From the 8-K..
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. “
