Attached files
| file | filename |
|---|---|
| 8-K/A - FORM 8-K/A - VALENCE TECHNOLOGY INC | valence_8ka-052013.htm |
Exhibit 99.1
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MOR-1
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UNITED STATES BANKRUPTCY COURT |
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CASE NAME:
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In re Valence Technology, Inc.
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PETITION DATE:
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7/12/2012
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|||||
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CASE NUMBER:
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12-11580
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DISTRICT OF TEXAS:
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Western District
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|||||
| PROPOSED PLAN DATE: | DIVISION: | |||||||
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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1/01/2012 -
1/31/2012
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2/01/2013 -
2/28/2013
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3/01/2013 -
3/31/2013
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4/01/2013 -
4/30/2013
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||||||||||||
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REVENUES (MOR-6)
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1,316,272.06 | 3,134,148.00 | 3,968,190.16 | 2,227,053.10 | 2,320,495.73 | 4,150,087.12 | 2,349,384.83 | 4,137,571.91 | 3,434,995.06 | 2,746,593.54 | ||||||||||||
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INCOME BEFORE INT; DEPREC./TAX (MOR-6)
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87,284.86 | (380,729.74 | ) | (181,026.71 | ) | (497,600.02 | ) | (697,907.84 | ) | (221,183.81 | ) | (447,132.82 | ) | (100,358.27 | ) | (271,410.43 | ) | (477,806.48 | ) | |||
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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 | ) | (727,704.11 | ) | (239,937.02 | ) | (484,205.07 | ) | (135,667.15 | ) | 1,076,258.45 | (493,445.97 | ) | ||||
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PAYMENTS TO INSIDERS (MOR-9)
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53,600.03 | 97,225.58 | 84,425.83 | 84,959.95 | 192,118.39 | 93,415.04 | 96,139.41 | 103,731.67 | 93,296.41 | 89,939.89 | ||||||||||||
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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 | 187,551.30 | 378,072.64 | 180,483.24 | 203,202.76 | 74,830.89 | 157,387.40 | ||||||||||||
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TOTAL DISBURSEMENTS (MOR-7)
|
$1,301,597.76 | $5,137,790.77 | $4,513,176.38 | $5,480,489.14 | $7,037,864.37 | $6,638,116.29 | $8,631,189.40 | $7,136,540.45 | $7,100,305.32 | $6,854,064.02 |
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***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***
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CIRCLE ONE
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||||||||||||
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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 | EXP. |
Are all post-petition liabilities, including taxes, being paid within terms?
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(Yes) No | |||||||||
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DATE
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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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May 20,2013
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||||||||
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MOR-1
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(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*
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MONTH
|
MONTH
|
MONTH
|
MONTH
|
MONTH
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MONTH
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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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1/01/2013 - 1/31/2013
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2/01/2013 - 2/28/2013
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3/01/2013 - 3/31/2013
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4/01/2013 - 4/30/2013
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||||||||||||||
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CURRENT ASSETS
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||||||||||||||||||||||||
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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 | 815,642.86 | 204,302.46 | 890,705.99 | 586,844.04 | 946,231.81 | 1,019,485.56 | |||||||||||||
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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 | 8,264,898.71 | 9,345,911.25 | 8,743,492.34 | 9,029,592.05 | 8,406,006.76 | 7,988,432.70 | |||||||||||||
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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 | 7,093,935.19 | 6,583,156.07 | 6,988,531.96 | 6,122,701.74 | 7,228,067.72 | 7,019,437.22 | |||||||||||||
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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 | 550,241.95 | 543,466.08 | 484,542.55 | 408,920.86 | 423,020.76 | 364,642.88 | |||||||||||||
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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 | 384,730.84 | 484,730.84 | 584,730.84 | 684,730.84 | 834,730.84 | 984,730.84 | ||||||||||||||||
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Other***
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28,079.00 | 28,078.58 | 28,078.58 | 306,499.65 | 270,000.00 | 464,400.00 | 240,300.00 | |||||||||||||||||
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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 | 17,109,449.55 | 17,161,566.70 | 18,156,403.68 | 17,073,089.53 | 17,838,057.89 | 17,376,729.20 | |||||||||||||
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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 | 2,228,373.45 | 2,228,373.45 | 2,228,373.45 | 2,228,373.45 | 2,160,400.95 | 2,160,400.95 | |||||||||||||
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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 | ) | (2,044,917.76 | ) | (2,053,377.33 | ) | (2,059,615.01 | ) | (2,065,852.71 | ) | (2,004,118.11 | ) | (2,010,355.72 | ) | ||
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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 | 183,455.69 | 174,996.12 | 168,758.44 | 162,520.74 | 156,282.84 | 150,045.23 | |||||||||||||
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OTHER ASSETS
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||||||||||||||||||||||||
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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 | 143,157.00 | 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 | 7,407,992.94 | 6,775,177.81 | 7,958,459.42 | 7,817,688.61 | 6,753,199.00 | 6,500,493.36 | |||||||||||||
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3. Electric/Utility Deposit
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37,176.70 | 42,536.81 | 44,372.16 | 44,372.16 | 44,372.16 | 44,372.16 | 44,372.16 | 44,372.16 | 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 | 148,636.42 | 148,636.42 | 148,636.42 | 148,636.42 | 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 | $25,037,063.76 | $24,447,906.21 | $26,619,787.12 | $25,389,464.46 | $25,083,705.31 | $24,363,433.37 | |||||||||||||
| * | Per Schedules and Statement of Affairs |
| ** | See Exhibit C: Court-approved weekly cure payments totaling $95,802.25 to Kuehne + Nagel Logistics, NV and $88,928.59 Kuehne + Nagel, Inc. and Court-approved monthly cure payments totaling $800,000 to Tianjin Lishen Battery |
| *** | Payment in advance of delivery to Lishen for purchase of inventory |
| MOR-2 |
Revised 07/01/98
|
|
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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LIABILITIES & OWNER'S
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FILING DATE*
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MONTH
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MONTH
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MONTH
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MONTH
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MONTH
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MONTH
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MONTH
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MONTH
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MONTH
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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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1/01/2013 - 1/31/2013
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2/01/2013 - 2/28/2013
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3/01/2013 - 3/31/2013
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4/01/2013 - 4/30/2013
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||||||||||||||||||||||||
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LIABILITIES
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|||||||||||||||||||||||||||||||||||
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POST-PETITION LIABILITIES(MOR-4)
|
3,256,488.40 | 3,093,183.93 | 639,974.02 | 3,188,797.64 | 1,724,125.33 | 1,490,812.69 | 4,654,564.69 | 3,724,497.86 | 3,647,458.07 | 3,464,532.55 | |||||||||||||||||||||||||
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PRE-PETITION LIABILITIES
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|||||||||||||||||||||||||||||||||||
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Notes Payable - Secured
|
69,101,830.00 | 69,101,830.00 | 69,101,830.00 | 69,101,829.80 | 69,101,829.80 | 69,101,829.80 | 69,101,829.80 | 69,101,829.80 | 69,101,829.80 | 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 | 9,226,196.96 | 9,226,196.96 | 9,226,196.96 | 9,226,196.96 | 9,226,196.96 | 9,226,196.96 | ||||||||||||||||||||||||
|
Warranty Reserve**
|
1,124,919.97 | 1,124,919.97 | 1,124,919.97 | 1,124,919.97 | 1,124,919.97 | 1,124,919.97 | |||||||||||||||||||||||||||||
|
Dividends Payable**
|
1,168,601.14 | 1,168,601.14 | 1,168,601.14 | 1,168,601.14 | 1,168,601.14 | 1,168,601.14 | |||||||||||||||||||||||||||||
|
Other***
|
2,923,030.75 | 2,923,030.75 | 635,171.01 | 635,171.01 | 635,171.01 | 635,171.01 | 635,171.01 | 635,171.01 | |||||||||||||||||||||||||||
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TOTAL PRE-PETITION LIABILITIES
|
78,317,396.61 | 78,317,396.61 | 78,317,396.61 | 81,250,693.81 | 81,251,057.51 | 81,256,718.88 | 81,256,718.88 | 81,256,718.88 | 81,256,718.88 | 81,256,718.88 | 81,256,718.88 | ||||||||||||||||||||||||
|
TOTAL LIABILITIES
|
78,317,396.61 | 81,573,885.01 | 81,410,580.54 | 81,890,667.83 | 84,439,855.15 | 82,980,844.21 | 82,747,531.57 | 85,911,283.57 | 84,981,216.74 | 84,904,176.95 | 84,721,251.43 | ||||||||||||||||||||||||
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OWNER'S EQUITY (DEFICIT)
|
|||||||||||||||||||||||||||||||||||
|
PREFERRED STOCK
|
8,609,999.72 | 8,609,999.72 | 8,609,999.72 | 8,609,999.72 | 8,609,999.72 | 8,609,999.72 | 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 | 171,792.59 | 171,792.59 | 171,792.59 | 171,792.59 | 171,801.14 | 171,801.14 | ||||||||||||||||||||||||
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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 | 550,081,572.09 | 550,107,999.60 | 550,138,821.24 | 550,166,559.78 | 550,193,500.42 | 550,220,449.61 | ||||||||||||||||||||||||
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RETAINED EARNINGS: Filing Date
|
(612,127,031.27 | ) | (612,127,031.27 | ) | (612,127,031.27 | ) | (612,127,031.27 | ) | (612,127,031.27 | ) | (612,127,031.27 | ) | (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 | ) | (1,752,014.65 | ) | (1,991,951.67 | ) | (2,476,156.74 | ) | (2,611,823.89 | ) | (1,535,565.44 | ) | (2,104,917.00 | ) | ||||||||||||||||
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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 | ) | (2,928,098.93 | ) | (3,070,434.33 | ) | (3,608,921.98 | ) | (3,801,249.21 | ) | (5,133,176.21 | ) | (5,128,120.26 | ) | |||||||||||||||
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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 | ) | (57,943,780.45 | ) | (58,299,625.36 | ) | (59,291,496.44 | ) | (59,591,752.28 | ) | (59,820,471.64 | ) | (60,357,818.06 | ) | |||||||||||||
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Total LIABILITIES & OWNERS EQUITY
|
$24,858,325.00 | $26,949,953.31 | $25,645,775.16 | $25,749,625.70 | $27,526,704.10 | $25,037,063.76 | $24,447,906.21 | $26,619,787.13 | $25,389,464.46 | $25,083,705.31 | $24,363,433.37 | ||||||||||||||||||||||||
| * | Per Schedules and Statement of Affairs |
| ** | Warranty Reserve and Dividends Payable included in "Other" in previous months |
| *** | Pre-petition general ledger accrued expenses |
| **** | Retained Earnings and Retained Earnings Adjustment for Intercompany for December were corrected in January |
|
MOR-3
|
Revised 07/01/98
|
|
CASE NAME:
|
In re Valence Technology, Inc.
|
||||||||||||
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CASE NUMBER:
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12-11580
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||||||||||||
SCHEDULE OF POST-PETITION LIABILITIES
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
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
|
11/01/2012 - 11/30/2012
|
12/01/2012 - 12/31/2012
|
1/01/2013 - 1/31/2013
|
2/01/2013 - 2/28/2013
|
3/01/2013 - 3/31/2013
|
4/01/2013 - 4/30/2013
|
|||||||||||||||||||||||||||||||
|
TRADE ACCOUNTS PAYABLE
|
107,476.70 | 70,198.59 | 107,579.38 | 300,514.04 | 174,154.00 | 339,694.80 | 59,246.75 | 109,926.00 | 219,770.01 | 180,953.62 | ||||||||||||||||||||||||||||||
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TAX PAYABLE
|
||||||||||||||||||||||||||||||||||||||||
|
Federal Payroll Taxes
|
28,458.65 | 39,681.67 | 45,224.65 | 44,977.67 | 19,659.09 | 23,744.82 | 45,751.82 | 39,530.04 | 41,124.62 | 63,465.17 | ||||||||||||||||||||||||||||||
|
State Payroll Taxes
|
1,682.04 | 2,275.13 | 2,568.07 | 2,556.27 | 1,227.28 | 1,444.72 | 2,605.38 | 2,280.33 | 2,366.66 | 3,542.48 | ||||||||||||||||||||||||||||||
|
Ad Valorem Taxes
|
146.74 | 146.74 | 313.85 | 313.85 | 961.17 | 961.17 | ||||||||||||||||||||||||||||||||||
|
Other Taxes
|
1,543.19 | 701.16 | 684.04 | 2,175.05 | 684.04 | 1,947.94 | 605.04 | 605.04 | 1,790.64 | 245.81 | ||||||||||||||||||||||||||||||
|
TOTAL TAXES PAYABLE
|
31,830.62 | 42,804.70 | 48,476.76 | 49,708.99 | 21,570.41 | 27,451.33 | 49,276.09 | 42,415.41 | 46,243.09 | 68,214.63 | ||||||||||||||||||||||||||||||
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Debtor-in-Possession Financing
|
N/A | N/A | 2,532,996.57 | 970,365.36 | 734,449.36 | 3,999,525.77 | 3,110,491.79 | 2,863,224.00 | 2,732,500.30 | |||||||||||||||||||||||||||||||
|
ACCRUED INTEREST PAYABLE
|
N/A | N/A | 1,701.90 | 7,755.44 | 21,230.37 | 10,205.54 | 28,106.86 | 30,404.14 | 35,399.65 | 29,710.52 | ||||||||||||||||||||||||||||||
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ACCRUED PROFESSIONAL FEES*
|
172,759.99 | 122,497.50 | 10,354.50 | 111,347.29 | 350,616.74 | 157,858.87 | 307,763.05 | 190,837.90 | 141,674.71 | 128,651.15 | ||||||||||||||||||||||||||||||
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OTHER ACCRUED LIABILITIES
|
||||||||||||||||||||||||||||||||||||||||
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1. See attached Exhibit A
|
2,944,421.09 | 2,857,683.14 | 471,861.48 | 186,475.31 | 186,188.45 | 221,152.79 | 210,646.17 | 240,422.62 | 341,146.61 | 324,502.33 | ||||||||||||||||||||||||||||||
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2.
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||||||||||||||||||||||||||||||||||||||||
|
3.
|
||||||||||||||||||||||||||||||||||||||||
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TOTAL POST-PETITION LIABILITIES (MOR-3)
|
$3,256,488.40 | $3,093,183.93 | $639,974.02 | $3,188,797.64 | $1,724,125.33 | $1,490,812.69 | $4,654,564.69 | $3,724,497.86 | $3,647,458.07 | $3,464,532.55 | ||||||||||||||||||||||||||||||
| * |
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 April 30, 2013
| DAYS | TOTAL |
TRADE
ACCOUNTS
|
FEDERAL
TAXES
|
STATE
TAXES
|
AD VALOREM,
OTHER TAXES
|
OTHER | |||||||||||||||||||
| 0-30 | 3,411,867.24 | 128,288.31 | 63,465.17 | 3,542.48 | 1,206.98 | 3,215,364.30 | |||||||||||||||||||
| 31-60 | 50,250.50 | 50,250.50 | |||||||||||||||||||||||
| 61-90 | |||||||||||||||||||||||||
| 91+ | 2,414.81 | 2,414.81 | |||||||||||||||||||||||
|
TOTAL
|
$3,464,532.55 | $180,953.62 | $63,465.17 | $3,542.48 | $1,206.98 | $3,215,364.30 | |||||||||||||||||||
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
|
1/01/2013 - 1/31/2013
|
2/01/2013 - 2/28/2013
|
3/01/2013 - 3/31/2013
|
4/01/2013 - 4/30/2013
|
||||||||||||||||||||||||||||||
|
0-30 DAYS
|
1,178,943.84 | 3,033,959.88 | 3,963,069.92 | 2,182,852.01 | 2,082,261.80 | 3,841,379.48 | 2,271,931.52 | 3,821,320.21 | 3,395,363.48 | 2,479,812.41 | ||||||||||||||||||||||||||||||
|
31-60 DAYS
|
4,033,882.35 | 975,630.13 | 1,819,159.45 | 3,691,032.60 | 2,241,548.72 | 1,688,649.02 | 3,686,824.12 | 1,942,423.14 | 3,109,263.42 | 2,887,135.10 | ||||||||||||||||||||||||||||||
|
61-90 DAYS
|
11,189.95 | 1,745,351.79 | 345,975.35 | 736,391.84 | 914,021.63 | 456,916.44 | 1,970,350.69 | 723,829.76 | 1,170,947.93 | |||||||||||||||||||||||||||||||
|
91+ DAYS
|
3,897,983.30 | 3,682,819.68 | 3,977,651.36 | 3,675,067.50 | 3,204,696.35 | 2,901,861.12 | 2,327,820.26 | 1,295,498.01 | 1,177,550.11 | 1,450,537.26 | ||||||||||||||||||||||||||||||
|
TOTAL
|
$9,121,999.44 | $9,437,761.48 | $9,759,880.73 | $9,894,927.46 | $8,264,898.71 | $9,345,911.25 | $8,743,492.34 | $9,029,592.05 | $8,406,006.77 | $7,988,432.70 | ||||||||||||||||||||||||||||||
| 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
|
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
|
1/01/2013 - 1/31/2013
|
2/01/2013 - 2/28/2013
|
3/01/2013 - 3/31/2013
|
4/01/2013 - 4/30/2013
|
DATE
|
||||||||||||||||||||||||||||||||||
|
REVENUES (MOR-1)
|
1,316,272.06 | 3,134,148.00 | 3,968,190.16 | 2,227,053.10 | 2,320,495.73 | 4,150,087.12 | 2,349,384.83 | 4,137,571.91 | 3,434,995.06 | 2,746,593.54 | 29,784,791.51 | |||||||||||||||||||||||||||||||||
|
TOTAL COST OF REVENUES
|
796,930.61 | 2,465,606.87 | 3,083,624.26 | 1,927,556.07 | 2,077,770.41 | 3,505,303.05 | 1,841,748.02 | 3,485,867.93 | 3,092,773.89 | 2,401,701.38 | 24,678,882.49 | |||||||||||||||||||||||||||||||||
|
GROSS PROFIT
|
519,341.45 | 668,541.13 | 884,565.90 | 299,497.03 | 242,725.32 | 644,784.07 | 507,636.81 | 651,703.98 | 342,221.17 | 344,892.16 | 5,105,909.02 | |||||||||||||||||||||||||||||||||
|
OPERATING EXPENSES:
|
||||||||||||||||||||||||||||||||||||||||||||
|
Selling & Marketing
|
70,901.36 | 164,235.20 | 98,979.44 | 75,719.14 | 106,720.98 | 60,133.83 | 114,912.43 | 114,496.33 | 49,520.46 | 120,170.83 | 975,790.00 | |||||||||||||||||||||||||||||||||
|
General & Administrative
|
236,481.17 | 637,456.99 | 503,881.76 | 514,486.74 | 349,646.29 | 279,395.81 | 447,919.69 | 247,359.04 | 323,296.61 | 304,702.91 | 3,844,627.01 | |||||||||||||||||||||||||||||||||
|
Insiders Compensation
|
53,600.03 | 97,225.58 | 84,425.83 | 84,959.95 | 192,118.39 | 93,415.04 | 96,139.41 | 103,731.67 | 93,296.41 | 89,939.89 | 988,852.19 | |||||||||||||||||||||||||||||||||
|
Professional Fees
|
45,000.00 | 40,795.00 | 246,429.39 | 58,616.42 | 187,551.30 | 378,072.64 | 180,483.24 | 203,202.76 | 74,830.89 | 157,387.40 | 1,572,369.04 | |||||||||||||||||||||||||||||||||
|
Research & Development
|
26,074.03 | 109,558.10 | 131,876.19 | 63,314.80 | 104,596.20 | 54,950.56 | 115,314.86 | 83,272.45 | 72,687.23 | 150,497.61 | 912,142.03 | |||||||||||||||||||||||||||||||||
|
Other
|
||||||||||||||||||||||||||||||||||||||||||||
|
TOTAL OPERATING EXPENSES
|
432,056.59 | 1,049,270.87 | 1,065,592.61 | 797,097.05 | 940,633.16 | 865,967.88 | 954,769.63 | 752,062.25 | 613,631.60 | 822,698.64 | 8,293,780.28 | |||||||||||||||||||||||||||||||||
|
INCOME BEFORE INT, DEPR/TAX (MOR-1)
|
87,284.86 | (380,729.74 | ) | (181,026.71 | ) | (497,600.02 | ) | (697,907.84 | ) | (221,183.81 | ) | (447,132.82 | ) | (100,358.27 | ) | (271,410.43 | ) | (477,806.48 | ) | (3,187,871.26 | ) | |||||||||||||||||||||||
|
INTEREST EXPENSE REVERSAL
|
(4,286.00 | ) | (4,286.00 | ) | ||||||||||||||||||||||||||||||||||||||||
|
DEPRECIATION
|
6,359.24 | 9,970.30 | 8,592.48 | 8,555.44 | 8,459.58 | 8,459.57 | 6,237.68 | 6,237.70 | 6,237.90 | 6,237.61 | 75,347.50 | |||||||||||||||||||||||||||||||||
|
OTHER (INCOME) EXPENSE*
|
(204.04 | ) | (31.10 | ) | (10.67 | ) | 7,745.13 | 21,219.71 | 9,304.38 | 28,096.22 | 30,393.50 | 34,860.89 | 3,770.94 | 135,144.96 | ||||||||||||||||||||||||||||||
|
OTHER ITEMS**
|
5,224.06 | 1,257.54 | 6,696.18 | 2,370.36 | 116.98 | 989.26 | 2,738.35 | (1,322.32 | ) | (1,388,767.67 | ) | 5,630.94 | (1,365,066.32 | ) | ||||||||||||||||||||||||||||||
|
TOTAL INT, DEPR & OTHER ITEMS
|
11,379.27 | 11,196.74 | 10,991.99 | 18,670.93 | 29,796.27 | 18,753.21 | 37,072.25 | 35,308.88 | (1,347,668.88 | ) | 15,639.49 | (1,158,859.85 | ) | |||||||||||||||||||||||||||||||
|
NET INCOME BEFORE TAXES
|
75,905.59 | (391,926.48 | ) | (192,018.70 | ) | (516,270.95 | ) | (727,704.11 | ) | (239,937.02 | ) | (484,205.07 | ) | (135,667.15 | ) | 1,076,258.45 | (493,445.97 | ) | (2,029,011.41 | ) | ||||||||||||||||||||||||
|
FEDERAL INCOME TAXES
|
||||||||||||||||||||||||||||||||||||||||||||
|
NET INCOME (LOSS) (MOR-1)
|
$75,905.59 | $(391,926.48 | ) | $(192,018.70 | ) | $(516,270.95 | ) | $(727,704.11 | ) | $(239,937.02 | ) | $(484,205.07 | ) | $(135,667.15 | ) | $1,076,258.45 | $(493,445.97 | ) | $(2,029,011.41 | ) | ||||||||||||||||||||||||
|
Accrual Accounting Required, Otherwise Footnote with Explanation.
|
|
| ** | Includes interest, proceeds from sale of Prudential Shares, and DIP Loan Associated Fees |
| *** | Includes realized and unrealized gains and losses on foreign currency transactions. Amount for March 2013 also includes a fiscal year-end reversal of expenses recorded by debtor since April 1, 2012, which expenses have been re-allocated to the debtor's subsidiaries pursuant to a cost-sharing agreement between the debtor and its subsidiaries. |
| MOR-6 |
Revised 07/01/98
|
|
CASE NAME:
|
In re Valence Technology, Inc.
|
||||||||||||
|
CASE NUMBER:
|
12-11580
|
||||||||||||
CASH RECEIPTS AND
DISBURSEMENTS
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
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
|
1/01/2013 - 1/31/2013
|
2/01/2013 - 2/28/2013
|
3/01/2013 - 3/31/2013
|
4/01/2013 - 4/30/2013
|
DATE
|
||||||||||||||||||||||||||||||||||
|
1. CASH-BEGINNING OF MONTH
|
$722,091.73 | $1,623,815.79 | $830,972.01 | $617,097.14 | $985,993.98 | $815,642.86 | $204,302.46 | $890,705.99 | $586,844.04 | $946,231.81 | $722,091.73 | |||||||||||||||||||||||||||||||||
|
RECEIPTS:
|
||||||||||||||||||||||||||||||||||||||||||||
|
2. CASH SALES
|
39,815.65 | 118,975.84 | 23,175.26 | 14,377.09 | 15,360.04 | 8,175.53 | 49,272.46 | 27,579.18 | 24,434.26 | 47,468.84 | 368,634.15 | |||||||||||||||||||||||||||||||||
|
3. COLLECTION OF ACCOUNTS RECEIVABLE
|
2,163,506.17 | 2,718,765.49 | 3,647,415.37 | 2,082,817.80 | 4,059,800.11 | 3,117,033.68 | 2,968,295.17 | 3,799,149.94 | 4,135,183.72 | 3,143,726.03 | 31,835,693.48 | |||||||||||||||||||||||||||||||||
|
4. LOANS & ADVANCES ***
|
600,000.00 | 3,600,000.00 | 2,500,000.00 | 2,900,000.00 | 6,300,000.00 | 3,000,000.00 | 3,300,000.00 | 3,700,000.00 | 25,900,000.00 | |||||||||||||||||||||||||||||||||||
|
5. SALE OF ASSETS
|
||||||||||||||||||||||||||||||||||||||||||||
|
6. OTHER (attach list) - See Attached Exhibit B
|
1,507,205.66 | 28,710.88 | 152,191.09 | 550,198.21 | 1,566.68 | 25.30 | 5,949.38 | 75.11 | 36,122.90 | 2,282,045.21 | ||||||||||||||||||||||||||||||||||
|
TOTAL RECEIPTS**
|
2,203,321.82 | 4,344,946.99 | 4,299,301.51 | 5,849,385.98 | 7,125,358.36 | 6,026,775.89 | 9,317,592.93 | 6,832,678.50 | 7,459,693.09 | 6,927,317.77 | 60,386,372.84 | |||||||||||||||||||||||||||||||||
|
(Withdrawal) Contribution by Individual Debtor MFR-2*
|
||||||||||||||||||||||||||||||||||||||||||||
|
DISBURSEMENTS:
|
||||||||||||||||||||||||||||||||||||||||||||
|
7. NET PAYROLL
|
128,863.59 | 278,656.12 | 261,685.45 | 360,776.76 | 313,842.70 | 244,985.63 | 227,891.76 | 215,658.60 | 211,808.61 | 203,592.74 | 2,447,761.96 | |||||||||||||||||||||||||||||||||
|
8. PAYROLL TAXES PAID
|
44,629.25 | 89,926.43 | 92,187.34 | 85,353.48 | 145,783.03 | 79,083.09 | 111,349.71 | 96,195.76 | 91,604.38 | 87,391.07 | 923,503.54 | |||||||||||||||||||||||||||||||||
|
9. SALES, USE & OTHER TAXES PAID
|
7,017.49 | 17.07 | 655.42 | 6,261.93 | 53,885.39 | 4.28 | 4,935.91 | 72,777.49 | ||||||||||||||||||||||||||||||||||||
|
10. SECURED/RENTAL/LEASES
|
35,427.06 | 35,427.06 | 35,427.06 | 33,983.00 | 35,427.06 | 36,368.56 | 36,397.14 | 36,397.14 | 36,397.14 | 36,397.14 | 357,648.36 | |||||||||||||||||||||||||||||||||
|
11. UTILITIES & TELEPHONE
|
28,612.95 | 22,670.79 | 22,097.51 | 26,753.99 | 18,351.58 | 10,784.06 | 25,252.41 | 8,958.21 | 15,359.88 | 18,701.54 | 197,542.92 | |||||||||||||||||||||||||||||||||
|
12. INSURANCE
|
55,288.02 | 56,918.68 | 55,592.95 | 401,621.87 | 49,129.60 | 48,811.93 | 91,919.84 | 38,557.70 | 81,447.02 | 43,309.22 | 922,596.83 | |||||||||||||||||||||||||||||||||
|
13. INVENTORY PURCHASES
|
322,744.40 | 1,188,050.64 | 1,080,000.00 | 1,620,000.00 | 810,000.00 | 1,890,000.00 | 2,322,784.30 | 737,100.00 | 1,620,550.00 | 720,900.00 | 12,312,129.34 | |||||||||||||||||||||||||||||||||
|
14. VEHICLE EXPENSES
|
||||||||||||||||||||||||||||||||||||||||||||
|
15. TRAVEL & ENTERTAINMENT
|
24,686.76 | 2,415.85 | 10,683.34 | 10,805.06 | 18,300.30 | 11,382.86 | 22,103.88 | 20,884.54 | 3,740.37 | 125,002.96 | ||||||||||||||||||||||||||||||||||
|
16. REPAIRS, MAINTENANCE & SUPPLIES
|
5,342.36 | 19,401.72 | 7,218.17 | 48,407.84 | 115,335.46 | 32,015.50 | 14,316.24 | 6,809.92 | 17,300.47 | 11,654.35 | 277,802.03 | |||||||||||||||||||||||||||||||||
|
17. ADMINISTRATIVE & SELLING
|
74,240.35 | 142,771.07 | 117,683.95 | 180,450.97 | 134,027.15 | 93,707.71 | 277,638.14 | 202,004.31 | 147,716.87 | 157,486.54 | 1,527,727.06 | |||||||||||||||||||||||||||||||||
|
18. OTHER (attach list) - See Attached Exhibit C
|
557,316.78 | 3,122,657.01 | 2,467,025.59 | 2,528,570.17 | 5,398,900.80 | 3,780,689.39 | 5,243,091.65 | 5,537,339.77 | 4,739,129.57 | 5,302,253.77 | 38,676,974.50 | |||||||||||||||||||||||||||||||||
|
TOTAL DISBURSEMENTS FROM OPERATIONS
|
1,252,464.76 | 4,988,183.77 | 4,141,350.94 | 5,297,256.84 | 7,037,864.37 | 6,234,746.17 | 8,415,909.44 | 6,901,129.57 | 6,982,198.48 | 6,590,362.65 | 57,841,466.99 | |||||||||||||||||||||||||||||||||
|
19. PROFESSIONAL FEES
|
49,133.00 | 89,607.00 | 246,429.39 | 58,616.42 | 187,551.30 | 378,072.64 | 180,483.24 | 203,202.76 | 74,830.89 | 157,387.40 | 1,625,314.04 | |||||||||||||||||||||||||||||||||
|
20. U.S. TRUSTEE FEES
|
13,000.00 | 20,000.00 | 20,000.00 | 53,000.00 | ||||||||||||||||||||||||||||||||||||||||
|
21. OTHER REORGANIZATION EXPENSES (attach list) *Exhibit D
|
60,000.00 | 125,396.05 | 111,615.88 | 70,293.81 | 25,297.48 | 14,796.72 | 32,208.12 | 43,275.95 | 86,313.97 | 569,197.98 | ||||||||||||||||||||||||||||||||||
|
TOTAL DISBURSEMENTS**
|
1,301,597.76 | 5,137,790.77 | 4,513,176.38 | 5,480,489.14 | 7,295,709.48 | 6,638,116.29 | 8,631,189.40 | 7,136,540.45 | 7,100,305.32 | 6,854,064.02 | 60,088,979.01 | |||||||||||||||||||||||||||||||||
|
22. NET CASH FLOW
|
901,724.06 | (792,843.78 | ) | (213,874.87 | ) | 368,896.84 | (170,351.12 | ) | (611,340.40 | ) | 686,403.53 | (303,861.95 | ) | 359,387.77 | 73,253.75 | 297,393.83 | ||||||||||||||||||||||||||||
|
23. CASH - END OF MONTH (MOR-2)
|
$1,623,815.79
|
$830,972.01 | $617,097.14 | $985,993.98 | $815,642.86 | $204,302.46 | $890,705.99 | $586,844.04 | $946,231.81 | $1,019,485.56 | $1,019,485.56 | |||||||||||||||||||||||||||||||||
| * | Applies to Individual debtors only |
| ** |
Numbers for the current month should balance (match) RECEIPTS and CHECKS/OTHER DISBURSEMENTS lines on MOR-8
|
| *** | Total Advances from GemCap |
| MOR-7 |
Revised 07/01/98
|
|
CASE NAME:
|
In re Valence Technology, Inc.
|
||||||||||||
|
CASE NUMBER:
|
12-11580
|
||||||||||||
CASH ACCOUNT RECONCILIATION
MONTH OF April, 2013
|
BANK NAME
|
|||||||||||||||||
|
ACCOUNT NUMBER
|
#0351049270 | #3300298835 | # | ||||||||||||||
|
ACCOUNT TYPE
|
OPERATING
|
PAYROLL**
|
TAX
|
OTHER FUNDS***
|
TOTAL
|
||||||||||||
|
BANK BALANCE
|
1,096,076.29 | 1,552.56 | 40,005.02 | 1,137,633.87 | |||||||||||||
|
DEPOSITS IN TRANSIT
|
|||||||||||||||||
|
OUTSTANDING CHECKS
|
118,148.31 | 118,148.31 | |||||||||||||||
|
ADJUSTED BANK BALANCE
|
$977,927.98 | $1,552.56 | $40,005.02 | $1,019,485.56 | |||||||||||||
|
BEGINNING CASH - PER BOOKS
|
881,528.33 | 3,050.38 | 61,653.10 | 946,231.81 | |||||||||||||
|
RECEIPTS*
|
6,879,216.06 | 48,101.71 | 6,927,317.77 | ||||||||||||||
|
TRANSFERS BETWEEN ACCOUNTS ****
|
(50,000.00 | ) | 50,000.00 | ||||||||||||||
|
WITHDRAWAL OR CONTRIBUTION BY
|
|||||||||||||||||
|
INDIVIDUAL DEBTOR MFR-2
|
|||||||||||||||||
|
CHECKS/OTHER DISBURSEMENTS*
|
6,732,816.41 | 1,497.82 | 119,749.79 | 6,854,064.02 | |||||||||||||
|
ENDING CASH - PER BOOKS
|
$977,927.98 | $1,552.56 | $40,005.02 | $1,019,485.56 | |||||||||||||
| * |
Numbers should balance (match) TOTAL RECEIPTS and 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 |
| **** | Transfer to Creditors Committee Deposit account $50,000 |
| MOR-8 |
Revised 07/01/98
|
|
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
|
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
|
1/01/2013 - 1/31/2013
|
2/01/2013 - 2/28/2013
|
3/01/2013 - 3/31/2013
|
4/01/2013 - 4/30/2013
|
|||
|
1.
|
Adleman, Randall - Wages
|
10,666.68
|
16,666.68
|
16,666.68
|
16,666.68
|
16,666.68
|
16,666.68
|
16,666.68
|
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
|
12,916.67
|
12,916.67
|
12,916.67
|
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
|
128,422.91
|
|||||||
|
4.
|
Lim, Khoon Cheng - Wages
|
10,666.68
|
16,666.68
|
16,666.68
|
16,666.68
|
16,666.68
|
16,666.68
|
16,666.68
|
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
|
16,666.68
|
16,666.68
|
16,666.68
|
16,666.68
|
16,666.68
|
16,666.68
|
||
|
6.
|
Fisher, T. Joseph-Wages*
|
24,690.39
|
24,690.39
|
24,690.39
|
24,690.39
|
24,690.39
|
|||||||
|
7.
|
Adleman, Randall - Contracted Bonus
|
8,122.10
|
|||||||||||
|
8.
|
Adleman, Randall - Expense Reimbursement
|
2,199.25
|
387.41
|
374.22
|
277.41
|
256.67
|
633.75
|
70.49
|
444.72
|
||||
|
9.
|
Gottschalk, Donald - Expense Reimbursement
|
1,670.83
|
207.22
|
401.97
|
389.90
|
0.00
|
842.50
|
700.00
|
|||||
|
10.
|
Kanode, Robert - Expense Reimbursement
|
68.00
|
81.16
|
||||||||||
|
11.
|
Williams, Roger A. - Expense Reimbursement
|
1,415.36
|
433.72
|
501.36
|
410.00
|
3,448.95
|
2,791.32
|
846.92
|
|||||
|
12.
|
T Joseph Fisher-Expense Reimbursement
|
4,751.37
|
4,449.61
|
13,262.76
|
3,555.17
|
1,632.79
|
|||||||
|
TOTAL INSIDERS (MOR-1)
|
$53,600.03
|
$97,225.58
|
$84,425.83
|
$84,959.95
|
$192,118.39
|
$93,415.04
|
$96,139.41
|
$93,296.41
|
$93,296.41
|
$89,939.89
|
|||
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
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
|
1/01/2013 - 1/31/2013
|
2/01/2013 - 2/28/2013
|
3/01/2013 - 3/31/2013
|
4/01/2013 - 4/30/2013
|
|||
|
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
|
2,610.10
|
2,623.70
|
412.90
|
5,400.40
|
1,978.80
|
|||||
|
4.
|
McFadden, Fincham
|
795.00
|
4,574.70
|
4,637.00
|
2,963.80
|
2,295.90
|
2,705.94
|
4,325.20
|
|||||
|
5.
|
Streusand, Landon & Ozburn LLP
|
184,590.86
|
134,526.80
|
169,653.30
|
122,122.78
|
34,639.76
|
49,464.55
|
||||||
|
6.
|
Virtual CFO
|
16,432.93
|
|||||||||||
|
7.
|
VMW Accountants
|
2,433.72
|
940.36
|
738.42
|
1,993.12
|
393.54
|
508.97
|
1,370.38
|
1,203.58
|
||||
|
8.
|
KIM & CHANG
|
1,587.24
|
11,543.99
|
4,540.48
|
6,027.59
|
||||||||
|
9.
|
KRAUS & WEISERT
|
10,232.85
|
1,344.39
|
18,876.58
|
1,704.20
|
1,074.20
|
|||||||
|
10.
|
MIURA & ASSOCIATES
|
5,691.74
|
11,060.70
|
10,673.80
|
1,905.97
|
||||||||
|
11.
|
WELLS, ST. JOHN PS
|
1,225.00
|
275.00
|
850.00
|
2,500.00
|
1,175.00
|
|||||||
|
12.
|
Wilson Sonsini Goodrich & Rosati
|
25,000.00
|
25,000.00
|
20,776.90
|
30,906.55
|
25,000.00
|
25,000.00
|
||||||
|
13.
|
Pope, Shamsie & Dooley, LLP
|
7,524.00
|
1,353.75
|
10,652.25
|
10,569.00
|
1,449.00
|
|||||||
|
14.
|
DIMOCK STRATTON LLP
|
695.99
|
1,171.88
|
10,230.73
|
25,000.00
|
||||||||
|
15.
|
BRINKMAN PORTILLO, PC
|
170,774.82
|
31,463.02
|
90,947.43
|
69,692.07
|
||||||||
|
16.
|
Spruson & Ferguson
|
3,200.00
|
|||||||||||
|
TOTAL PROFESSIONALS (MOR-1)
|
$45,000.00
|
$40,795.00
|
$246,429.39
|
$58,616.42
|
$187,551.30
|
$378,072.64
|
$180,483.24
|
$203,202.76
|
$74,830.89
|
$157,387.40
|
|||
| * | Includes $1357.05 per month reimbursement for self paid health insurance |
| MOR-9 |
Revised 07/01/98
|
|
EXHIBIT A - Other Accrued Expenses as of April 30,2013
|
||||||
|
CREDITOR’S NAME, MAILING ADDRESS INCLUDING ZIP CODE AND AN ACCOUNT NUMBER
|
DESCRIPTION OF LIABILITY
|
Post Petition Liability
|
||||
|
AT&T
P.O.Box 5091
Carol Stream, IL 60197
Account # 6289934 &999816216
|
Telecommunications
|
32,740.64 | ||||
|
Commercial Protective Services, Inc.
436 W. Walnut Street
Gardena, CA 90248
Account # N/A
|
Security Services
|
3,269.15 | ||||
|
Directors'fee
Technology Blvd #950
Austin, TX 78727
Account # N/A
|
BOD
|
4,000.00 | ||||
|
GemCap Lending I, LLC
24955 Pacific Coast Highway 3 A202
Malibu, CA 90265
Account # NA
|
DIP Financing - Accrued fees
|
3,642.18 | ||||
|
JOHN R. AMES, CTA
DALLAS COUNTY TAX OFFICE
P.O. BOX 139066
DALLAS, TX 75313
Account # 99100503135000000
|
Property tax
|
3,303.53 | ||||
|
MARY MCGUFFEY
CITY OF COPPELL
P.O. BOX 9478
COPPELL, TX 75019
Account #99100503135000000
|
Property tax
|
10,725.69 | ||||
|
METAL CONVERSION TECH. LLC
1 E.PORTER STREET
CARTERSVILLE, GA 30120
Account # NA
|
Disposal of hazardous material
|
12,300.00 | ||||
|
MICHELE W. SHAFE
CLARK COUNTY ASSESSOR
12500 S. GRAND CENTRAL PARKWAY, 2ND FLOOR
LAS VEGAS, NV 89155
Account # 03177499
|
Property tax
|
793.44 | ||||
|
Office of the US Trustee
903 San Jacinto Blvd #230
Austin , TX 78701
Case # 12-11580
|
Bankruptcy administration
|
6,666.66 | ||||
|
ROUND ROCK TAX OFFICE TAX ASSESSOR COLLECTOR
1311 ROUND ROCK AVENUE
ROUND ROCK, TX 78681
Account # P1947040393823
|
Property tax
|
2,250.32 | ||||
|
Matthew Reed
8828 West Griswold Road
Peoria , AZ 86345
Account # N/A
|
Consultant- IT
|
2,000.00 | ||||
|
Kuehne+Nagel
P.O.Box 894095
Los Angeles, CA 90189
Account # 6700981
|
Freight
Shipping and Duties- USA
|
5,328.45 | ||||
|
Technology Navigators
P.O. Box 583
Austin, TX 78767
Account # N/A
|
Temporary Labor
|
15,735.63 | ||||
|
Knight Janitorial
901 Waterfall Way, Ste 307
Richardson, TX 75080
Account # N/A
|
Janitorial services
|
3,254.00 | ||||
|
SILICON VALLEY BANK
P.O. BOX 7078
CROSSLANES, WV 25356
Account # 5478 5400 1011 2842
|
Credit card
|
21,723.12 | ||||
|
US Bancorp EquipmentFinance
1450 Channel Parkway
Marshall, MN 56258
Account # 600-9026590-000
|
Phone system rental
|
1,958.24 | ||||
|
WILLIAMSON COUNTY TAX OFFICE
904 SOUTH MAIN STREET
GEORGETOWN, TX 78626
Account # P468793
|
Property tax
|
1,805.20 | ||||
|
Tianjin Lishen Battery Joint-
6 Lanyuan Road
Huayuan Hi-Tech Industry Park,
Tianjin 300384, PR China
Account # Valence Energy
|
Legal fees due 7/31/2014
|
7,000.00 | ||||
|
Total
|
138,496.26 | |||||
|
EXHIBIT A - Received but not Invoiced as of April 30,2013
|
||||||
|
CREDITOR’S NAME, MAILING ADDRESS INCLUDING ZIP CODE AND ACCOUNT NUMBER
|
DESCRIPTION OF LIABILITY
|
Post-Petition
|
Pre-Petition
|
|||
|
INTERTEK TESTING SERVICES NA, INC,
1809 10TH STREET, SUITE 400
PLANO, TX 75074
Account # 99411
|
Testing services
|
1,800.00 | ||||
|
Evraz
200 East Randolp Dr. Suite 7800
Chicago, IL 60601
Account # N/A
|
Chemicals
|
810.00 | ||||
|
CURRENTWAYS TECHNOLOGIES
10221 BUENA VISTA AVE
SANTEE, CA 92071
Account # N/A
|
Tools and Equipments
|
2,350.00 | ||||
|
ONLINE COMPONENTS.COM
11125 S. Eastern Ave Ste 120
Henderson, NV 89052
Account # N/A
|
Parts
|
172.55 | ||||
|
Total
|
5,132.55 | |||||
|
General Ledger Accruals for Estimated Expenses as of April 30,2013
|
|||||||||||||||
|
Ledger account
|
Account name
|
Post-Petition
|
Pre-Petition
|
Closing Balance
|
|||||||||||
| 12012 |
Current portion - Deferred rent
|
(12,113.00 | ) | 40,056.00 | 27,943.00 | ||||||||||
| 12101 |
Garnishments payable
|
0.00 | 0.00 | 0.00 | |||||||||||
| 12102 |
Payroll clearing
|
208,077.70 | (58,794.88 | ) | 149,282.82 | ||||||||||
| 12103 |
Accrued vacation
|
(21,138.11 | ) | 261,094.31 | 239,956.20 | ||||||||||
| 12105 |
Medical insurance payable
|
(434.04 | ) | (535.96 | ) | (970.00 | ) | ||||||||
| 12107 |
401(k) payable
|
3,340.20 | 2,641.10 | 5,981.30 | |||||||||||
| 12108 |
Bonus payable
|
(127,668.32 | ) | 141,960.03 | 14,291.71 | ||||||||||
| 12109 |
SAR liability
|
0.00 | 0.00 | 0.00 | |||||||||||
| 12211 |
Extended warranty reserve
|
(5,481.00 | ) | 6,577.40 | 1,096.40 | ||||||||||
| 12303 |
Customer deposits
|
132,352.81 | 17,945.01 | 150,297.82 | |||||||||||
| 12310 |
Reserve for customer rebates
|
(23,377.00 | ) | 203,275.00 | 179,898.00 | ||||||||||
| 12706 |
Deferred rent
|
(20,953.00 | ) | 20,953.00 | 0.00 | ||||||||||
|
Total
|
$132,606.24 | $635,171.01 | |||||||||||||
| 12210 |
Warranty Reserve
|
$48,267.28 | $1,124,919.97 | 1,173,187.25 | |||||||||||
| 12221 |
Dividends Payable
|
$0.00 | $1,168,601.14 | 1,168,601.14 | |||||||||||
|
Grand Total
|
$324,502.33 |
MOR-7
|
EXHIBIT B - Other Cash Receipts April 2013
|
|||
|
Date
|
Subsidiary/Company
|
Description
|
Amount
|
|
Interest Earned:
|
|||
|
4/5/2013
|
Silicon Valley Bank
|
Interest earned on CD deposit account held at Silicon Valley Bank
|
10.62
|
|
4/1/2013
|
Silicon Valley Bank
|
Interest paid on Silicon Valley Bank Investment account
|
0.02
|
|
Transfer Between Accounts:
|
|||
|
Vendor Refund:
|
|||
|
4/2/2013
|
Willis Insurance
|
Insurance Refund
|
$3,431.00
|
|
Sale of Shares
|
|||
|
4/18/2013
|
Prudential
|
Sale of Shares owned
|
$32,428.89
|
|
4/2/2013
|
Prudential
|
Dividend Paid
|
$222.80
|
|
Foreign Exchange Adjustment
|
|||
|
4/30/2013
|
Fortis Bank, Belgium
|
End of Month Foreign Exchange Adjustment
|
$29.57
|
|
$36,122.90
|
|||
MOR-7
|
EXHIBIT C - Other Cash Disbursements April 2013
|
||||||
|
Payments to Subsidiaries or Payments on Behalf of Subsidiaries
|
||||||
|
Date
|
Subsidiary/Company
|
Description
|
Amount
|
|||
|
4/23/2013
|
VALENCE (SIP) - VET
|
Wire Transfer sent to Valence VET for purchase of finished goods
|
1,200,000.00 | |||
|
4/18/2013
|
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
|
60,090.07 | |||
|
4/9/2013
|
VALENCE CAYMAN INC.
|
Transfer to UK Subsidiary for Operational Expenses
|
61,440.00 | |||
|
Foreign Exchange Adjustment
|
||||||
| $1,321,530.07 | ||||||
|
Customer Payments Remitted to GemCap for Payment on Loan
|
||||||
|
Date
|
Subsidiary/Company
|
Description
|
Amount
|
|||
|
4/30/2013
|
GemCap Lending I, LLC
|
Accounts Receivable payments transferred to GemCap DIP Lender
|
3,830,723.70 | |||
| $3,830,723.70 | ||||||
|
Cure Payments Remitted
|
||||||
|
Date
|
Subsidiary/Company
|
Description
|
Amount
|
|||
|
9/17/2012
|
Kuehne+Nagel Logistics, NV
|
1st Weekly Cure Payment
|
10,000.00 | |||
|
9/25/2012
|
Kuehne+Nagel Logistics, NV
|
2nd Weekly Cure Payment
|
10,000.00 | |||
|
9/17/2012
|
Kuehne + Nagel, Inc.
|
1st Weekly Cure Payment
|
10,000.00 | |||
|
9/26/2012
|
Kuehne + Nagel, Inc.
|
2nd Weekly Cure Payment
|
10,000.00 | |||
|
Total September Payments:
|
40,000.00 | |||||
|
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 | |||
|
Total October Payments:
|
$100,000.00 | |||||
|
11/8/2012
|
KUEHNE & NAGEL LOGISTICS NV
|
8th Weekly Cure Payment
|
10,000.00 | |||
|
11/16/2012
|
KUEHNE & NAGEL LOGISTICS NV
|
9th Weekly Cure Payment
|
10,000.00 | |||
|
11/20/2012
|
KUEHNE & NAGEL LOGISTICS NV
|
10th Weekly Cure Payment-Final
|
5,802.25 | |||
|
11/8/2012
|
KUEHNE & NAGEL, INC.
|
8th Weekly Cure Payment
|
10,000.00 | |||
|
11/16/2012
|
KUEHNE & NAGEL, INC.
|
9th Weekly Cure Payment-Final
|
8,928.59 | |||
|
11/13/2012
|
TIANJIN LISHEN BATTERY
|
1st-3rd Monthly Cure Payment
|
150,000.00 | |||
|
11/29/2012
|
TIANJIN LISHEN BATTERY
|
4th Monthly Cure Payment
|
50,000.00 | |||
|
Total November Payments:
|
$244,730.84 | |||||
|
12/31/2012
|
TIANJIN LISHEN BATTERY
|
5th Monthly Cure Payment
|
100,000.00 | |||
|
Total December Payments:
|
$100,000.00 | |||||
|
1/30/2013
|
TIANJIN LISHEN BATTERY
|
6th Monthly Cure Payment
|
100,000.00 | |||
|
Total January Payments:
|
$100,000.00 | |||||
|
2/27/2013
|
TIANJIN LISHEN BATTERY
|
7th Monthly Cure Payment
|
100,000.00 | |||
|
Total February Payments:
|
$100,000.00 | |||||
|
3/29/2013
|
TIANJIN LISHEN BATTERY
|
8th Monthly Cure Payment
|
150,000.00 | |||
|
Total March Payments:
|
$150,000.00 | |||||
|
4/29/2013
|
TIANJIN LISHEN BATTERY
|
9th Monthly Cure Payment
|
150,000.00 | |||
|
Total April Payments:
|
$150,000.00 | |||||
|
Grand Total All Other April 2013 Cash Disbursements:
|
$5,302,253.77 | |||||
MOR-7
|
EXHIBIT D - Other Reorganization Expenses April 2013
|
|||
|
Date
|
Vendor
|
Description
|
Amount
|
|
4/8/2013
|
GemCap Lending I, LLC
|
Interest and Fees
|
38,984.47
|
|
4/22/2013
|
GemCap Lending I, LLC
|
Reimbursement to GemCap for legal fees
|
137.50
|
|
4/12/2013
|
KPMG Corporate Finance LLC
|
Non refundable retainer fees and expenses
|
17,192.00
|
|
4/12/2013
|
Roth Capital Partners
|
Non refundable retainer fees
|
30,000.00
|
|
$ 86,313.97
|
|||