Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - VALENCE TECHNOLOGY INC | val_8k-112012.htm |
| EX-99.3 - EXHIBIT 99.3 - VALENCE TECHNOLOGY INC | ex99-3.htm |
| EX-99.2 - EXHIBIT 99.2 - VALENCE TECHNOLOGY INC | ex99-2.htm |
Exhibit 99.1
|
MOR-1
|
UNITED STATES BANKRUPTCY COURT
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||||||||
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CASE NAME:
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In re Valence Technology, Inc.
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PETITION DATE:
|
7/12/2012
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||||||
| CASE NUMBER: | 12-11580 | DISTRICT OF TEXAS: | Western District | ||||||
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PROPOSED PLAN DATE:
|
DIVISION:
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||||||||
MONTHLY OPERATING REPORT SUMMARY FOR MONTH
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MONTH
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07/13/2012 -07/31/2012
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08/01/2012 - 8/31/2012
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09/01/2012 - 09/30/2012
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10/1/2012 - 10/31/2012
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11/01/2012 - 11/30/2012
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12/01/2012 - 12/31/2012
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||||||||||||||||||
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REVENUES (MOR-6)
|
1,316,272.06 | 3,134,148.00 | 3,968,190.16 | 2,227,053.10 | ||||||||||||||||||||
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INCOME BEFORE INT; DEPREC./TAX (MOR-6)
|
87,284.86 | (380,729.74 | ) | (181,026.71 | ) | (497,600.02 | ) | |||||||||||||||||
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NET INCOME (LOSS) (MOR-6)
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75,905.59 | (391,926.48 | ) | (192,018.70 | ) | (516,270.95 | ) | |||||||||||||||||
|
PAYMENTS TO INSIDERS (MOR-9)
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53,600.03 | 97,225.58 | 84,425.83 | 84,959.95 | ||||||||||||||||||||
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PAYMENTS TO PROFESSIONALS (MOR-9)
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45,000.00 | 40,795.00 | 246,429.39 | 58,616.42 | ||||||||||||||||||||
|
TOTAL DISBURSEMENTS (MOR-7)
|
$ | 1,301,597.76 | $ | 5,137,790.77 | $ | 4,513,176.38 | $ | 5,480,489.14 | ||||||||||||||||
***The original of this document must be filed with the United States Bankruptcy Court and a copy must be sent to the United States Trustee***
| CIRCLE ONE | ||||||
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REQUIRED INSURANCE MAINTAINED
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Are all accounts receivable being collected within terms?
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Yes (No)
|
||||
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AS OF SIGNATURE DATE
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EXP.
DATE
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Are all post-petition liabilities, including taxes, being paid within terms?
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(Yes) No
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|||
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Have any pre-petition liabilities been paid?
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Yes (No)
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|||||
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CASUALTY YES (X ) NO ( )
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September 30, 2013
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If so, describe
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||||
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LIABILITY YES (X ) NO ( )
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September 30, 2013
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Are all funds received being deposited into DIP bank accounts?
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(Yes) No
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|||
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VEHICLE YES (X ) NO ( )
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September 30, 2013
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Were any assets disposed of outside the normal course of business?
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Yes (No)
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|||
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WORKER'S YES (X ) NO ( )
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September 30, 2013
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If so, describe
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||||
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OTHER YES (X ) NO ( )
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September 30, 2013
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Are all U.S. Trustee Quarterly Fee Payments current?
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(Yes) No
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|||
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What is the status of your Plan of Reorganization?
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In process; formulating the plan of reorganization.
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|||||
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ATTORNEY NAME:
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Sabrina Streusand
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I certify under penalty of perjury that the following complete
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||||||
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FIRM NAME:
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Streusand, Landon & Ozburn LLP
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Monthly Operating Report (MOR), consisting of MOR-1 through
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||||||
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ADDRESS:
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811 Barton Springs Road
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MOR-9 plus attachments, is true and correct.
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||||||
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Suite 811
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||||||||
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CITY, STATE, ZIP:
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Austin, TX 78704
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SIGNED X _/S/ Donald E. Gottschalk TITLE: Acting Chief Financial Officer
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||||||
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TELEPHONE/FAX:
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512-236-9900
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(ORIGINAL SIGNATURE)
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||||||
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Donald E. Gottschalk
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November 20, 2012
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|||||||
| MOR-1 | (PRINT NAME OF SIGNATORY) DATE | |||||||
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CASE NAME:
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In re Valence Technology, Inc.
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||||||||
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CASE NUMBER:
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12-11580
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||||||||
COMPARATIVE BALANCE SHEETS
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ASSETS
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FILING DATE*
|
MONTH
|
MONTH
|
MONTH
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MONTH
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MONTH
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MONTH
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|||||||||||||||||||||
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7/12/2012
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07/13/2012 -07/31/2012
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08/01/2012 - 8/31/2012
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09/01/2012 - 09/30/2012
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10/1/2012 - 10/31/2012
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11/01/2012 - 11/30/2012
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12/01/2012 - 12/31/2012
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||||||||||||||||||||||
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CURRENT ASSETS
|
||||||||||||||||||||||||||||
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Cash
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722,092.00 | 1,623,815.79 | 830,972.01 | 617,097.14 | 985,993.98 | |||||||||||||||||||||||
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Accounts Receivable, Net
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10,111,771.00 | 9,121,999.44 | 9,437,761.48 | 9,759,880.73 | 9,894,927.46 | |||||||||||||||||||||||
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Inventory: Lower of Cost or Market
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6,887,264.00 | 8,325,057.66 | 8,047,808.68 | 6,836,157.63 | 6,257,683.38 | |||||||||||||||||||||||
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Prepaid Expenses
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105,063.00 | 343,780.00 | 223,129.10 | 189,004.37 | 561,467.77 | |||||||||||||||||||||||
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Investments
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||||||||||||||||||||||||||||
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Cure Payments**
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40,000.00 | 140,000.00 | ||||||||||||||||||||||||||
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Other ***
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28,079.00 | 28,078.58 | 28,078.58 | 306,499.65 | 270,000.00 | |||||||||||||||||||||||
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TOTAL CURRENT ASSETS
|
17,854,269.00 | 19,442,731.47 | 18,567,749.85 | 17,748,639.52 | 18,110,072.59 | |||||||||||||||||||||||
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PROPERTY, PLANT & EQUIP. @ COST
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2,228,373.00 | 2,228,373.45 | 2,228,373.45 | 2,228,373.45 | 2,228,373.45 | |||||||||||||||||||||||
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Less Accumulated Depreciation
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(1,997,313.00 | ) | (2,009,339.96 | ) | (2,019,310.26 | ) | (2,027,902.74 | ) | (2,036,458.18 | ) | ||||||||||||||||||
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NET BOOK VALUE OF PP & E
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231,060.00 | 219,033.49 | 209,063.19 | 200,470.71 | 191,915.27 | |||||||||||||||||||||||
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OTHER ASSETS
|
||||||||||||||||||||||||||||
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1. Tax Deposits
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143,157.00 | 143,157.00 | 143,157.00 | 143,157.00 | 143,157.00 | |||||||||||||||||||||||
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2. Investments in Subsidiaries
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6,532,959.00 | 7,012,289.94 | 6,587,703.61 | 7,464,349.89 | 8,888,550.66 | |||||||||||||||||||||||
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3. Electric/Utility Deposit
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37,176.70 | 42,536.81 | 44,372.16 | 44,372.16 | ||||||||||||||||||||||||
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4. Security deposits & Other Personal Property Not Already Listed
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96,880.00 | 95,564.71 | 95,564.71 | 148,636.42 | 148,636.42 | |||||||||||||||||||||||
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TOTAL ASSETS
|
$ | 24,858,325.00 | $ | 26,949,953.31 | $ | 25,645,775.17 | $ | 25,749,625.70 | 27,526,704.10 | |||||||||||||||||||
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* Per Schedules and Statement of Affairs
|
|||||||||
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**Court-approved weekly cure payments totaling $70,000 to Kuehne + Nagel Logistics, NV and $70,000.00 Kuehne + Nagel, Inc.
|
|||||||||
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***Pre-payment for production materials to Tianjin Lishen Batttery Joint-Stock Co., LTD.
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|||||||||
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MOR-2
|
Revised 07/01/98 | ||||||||
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CASE NAME:
|
In re Valence Technology, Inc.
|
||||||||
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CASE NUMBER:
|
12-11580
|
||||||||
COMPARATIVE BALANCE SHEETS
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LIABILITIES & OWNER'S
|
FILING DATE*
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
MONTH
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|||||||||||||||||||||
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EQUITY
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7/12/2012
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07/13/2012 -07/31/2012
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08/01/2012 - 8/31/2012
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09/01/2012 - 09/30/2012
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10/1/2012 - 10/31/2012
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11/01/2012 - 11/30/2012
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12/01/2012 - 12/31/2012
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|||||||||||||||||||||
|
LIABILITIES
|
||||||||||||||||||||||||||||
| POST-PETITION LIABILITIES(MOR-4) | 3,256,488.40 | 3,093,183.93 | 639,974.02 | 3,188,797.64 | ||||||||||||||||||||||||
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PRE-PETITION LIABILITIES
|
||||||||||||||||||||||||||||
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Notes Payable - Secured
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69,101,830.00 | 69,101,830.00 | 69,101,830.00 | 69,101,829.80 | 69,101,829.80 | |||||||||||||||||||||||
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Priority Debt
|
10,833.00 | 10,833.00 | 10,833.00 | |||||||||||||||||||||||||
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Federal Income Tax
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||||||||||||||||||||||||||||
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FICA/Withholding
|
||||||||||||||||||||||||||||
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Unsecured Debt
|
9,204,733.61 | 9,204,733.61 | 9,204,733.61 | 9,225,833.26 | 9,226,196.96 | |||||||||||||||||||||||
|
Other**
|
2,923,030.75 | 2,923,030.75 | ||||||||||||||||||||||||||
|
TOTAL PRE-PETITION LIABILITIES
|
78,317,396.61 | 78,317,396.61 | 78,317,396.61 | 81,250,693.81 | 81,251,057.51 | |||||||||||||||||||||||
|
TOTAL LIABILITIES
|
78,317,396.61 | 81,573,885.01 | 81,410,580.54 | 81,890,667.83 | 84,439,855.15 | |||||||||||||||||||||||
|
OWNER'S EQUITY (DEFICIT)
|
||||||||||||||||||||||||||||
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PREFERRED STOCK
|
8,609,999.72 | 8,609,999.72 | 8,609,999.72 | 8,609,999.72 | 8,609,999.72 | |||||||||||||||||||||||
|
COMMON STOCK
|
171,779.77 | 171,792.59 | 171,792.59 | 171,792.59 | 171,792.59 | |||||||||||||||||||||||
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ADDITIONAL PAID-IN CAPITAL
|
549,886,180.17 | 549,922,620.70 | 549,991,928.45 | 550,028,573.30 | 550,055,604.04 | |||||||||||||||||||||||
|
RETAINED EARNINGS: Filing Date
|
(612,127,031.27 | ) | (612,127,031.27 | ) | (612,127,031.27 | ) | (612,127,031.27 | ) | (612,127,031.27 | ) | ||||||||||||||||||
|
RETAINED EARNINGS: Post Filing Date
|
75,905.59 | (316,020.89 | ) | (508,039.59 | ) | (1,024,310.54 | ) | |||||||||||||||||||||
|
RETAINED EARNINGS: Adjustment for intercompany receivables, payables & investment in foreign subsidiary elimination
|
(1,277,219.03 | ) | (2,095,473.98 | ) | (2,316,336.88 | ) | (2,599,205.59 | ) | ||||||||||||||||||||
|
TOTAL OWNER'S EQUITY (NET WORTH)
|
(53,459,071.61 | ) | (54,623,931.70 | ) | (55,764,805.38 | ) | (56,141,042.13 | ) | (56,913,151.05 | ) | ||||||||||||||||||
|
Total LIABILITIES & OWNERS EQUITY
|
$ | 24,858,325.00 | $ | 26,949,953.31 | $ | 25,645,775.16 | $ | 25,749,625.70 | 27,526,704.10 | |||||||||||||||||||
* Per Schedules and Statement of Affairs
**Pre-petition general ledger accrued expenses
|
MOR-3
|
Revised 07/01/98 | ||||||||
|
CASE NAME:
|
In re Valence Technology, Inc.
|
||||||||
|
CASE NUMBER:
|
12-11580
|
||||||||
SCHEDULE OF POST-PETITION LIABILITIES
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
|||||||||||||||||||
|
07/13/2012 -07/31/2012
|
08/01/2012 - 8/31/2012
|
09/01/2012-09/30/2012
|
10/1/2012 - 10/31/2012
|
11/01/2012 - 11/30/2012
|
12/01/2012 - 12/31/2012
|
|||||||||||||||||||
|
TRADE ACCOUNTS PAYABLE
|
107,476.70 | 70,198.59 | 107,579.38 | 300,514.04 | ||||||||||||||||||||
|
TAX PAYABLE
|
||||||||||||||||||||||||
|
Federal Payroll Taxes
|
28,458.65 | 39,681.67 | 45,224.65 | 44,977.67 | ||||||||||||||||||||
|
State Payroll Taxes
|
1,682.04 | 2,275.13 | 2,568.07 | 2,556.27 | ||||||||||||||||||||
|
Ad Valorem Taxes
|
146.74 | 146.74 | ||||||||||||||||||||||
|
Other Taxes
|
1,543.19 | 701.16 | 684.04 | 2,175.05 | ||||||||||||||||||||
|
TOTAL TAXES PAYABLE
|
31,830.62 | 42,804.70 | 48,476.76 | 49,708.99 | ||||||||||||||||||||
|
Debtor-in-Possession Financing
|
N/A | N/A | 2,532,996.57 | |||||||||||||||||||||
|
ACCRUED INTEREST PAYABLE
|
N/A | N/A | 1,701.90 | 7,755.44 | ||||||||||||||||||||
|
ACCRUED PROFESSIONAL FEES*
|
172,759.99 | 122,497.50 | 10,354.50 | 111,347.29 | ||||||||||||||||||||
|
OTHER ACCRUED LIABILITIES
|
||||||||||||||||||||||||
|
1. See attached Exhibit A
|
2,944,421.09 | 2,857,683.14 | 471,861.48 | 186,475.31 | ||||||||||||||||||||
|
2.
|
||||||||||||||||||||||||
|
3.
|
||||||||||||||||||||||||
|
TOTAL POST-PETITION LIABILITIES (MOR-3)
|
$ | 3,256,488.40 | $ | 3,093,183.93 | $ | 639,974.02 | $ | 3,188,797.64 | ||||||||||||||||
|
*
|
Amount restricted to court-approved professionals
|
||||||||
|
MOR-4
|
Revised 07/01/98 | ||||||||
| CASE NAME: | In re Valence Technology, Inc. | |||||
|
CASE NUMBER:
|
12-11580
|
|
AGING OF POST-PETITION LIABILITIES
|
|||||||||||||||||||||||||
|
MONTH
|
October 31, 2012
|
||||||||||||||||||||||||
|
DAYS
|
TOTAL
|
TRADE
|
FEDERAL
|
STATE
|
AD VALOREM,
|
OTHER
|
|||||||||||||||||||
|
ACCOUNTS
|
TAXES
|
TAXES
|
OTHER TAXES
|
||||||||||||||||||||||
| 0-30 | 3,153,434.17 | 265,150.57 | 44,977.67 | 2,556.27 | 2,175.05 | 2,838,574.61 | |||||||||||||||||||
| 31-60 | 21,833.37 | 21,833.37 | |||||||||||||||||||||||
| 61-90 | 13,530.10 | 13,530.10 | |||||||||||||||||||||||
| 91+ | |||||||||||||||||||||||||
|
TOTAL
|
$ | 3,188,797.64 | $ | 300,514.04 | $ | 44,977.67 | $ | 2,556.27 | $ | 2,175.05 | $ | 2,838,574.61 | |||||||||||||
|
AGING OF ACCOUNTS RECEIVABLE
|
||||||||||||||||||||||||
|
MONTH
|
07/13/2012 -
07/31/2012
|
08/01/2012 -
8/31/2012
|
09/01/2012 -
09/30/2012
|
10/1/2012 -
10/31/2012
|
11/01/2012 -
11/30/2012
|
12/01/2012 -
12/31/2012
|
||||||||||||||||||
|
0-30 DAYS
|
1,178,943.84 | 3,033,959.88 | 3,963,069.92 | 2,182,852.01 | ||||||||||||||||||||
|
31-60 DAYS
|
4,033,882.35 | 975,630.13 | 1,819,159.45 | 3,691,032.60 | ||||||||||||||||||||
|
61-90 DAYS
|
11,189.95 | 1,745,351.79 | 345,975.35 | |||||||||||||||||||||
|
91+ DAYS
|
3,897,983.30 | 3,682,819.68 | 3,977,651.36 | 3,675,067.50 | ||||||||||||||||||||
|
TOTAL
|
$ | 9,121,999.44 | $ | 9,437,761.48 | $ | 9,759,880.73 | $ | 9,894,927.46 | ||||||||||||||||
|
MOR-5
|
Revised 07/01/98 | |||||
| CASE NAME: | In re Valence Technology, Inc. | |||||
|
CASE NUMBER:
|
12-11580
|
|
STATEMENT OF INCOME (LOSS)
|
||||||||||||||||||||||||||||
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
FILING TO
|
||||||||||||||||||||||
|
07/13/2012 -07/31/2012
|
08/01/2012 - 8/31/2012
|
09/01/2012 - 09/30/2012
|
10/1/2012 - 10/31/2012
|
11/01/2012 - 11/30/2012
|
12/01/2012 - 12/31/2012
|
DATE
|
||||||||||||||||||||||
|
REVENUES (MOR-1)
|
1,316,272.06 | 3,134,148.00 | 3,968,190.16 | 2,227,053.10 | 10,645,663.32 | |||||||||||||||||||||||
|
TOTAL COST OF REVENUES
|
796,930.61 | 2,465,606.87 | 3,083,624.26 | 1,927,556.07 | 8,273,717.81 | |||||||||||||||||||||||
|
GROSS PROFIT
|
519,341.45 | 668,541.13 | 884,565.90 | 299,497.03 | 2,371,945.51 | |||||||||||||||||||||||
|
OPERATING EXPENSES:
|
||||||||||||||||||||||||||||
|
Selling & Marketing
|
70,901.36 | 164,235.20 | 98,979.44 | 75,719.14 | 409,835.14 | |||||||||||||||||||||||
|
General & Administrative
|
236,481.17 | 637,456.99 | 503,881.76 | 514,486.74 | 1,892,306.66 | |||||||||||||||||||||||
|
Insiders Compensation
|
53,600.03 | 97,225.58 | 84,425.83 | 84,959.95 | 320,211.39 | |||||||||||||||||||||||
|
Professional Fees
|
45,000.00 | 40,795.00 | 246,429.39 | 58,616.42 | 390,840.81 | |||||||||||||||||||||||
|
Research & Development
|
26,074.03 | 109,558.10 | 131,876.19 | 63,314.80 | 330,823.12 | |||||||||||||||||||||||
|
Other
|
||||||||||||||||||||||||||||
|
TOTAL OPERATING EXPENSES
|
432,056.59 | 1,049,270.87 | 1,065,592.61 | 797,097.05 | 3,344,017.12 | |||||||||||||||||||||||
|
INCOME BEFORE INT, DEPR/TAX (MOR-1)
|
87,284.86 | (380,729.74 | ) | (181,026.71 | ) | (497,600.02 | ) | (972,071.61 | ) | |||||||||||||||||||
|
INTEREST EXPENSE REVERSAL
|
(4,286.00 | ) | (4,286.00 | ) | ||||||||||||||||||||||||
|
DEPRECIATION
|
6,359.24 | 9,970.30 | 8,592.48 | 8,555.44 | 33,477.46 | |||||||||||||||||||||||
|
OTHER (INCOME) EXPENSE*
|
(204.04 | ) | (31.10 | ) | (10.67 | ) | 7,745.13 | 7,499.32 | ||||||||||||||||||||
|
OTHER ITEMS**
|
5,224.06 | 1,257.54 | 6,696.18 | 2,370.36 | 15,548.14 | |||||||||||||||||||||||
|
TOTAL INT, DEPR & OTHER ITEMS
|
11,379.27 | 11,196.74 | 10,991.99 | 18,670.93 | 52,238.93 | |||||||||||||||||||||||
|
NET INCOME BEFORE TAXES
|
75,905.59 | (391,926.48 | ) | (192,018.70 | ) | (516,270.95 | ) | (1,024,310.54 | ) | |||||||||||||||||||
|
FEDERAL INCOME TAXES
|
||||||||||||||||||||||||||||
|
NET INCOME (LOSS) (MOR-1)
|
$ | 75,905.59 | $ | (391,926.48 | ) | $ | (192,018.70 | ) | $ | (516,270.95 | ) | $ | (1,024,310.54 | ) | ||||||||||||||
|
Accrual Accounting Required, Otherwise Footnote with Explanation.
|
||||||||
|
* Includes interest income and DIP Loan Associated Fees
|
||||||||
|
** Includes realized and unrealized gains and losses on foreign currency transactions
|
||||||||
|
MOR-6
|
Revised 07/01/98 | |||||||
| CASE NAME: | In re Valence Technology, Inc. | |||||
|
CASE NUMBER:
|
12-11580
|
|
CASH RECEIPTS AND
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
FILING TO
|
|||||||||||||||||||||
|
DISBURSEMENTS
|
07/13/2012 -07/31/2012
|
08/01/2012 - 8/31/2012
|
09/01/2012 - 09/30/2012
|
10/1/2012 - 10/31/2012
|
11/01/2012 - 11/30/2012
|
12/01/2012 - 12/31/2012
|
DATE
|
|||||||||||||||||||||
|
1. CASH-BEGINNING OF MONTH
|
$ | 722,091.73 | $ | 1,623,815.79 | $ | 830,972.01 | $ | 617,097.14 | $ | 722,091.73 | ||||||||||||||||||
|
RECEIPTS:
|
||||||||||||||||||||||||||||
|
2. CASH SALES
|
39,815.65 | 118,975.84 | 23,175.26 | 14,377.09 | 196,343.84 | |||||||||||||||||||||||
|
3. COLLECTION OF ACCOUNTS RECEIVABLE
|
2,163,506.17 | 2,718,765.49 | 3,647,415.37 | 2,082,817.80 | 10,612,504.83 | |||||||||||||||||||||||
|
4. LOANS & ADVANCES ***
|
600,000.00 | 3,600,000.00 | 4,200,000.00 | |||||||||||||||||||||||||
|
5. SALE OF ASSETS
|
||||||||||||||||||||||||||||
|
6. OTHER (attach list) - See Attached Exhibit B
|
1,507,205.66 | 28,710.88 | 152,191.09 | 1,688,107.63 | ||||||||||||||||||||||||
|
TOTAL RECEIPTS**
|
2,203,321.82 | 4,344,946.99 | 4,299,301.51 | 5,849,385.98 | 16,696,956.30 | |||||||||||||||||||||||
|
(Withdrawal) Contribution by Individual Debtor MFR-2*
|
||||||||||||||||||||||||||||
|
DISBURSEMENTS:
|
||||||||||||||||||||||||||||
|
7. NET PAYROLL
|
128,863.59 | 278,656.12 | 261,685.45 | 360,776.76 | 1,029,981.92 | |||||||||||||||||||||||
|
8. PAYROLL TAXES PAID
|
44,629.25 | 89,926.43 | 92,187.34 | 85,353.48 | 312,096.50 | |||||||||||||||||||||||
|
9. SALES, USE & OTHER TAXES PAID
|
7,017.49 | 17.07 | 655.42 | 7,689.98 | ||||||||||||||||||||||||
|
10. SECURED/RENTAL/LEASES
|
35,427.06 | 35,427.06 | 35,427.06 | 33,983.00 | 140,264.18 | |||||||||||||||||||||||
|
11. UTILITIES & TELEPHONE
|
28,612.95 | 22,670.79 | 22,097.51 | 26,753.99 | 100,135.24 | |||||||||||||||||||||||
|
12. INSURANCE
|
55,288.02 | 56,918.68 | 55,592.95 | 401,621.87 | 569,421.52 | |||||||||||||||||||||||
|
13. INVENTORY PURCHASES
|
322,744.40 | 1,188,050.64 | 1,080,000.00 | 1,620,000.00 | 4,210,795.04 | |||||||||||||||||||||||
|
14. VEHICLE EXPENSES
|
||||||||||||||||||||||||||||
|
15. TRAVEL & ENTERTAINMENT
|
24,686.76 | 2,415.85 | 10,683.34 | 37,785.95 | ||||||||||||||||||||||||
|
16. REPAIRS, MAINTENANCE & SUPPLIES
|
5,342.36 | 19,401.72 | 7,218.17 | 48,407.84 | 80,370.09 | |||||||||||||||||||||||
|
17. ADMINISTRATIVE & SELLING
|
74,240.35 | 142,771.07 | 117,683.95 | 180,450.97 | 515,146.34 | |||||||||||||||||||||||
|
18. OTHER (attach list) - See Attached Exhibit C
|
557,316.78 | 3,122,657.01 | 2,467,025.59 | 2,528,570.17 | 8,675,569.55 | |||||||||||||||||||||||
|
TOTAL DISBURSEMENTS FROM OPERATIONS
|
1,252,464.76 | 4,988,183.77 | 4,141,350.94 | 5,297,256.84 | 15,679,256.31 | |||||||||||||||||||||||
|
19. PROFESSIONAL FEES
|
49,133.00 | 89,607.00 | 246,429.39 | 58,616.42 | 443,785.81 | |||||||||||||||||||||||
|
20. U.S. TRUSTEE FEES
|
13,000.00 | 13,000.00 | ||||||||||||||||||||||||||
|
21. OTHER REORGANIZATION EXPENSES (attach list) *Exhibit D
|
60,000.00 | 125,396.05 | 111,615.88 | 297,011.93 | ||||||||||||||||||||||||
|
TOTAL DISBURSEMENTS**
|
1,301,597.76 | 5,137,790.77 | 4,513,176.38 | 5,480,489.14 | 16,433,054.05 | |||||||||||||||||||||||
|
22. NET CASH FLOW
|
901,724.06 | (792,843.78 | ) | (213,874.87 | ) | 368,896.84 | 263,902.25 | |||||||||||||||||||||
|
23. CASH - END OF MONTH (MOR-2)
|
$ | 1,623,815.79 | $ | 830,972.01 | $ | 617,097.14 | $ | 985,993.98 | $ | 985,993.98 | ||||||||||||||||||
|
* Applies to Individual debtors only
|
|||||||
|
MOR-7
|
**Numbers for the current month should balance (match)
|
Revised 07/01/98 | |||||
|
RECEIPTS and CHECKS/OTHER DISBURSEMENTS lines on MOR-8
|
|||||||
| CASE NAME: | In re Valence Technology, Inc. | |||||
|
CASE NUMBER:
|
12-11580
|
|
CASH ACCOUNT RECONCILIATION
|
||||||||||||||||||||
|
MONTH OF
|
October, 2012
|
|||||||||||||||||||
|
BANK NAME
|
||||||||||||||||||||
|
ACCOUNT NUMBER
|
#0351049270 | #3300298835 | # |
#486-02092-14 RR ZGQ
|
||||||||||||||||
|
ACCOUNT TYPE
|
OPERATING
|
PAYROLL**
|
TAX
|
OTHER FUNDS***
|
TOTAL
|
|||||||||||||||
|
BANK BALANCE
|
721,572.04 | 4,612.81 | 30,724.32 | 756,909.17 | ||||||||||||||||
|
DEPOSITS IN TRANSIT
|
||||||||||||||||||||
|
OUTSTANDING CHECKS
|
140,110.70 | 140,110.70 | ||||||||||||||||||
|
ADJUSTED BANK BALANCE
|
$ | 581,461.34 | $ | 4,612.81 | $ | 30,724.32 | $ | 616,798.47 | ||||||||||||
|
BEGINNING CASH - PER BOOKS
|
581,461.34 | 4,911.48 | 30,724.32 | 617,097.14 | ||||||||||||||||
|
RECEIPTS*
|
5,697,205.16 | 152,180.82 | 5,849,385.98 | |||||||||||||||||
|
TRANSFERS BETWEEN ACCOUNTS
|
||||||||||||||||||||
|
WITHDRAWAL OR CONTRIBUTION BY INDIVIDUAL DEBTOR MFR-2
|
||||||||||||||||||||
|
CHECKS/OTHER DISBURSEMENTS*
|
5,479,555.47 | 298.67 | 635.00 | 5,480,489.14 | ||||||||||||||||
|
ENDING CASH - PER BOOKS
|
$ | 799,111.03 | $ | 4,612.81 | $ | 182,270.14 | $ | 985,993.98 | ||||||||||||
|
MOR-8
|
*Numbers should balance (match) TOTAL RECEIPTS and
|
Revised 07/01/98 | ||||
|
TOTAL DISBURSEMENTS lines on MOR-7
|
||||||
|
** Employee Funded Health Savings Account
|
||||||
|
***Petty Cash, Credit Card Holding Accounts, Investment Account Silicon Valley Bank Securities, Fortis Bank VAT Refund Account, SVB Creditors Committee Deposit, and Foreign Bank Monthly Foreign Exchange
|
||||||
| CASE NAME: | In re Valence Technology, Inc. | |||||
|
CASE NUMBER:
|
12-11580
|
PAYMENTS TO INSIDERS AND PROFESSIONALS
Of the total disbursements shown for the month, list the amount paid to insiders (as defined in Section 101(31)(A)-(F) of the U.S. Bankruptcy Code) and the professionals.
Also, for insiders, identify the type of compensation paid (e.g., salary, commission, bonus, etc.) (Attach additional pages as necessary).
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
|||||||||||||||||||
|
INSIDERS: NAME/COMP TYPE
|
07/13/2012 -
07/31/2012
|
08/01/2012 -
8/31/2012
|
09/01/2012 -
09/30/2012
|
10/1/2012 -
10/31/2012
|
11/01/2012 -
11/30/2012
|
12/01/2012 -
12/31/2012
|
||||||||||||||||||
|
1. Adleman, Randall - Wages
|
10,666.68 | 16,666.68 | 16,666.68 | 16,666.68 | ||||||||||||||||||||
|
2. Gottschalk, Donald - Wages
|
8,266.67 | 12,916.67 | 12,916.67 | 12,916.67 | ||||||||||||||||||||
|
3. Kanode, Robert - Wages
|
13,333.33 | 20,833.33 | 20,833.33 | 20,833.33 | ||||||||||||||||||||
|
4. Lim, Khoon Cheng - Wages
|
10,666.68 | 16,666.68 | 16,666.68 | 16,666.68 | ||||||||||||||||||||
|
5. Williams, Roger A. - Wages
|
10,666.68 | 16,666.68 | 16,666.68 | 16,666.68 | ||||||||||||||||||||
|
6. Adleman, Randall - Contracted Bonus
|
8,122.10 | |||||||||||||||||||||||
|
7. Adleman, Randall - Expense Reimbursement
|
2,199.25 | 387.41 | 374.22 | |||||||||||||||||||||
|
8. Gottschalk, Donald - Expense Reimbursement
|
1,670.83 | 207.22 | 401.97 | |||||||||||||||||||||
|
9. Kanode, Robert - Expense Reimbursement
|
68.00 | 81.16 | ||||||||||||||||||||||
|
10. Williams, Roger A. - Expense Reimbursement
|
1,415.36 | 433.72 | ||||||||||||||||||||||
|
TOTAL INSIDERS (MOR-1)
|
$ | 53,600.03 | $ | 97,225.58 | $ | 84,425.83 | $ | 84,959.95 | ||||||||||||||||
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
|||||||||||||||||||
|
PROFESSIONALS
|
07/13/2012 -
07/31/2012
|
08/01/2012 -
8/31/2012
|
09/01/2012 -
09/30/2012
|
10/1/2012 -
10/31/2012
|
11/01/2012 -
11/30/2012
|
12/01/2012 -
12/31/2012
|
||||||||||||||||||
|
1. Bridgepoint Consulting LLC
|
40,000.00 | 37,873.58 | ||||||||||||||||||||||
|
2. PMB Helin Donovan, LLP
|
45,000.00 | |||||||||||||||||||||||
|
3. Lung Tin Int'l Patent & Trademark
|
5,098.30 | 9,364.53 | ||||||||||||||||||||||
|
4. McFadden, Fincham
|
795.00 | 4,574.70 | ||||||||||||||||||||||
|
5. Streusand, Landon & Ozburn LLP
|
184,590.86 | |||||||||||||||||||||||
|
6. Virtual CFO
|
16,432.93 | |||||||||||||||||||||||
|
7. VMW Accountants
|
2,433.72 | 940.36 | ||||||||||||||||||||||
|
8. KIM & CHANG
|
1,587.24 | |||||||||||||||||||||||
|
9. KRAUS & WEISERT
|
10,232.85 | |||||||||||||||||||||||
|
10. MIURA & ASSOCIATES
|
5,691.74 | |||||||||||||||||||||||
|
11. WELLS, ST. JOHN PS
|
1,225.00 | |||||||||||||||||||||||
|
12. Wilson Sonsini Goodrich & Rosati
|
25,000.00 | |||||||||||||||||||||||
|
TOTAL PROFESSIONALS (MOR-1)
|
$ | 45,000.00 | $ | 40,795.00 | $ | 246,429.39 | $ | 58,616.42 | ||||||||||||||||
|
MOR-9
|
Revised 07/01/98 | ||||||
|
EXHIBIT A - Other Accrued Expenses as of October 31, 2012
|
|||
| CREDITOR’S NAME, MAILING ADDRESS INCLUDING ZIP CODE AND AN
ACCOUNT NUMBER
|
DESCRIPTION OF LIABILITY
|
Post Petition Liability
|
|
|
AT&T
PO BOX 6463
CAROL STREAM , IL 60197
Account # 4776758
|
Telecommunication
|
2,351.54
|
|
|
GemCap Lending I, LLC
24955 Pacific Coast Highway 3 A202
Malibu, CA 90265
Account # NA
|
DIP Financing - Accrued fees
|
4,594.93
|
|
|
JOHN R. AMES, CTA
DALLAS COUNTY TAX OFFICE
P.O. BOX 139066
DALLAS, TX 75313
Account # 99100503135000000
|
Property tax
|
2,416.76
|
|
|
MARY MCGUFFEY
CITY OF COPPELL
P.O. BOX 9478
COPPELL, TX 75019
Account #99100503135000000
|
Property tax
|
642.84
|
|
|
METAL CONVERSION TECH. LLC
1 E.PORTER STREET
CARTERSVILLE, GA 30120
Account # NA
|
Disposal of hazardous material
|
12,300.00
|
|
|
MICHELE W. SHAFE
12500 S. GRAND CENTRAL PARKWAY, 2ND FLOOR
LAS VEGAS, NV 89155
Account # 03177499
|
Property tax
|
4,383.26
|
|
|
Office of the US Trustee
903 San Jacinto Blvd #230
Austin , TX 78701
Case # 12-11580
|
Bankruptcy administration
|
4,333.33
|
|
|
ROUND ROCK TAX OFFICE TAX ASSESSOR COLLECTOR
1311 ROUND ROCK AVENUE
ROUND ROCK, TX 78681
Account # P1947040393823
|
Property tax
|
10,532.30
|
|
|
SILICON VALLEY BANK
P.O. BOX 7078
CROSSLANES, WV 25356
Account # 5478 5400 1011 2842
|
Corporate credit card
|
14,615.77
|
|
|
STREUSAND, LANDON & OZBURN LLP
811 BARTON SPRINGS RD SUITE 811
AUSTIN, TX 78704
Account # 01191-0001
|
Legal
|
157,119.00
|
|
|
TAMCO CAPITAL CORPORATION
P.O. BOX 956591
SAINT LOUIS, MO 63195
Account # 1114914
|
Office phone system rental
|
2,292.86
|
|
|
Unisiti
21/F, POS PLAZA
1600 CENTURY AVE
PU DONG SHANGHAI
Account # PXMB047
|
Telecommunication- China
|
13,902.09
|
|
|
WILLIAMSON COUNTY TAX OFFICE
904 SOUTH MAIN STREET
GEORGETOWN, TX 78626
Account # P468793
|
Property tax
|
9,148.97
|
|
|
Total
|
238,633.66
|
||
|
EXHIBIT A - Received but not Invoiced as of October 31, 2012
|
|||
|
CREDITOR’S NAME, MAILING ADDRESS INCLUDING ZIP CODE AND
ACCOUNT NUMBER
|
DESCRIPTION OF LIABILITY
|
Post-Petition
|
Pre-Petition
|
|
BROOKSIDE TECHNOLOGY PARTNERS
15500 ROOSEVELT BLVD , SUITE 101
CLEARWATER, FL 33760
Account # NA
|
Telecommunication
|
4,871.25
|
|
|
OFFICE DEPOT
P.O. BOX 70001
LOS ANGELES, CA 90074
Account # 89434936
|
Office supplies
|
313.06
|
|
|
MOUSER ELECTRONICS
P.O. BOX 99319
FORT WORTH, TX 76199
Account # 1709746
|
Conn, DB9 Female
|
93.00
|
|
|
VWR INTERNATIONAL, INC.
P. O. BOX 640169
PITTSBURGH, PA 15264-0169
Account # 80005343
|
Lab supplies
|
49.21
|
|
|
Total
|
5,326.52
|
||
|
General Ledger Accruals for Estimated Expenses as of October 31, 2012
|
|||
|
Ledger account
|
Account name
|
Post-Petition
|
Pre-Petition
|
|
12012
|
Current portion - Deferred rent
|
1,884.00
|
40,056.00
|
|
12101
|
Garnishments payable
|
0.00
|
0.00
|
|
12102
|
Payroll clearing
|
91,166.39
|
(58,794.88)
|
|
12103
|
Accrued vacation
|
(15,052.79)
|
261,094.31
|
|
12105
|
Medical insurance payable
|
1,274.38
|
-535.96
|
|
12107
|
401(k) payable
|
5,611.24
|
2,641.10
|
|
12108
|
Bonus payable
|
21,631.66
|
141,960.03
|
|
12109
|
SAR liability
|
0.00
|
0.00
|
|
12210
|
Warranty reserve
|
(94,532.52)
|
1,124,919.97
|
|
12211
|
Extended warranty reserve
|
(3,288.60)
|
6,577.40
|
|
12221
|
Dividend payable
|
5,661.37
|
1,162,939.77
|
|
12303
|
Customer deposits
|
(3,935.00)
|
17,945.01
|
|
12310
|
Reserve for customer rebates
|
(53,925.00)
|
203,275.00
|
|
12706
|
Deferred rent
|
(13,980.00)
|
20,953.00
|
|
Total
|
(57,484.87)
|
2,923,030.75
|
|
|
Grand Total
|
186,475.31
|
||
MOR-7
|
EXHIBIT B - Other Cash Receipts October 2012
|
|||
|
Date
|
Subsidiary/Company
|
Description
|
Amount
|
|
Transfer Between Accounts:
|
|||
|
10/1/2012
|
Fortis Bank, Belgium
|
Transfer of VAT Receivable into Fortis Bank Account, Belgium
|
51,674.34
|
|
Interest Earned:
|
|||
|
10/1/2012
|
Silicon Valley Bank
|
Interest earned on CD deposit account held at Silicon Valley Bank
|
10.27
|
|
10/5/2012
|
Silicon Valley Bank
|
Interest paid on Silicon Valley Bank Investment account
|
0.04
|
|
Other Receipts:
|
|||
|
10/17/2012
|
Silicon Valley Bank
|
Creditor's Committee Deposit
|
100,000.00
|
|
Foreign Exchange Adjustment
|
|||
|
10/31/2012
|
Fortis Bank, Belgium
|
End of Month Foreign Exchange Adjustment
|
506.44
|
|
$152,191.09
|
|||
MOR-7
|
EXHIBIT C - Other Cash Disbursements October 2012
|
|||
|
Payments to Subsidiaries or Payments on Behalf of Subsidiaries
|
|||
|
Date
|
Subsidiary/Company
|
Description
|
Amount
|
|
10/9/2012
|
VALENCE (SIP) - VET
|
Wire Transfer sent to Valence VET for purchase of finished goods
|
500,000.00
|
|
10/24/2012
|
VALENCE (SIP) - VET
|
Wire Transfer sent to Valence VET for purchase of finished goods
|
1,000,000.00
|
|
10/19/2012
|
Pay Check Limited
|
Transfer to Pay Check LTD, foreign payroll processing company for payment of foreign subsidiary (Valence Technology Cayman Islands, Inc) employee wages & taxes
|
43,627.73
|
|
10/9/2012
|
VALENCE CAYMAN INC.
|
Transfer to UK Subsidiary for Operational Expenses
|
72,270.00
|
|
10/5/2012
|
VALENCE (SIP) - VET
|
Payment of Telephone Expense Valence VET
|
6,115.88
|
|
$1,622,013.61
|
|||
|
Customer Payments Remitted to GemCap for Payment on Loan
|
|||
|
Date
|
Subsidiary/Company
|
Description
|
Amount
|
|
10/31/2012
|
GemCap Lending I, LLC
|
Accounts Receivable payments transferred to GemCap
|
806,556.56
|
|
$ 806,556.56
|
|||
|
Cure Payments Remitted
|
|||
|
Date
|
Subsidiary/Company
|
Description
|
Amount
|
|
10/5/2012
|
KUEHNE & NAGEL LOGISTICS NV
|
3rd Weekly Cure Payment
|
10,000.00
|
|
10/12/2012
|
KUEHNE & NAGEL LOGISTICS NV
|
4th Weekly Cure Payment
|
10,000.00
|
|
10/22/2012
|
KUEHNE & NAGEL LOGISTICS NV
|
5th Weekly Cure Payment
|
10,000.00
|
|
10/25/2012
|
KUEHNE & NAGEL LOGISTICS NV
|
6th Weekly Cure Payment
|
10,000.00
|
|
10/31/2012
|
KUEHNE & NAGEL LOGISTICS NV
|
7th Weekly Cure Payment
|
10,000.00
|
|
10/5/2012
|
KUEHNE & NAGEL, INC.
|
3rd Weekly Cure Payment
|
10,000.00
|
|
10/12/2012
|
KUEHNE & NAGEL, INC.
|
4th Weekly Cure Payment
|
10,000.00
|
|
10/22/2012
|
KUEHNE & NAGEL, INC.
|
5th Weekly Cure Payment
|
10,000.00
|
|
10/25/2012
|
KUEHNE & NAGEL, INC.
|
6th Weekly Cure Payment
|
10,000.00
|
|
10/31/2012
|
KUEHNE & NAGEL, INC.
|
7th Weekly Cure Payment
|
10,000.00
|
|
$100,000.00
|
|||
|
Total Other Payments
|
$2,528,570.17
|
||
MOR-7
|
EXHIBIT D - Other Reorganization Expenses October 2012
|
|||
|
Date
|
Vendor
|
Description
|
Amount
|
|
10/18/2012
|
GemCap Lending I, LLC
|
Interest and Fees
|
4,525.53
|
|
10/18/2012
|
GemCap Lending I, LLC
|
Reimbursement to GemCap for legal fees
|
7,090.35
|
|
10/17/2002
|
SVB Deposit
|
Accrued Fees for Creditor Committee Counsel
|
100,000.00
|
|
$ 111,615.88
|
|||