Global Payment Technologies Inc - Amended Quarterly Report (10-Q/A)

Share Name	Share Symbol	Market	Type
Global Payment Technologies Inc (CE)	USOTC:GPTX	OTCMarkets	Common Stock

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Form 10-Q
(Amendment No. 2)

(Mark One)

[X] Quarterly report pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934

For the quarterly period ending March 30, 2007

[ ] 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 0-25148

Global Payment Technologies, Inc.
(Exact name of registrant as specified in its charter)

 Delaware 11-2974651
(State or other jurisdiction of (IRS Employer Identification Number)
 incorporation or organization)

 170 Wilbur Place, Bohemia, New York 11716
 (Address of principal executive offices) (Zip code)

 (631) 563-2500
 (Registrant's telephone number, including area code)

NOT APPLICABLE
(Former name, former address and former fiscal year,
if changed since last report)

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 Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes |X| No |_|

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer |_| Accelerated Filer |_| Non-Accelerated Filer |X|

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

APPLICABLE ONLY TO CORPORATE ISSUERS:

As of May 15, 2007, the registrant had a total of 6,218,201 shares of Common Stock outstanding.

EXPLANATORY NOTE

Global Payment Technologies, Inc. (the "Company") is filing this Amendment No. 2 to its Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2007, originally filed with the Securities and Exchange Commission on May 21, 2007, as amended by Amendment No. 1 to Form 10-Q for the quarterly period ended March 31, 2007 ("Amendment No. 1"), filed on January 24, 2008, for the purposes of (i) amending and restating Item 6 of Amendment No. 1 and (ii) including an Exhibit Index and Exhibits 31 and 32, each of which were inadvertently omitted from Amendment No. 1. This filing is otherwise identical to Amendment No. 1.

Global Payment Technologies, Inc.

Index

PART I. FINANCIAL INFORMATION
------- ---------------------


 Page Number

 Item 1. Financial Statements

 Condensed Consolidated Balance Sheets - March 31, 2007
 (unaudited) and September 30, 2006 3

Condensed Consolidated Statements of Operations (unaudited) - Three and Six Months ended March 31, 2007 and 2006 4

Condensed Consolidated Statements of Cash Flows (unaudited) - Six Months ended March 31, 2007 and 2006 5

Notes to Condensed Consolidated Financial Statements (unaudited) 6 - 14

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 15 - 20

Item 3. Quantitative and Qualitative Disclosures About Market Risk 22

Item 4. Controls and Procedures 22

PART II. OTHER INFORMATION

Item 4. Submission of Matters to Vote of Security Holdings 23

Item 6. Exhibits 23

SIGNATURES 24

Introduction

This Form 10-Q/A amends the registrants Form 10-Q for the quarterly period ended March 31, 2007 by correcting an error in the second quarter of 2007 where the Company improperly reversed $130,000 of its allowance for inventory obsolescence which had been recorded in the prior year related to inventory which had not been sold by March 31, 2007.

 GLOBAL PAYMENT TECHNOLOGIES, INC.
 ---------------------------------
 PART I. FINANCIAL INFORMATION
 ------- ---------------------
Item 1. Financial Statements
 CONDENSED CONSOLIDATED BALANCE SHEETS

(Amounts in thousands, except share data)

 March 31, September 30,
 ------------------------ --------------
 2007 2006
 ------------------------ --------------
 (Unaudited and Restated)
 (See Note O)
ASSETS
------
 Current Assets:
 Cash and cash equivalents $ 1,724 $ 2,270
 Cash held in escrow 280 280
 Accounts receivable, less allowance for doubtful
 accounts of $146 and $159, respectively 1,299 2,065
 Inventory, net 4,855 5,040
 Prepaid expenses and other current assets 209 218

 Total current assets 8,367 9,873

 Property and equipment, net 950 1,249
 Capitalized software costs, net 325 561
 ------------------------ --------------

 Total assets $ 9,642 $ 11,683
 ======================== ==============

LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
 Current liabilities:
 Borrowing under debt facility $ 463 $ -
 Current portion of long-term debt 62 60
 Accounts payable 1,628 1,497
 Accrued expenses and other current liabilities 1,148 1,249
 ------------------------ --------------
 Total current liabilities 3,301 2,806

 Long-term debt 8 40
 ------------------------ --------------
 Total liabilities 3,309 2,846
 ------------------------ --------------

 Shareholders' equity:
 Common stock, par value $0.01; authorized
 20,000,000 shares; issued 6,497,185 shares 65 65
 Additional paid-in capital 13,724 13,609
 Accumulated (deficit) (6,012) (3,433)
 Accumulated other comprehensive income 55 95
 ------------------------ --------------
 7,832 10,336
 Less: Treasury stock, at cost, 278,984 shares (1,499) (1,499)
 ------------------------ --------------
 Total shareholders' equity 6,333 8,837
 ------------------------ --------------

 Total liabilities and shareholders' equity $ 9,642 $ 11,683
 ======================== ==============

The accompanying notes are an integral part of these condensed consolidated financial statements.

 GLOBAL PAYMENT TECHNOLOGIES, INC.
 ---------------------------------

 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 -----------------------------------------------
 (Dollar amounts in thousands, except share and per share data)
 --------------------------------------------------------------
 (Unaudited)
 -----------
 Three Months ended Six Months ended
 ------------------------------ ----------------------------
 March 31, March 31,
 (Restated See Note O)
 2007 2006 2007 2006
 ------------ ------------ ------------ ------------

Net sales
 Non-affiliates $ 2,802 $ 3,187 $ 6,766 $ 5,800
 Affiliates - 840 - 2,132
 ------------ ------------ ------------ ------------
 2,802 4,027 6,766 7,932

 Cost of sales 2,175 3,399 5,427 6,619
 ------------ ------------ ------------ ------------

 Gross profit 627 628 1,339 1,313

 Operating expenses 1,939 1,875 3,889 3,580
 ------------ ------------ ------------ ------------

 (Loss) from operations (1,312) (1,247) (2,550) (2,267)
 ------------ ------------ ------------ ------------

 Other (expense) income:
 Equity in income of unconsolidated
 affiliates - 694 - 917
 Interest (expense) income, net (16) 6 (25) 15
 ------------ ------------ ------------ ------------
 Total other (expense) income, net (16) 700 (25) 932
 ------------ ------------ ------------ ------------

 (Loss) before provision for income taxes (1,328) (547) (2,575) (1,335)

 Provision for income taxes 2 (4) 4 (2)
 ------------ ------------ ------------ ------------

 Net (loss) $ (1,330) $ (543) $ (2,579) $ (1,333)
 ============ ============ ============ ============

 Net (loss) per share:
 Basic $ (0.21) $ (0.09) $ (0.41) $ (0.21)
 ============ ============ ============ ============
 Diluted $ (0.21) $ (0.09) $ (0.41) $ (0.21)
 ============ ============ ============ ============

 Common shares used in computing net (loss)
 per share amounts:
 Basic 6,218,201 6,218,201 6,218,201 6,218,201
 ============ ============ ============ ============
 Diluted 6,218,201 6,218,201 6,218,201 6,218,201
 ============ ============ ============ ============

The accompanying notes are an integral part of these condensed consolidated financial statements.

 GLOBAL PAYMENT TECHNOLOGIES, INC.
 ---------------------------------
 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

 (Dollar amounts in thousands)
 -----------------------------
 (Unaudited)
 -----------

 Six Months ended March 31,
 --------------------------
 (As Restated)
 ------------- ---------
 (See Note O)
 ------------- ---------
 2007 2006
 ------------- ---------
OPERATING ACTIVITIES:
 Net (loss) $ (2,579) $ (1,333)
 Adjustments to reconcile net (loss) to net cash
 used in operating activities:
 Equity in (loss) of unconsolidated affiliates - (917)
 Dividend distributions from unconsolidated affiliates - 574
 Depreciation and amortization 612 615
 Provision for losses on accounts receivable 13 25
 (Recovery) provision for inventory obsolescence (5) 78
 Fair value of stock options 115 31
 Changes in operating assets and liabilities:
 Decrease in accounts receivable 733 46
 Decrease in accounts receivable from affiliates - 1,157
 Decrease in inventory 170 153
 (Increase) in prepaid expenses and other assets (22) (165)
 Decrease in income taxes receivable - 23
 Increase (decrease) in accounts payable 131 (1,005)
 Decrease in accrued expenses and other current liabilities (101) (10)
 ------------- ---------
NET CASH USED IN OPERATING ACTIVITIES (933) (728)
 ------------- ---------

INVESTING ACTIVITIES:
 Purchases of property and equipment (46) (78)
 ------------- ---------
NET CASH USED IN INVESTING ACTIVITIES (46) (78)
 ------------- ---------

FINANCING ACTIVITIES:
 Repayments of long term debt (30) (22)
 Net borrowing from debt facility 463 -
 Proceeds from the exercise of stock options - -
 ------------- ---------
NET CASH PROVIDED BY (USED IN) FINANCING ACTIVITIES 433 (22)
 ------------- ---------

NET (DECREASE) IN CASH AND CASH EQUIVALENTS (546) (828)
 ------------- ---------

CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 2,270 3,108
 ------------- ---------

CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 1,724 $ 2,280
 ============= =========

CASH PAID DURING THE PERIOD FOR:
 Interest $ 32 $ 4
 ============= =========
 Income Taxes $ - $ -
 ============= =========

NON-CASH INVESTING ACTIVITIES
 Machinery acquired through capital lease $ - $ 31
 ============= =========

The accompanying notes are an integral part of these condensed consolidated financial statements.

Global Payment Technologies, Inc.

Notes to Condensed Consolidated Financial Statements March 31, 2007

(Unaudited)

NOTE A - BASIS OF PRESENTATION

The accompanying unaudited interim condensed consolidated financial statements of Global Payment Technologies, Inc. (the "Company"), including the September 30, 2006 consolidated balance sheet which has been derived from audited financial statements, have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. The operating results for the three and six-month periods ended March 31, 2007 are not necessarily indicative of the results that may be expected for the fiscal year ending September 30, 2007. We recommend that you refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended September 30, 2006.

As of March 31, 2007, the Company had $463,000 outstanding on the line of credit ("LOC") with Laurus (as said terms are defined in Note E). On February 8, 2007 Laurus agreed to a 60 day extension of the LOC for a 1% fee or $25,000. All other terms and conditions remained the same. On May 16, 2007, the Company received an additional extension to May 22, 2007. The Company is developing new products for its market and will need to obtain additional capital in order to continue to fund its development costs and capital expenses related to tooling and marketing. The Company has not replaced its line of credit with Laurus or extended the expiration date beyond May 22, 2007. The Company is in the process of negotiating a further extension of its LOC, however, there is no assurance that an extension will be granted beyond May 22, 2007 and if granted on terms that are acceptable to the Company. Accordingly, it may be required to repay all amounts due under the LOC. In these circumstances, the Company would have to stop its research and development and significantly curtail its operations and reduce its costs and expenses. These conditions would have an adverse impact on the Company's liquidity and operations, and may indicate that it may be unable to continue as a going concern. No adjustments have been made to the financial statements as a result of this uncertainty.

NOTE B - EMPLOYEE STOCK-BASED COMPENSATION

Effective October 1, 2005, the Company adopted Statement of Financial Accounting Standards No. 123 (Revised 2004), Share Based Payment ("SFAS No. 123R"), which requires a public entity to measure the cost of employee, officer and director services received in exchange for an award of equity instruments based on the grant-date fair value of the award. SFAS No. 123R supersedes the Company's previous accounting under SFAS No. 123, Accounting for Stock-Based Compensation ("SFAS No. 123"), which permitted the Company to account for such compensation under Accounting Principles Board Opinion No. 25, Accounting for Stock Issued to Employees ("APB No. 25"). Pursuant to APB No. 25, and related interpretations, no compensation cost had been recognized in connection with the issuance of stock options, as all options granted under the Company's stock option plans had an exercise price equal to or greater than the market value of the underlying common stock on the date of the grant.

In advance of implementing the requirements of SFAS No. 123R, the Company, in September 2005, accelerated the vesting of all unvested stock options previously awarded to employees, officers and directors in order to avoid the recognition of compensation expense under SFAS No.123R, with respect to these options. Any option grants since then would result in compensation expense.

Global Payment Technologies, Inc. Notes to Condensed Consolidated Financial Statements March 31, 2007

The Company adopted SFAS No. 123R using the modified prospective transition method, which requires that compensation cost be recorded as earned for all unvested stock options outstanding at the beginning of the first fiscal year of adoption of SFAS No. 123R, based upon the grant date fair value estimated in accordance with the original provisions of SFAS No. 123 and for compensation cost for all share-based payments granted subsequent to the adoption, based on the grant date fair value estimated in accordance with the provisions of SFAS No. 123R. The Company's consolidated financial statements as of and for the six months ended March 31, 2007 and 2006 reflect the impact of SFAS No. 123R. In the three months ended March 31, 2007 and 2006, the Company recorded share-based compensation for options attributable to employees, officers and directors of $58,000 and $22,000, respectively, which are included in the Company's net loss for the period. In the six months ended March 31, 2007 and 2006 the Company recorded share-based compensation for options attributable to employees, officers and directors of $115,000 and $34,000, respectively, which is included in the company's net loss for this period.

The Company has several stock option plans in effect covering in the aggregate 3,500,000 shares of the Company's common stock pursuant to which officers, directors and key employees of the Company and consultants to the Company are eligible to receive incentive and/or nonqualified stock options. The 1994 and 1996 stock option plans expired on October 17, 2004 and March 18, 2006, respectively, and the 2000 and 2006 stock option plans expire on January 25, 2010 and March 7, 2016, respectively, after which no additional option grants may be issued under such plans. The stock option plans are all administered by the Compensation Committee of the Board of Directors. The selection of participants, grant of options, determination of price and other conditions relating to the exercise of options are determined by the Compensation Committee of the Board of Directors and administered in accordance with the stock option plans as approved by the shareholders.

Incentive stock options granted under these various plans are exercisable for a period of up to 10 years from the date of grant at an exercise price which is not less than the fair market value of the common stock on the date of the grant, except that the term of an incentive stock option granted under each of the plans to a shareholder owning more than 10% of the outstanding common stock may not exceed five years and its exercise price may not be less than 110% of the fair market value of the common stock on the date of the grant.

Options granted under these various plans generally vest over three or four years and expire seven or ten years from the date of grant, while certain options vest over one and one-half years and expire seven years from the date of grant. The Company expects to issue new shares upon stock option exercises, but has treasury shares that could be used for this purpose.

A summary of the Company's stock option plans activity as of March 31, 2007 and changes during the six months then ended is as follows:

 Weighted Aggregate
 Weighted average intrinsic
 average remaining value
 exercise contractual (in
 Shares price term (years) thousands)
 --------- -------- ----------- -----------

Outstanding, October 1, 2006 1,290,550 $ 3.12
 Granted - -
 Exercised - -
 Forfeited (27,373) 4.08
 Expired (25,650) 8.75
 --------- --------
Outstanding, March 31, 2007 1,237,527 $ 2.98 5.0 $ -
 ========= ======== =========== ===========
Vested or expected to vest,
 March 31, 2007 1,237,527 $ 2.98 5.0 $ -
 ========= ======== =========== ===========
Exercisable, March 31, 2007 490,860 $ 4.17 3.4 $ -
 ========= ======== =========== ===========

Global Payment Technologies, Inc. Notes to Condensed Consolidated Financial Statements March 31, 2007

In connection with the adoption of SFAS No. 123R, the Company reassessed its valuation technique and related assumptions. The Company estimates the fair value of stock options using a Black-Scholes valuation model, consistent with the provisions of SFAS No. 123R, Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 107 and the Company's prior period pro forma disclosures of net earnings, including the fair value of stock-based compensation. Key input assumptions used to estimate the fair value of stock options include the expected term until exercise of the option, expected volatility of the Company's stock, the risk free interest rate, option forfeiture rates and dividends, if any. The expected term of the options is calculated using the midpoint of the vesting date and the expected life of the grant. The expected volatility is derived from the historical volatility of the Company's stock for a period that matches the expected life of the option. The risk-free rate interest rate is the yield from a treasury bond or note that is comparable in term to the expected life of the option. Option forfeiture rates are based on the Company's historical forfeiture rates. Expected dividends are based on the Company's history and the likelihood of future dividends.

Compensation costs for stock options with graded vesting are recognized ratably over the vesting period. As of March 31, 2007, there was $389,000 of total unrecognized compensation costs related to stock options. These costs are expected to be recognized over a weighted average period of 1.9 years.

The weighted-average grant-date fair value of options granted for the six months ended March 2006 was $1.01.

The fair value of each option grant was estimated on the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions:

 Six Months Ended
 ----------------
 March 31
 ----------------
 2006
 ----------------
Expected volatility 40.5%-50%
Weighted-average volatility 40.7%
Expected dividends 0.0%
Expected term (in years) 3.5
Risk-free interest rate 4.54%

NOTE C - CASH AND CASH EQUIVALENTS

A significant portion of the Company's cash balance in the amount of $731,000 and $659,000, as of March 31, 2007 and September 30, 2006, respectively, consists of currency used to test the Company's products, and although it could be available, it is not anticipated to be utilized for working capital purposes in the normal course of business. Translation gains or losses on foreign currency amounts used for test purposes are included in (loss) from operations.

NOTE D - INVENTORY

The following is a summary of the composition of inventory:

Global Payment Technologies, Inc. Notes to Condensed Consolidated Financial Statements

 March 31, 2007

 (in thousands)
 March 31, September 30,
 2007 2006
 ---------- -------------

Raw Materials $ 3,413 $ 4,104
Work-in-process 319 358
Finished Goods 1,123 578
 ---------- -------------
 $ 4,855 $ 5,040
 ========== =============

The Company recorded a provision for inventory obsolescence of $78 for the six months ended March 31, 2006.

NOTE E - DEBT

On March 16, 2004, the Company received aggregate proceeds of $1,500,000 from the sale to Laurus Master Fund Ltd. ("Laurus") of a $1,500,000 principal amount secured convertible term note due in March 2007 (the "CTN"), pursuant to a Securities Purchase Agreement. The CTN was convertible into common stock of the Company at any time at the rate of $4.26 of principal for one share of common stock and was collateralized by substantially all assets of the Company. Interest was payable monthly at the prime rate plus 1.5%, with a minimum rate of 6%. In addition, Laurus received 7 year warrants to purchase an aggregate of 200,000 shares of the Company's common stock at prices of $4.87, $5.28 and $5.68 for 100,000, 60,000 and 40,000 warrants, respectively. Under the agreement, the Company is restricted from paying dividends or purchasing treasury stock. The Company utilized approximately $1,200,000 of the proceeds to repay amounts outstanding under a previous credit agreement.

On March 16, 2004, the Company also entered into a Security Agreement with Laurus which provides for a credit facility of $2,500,000 consisting of a secured revolving note of $1,750,000 (the "RN") and a secured convertible minimum borrowing note of $750,000 (the "MBN"), both of which were originally due in March 2007 and which have been extended through May 22, 2007 (the RN and the MBN collectively referred to as the "LOC"). At closing, the Company borrowed $750,000 under the MBN. Funds available under the LOC are determined by a borrowing base equal to 85% and 70% of eligible domestic and foreign accounts receivable, respectively, and 50% of eligible inventory. Outstanding amounts under the RN and MBN are convertible into common stock of the Company at any time at the rate of $4.26 of principal for one share of common stock and are collateralized by substantially all assets of the Company. Interest is payable monthly at the prime rate plus 1.5%, with a minimum rate of 6%. At March 31, 2007 and September 30, 2006, $463,000 and $0 were outstanding, respectively, under the LOC.

The agreements provide that Laurus will not convert debt or exercise warrants to the extent that such conversion or exercise would result in Laurus, together with its affiliates, beneficially owning more than 4.99% of the number of outstanding shares, including warrants, of the Company's common stock at the time of conversion or exercise.

Registration rights agreements were entered into with Laurus which require the Company to file registration statements for the resale of the common stock issuable upon conversion of the notes and upon the exercise of the warrants and to use commercially reasonable efforts to have the registration statements declared effective by the end of a specified grace period. In addition, the Company is required to use commercially reasonable efforts to maintain the effectiveness of the registration statements until all such common stock has been sold or may be sold without volume restrictions pursuant to Rule 144(k) of the Securities Act. If the Company fails to have the registration statements declared effective within the grace period or if effectiveness is not maintained, the agreements require cash payments of liquidated damages by the Company to Laurus at 1.0% per month, with respect to the CTN or the warrants, and 2.0% per month, with respect to the MBN, of the respective original principal amounts until the failure is cured. The registration statement was filed and declared effective within the specified grace period.

Global Payment Technologies, Inc. Notes to Condensed Consolidated Financial Statements March 31, 2007

As of September 30, 2006 the Company accounted for the registration rights agreements as separate free-standing financial instruments and accounted for the liquidated damages provisions therein as a derivative liability subject to the provisions of SFAS No. 133, Accounting for Derivative Instruments and Hedging Activities ("SFAS No. 133"). Accordingly, the liability was recorded at estimated fair value based on an estimate of the probability and costs of potential cash penalties and was revalued at each balance sheet date with changes in value recorded in other income. As of September 30, 2006 no liability was outstanding as the Company deemed the fair value of any potential cash settlement relating to maintaining effectiveness of the registration statements to be nominal.

On December 21, 2006, the Financial Accounting Standards Board ("FASB") Staff Position EITF 00-19-2 Accounting for Registration Payment Arrangements ("FSP") was issued. The FSP specifies that the contingent obligation to make future payments under a registration payment arrangement should be separately recognized and measured in accordance with FASB Statement No. 5, Accounting for Contingencies and that such arrangement is not subject to SFAS No. 133. Accordingly, a liability would be recognized at the time a payment under the arrangement becomes probable and can be reasonably estimated. The Company adopted the FSP effective October 1, 2006. Adoption of the FSP had no effect on the Company's financial statements.

In May 2005, the Company entered into a capital lease agreement for machinery in the amount of $130,000. The note is to be repaid in monthly installments of $4,040 over a three year period. Interest is being charged at a rate of 7.44% per annum. The balance at March 31, 2007 and September 30, 2006 was $54,000 and $76,000, respectively.

In March 2006, the Company entered into a capital lease agreement for machinery in the amount of $31,000. The note is to be repaid in monthly installments of $1,381 over a two year period. Interest is being charged at a rate of 7.25% per annum. The balance at March 31, 2007 and September 30, 2006 was $16,000 and $24,000, respectively.

Outstanding debt with respect to the LOC and capital leases as of March 31, 2007 and September 30, 2006 is as follows (in thousands):

 March 31, 2007 September 30, 2006
 --------------- -------------------

Total debt $ 536 $ 106
Less amount representing interest 3 (6)
 --------------- -------------------
Net 533 100
Less current portion 525 (60)
 --------------- -------------------
Long-term debt $ 8 $ 40
 =============== ===================

NOTE F - MANAGEMENT ESTIMATES

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent assets and liabilities, at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Among the more significant estimates included in the consolidated financial statements are the allowance for doubtful accounts, recoverability of inventory, deferred income taxes, capitalized software and provisions for warranties. Actual results could differ from those estimates.

Global Payment Technologies, Inc. Notes to Condensed Consolidated Financial Statements March 31, 2007

NOTE G - COMPREHENSIVE INCOME (LOSS)

Comprehensive income (loss) is the total of net (loss) income and all other non-owner changes in equity (or other comprehensive income) such as unrealized gains/losses on securities classified as available-for-sale, currency translation adjustments and minimum pension liability adjustments. The Company's comprehensive (loss) is as follows:

 (in thousands) (in thousands)
 Three months ended Six months ended
 March 31, March 31,
 2007 2006 2007 2006
 --------- ------- --------- ---------
Net (loss) $ (1,330) $ (543) $ (2,579) $ (1,333)
Other comprehensive income
 (loss)(a) (15) (117) (40) (100)
 --------- ------- --------- ---------
Comprehensive (loss) $ (1,345) $ (660) $ (2,619) $ (1,433)
 ========= ======= ========= =========

(a) Translation adjustments in 2006 related primarily to the Company's investments in affiliates.

NOTE H - NET (LOSS) PER COMMON SHARE

Net (loss) per common share amounts (basic EPS) are computed by dividing net
(loss) by the weighted average number of common stock shares, excluding any potential dilution. Net (loss) per common share amounts, assuming dilution (diluted EPS), are computed by reflecting the potential dilution from the exercise of stock options and stock warrants and the conversion into common stock of convertible loans. For the three months ended December 31, 2007 and 2006, potentially dilutive shares were not included in EPS because including them would be anti-dilutive. Potentially dilutive shares are as follows:

 (in thousands) (in thousands)
 Three months ended Six months ended
 March 31, March 31,
 2007 2006 2007 2006
 ------ ------ ------ ------

Stock options 1,238 1,054 1,238 1,054
Stock warrants 200 200 200 200
Convertible Debt 109 - 109 -
 ------ ------ ------ ------
Total 1,547 1,254 1,547 1,254
 ====== ====== ====== ======

Global Payment Technologies, Inc. Notes to Condensed Consolidated Financial Statements March 31, 2007

NOTE I - SUMMARY FINANCIAL INFORMATION FOR UNCONSOLIDATED INVESTEES

Financial information with respect to the Company's two former Australian affiliates, the interests in which were sold effective August 31, 2006, is included in the accompanying 2006 financial statements based on the affiliates' results for the six months ended December 31, 2005. The accompanying consolidated results of operations include the Company's equity in the results of operations of these affiliates in the amounts of $624,000 for the three months ended March 31, 2006 and $682,000 for the six months ended March 31, 2006. The Company increased its equity in income of unconsolidated affiliates by $70,000 and $235,000 for the three months and six months ended March 31, 2006, respectively, which represents the recognition of the Company's share of the gross profits on intercompany sales to its affiliates that had been recognized by these affiliates during such period.

Summarized financial information for the two former Australian affiliates, in which the Company had a 50% and 35% non controlling interest at March 31, 2006, is as follows:

All figures are in U.S. dollars (in thousands).

 Three Months Ended Six Months Ended
 December 31, December 31,
 2005 2005
 ------------------ ----------------

Net sales $ 3,511 $ 7,462
Operating income (152) 62
Net income 1,711* 1,874*

*Net income for the three and six months ended December 31, 2005 includes a gain by the Company's eCash affiliate resulting from the sale in October 2005 of its automated teller machine rental business, net of Australia income taxes, of approximately $1,775,000, of which the Company's share was approximately $621,000 which is included in equity income of affiliates for the three and six months ended March 31, 2006.

NOTE J - RECENTLY ISSUED ACCOUNTING STANDARDS

In September 2006, the FASB issued SFAS No. 157, Fair Value Measurements. SFAS No. 157 defines fair value, establishes a framework for measuring fair value in U.S. generally accepted accounting principles and expands disclosures about fair value measurements. SFAS No. 157 is effective for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. The Company is currently evaluating the effect that the adoption of SFAS No. 157 will have on its financial position and results of operations.

In February, 2007, FASB issued SFAS No. 159, The Fair Value Option for Financial Assets and Financial Liabilities including an amendment of FASB Statement 115. This statement provides companies with an option to report selected financial assets and liabilities at fair value. SFAS No. 159 is effective for fiscal years beginning after November 15, 2007 with early adoption permitted. The Company is currently evaluating the effect that the adoption of SFAS No. 159 will have on its financial position and results of operations.

Global Payment Technologies, Inc. Notes to Condensed Consolidated Financial Statements March 31, 2007

NOTE K - WARRANTY OBLIGATIONS

The Company recognizes and historically has recognized the estimated cost associated with its standard warranty on products at the time of sale. The estimate is based on historical failure rates and current claim cost experience. The following is a summary of the changes in the Company's accrued warranty obligation (which is included in accrued expenses) for the period October 1, 2006 through March 31, 2007:

 (in thousands)
 Amount
 --------------
Beginning Balance as of October 1, 2006 $ 309
Deduct: Payments (12)
Add: Provision 0
 --------------
Ending Balance as of March 31, 2007 $ 297
 ==============

NOTE L - SHAREHOLDERS' EQUITY

The Company charged $115,000 and $34,000 to operations during the six months ended March 31, 2007 and 2006, respectively, representing the fair value of stock options earned by officers during the period with a corresponding increase to additional paid-in capital in accordance with the provisions of SFAS No. 123R.

NOTE M - CONCENTRATIONS

The Company's largest customers for the three and six months ended March 31, 2007 and 2006 represent the following percentages of net sales and accounts receivable:

 Three months ended Six months ended
 March 31, March 31,
 2007 2006 2007 2006
 ---------- ------------- ------ ------
Net sales:
 Customer A 30% 21% 36% 27%
 Customer B * 14% * 14%
 Customer C * 14% * *

 March 31, September 30,
 2007 2006
 ---------- -------------
Accounts Receivable:
 Customer A 60% 80%

* Represents less than 10% for the period

Global Payment Technologies, Inc. Notes to Condensed Consolidated Financial Statements March 31, 2007

There were no other customers that represented 10% or more of net sales respectively, in any of the periods presented. Customer A was the Company's former unconsolidated affiliate in Australia, which interest was sold in the fourth quarter of fiscal 2006.

NOTE N - OTHER

On January 17, 2007, the Company received a notice from the NASDAQ Stock Market (the "Notice") that it was no longer in compliance with the minimum $10,000,000 stockholders' equity requirement for continued listing on the NASDAQ Global Market set forth on Marketplace Rule 4450 (a)(3). The Notice requested that the Company provide on or before February 1, 2007, a specific plan to achieve and sustain compliance with all NASDAQ Global Market listing requirements. NASDAQ subsequently extended the response time to February 8, 2007.

On February 8, 2007 the Company filed an application to transfer its listing from the NASDAQ Global Market to the NASDAQ Capital Market which was accepted. The Company's ticker symbol remained the same.

Note O-RESTATEMENT

The Company has determined that it had made an error in the second quarter of 2007 in the application of Generally Accepted Accounting Principles ("GAAP") by improperly reversing $130,000 of its allowance for inventory obsolescence which had been recorded in the prior year related to inventory which had not been sold by March 31, 2007. Under GAAP, the reduced carrying value of inventory is to be considered its cost for subsequent accounting periods.

The restatement for the three and six months ended March 31, 2007 reflects the following:

 Three Months Six Months
 Ended Ended
 March 31, March 31,
 2007 2007

Net loss, as reported $ (1,200) $ (2,449)
Net loss, as restated (1,330) (2,579)
Loss per basic and diluted share, as reported (.19) (.39)
Loss per basic and diluted share, as restated (.21) (.41)

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

Results of Operations

Recent Developments

On May 16, 2007, Laurus agreed to an extension of its LOC to May 22, 2007. The Company is in the process of negotiating a further extension, however, there is no assurance that a further extension will be granted, and if granted on terms acceptable to the Company. Accordingly, it may be required to repay all amounts due under the LOC. In these circumstances, the Company would have to stop its research and development costs and significantly curtail its operations and reduce its costs and expenses, which would have an adverse impact on its liquidity, including its ability to continue as a going concern.

Three months ended March 31, 2007 compared with three months ended March 31,
2006

Sales
Net sales decreased by 30.4%, or $1,225,000, to $2,802,000 in the three months ended March 31, 2007 as compared with $4,027,000 in the comparative prior-year period. This sales decrease was primarily due to $810,000 decreased sales to the beverage and vending market. Last year's sales included special incentives to customers in order to reduce inventory levels in the Company's Aurora product. Beverage and vending sales for the three months ended March 31, 2007 were $405,000, or 14.4% of sales, as compared with $1,214,000, or 30.1% of sales, in the prior year period. Gaming sales for the three months ended March 31, 2007 were $2,397,000, or 85.5% of sales, as compared with $2,813,000, or 69.9% of sales, in the prior year period.

Gross Profit
Gross profit was $627,000, or 22.4% of net sales for the three months ended March 31, 2007 as compared with $628,000, or 15.6% of net sales, in the comparative prior-year period.

Operating Expenses
Operating expenses increased to $1,939,000, or 69.2% of sales, in the three months ended March 31, 2007 as compared with $1,875,000, or 46.6% of sales, in the comparative prior-year period. This increase of $64,000 is primarily the result of $200,000 of expenses resulting from the development and testing of the Company's new products - Falcon and Eagle - partially offset by lower payroll, commissions and travel. The Company charged $58,000 to operations during the three months ended March 31, 2007 as compared to $22,000 in the prior year representing the fair value of stock options earned by employees, officers and directors.

Global Payment Technologies, Inc. Notes to Condensed Consolidated Financial Statements March 31, 2007

Other (Expense) Income

During fiscal 2006, the Company sold its interests in its affiliated customers. Prior to such dispositions, the Company recognized revenue upon shipment and passage of title to its affiliated customers, but deferred its proportionate share of the related gross profit on product sales until sales were made by the affiliated customers to third-party end users (customers). Included in the results of operations for the three months ended March 31, 2006 were the Company's share of net profits of these affiliates of $694,000, which included $70,000 of the Company's proportionate share of the related gross profit on product sales to its affiliates which had been sold by the affiliates to third party end users. Excluding this intercompany gross profit adjustment, the Company's share of net income of these unconsolidated affiliates was $624,000. The Company's share of net income for the three months ended March 31, 2006 included a gain by the Company's eCash affiliate resulting from the sale of its automatic teller machine rental business, net of Australian income taxes, of approximately $1,775,000, of which the Company's share was approximately $621,000.

Interest expense increased to $16,000 as compared to interest income of $6,000 in the comparable prior-year period which reflected the costs of borrowing under the LOC.

Income Taxes
With respect to the provision for income taxes, the effective rate was 0.2% as compared with 0.7% in the prior-year period. The Company provided a full valuation allowance against its deferred income tax assets in the fourth quarter of fiscal 2003 and continues to provide a full valuation allowance at March 31, 2007. The valuation allowance is subject to adjustment based upon the Company's ongoing assessment of its future taxable income and may be wholly or partially reversed in the future.

Net (Loss)
Net loss for the quarter ended March 31, 2007 was ($1,330,000), or ($0.2119) per share, as compared with ($543,000), or ($0.09) per share, in the comparative prior-year period. The increase in net loss was due to the items discussed above.

Six months ended March 31, 2007 compared with six months ended March 31, 2006

Sales
Net sales decreased by 14.7%, or $1,166,000, to $6,766,000 in the six months ended March 31, 2007 as compared with $7,932,000 in the comparative prior-year period. This sales decrease was primarily due to $930,000 decreased sales to the beverage and vending market. Last year's sales included special incentives to customers in order to reduce inventory levels in the Company's Aurora product. Beverage and vending sales for the first half of fiscal 2007 were $1,057,000, or 15.6% of sales, as compared with $1,987,000, or 25.1 % of sales, in the prior year period. Gaming sales for the first half of fiscal 2007 were $5,709,000, or 84.4% of sales, as compared with $5,945,000, or 74.9% of sales, in the prior year period.

Gross Profit
Gross profit increased to $1,339,000, or 19.8% of net sales, in the six months ended March 31, 2007 as compared with $1,313,000, or 16.6% of net sales, in the comparative prior-year period. The increase in gross profit was primarily the result of lower margins in the prior year period as a result of sales incentives granted to reduce Aurora inventory levels.

Global Payment Technologies, Inc. Notes to Condensed Consolidated Financial Statements March 31, 2007

Operating Expenses
Operating expenses increased to $3,889,000, or 57.5% of sales, in the six months ended March 31, 2007 as compared with $3,580,000, or 45.1% of sales, in the comparative prior-year period. This increase of $309,000 is primarily the result of $490,000 of expenses resulting from the development and testing of its new products - Falcon and Eagle - partially offset by lower payroll, commissions and travel. The Company charged $115,000 to operations during the six months ended March 31, 2007 as compared to $34,000 in the prior year representing the fair value of stock options earned by employees, officers and directors.

Other (Expense) Income

During fiscal 2006, the Company sold its interests in its affiliated customers. Prior to such dispositions, the Company recognized revenue upon shipment and passage of title to its affiliated customers, but deferred its proportionate share of the related gross profit on product sales until sales were made by the affiliated customers to third-party end users (customers). Included in the results of operations for the six months ended March 31, 2006 were the Company's share of net profits of these affiliates of $917,000, which included $235,000 of the Company's proportionate share of the related gross profit on products sales to its affiliates which had been sold by the affiliates to third party end users. Excluding this intercompany gross profit adjustment, the Company's share of net income of these unconsolidated affiliates was $682,000. The Company's share of net income for the six months ended March 31, 2006 included a gain by the Company's eCash affiliate resulting from the sale of its automatic teller machine rental business, net of Australian income taxes, of approximately $1,775,000, of which the Company's share was approximately $621,000.

Interest expense increased to $25,000 as compared to interest income of $15,000 in the comparable prior-year period which reflected the costs of borrowing under the LOC.

Income Taxes
With respect to the provision for income taxes, the effective rate was a provision of 0.2% as compared with a provision of 0.1% in the prior-year period. The Company provided a full valuation allowance against its deferred income tax assets in the fourth quarter of fiscal 2003 and continues to provide a full valuation allowance at March 31, 2007. The valuation allowance is subject to adjustment based upon the Company's ongoing assessment of its future taxable income and may be wholly or partially reversed in the future.

Net (Loss)
Net (loss) for the six months ended March 31, 2007 was ($2,579,000), or ($0.41) per share, as compared with $(1,333,000), or ($0.21) per share, in the comparative prior-year period. The increase in net loss was due to the items discussed above.

Liquidity and Capital Resources

The Company's capital requirements consist primarily of those necessary to continue to expand and improve product development and manufacturing capabilities, sales and marketing operations and service principal and interest payments on the Company's indebtedness. At March 31, 2007, the Company's cash and cash equivalents were $1,724,000 as compared with $2,270,000 at September 30, 2006. A significant portion of the Company's cash balance in the amount of $677,000 and $659,000, as of March 31, 2007 and September 30, 2006, respectively, consisted of currency used to test the Company's products and, although it could be available, it is not anticipated to be utilized for working capital purposes in the normal course of business. The Company has $280,000 of cash held in escrow as a result of its sale on September 2, 2006 of the Company's 50% interest in Global Payment Technologies Australia Pty Ltd ("GPTA"). The escrow will be released on the one year anniversary of the transaction if, including among other things, the Company satisfies its obligations under a new distribution agreement with GPTA. The Company's credit facility with Laurus discussed below will expire on May 22, 2007. As of March 31, 2007, the Company had $463,000 outstanding on the LOC. On February 8, 2007 Laurus agreed to a 60 day extension, until May 16, 2007 of the LOC for a 1% fee or $25,000 and on May 16, 2007 agreed to a further extension until May 22, 2007. All other terms and conditions remained the same. The Company is in the process of negotiating a further extension of its LOC, however, there is no assurance that an extension will be granted, and if granted on terms that are acceptable to the Company. The Company has had continuing discussions with various financial institutions to replace the current line of credit. The Company believes but has no assurance that it will replace this line. The Company believes that with its current cash balances and the funds available under a replacement line of credit if obtained, there would be sufficient resources to meet its obligations as they become due and permit continuation of operations for the next 12 months. The Company is developing new products for its market and will need to obtain additional capital in order to continue to fund its development costs and capital expenses related to tooling and marketing. The Company has not replaced its line of credit with Laurus or extended the expiration date beyond May 22, 2007. Accordingly, it may be required to repay all amounts due under the LOC. In these circumstances, the Company would have to stop its research and development costs and significantly curtail its operations and reduce its costs and expenses, which would have an adverse impact on its liquidity and operations, and may indicate that it may be unable to continue as a going concern.

Global Payment Technologies, Inc. Notes to Condensed Consolidated Financial Statements March 31, 2007

On March 16, 2004, the Company entered into a Security Agreement with Laurus Master Fund Ltd. ("Laurus") which provides for a credit facility of $2,500,000 consisting of a secured revolving note of $1,750,000 (the "RN") and a secured convertible minimum borrowing note of $750,000 (the "MBN"), both due in March 2007 (the RN and the MBN collectively referred to as the "LOC"). At closing, the Company borrowed $750,000 under the MBN. Funds available under the LOC are determined by a borrowing base equal to 85% and 70% of eligible domestic and foreign accounts receivable, respectively, and 50% of eligible inventory. Outstanding amounts under the RN and MBN are convertible into common stock of the Company at any time at the rate of $4.26 of principal for one share of common stock and are collateralized by substantially all assets of the Company. Interest is payable monthly at the prime rate plus 1.5%, with a minimum rate of 6%. At March 31, 2007, $463,000 was outstanding under the LOC.

The agreement provides that Laurus will not convert debt or exercise warrants to the extent that such conversion or exercise would result in Laurus, together with its affiliates, beneficially owning more than 4.99% of the number of outstanding shares, including warrants, of the Company's common stock at the time of conversion or exercise.

Global Payment Technologies, Inc. Notes to Condensed Consolidated Financial Statements March 31, 2007

On December 21, 2006, FASB Staff Position EITF 00-19-2 "Accounting for Registration Payment Arrangements" ("FSP") was issued. The FSP specifies that the contingent obligation to make future payments under a registration payment arrangement should be separately recognized and measured in accordance with FASB Statement No. 5, "Accounting for Contingencies" and that such arrangement is not subject to SFAS No. 133. Accordingly, a liability would be recognized at the time a payment under the arrangement becomes probable and can be reasonably estimated. The Company adopted the FSP effective October 1, 2006. Adoption of the FSP had no effect on the Company's financial statements.

Net cash used in operating activities was ($933,000) in the six months ended March 31, 2007. This amount is due to a net loss for the period, adjusted for non-cash items of $(1,844,000), increased prepaid expenses and other assets of ($22,000), a decrease in accrued expenses and other current liabilities of ($101,000); offset in part by decreased accounts receivable of $733,000, decreased inventory of $170,000 and increase in accounts payable of $131,000. Net cash used in operating activities was ($728,000) in the six months ended March 31, 2006. This amount is due to a net loss for the period, adjusted for non-cash items, of ($1,501,000), increased prepaid expenses and other assets of ($165,000), decreased accounts payable of ($1,005,000), and decreased accrued expenses of ($10,000), offset, in part, by dividend distributions of $574,000 received from the Company's Australian affiliates, decreased accounts receivable of $1,203,000, primarily due to lower sales in this period combined with a continued steady collections of prior accounts receivable, decreased inventory of $153,000, and decreased income taxes receivable of $23,000. The Company sells its products primarily to international markets on terms generally greater than 30 days. The Company granted 90 day payment terms to its Australian distributor. Based upon history, and the Company's current review of its accounts receivable, it believes it is adequately reserved for potentially uncollectible accounts. However, given the Company's sales and accounts receivable are concentrated to a small group of customers and in certain markets, any changes in conditions could cause a material impact to its net income (loss) and cash flow. Additionally, the timing and size of the Company's future Aurora sales orders, as well as the potential impact of current and future sales programs, could have an impact on cash from operations and on gross profit percentages.

Cash used in investing activities for investing in property and equipment for the six months ended March 31, 2007 amounted to ($46,000) as compared with ($78,000) in the prior-year period.

Cash provided by (used in) financing activities in the six months ended March 31, 2007 and 2006 were $433,000 and ($22,000) respectively. The Company had net long term debt repayments of ($30,000) and ($22,000) for the six months ended March 31, 2007 and 2006, respectively. The Company had net borrowings on its Line of Credit of $463,000 in the six months ended March 31, 2007.

Global Payment Technologies, Inc. Notes to Condensed Consolidated Financial Statements March 31, 2007

At March 31, 2007, future minimum payments under non-cancelable operating leases and principal payments to be made for long-term debt maturing over the next five years are as follows:

 (in thousands)
Fiscal Year Operating Lease Debt Repayments
----------- --------------- ---------------
 2007 144 496
 2008 30 40
Thereafter - -
 --------------- ---------------
 Total $ 174 $ 536
 =============== ===============

In addition to the chart above, and in the normal course of business, purchase orders are generated which obligate the Company for future inventory requirements. As of March 31, 2007, purchase order commitments approximated $4.0 million and will be used for production requirements during fiscal 2007 and beyond.

Critical Accounting Policies

There were no changes in critical accounting policies since the filing of the Company's Annual Report on Form 10-K for the year ended September 30, 2006.

Global Payment Technologies, Inc. Notes to Condensed Consolidated Financial Statements March 31, 2007

Special Note Regarding Forward-Looking Statements: A number of statements contained in this report are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the applicable statements. These risks and uncertainties include, but are not limited to: the Company's dependence on a limited base of customers for a significant portion of sales; the Company's dependence on the paper currency validator market and its potential vulnerability to technological obsolescence; the possible impact of competitive products and pricing; the risks that its current and future products may contain errors or defects that would be difficult and costly to detect and correct; potential manufacturing difficulties; possible risks of product inventory obsolescence; uncertainties with respect to the Company's business strategy; general economic conditions in the domestic and international market in which the Company operates; potential shortages of key parts and/or raw materials; potential difficulties in managing growth; dependence on key personnel; the relative strength of the United States currency; and other risks described in the Company's Securities and Exchange Commission filings.

Global Payment Technologies, Inc. Notes to Condensed Consolidated Financial Statements March 31, 2007

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes in the Company's quantitative and qualitative disclosures about market risk since the filing of the Company's Annual Report on Form 10-K for the year ended September 30, 2006.

Item 4. Controls and Procedures

The Company maintains a system of disclosure controls and procedures that is designed to provide reasonable assurance that information, which is required to be disclosed by the Company in the reports that it files or submits under the Securities Exchange Act of 1934, as amended, is accumulated and communicated to management in a timely manner. The Company's Chief Executive Officer and Chief Financial Officer have evaluated this system of disclosure controls and procedures as of the end of the period covered by this quarterly report and believe that the system is operating effectively to ensure appropriate disclosure. There have been no changes in the Company's internal control over financial reporting during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

Global Payment Technologies, Inc. Notes to Condensed Consolidated Financial Statements March 31, 2007

PART II. OTHER INFORMATION

Item 4. Submission of Matters to a Vote of Security Holdings

At the Company's 2007 Annual Meeting of Shareholders held on April 25, 2007, the stockholders elected the following person to serve as Class III Director of the Company by the following vote:

 FOR WITHHOLD
 --- --------
Elliot H. Goldberg 6,042,662 113,506

Richard E. Gerzof, William H. Wood, Class I Directors and Matthew Dollinger and Stephen Nevitt, Class II Directors continue to serve as directors. The Class I Directors' term expires at the 2008 Annual Meeting and the Class II Directors' term expires at the 2009 Annual Meeting.

Item 5. Other Information

Not applicable

Item 6. Exhibits

Exhibit 31 Certification of Chief Executive Officer and Chief Financial
 Officer pursuant to Section 302 of the Sarbanes Oxley Act.

Exhibit 32 Section 1350 Certification.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Global Payment Technologies, Inc.

January 25, 2008 By: /s/ William McMahon
 -------------------
 William McMahon, President,
 Chief Executive Officer and
 Chief Financial Officer

EXHIBIT INDEX

Exhibit No. Description
----------- -----------

Exhibit 31 Certification of Chief Executive Officer and Chief Financial
 Officer pursuant to Section 302 of the Sarbanes Oxley Act.

Exhibit 32 Certification Pursuant to 18 U.S.C. Section 1850, as Adopted
 Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Market Data

News

Trading Tools

Markets

Discover

Hot Features

Follow Feed

Options Flow

Monitor

GPTX Global Payment Technologies Inc (CE)