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Prospector
Profile
07.1240
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| Debt Resolve, Inc. |
NAICS |
561990 |
| 707 Westchester Avenue, Suite L7
White Plains, NY 10604 |
Description |
Auctioneer |
| (914) 949-5500 |
Employees |
15 |
| http://www.debtresolve.com/ |
Revenue |
(mil) |
0.0980 |
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Income |
(mil) |
-21.6950 |
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Assets |
(mil) |
5.2990 |
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Liability |
(mil) |
0.4890 |
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(for the year ended 2006-12-31) |
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Category:
Loss/Deficit
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Event:
Debt Resolve, Inc.'s consolidated balance sheet at June 30, 2007 showed $3.1 million in total assets and $3.2 million in total liabilities, resulting in a $159,607 total stockholders' deficit. The Company's consolidated balance sheet at June 30, 2007, also showed strained liquidity with $1.0 million in total current assts available to pay $3.2 million in total current liabilities. Net loss for the second quarter of 2007 was $5.3 million compared to a loss of $1.7 million in the second quarter of 2006. Revenue for the second quarter of 2007 was $875,210, compared to $27,026 in the second quarter of 2006.
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Intellectual Property:
At the core of the DebtResolve system is a patent-protected bidding methodology co-invented by co-chairmen James D. Burchetta and Charles S. Brofman. The Company originally entered into a license agreement in February 2003 with Messrs. Burchetta and Brofman for the licensed usage of the intellectual property rights relating to U.S. Patent No. 6,330,551 issued by the U.S. Patent and Trademark Office on December 11, 2001 for “Computerized Dispute and Resolution System and Method” worldwide. This patent covers automated and online, double blind-bid systems that generate high-speed settlements by matching offers and demands in rounds. In addition, the Company has developed software based on the licensed intellectual property rights. The Company regards its software as proprietary and relies primarily on a combination of copyright, trademark and trade secret laws of general applicability, employee confidentiality and invention assignment agreements and other intellectual property protection methods to safeguard technology and software. The Company has obtained through the U.S. Patent and Trademark Office a registered trademark for DebtResolve corporate and system name as well as several slogans. [SEC Filing 10-KSB 04-17-07]
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Description:
The Company provides an Internet-based bidding system for the collection of past due consumer debt.
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Officers:
James D. Burchetta (Co-Chair & CEO); Charles S. Brofman (Co-Chair); Richard G. Rosa (Pres. & Chief Technology Officer); Katherine A. Dering (CFO, Sec. & Treas.); Sandra L. Styer (SVP); Howard C. Knauer (SVP); Lawrence E. Dwyer, Jr. (Dir.); William M. Mooney (Dir.); Alan M. Silberstein (Dir.); Jeffrey Bernstein (Dir.); Michael G. Carey (Dir.)
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Auditor:
Marcum & Kliegman LLP
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Securities:
Common Stock-Symbol DRV; AMEX;
7,499,414 common shares outstanding as of August 17, 2007.
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