A Reno software developer has filed for bankruptcy protection.
Six year-old Xoc Corp.
last month filed for Chapter 7 bankruptcy protection, which means the company plans to liquidate rather than reorganize.
According to its bankruptcy filing, the company has assets amounting to $17,037.96 while its liabilities total $541,801.27.
The company's biggest debts, according to the filing, include a $310,680 loan from a Minden-based individual and an $84,617 loan from a pair based in Virginia City, as well as about $43,000 in lease arrears.
Xoc developed an application for managing medical records for physician's offices.
The company bundled it with a tablet PC from Fujitsu Corp.
and a local server based on a Compaq Corp.
ProLiant server and equipped with wireless networking from Cisco Corp.
Xoc sold and serviced the complete package of software and hardware.
The company was founded by President Quinn Ahrens, a former engineer for a medical billing system developer, and financed by local and overseas angel investors.
According to the bankruptcy filing, there are 32 company stockholders.
As of late 2002, Xoc employed five people.
Among its creditors listed in the bankruptcy filing documents are the Nevada Department of Taxation, Ricoh Corp., more than three dozen individuals, and Urologic Surgeons Ltd.
Urologic Surgeons is the Reno-based medical practice that tested Xoc Doc, the company's system, using nine tablets in its office of seven urologists.
The company's product came at a good time.
The Health Insurance Portability and Accountability Act of 1996, known as HIPAA, required physicians and hospitals to meet patient privacy guidelines by October 2003.
But Xoc Doc had competition, including from local start up modeMD, the University of Nevada, Reno spin-off that has developed a similar system based on personal digital assistants or PDAs.
Calls for comment to the company were not returned by press time.
