Attached files
| file | filename |
|---|---|
| EX-99.3 - EXHIBIT 99.3 - RONSON CORP | ex99-3.htm |
| EX-99.2 - EXHIBIT 99.2 - RONSON CORP | ex99-2.htm |
| 8-K - FORM 8K - RONSON CORP | form8k-114624_rclc.htm |
Exhibit 99.1
|
UNITED STATES BANKRUPTCY COURT
|
|
DISTRICT OF NEW JERSEY
|
|
In re
|
RCLC, Inc.
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Case No.
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10-35313-MBK
|
|||||
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Reporting Period
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3/01/11 - 3/31/11
|
|||||||
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MONTHLY OPERATING REPORT
|
||||||||
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File with Court and submit copy to United States Trustee within 20 days after end of month.
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||||||||
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Submit copy of report to any official committee appointed in the case
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||||||||
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Document
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Explanation
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Affidavit/Supplement
|
||||||
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REQUIRED DOCUMENTS
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Form No.
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Attached
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Attached
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Attached
|
||||
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Schedule of Cash Receipts and Disbursements
|
MOR-1
|
P
|
||||||
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Bank Reconciliation (or copies of debtor's bank reconciliation)
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MOR-1a
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P
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||||||
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Schedule of Professional Fees Paid
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MOR-1b
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P
|
||||||
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Copies of bank statements
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P
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|||||||
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Cash disbursements journals
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P
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|||||||
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Statement of Operations
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MOR-2
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P
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||||||
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Balance Sheet
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MOR-3
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P
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||||||
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Status of Postpetition Taxes
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MOR-4
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P
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||||||
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Copies of IRS Form 6123 or payment receipt
|
||||||||
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Copies of tax returns filed during reporting period
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P
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|||||||
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Summary of Unpaid Postpetition Debts
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MOR-4
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P
|
||||||
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Listing of aged accounts payable
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MOR-4
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P
|
||||||
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Accounts Receivable Reconciliation and Aging
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MOR-5
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N/A
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||||||
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Debtor Questionnaire
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MOR-5
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P
|
||||||
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I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents
|
|||||||
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are true and correct to the best of my knowledge and belief.
|
|||||||
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Signature of Debtor
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Date
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||||||
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Signature of Joint Debtor
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Date
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||||||
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/s/ Daryl K. Holcomb
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May 4, 2011
|
||||||
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Signature of Authorized Individual *
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Date
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||||||
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Daryl K. Holcomb
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Vice President & Chief Financial Officer
|
||||||
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Printed Name of Authorized Individual
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Title of Authorized Individual
|
||||||
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* Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor
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|||||||
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is a partnership; a manager or member if debtor is a limited liability company.
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|||||||
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In re
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RCLC, INC.
|
Case No.
|
10-35313-MBK
|
||||||||
|
Reporting Period
|
3/01/11 - 3/31/11
|
|
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
|
||||||||||
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Bank Accounts
|
Current Month
|
Cumulative Filing to Date
|
||||||||||||||||||||||||||||||
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Operating
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Payroll
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Tax
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Other
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Actual
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Projected
|
Actual
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Projected
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|||||||||||||||||||||||||
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Cash Beginning of Month
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$ | 937.13 | $ | 1,000.00 | $ | 100.00 | $ | 71.26 | $ | 2,108.39 | $ | - | $ | 36,840.24 | $ | - | ||||||||||||||||
|
Receipts
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
||||||||||||||||||||||||
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Cash Sales
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$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
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Accounts Receivable
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- | - | ||||||||||||||||||||||||||||||
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Loans and Advances
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- | - | ||||||||||||||||||||||||||||||
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Sale of Assets
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- | - | ||||||||||||||||||||||||||||||
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Other (see below)
|
8,425.00 | 8,425.00 | 12,715.45 | |||||||||||||||||||||||||||||
|
Transfers (From DIP Accts.)
|
1,384,607.00 | 21,389.74 | 99,066.87 | - | 1,505,063.61 | 2,368,114.59 | ||||||||||||||||||||||||||
|
Total Receipts
|
$ | 1,393,032.00 | $ | 21,389.74 | $ | 99,066.87 | $ | - | $ | 1,513,488.61 | $ | - | $ | 2,380,830.04 | $ | - | ||||||||||||||||
|
Disbursements
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
||||||||||||||||||||||||
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Net Payroll
|
$ | - | $ | 21,389.74 | $ | - | $ | $ | 21,389.74 | $ | $ | 177,621.15 | $ | - | ||||||||||||||||||
|
Payroll Taxes
|
9,106.87 | 9,106.87 | 74,310.70 | |||||||||||||||||||||||||||||
|
Sales, Use, & Other Taxes
|
89,960.00 | 89,960.00 | 90,035.00 | |||||||||||||||||||||||||||||
|
Inventory Purchases
|
- | - | ||||||||||||||||||||||||||||||
|
Secured/Rental/Leases
|
3,860.60 | 3,860.60 | 29,304.20 | |||||||||||||||||||||||||||||
|
Insurance
|
3,145.08 | 3,145.08 | 134,990.81 | |||||||||||||||||||||||||||||
|
Administrative
|
2,991.88 | 2,991.88 | 59,228.05 | |||||||||||||||||||||||||||||
|
Selling
|
- | - | ||||||||||||||||||||||||||||||
|
Other (see below)
|
4,721.73 | 4,721.73 | 53,982.52 | |||||||||||||||||||||||||||||
|
Owner Draw *
|
- | - | ||||||||||||||||||||||||||||||
|
Transfers (To DIP Accts)
|
1,014,855.61 | 1,014,855.61 | 1,182,383.21 | |||||||||||||||||||||||||||||
|
Professional Fees
|
59,735.10 | 59,735.10 | 304,134.25 | |||||||||||||||||||||||||||||
|
U.S. Trustee Quarterly Fees
|
- | 5,850.00 | ||||||||||||||||||||||||||||||
|
Court Costs
|
- | - | ||||||||||||||||||||||||||||||
|
Total Disbursements
|
$ | 1,089,310.00 | $ | 21,389.74 | $ | 99,066.87 | $ | - | $ | 1,209,766.61 | $ | - | $ | 2,111,839.89 | $ | - | ||||||||||||||||
|
Net Cash Flow
|
$ | 303,722.00 | $ | - | $ | - | $ | - | $ | 303,722.00 | $ | - | $ | 268,990.15 | $ | - | ||||||||||||||||
|
(Receipts Less Disbursements)
|
||||||||||||||||||||||||||||||||
|
Cash - End of Month
|
$ | 304,659.13 | $ | 1,000.00 | $ | 100.00 | $ | 71.26 | $ | 305,830.39 | $ | - | $ | 305,830.39 | $ | - | ||||||||||||||||
|
* 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
|
$ | 1,209,766.61 | ||||||||||||||||||||||||||||||
|
Less: Transfers to Debtor in Possession Accounts
|
(1,014,855.61 | ) | ||||||||||||||||||||||||||||||
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Plus: Estate Disbursements Made by Outside Sources (i.e. from escrow accounts)
|
||||||||||||||||||||||||||||||||
|
Total Disbursements for Calculating U.S. Trustee Quarterly Fees
|
$ | 194,911.00 | ||||||||||||||||||||||||||||||
|
Other Receipts:
|
||||||||||||||||||||||||||||||||
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Refund of bank fees
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||
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Refund of insurance premium
|
8,425.00 | 8,425.00 | ||||||||||||||||||||||||||||||
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Funds deposited for RA Liquidating Corp in error
|
- | - | ||||||||||||||||||||||||||||||
| $ | 8,425.00 | $ | - | $ | - | $ | - | $ | 8,425.00 | |||||||||||||||||||||||
|
Other Expense :
|
||||||||||||||||||||||||||||||||
|
Bank Fees
|
$ | 53.52 | $ | - | $ | - | $ | - | $ | 53.52 | ||||||||||||||||||||||
|
401K
|
4,668.21 | 4,668.21 | ||||||||||||||||||||||||||||||
|
Directors Fees
|
- | - | ||||||||||||||||||||||||||||||
| 4,721.73 | $ | - | $ | - | $ | - | $ | 4,721.73 | ||||||||||||||||||||||||
|
In re
|
RCLC, INC.
|
Case No.
|
10-35313-MBK
|
|||||||||
|
Reporting Period
|
3/01/11 - 3/31/11
|
|||||||||||
|
BANK RECONCILIATIONS
|
|
Continuation Sheet for MOR-1
|
|
Tax
|
Operating
|
Payroll
|
Other
|
|||||||||||||||||||||||||||||
|
Capital One Bank
|
Capital One Bank
|
Capital One Bank
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Petty Cash
|
|||||||||||||||||||||||||||||
| * | * | * | N/A | |||||||||||||||||||||||||||||
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Balance Per Book
|
$ | 100.00 | $ | 304,659.13 | $ | 1,000.00 | $ | 71.26 | ||||||||||||||||||||||||
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Bank Balance
|
$ | 100.00 | $ | 306,473.02 | $ | 11,333.60 | N/A | |||||||||||||||||||||||||
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(+) Deposits in Transit (Attach List)
|
- | - | - | - | ||||||||||||||||||||||||||||
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(-) Outstanding Checks (Attach List)
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- | (1,813.89 | ) | (10,333.60 | ) | - | ||||||||||||||||||||||||||
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Other (Attach Explanation)
|
- | - | - | - | ||||||||||||||||||||||||||||
|
Adjusted Bank Balance *
|
$ | 100.00 | $ | 304,659.13 | $ | 1,000.00 | N/A | |||||||||||||||||||||||||
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* Adjusted bank balance must equal
|
||||||||||||||||||||||||||||||||
|
balance per books
|
||||||||||||||||||||||||||||||||
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Deposits in Transit
|
Date
|
Amount
|
Date
|
Amount
|
Date
|
Amount
|
Date
|
Amount
|
||||||||||||||||||||||||
| $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||
| $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||
|
Checks Outstanding
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
||||||||||||||||||||||||
| $ | - | 2015 | $ | 1,400.00 | 3024 | $ | 3,985.80 | $ | - | |||||||||||||||||||||||
| 2113 | 392.69 | 3025 | 1,480.25 | |||||||||||||||||||||||||||||
| 2117 | 21.20 | 3026 | 2,028.78 | |||||||||||||||||||||||||||||
| 3027 | 2,261.36 | |||||||||||||||||||||||||||||||
| 3028 | 577.41 | |||||||||||||||||||||||||||||||
| $ | - | $ | 1,813.89 | $ | 10,333.60 | $ | - | |||||||||||||||||||||||||
|
Other
|
||||||||||||||||||||||||||||||||
| $ | - | |||||||||||||||||||||||||||||||
| $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||
|
*Account number has been redacted
|
||||||||||||||||||||||||||||||||
|
In re
|
RCLC, Inc.
|
Case No.
|
10-35313-MBK
|
||||||||
|
Reporting Period
|
3/01/11 - 3/31/11
|
|
SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID
|
|||||||||||||
|
This schedule is to include all retained professional payments from case inception to current month.
|
|||||||||||||
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Period
|
Amount
|
Check
|
Amount Paid
|
Year-To-Date
|
||||||||||||||||||||
|
Payee
|
Covered
|
Approved
|
Payor
|
Number
|
Date
|
Fees
|
Expenses
|
Fees
|
Expenses
|
|||||||||||||||
|
SSG Capital
|
$ | - | $ | - | $ | - | $ | 30,000.00 | $ | 5,880.52 | ||||||||||||||
|
Cole, Schotz, Meisel, Forman & Leonard, P.A.
|
1/01 - 1/31/11
|
19,648.79 |
RCLC
|
MT030411
|
03/04/11
|
15,498.45 | 275.73 | 105,180.47 | 5,944.03 | |||||||||||||||
|
Demetrius & Company, LLC
|
8,658.12 | - | ||||||||||||||||||||||
|
J.H. Cohn LLP
|
1/01 - 1/31/11
|
15,648.30 |
RCLC
|
MT031811
|
03/18/11
|
12,504.09 | 18.19 | 66,605.22 | 645.64 | |||||||||||||||
|
8/17 - 12/31/10
|
10,824.00 |
RCLC
|
MT032811
|
03/28/11
|
10,824.00 | |||||||||||||||||||
|
Lowenstein Sandler PC
|
12/01 - 12/31/10
|
5,753.36 |
RCLC
|
MT031811
|
03/18/11
|
3,975.87 | 783.52 | 79,276.23 | 2,444.02 | |||||||||||||||
|
8/17 - 12/31/10
|
15,855.25 |
RCLC
|
MT032811
|
03/28/11
|
15,855.25 | |||||||||||||||||||
| $ | 67,729.70 | $ | 58,657.66 | $ | 1,077.44 | $ | 289,720.04 | $ | 14,914.21 | |||||||||||||||
|
In re
|
RCLC, Inc
|
Case No.
|
10-35313-MBK
|
||
|
Reporting Period
|
3/01/11 -3/31/11
|
||||
|
STATEMENT OF OPERATIONS
|
|||
|
(Income Statement)
|
|||
|
Accrual Basis
|
|||
|
Cumulative
|
||||||||
|
Revenues
|
Month
|
Filing to Date
|
||||||
|
Gross Revenues
|
$ | 92,450.00 | $ | 954,914.30 | ||||
|
Less: Returns and Allowances
|
||||||||
|
Net Revenue
|
92,450.00 | 954,914.30 | ||||||
|
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
|
92,450.00 | 954,914.30 | ||||||
|
Operating Expenses
|
||||||||
|
Advertising
|
||||||||
|
Auto and Truck Expense
|
- | 2,413.40 | ||||||
|
Bad Debts
|
- | |||||||
|
Contributions
|
- | |||||||
|
Employee Benefits Programs
|
2,899.40 | 46,280.57 | ||||||
|
Insider Compensation *
|
9,600.00 | 40,745.99 | ||||||
|
Insurance
|
(2,124.63 | ) | 190,086.00 | |||||
|
Management Fees/Bonuses
|
- | |||||||
|
Office Expense
|
2,956.00 | 13,101.40 | ||||||
|
Pension & Profit-Sharing Plans
|
(2,056.16 | ) | ||||||
|
Repairs and Maintenance
|
8,246.71 | |||||||
|
Rent and Lease Expense
|
3,350.60 | 26,615.45 | ||||||
|
Salaries/Commissions/Fees
|
27,041.38 | 220,444.72 | ||||||
|
Supplies
|
75.98 | 1,233.75 | ||||||
|
Taxes - Payroll
|
3,757.14 | 22,866.61 | ||||||
|
Taxes - Real Estate
|
- | |||||||
|
Taxes - Other
|
- | |||||||
|
Travel and Entertainment
|
5,784.63 | |||||||
|
Utilities
|
- | 2,604.56 | ||||||
|
Other (attach schedule)
|
2,751.92 | 24,749.28 | ||||||
|
Total Operating Expenses Before Depreciation
|
50,307.79 | 603,116.91 | ||||||
|
Depreciation/Depletion/Amortization
|
- | |||||||
|
Net Profit (Loss) Before Other Income & Expenses
|
42,142.21 | 351,797.39 | ||||||
|
Other Income and Expenses
|
||||||||
|
Other Income (attach schedule)
|
(2,866.50 | ) | (21,643.75 | ) | ||||
|
Interest Expense
|
3,192.10 | 23,992.66 | ||||||
|
Other Expense (attach schedule)
|
4,371.08 | 224,128.93 | ||||||
|
Net Profit (Loss) Before Reorganization Items
|
37,445.53 | 125,319.55 | ||||||
|
Reorganization Items
|
||||||||
|
Professional Fees
|
47,717.38 | 370,465.57 | ||||||
|
U.S. Trustee Quarterly Fees
|
5,850.00 | |||||||
|
Interest Earned on Accumulated Cash from Chapter 11 (see continuation sheet)
|
- | |||||||
|
Gain (Loss) from Sale of Equipment
|
- | |||||||
|
Other Reorganization Expenses (attach schedule)
|
- | 75.00 | ||||||
|
Total Reorganization Expenses
|
47,717.38 | 376,390.57 | ||||||
|
Income Taxes - Deferred & allocated among affiliates
|
- | (620,580.00 | ) | |||||
|
Income Taxes - Current
|
2,181.00 | 89,960.00 | ||||||
|
Net Profit (Loss)
|
$ | (12,452.85 | ) | $ | 279,548.98 | |||
|
In re
|
RCLC, Inc
|
Case No.
|
10-35313-MBK
|
||
|
Reporting Period
|
03/01/11 - 03/31/11
|
||||
|
STATEMENT OF OPERATIONS - continuation sheet
|
|||||
|
Cumulative
|
||||||||
|
Breakdown of "Other" Category
|
Month
|
Filing to Date
|
||||||
|
Other Costs
|
||||||||
|
None
|
$ | - | $ | - | ||||
| $ | - | $ | - | |||||
|
Other Operational Expenses
|
||||||||
|
Stock Transfers
|
$ | 2,009.75 | $ | 14,188.41 | ||||
|
Information Release Cost
|
676.65 | 2,713.30 | ||||||
|
Other Stock Related Expense
|
1,000.00 | |||||||
|
Bank Service Fees
|
65.52 | 6,788.17 | ||||||
|
Penalties & Late Charges
|
59.40 | |||||||
| $ | 2,751.92 | $ | 24,749.28 | |||||
|
Other Income
|
||||||||
|
Dividend Income - Split Dollar Insurance
|
$ | 2,866.50 | $ | 21,498.75 | ||||
|
Other
|
- | 145.00 | ||||||
| $ | 2,866.50 | $ | 21,643.75 | |||||
|
Other Expenses
|
||||||||
|
Auditing & Tax Fees
|
$ | 3,250.00 | $ | 24,375.00 | ||||
|
Rights Plan Amortization
|
330.08 | 2,475.52 | ||||||
|
Legal Fee - Accrual
|
- | 12,250.00 | ||||||
|
Other Professional Fees
|
791.00 | 17,459.50 | ||||||
|
Other Professional Fees - Getzler
|
- | 167,522.00 | ||||||
|
Other
|
- | 46.91 | ||||||
| $ | 4,371.08 | $ | 224,128.93 | |||||
|
Other Reorganization Expenses
|
||||||||
|
New Jersey Business Gateway Service
|
$ | 75.00 | ||||||
| $ | - | $ | 75.00 | |||||
|
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
|
3/01/11 -3/31/11
|
|
BALANCE SHEET
|
||
|
Accrual Basis
|
||
|
Book Value at End of
|
Book Value on
|
|||||||
|
Assets
|
Current Reporting Month
|
Petition Date
|
||||||
|
Current Assets
|
||||||||
|
Unrestricted Cash and Equivalents
|
$ | 305,830.39 | $ | 36,840.24 | ||||
|
Restricted Cash and Equivalents (see continuation sheet)
|
||||||||
|
Accounts Receivable (Net)
|
||||||||
|
Notes Receivable
|
||||||||
|
Inventories
|
||||||||
|
Prepaid Expenses
|
6,515.78 | 242,091.94 | ||||||
|
Professional Retainers
|
53,117.00 | 54,703.60 | ||||||
|
Other Current Assets (attach schedule)
|
247,775.00 | 250,768.00 | ||||||
|
Total Current Assets
|
613,238.17 | 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)
|
16,461,629.52 | 17,107,507.81 | ||||||
|
Total Other Assets
|
16,461,629.52 | 17,107,507.81 | ||||||
|
Total Assets
|
$ | 17,074,867.69 | $ | 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
|
$ | 11,077.99 | $ | - | ||||
|
Taxes Payable (refer to Form MOR-4)
|
10,065.28 | |||||||
|
Wages Payable
|
||||||||
|
Notes Payable
|
||||||||
|
Rent/Leases - Building/Equipment
|
||||||||
|
Secured Debt / Adequate Protection Payments
|
||||||||
|
Professional Fees
|
110,869.96 | |||||||
|
Amounts Due to Insiders * (defined in 11 U.S.C. Section 101(31))
|
9,600.00 | |||||||
|
Other Postpetition Liabilities (attach schedule)
|
42,300.54 | |||||||
|
Total Postpetition Liabilities
|
183,913.77 | - | ||||||
|
Liabilities Subject to Compromise
|
||||||||
|
Secured Debt
|
- | 2,005,050.59 | ||||||
|
Priority Debt
|
40,616.35 | 51,133.31 | ||||||
|
Unsecured Debt
|
10,429,101.38 | 9,494,040.48 | ||||||
|
Total Pre-Petition Liabilities
|
10,469,717.73 | 11,550,224.38 | ||||||
|
Total Liabilities
|
10,653,631.50 | 11,550,224.38 | ||||||
|
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
|
(27,441,016.10 | ) | (27,441,016.10 | ) | ||||
|
Retained Earning - Postpetition
|
279,548.98 | |||||||
|
Adjustments to Owner Equity (attach schedule)
|
(1,596,670.02 | ) | (1,596,670.02 | ) | ||||
|
Postpetition contributions (Distributions) (Draws) (attach schedule)
|
||||||||
|
Net Owner Equity
|
6,421,236.19 | 6,141,687.21 | ||||||
|
Total Liabilities and Owners' Equity
|
$ | 17,074,867.69 | $ | 17,691,911.59 | ||||
|
In re
|
RCLC, Inc
|
Case No.
|
10-35313-MBK
|
|||
|
Reporting Period
|
3/01/11 - 3/31/11
|
|
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
|
486,441.11 | 999,740.57 | ||||||
|
Intercompany Receivables - RA Liquidating
|
193,933.00 | - | ||||||
|
Deferred Sale costs - Ronson Aviation
|
- | 348,601.95 | ||||||
|
Non-Current Deferred Tax Asset
|
2,083,890.68 | 2,034,742.68 | ||||||
|
Rights Plan
|
1,650.26 | 4,125.86 | ||||||
|
Cash Surrender Value - Life Insurance
|
36,590.59 | 61,172.87 | ||||||
| $ | 16,461,629.52 | $ | 17,107,507.81 | |||||
|
Book Value at End of
|
Book Value on
|
|||||||
|
Liabilities And Owner Equity
|
Current Reporting Month
|
Petition Date
|
||||||
|
Other Postpetition Liabilities
|
||||||||
|
Accrued Federal Income Tax
|
$ | - | $ | - | ||||
|
Accrued interest
|
5,896.03 | |||||||
|
Accrued vacation
|
10,563.74 | |||||||
|
Accrued audit costs
|
15,716.88 | |||||||
|
Employee 401K deferrals
|
- | |||||||
|
Other accrued expenses
|
10,123.89 | |||||||
| $ | 42,300.54 | $ | - | |||||
|
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
|
3/01/11 - 3/31/11
|
|
STATUS OF POSTPETITION TAXES
|
||||||
|
Beginning
|
Amount Withheld
|
Check No.
|
Ending
|
|||||||||||||||||||||
|
Tax Liability
|
or Accrued
|
Amount Paid
|
Date Paid
|
or EFT
|
Tax Liability
|
|||||||||||||||||||
|
Federal
|
||||||||||||||||||||||||
|
Withholding
|
$ | 1,886.00 | $ | 4,378.00 | $ | (4,141.00 | ) |
3/1, 3/3, 3/8, 3/15, 3/17, 3/22, 3/29
|
$ | 2,123.00 | ||||||||||||||
|
FICA-Employee
|
773.37 | 1,831.61 | (1,732.81 | ) |
3/1, 3/3, 3/8, 3/15, 3/17, 3/22, 3/29
|
872.17 | ||||||||||||||||||
|
FICA-Employer
|
1,047.14 | 2,479.96 | (2,346.21 | ) |
3/1, 3/3, 3/8, 3/15, 3/17, 3/22, 3/29
|
1,180.89 | ||||||||||||||||||
|
Unemployment
|
266.77 | 13.23 | - | 280.00 | ||||||||||||||||||||
|
Income
|
- | 88,000.00 | (88,000.00 | ) | 3/14 | - | ||||||||||||||||||
|
Other:
|
- | - | ||||||||||||||||||||||
|
Total Federal Taxes
|
$ | 3,973.28 | $ | 96,702.80 | $ | (96,220.02 | ) | $ | 4,456.06 | |||||||||||||||
|
State and Local
|
||||||||||||||||||||||||
|
Withholding
|
415.26 | 962.59 | (886.85 | ) |
3/1, 3/3, 3/8, 3/15, 3/17, 3/22, 3/29
|
491.00 | ||||||||||||||||||
|
Sales
|
- | - | ||||||||||||||||||||||
|
Excise
|
- | - | ||||||||||||||||||||||
|
Unemployment
|
3,606.36 | 897.72 | 4,504.08 | |||||||||||||||||||||
|
Real Property
|
- | - | ||||||||||||||||||||||
|
Personal Property
|
- | |||||||||||||||||||||||
|
Income & franchise
|
1,960.00 | (1,960.00 | ) | 3/14 | - | |||||||||||||||||||
|
Other:
|
797.35 | (183.21 | ) | 614.14 | ||||||||||||||||||||
|
Total State and Local
|
$ | 4,818.97 | $ | 3,637.10 | $ | (2,846.85 | ) | $ | 5,609.22 | |||||||||||||||
|
Total Taxes
|
$ | 8,792.25 | $ | 100,339.90 | $ | (99,066.87 | ) | $ | 10,065.28 | |||||||||||||||
|
SUMMARY OF UNPAID POSTPETITION DEBTS
|
||||||||||||||||||||||||
|
Attached listing of accounts payable
|
||||||||||||||||||||||||
|
Current
|
0-30 | 31-60 | 61-90 |
Over 90
|
Total
|
|||||||||||||||||||
|
Accounts Payable
|
$ | 8,844.90 | $ | 2,233.09 | $ | - | $ | - | $ | - | $ | 11,077.99 | ||||||||||||
|
Wages Payable
|
- | |||||||||||||||||||||||
|
Taxes Payable
|
10,065.28 | 10,065.28 | ||||||||||||||||||||||
|
Rent/Leases-Building
|
- | |||||||||||||||||||||||
|
Rent/Leases-Equipment
|
- | |||||||||||||||||||||||
|
Secured Debt/Adequate Protection Payments
|
- | |||||||||||||||||||||||
|
Professional Fees
|
62,717.38 | 39,488.75 | 8,331.59 | 332.24 | - | 110,869.96 | ||||||||||||||||||
|
Amounts Due to Insiders *
|
9,600.00 | 9,600.00 | ||||||||||||||||||||||
|
Other: 401K Employee
|
- | - | ||||||||||||||||||||||
|
Other: Accrued expenses - other
|
42,300.54 | 42,300.54 | ||||||||||||||||||||||
|
Other: Federal Income Tax
|
- | - | ||||||||||||||||||||||
|
Total Postpetition Debts
|
$ | 133,528.10 | $ | 41,721.84 | $ | 8,331.59 | $ | 332.24 | $ | - | $ | 183,913.77 | ||||||||||||
|
In re
|
RCLC, Inc.
|
Case No.
|
10-35313-MBK
|
||
|
Reporting Period
|
3/01/11 - 3/31/11
|
||||
|
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 | - | |||||||
| 31 - 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).
|
|||||