Molecular Insight Pharmaceuticals, Inc. - FORM 8-K - EX-99.3 - MONTHLY OPERATING REPORT

Molecular Insight Pharmaceuticals, Inc. - FORM 8-K - EX-99.3 - MONTHLY OPERATING REPORT - January 26, 2011

Attached files

Attached files

Molecular Insight Pharmaceuticals, Inc. Reports

file	filename
8-K - FORM 8-K - Molecular Insight Pharmaceuticals, Inc.	d8k.htm
EX-99.1 - ORDER OF THE BANKRUPTCY COURT - Molecular Insight Pharmaceuticals, Inc.	dex991.htm
EX-99.2 - PRESS RELEASE - Molecular Insight Pharmaceuticals, Inc.	dex992.htm

Exhibit 99.3

UNITED STATES BANKRUPTCY COURT

DISTRICT OF MASSACHUSETTS


In re:	Case No.	10-23355 (FJB)
Molecular Insight Pharmaceuticals, Inc.	Reporting Period	12/10/2010 - 12/31/2010

MONTHLY OPERATING REPORT


REQUIRED DOCUMENTS	Form No.		Document Attached	Explanation Attached

Monthly Reporting Questionnaire		MOR-1	Yes

Schedule of Cash Receipts and Disbursements		MOR-2	Yes

Copies of Debtor’s Bank Reconciliations			Yes

Copies of Debtor’s Bank Statements			Yes

Copies of Cash Disbursements Journals			Yes

Statement of Operations		MOR-3	Yes

Balance Sheet		MOR-4	Yes

Schedule of Post-Petition Liabilities		MOR-5	Yes

Copies of IRS Form 6123 or payment receipt			No		Yes**

Copies of tax returns filed during reporting period			N/A

Detailed listing of aged accounts payables			Yes

Accounts Receivable Reconciliation and Aging		MOR-6	Yes

I declare under penalty of perjury (28 U.S.C. section 1746) that this report and all attachments are true and correct to the best of my knowledge and belief.

*	Authorized individual must be an officer, director or shareholder if the debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.

**	ADP submits our payroll tax payments, we do not receive a Form 6123.

The Monthly Operating Report (“MOR”) is unaudited and reflects the Debtor’s best efforts to report the assets and liabilities of the Debtor on an unconsolidated basis. The MOR neither purports to represent financial statements prepared in accordance with with Generally Accepted Accounting Principles (“GAAP”), nor is the MOR intended to fully reconcile to any such financial statements. The MOR does not constitute an admission of liability of the Debtor with respect to any item referenced.

The Debtor records general accruals for certain categories of liabilities that are estimates of anticipated aggregate liability that are not tied to particular invoices or vendors. Certain deferred charges, accounts or reserves indicated as “accrued” or “deferred” that relate to clinical trials, other contractual liabilities of the Debtor, and for GAAP reporting purposes are recorded on MOR-4. These deferred expenses do not represent any actual liability incurred, due or payable, are not claims against the Debtor as of the Petition Date or for the current reporting period, and may not result in any administrative expense liability.


Molecular Insight Pharmaceuticals, Inc.	Case No.	10-23355 (FJB)
Debtor	Reporting Period	12/10/2010 - 12/31/2010

MONTHLY REPORTING QUESTIONNAIRE


Must be completed each month	Yes	No

1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.		X

2. Have any funds been disbursed from any account other than a debtor-in-possession account this reporting period? If yes, provide an explanation below.		X

3. Have any payments been made on pre-petition debt, other than payments in the normal course to secured creditors or lessors? If yes, attach listing including date of payment, amount of payment, and name of payee.	X

4. Have any payments been made to professionals? If yes, attach listing including date of payment, amount of payment, and name of payee.		X

5. If the answer to question 3 and/or 4 is yes, were all such payments approved by the Court?		X

6. Have any payments been made to officers, insiders, shareholders, or relatives? If yes, attach listing including date of payment, amount and reason for payment, and name of payee.		X

7. Have all post petition tax returns been timely filed? If no, provide an explanation below.	N/A

8. Is the estate current on the payment of post-petition taxes?	X

9. Is the estate insured for the replacement cost of assets and for general liability? If no, provide an explanation below.	X

10. Is workers’ compensation insurance in effect?	X

11. Have all current insurance payments been made? Attach copies of all new and renewed insurance policies.*	X

12. Are a plan and disclosure statement on file?		X

13. Was there any post-petition borrowing during this reporting period?		X

*	These copies have already been provided.

MOR-1


Molecular Insight Pharmaceuticals, Inc.	Case No.	10-23355 (FJB)
Debtor	Reporting Period	12/10/2010 - 12/31/2010

SCHEDULE OF RECEIPTS AND DISBURSEMENTS (Unrestricted Cash)


	Citibank Operating		Citibank Money Market			Smith Barney Money Market			Bank of New York			TOTAL
	Citibank Operating		Citibank Money Market			Smith Barney Money Market			Bank of New York			TOTAL
CASH - BEGINNING OF MONTH (12/9/2010)		1,731,360		686,718			12,501,604			1,631			14,921,313

RECEIPTS
CASH SALES													0
ACCOUNTS RECEIVABLE													0
LOANS AND ADVANCES													0
SALE OF ASSETS													0
OTHER (ATTACH LIST)													0
Refund of credit balance from vendor		51,765											51,765
Interest income				275			145						420
TRANSFERS (FROM DIP ACCOUNTS)													0

TOTAL RECEIPTS		51,765		275			145			0			52,186


DISBURSEMENTS
NET PAYROLL		268,836											268,836
PAYROLL TAXES		232,806											232,806
SALES, USE & OTHER TAXES													0
INVENTORY PURCHASES													0
MANUFACTURING COSTS		2,321											2,321
CLINICAL COSTS		500											500
SECURED/RENTAL/LEASES													0
INSURANCE													0
GENERAL & ADMINISTRATIVE		144,801											144,801
SELLING													0
OTHER (ATTACH LIST)													0
TRANSFERS (TO DIP ACCOUNTS)													0
PROFESSIONAL FEES													0
U.S. TRUSTEE QUARTERLY FEES													0
COURT COSTS													0

TOTAL DISBURSEMENTS		649,264		0			0			0			649,264


INTRACOMPANY BANK TRANSFERS		13,190,098		(686,718	)		(12,501,749	)		(1,631	)		0

NET CASH FLOW		12,592,599		(686,443	)		(12,501,604	)		(1,631	)		(597,079	)


CASH - END OF MONTH	$	14,323,959	$	275		$	0		$	0		$	14,324,234


DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES
TOTAL DISBURSEMENTS													649,264

LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES													649,264

Note: The $275 balance in the Citibank Money Market was for December interest before the account was closed.

MOR-2


Molecular Insight Pharmaceuticals, Inc.	Case No.	10-23355 (FJB)
Debtor	Reporting Period	12/10/2010 - 12/31/2010

STATEMENT OF OPERATIONS

(Income Statement)


				Cumulative
	Month			Filing to Date

Grant Revenue	$	144,560		$	144,560

Operating Expenses
Payroll		336,298			336,298
Payroll Taxes		(1,916	)		(1,916	)
Employee Benefits Programs		55,144			55,144
Insider Compensation		21,000			21,000
Temporary Labor		24,629			24,629
Out Svcs - Accounting Fees		50,417			50,417
Out Svcs - IT		1,272			1,272
Out Svcs - ADP Fees		1,066			1,066
Out Svcs - Other		30,037			30,037
Investor Relations		9,427			9,427
Lab Materials - Off Supplies		5,287			5,287
Sponsored Research		9,000			9,000
Legal - Corporate		7,097			7,097
Legal - Patent		42,968			42,968
Consultants		138,377			138,377
SAB-BOD Costs		17,700			17,700
License - Milestone Costs		4,808			4,808
Manufacturing Costs - Development & Clinical		9,227			9,227
Dues & Subscriptions		3,101			3,101
Travel & Entertainment		3,250			3,250
Business Ins. - D&O		131,364			131,364
Business Ins - Commercial Pkg.		5,716			5,716
Business Ins - Clin Trial Ins		5,525			5,525
Postage & Courier		550			550
Waste Disposal & Reg Fees		1,254			1,254
Rent & Related Expenses		33,611			33,611
Utilities - Electric & Com		13,236			13,236
Maint. & Repairs - Facility		426			426
Maintenance & Support - IT		24,307			24,307
Accretion Expense for Asset Retirement Obligation		1,630			1,630
Equipment Rentals		2,303			2,303
Stock Based Compensation		91,549			91,549
Clinical Trial Expense		319,659			319,659

Operating Expenses before Depreciation		1,399,318			1,399,318

Depreciation		53,173			53,173

Net Loss before Other Income & Expense		(1,307,930	)		(1,307,930	)

Other Income and Expense
Other Income (attach schedule)
Interest Income		421			421
Other Expense (attach schedule)

Net Loss Before Reorganization Items		(1,307,510	)		(1,307,510	)

Reorganization Items
Restructuring Costs & Professional Fees		18,126			18,126
U.S. Trustee Quarterly Fee		4,875			4,875
Interest Earned on Accumulated Cash from Chapter 11
Gain (Loss) from Sale of Equipment
Other Reorganization Expenses

Total Reorganization Expenses		23,001			23,001

Income Taxes

Net Loss	($	1,330,511	)	($	1,330,511	)

MOR-3


Molecular Insight Pharmaceuticals, Inc.	Case No.	10-23355 (FJB)
Debtor	Reporting Period	12/10/2010 - 12/31/2010

BALANCE SHEET


ASSETS	BOOK VALUE AT END OF CURRENT REPORTING MONTH			BOOK VALUE ON PETITION DATE
CURRENT ASSETS
Unrestricted Cash and Cash Equivalents	$	14,324,234		$	14,921,313
Restricted Cash and Cash Equivalents		520,995			520,995
Accounts Receivable (Net)		348,816			204,255
Notes Receivable
Inventories
Prepaid Expenses		1,265,139			1,720,015
Professional Retainers		1,960,119			1,990,119
Employee Advances		21,550			21,550
Deposits		1,084,177			1,071,082

TOTAL CURRENT ASSETS		19,525,030			20,449,329

PROPERTY & EQUIPMENT
Lab & Equipment		3,452,319			3,425,980
Furniture & Fixtures		328,467			328,467
Leasehold Improvements		838,407			838,407
Construction-In-Process		3,492,016			3,518,355
Less Accumulated Depreciation		(3,828,909	)		(3,775,735	)

TOTAL PROPERTY & EQUIPMENT		4,282,300			4,335,474

OTHER ASSETS
Financing Costs		3,146,014			3,146,014

TOTAL OTHER ASSETS		3,146,014			3,146,014


TOTAL ASSETS	$	26,953,344		$	27,930,817


LIABILITIES AND OWNER EQUITY	BOOK VALUE AT END OF CURRENT REPORTING MONTH			BOOK VALUE ON PETITION DATE
LIABILITIES NOT SUBJECT TO COMPROMISE (Post-Petition)
Accounts Payable		90,736			834,101
Accrued Expenses		1,837,668			1,729,379
Accrued Clinical Expense		2,346,390			2,198,736
Vacation Payable		145,103			314,884
Employee FSA Medical		2,928			1,582
Employee FSA Dependent Care		2,510			2,070
Accrued Purchases		13,264			12,376
Accrued Audit Fees		546,559			487,270
Deferred Revenue		25,000			25,000
Refundable Credits		354,400			354,400
Asset Retirement Obligation		313,745			312,115
Rent/Leases - Building/Equipment
Professional Fees
Amounts Due to Insiders		21,000

TOTAL POST-PETITION LIABILITIES		5,699,303			6,271,913

LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
Accounts Payable - Pre-Petition		834,101			0
Bonds Payable		150,000,000			150,000,000
Accrued Severance		162,500			162,500
PIK Interest & Bonds		51,794,104			51,794,104
Bond Discount & Derivative		(7,976,199	)		(7,976,199	)

TOTAL PRE-PETITION LIABILITIES		194,814,506			193,980,405


TOTAL LIABILITIES OWNERS’ EQUITY
Common Stock		252,683			252,683
Additional Paid in Capital		183,939,005			183,847,458
Accumulated Deficit - Pre-Petition		(356,421,642	)		(356,421,642	)
Accumulated Deficit - Post-Petition		(1,330,511	)

NET OWNERS’ EQUITY		(173,560,465	)		(172,321,501	)


TOTAL LIABILITIES AND OWNERS’ EQUITY	$	26,953,344		$	27,930,817

MOR-4


Molecular Insight Pharmaceuticals, Inc.	Case No.	10-23355 (FJB)
Debtor	Reporting Period	12/10/2010 - 12/31/2010


	Beginning Balance		Amount Withheld or Accrued			Amount Paid			Date Paid		Check No. or EFT		Ending Tax Liability
Post-Petition Taxes

FEDERAL
Income Tax Witholding		—		174,682.46			174,029.87			Various		EFT		652.59
FICA- Employee		—		16,434.05			15,914.76			Various		EFT		519.29
FICA- Employer		—		16,434.06			15,914.82			Various		EFT		519.24
Unemployment		—		—			—							—
Income		—		—			—							—
Other- Cobra Premium Assistance		—		(15,953.89	)		(15,953.89	)		Various		EFT		—

Total Federal Taxes		—		191,596.68			189,905.56							1,691.12
STATE and LOCAL
Income Tax Witholding		—		38,153.62			37,448.63			Various		EFT		704.99
Sales		—												—
Excise		—												—
Real Property		—												—
Personal Property		—												—
Other		—												—

Total State and Local Taxes		—		38,153.62			37,448.63							704.99
Withholding for Employee Healthcare		—		9,185.91			9,185.91			11/23/2010		23809		—
Premiums, Pensions & Other Benefits		3,904.92		58,129.27			56,674.48							5,359.71

Total Taxes				297,065.48			293,214.58							7,755.82


SUMMARY OF UNPAID POST-PETITION DEBTS	Current		0-30		31-60		61-90		Over 90		Total
Accounts Payable		90,674		62								90,736
Wages Payable		153,987										153,987
Taxes Payable		7,756										7,756
Rent/ Lease Payable- Building		—										—
Rent/ Lease Payable- Equipment		—										—
Secured Debt/ Adequate Protection Payments												—
Professional Fees		—										—
Amounts Due Insiders		21,000										21,000
Accrued Clinical Expenses		2,346,390										2,346,390
Accrued Expenses		1,826,466										1,826,466
Other (Deferred Revenue)		25,000										25,000
Other (Refundable Credits)		354,400										354,400
Other (Asset Retirement Obligation)		313,745										313,745
Other (Accrued Audit Fees and Purchases)		559,823										559,823

Total Post-petition Debts		5,699,241		62		—		—		—		5,699,303

MOR-5


Molecular Insight Pharmaceuticals, Inc.	Case No.	10-23355 (FJB)
Debtor	Reporting Period	12/10/2010 - 12/31/2010

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING


ACCOUNTS RECEIVABLE RECONCILIATION		AMOUNT

Total Accounts Receivable at the beginning of the period	$	240,072.21
+ Amounts Billed during the period		144,560.18
- Amounts collected during the period		—

Total Accounts Receivable at the end of the period	$	384,632.39


ACCOUNTS RECEIVABLE AGING		AMOUNT
0 - 30 days old	$	144,560.18
31 - 60 days old		182,025.47
61 - 90 days old		—
91+ days old		58,046.74

Total Accounts Receivable	$	384,632.39
Amount considered uncollectible		35,816.20

Accounts Receivable (Net)	$	348,816.19

MOR-6

/s/ MARK A. ATTARIAN

Signature of Authorized Individual*

MARK A. ATTARIAN

Printed Name of Authorized Individual

Title of Authorized Individual