Debt Resolve Inc - Current report filing (8-K)
24 October 2007 - 7:29AM
Edgar (US Regulatory)
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): October 17, 2007
DEBT
RESOLVE, INC.
(Exact
Name of Registrant as Specified in Charter)
|
Delaware
|
0-29525
|
33-0889197
|
|
(State
or other jurisdiction of incorporation)
|
(Commission
File Number)
|
(IRS
Employer Identification No.)
|
|
707
Westchester Avenue, Suite L7 White Plains, New York
|
10604
|
|
(Address
of principal executive offices)
|
(Zip
C
ode)
|
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 DFR 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.
October
17, 2007
On
October 17, 2007, we entered into a line of credit with Mr. William B. Mooney,
a
director of ours (the “Lender”), pursuant to which we may borrow from time to
time up to $275,000 to be used to fund our working capital needs, including
the
operation of our debt-collection subsidiary, First Performance Corporation.
Borrowings under the line of credit will bear interest at 12% per annum, with
interest payable monthly in cash. The principal balance outstanding will be
due
at any time upon 30 days’ written notice from Lender, subject to mandatory
prepayment (without penalty) of principal and interest, in whole or in part,
from the net cash proceeds of any public or private, equity or debt financing
we
may procure. Lender’s obligation to lend such funds is subject to a number of
conditions, including review by Lender of our proposed use of such funds. As
part of this transaction, we have issued to Lender a five-year warrant to
purchase an aggregate of up to 137,500 shares of our common stock at an exercise
price of $2.00 per share. Our Co-Chairmen, Mr. James D. Burchetta and Mr.
Charles S. Brofman (the “Guarantors”), have, in separate agreements, agreed to
each personally guarantee 33% of our payment obligation with respect to the
outstanding balance under the line of credit.
Lender
is
a member of our Board of Directors. The independent and disinterested members
of
our Board determined that the line of credit was on terms no less favorable
to
Debt Resolve than could have been obtained form unaffiliated third parties.
|
Item
9.01.
|
Financial
Statements and Exhibits.
|
|
|
10.1
|
Line
of Credit Agreement, dated October 17, 2007, between Debt Resolve,
Inc.
and William B. Mooney, together with form of Non-Negotiable Promissory
Note and Form of Warrant.
|
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.
|
|
|
|
|
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DEBT
RESOLVE,
INC.
|
|
|
|
|
Date:
October 23, 2007
|
By:
|
/s/ James
D.
Burchetta
|
|
|
James
D. Burchetta
Co-Chairman
and Chief Executive Officer
|
|
|
|
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