IBill Parent Says It Needs More Financing to Pay Off Debts

DEERFIELD BEACH, Fla. — Interactive Brand Development, in a filing Tuesday with the Securities and Exchange Commission, said that in order satisfy its debts it must obtain additional financing.

The parent company of iBill said in the quarterly filing that it had a working capital deficit of $23 million and $5.6 million in processor reserves and that it operated with $135,000 in cash as of June 30.

The filing also revealed the company still owes $6.7 million to former clients.

“The company requires additional financing to satisfy past due obligations,” the filing said.

Last week, IBD President Gary Spaniak signaled a continued deficit after the Deerfield Beach, Fla., company delayed its quarterly SEC filing.

“We’re still running at a loss, but we’ve elected to go forward,” Spaniak said. “We could have claimed bankruptcy, but we didn’t.”

IBD, in the last quarter, dumped its online auction and sports talk divisions, deciding to focus solely on its iBill brand. The company has additional investments, including a 34.7 percent equity in Penthouse Media Group Inc. and an interest in Interactive Television Networks Inc., formerly XTV.

In the quarter, the company said it took out a $1 million loan that bears interest at 15 percent annually and includes stock options. The filing noted that the company’s loan maturity date is tied to proceeds from a settlement agreement with processing bank First Data Merchant Services Corp.

In the filing, IBD also exchanged stock for millions in consulting work, its lease on IBD’s corporate facility and various creditors in settlement of debts.

The company also revealed that it faces numerous lawsuits in both federal and state courts relative to litigation by former iBill clients pursuant to payments owed for credit card processing at the time First Data terminated its relationship last year with iBill.

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