Attached files
| file | filename |
|---|---|
| 8-K - FORM 8K - RONSON CORP | form8k-117852_rclc.htm |
| EX-99.2 - EXHIBIT 99.2 - RONSON CORP | ex99_2.htm |
| EX-99.3 - EXHIBIT 99.3 - RONSON CORP | ex99_3.htm |
Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
DISTRICT OF NEW JERSEY
|
In re
|
RCLC, Inc.
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Case No.
|
10-35313-MBK
|
|||
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Reporting Period
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8/01/11 - 8/31/11
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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
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Document
|
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
|
|
Schedule of Cash Receipts and Disbursements
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MOR-1
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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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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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||
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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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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 are true and correct to the best of my knowledge and belief.
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|
|
||
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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 Holcomb
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September 19, 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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||
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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 is a partnership; a manager or member if debtor is a limited liability company.
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In re
|
RCLC, Inc.
|
Case No.
|
10-35313-MBK
|
|||
|
Reporting Period
|
8/01/11 - 8/31/11
|
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
|
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
|
Actual
|
Projected
|
Actual
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Projected
|
|||||||||||||||||||||||||
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Cash Beginning of Month
|
$ | 503,620.44 | $ | 1,000.00 | $ | 100.00 | $ | 71.26 | $ | 504,791.70 | $ | - | $ | 36,840.24 | $ | - | ||||||||||||||||
|
Receipts
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
||||||||||||||||||||||||
|
Cash Sales
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$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
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Accounts Receivable
|
- | - | ||||||||||||||||||||||||||||||
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Loans and Advances
|
- | - | ||||||||||||||||||||||||||||||
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Sale of Assets
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- | - | ||||||||||||||||||||||||||||||
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Other (see below)
|
37.94 | 37.94 | 12,781.23 | |||||||||||||||||||||||||||||
|
Transfers (From DIP Accts.)
|
50,152.00 | 17,187.45 | 7,948.40 | - | 75,287.85 | 3,176,844.73 | ||||||||||||||||||||||||||
|
Total Receipts
|
$ | 50,189.94 | $ | 17,187.45 | $ | 7,948.40 | $ | - | $ | 75,325.79 | $ | - | $ | 3,189,625.96 | $ | - | ||||||||||||||||
|
Disbursements
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
||||||||||||||||||||||||
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Net Payroll
|
$ | - | $ | 17,187.45 | $ | - | $ | $ | 17,187.45 | $ | $ | 282,611.93 | $ | - | ||||||||||||||||||
|
Payroll Taxes
|
- | 7,948.40 | 7,948.40 | 118,277.09 | ||||||||||||||||||||||||||||
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Sales, Use, & Other Taxes
|
- | 90,929.41 | ||||||||||||||||||||||||||||||
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Inventory Purchases
|
- | - | ||||||||||||||||||||||||||||||
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Secured/Rental/Leases
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- | 41,496.00 | ||||||||||||||||||||||||||||||
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Insurance
|
11,709.95 | 11,709.95 | 169,100.86 | |||||||||||||||||||||||||||||
|
Administrative
|
6,303.01 | 6,303.01 | 97,861.70 | |||||||||||||||||||||||||||||
|
Selling
|
- | - | ||||||||||||||||||||||||||||||
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Other (see below)
|
157.82 | 157.82 | 77,149.68 | |||||||||||||||||||||||||||||
|
Owner Draw *
|
- | - | ||||||||||||||||||||||||||||||
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Transfers (To DIP Accts)
|
25,135.85 | 25,135.85 | 1,331,068.65 | |||||||||||||||||||||||||||||
|
Professional Fees
|
5,870.96 | 5,870.96 | 499,491.86 | |||||||||||||||||||||||||||||
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U.S. Trustee Quarterly Fees
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- | - | 12,675.00 | |||||||||||||||||||||||||||||
|
Court Costs
|
- | - | ||||||||||||||||||||||||||||||
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Total Disbursements
|
$ | 49,177.59 | $ | 17,187.45 | $ | 7,948.40 | $ | - | $ | 74,313.44 | $ | - | $ | 2,720,662.18 | $ | - | ||||||||||||||||
|
Net Cash Flow
|
$ | 1,012.35 | $ | - | $ | - | $ | - | $ | 1,012.35 | $ | - | $ | 468,963.78 | $ | - | ||||||||||||||||
|
(Receipts Less Disbursements)
|
||||||||||||||||||||||||||||||||
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Cash - End of Month
|
$ | 504,632.79 | $ | 1,000.00 | $ | 100.00 | $ | 71.26 | $ | 505,804.05 | $ | - | $ | 505,804.02 | $ | - | ||||||||||||||||
* 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)
|
||||
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Total Disbursements
|
$ | 74,313.44 | ||
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Less: Transfers to Debtor in Possession Accounts
|
(25,135.85 | ) | ||
|
Plus: Estate Disbursements Made by Outside Sources (i.e. from escrow accounts)
|
||||
|
Total Disbursements for Calculating U.S. Trustee Quarterly Fees
|
$ | 49,177.59 | ||
|
Other Receipts:
|
||||||||||||||||||||
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Refund of bank fees
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
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Refund of insurance premium & IT subscription
|
- | - | ||||||||||||||||||
|
Refund of 941 tax overpayment
|
37.94 | 37.94 | ||||||||||||||||||
| $ | 37.94 | $ | - | $ | - | $ | - | $ | 37.94 | |||||||||||
|
Other Expense :
|
||||||||||||||||||||
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Bank Fees
|
$ | 157.82 | $ | - | $ | - | $ | - | $ | 157.82 | ||||||||||
|
401K
|
- | - | ||||||||||||||||||
|
Administrative claim
|
- | - | ||||||||||||||||||
|
Directors Fees
|
- | - | ||||||||||||||||||
| 157.82 | $ | - | $ | - | $ | - | $ | 157.82 | ||||||||||||
|
In re
|
RCLC, Inc.
|
Case No.
|
10-35313-MBK
|
|||
|
Reporting Period
|
8/01/11 - 8/31/11
|
BANK RECONCILIATIONS
Continuation Sheet for MOR-1
|
Tax
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Operating
|
Payroll
|
Other
|
|||||||||||||||||||||||||||||
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Capital One Bank
|
Capital One Bank
|
Capital One Bank
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Petty Cash
|
|||||||||||||||||||||||||||||
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*
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*
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*
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N/A
|
|||||||||||||||||||||||||||||
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Balance Per Book
|
$ | 100.00 | $ | 504,632.79 | $ | 1,000.00 | $ | 71.26 | ||||||||||||||||||||||||
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Bank Balance
|
$ | 100.00 | $ | 514,855.33 | $ | 9,484.90 | N/A | |||||||||||||||||||||||||
|
(+) Deposits in Transit (Attach List)
|
- | - | - | - | ||||||||||||||||||||||||||||
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(-) Outstanding Checks (Attach List)
|
- | (10,222.54 | ) | (8,484.90 | ) | - | ||||||||||||||||||||||||||
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Other (Attach Explanation)
|
- | - | - | - | ||||||||||||||||||||||||||||
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Adjusted Bank Balance *
|
$ | 100.00 | $ | 504,632.79 | $ | 1,000.00 | N/A | |||||||||||||||||||||||||
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* Adjusted bank balance must equal
|
||||||||||||||||||||||||||||||||
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balance per books
|
||||||||||||||||||||||||||||||||
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Deposits in Transit
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Date
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Amount
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Date
|
Amount
|
Date
|
Amount
|
Date
|
Amount
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||||||||||||||||||||||||
| $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||
| $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||
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Checks Outstanding
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Ck.#
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Amount
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Ck.#
|
Amount
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
||||||||||||||||||||||||
| $ | - | 2015 | $ | 1,400.00 | 3075 | $ | 1,542.99 | $ | - | |||||||||||||||||||||||
| 2190 | 44.94 | 3076 | 4,803.86 | |||||||||||||||||||||||||||||
| 2221 | 8,777.60 | 3077 | 2,138.05 | |||||||||||||||||||||||||||||
| $ | - | $ | 10,222.54 | $ | 8,484.90 | $ | - | |||||||||||||||||||||||||
|
Other
|
||||||||||||||||||||||||||||||||
| $ | - | |||||||||||||||||||||||||||||||
| $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||
* Account numbers have been redacted.
|
In re
|
RCLC, Inc.
|
Case No.
|
10-35313-MBK
|
|||
|
Reporting Period
|
8/01/11 - 8/31/11
|
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
|
$ | - | $ | - | $ | - | $ | 30,000.00 | $ | 5,880.52 | ||||||||||||||||||||
|
Cole, Schotz, Meisel, Forman & Leonard, P.A.
|
6/1 - 6/30/11
|
5,870.96 |
RCLC
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MT080511
|
08/05/11
|
5,609.04 | 261.92 | 176,982.22 | 7,692.75 | |||||||||||||||||||||
|
RCLC
|
||||||||||||||||||||||||||||||
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Demetrius & Company, LLC
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RCLC
|
12,246.12 | - | |||||||||||||||||||||||||||
|
RCLC
|
||||||||||||||||||||||||||||||
|
J.H. Cohn LLP
|
RCLC
|
110,740.78 | 767.68 | |||||||||||||||||||||||||||
|
RCLC
|
||||||||||||||||||||||||||||||
|
Kurtzman Carson Consultants
|
RCLC
|
18,122.59 | 10,389.14 | |||||||||||||||||||||||||||
|
Lowenstein Sandler PC
|
RCLC
|
124,217.07 | 2,952.98 | |||||||||||||||||||||||||||
|
RCLC
|
||||||||||||||||||||||||||||||
| $ | 5,870.96 | $ | 5,609.04 | $ | 261.92 | $ | 472,308.78 | $ | 27,683.07 | |||||||||||||||||||||
|
In re
|
RCLC, Inc.
|
Case No.
|
10-35313-MBK
|
|||
|
Reporting Period
|
8/01/11 - 8/31/11
|
STATEMENT OF OPERATIONS
(Income Statement)
Accrual Basis
|
Cumulative
|
||||||||
|
Revenues
|
Month
|
Filing to Date
|
||||||
|
Gross Revenues
|
$ | 56,606.00 | $ | 1,291,923.30 | ||||
|
Less: Returns and Allowances
|
||||||||
|
Net Revenue
|
56,606.00 | 1,291,923.30 | ||||||
|
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
|
56,606.00 | 1,291,923.30 | ||||||
|
Operating Expenses
|
||||||||
|
Advertising
|
||||||||
|
Auto and Truck Expense
|
- | 2,413.40 | ||||||
|
Bad Debts
|
- | |||||||
|
Contributions
|
- | |||||||
|
Employee Benefits Programs
|
(4,374.89 | ) | 43,922.67 | |||||
|
Insider Compensation *
|
7,500.00 | 72,245.99 | ||||||
|
Insurance
|
9,810.03 | 222,558.67 | ||||||
|
Management Fees/Bonuses
|
- | |||||||
|
Office Expense
|
558.00 | 20,151.86 | ||||||
|
Pension & Profit-Sharing Plans
|
(2,048.24 | ) | ||||||
|
Repairs and Maintenance
|
224.94 | 10,968.44 | ||||||
|
Rent and Lease Expense
|
3,368.79 | 43,386.64 | ||||||
|
Salaries/Commissions/Fees
|
18,430.40 | 331,073.87 | ||||||
|
Supplies
|
1,271.73 | |||||||
|
Taxes - Payroll
|
1,658.34 | 35,685.01 | ||||||
|
Taxes - Real Estate
|
- | |||||||
|
Taxes - Other
|
- | - | ||||||
|
Travel and Entertainment
|
- | 6,241.90 | ||||||
|
Utilities
|
- | 2,604.56 | ||||||
|
Other (attach schedule)
|
2,067.14 | 41,656.85 | ||||||
|
Total Operating Expenses Before Depreciation
|
39,242.75 | 832,133.35 | ||||||
|
Depreciation/Depletion/Amortization
|
- | |||||||
|
Net Profit (Loss) Before Other Income & Expenses
|
17,363.25 | 459,789.95 | ||||||
|
Other Income and Expenses
|
||||||||
|
Other Income (attach schedule)
|
(2,904.44 | ) | (36,014.19 | ) | ||||
|
Interest Expense
|
3,192.10 | 39,953.16 | ||||||
|
Other Expense (attach schedule)
|
1,120.94 | 229,759.31 | ||||||
|
Net Profit (Loss) Before Reorganization Items
|
15,954.65 | 226,091.67 | ||||||
|
Reorganization Items
|
||||||||
|
Professional Fees
|
88,643.64 | 582,661.25 | ||||||
|
U.S. Trustee Quarterly Fees
|
12,675.00 | |||||||
|
Interest Earned on Accumulated Cash from Chapter 11 (see continuation sheet)
|
- | |||||||
|
Gain (Loss) from Sale of Equipment
|
- | |||||||
|
Other Reorganization Expenses (attach schedule)
|
520,000.00 | 933,822.96 | ||||||
|
Total Reorganization Expenses
|
608,643.64 | 1,529,159.21 | ||||||
|
Income Taxes - Deferred & allocated among affiliates
|
- | (620,580.00 | ) | |||||
|
Income Taxes - Current
|
89,960.00 | |||||||
|
Net Profit (Loss)
|
$ | (592,688.99 | ) | $ | (772,447.54 | ) | ||
|
In re
|
RCLC, Inc.
|
Case No.
|
10-35313-MBK
|
|||
|
Reporting Period
|
8/01/11 - 8/31/11
|
STATEMENT OF OPERATIONS - continuation sheet
|
Cumulative
|
||||||||
|
Breakdown of "Other" Category
|
Month
|
Filing to Date
|
||||||
|
Other Costs
|
||||||||
|
None
|
$ | - | $ | - | ||||
| $ | - | $ | - | |||||
|
Other Operational Expenses
|
||||||||
|
Stock Transfers
|
$ | - | $ | 21,855.34 | ||||
|
Information Release Cost
|
1,909.32 | 11,614.67 | ||||||
|
Other Stock Related Expense
|
1,000.00 | |||||||
|
Bank Service Fees
|
157.82 | 7,127.44 | ||||||
|
Penalties & Late Charges
|
59.40 | |||||||
| $ | 2,067.14 | $ | 41,656.85 | |||||
|
Other Income
|
||||||||
|
Dividend Income - Split Dollar Insurance
|
$ | 2,866.50 | $ | 35,831.25 | ||||
|
Other
|
37.94 | 182.94 | ||||||
| $ | 2,904.44 | $ | 36,014.19 | |||||
|
Other Expenses
|
||||||||
|
Auditing & Tax Fees
|
$ | - | $ | 24,375.00 | ||||
|
Rights Plan Amortization
|
329.94 | 4,125.78 | ||||||
|
Legal Fee - Accrual
|
12,250.00 | |||||||
|
Other Professional Fees
|
791.00 | 21,414.50 | ||||||
|
Other Professional Fees - Getzler
|
167,522.00 | |||||||
|
Other
|
72.03 | |||||||
| $ | 1,120.94 | $ | 229,759.31 | |||||
|
Other Reorganization Expenses
|
||||||||
|
New Jersey Business Gateway Service
|
$ | - | $ | 75.00 | ||||
|
Settlement with Louis V Aronson
|
- | 413,747.96 | ||||||
|
Superfund Settlement
|
520,000.00 | 520,000.00 | ||||||
| $ | 520,000.00 | $ | 933,822.96 | |||||
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
|
8/01/11 - 8/31/11
|
BALANCE SHEET
Accrual Basis
|
Assets
|
Book Value at End of
Current Reporting Month |
Book Value on
Petition Date
|
||||||
|
Current Assets
|
||||||||
|
Unrestricted Cash and Equivalents
|
$ | 505,804.05 | $ | 36,840.24 | ||||
|
Restricted Cash and Equivalents (see continuation sheet)
|
||||||||
|
Accounts Receivable (Net)
|
||||||||
|
Notes Receivable
|
||||||||
|
Inventories
|
||||||||
|
Prepaid Expenses
|
5,944.77 | 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
|
812,640.82 | 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)
|
15,839,461.25 | 17,107,507.81 | ||||||
|
Total Other Assets
|
15,839,461.25 | 17,107,507.81 | ||||||
|
Total Assets
|
$ | 16,652,102.07 | $ | 17,691,911.59 | ||||
|
Liabilities And Owner Equity
|
Book Value at End of
Current Reporting Month |
Book Value on
Petition Date |
||||||
|
Liabilities Not Subject to Compromise (Postpetition)
|
||||||||
|
Accounts Payable
|
$ | 3,304.76 | $ | - | ||||
|
Taxes Payable (refer to Form MOR-4)
|
4,164.11 | |||||||
|
Wages Payable
|
||||||||
|
Notes Payable
|
||||||||
|
Rent/Leases - Building/Equipment
|
||||||||
|
Secured Debt / Adequate Protection Payments
|
||||||||
|
Professional Fees
|
148,876.43 | |||||||
|
Amounts Due to Insiders * (defined in 11 U.S.C. Section 101(31))
|
- | |||||||
|
Other Postpetition Liabilities (attach schedule)
|
29,650.77 | |||||||
|
Total Postpetition Liabilities
|
185,996.07 | - | ||||||
|
Liabilities Subject to Compromise
|
||||||||
|
Secured Debt
|
- | 2,005,050.59 | ||||||
|
Priority Debt
|
36,175.67 | 51,133.31 | ||||||
|
Unsecured Debt
|
11,060,690.66 | 9,494,040.48 | ||||||
|
Total Pre-Petition Liabilities
|
11,096,866.33 | 11,550,224.38 | ||||||
|
Total Liabilities
|
11,282,862.40 | 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
|
(772,447.54 | ) | ||||||
|
Adjustments to Owner Equity (attach schedule)
|
(1,596,670.02 | ) | (1,596,670.02 | ) | ||||
|
Postpetition contributions (Distributions) (Draws) (attach schedule)
|
||||||||
|
Net Owner Equity
|
5,369,239.67 | 6,141,687.21 | ||||||
|
Total Liabilities and Owners' Equity
|
$ | 16,652,102.07 | $ | 17,691,911.59 | ||||
|
In re
|
RCLC, Inc.
|
Case No.
|
10-35313-MBK
|
|||
|
Reporting Period
|
8/01/11 - 8/31/11
|
BALANCE SHEET - continuation sheet
|
Assets
|
Book Value at End of
Current Reporting Month |
Book Value on
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
|
28,303.00 | 999,740.57 | ||||||
|
Intercompany Receivables - RA Liquidating
|
28,303.00 | - | ||||||
|
Deferred Sale costs - Ronson Aviation
|
- | 348,601.95 | ||||||
|
Non-Current Deferred Tax Asset
|
2,083,890.68 | 2,034,742.68 | ||||||
|
Rights Plan
|
- | 4,125.86 | ||||||
|
Cash Surrender Value - Life Insurance
|
39,840.69 | 61,172.87 | ||||||
| $ | 15,839,461.25 | $ | 17,107,507.81 | |||||
|
Liabilities And Owner Equity
|
Book Value at End of
Current Reporting Month |
Book Value on
Petition Date |
||||||
|
Other Postpetition Liabilities
|
||||||||
|
Accrued Federal Income Tax
|
$ | - | $ | - | ||||
|
Accrued interest
|
21,856.53 | |||||||
|
Accrued vacation
|
6,162.62 | |||||||
|
Accrued audit costs
|
||||||||
|
Employee 401K deferrals
|
- | |||||||
|
Other accrued expenses
|
1,631.62 | |||||||
| $ | 29,650.77 | $ | - | |||||
|
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
|
8/01/11 - 8/31/11
|
STATUS OF POSTPETITION TAXES
|
Beginning
|
Amount Withheld
|
Check No.
|
Ending
|
|||||||||||||||||||
|
Tax Liability
|
or Accrued
|
Amount Paid
|
Date Paid
|
or EFT
|
Tax Liability
|
|||||||||||||||||
|
Federal
|
||||||||||||||||||||||
|
Withholding
|
$ | 1,980.00 | $ | 3,864.00 | $ | (3,960.00 | ) |
08/03, 08/18
|
EFT
|
$ | 1,884.00 | |||||||||||
|
FICA-Employee
|
654.74 | 1,231.87 | (1,309.49 | ) |
08/03, 08/18
|
EFT
|
577.12 | |||||||||||||||
|
FICA-Employer
|
886.50 | 1,658.34 | (1,773.01 | ) |
08/03, 08/18
|
EFT
|
771.83 | |||||||||||||||
|
Unemployment
|
216.78 | 216.78 | ||||||||||||||||||||
|
Income
|
- | - | - | - | ||||||||||||||||||
|
Other:
|
- | - | ||||||||||||||||||||
|
Total Federal Taxes
|
$ | 3,738.02 | $ | 6,754.21 | $ | (7,042.50 | ) | $ | 3,449.73 | |||||||||||||
|
State and Local
|
||||||||||||||||||||||
|
Withholding
|
452.75 | 907.08 | (905.90 | ) |
08/03, 08/18
|
EFT
|
453.93 | |||||||||||||||
|
Sales
|
- | - | ||||||||||||||||||||
|
Excise
|
- | - | ||||||||||||||||||||
|
Unemployment
|
199.22 | 9.82 | - | 209.04 | ||||||||||||||||||
|
Real Property
|
- | - | ||||||||||||||||||||
|
Personal Property
|
- | - | ||||||||||||||||||||
|
Income & franchise
|
- | - | - | - | ||||||||||||||||||
|
Other:
|
61.23 | (9.82 | ) | - |
EFT
|
51.41 | ||||||||||||||||
|
Total State and Local
|
$ | 713.20 | $ | 907.08 | $ | (905.90 | ) | $ | 714.38 | |||||||||||||
|
Total Taxes
|
$ | 4,451.22 | $ | 7,661.29 | $ | (7,948.40 | ) | $ | 4,164.11 | |||||||||||||
SUMMARY OF UNPAID POSTPETITION DEBTS
|
Attached listing of accounts payable
|
||||||||||||||||||||||||
|
Current
|
0-30 | 31-60 | 61-90 |
Over 90
|
Total
|
|||||||||||||||||||
|
Accounts Payable
|
$ | 3,304.76 | $ | - | $ | - | $ | - | $ | - | $ | 3,304.76 | ||||||||||||
|
Wages Payable
|
- | |||||||||||||||||||||||
|
Taxes Payable
|
4,164.11 | 4,164.11 | ||||||||||||||||||||||
|
Rent/Leases-Building
|
- | |||||||||||||||||||||||
|
Rent/Leases-Equipment
|
- | |||||||||||||||||||||||
|
Secured Debt/Adequate Protection Payments
|
||||||||||||||||||||||||
|
Professional Fees
|
121,099.10 | 17,723.44 | 6,234.12 | - | 3,819.77 | 148,876.43 | ||||||||||||||||||
|
Amounts Due to Insiders *
|
- | - | ||||||||||||||||||||||
|
Other: 401K Employee
|
- | - | ||||||||||||||||||||||
|
Other: Accrued expenses - other
|
29,650.77 | 29,650.77 | ||||||||||||||||||||||
|
Other: Federal Income Tax
|
- | - | ||||||||||||||||||||||
|
Total Postpetition Debts
|
$ | 158,218.74 | $ | 17,723.44 | $ | 6,234.12 | $ | - | $ | 3,819.77 | $ | 185,996.07 | ||||||||||||
|
In re
|
RCLC, Inc.
|
Case No.
|
10-35313-MBK
|
|||
|
Reporting Period
|
8/01/11 - 8/31/11
|
ACCOUNTS RECEIVABLE RECONCILIATION 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).
|
|||