Replies to post #1196 on Payment Data Systems Inc (PYDS)

[Mermelstein]

I don't know how much they raised.

Obviously at least $850,000 though. And yes, Weston now owns shares in PYDS.

"We agreed to issue the shares of our common stock delivered as the purchase price in two tranches. The first tranche is $2 million in unregistered, restricted shares of our common stock, less $300,000, equaling 10,167,466 shares of common stock which will be delivered on or before the expiration of 3 business days following December 22, 2014. The second tranche is $1 million in unregistered, restricted shares, less $450,000, equaling 3,289,473 shares of common stock, will be issued and delivered subject to a lock-up period of 18 months from December 22, 2014 or the date that is 6 months after the transfer of the shares, whichever is later."

Really not that difficult to comprehend.