RESTATEMENT OF DECEMBER 31, 2015 BALANCE SHEET

12 Months Ended

Dec. 31, 2015

Notes to Financial Statements

NOTE 17 - RESTATEMENT OF DECEMBER 31, 2015 BALANCE SHEET

The accompanying consolidated balance sheet as of December 31, 2015 has been restated for the purpose of correcting an error in classification of accounts receivable, trade between long-term and short-term assets.

Accordingly, the Company restated the consolidated balance sheet as of December 31, 2015 by disclosing this error in this Form 10-K/A.

The changes in the reported amounts are summarized in the following reconciliation of the Company’s restated consolidated balance sheet as of December 31, 2015:

DEBT RESOLVE, INC.
CONSOLIDATED BALANCE SHEET
DECEMBER 31, 2015
	(As restated)		(As reported)
ASSETS
Current assets:
Cash	$	30,480	$	30,480
Accounts receivable, net		954,588		3,463,161
Prepaid expenses		36,893		36,893
Total current assets		1,021,961		3,530,534
Long term assets:
Accounts receivable, net		2,508,573		-
Total assets	$	3,530,534	$	3,530,534
LIABILITIES AND STOCKHOLDERS' DEFICIENCY (unchanged)	$	3,530,534	$	3,530,534