News Gets Worse for iBill’s Parent Company
DEERFIELD BEACH, Fla. — Interactive Brand Development’s business activities have slowed so much that the company in the last quarter saw a cash overdraft of $104,000, while it struggled with a working capital deficit of $32.4 million.
iBill’s parent also revealed in a Securities and Exchange Commission filing that its revenue was only three digits — $133 — in the period July through September. Last week, the company told regulators it made $82,000 in the last six months.
Further, the filing revealed that iBill had summary and default judgments of approximately $4.4 million in adult webmaster cases this year.
XBIZ was unable to reach officials at IBD for comment Tuesday.
The Deerfield Beach, Fla., company dumped its third-party processing services in April through iBill and relies solely on commissions from contracts to resell processing services. But, in the latest filing, the company explains a plan to continue offering preloaded and reloadable debit cards through its Card Stream division to clients who secure loans through other companies, including payday loan company Easy Money Inc.
Earlier this year, IBD struck a deal with LitFunding Corp. to provide marketing to its large customer base, directing potential customers to Easy Money, which Las Vegas-based LitFunding recently acquired.
IBD has been scrambling to quell legal action by unpaid adult webmasters in the past year. The company said it had a client payout balance of nearly $17 million, not counting court judgments.
The company also is disputing a default on a loan from investment bankers IIG Trade Opportunities Fund that has helped the company keep running, despite the high cost of interest expenses.
IBD, in the first nine months of the year, accrued an unpaid interest expense of $1.05 million, and the company is seeking even more capital.
“If we are unable to obtain additional borrowings to satisfy the settlements and judgments [discussed], we may not be able to meet our current operating needs,” the company said in the filing.
The filing also revealed an arbitration award against iBill its subsidiary Media Billing Inc. in the amount of $5.2 million. IBD said the suit involved the original purchase agreement between Penthouse and InterCept, which at one time owned iBill.
IBD said it seeks funds to cover an appeal of the judgment.
“We will need additional funding to satisfy the outcome of the order and appeal,” the filing said.
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iBill’s parent also revealed in a Securities and Exchange Commission filing that its revenue was only three digits — $133 — in the period July through September. Last week, the company told regulators it made $82,000 in the last six months.
Further, the filing revealed that iBill had summary and default judgments of approximately $4.4 million in adult webmaster cases this year.
XBIZ was unable to reach officials at IBD for comment Tuesday.
The Deerfield Beach, Fla., company dumped its third-party processing services in April through iBill and relies solely on commissions from contracts to resell processing services. But, in the latest filing, the company explains a plan to continue offering preloaded and reloadable debit cards through its Card Stream division to clients who secure loans through other companies, including payday loan company Easy Money Inc.
Earlier this year, IBD struck a deal with LitFunding Corp. to provide marketing to its large customer base, directing potential customers to Easy Money, which Las Vegas-based LitFunding recently acquired.
IBD has been scrambling to quell legal action by unpaid adult webmasters in the past year. The company said it had a client payout balance of nearly $17 million, not counting court judgments.
The company also is disputing a default on a loan from investment bankers IIG Trade Opportunities Fund that has helped the company keep running, despite the high cost of interest expenses.
IBD, in the first nine months of the year, accrued an unpaid interest expense of $1.05 million, and the company is seeking even more capital.
“If we are unable to obtain additional borrowings to satisfy the settlements and judgments [discussed], we may not be able to meet our current operating needs,” the company said in the filing.
The filing also revealed an arbitration award against iBill its subsidiary Media Billing Inc. in the amount of $5.2 million. IBD said the suit involved the original purchase agreement between Penthouse and InterCept, which at one time owned iBill.
IBD said it seeks funds to cover an appeal of the judgment.
“We will need additional funding to satisfy the outcome of the order and appeal,” the filing said.
http://www.protect-x.com/
posted by Maksim at 6:07 AM
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