

 
 Employee stock plan
 
  
  
 -
  
  
  
 -
  
  
  
 3,573
  
  
  
 36
  
  
  
 63,443
  
  
  
 -
  
  
  
 -
  
  
  
 63,479
  
 

 
 Stock buyback
 
  
  
 -
  
  
  
 -
  
  
  
 (8,715
 )
  
  
 (87
 )
  
  
 (149,898
 )
  
  
 -
  
  
  
 -
  
  
  
 (149,985
 )
 

 
 Preferred Stock redemption
 
  
  
 (70,093
 )
  
  
 (701
 )
  
  
 -
  
  
  
 -
  
  
  
 (700,229
 )
  
  
 (49,065
 )
  
  
 -
  
  
  
 (749,995
 )
 

 
 Preferred Dividends-Declared
 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 (58,817
 )
  
  
 -
  
  
  
 (58,817
 )
 

 
 Common Stock Dividends-Declared
 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 (365,038
 )
  
  
 -
  
  
  
 (365,038
 )
 

 
 Net income
 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 1,819,529
  
  
  
 -
  
  
  
 1,819,529
  
 

 
 Other comprehensive gain (loss)
 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 (8,609
 )
  
  
 (8,609
 )
 

 
 Balance, September 30, 2025
 
  
  
 266,005
  
  
 $
 2,660
  
  
  
 18,283,904
  
  
 $
 182,841
  
  
 $
 61,494,409
  
  
 $
 (11,490,301
 )
  
 $
 (19,865
 )
  
 $
 50,169,744
  
 

 
 Stock issued for:
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 Accrued compensation
 
  
  
 -
  
  
  
 -
  
  
  
 7,704
  
  
  
 77
  
  
  
 123,207
  
  
  
 -
  
  
  
 -
  
  
  
 123,284
  
 

 
 Employee stock plan
 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
 

 
 Stock buyback
 
  
  
 -
  
  
  
 -
  
  
  
 (79,927
 )
  
  
 (799
 )
  
  
 (1,097,809
 )
  
  
 -
  
  
  
 -
  
  
  
 (1,098,608
 )
 

 
 Preferred Stock redemption
 
  
  
 (70,093
 )
  
  
 (701
 )
  
  
 -
  
  
  
 -
  
  
  
 (700,229
 )
  
  
 (49,065
 )
  
  
 -
  
  
  
 (749,995
 )
 

 
 Preferred Dividends-Declared
 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 (46,551
 )
  
  
 -
  
  
  
 (46,551
 )
 

 
 Common Stock Dividends-Declared
 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 (363,596
 )
  
  
 -
  
  
  
 (363,596
 )
 

 
 Net income
 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 1,686,040
  
  
  
 -
  
  
  
 1,686,040
  
 

 
 Other comprehensive loss
 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 20
  
  
  
 20
  
 

 
 Balance, December 31, 2025
 
  
  
 195,912
  
  
 $
 1,959
  
  
  
 18,211,681
  
  
 $
 182,119
  
  
 $
 59,819,578
  
  
 $
 (10,263,473
 )
  
 $
 (19,845
 )
  
 $
 49,720,338
  
 

 
 Stock issued for:
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 Accrued compensation
 
  
  
 -
  
  
  
 -
  
  
  
 13,910
  
  
  
 139
  
  
  
 101,992
  
  
  
 -
  
  
  
 -
  
  
  
 102,131
  
 

 
 Employee stock plan
 
  
  
 -
  
  
  
 -
  
  
  
 3,236
  
  
  
 32
  
  
  
 41,008
  
  
  
 -
  
  
  
 -
  
  
  
 41,040
  
 

 
 Stock buyback
 
  
  
 -
  
  
  
 -
  
  
  
 (55,262
 )
  
  
 (552
 )
  
  
 (549,392
 )
  
  
 -
  
  
  
 -
  
  
  
 (549,944
 )
 

 
 Preferred Stock redemption
 
  
  
 (35,047
 )
  
  
 (350
 )
  
  
 -
  
  
  
 -
  
  
  
 (350,120
 )
  
  
 (24,533
 )
  
  
 -
  
  
  
 (375,003
 )
 

 
 Preferred Dividends-Declared
 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 (34,285
 )
  
  
 -
  
  
  
 (34,285
 )
 

 
 Common Stock Dividends-Declared
 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 (364,749
 )
  
  
 -
  
  
  
 (364,749
 )
 

 
 Net income
 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 1,985,635
  
  
  
 -
  
  
  
 1,985,635
  
 

 
 Other comprehensive loss
 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 (31,328
 )
  
  
 (31,328
 )
 

 
 Balance, March 31, 2026
 
  
  
 160,865
  
  
 $
 1,609
  
  
  
 18,173,565
  
  
 $
 181,738
  
  
 $
 59,063,066
  
  
 $
 (8,701,405
 )
  
 $
 (51,173
 )
  
 $
 50,493,835
  
 

 
 
 

  

 Nine months Ended March 31, 2025

  

 
 
 
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 Accumulated
 
  
  
  
  
  
 

 
  
  
 Series B
 
  
  
  
  
  
  
  
  
  
  
 Additional
 
  
  
  
  
  
  
 Other
 
  
  
  
  
  
 

 
  
  
 Preferred Stock
 
  
  
 Common Stock
 
  
  
 Paid-In
 
  
  
 Accumulated
 
  
  
 Comprehensive
 
  
  
  
  
  
 

 
  
  
 Shares
 
  
  
 Amount
 
  
  
 Shares
 
  
  
 Amount
 
  
  
 Capital
 
  
  
 Deficit
 
  
  
 Gain/Loss
 
  
  
 Total
 
  
 

 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 Balance, June 30, 2024
 
  
  
 616,470
  
  
 $
 6,165
  
  
  
 18,234,893
  
  
 $
 182,351
  
  
 $
 64,655,902
  
  
 $
 (17,962,410
 )
  
 $
 (27,390
 )
  
 $
 46,854,618
  
 

 
 Stock issued for:
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 Accrued compensation
 
  
  
 -
  
  
  
 -
  
  
  
 5,705
  
  
  
 57
  
  
  
 69,928
  
  
  
 -
  
  
  
 -
  
  
  
 69,985
  
 

 
 Employee stock plan
 
  
  
 -
  
  
  
 -
  
  
  
 5,492
  
  
  
 55
  
  
  
 59,797
  
  
  
 -
  
  
  
 -
  
  
  
 59,852
  
 

 
 Stock buyback
 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
 

 
 Preferred Stock redemption
 
  
  
 (70,093
 )
  
  
 (701
 )
  
  
 -
  
  
  
 -
  
  
  
 (700,229
 )
  
  
 (49,065
 )
  
  
 -
  
  
  
 (749,995
 )
 

 
 Preferred Dividends-Declared
 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 (107,882
 )
  
  
 -
  
  
  
 (107,882
 )
 

 
 Common Stock Dividends-Declared
 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 (301,060
 )
  
  
 -
  
  
  
 (301,060
 )
 

 
 Net income
 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 1,665,155
  
  
  
 -
  
  
  
 1,665,155
  
 

 
 Other comprehensive gain (loss)
 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 34,086
  
  
  
 34,086
  
 

 
 Balance, September 30, 2024
 
  
  
 546,377
  
  
 $
 5,464
  
  
  
 18,246,090
  
  
 $
 182,463
  
  
 $
 64,085,398
  
  
 $
 (16,755,262
 )
  
 $
 6,696
  
  
 $
 47,524,759
  
 

 
 Stock issued for:
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 Accrued compensation
 
  
  
 -
  
  
  
 -
  
  
  
 6,980
  
  
  
 70
  
  
  
 67,430
  
  
  
 -
  
  
  
 -
  
  
  
 67,500
  
 

 
 Employee stock plan
 
  
  
 -
  
  
  
 -
  
  
  
 414
  
  
  
 4
  
  
  
 4,496
  
  
  
 -
  
  
  
 -
  
  
  
 4,500
  
 

 
 Stock buyback
 
  
  
 -
  
  
  
 -
  
  
  
 (4,074
 )
  
  
 (40
 )
  
  
 (99,976
 )
  
  
 -
  
  
  
 -
  
  
  
 (100,016
 )
 

 
 Exercise of warrants
 
  
  
 -
  
  
  
 -
  
  
  
 7,912
  
  
  
 79
  
  
  
 79,041
  
  
  
 -
  
  
  
 -
  
  
  
 79,120
  
 

 
 Preferred Stock redemption
 
  
  
 (70,093
 )
  
  
 (701
 )
  
  
 -
  
  
  
 -
  
  
  
 (700,229
 )
  
  
 (49,055
 )
  
  
 -
  
  
  
 (749,985
 )
 

 
 Preferred Dividends-Declared
 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 (95,616
 )
  
  
 -
  
  
  
 (95,616
 )
 

 
 Common Stock Dividends-Declared
 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 (331,371
 )
  
  
 -
  
  
  
 (331,371
 )
 

 
 Net income
 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 1,551,080
  
  
  
 -
  
  
  
 1,551,080
  
 

 
 Other comprehensive loss
 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 (15,217
 )
  
  
 (15,217
 )
 

 
 Balance, December 31, 2024
 
  
  
 476,284
  
  
 $
 4,763
  
  
  
 18,257,322
  
  
 $
 182,576
  
  
 $
 63,436,160
  
  
 $
 (15,680,224
 )
  
 $
 (8,521
 )
  
 $
 47,934,754
  
 

 
 Stock issued for:
 
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
 

 
 Accrued compensation
 
  
  
 -
  
  
  
 -
  
  
  
 14,705
  
  
  
 147
  
  
  
 121,670
  
  
  
 -
  
  
  
 -
  
  
  
 121,817
  
 

 
 Employee stock plan
 
  
  
 -
  
  
  
 -
  
  
  
 4,354
  
  
  
 43
  
  
  
 69,950
  
  
  
 -
  
  
  
 -
  
  
  
 69,993
  
 

 
 Stock buyback
 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
 

 
 Preferred Stock redemption
 
  
  
 (70,093
 )
  
  
 (701
 )
  
  
 -
  
  
  
 -
  
  
  
 (700,229
 )
  
  
 (49,065
 )
  
  
 -
  
  
  
 (749,995
 )
 

 
 Preferred Dividends-Declared
 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 (85,725
 )
  
  
 -
  
  
  
 (85,725
 )
 

 
 Common Stock Dividends-Declared
 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 (331,807
 )
  
  
 -
  
  
  
 (331,807
 )
 

 
 Net income
 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 1,965,788
  
  
  
 -
  
  
  
 1,965,788
  
 

 
 Other comprehensive loss
 
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 -
  
  
  
 (3,759
 )
  
  
 (3,759
 )
 

 
 Balance, March 31, 2025
 
  
  
 406,191
  
  
 $
 4,062
  
  
  
 18,276,381
  
  
 $
 182,766
  
  
 $
 62,927,551
  
  
 $
 (14,181,033
 )
  
 $
 (12,280
 )
  
 $
 48,921,066
  
 

 
 
 

  

 See accompanying notes to consolidated condensed financial statements.

  

 
 
 
 
 - 4 -
 

 

 

 
 
 
 
 Table of Contents
 

 

 

 

  

 REPOSITRAK, INC.

 NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

 (Unaudited)

  

 
  
 

 
 
 
 
 NOTE 1.
 
 OVERVIEW OF OPERATIONS AND BASIS FOR PRESENTATION
 
 

 
 
  

 Overview

  

 ReposiTrak, Inc., a Nevada corporation (“ReposiTrak”, “We”, “us”, “our” or the “Company”), is a Software-as-a-Service company (“SaaS”) which operates a business-to-business (“B2B”) e-commerce, compliance & traceability, and supply chain management platform that partners with retailers, wholesalers, distributors and their product suppliers to (a) help them manage specific programs, such as out-of-stock management and scan-based trading; (b) reduce risk in their supply chain by managing compliance documents and data; ensure compliance with new regulatory requirements supporting traceability; and (c) improve product ordering and forecasting in order to accelerate sales, control risks, and improve supply chain efficiencies.

  

 The Company’s services are grouped in three application suites:

  

 
 
 
  
 1.
 
 ReposiTrak Compliance Management (“Compliance”) solutions, which helps the Company’s customers vet suppliers and reduce a company’s potential regulatory, legal, and criminal risk from its supply chain partners by providing a way for them to ensure these suppliers are compliant with food safety regulations, such as the Food Safety Modernization Act of 2011 (“FSMA”);
 
 

 
 
  

 
 
 
  
 2.
 
 ReposiTrak Traceability Network (“Traceability” or “RTN”), which helps the Company’s customers comply with federal regulatory requirements of traceability and provides the lowest cost, easiest to use way to manage the capture and sharing of key data elements (“KDEs”) now required by Section 204d of FSMA 2011 as designated products move through the supply chain at each ‘event’ known as a ‘critical tracking event’ or “CTE”, which includes tracking from farm to shelf; and
 
 

 
 
  

 
 
 
  
 3.
 
 ReposiTrak Supply Chain Solutions (“Supply Chain”), which help the Company’s customers to more efficiently manage various interactions with their suppliers. In other words, it provides customers with greater flexibility in sourcing products by enabling them to choose new suppliers and integrate them into their supply chain faster and more cost effectively, and it helps them to manage these relationships more efficiently, enhancing revenue while lowering working capital, labor costs and reducing waste.
 
 

 
 
  

 The Company’s services are delivered though proprietary software products designed, developed, marketed and supported by the Company. These products provide visibility and facilitate improved business processes among all key constituents in the supply chain, starting with the retailer and moving backwards to suppliers and eventually to raw material providers.

  

 The Company provides cloud-based applications and services that address e-commerce, supply chain, food safety, compliance and traceability activities. The principal customers for the Company’s products are household name multi-store food retail chains and restaurants including their suppliers, branded food manufacturers, food wholesalers and distributors, and other food service businesses.

  

 The Company has a hub and spoke business model. The Company is typically engaged by retailers and wholesalers (“Hubs”), which in turn require their suppliers (“Spokes”) to utilize the Company’s services.

  

 On December 21, 2023, the Company effected a change of its corporate name from Park City Group, Inc. to ReposiTrak, Inc. The Company is incorporated in the State of Nevada and has two principal subsidiaries: PC Group, Inc., a Utah corporation (98.76% owned) (“PCG Utah”), and Park City Group, Inc., a Delaware corporation (100% owned) (“PCG Delaware” and together with PCG Utah, the “Subsidiaries”). All intercompany transactions and balances have been eliminated in the Company’s consolidated financial statements, which contain the Company’s results from operations. The Company has no business operations separate from the operations conducted through its Subsidiaries.

  

 The Company’s principal executive offices are located at 5282 South Commerce Drive, Suite D292, Murray, Utah 84107. Its telephone number is (435) 645-2000. Its website address is www.repositrak.com.

  

 
 
 
 
 -
 5 -
 

 

 

 
 
 
 
 Table of Contents
 

 

 

 
  
 Basis of Financial Statement Presentation

  

 The interim financial information of the Company as of March 31, 2026 and for the three and nine months ended March 31, 2026 is unaudited, and the balance sheet as of  June 30, 2025 is derived from audited financial statements. The accompanying condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles ("U.S. GAAP") for interim financial statements. Accordingly, they omit or condense notes and certain other information normally included in financial statements prepared in accordance with U.S. GAAP. The accounting policies followed for quarterly financial reporting conform with the accounting policies disclosed in the Notes to Financial Statements included in our Annual Report on Form 10-K for the year ended June 30, 2025. In the opinion of management, all adjustments necessary for a fair presentation of the financial information for the interim periods reported have been made. All such adjustments are of a normal recurring nature. The results of operations for the three and nine months ended March 31, 2026 are not necessarily indicative of the results that can be expected for the fiscal year ending June 30, 2026. The unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended June 30, 2025.

  

 
 
  
 

 
 NOTE 2.
 SIGNIFICANT ACCOUNTING POLICIES
 

  

 
Principles of Consolidation

  

 The financial statements presented herein reflect the consolidated financial position of ReposiTrak, Inc. and our subsidiaries. All inter-company transactions and balances have been eliminated in consolidation.

  

 
Use of Estimates

  

 The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that materially affect the amounts reported in the consolidated financial statements. Actual results could differ from these estimates. The methods, estimates, and judgments the Company uses in applying its most critical accounting policies have a significant impact on the results it reports in its financial statements. The U.S. Securities and Exchange Commission (“SEC”) has defined the most critical accounting policies as those that are most important to the portrayal of the Company’s financial condition and results and require the Company to make its most difficult and subjective judgments, often because of the need to make estimates of matters that are inherently uncertain. Based on this definition, the Company’s most critical accounting policies include revenue recognition, goodwill, other long-lived asset valuations, income taxes, stock-based compensation, and capitalization of software development costs.

  

 
Revenue Recognition

  

 The Company recognizes revenue upon the transfer of control of promised goods or services to customers in an amount that reflects the consideration it expects to be entitled to. The Company applies the five-step model under ASC 606 to all customer contracts and evaluates collectability based on customer creditworthiness and historical experience.

  

 Disaggregation of Revenue

  

 The Company disaggregates revenue into the following categories, which depict the nature, timing, and uncertainty of revenue and cash flows:

  

   ●
 Platform and software-based solutions (SaaS/hosting): Subscription-based access to the Company’s platform and hosted software solutions
 

   ●
 Services: Primarily implementation, onboarding, consulting, and support services
 

   ●
 Transaction- and volume-based fees: Usage-based fees tied to customer activity levels or transaction volumes
 

   ●
 Software licenses: Arrangements providing customers with a right to use software
 

  

 These categories are consistent with how management evaluates financial performance and how revenue is presented in the financial statements.

  

 Performance Obligations and Transaction Price

  

 Contracts may include multiple performance obligations. The Company determines whether goods and services are distinct and allocates the transaction price to each performance obligation based on relative standalone selling prices (“SSP”). SSP is based on observable prices when available or estimated using a cost-plus-margin approach and is reassessed periodically. Variable consideration is estimated using either the expected value or most likely amount method, depending on which better predicts the amount of consideration to which the Company expects to be entitled. Variable consideration is included in the transaction price only to the extent it is probable that a significant reversal of cumulative revenue recognized will not occur.

  

 Timing of Revenue Recognition

  

 Revenue is recognized either over time or at a point in time, depending on when control transfers:

  

   ●
 Over time:
 Revenue from platform and software-based solutions (SaaS/hosting), services (including implementation, consulting, maintenance, and support), and transaction- or volume-based arrangements is recognized over time as the customer simultaneously receives and consumes the benefits of the services.
 

   ●
 Point in time:
 Revenue from software licenses that do not require significant modification or customization is recognized at the point in time when control transfers, generally upon delivery.
 

  

 For arrangements involving software licenses with significant customization or integration, revenue is recognized over time as services are performed.

  

 Measurement of Progress

  

 For performance obligations satisfied over time, the Company recognizes revenue using methods that faithfully depict the transfer of control to the customer, including:

  

   ●
 Output methods based on delivery of specified milestones or completed services; and
 

   ●
 Right-to-invoice practical expedient where invoicing corresponds directly with the value transferred.
 

  

 The Company has elected the practical expedient under ASC 606-10-55-18 to recognize revenue in the amount to which it has a right to invoice when that amount corresponds directly with the value transferred to the customer.

  

 For fixed-price arrangements where invoicing does not reflect value delivered, revenue is recognized based on progress toward completion. Estimates of progress are updated as work is performed, and changes in estimates are recognized in the period identified. Expected losses on contracts are recognized immediately.

  

 Maintenance and support revenue is generally recognized ratably over the contract term.

  

 Principal vs. Agent Considerations

  

 The Company evaluates whether it acts as a principal or an agent in transactions involving third-party goods or services. This determination is based on whether the Company controls the specified good or service before it is transferred to the customer.

  

 Key factors considered include primary responsibility for fulfillment, inventory risk, and discretion in establishing pricing. When the Company acts as a principal, revenue is recorded on a gross basis; when acting as an agent, revenue is recorded on a net basis.

  

 Contract Costs

  

 Incremental costs of obtaining contracts, such as sales commissions, are capitalized when easily identifiable and recoverable. These costs are amortized on a systematic basis consistent with the transfer of the goods or services to which the asset relates. The Company applies a practical expedient to expense such costs as incurred when the amortization period is one year or less.

  

 Contract Balances

  

 The Company records contract assets when revenue is recognized in advance of invoicing and contract liabilities (deferred revenue) when consideration is received in advance of performance. These balances are presented separately on the Company’s balance sheet.

  

 Payment Terms

  

 Payment terms vary by contract but are generally due within 30 to 90 days of invoicing, consistent with industry practice. The Company’s invoicing terms are designed to provide customers with predictable billing arrangements and do not generally include significant financing components.

  

 Significant Financing Component

  

 The Company assesses whether contracts include a significant financing component. As a practical expedient, the Company does not assess financing components when the period between payment and transfer of goods or services is one year or less.

  

 Remaining Performance Obligations

  

 The Company applies the practical expedient under ASC 606 to not disclose remaining performance obligations for contracts with an original expected duration of one year or less and for variable consideration that is allocated entirely to wholly unsatisfied performance obligations.

  

 Significant Judgments

  

 The application of ASC 606 requires significant judgment, including:

  

   ●
 Determining whether performance obligations are distinct
 

   ●
 Estimating standalone selling prices
 

   ●
 Estimating and constraining variable consideration
 

   ●
 Measuring progress toward satisfaction of performance obligations
 

   ●
 Evaluating principal versus agent considerations
 

   ●
 Determining whether arrangements represent software licenses or service-based (hosting/SaaS) solutions, including whether customers can take possession of the software and operate it independently
 

  

 
Trade Accounts Receivable and Contract Balances

  

 We classify our right to consideration in exchange for deliverables as either a receivable or a contract asset (unbilled receivable). A receivable is a right to consideration that is unconditional (i.e. only the passage of time is required be