0001477932-17-001165.txt : 20170316 0001477932-17-001165.hdr.sgml : 20170316 20170316074529 ACCESSION NUMBER: 0001477932-17-001165 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20170316 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20170316 DATE AS OF CHANGE: 20170316 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DEBT RESOLVE INC CENTRAL INDEX KEY: 0001106645 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PREPACKAGED SOFTWARE [7372] IRS NUMBER: 330889197 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33110 FILM NUMBER: 17692908 BUSINESS ADDRESS: STREET 1: 1133 WESTCHESTER AVENUE STREET 2: SUITE S-223 CITY: WHITE PLAINS STATE: NY ZIP: 10604 BUSINESS PHONE: 9149495500 MAIL ADDRESS: STREET 1: 1133 WESTCHESTER AVENUE STREET 2: SUITE S-223 CITY: WHITE PLAINS STATE: NY ZIP: 10604 FORMER COMPANY: FORMER CONFORMED NAME: LOMBARDIA ACQUISITION CORP DATE OF NAME CHANGE: 20000214 8-K 1 drsv_8k.htm FORM 8-K drsv_8k.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________________________________

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

____________________________________________________________

 

Date of Report (Date of earliest event reported): March 16, 2017

 

DEBT RESOLVE, INC.

(Exact Name of Registrant as Specified in Charter)

 

Delaware

 

001-33110

 

33-0889197

(State or other jurisdiction of incorporation)

 

(Commission File Number)

 

 (IRS Employer Identification No.)

 

1133 Westchester Avenue, Suite S-223

White Plains, New York

 

10604

(Address of principal executive offices)

 

(Zip Code)

 

Registrant's telephone number, including area code: (914) 949-5500

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
 
 
 

CURRENT REPORT ON FORM 8-K

 

Debt Resolve, Inc.

 

March 16, 2017

 

Item 2.02 Results of Operations and Financial Condition.

 

Today, Debt Resolve, Inc. issued a press release (the “Press Release”) announcing its earnings for the three months ended December 31, 2016. A copy of the Press Release is being furnished hereto as Exhibit 99.1 and is hereby incorporated by reference to this Current Report.

 

The information furnished herein, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended or the Exchange Act.

 

Item 9.01 Financial Statements and Exhibits.

 

(a) Not applicable

 

(b) Not applicable

 

(c) Not applicable

 

(d) Exhibits. The following exhibit is being furnished herewith:

 

99.1 Press Release dated March 16, 2017 issued by Debt Resolve, Inc.

 
 

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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 hereunto duly authorized.

 

 

DEBT RESOLVE, INC.

 

 

Date: March 16, 2017

By:

/s/ Bruce E. Bellmare

 

 

Bruce E. Bellmare

 

 

Chief Executive Officer,

Chief Operating Officer and Acting Chief Financial Officer

 

 

 

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 EX-99.1 2 drsv_ex991.htm PRESS RELEASE drsv_ex991.htm

 EXHIBIT 99.1

 

Debt Resolve Reports Q4 Revenue of over $2.1 million and Operating Income in Fourth Quarter

 

White Plains, NY. March 16, 2017

 

Debt Resolve, Inc. (OTC Markets: DRSV) today announced preliminary, unaudited results for the quarter ending December 31, 2016. Revenue for this quarter was $2,187,840, a 64% increase over the quarter ending September 30, 2016, and a 40% increase over the quarter ending December 31, 2015. Operating income was $560,320 as compared to an operating loss of ($8,416) in the preceding quarter and an operating loss of ($595,266) in the quarter ending December 31, 2015. There was a Net Loss in the quarter ending December 31, 2016 of ($141,564) as compared to a Net Loss of ($558,605) in the preceding quarter and Net Income of $122,748, including a one-time gain of $1,279,616 on the change in fair value of derivative liabilities, for the quarter ended December 31, 2015.

 

Included in the Operating Income and Net loss for the quarter ending December 31, 2016 was a one-time charge of $544,917 as a provision for future A/R bad debt.

 

“We are excited by the continued performance of our majority owned joint venture, Student Loan Care LLC” said Bruce Bellmare, Debt Resolve’s CEO “in addition to the substantial increase in revenue, there was a strong growth in operating income quarter over quarter.

 

“We are extremely excited and proud of the fast and successful start we have made” said Jeffrey Da Pra, COO of Student Loan Care LLC “and we are very happy with the first six months of our relationship with Debt Resolve. Their financial and managerial support has enhanced our ability to move forward quickly and to assist in the development of future enhancements to our business model.”

 

Mr. Bellmare added “the successful performance of Student Loan Care validates the strength of our joint venture strategy, previously delineated in our public filings. We anticipate introducing additional new joint ventures over the course of the next year. “

 

About Debt Resolve, Inc.

 

Debt Resolve’s traditional SaaS business provides lenders, debt buyers, collection agencies, collection law firms and hospitals with a patent-protected online bidding system for the resolution and settlement of consumer debt. The company also provides web-based revenue management platforms for the healthcare industries that include cost-effective collection solutions for every stage of collection and recovery. Progress Advocates LLC is a Debt Resolve Inc. majority owned joint venture with LSH, LLC and provides documentation preparation submission services for loan modification and consolidation of federal student loans. The company is publicly held and trades on the OTC Markets under the symbol DRSV. Debt Resolve is headquartered in White Plains, New York.

 
 

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Forward-Looking Statements

 

Certain statements in this press release and elsewhere by management of the Company that are neither reported financial results nor other historical information are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and other factors which may cause or contribute to actual results of the Company's operations varying significantly and materially from anticipated results. Debt Resolve undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by SEC rules. Investors are advised to consult any further disclosures made on related subjects in the Company's reports filed with the SEC. 

 

Company Contact 
Wayne Travis
Debt Resolve, Inc.
wtravis@debtresolve.com 
(914) 949-5500 x238

 

For Investor Relations: Synergy 1-888-259-9173

 

 

 

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