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U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-QSB/A
(Mark One)
/X/ Quarterly report under Section 13 or 15(d) of the Securities Exchange
Act of 1934
For the quarterly period ended February 28, 1999
/ / Transition report under Section 13 or 15(d) of the Exchange Act
For the transition period from _________________ to ______________________
Commission File Number 0-11791
PURCHASESOFT, INC.
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(Name of Small Business Issuer as Specified in Its Charter)
DELAWARE 13-2897997
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(State or Other Jurisdiction (I.R.S. Employer Identification No.)
of Incorporation or Organization)
7301 OHMS LANE
SUITE 220
EDINA, MN 55439
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(Address of Principal Executive Offices)
(612) 941-1500
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(Issuer's Telephone Number, Including Area Code)
Check whether the issuer: (1) filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the past 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 /X/ No / /
State the number of shares outstanding of each of the issuer's classes
of common equity, as of the latest practicable date.
CLASS OUTSTANDING AT APRIL 13, 1999
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COMMON STOCK, PAR VALUE 8,201,842 SHARES
$0.01 PER SHARE
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Company for which report is filed: PurchaseSoft, Inc.
(the "Company")
PURCHASESOFT, INC.
BALANCE SHEETS
<TABLE>
<CAPTION>
(Unaudited)
February 28, 1999 May 31, 1998
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<S> <C> <C>
Assets
Current Assets:
Cash and cash equivalents $ 1,975,567 $ 2,918,548
Accounts receivable, net 107,989 103,145
Prepaid expenses and other current assets 136,730 5,045
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Total Current Assets 2,220,286 3,026,738
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Property and equipment, net 272,799 46,067
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Other Assets
Security deposits 39,234 9,124
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Total Other Assets 39,234 9,124
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Total Assets $ 2,532,319 $ 3,081,929
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Liabilities and Stockholders' Equity (Deficit)
Current Liabilities
Accounts payable $ 228,161 $ 219,092
Note payable 2,000,000 --
Current obligations under capital leases 47,710 --
Accrued expenses 682,230 389,781
Deferred revenues 125,904 93,598
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Total Current Liabilities 3,084,005 702,471
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Noncurrent obligations 225,231 --
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Commitments and Contingencies
Stockholders' Equity (Deficit):
Common stock, $0.01 par value, 25,000,000
shares authorized, 8,201,842 and 8,029,761
issued and outstanding respectively 82,019 80,298
Additional paid-in-capital 19,512,261 19,321,482
Accumulated deficit (20,282,165) (16,933,290)
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(687,885) 2,468,490
Less treasury stock (4,780 shares) at cost (89,032) (89,032)
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Total Stockholders' Equity (Deficit) (776,917) 2,379,458
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Total Liabilities and Stockholders'
Equity (Deficit) $ 2,532,319 $ 3,081,929
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</TABLE>
See accompanying notes to financial statements
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SIGNATURES
In accordance with the requirements of the Exchange Act, the registrant
caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
PURCHASESOFT, INC.
Date: April 15, 1999 By: /s/ Michael G. Kerrison
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Name: Michael G. Kerrison
Title: Chairman of the Board of Directors
and Chief Executive Officer
Date: April 15, 1999 By: /s/ Philip D. Wolf
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Name: Philip D. Wolf
Title: Treasurer and Chief Financial
Officer
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