PSG's latest Company Facts Reconciliation was filed 27 Aug. 2004. The CDNX site has only one news release since 2002 (attached). They certainly aren't very communicative, the the business looks viable. The warrants are expired, but the debentures conversion was repriced to half of the original conversion price. Conversion would double the shares O/S.
The following is taken from their Nov 11 financial statements:
Payment Services Interactive Gateway Corp.
INTERIM CONSOLIDATED STATEMENTS OF INCOME
AND DEFICIT
(Unaudited)
Three month period Nine month period
ended September30 ended September 30
2004 2003 2004 2003
$ $ $ $
REVENUE
Payment processing services 685,489 613,413 2,088,761 1,688,203
Cost of sales 301,006 217,336 906,674 643,166
Gross profit 384,483 396,077 1,182,087 1,045,037
EXPENSES
General and administrative 197,467 246,562 565,902 669,069
Professional fees 11,857 7,434 18,608 16,832
Premises 20,997 16,923 56,967 51,840
Equipment lease — 10,692 — 32,076
Loan interest 25,570 24,525 74,087 72,775
Amortization of conv deb 28,375 35,279 94,185 104,687
Amortization of equipment 10,886 16,144 42,795 49,443
Amortof deferred dev cost 1,625 - 4,875 -
296,777 357,559 857,419 996,722
Net income for the period 87,706 38,518 324,668 48,315
Deficit, beg of period (4,150,787((4,323,829)(4,387,749)(4,333,626)
Deficit, end of period (4,063,081)(4,285,311)(4,063,081)(4,285,311)
Basic earnings per share $.014 $.006 $.052 $.008
Weighted average number of
common shares outstanding 6,253,000 6,253,000 6,253,000 6,253,000
See accompanying notes
Payment Services Interactive Gateway Corp.
INTERIM CONSOLIDATED BALANCE SHEETS
[See Basis of Presentation - note 1]
(Unaudited)
As at As at
September 30, December 31,
2004 2003
$ $
ASSETS
Current
Cash and cash equivalents 302,720 34,296
Funds held in trust 1,069,881 922,049
Accounts receivable 92,989 109,526
Prepaid deposits and expenses 30,590 27,448
Total current assets 1,496,180 1,093,319
Term deposits 31,325 74,389
Equipment, net 295,567 230,557
Deferred devel costs, net 292,046 92,771
Deferred debt issuance costs, net — 9,138
Goodwill, net 75,672 75,672
2,190,790 1,575,846
LIABILITIES AND SHAREHOLDERS' EQUITY
Current
Accounts payable and accrued liabilities 196,386 183,656
Funds held in trust 1,069,881 922,049
Total current liabilities 1,266,267 1,105,705
Convertible debentures 905,365 933,318
Equipment loan 44,667 —
Total liabilities 2,216,299 2,039,523
Shareholders' equity
Share capital 3,668,766 3,668,766
Contributed surplus 255,306 21,000
Convertible debentures 113,500 211,188
Stock options and warrants — 23,118
Deficit (4,063,081)(4,387,749)
Total shareholders' equity (25,509) (463,677)
2,190,790 1,575,846
Common shares issued and outstanding 6,253,000 6,253,000
Stock options issued and outstanding 873,754 1,765,022
Stock options exercisable 667,454 1,459,088
See accompanying notes
*******
Payment Services Interactive Gateway Corp. Announces Changes To Terms To Its Existing Convertible Debentures
Toronto, ON--
MISSISSAUGA, Ontario--(Infolink)--May 6, 2004--Payment Services Interactive
Gateway Corp. ("PSiGate") (TSX Venture Exchange:PSG) announced today that
PSiGate has received the approval of 100% of its existing convertible
debenture holders to extend the maturity date of the debentures for one more
year (from May 6, 2004 to May 6, 2005), at the same interest rate of 10% per
annum, and the conversion price of the debentures has been adjusted to $0.22
principal amount per share (down from $0.50 principal amount per share).
The Company also confirms that the warrants forming part of the original
debenture offering were not extended and have now expired unexercised.
The TSX Venture Exchange has consented to the proposed changes to the
debenture terms.
PSiGate currently has 6,253,000 common shares issued and outstanding.
Payment Services Interactive Gateway Corp. empowers businesses on the
Internet by providing secure, cost-effective and trusted e-commerce
solutions. PSiGate provides an easy and seamless interface to new or
existing online e-commerce enterprises, offering a reliable means of
real-time, and batch credit card processing. Managed services include
automated fraud screening, eTerminal (virtual POS), and financial accounting
reporting. PSiGate also provides Visa, MasterCard and American Express
Internet Merchant Accounts (Merchant IDs) for Canadian and US - based
businesses. For more information please visit www.PSiGate.com.
CONTACT: Payment Services Interactive Gateway Corp.
Anthony Palumbo
(905) 567-4000, ext. 241.
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of this release. |
