Attached files
| file | filename |
|---|---|
| 8-K - FORM 8K - RONSON CORP | form8k-112576_rclc.htm |
| EX-99.3 - EXHIBIT 99.3 - RONSON CORP | ex99-3.htm |
| EX-99.2 - EXHIBIT 99.2 - RONSON CORP | ex99-2.htm |
|
UNITED STATES BANKRUPTCY COURT
|
|
DISTRICT OF NEW JERSEY
|
|
In re
|
RCLC, Inc.
|
Case No.
|
10-35313-MBK
|
||||
|
Reporting Period
|
10/01/10 - 10/31/10
|
||||||
|
MONTHLY OPERATING REPORT
|
|||||||
|
File with Court and submit copy to United States Trustee within 20 days after end of month.
|
|||||||
|
Submit copy of report to any official committee appointed in the case
|
|||||||
|
Document
|
Explanation
|
Affidavit/Supplement
|
|||||
|
REQUIRED DOCUMENTS
|
Form No.
|
Attached
|
Attached
|
Attached
|
|||
|
Schedule of Cash Receipts and Disbursements
|
MOR-1
|
P
|
|||||
|
Bank Reconciliation (or copies of debtor's bank reconciliation)
|
MOR-1a
|
P
|
|||||
|
Schedule of Professional Fees Paid
|
MOR-1b
|
P
|
|||||
|
Copies of bank statements
|
P
|
||||||
|
Cash disbursements journals
|
P
|
||||||
|
Statement of Operations
|
MOR-2
|
P
|
|||||
|
Balance Sheet
|
MOR-3
|
P
|
|||||
|
Status of Postpetition Taxes
|
MOR-4
|
P
|
|||||
|
Copies of IRS Form 6123 or payment receipt
|
|||||||
|
Copies of tax returns filed during reporting period
|
|||||||
|
Summary of Unpaid Postpetition Debts
|
MOR-4
|
P
|
|||||
|
Listing of aged accounts payable
|
MOR-4
|
P
|
|||||
|
Accounts Receivable Reconciliation and Aging
|
MOR-5
|
N/A
|
|||||
|
Debtor Questionnaire
|
MOR-5
|
P
|
|||||
|
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents
|
|||||||
|
are true and correct to the best of my knowledge and belief.
|
|||||||
|
Signature of Debtor
|
Date
|
||||||
|
Signature of Joint Debtor
|
Date
|
||||||
| /s/ Daryl Holcomb |
December 16, 2010
|
||||||
|
Signature of Authorized Individual *
|
Date
|
||||||
|
Daryl K. Holcomb
|
Vice President & Chief Financial Officer
|
|
|||||
|
Printed Name of Authorized Individual
|
Title of Authorized Individual
|
||||||
|
* Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor
|
|||||||
|
is a partnership; a manager or member if debtor is a limited liability company.
|
|||||||
|
In re
|
RCLC, INC.
|
Case No.
|
10-35313-MBK
|
||||||||
|
Reporting Period
|
10/01/10 - 10/31/10
|
| SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS |
|
Bank Accounts
|
Current Month
|
Cumulative Filing to Date
|
||||||||||||||||||||||||||||||
|
Operating
|
Payroll
|
Tax
|
Other
|
Actual
|
Projected
|
Actual
|
Projected
|
|||||||||||||||||||||||||
|
Cash Beginning of Month
|
$ | 1,150.38 | $ | 999.81 | $ | 103.30 | $ | 1,064.05 | $ | 3,317.54 | $ | - | $ | 36,840.24 | $ | - | ||||||||||||||||
|
Receipts
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
||||||||||||||||||||||||
|
Cash Sales
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
|
Accounts Receivable
|
- | - | ||||||||||||||||||||||||||||||
|
Loans and Advances
|
- | - | ||||||||||||||||||||||||||||||
|
Sale of Assets
|
- | - | ||||||||||||||||||||||||||||||
|
Other (see below)
|
477.65 | 567.77 | - | - | 1,045.42 | 1,512.24 | ||||||||||||||||||||||||||
|
Transfers (From DIP Accts.)
|
88,000.00 | 21,369.83 | 11,417.97 | 4,187.38 | 124,975.18 | 237,975.18 | ||||||||||||||||||||||||||
|
Total Receipts
|
$ | 88,477.65 | $ | 21,937.60 | $ | 11,417.97 | $ | 4,187.38 | $ | 126,020.60 | $ | - | $ | 239,487.42 | $ | - | ||||||||||||||||
|
Disbursements
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
||||||||||||||||||||||||
|
Net Payroll
|
$ | - | $ | 21,937.60 | $ | - | $ | - | $ | 21,937.60 | $ | - | $ | 65,151.94 | $ | - | ||||||||||||||||
|
Payroll Taxes
|
11,421.47 | 11,421.47 | 21,698.70 | |||||||||||||||||||||||||||||
|
Sales, Use, & Other Taxes
|
- | - | ||||||||||||||||||||||||||||||
|
Inventory Purchases
|
- | - | ||||||||||||||||||||||||||||||
|
Secured/Rental/Leases
|
2,250.00 | 2,250.00 | 10,001.20 | |||||||||||||||||||||||||||||
|
Insurance
|
23,698.80 | 23,698.80 | 71,761.38 | |||||||||||||||||||||||||||||
|
Administrative
|
5,029.49 | (174.17 | ) | 4,855.32 | 15,506.80 | |||||||||||||||||||||||||||
|
Selling
|
- | - | ||||||||||||||||||||||||||||||
|
Other (see below)
|
5,760.51 | 102.35 | - | 4,187.38 | 10,050.24 | 18,424.38 | ||||||||||||||||||||||||||
|
Owner Draw *
|
- | - | ||||||||||||||||||||||||||||||
|
Transfers (To DIP Accts)
|
21,103.53 | 21,103.53 | 21,103.53 | |||||||||||||||||||||||||||||
|
Professional Fees
|
20,721.97 | 20,721.97 | 39,380.52 | |||||||||||||||||||||||||||||
|
U.S. Trustee Quarterly Fees
|
650.00 | 650.00 | 650.00 | |||||||||||||||||||||||||||||
|
Court Costs
|
- | - | ||||||||||||||||||||||||||||||
|
Total Disbursements
|
$ | 79,214.30 | $ | 22,039.95 | $ | 11,421.47 | $ | 4,013.21 | $ | 116,688.93 | $ | - | $ | 263,678.45 | $ | - | ||||||||||||||||
|
Net Cash Flow
|
$ | 9,263.35 | $ | (102.35 | ) | $ | (3.50 | ) | $ | 174.17 | 9,331.67 | (24,191.03 | ) | |||||||||||||||||||
|
(Receipts Less Disbursements)
|
||||||||||||||||||||||||||||||||
|
Cash - End of Month
|
$ | 10,413.73 | $ | 897.46 | $ | 99.80 | $ | 1,238.22 | $ | 12,649.21 | $ | - | $ | 12,649.21 | $ | - | ||||||||||||||||
|
* Compensation to Sole Proprietors for Services Rendered to Bankruptcy Estate
|
||||||||||||||||||||||||||||||||
|
THE FOLLOWING SECTION MUST BE COMPLETED
|
||||||||||||||||||||||||||||||||
|
Disbursements for Calculating U.S. Trustee Quarterly Fees: (From Current Month Actual Column)
|
||||||||||||||||||||||||||||||||
|
Total Disbursements
|
$ | 116,688.93 | ||||||||||||||||||||||||||||||
|
Less: Transfers to Debtor in Possession Accounts
|
(21,103.53 | ) | ||||||||||||||||||||||||||||||
|
Plus: Estate Disbursements Made by Outside Sources (i.e. from escrow accounts)
|
||||||||||||||||||||||||||||||||
|
Total Disbursements for Calculating U.S. Trustee Quarterly Fees
|
$ | 95,585.40 | ||||||||||||||||||||||||||||||
|
Other Receipts:
|
||||||||||||||||||||||||||||||||
|
Pre-DIP ACH not processed (voided) Exxon
|
475.00 | |||||||||||||||||||||||||||||||
|
Capital One - correction by bank of deposit
|
2.65 | |||||||||||||||||||||||||||||||
|
Adj for returned check
|
567.77 | |||||||||||||||||||||||||||||||
| $ | 477.65 | $ | 567.77 | $ | - | $ | - | |||||||||||||||||||||||||
|
Other Expense :
|
||||||||||||||||||||||||||||||||
|
401K Contributions
|
$ | 4,187.38 | ||||||||||||||||||||||||||||||
|
Bank Fees
|
5,760.51 | |||||||||||||||||||||||||||||||
|
Fee for new checks
|
102.35 | |||||||||||||||||||||||||||||||
| 5,760.51 | 102.35 | 4,187.38 | ||||||||||||||||||||||||||||||
|
In re
|
RCLC, INC.
|
Case No.
|
10-35313-MBK
|
||||||||||||||
|
Reporting Period
|
10/01/10 - 10/31/10
|
||||||||||||||||
|
BANK RECONCILIATIONS
|
|
Continuation Sheet for MOR-1
|
|
Operating
|
Tax
|
401K |
Operating
|
Payroll
|
Other
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Wells Fargo Bank, NA
|
Wells Fargo Bank, NA
|
Wells Fargo Bank, NA
|
Capital One Bank
|
Capital One Bank
|
Petty Cash
|
|||||||||||||||||||||||||||||||||||||||||||||
| * | * | * | * | * | ||||||||||||||||||||||||||||||||||||||||||||||
|
Balance Per Book
|
$ | 10,272.94 | $ | 99.80 | $ | 1,166.96 | $ | - | $ | 140.79 | $ | 897.46 | $ | 71.26 | ||||||||||||||||||||||||||||||||||||
|
Bank Balance
|
$ | 33,113.94 | $ | 1,915.62 | $ | 1,166.96 | $ | - | $ | 140.79 | $ | 9,585.43 | N/A | |||||||||||||||||||||||||||||||||||||
|
(+) Deposits in Transit (Attach List)
|
- | - | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||
|
(-) Outstanding Checks (Attach List)
|
(22,841.00 | ) | - | - | - | - | (8,687.97 | ) | - | |||||||||||||||||||||||||||||||||||||||||
|
Other (Attach Explanation)
|
- | (1,815.82 | ) | - | - | - | - | - | ||||||||||||||||||||||||||||||||||||||||||
|
Adjusted Bank Balance *
|
$ | 10,272.94 | $ | 99.80 | $ | 1,166.96 | $ | - | $ | 140.79 | $ | 897.46 | N/A | |||||||||||||||||||||||||||||||||||||
|
* Adjusted bank balance must equal
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
balance per books
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
Deposits in Transit
|
Date
|
Amount
|
Date
|
Amount
|
Date
|
Amount
|
Date
|
Amount
|
Date
|
Amount
|
Date
|
Amount
|
Date
|
Amount
|
||||||||||||||||||||||||||||||||||||
| $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||||||||||||||
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||
| $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||||||||||||||
|
Checks Outstanding
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
||||||||||||||||||||||||||||||||||||
| 16143 | $ | 2,364.20 | $ | - | $ | - | $ | - | $ | - | 2652 | $ | 145.73 | $ | - | |||||||||||||||||||||||||||||||||||
| 16145 | 19,826.80 | 2955 | 5,080.11 | |||||||||||||||||||||||||||||||||||||||||||||||
| 16147 | 650.00 | 2956 | 1,449.97 | |||||||||||||||||||||||||||||||||||||||||||||||
| 2957 | 2,012.16 | |||||||||||||||||||||||||||||||||||||||||||||||||
| $ | 22,841.00 | $ | - | $ | - | $ | - | $ | - | $ | 8,687.97 | $ | - | |||||||||||||||||||||||||||||||||||||
|
Other
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
NJ State Tax
|
(1,815.82 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||
| $ | - | $ | (1,815.82 | ) | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||||||||||||||
|
* Account number has been redacted.
|
||||||||||||||||||||||||||||||||||||||||||||||||||
|
In re
|
RCLC, Inc.
|
Case No.
|
10-35313-MBK
|
|||||||||
|
Reporting Period
|
10/01/10 - 10/31/10
|
| SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID | |||||||||||||
| This schedule is to include all retained professional payments from case inception to current month. | |||||||||||||
|
Period
|
Amount
|
Check
|
Amount Paid
|
Year-To-Date
|
|||||||||
|
Payee
|
Covered
|
Approved
|
Payor
|
Number
|
Date
|
Fees
|
Expenses
|
Fees
|
Expenses
|
||||
|
SSG Capital
|
Oct. 2010
|
20,721.97
|
RCLC
|
EFT
|
10/04/10
|
15,000.00
|
5,721.97
|
30,000.00
|
5,880.52
|
||||
|
In re
|
RCLC, Inc
|
Case No.
|
10-35313-MBK
|
||
|
Reporting Period
|
10/01/10 - 10/31/10
|
||||
|
STATEMENT OF OPERATIONS
|
|||||
|
(Income Statement)
|
|||||
|
Accrual Basis
|
|||||
|
Cumulative
|
||||||||
|
Revenues
|
Month
|
Filing to Date
|
||||||
|
Gross Revenues
|
$ | 100,000.00 | $ | 250,000.00 | ||||
|
Less: Returns and Allowances
|
||||||||
|
Net Revenue
|
100,000.00 | 250,000.00 | ||||||
|
Cost of Goods Sold
|
||||||||
|
Beginning Inventory
|
- | |||||||
|
Add: Purchases
|
- | |||||||
|
Add: Cost of Labor
|
- | |||||||
|
Add: Other Costs (attach schedule)
|
- | |||||||
|
Less: Ending Inventory
|
- | |||||||
|
Cost of Goods Sold
|
- | - | ||||||
|
Gross Profit
|
100,000.00 | 250,000.00 | ||||||
|
Operating Expenses
|
||||||||
|
Advertising
|
||||||||
|
Auto and Truck Expense
|
536.40 | 1,341.00 | ||||||
|
Bad Debts
|
- | |||||||
|
Contributions
|
- | |||||||
|
Employee Benefits Programs
|
6,674.81 | 24,349.45 | ||||||
|
Insider Compensation *
|
3,695.36 | 8,795.36 | ||||||
|
Insurance
|
42,069.72 | 58,649.34 | ||||||
|
Management Fees/Bonuses
|
- | |||||||
|
Office Expense
|
1,827.02 | 2,668.66 | ||||||
|
Pension & Profit-Sharing Plans
|
567.70 | 3,032.05 | ||||||
|
Repairs and Maintenance
|
1,991.99 | 6,886.71 | ||||||
|
Rent and Lease Expense
|
4,791.65 | 9,977.25 | ||||||
|
Salaries/Commissions/Fees
|
(25,084.55 | ) | 77,829.76 | |||||
|
Supplies
|
182.58 | 553.48 | ||||||
|
Taxes - Payroll
|
2,019.02 | 9,361.98 | ||||||
|
Taxes - Real Estate
|
- | |||||||
|
Taxes - Other
|
- | |||||||
|
Travel and Entertainment
|
470.18 | 4,864.35 | ||||||
|
Utilities
|
510.00 | 1,584.56 | ||||||
|
Other (attach schedule)
|
5,883.72 | 11,838.67 | ||||||
|
Total Operating Expenses Before Depreciation
|
46,135.60 | 221,732.62 | ||||||
|
Depreciation/Depletion/Amortization
|
- | |||||||
|
Net Profit (Loss) Before Other Income & Expenses
|
53,864.40 | 28,267.38 | ||||||
|
Other Income and Expenses
|
||||||||
|
Other Income (attach schedule)
|
(2,866.50 | ) | (7,166.25 | ) | ||||
|
Interest Expense
|
3,192.10 | 8,710.05 | ||||||
|
Other Expense (attach schedule)
|
8,644.99 | 21,251.61 | ||||||
|
Net Profit (Loss) Before Reorganization Items
|
44,893.81 | 5,471.97 | ||||||
|
Reorganization Items
|
||||||||
|
Professional Fees
|
160,780.25 | 160,780.25 | ||||||
|
U.S. Trustee Quarterly Fees
|
650.00 | 650.00 | ||||||
|
Interest Earned on Accumulated Cash from Chapter 11 (see continuation sheet)
|
- | |||||||
|
Gain (Loss) from Sale of Equipment
|
- | |||||||
|
Other Reorganization Expenses (attach schedule)
|
- | |||||||
|
Total Reorganization Expenses
|
161,430.25 | 161,430.25 | ||||||
|
Income Taxes - Deferred & allocated among affiliates
|
(144,391.00 | ) | (144,391.00 | ) | ||||
|
Income Taxes - Current
|
135,333.00 | 135,333.00 | ||||||
|
Net Profit (Loss)
|
$ | (107,478.44 | ) | $ | (146,900.28 | ) | ||
|
In re
|
RCLC, Inc
|
Case No.
|
10-35313-MBK
|
||
|
Reporting Period
|
10/01/10 - 10/31/10
|
||||
|
STATEMENT OF OPERATIONS - continuation sheet
|
|||||
|
Cumulative
|
||||||||
|
Breakdown of "Other" Category
|
Month
|
Filing to Date
|
||||||
|
Other Costs
|
||||||||
|
None
|
$ | - | $ | - | ||||
| $ | - | $ | - | |||||
|
Other Operational Expenses
|
||||||||
|
Stock Transfers
|
$ | 1,900.00 | $ | 5,800.00 | ||||
|
Information Release Cost
|
945.00 | 1,360.00 | ||||||
|
Other Stock Related Expense
|
1,000.00 | |||||||
|
Bank Service Fees
|
3,038.72 | 3,619.27 | ||||||
|
Penalties & Late Charges
|
59.40 | |||||||
| $ | 5,883.72 | $ | 11,838.67 | |||||
|
Other Income
|
||||||||
|
Dividend Income - Split Dollar Insurance
|
$ | - | $ | 4,299.75 | ||||
| $ | - | $ | 4,299.75 | |||||
|
Other Expenses
|
||||||||
|
Auditing & Tax Fees
|
$ | 3,250.00 | $ | 8,125.00 | ||||
|
Rights Plan Amortization
|
330.08 | 825.20 | ||||||
|
Legal Fee - Accrual
|
- | 2,250.00 | ||||||
|
Other Professional Fees
|
5,018.00 | 10,004.50 | ||||||
|
Other
|
46.91 | 46.91 | ||||||
| - | ||||||||
| - | ||||||||
| - | ||||||||
| $ | 8,644.99 | $ | 21,251.61 | |||||
|
Other Reorganization Expenses
|
||||||||
| $ | - | $ | - | |||||
| $ | - | $ | - | |||||
|
Reorganization Items - Interest Earned on Accumulated Cash from Chapter 11:
|
||||||||
|
Interest earned on cash accumulated during the chapter 11 case, which would not have been earned but for the bankruptcy proceeding.
|
||||||||
|
In re
|
RCLC, Inc
|
Case No.
|
10-35313-MBK
|
|||
|
Reporting Period
|
10/01/10 - 10/31/10
|
|||||
|
BALANCE SHEET
|
|
Accrual Basis
|
|
Book Value at End of
|
Book Value on
|
|||||||
|
Assets
|
Current Reporting Month
|
Petition Date
|
||||||
|
Current Assets
|
||||||||
|
Unrestricted Cash and Equivalents
|
12,649.21 | 36,840.24 | ||||||
|
Restricted Cash and Equivalents (see continuation sheet)
|
||||||||
|
Accounts Receivable (Net)
|
||||||||
|
Notes Receivable
|
||||||||
|
Inventories
|
||||||||
|
Prepaid Expenses
|
179,182.80 | 242,091.94 | ||||||
|
Professional Retainers
|
54,703.60 | 54,703.60 | ||||||
|
Other Current Assets (attach schedule)
|
247,775.00 | 250,768.00 | ||||||
|
Total Current Assets
|
$ | 494,310.61 | $ | 584,403.78 | ||||
|
Property and Equipment
|
||||||||
|
Real Property and Improvements
|
||||||||
|
Machinery and Equipment
|
||||||||
|
Furniture, Fixtures and Office Equipment
|
||||||||
|
Leasehold Improvements
|
||||||||
|
Vehicles
|
||||||||
|
Less Accumulated Depreciation
|
||||||||
|
Total Property & Equipment
|
$ | - | $ | - | ||||
|
Other Assets
|
||||||||
|
Loans to Insiders *
|
||||||||
|
Other Assets (see schedule)
|
16,909,021.79 | 17,107,507.81 | ||||||
|
Total Other Assets
|
$ | 16,909,021.79 | $ | 17,107,507.81 | ||||
|
Total Assets
|
$ | 17,403,332.40 | $ | 17,691,911.59 | ||||
|
Book Value at End of
|
Book Value on
|
|||||||
|
Liabilities And Owner Equity
|
Current Reporting Month
|
Petition Date
|
||||||
|
Liabilities Not Subject to Compromise (Postpetition)
|
||||||||
|
Accounts Payable
|
29,858.23 | |||||||
|
Taxes Payable (refer to Form MOR-4)
|
3,717.83 | |||||||
|
Wages Payable
|
||||||||
|
Notes Payable
|
||||||||
|
Rent/Leases - Building/Equipment
|
||||||||
|
Secured Debt / Adequate Protection Payments
|
||||||||
|
Professional Fees
|
994,422.95 | |||||||
|
Amounts Due to Insiders * (defined in 11 U.S.C. Section 101(31))
|
4,760.28 | |||||||
|
Other Postpetition Liabilities (attach schedule)
|
307.33 | |||||||
|
Total Postpetition Liabilities
|
$ | 1,033,066.62 | $ | - | ||||
|
Liabilities Subject to Compromise
|
||||||||
|
Secured Debt
|
- | 2,005,050.59 | ||||||
|
Priority Debt
|
47,802.48 | 51,133.31 | ||||||
|
Unsecured Debt
|
10,327,711.50 | 9,494,075.61 | ||||||
|
Total Pre-Petition Liabilities
|
$ | 10,375,513.98 | $ | 11,550,259.51 | ||||
|
Total Liabilities
|
$ | 11,408,580.60 | $ | 11,550,259.51 | ||||
|
Owner Equity
|
||||||||
|
Capital Stock
|
5,172,577.50 | 5,172,577.50 | ||||||
|
Additional Paid-In Capital
|
30,006,795.83 | 30,006,795.83 | ||||||
|
Partners' Capital Account
|
||||||||
|
Owner's Equity Account
|
||||||||
|
Retained Earning - Pre-Petition
|
(27,441,051.23 | ) | (27,441,051.23 | ) | ||||
|
Retained Earning - Postpetition
|
(146,900.28 | ) | ||||||
|
Adjustments to Owner Equity (attach schedule)
|
(1,596,670.02 | ) | (1,596,670.02 | ) | ||||
|
Postpetition contributions (Distributions) (Draws) (attach schedule)
|
|
|||||||
|
Net Owner Equity
|
$ | 5,994,751.80 | $ | 6,141,652.08 | ||||
|
Total Liabilities and Owners' Equity
|
$ | 17,403,332.40 | $ | 17,691,911.59 | ||||
|
In re
|
RCLC, Inc
|
Case No.
|
10-35313-MBK
|
|||
|
Reporting Period
|
10/01/10 - 10/31/10
|
|||||
|
BALANCE SHEET - continuation sheet
|
|
Book Value at End of
|
Book Value on
|
|||||||
|
Assets
|
Current Reporting Month
|
Petition Date
|
||||||
|
Other Current Assets
|
||||||||
|
Current Deferred Tax Asset
|
247,775.00 | 250,768.00 | ||||||
| $ | 247,775.00 | $ | 250,768.00 | |||||
|
Other Assets
|
||||||||
|
Investment is Subsidiaries
|
8,972,480.35 | 8,972,480.35 | ||||||
|
Intercompany Receivables - Prometcor
|
4,686,643.53 | 4,686,643.53 | ||||||
|
Intercompany Receivables - RCPC Liquidating
|
1,175,541.28 | 999,740.57 | ||||||
|
Deferred Sale costs - Ronson Aviation
|
- | 348,601.95 | ||||||
|
Non-Current Deferred Tax Asset
|
2,010,017.00 | 2,034,742.68 | ||||||
|
Rights Plan
|
3,300.66 | 4,125.86 | ||||||
|
Cash Surrender Value - Life Insurance
|
61,038.97 | 61,172.87 | ||||||
| $ | 16,909,021.79 | $ | 17,107,507.81 | |||||
|
Book Value at End of
|
Book Value on
|
|||||||
|
Liabilities And Owner Equity
|
Current Reporting Month
|
Petition Date
|
||||||
|
Other Postpetition Liabilities
|
||||||||
|
401k Contribution W/H - Employee
|
307.33 | - | ||||||
| $ | 307.33 | $ | - | |||||
|
Adjustments to Owner Equity
|
||||||||
|
Treasury Stock
|
(1,596,670.02 | ) | (1,596,670.02 | ) | ||||
| $ | (1,596,670.02 | ) | $ | (1,596,670.02 | ) | |||
|
Postpetition contributions (Distributions) (Draws) (attach schedule)
|
||||||||
|
In re
|
RCLC, Inc
|
Case No.
|
10-35313-MBK
|
||||||||||||||||||||||
|
Reporting Period
|
10/01/10 - 10/31/10
|
||||||||||||||||||||||||
|
STATUS OF POSTPETITION TAXES
|
|||||||||||||||||||||||||
|
Beginning
|
Amount Withheld
|
Check No.
|
Ending
|
||||||||||||||||||||||
|
Tax Liability
|
or Accrued
|
Amount Paid
|
Date Paid
|
or EFT
|
Tax Liability
|
||||||||||||||||||||
|
Federal
|
|||||||||||||||||||||||||
|
Withholding
|
$ | 2,550.00 | $ | 4,876.00 | $ | (5,243.00 | ) |
10/12, 10/21, 10/29
|
$ | 2,183.00 | |||||||||||||||
|
FICA-Employee
|
771.27 | 1,468.75 | (1,648.48 | ) |
10/12, 10/21, 10/29
|
591.54 | |||||||||||||||||||
|
FICA-Employer
|
771.25 | 1,468.75 | (1,648.48 | ) |
10/12, 10/21, 10/29
|
591.52 | |||||||||||||||||||
|
Unemployment
|
266.86 | - | - | 266.86 | |||||||||||||||||||||
|
Income
|
- | ||||||||||||||||||||||||
|
Other:
|
- | ||||||||||||||||||||||||
|
Total Federal Taxes
|
$ | 4,359.38 | $ | 7,813.50 | $ | (8,539.96 | ) | $ | 3,632.92 | ||||||||||||||||
|
State and Local
|
|||||||||||||||||||||||||
|
Withholding
|
136.86 | 1,010.24 | (1,062.19 | ) |
10/12, 10/21, 10/29
|
84.91 | |||||||||||||||||||
|
Sales
|
- | - | |||||||||||||||||||||||
|
Excise
|
- | - | |||||||||||||||||||||||
|
Unemployment
|
328.89 | 1,300.25 | (1,629.14 | ) |
10/29/10
|
- | |||||||||||||||||||
|
Real Property
|
- | - | |||||||||||||||||||||||
|
Personal Property
|
|||||||||||||||||||||||||
|
Other:
|
56.39 | 130.29 | (186.68 | ) |
10/29/10
|
- | |||||||||||||||||||
|
Total State and Local
|
$ | 522.14 | $ | 2,440.78 | $ | (2,878.01 | ) | $ | 84.91 | ||||||||||||||||
|
Total Taxes
|
$ | 4,881.52 | $ | 10,254.28 | $ | (11,417.97 | ) | $ | 3,717.83 | ||||||||||||||||
|
SUMMARY OF UNPAID POSTPETITION DEBTS
|
|||||||||||||||||||||||||
|
Attached listing of accounts payable
|
|||||||||||||||||||||||||
|
Current
|
0-30 | 31-60 | 61-90 |
Over 90
|
Total
|
||||||||||||||||||||
|
Accounts Payable
|
$ | 15,687.71 | $ | 12,070.52 | $ | 2,100.00 | $ | - | $ | - | $ | 29,858.23 | |||||||||||||
|
Wages Payable
|
- | ||||||||||||||||||||||||
|
Taxes Payable
|
3,717.83 | 3,717.83 | |||||||||||||||||||||||
|
Rent/Leases-Building
|
- | ||||||||||||||||||||||||
|
Rent/Leases-Equipment
|
- | ||||||||||||||||||||||||
|
Secured Debt/Adequate Protection Payments
|
- | ||||||||||||||||||||||||
|
Professional Fees
|
753,797.88 | 240,625.07 | 994,422.95 | ||||||||||||||||||||||
|
Amounts Due to Insiders *
|
1,756.66 | 3,033.62 | 4,790.28 | ||||||||||||||||||||||
|
Other: 401K Employee
|
307.33 | 307.33 | |||||||||||||||||||||||
|
Other:
|
- | ||||||||||||||||||||||||
|
Total Postpetition Debts
|
$ | 775,267.41 | $ | 255,729.21 | $ | 2,100.00 | $ | - | $ | - | $ | 1,033,096.62 | |||||||||||||
|
In re
|
RCLC, Inc.
|
Case No.
|
10-35313-MBK
|
||
|
Reporting Period
|
10/01/10 - 10/31/10
|
||||
|
ACCOUNTS RECEIVABLE RECONCILING AND AGING
|
|||||
|
Accounts Receivable Reconciliation
|
Amount
|
||||||||
|
Total Accounts Receivable at the beginning of the reporting period
|
$ | - | |||||||
|
(+) Amounts billed during the period
|
- | ||||||||
|
(-) Amounts collected during the period
|
- | ||||||||
|
Total Accounts Receivable at the end of the reporting period
|
$ | - | |||||||
|
Accounts Receivable Aging
|
Amount
|
||||||||
|
0 - 30
|
days old
|
- | |||||||
|
1 - 60
|
days old
|
- | |||||||
|
61 - 90
|
days old
|
- | |||||||
|
91 +
|
days old
|
- | |||||||
|
Total Accounts Receivable
|
$ | - | |||||||
|
Amounts considered uncollectible (Bad Debt)
|
|||||||||
|
Accounts Receivable (Net)
|
$ | - | |||||||
|
DEBTOR QUESTIONNAIRE
|
|||||
|
Must be completed each month
|
Yes
|
No
|
|||
|
1.
|
Have any assets been sold or transferred outside the normal course of business
|
P
|
|||
|
this reporting period? If yes, provide an explanation below.
|
|||||
|
2.
|
Have any funds been disbursed from any account other than a debtor in possession
|
P
|
|||
|
account this reporting period? If yes, provide an explanation
|
|||||
|
3.
|
Have all postpetition tax returns been timely filed? If no, provide an explanation
|
P
|
|||
|
below.
|
|||||
|
4.
|
Are workers compensation, general liability and other necessary insurance
|
P
|
|||
|
coverage in effect? If no, provide an explanation below.
|
|||||
|
5.
|
Has any bank account been opened during the reporting period? If yes, provide
|
P
|
|||
|
documentation identifying the opened account(s).
|
|||||
|
Documentation:
|
|||||
|
5.
|
Bank: Capital One Bank
|
||||
|
Account Name: RCLC, Inc. (Tax Payment Account/Debtor-in-Possession)
|
|||||
|
Account #: 7057179966
|
|||||