<PAGE>

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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.
                               ------------------
           (Name of Small Business Issuer as Specified in Its Charter)

             DELAWARE                                  13-2897997       
---------------------------------          ------------------------------------
  (State or Other Jurisdiction             (I.R.S. Employer Identification No.)
of Incorporation or Organization)

                                 7301 OHMS LANE
                                    SUITE 220
                                EDINA, MN 55439 
                    ----------------------------------------
                    (Address of Principal Executive Offices)

                                 (612) 941-1500
                                 --------------
                (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
-----------------------------------         -----------------------------
      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  
                                                     -----------------  -----------------
<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
                                                     -----------------  -----------------
Total Current Assets                                     2,220,286          3,026,738
                                                     -----------------  -----------------

Property and equipment, net                                272,799             46,067
                                                     -----------------  -----------------

Other Assets
  Security deposits                                         39,234              9,124
                                                     -----------------  -----------------
Total Other Assets                                          39,234              9,124
                                                     -----------------  -----------------

Total Assets                                         $   2,532,319      $   3,081,929
                                                     -----------------  -----------------
                                                     -----------------  -----------------

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
                                                     -----------------  -----------------
Total Current Liabilities                                3,084,005            702,471
                                                     -----------------  -----------------

Noncurrent obligations                                     225,231                 --
                                                     -----------------  -----------------

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)
                                                     -----------------  -----------------
                                                          (687,885)         2,468,490

Less treasury stock (4,780 shares) at cost                 (89,032)           (89,032)
                                                     -----------------  -----------------
Total Stockholders' Equity (Deficit)                      (776,917)         2,379,458
                                                     -----------------  -----------------

Total Liabilities and Stockholders' 
   Equity (Deficit)                                  $   2,532,319      $   3,081,929
                                                     -----------------  -----------------
                                                     -----------------  -----------------
</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
                                      -----------------------------------------
                                      Name:  Michael G. Kerrison
                                      Title: Chairman of the Board of Directors 
                                             and Chief Executive Officer



                                          
Date:  April 15, 1999              By:  /s/  Philip D. Wolf
                                      ------------------------------------------
                                      Name:  Philip D. Wolf
                                      Title: Treasurer and Chief Financial 
                                             Officer




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