Molecular Insight Pharmaceuticals, Inc. - FORM 8-K - EX-99.1 - MONTHLY OPERATING REPORT

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8-K - FORM 8-K - Molecular Insight Pharmaceuticals, Inc.	d8k.htm

Exhibit 99.1

UNITED STATES BANKRUPTCY COURT

DISTRICT OF MASSACHUSETTS


Molecular Insight Pharmaceuticals, Inc.	Case No.	10-23355 (FJB)
	Reporting Period	3/1/2011 - 3/31/2011

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


/s/ MARK A. ATTARIAN				4/13/2011
Signature of Authorized Individual *				Date

MARK A. ATTARIAN				Interim Chief Financial Officer & EVP
Printed Name of Authorized Individual				Title of Authorized Individual

*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.

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.

COVER PAGE


Molecular Insight Pharmaceuticals, Inc.	Case No.	10-23355 (FJB)
Debtor	Reporting Period	3/1/2011 - 3/31/2011


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?	X

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

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

MOR-1


Molecular Insight Pharmaceuticals, Inc.		Reporting Period
Case No: 10-23355		3/1/2011 - 3/31/2011
Payments of Pre-Petition Debts


Payee	Check #		Check Date		Amount

MOR-1 Question 3

Timothy Largen		24227		3/11/2011	$	2,820.00

Contract Monitors, LLC		24217		3/11/2011	$	894.21

Agilent Technologies		24295		3/31/2011	$	1,748.00

MOR-1 Question 4

Tatum		EFT		3/7/2011	$	46,931.50

Riemer & Braunstein		EFT		3/14/2011	$	96,527.28

CRT (M.M. Dillon)		EFT		3/25/2011	$	113,751.14

Kramer & Levin		EFT		3/31/2011	$	398,189.26

MOR-1 Question 6

Harry Stylli		EFT		3/23/2011	$	48,000.00	compensation for CRO services

Daniel Frank		24324		3/31/2011	$	14,000.00	BOD fees

David Stack		24358		3/31/2011	$	14,000.00	BOD fees

Equity Resources (Lionel Sterling)		24368		3/31/2011	$	15,000.00	BOD fees

Scott Gottlieb		24327		3/31/2011	$	14,000.00	BOD fees

Joseph Limber		24338		3/31/2011	$	19,000.00	BOD fees

Harry Stylli		24359		3/31/2011	$	12,000.00	BOD fees


Molecular Insight Pharmaceuticals, Inc.	Case No.	10-23355 (FJB)
Debtor	Reporting Period	3/1/2011 - 3/31/2011

SCHEDULE OF RECEIPTS AND DISBURSEMENTS (Unrestricted Cash)


	Citibank Operating			Citibank Money Market		Smith Barney Money Market		Bank of New York		TOTAL

CASH - BEGINNING OF MONTH	$	10,664,100		$	0	$	0	$	0	$	10,664,100


RECEIPTS
CASH SALES		1,105									1,105
ACCOUNTS RECEIVABLE		337,846									337,846
LOANS AND ADVANCES											0
SALE OF ASSETS											0
OTHER (ATTACH LIST)											0
Refund of credit balances from vendors		7,976									7,976
COBRA payments											0
TRANSFERS (FROM DIP ACCOUNTS)											0

TOTAL RECEIPTS		346,926			0		0		0		346,926


DISBURSEMENTS
NET PAYROLL		227,502									227,502
PAYROLL TAXES		116,483									116,483
SALES, USE & OTHER TAXES											0
INVENTORY PURCHASES											0
MANUFACTURING COSTS		209,988									209,988
CLINICAL COSTS		504,949									504,949
SECURED/RENTAL/LEASES		103,052									103,052
INSURANCE											0
GENERAL & ADMINISTRATIVE		541,009									541,009
SELLING											0
OTHER (ATTACH LIST)											0
TRANSFERS (TO DIP ACCOUNTS)											0
PROFESSIONAL FEES		2,334,325									2,334,325
U.S. TRUSTEE QUARTERLY FEES											0
COURT COSTS											0

TOTAL DISBURSEMENTS		4,037,308			0		0		0		4,037,308


INTRACOMPANY BANK TRANSFERS		0			0		0		0		0


NET CASH FLOW		(3,690,382	)		0		0		0		(3,690,382	)


CASH - END OF MONTH	$	6,973,718		$	0	$	0	$	0	$	6,973,718

DISBURSEMENTS FOR CALCULATING U.S.TRUSTEE QUARTERLY FEES

TOTAL DISBURSEMENTS

4,037,308

LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS

PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES

TOTAL DISBURSEMENTS FOR CALCULATING U.S.TRUSTEE QUARTERLY FEES

4,037,308

MOR-2


Molecular Insight Pharmaceuticals, Inc.	Case No.	10-23355 (FJB)
Debtor	Reporting Period	3/1/2011 - 3/31/2011

STATEMENT OF OPERATIONS

(Income Statement)


	Month			Cumulative Filing to Date

Grant Revenue	$	332,570		$	731,926

Operating Expenses
Payroll		332,146			1,424,875
Payroll Taxes		25,310			109,381
Employee Benefits Programs		46,152			182,877
Insider Compensation		48,000			172,578
Temporary Labor		22,423			70,889
Out Svcs - Accounting Fees		0			109,706
Out Svcs - IT		0			3,815
Out Svcs - ADP Fees		1,165			5,110
Out Svcs - Other		36,450			242,826
Investor Relations		5,810			17,544
Lab Materials - Off Supplies		75,451			179,471
Sponsored Research		0			9,000
Legal - Corporate		161,858			547,053
Legal - Patent		40,171			174,868
Consultants		288,839			951,566
SAB-BOD Costs		51,833			163,599
License-Milestone Costs		0			4,808
Manufacturing Costs - Development & Clinical		240,537			720,948
Dues & Subscriptions		6,068			32,840
Travel & Entertainment		19,381			49,916
Business Ins. - D&O		42,072			346,871
Business Ins - Commercial Pkg.		5,716			22,864
Business Ins - Clin Trial Ins		2,763			13,813
Postage & Courier		(5,771	)		(2,282	)
Bank Fees		0			4,232
Waste Disposal & Reg Fees		10,891			27,152
Rent & Related Expenses		104,187			349,706
Utilities - Electric & Com		18,418			75,303
Maint. & Repairs - Facility		2,048			5,738
Maintenance & Support - IT		28,606			113,412
Accretion Expense for Asset Retirement Obligation		0			4,942
Property Taxes -Denton-		2,912			2,912
Equipment Rentals		2,800			10,773
Stock Based Compensation		112,662			432,757
Clinical Trial Expense		250,927			1,209,437

Operating Expenses before Depreciation		1,979,823			7,791,301

Depreciation		50,717			203,334

Net Loss before Other Income & Expense		(1,697,970	)		(7,262,709	)

Other Income and Expense
Other Income (attach schedule)
Interest Income		1,640			3,702
Other Expense (attach schedule)

Net Loss Before Reorganization Items		(1,696,330	)		(7,259,007	)

Reorganization Items
Restructuring Costs & Professional Fees		1,562,024			4,484,182
U.S. Trustee Quarterly Fee		13,000			17,875
Interest Earned on Accumulated Cash from Chapter 11
Gain (Loss) from Sale of Equipment
Other Reorganization Expenses

Total Reorganization Expenses		1,575,024			4,502,057

Income Taxes

Net Loss	($	3,271,353	)	($	11,761,064	)

MOR-3


Molecular Insight Pharmaceuticals, Inc.	Case No.	10-23355 (FJB)
Debtor	Reporting Period	3/1/2011 - 3/31/2011

BALANCE SHEET


ASSETS	BOOK VALUE AT END OF CURRENT REPORTING MONTH			BOOK VALUE ON PETITION DATE
CURRENT ASSETS
Unrestricted Cash and Cash Equivalents	$	6,973,718		$	14,925,779
Restricted Cash and Cash Equivalents		524,276			520,995
Accounts Receivable (Net)		243,009			204,255
Notes Receivable
Inventories
Prepaid Expenses		1,055,453			1,708,993
Professional Retainers		1,934,101			1,990,119
Employee Advances		21,550			21,550
Deposits		1,084,177			1,071,082

TOTAL CURRENT ASSETS		11,836,284			20,442,773

PROPERTY & EQUIPMENT
Lab & Equipment		3,467,761			3,425,980
Furniture & Fixtures		328,467			328,467
Leasehold Improvements		838,407			838,407
Construction-In-Process		3,686,551			3,518,355
Less Accumulated Depreciation		(3,979,070	)		(3,775,735	)

TOTAL PROPERTY & EQUIPMENT		4,342,116			4,335,474

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

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


TOTAL ASSETS	$	19,324,414		$	27,924,261


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		645,275			1,492,338
Accrued Expenses		3,860,624			1,729,379
Accrued Clinical Expense		2,217,778			2,198,736
Vacation Payable		186,225			314,884
Employee FSA Medical		(2,258	)		1,582
Employee FSA Dependent Care		1,316			2,070
Accrued Purchases		15,205			12,376
Accrued Audit Fees		605,848			487,270
Deferred Revenue		25,000			25,000
Refundable Credits		354,400			354,400
Asset Retirement Obligation		317,057			312,115
Rent/Leases - Building/Equipment
Professional Fees
Amounts Due to Insiders		21,000

TOTAL POST-PETITION LIABILITIES		8,247,470			6,930,150

LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
Accounts Payable - Pre-Petition		1,411,146			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		195,391,551			193,980,405


TOTAL LIABILITIES
OWNERS’ EQUITY
Common Stock		252,683			252,683
Additional Paid in Capital		184,280,208			183,847,458
Accumulated Deficit - Pre-Petition		(357,086,435	)		(357,086,435	)
Accumulated Deficit - Post-Petition		(11,761,063	)

NET OWNERS’ EQUITY		(184,314,607	)		(172,986,294	)


TOTAL LIABILITIES AND OWNERS’ EQUITY	$	19,324,414		$	27,924,261

MOR-4


Molecular Insight Pharmaceuticals, Inc.	Case No.	10-23355 (FJB)
Debtor	Reporting Period	3/1/2011 - 3/31/2011


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

FEDERAL
Income Tax Witholding		—		51,436.42		51,436.42		Various		EFT		—
FICA- Employee		—		17,609.30		17,609.30		Various		EFT		—
FICA- Employer		—		23,842.69		23,842.69		Various		EFT		—
Unemployment		—		7.14		7.14		Various		EFT		—
Income		—		—		—						—
Other- Cobra Premium Assistance		—		—		—		Various		EFT		—

Total Federal Taxes		—		92,895.55		92,895.55						—
STATE and LOCAL
Income Tax Witholding		—		13,955.02		13,955.02		Various		EFT		—
Sales		—										—
Excise		—										—
Real Property		—										—
Personal Property		—										—
Other- State Unemployment/Cobra Asst		—		1,017.13		1,017.13		Various		EFT		—

Total State and Local Taxes		—		14,972.15		14,972.15						—
Withholding for Employee Healthcare		—		7,444.62		7,444.62		2/25/2011		Ck 24141		—
Premiums, Pensions & Other Benefits		14,382.47		72,483.12		72,771.04		Various		EFT		14,094.55

Total Taxes				187,795.44		188,083.36						14,094.55

SUMMARY OF UNPAID POST-PETITION DEBTS	Current		0-30		31-60		61-90		Over 90		Total
Accounts Payable		414,941		101,045		129,288						645,275
Wages Payable		190,581										190,581
Taxes Payable		14,095										14,095
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		2,217,778										2,217,778
Accrued Expenses		3,856,437										3,856,437
Other (Deferred Revenue)		25,000										25,000
Other (Refundable Credits)		354,400										354,400
Other (Asset Retirement Obligation)		317,057										317,057
Other (Accrued Audit Fees and Purchases)		605,848										605,848

Total Post-petition Debts		8,017,137		101,045		129,288		—		—		8,247,470

MOR -5


Molecular Insight Pharmaceuticals, Inc.	Case No.	10-23355 (FJB)
Debtor	Reporting Period	3/1/2011 - 3/31/2011

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING


ACCOUNTS RECEIVABLE RECONCILIATION	AMOUNT

Total Accounts Receivable at the beginning of the period	$	284,101
+ Amounts Billed during the period	$	332,570
- Amounts collected during the period	$	(337,846	)

Total Accounts Receivable at the end of the period	$	278,825


ACCOUNTS RECEIVABLE AGING	AMOUNT
0 - 30 days old	$	128,944
31 - 60 days old
61 - 90 days old
91+ days old	$	149,881

Total Accounts Receivable	$	278,825
Amount considered uncollectible	$	35,816

Accounts Receivable (Net)	$	243,009

MOR-6

Molecular Insight Pharmaceuticals, Inc. - FORM 8-K - EX-99.1 - MONTHLY OPERATING REPORT - April 20, 2011

Attached files

Molecular Insight Pharmaceuticals, Inc. Reports