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iBill Parent Claims It Only Made $82,000 in Last 6 Months

DEERFIELD BEACH, Fla. — Unable to collect and prepare its financial data, iBill parent Interactive Brand Development notified Thursday the Securities and Exchange Commission that it could not meet the deadline for its quarterly filing.

Nevertheless, the company, which once did business as a third-party processor but now resells process services, told the SEC that for the last six months of the year it had a miniscule revenue figure of $82,000.

IBD said that the revenue was based solely on commissions from contracts to resell processing services. The company ceased providing processing services in April.

The past several years have been problematic for the public company.

IBD has been scrambling to quell legal action by unpaid webmasters in the past year. In August the company said it had a client payout balance of nearly $17 million. It also said it had court judgments totaling $2.3 million.

The company also is disputing a default on a loan from investment bankers IIG Trade Opportunities Fund.

XBIZ could not reach IBD officials for comment by post time.

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