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CORRECTING And REPLACING -- Payment Data Systems Reports 2012 Fiscal Year Results

Mr. Long continued, "We will continue to see cycles in our business, such as our typical seasonal influences and fluctuations in transaction volumes. However as we look at pipelines and projections we are excited about the coming year as we continue to bring new products, services, and innovations to the market such as iRemotePay that should result in higher transaction volumes."

Please review our annual report on Form 10K which will be filed today with the Securities and Exchange Commission for complete financials of the Company.

Financial Statements

PAYMENT DATA SYSTEMS, INC.
 
CONSOLIDATED BALANCE SHEETS
 
  December 31, December 31,
  2012 2011
     
ASSETS    
Cash and cash equivalents $ 3,759,791 $ 3,678,688
Accounts receivable, net 403,303 376,070
Prepaid expenses and other 114,699 32,164
Total current assets 4,277,793 4,086,922
     
Property and equipment, net 91,330 4,234
     
Other assets:    
Related party receivable 702,337 702,337
Marketable securities 31,467 74,787
Other assets 52,693 41,693
Total other assets 786,497 818,817
     
Total Assets $ 5,155,620 $ 4,909,973 
     
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Current Liabilities:    
Accounts payable $ 203,066 $ 43,375
Accrued expenses 695,202 521,808
Customer deposits payable 2,115,122 3,429,135
Line of credit -- 300,000
Deferred revenue 3,875 4,348
Total current liabilities 3,017,265 4,298,666
     
Stockholders' Equity:    
Common stock, $0.001 par value, 200,000,000 shares authorized; 147,721,077 and 142,721,077 issued and 142,725,833 and 137,725,833 outstanding 147,721 142,721
Additional paid-in capital 56,873,423 56,328,423
Treasury stock, at cost; 4,995,244 and 4,995,244 shares (238,158) (238,158)
Deferred compensation (1,580,050) (1,281,880)
Accumulated deficit (53,064,581) (54,339,799)
Total stockholders' equity 2,138,355 611,307
     
Total Liabilities and Stockholders' Equity $ 5,155,620 $ 4,909,973
     
The accompanying notes are an integral part of these consolidated financial statements.    
 
 
PAYMENT DATA SYSTEMS, INC.
 
CONSOLIDATED STATEMENTS OF OPERATIONS
 
  Year ended Year ended
  December 31, December 31,
  2012 2011
     
Revenues  $ 7,345,974  $ 4,813,257
     
Operating expenses:    
Cost of services 4,186,963 3,093,891
Selling, general and administrative:    
Stock-based compensation 251,830 348,768
Other expenses 1,509,333 993,877
Depreciation 6,860 3,722
Total operating expenses 5,954,986 4,440,258
     
Operating income 1,390,988 372,999
     
Other income (expense):    
Other income (expense) (39,761) (2,782)
Other income (expense), net (39,761) (2,782)
     
Income before income taxes 1,351,227 370,217
Income taxes 76,009 18,369
     
Net Income  $ 1,275,218  $ 351,848
     
Earnings Per Share    
Basic and diluted earnings per common share:  $ 0.01  $ 0.00
Weighted average common shares outstanding    
Basic 133,050,998 131,988,462
Diluted 136,962,234 135,935,087

About Payment Data Systems, Inc.

Payment Data Systems is an integrated payment solutions provider to merchants and billers. The organization provides an extensive set of products to deliver world-class payment acceptance. Payment Data has solutions for merchants, billers, banks, service bureaus and card issuers. The strength of the company is its ability to offer specifically tailored solutions for card issuance, payment acceptance and bill payments.

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