Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT ON FORM 8-K - TRIDENT MICROSYSTEMS INC | d312569d8k.htm |
| EX-99.1 - QUARTERLY AND ANNUAL OPERATING REPORTS FOR THE PERIOD ENDED DECEMBER 31, 2011 - TRIDENT MICROSYSTEMS INC | d312569dex991.htm |
Exhibit 99.2
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In re Trident Microsystems, Inc., et al.1 | Case No. 12-10069 (CSS) (Jointly Admin.) | |
| Reporting Period: January 2012 |
MONTHLY OPERATING REPORT
| REQUIRED DOCUMENTS |
Form No. |
Document |
Explanation Attached |
Affidavit
/ | ||||
| Schedule of Cash Receipts and Disbursements |
MOR-1 | Yes | ||||||
| Bank Reconciliation (or copies of debtor’s bank reconciliations) |
MOR-1a | No | Not required per agreement with UST. | |||||
| Schedule of Professional Fees Paid |
MOR-1b | Yes | ||||||
| Copies of bank statements |
Yes | Cash balance detail attached per agreement with UST. | ||||||
| Cash disbursements journals |
Yes | Summary document only | ||||||
| Statement of Operations |
MOR-2 | Yes | ||||||
| Balance Sheet |
MOR-3 | Yes | ||||||
| Status of Postpetition Taxes |
MOR-4 | No | Yes | |||||
| Copies of IRS Form 6123 or payment receipt |
No | Yes | ||||||
| Copies of tax returns filed during reporting period |
No | Yes | ||||||
| Summary of Unpaid Post-petition Debts |
MOR-4 | Yes | ||||||
| Listing of aged accounts payable |
MOR-4 | Yes | Summary document only | |||||
| Accounts Receivable Reconciliation and Aging |
MOR-5 | Yes | Summary document only | |||||
| Debtor Questionnaire |
MOR-5 | Yes | ||||||
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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| Signature of Debtor | Date | |||
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| Signature of Joint Debtor | Date | |||
| /s/ Andrew Hinkelman |
2/29/12 | |||
| Signature of Authorized Individual* | Date | |||
| Andrew Hinkelman |
Chief Restructuring 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. |
| 1 | The Debtors are the following two entities (the last four digits of their respective taxpayer ID numbers, if any, follow in parentheses): Trident Microsystems, Inc. (6584) and Trident Microsystems (Far East) Ltd. |
| In re Trident Microsystems, Inc., et al. | Case No. 12-10069 (CSS) (Jointly Admin.) | |
| Reporting Period: January 2012 |
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
The companies cash reporting systems are based on the calendar week. As a result, cash receipts and disbursements for the period ended January 31, 2012 include activity through week ended January 29, 2012.
| TMI - United States |
Actuals 1/4/2012 - 1/29/2012 |
Budget 1/4/2012 - 1/29/2012 |
Variance 1/4/2012 - 1/29/2012 |
Actuals Case to Date |
||||||||||||
| Beginning Cash Balance |
$ | 977,445 | $ | 977,505 | $ | (60 | ) | $ | 977,445 | |||||||
| Inflows |
||||||||||||||||
| Trade Receivable |
$ | 561,061 | $ | 489,184 | $ | 71,877 | $ | 561,061 | ||||||||
| Other Inflows |
6,292 | 5,482 | 810 | 6,292 | ||||||||||||
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| Total Inflows |
$ | 567,353 | $ | 494,666 | $ | 72,687 | $ | 567,353 | ||||||||
| Outflows |
||||||||||||||||
| Payroll |
$ | (1,464,701 | ) | $ | (989,779 | ) | $ | (474,922 | ) | $ | (1,464,701 | ) | ||||
| Severance |
— | — | — | — | ||||||||||||
| Rent |
— | — | — | — | ||||||||||||
| Accounts Payable |
(271,500 | ) | (270,500 | ) | (1,000 | ) | (271,500 | ) | ||||||||
| Professional Fees |
(118,835 | ) | (118,800 | ) | (35 | ) | (118,835 | ) | ||||||||
| Other Expenses |
(482,532 | ) | (513,580 | ) | 31,048 | (482,532 | ) | |||||||||
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|||||||||
| Total Outflows |
$ | (2,337,569 | ) | $ | (1,892,659 | ) | $ | (444,910 | ) | $ | (2,337,569 | ) | ||||
| Restructuring Outflows |
||||||||||||||||
| Professional and Advisory Fees |
$ | — | $ | — | $ | — | $ | — | ||||||||
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|||||||||
| Critical Vendor Catch-up |
— | — | — | — | ||||||||||||
| Total Outflows |
$ | — | $ | — | $ | — | $ | — | ||||||||
| IC Transfers / Adjustments |
$ | 2,500,000 | $ | 2,020,488 | $ | 479,512 | $ | 2,500,000 | ||||||||
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| Net Change in Cash |
$ | 729,784 | $ | 622,495 | $ | 107,290 | $ | 729,784 | ||||||||
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| Ending Cash Balance |
$ | 1,707,229 | $ | 1,600,000 | $ | 107,229 | $ | 1,707,229 | ||||||||
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| 2 | MOR-1 |
| In re Trident Microsystems, Inc., et al. | Case No. 12-10069 (CSS) (Jointly Admin.) | |
| Reporting Period: January 2012 |
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
| TMFE - Cayman Islands |
Actuals 1/4/2012 - 1/29/2012 |
Budget 1/4/2012 - 1/29/2012 |
Variance 1/4/2012 - 1/29/2012 |
Actuals Case to Date |
||||||||||||
| Beginning Cash Balance |
$ | 14,659,170 | $ | 14,658,335 | $ | 835 | $ | 14,659,170 | ||||||||
| Inflows |
||||||||||||||||
| Trade Receivable |
$ | — | $ | — | $ | — | $ | — | ||||||||
| Other Inflows |
1,000,394 | 1,000,394 | — | 1,000,394 | ||||||||||||
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| Total Inflows |
$ | 1,000,394 | $ | 1,000,394 | $ | — | $ | 1,000,394 | ||||||||
| Outflows |
||||||||||||||||
| Accounts Payable |
(8,365,272 | ) | (7,878,721 | ) | (486,551 | ) | (8,365,272 | ) | ||||||||
| Other Expenses |
877 | (8,507 | ) | 9,384 | 877 | |||||||||||
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| Total Outflows |
$ | (8,364,395 | ) | $ | (7,887,228 | ) | $ | (477,167 | ) | $ | (8,364,395 | ) | ||||
| Restructuring Outflows |
$ | — | $ | — | $ | — | $ | — | ||||||||
| Professional and Advisory Fees |
— | — | — | — | ||||||||||||
| Critical Vendor Catch-up |
— | (1,000,000 | ) | 1,000,000 | — | |||||||||||
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| Total Outflows |
$ | — | $ | (1,000,000 | ) | $ | 1,000,000 | $ | — | |||||||
| IC Transfers / Adjustments1 |
$ | (1,716,932 | ) | $ | 6,452,268 | $ | (8,169,201 | ) | $ | (1,716,932 | ) | |||||
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| Net Change in Cash |
$ | (9,080,933 | ) | $ | (1,434,566 | ) | $ | (7,646,367 | ) | $ | (9,080,933 | ) | ||||
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| Ending Cash Balance |
$ | 5,578,237 | $ | 13,223,770 | $ | (7,645,533 | ) | $ | 5,578,237 | |||||||
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DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES
| TMFE | TMI | TOTAL | ||||||||||
| Total Disbursements For Calculating U.S. Trustee Quarterly Fees |
$ | 8,364,395 | $ | 2,337,569 | $ | 10,701,963 | ||||||
| Less: Transfers To Debtor In Possession Accounts |
— | — | — | |||||||||
| Plus: Transfers To Non-Debtor Subsidiaries |
2,376,389 | — | 2,376,389 | |||||||||
| Plus: Estate Disbursements Made By Outside Sources |
— | — | — | |||||||||
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| Total Disbursements For Calculating U.S. Trustee Quarterly Fees |
$ | 10,740,784 | $ | 2,337,569 | $ | 13,078,352 | ||||||
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| 1 | Note amount represents gross transfers out of $2,376,389 offset by transfers into TMFE of $659,457. |
| 3 | MOR-1 |
| In re Trident Microsystems, Inc., et al. | Case No. 12-10069 (CSS) (Jointly Admin.) | |
| Reporting Period: January 2012 |
SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID
| Period | Amount | Check | Amount Paid | Year-To-Date | ||||||||||||||
| Payee |
Covered | Covered | Payor | Number | Date | Fees | Expenses | Fees | Expenses | |||||||||
| None paid in January 2012. |
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| 4 | MOR-1b |
| In re Trident Microsystems, Inc., et al. | Case No. 12-10069 (CSS) (Jointly Admin.) | |
| Reporting Period: January 2012 |
SCHEDULE OF CASH ACCOUNT BALANCES1
| Company |
Bank Name |
Bank Account # |
Book Balance (USD) |
|||||
| Trident Microsystems, Inc. |
Bank of America | xxxxxxx-xxx5067 | $ | (0 | ) | |||
| Trident Microsystems, Inc. |
California Bank & Trust MP | xxx-xxx5089 | 7,889 | |||||
| Trident Microsystems, Inc. |
California Bank & Trust Checking | xxx-xxxx8271 | 1,696,952 | |||||
| Trident Microsystems, Inc. |
California Bank & Trust (payroll) | xxx-xxxx8270 | (5,434 | ) | ||||
| Trident Microsystems, Inc. |
E-Trade | xxxx-2507 | 7,821 | |||||
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| Total |
$ | 1,707,229 | ||||||
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| Company |
Bank Name |
Bank Account # |
Book Balance (USD) |
|||||
| Trident Microsystems (Far East), Ltd. |
Bank of America | xxxx-xxxxx-028 | $ | — | ||||
| Trident Microsystems (Far East), Ltd. |
Bank of America | xxxx-xxxxx-010 | — | |||||
| Trident Microsystems (Far East), Ltd. |
Bank of America | xxx-xxxx-036 | — | |||||
| Trident Microsystems (Far East), Ltd. |
Bank of America | xxx-xxxx-044 | 2,711,986 | |||||
| Trident Microsystems (Far East), Ltd. |
Bank of America | xxx-xxxx-052 | 7,619 | |||||
| Trident Microsystems (Far East), Ltd. |
Bank of America | xxx-xxxx-060 | 143,294 | |||||
| Trident Microsystems (Far East), Ltd. |
California Bank & Trust - Checkling AC | xxx-xxxx3970 | 96,080 | |||||
| Trident Microsystems (Far East), Ltd. |
California Bank & Trust - Money Plus | xxx-xxx3709 | 2,619,258 | |||||
| Trident Microsystems (Far East), Ltd. |
Bank of America | xxxxxxx-xxx5059 | — | |||||
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| Total |
$ | 5,578,237 | ||||||
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| 1 | Schedule reflects book balance at each Debtor as of January 29, 2012. |
BANK RECONCILIATIONS
Bank reconciliations have been prepared for each account listed above and can be provided upon request.
| /s/ Andrew Hinkelman |
2/29/12 | |||
| Andrew Hinkelman | Date | |||
| Chief Restructuring Officer |
| 5 | MOR-1b |
| In re Trident Microsystems, Inc., et al. | Case No. 12-10069 (CSS) (Jointly Admin.) | |
| Reporting Period: January 2012 |
STATEMENT OF OPERATIONS
| TMFE | TMI | |||||||||||||||
| January 2012 | Cumulative Filing to Date |
January 2012 | Cumulative Filing to Date |
|||||||||||||
| Gross Revenue |
||||||||||||||||
| Third Party |
$ | 97,222 | $ | 97,222 | $ | 238,973 | $ | 238,973 | ||||||||
| Affiliates |
8,868,469 | 8,868,469 | 4,880,514 | 4,880,514 | ||||||||||||
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| Net Revenues |
$ | 8,965,691 | $ | 8,965,691 | $ | 5,119,487 | $ | 5,119,487 | ||||||||
| Cost of Revenues |
||||||||||||||||
| Third Party through TMHK |
$ | 8,138,074 | $ | 8,138,074 | $ | 429,301 | $ | 429,301 | ||||||||
| Affiliates |
10,410,395 | 10,410,395 | — | — | ||||||||||||
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| Total Cost of Revenues |
$ | 18,548,469 | $ | 18,548,469 | $ | 429,301 | $ | 429,301 | ||||||||
| Gross Profit |
$ | (9,582,777 | ) | $ | (9,582,777 | ) | $ | 4,690,186 | $ | 4,690,186 | ||||||
| Research and development expenses |
$ | 1,162,715 | $ | 1,162,715 | $ | 2,305,821 | $ | 2,305,821 | ||||||||
| Selling, general and administrative expenses |
1,717 | 1,717 | 3,910,613 | 3,910,613 | ||||||||||||
| Insider Compensation* |
— | — | 94,342 | 94,342 | ||||||||||||
| Restructuring Charges |
— | — | (21,000 | ) | (21,000 | ) | ||||||||||
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| Total operating expenses |
1,164,432 | 1,164,432 | 6,289,775 | 6,289,775 | ||||||||||||
| Income (loss) from operations |
$ | (10,747,210 | ) | $ | (10,747,210 | ) | $ | (1,599,589 | ) | $ | (1,599,589 | ) | ||||
| Interest and other income (expense), net (see detail) |
(217,512 | ) | (217,512 | ) | 3,336 | 3,336 | ||||||||||
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| Income (loss) before income taxes |
$ | (10,964,721 | ) | $ | (10,964,721 | ) | $ | (1,596,254 | ) | $ | (1,596,254 | ) | ||||
| Provision for (benefit from) income taxes |
129 | 129 | — | — | ||||||||||||
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| Net Income (Loss) Before Reorganization Items |
$ | (10,964,850 | ) | $ | (10,964,850 | ) | $ | (1,596,254 | ) | $ | (1,596,254 | ) | ||||
| REORGANIZATION ITEMS |
||||||||||||||||
| Professional Fees |
$ | — | $ | — | $ | — | $ | — | ||||||||
| U.S. Trustee Quarterly Fees |
— | — | — | — | ||||||||||||
| Interest Earned on Accumulated Cash from Chapter 11 (see continuation sheet) |
— | — | — | — | ||||||||||||
| Gain (Loss) from Sale of Equipment |
— | — | — | — | ||||||||||||
| Other Reorganization Expenses (see detail) |
— | — | — | — | ||||||||||||
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| Total Reorganization Expenses |
$ | — | $ | — | $ | — | $ | — | ||||||||
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| Net Profit (Loss) |
$ | (10,964,850 | ) | $ | (10,964,850 | ) | $ | (1,596,254 | ) | $ | (1,596,254 | ) | ||||
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| BREAKDOWN OF “OTHER” CATEGORIES |
||||||||||||||||
| Interest and other income (expense), net |
||||||||||||||||
| Realized Forex Gain/Loss |
$ | 8,580 | $ | 8,580 | $ | — | $ | — | ||||||||
| Unrealized Forex Gain/Loss |
(96,651 | ) | (96,651 | ) | — | — | ||||||||||
| Other Income |
25,313 | 25,313 | 3,329 | 3,329 | ||||||||||||
| Interest Expenses |
(196,760 | ) | (196,760 | ) | — | — | ||||||||||
| Currency Remeasurement Adj. |
41,489 | 41,489 | — | — | ||||||||||||
| Interest Earned |
518 | 518 | 6 | 6 | ||||||||||||
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| Total |
$ | (217,512 | ) | $ | (217,512 | ) | $ | 3,336 | $ | 3,336 | ||||||
Note: The financial statements presented above are based on the Debtors’ preliminary results and may be revised based on final closing entries and review procedures.
| * | “Insider” is defined in 11 U.S.C. Section 101(31). |
| 6 | MOR-2 |
| In re Trident Microsystems, Inc., et al. | Case No. 12-10069 (CSS) (Jointly Admin.) | |
| Reporting Period: January 2012 |
BALANCE SHEET
| TMFE | TMI | |||||||||||||||
| January 2012 | Cumulative Filing to Date |
January 2012 | Cumulative Filing to Date |
|||||||||||||
| ASSETS |
||||||||||||||||
| Current assets |
||||||||||||||||
| Cash and cash equivalents |
$ | 5,584,167 | $ | 5,584,167 | $ | 452,192 | $ | 452,192 | ||||||||
| Accounts receivable, net |
7,525,313 | 7,525,313 | 777,703 | 777,703 | ||||||||||||
| Accounts receivable from related parties |
1,996,988 | 1,996,988 | 234,787 | 234,787 | ||||||||||||
| Inventory |
10,522,235 | 10,522,235 | — | — | ||||||||||||
| Note receivable from related party |
20,884,003 | 20,884,003 | — | — | ||||||||||||
| Prepaid expenses and other current assets |
10,812,109 | 10,812,109 | 1,158,498 | 1,158,498 | ||||||||||||
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| Total current assets |
$ | 57,324,815 | $ | 57,324,815 | $ | 2,623,180 | $ | 2,623,180 | ||||||||
| Property and equipment, net |
$ | 371,636 | $ | 371,636 | $ | 2,102,627 | $ | 2,102,627 | ||||||||
| Intangible Assets, net |
41,330,419 | 41,330,419 | — | — | ||||||||||||
| Affiliates Receivable |
50,142,444 | 50,142,444 | 98,543,604 | 98,543,604 | ||||||||||||
| Other Non-current Assets (see detail) |
72,998,092 | 72,998,092 | 198,408,481 | 198,408,481 | ||||||||||||
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| Total Assets |
$ | 222,167,406 | $ | 222,167,406 | $ | 301,677,892 | $ | 301,677,892 | ||||||||
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| LIABILITIES AND OWNER EQUITY |
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| LIABILITIES NOT SUBJECT TO COMPROMISE |
||||||||||||||||
| Accounts Payable |
$ | 1,130,065 | $ | 1,130,065 | $ | 167,714 | $ | 167,714 | ||||||||
| Taxes Payable |
44,675 | 44,675 | — | — | ||||||||||||
| Wages Payable |
— | — | — | — | ||||||||||||
| Notes Payable |
— | — | — | — | ||||||||||||
| Rent/Leases – Building/Equipment |
— | — | — | — | ||||||||||||
| Secured Debt/Adequate Protection Payments |
— | — | — | — | ||||||||||||
| Professional Fees |
— | — | — | — | ||||||||||||
| Affiliates Payable |
9,306,877 | 9,306,877 | 340,371 | 340,371 | ||||||||||||
| Amounts Due to Insiders* |
1,288,062 | 1,288,062 | — | — | ||||||||||||
| Other Post-petition Liabilities (see detail) |
8,931,285 | 8,931,285 | 1,431,071 | 1,431,071 | ||||||||||||
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| TOTAL POST-PETITION LIABILITIES |
$ | 20,700,965 | $ | 20,700,965 | $ | 1,939,155 | $ | 1,939,155 | ||||||||
| LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition) |
||||||||||||||||
| Secured Debt |
$ | — | $ | — | $ | — | $ | — | ||||||||
| Priority Debt |
— | — | 1,183,364 | 1,183,364 | ||||||||||||
| Unsecured Debt |
179,527,378 | 179,527,378 | 36,123,173 | 36,123,173 | ||||||||||||
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| TOTAL PRE-PETITION LIABILITIES |
$ | 179,527,378 | $ | 179,527,378 | $ | 37,306,536 | $ | 37,306,536 | ||||||||
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| TOTAL LIABILITIES |
$ | 200,228,343 | $ | 200,228,343 | $ | 39,245,692 | $ | 39,245,692 | ||||||||
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| OWNER EQUITY |
||||||||||||||||
| Capital Stock |
$ | 1,282 | $ | 1,282 | $ | (197,998 | ) | $ | (197,998 | ) | ||||||
| Additional Paid-In Capital |
171,714,557 | 171,714,557 | 356,755,746 | 356,755,746 | ||||||||||||
| Retained Earnings – Pre-Petition |
(138,770,437 | ) | (138,770,437 | ) | (88,344,928 | ) | (88,344,928 | ) | ||||||||
| Retained Earnings – Post-petition |
(11,006,339 | ) | (11,006,339 | ) | (5,780,620 | ) | (5,780,620 | ) | ||||||||
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| NET OWNER EQUITY |
21,939,063 | 21,939,063 | 262,432,200 | 262,432,200 | ||||||||||||
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| TOTAL LIABILITIES AND OWNERS EQUITY |
$ | 222,167,406 | $ | 222,167,406 | $ | 301,677,892 | $ | 301,677,892 | ||||||||
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Note: The financial statements presented above are based on the Debtors’ preliminary results and may be revised based on final closing entries and review procedures.
| * | “Insider” is defined in 11 U.S.C. Section 101(31). |
| 7 | MOR-3 |
| In re Trident Microsystems, Inc., et al. | Case No. 12-10069 (CSS) (Jointly Admin.) | |
| Reporting Period: January 2012 |
BALANCE SHEET
| TMFE | TMI | |||||||||||||||
| January 2012 | Cumulative Filing to Date |
January 2012 | Cumulative Filing to Date |
|||||||||||||
| BREAKDOWN OF “OTHER” CATEGORIES |
||||||||||||||||
| PREPAID EXPENSES AND OTHER CURRENT ASSETS |
||||||||||||||||
| Deferred Tax Asset |
$ | — | $ | — | $ | 301,133 | $ | 301,133 | ||||||||
| Prepaid Income Taxes |
— | — | (1,910,771 | ) | (1,910,771 | ) | ||||||||||
| Other Prepaid & Receivables |
7,905,090 | 7,905,090 | 2,768,136 | 2,768,136 | ||||||||||||
| VAT Receivable |
2,907,019 | 2,907,019 | — | — | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total |
$ | 10,812,109 | $ | 10,812,109 | $ | 1,158,498 | $ | 1,158,498 | ||||||||
| OTHER NON-CURRENT ASSETS |
||||||||||||||||
| Deferred Taxes Non-Current |
$ | — | $ | — | $ | (2,629,465 | ) | $ | (2,629,465 | ) | ||||||
| Other Deferred Charges |
2 | 2 | — | — | ||||||||||||
| Long Term Equity Investments |
807,259 | 807,259 | — | — | ||||||||||||
| Investment in Subsidiaries |
55,342,382 | 55,342,382 | 200,504,592 | 200,504,592 | ||||||||||||
| Other Non-Current Assets |
16,848,448 | 16,848,448 | 533,355 | 533,355 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| $ | 72,998,092 | $ | 72,998,092 | $ | 198,408,481 | $ | 198,408,481 | |||||||||
| OTHER POSTPETITION LIABILITIES |
||||||||||||||||
| Accrued Employee Expense |
$ | — | $ | — | $ | (245,713 | ) | $ | (121,458 | ) | ||||||
| Customer Prepaid |
(1,472,222 | ) | (1,472,222 | ) | (5,489 | ) | (5,489 | ) | ||||||||
| Accrued NRE |
(29,636 | ) | (29,636 | ) | (1,166,952 | ) | (1,166,952 | ) | ||||||||
| Accrued Royalties |
(232,114 | ) | (232,114 | ) | — | — | ||||||||||
| Other Accrued Expenses |
(249,935 | ) | (249,935 | ) | — | — | ||||||||||
| Accrued VAT |
(44,675 | ) | (44,675 | ) | — | — | ||||||||||
| Other Liabilities |
(4,425 | ) | (4,425 | ) | (12,917 | ) | (12,917 | ) | ||||||||
| Deferred Margin |
(6,898,279 | ) | (6,898,279 | ) | — | — | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total |
$ | (8,931,285 | ) | $ | (8,931,285 | ) | $ | (1,431,071 | ) | $ | (1,306,815 | ) | ||||
Note: The financial statements presented above are based on the Debtors’ preliminary results and may be revised based on final closing entries and review procedures.
| 8 | MOR-3 |
| In re Trident Microsystems, Inc., et al. | Case No. 12-10069 (CSS) (Jointly Admin.) | |
| Reporting Period: January 2012 |
STATUS OF POSTPETITION TAXES
I hereby certify that: (1) all state and federal postpetition taxes and estimates due and owing for the period of January 2012 for Trident Microsystems, Inc. and Trident Microsystems (Far East) Ltd. have been paid, (2) all state and federal tax returns for the period of January 2012 have been duly completed and submitted on behalf of Trident Microsystems, Inc. and Trident Microsystems (Far East) Ltd. or (3) to the extent that any payments have not been made or tax returns have not been submitted an extension has been obtained from the appropriate state or federal agency.
| /s/ Andrew Hinkelman |
2/29/12 |
|||||
| Andrew Hinkelman | Date | |||||
| Chief Restructuring Officer |
SUMMARY OF UNPAID POSTPETITION DEBTS
| Number of Days Past Due | ||||||||||||||||||||||||
| Trident Microsystems, Inc. (TMI) |
Current | 0-30 | 31-60 | 61-90 | Over 90 | Total | ||||||||||||||||||
| Accounts Payable |
$ | 167,714 | $ | — | $ | — | $ | — | $ | — | $ | 167,714 | ||||||||||||
| Wages Payable |
— | — | — | — | — | |||||||||||||||||||
| Taxes Payable |
— | — | — | — | — | — | ||||||||||||||||||
| Rent/Leases-Building |
— | — | — | — | — | — | ||||||||||||||||||
| Secured Debt/Adequate Protection Payments |
— | — | — | — | — | — | ||||||||||||||||||
| Professional Fees |
— | — | — | — | — | — | ||||||||||||||||||
| Affiliates Payable |
— | — | — | — | — | — | ||||||||||||||||||
| Amounts Due to Insiders* |
— | — | — | — | — | — | ||||||||||||||||||
| Other Accrued Payable |
— | — | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total Postpetition Debts |
$ | 167,714 | $ | — | $ | — | $ | — | $ | — | $ | 167,714 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Number of Days Past Due | ||||||||||||||||||||||||
| Trident Microsystems (Far East), Ltd. |
Current | 0-30 | 31-60 | 61-90 | Over 90 | Total | ||||||||||||||||||
| Accounts Payable |
$ | 1,130,065 | $ | — | $ | — | $ | — | $ | — | $ | 1,130,065 | ||||||||||||
| Wages Payable |
— | — | — | — | — | — | ||||||||||||||||||
| Taxes Payable |
44,675 | — | — | — | — | 44,675 | ||||||||||||||||||
| Rent/Leases-Building |
— | — | — | — | — | — | ||||||||||||||||||
| Secured Debt/Adequate Protection Payments |
— | — | — | — | — | — | ||||||||||||||||||
| Professional Fees |
— | — | — | — | — | — | ||||||||||||||||||
| Affiliates Payable |
9,306,887 | — | — | — | — | 9,306,887 | ||||||||||||||||||
| Amounts Due to Insiders* |
1,288,062 | — | — | — | — | 1,288,062 | ||||||||||||||||||
| Other Accrued Payable |
8,886,611 | — | — | — | — | 8,886,611 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
| Total Postpetition Debts |
$ | 20,656,300 | $ | — | $ | — | $ | — | $ | — | $ | 20,656,300 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Explain how and when the Debtor intends to pay any past-due postpetition debts:
All postpetition debts are current as of January 31, 2012.
| * | “Insider” is defined in 11 U.S.C. Section 101(31). |
| 9 | MOR-4 |
| In re Trident Microsystems, Inc., et al. | Case No. 12-10069 (CSS) (Jointly Admin.) | |
| Reporting Period: January 2012 |
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
| TMI | TMFE | |||||||
| Accounts Receivable Reconciliation |
||||||||
| Total Accounts Receivable at the beginning of the reporting period |
$ | 1,549,448 | $ | 2,996,988 | ||||
| + Amounts billed during the period |
5,119,487 | 8,965,691 | ||||||
| - Amounts collected during the period |
5,656,446 | 2,440,378 | ||||||
|
|
|
|
|
|||||
| Total Accounts Receivable at the end of the reporting period |
$ | 1,012,490 | $ | 9,522,301 | ||||
|
|
|
|
|
|||||
| Accounts Receivable Aging |
||||||||
| 0 - 30 days old |
$ | 745,523 | $ | 9,522,301 | ||||
| 31 - 60 days old |
32,180 | — | ||||||
| 61 - 90 days old |
— | — | ||||||
| 91+ days old |
238,725 | — | ||||||
|
|
|
|
|
|||||
| Total Accounts Receivable |
$ | 1,016,427 | $ | 9,522,301 | ||||
| Amount considered uncollectible (Bad Debt) |
3,938 | — | ||||||
|
|
|
|
|
|||||
| Accounts Receivable (Net) |
$ | 1,012,490 | $ | 9,522,301 | ||||
|
|
|
|
|
|||||
DEBTOR QUESTIONNAIRE
| 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 all postpetition tax returns been timely filed? If no, provide an explanation below. | X | |||
| 4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. | X | |||
| 5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3. | X | |||
| 10 | MOR-4 |