Attached files
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8-K - FORM 8-K - LOCAL Corp | d102440d8k.htm |
Exhibit 99.1
Case 8:15-bk-13153-SC Doc 275 Filed 12/17/15 Entered 12/17/15 16:46:28 Desc
UNITED STATES DEPARTMENT OF JUSTICE
OFFICE OF THE UNITED STATES TRUSTEE
CENTRAL DISTRICT OF CALIFORNIA
In Re: | CHAPTER 11 (BUSINESS) | |||||
Local Corporation, | Case Number: | 8:15-bk-13153 SC | ||||
dba Local.Com Corporation, | Operating Report Number: | 6 | ||||
Debtor(s). | For the Month Ending: | 11/30/2015 |
I. CASH RECEIPTS AND DISBURSEMENTS
A. (GENERAL ACCOUNT*)
1. TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS |
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9,222,501.11 | ||||||||
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2. LESS: TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL ACCOUNT REPORTS |
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6,859,935.77 | ||||||||
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3. BEGINNING BALANCE: |
2,362,565.34 | |||||||||
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4. RECEIPTS DURING CURRENT PERIOD: | ||||||||||
Accounts Receivable - Post-filing |
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Accounts Receivable - Pre-filing |
5,062,956.89 | |||||||||
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General Sales |
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Other (Specify) |
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**Other (Specify) |
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TOTAL RECEIPTS THIS PERIOD: |
5,062,956.89 | |||||||||
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5. BALANCE: |
7,425,522.23 | |||||||||
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6. LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD |
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Transfers to Other DIP Accounts (from page 2) |
0.00 | |||||||||
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Disbursements (from page 2) |
3,324,206.16 | |||||||||
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TOTAL DISBURSEMENTS THIS PERIOD:*** |
3,324,206.16 | |||||||||
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7. ENDING BALANCE: |
4,101,316.07 | |||||||||
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8. General Account Number(s): |
XXXXX1477 | |||||||||
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Depository Name & Location: |
Wells Fargo | |||||||||
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* | All receipts must be deposited into the general account. |
** | Include receipts from the sale of any real or personal property out of the ordinary course of business; attach an exhibit specifying what was sold, to whom, terms, and date of Court Order or Report of Sale. |
*** | This amount should be the same as the total from page 2. |
Page 1 of 10
Case 8:15-bk-13153-SC Doc 275 Filed 12/17/15 Entered 12/17/15 16:46:28 Desc
GENERAL ACCOUNT
BANK RECONCILIATION
Bank statement Date: | 11/30/2015 | Balance on Statement: | $ | 4,101,316.07 | ||||||||
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Plus deposits in transit (a): |
Deposit Date |
Deposit Amount | ||||||||||
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TOTAL DEPOSITS IN TRANSIT |
0.00 | |||||||||||
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Less Outstanding Checks (a): |
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Check Number | Check Date | Check Amount | ||||||||||
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TOTAL OUTSTANDING CHECKS: |
0.00 | |||||||||||
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Bank statement Adjustments: |
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Explanation of Adjustments- |
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ADJUSTED BANK BALANCE: |
$ | 4,101,316.07 | ||||||||||
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* | It is acceptable to replace this form with a similar form |
** | Please attach a detailed explanation of any bank statement adjustment |
Page 2 of 10
Case 8:15-bk-13153-SC Doc 275 Filed 12/17/15 Entered 12/17/15 16:46:28 Desc
I. CASH RECEIPTS AND DISBURSEMENTS
C. (Merchant Account)
1. TOTAL RECEIPTS PER ALL PRIOR MERCHANT ACCOUNT REPORTS |
$ | 4,679,457.53 | ||||||
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2. LESS: TOTAL DISBURSEMENTS PER ALL PRIOR Merchant ACCOUNT REPORTS |
$ | 4,679,457.53 | ||||||
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3. BEGINNING BALANCE: |
$ | 0.00 | ||||||
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4. RECEIPTS DURING CURRENT PERIOD: |
$ | 1,929,884.72 | ||||||
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5. BALANCE: |
$ | 1,929,884.72 | ||||||
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6. LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD TOTAL DISBURSEMENTS THIS PERIOD:*** |
$ | 1,929,884.72 | ||||||
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7. ENDING BALANCE: |
$ | 0.00 | ||||||
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8. Merchant Account Number(s): |
XXX0049 | |||||||
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Depository Name & Location: |
Square 1 Merchant Account | |||||||
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Page 3 of 10
Case 8:15-bk-13153-SC Doc 275 Filed 12/17/15 Entered 12/17/15 16:46:28 Desc
I. D SUMMARY SCHEDULE OF CASH
ENDING BALANCES FOR THE PERIOD:
(Provide a copy of monthly account statements for each of the below)
General Account: |
$ | 4,101,316.07 | ||||||||||
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Payroll Account: |
$ | 0.00 | ||||||||||
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Tax Account: |
$ | 0.00 | ||||||||||
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*Other Accounts: |
Merchant Account | $ | 0.00 | |||||||||
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*Other Monies: |
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**Petty Cash (from below): |
$ | 0.00 | ||||||||||
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TOTAL CASH AVAILABLE: |
$ | 4,101,316.07 | ||||||||||
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Petty Cash Transactions: |
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Date | Purpose | Amount | ||||||||||
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TOTAL PETTY CASH TRANSACTIONS: |
0.00 | |||||||||||
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* | Specify the Type of holding (e.g. CD, Savings Account, Investment Security), and the depository name, location & account# |
** | Attach Exhibit Itemizing all petty cash transactions |
Page 4 of 10
Case 8:15-bk-13153-SC Doc 275 Filed 12/17/15 Entered 12/17/15 16:46:28 Desc
II. STATUS OF PAYMENTS TO SECURED CREDITORS, LESSORS
AND OTHER PARTIES TO EXECUTORY CONTRACTS
Creditor, Lessor, Etc. |
Frequency of Payments (Mo/Qtr) |
Amount of Payment | Post-Petition payments not made (Number) |
Total Due | ||||||
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TOTAL DUE: |
0.00 | |||||||||
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III. TAX LIABILITIES
FOR THE REPORTING PERIOD:
Gross Sales Subject to Sales Tax: |
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Total Wages Paid: |
465,460.75 | |||
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Total Post-Petition Amounts Owing |
Amount Delinquent | Date Delinquent Amount Due | ||||||||
Federal Withholding |
75,776.55 | |||||||||
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State Withholding |
26,113.49 | |||||||||
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FICA- Employers Share |
13,388.30 | |||||||||
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FICA- Employees Share |
13,388.30 | |||||||||
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Federal Unemployment |
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Sales and Use |
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Real Property |
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Other: |
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TOTAL: |
128,666.64 | 0.00 | ||||||||
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Page 5 of 10
Case 8:15-bk-13153-SC Doc 275 Filed 12/17/15 Entered 12/17/15 16:46:28 Desc
IV. AGING OF ACCOUNTS PAYABLE AND RECEIVABLE
*Accounts Payable | Accounts Receivable | |||||||||||
Post-Petition | Pre-Petition | Post-Petition | ||||||||||
30 days or less |
2,554,462.35 | 2,552,278.43 | ||||||||||
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31 - 60 days |
606.02 | |||||||||||
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61 - 90 days |
221,497.06 | |||||||||||
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91 - 120 days |
322,454.56 | |||||||||||
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Over 120 days |
937,366.24 | |||||||||||
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TOTAL: |
2,554,462.35 | 1,259,820.80 | 2,774,381.51 | |||||||||
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V. INSURANCE COVERAGE
Name of Carrier | Amount of Coverage |
Policy Expiration Date |
Premium Paid Through (Date) | |||||||||
General Liability |
Hartford | 3,000,000.00 | 10/18/2016 | Full Paid | ||||||||
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Workers Compensation |
One Beacon | 1,000,000.00 | 4/10/2016 | Full Paid | ||||||||
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Casualty |
Hartford | 5,764,000.00 | 10/18/2016 | Full Paid | ||||||||
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Vehicle |
Hartford | 1,000,000.00 | 10/18/2016 | Full Paid | ||||||||
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Others: |
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VI. UNITED STATES TRUSTEE QUARTERLY FEES
(TOTAL PAYMENTS)
Quarterly Period Ending (Date) |
Total Disbursements |
Quarterly Fees | Date Paid | Amount Paid | Quarterly Fees Still Owing |
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30-Jun-2015 |
256,888.91 | 1,625.00 | 1-Aug-2015 | 1,950.00 | (325.00 | ) | ||||||||||||||
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30-Sep-2015 |
5,102,390.35 | 13,000.00 | 2-Nov-2015 | 12,675.00 | 325.00 | |||||||||||||||
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14,625.00 | 14,625.00 | 0.00 | ||||||||||||||||||
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* | Post-Petition Accounts Payable SHOULD NOT include professionals fees and expenses which have been incurred but not yet awarded by the court. Post-Petition Accounts Payable SHOULD include professionals fees and expenses authorized by Court Order but which remain unpaid as of the close of the period report |
Page 6 of 10
Case 8:15-bk-13153-SC Doc 275 Filed 12/17/15 Entered 12/17/15 16:46:28 Desc
VII SCHEDULE OF COMPENSATION PAID TO INSIDERS
Name of Insider |
Date of Order Authorizing Compensation |
*Authorized Gross Compensation | Gross Compensation Paid During the Month |
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Ken Cragun |
7/6/2015 | 31,748.00 | 31,748.00 | |||||||||
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Scott Reinke |
7/6/2015 | 30,806.73 | 30,806.73 | |||||||||
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Fred Thiel |
7/6/2015 | 49,928.07 | 49,928.07 | |||||||||
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Payment of post-petition accrual of unpaid vacation: |
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Ken Cragun |
10,952.61 | |||||||||||
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Scott Reinke |
9,596.41 | |||||||||||
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Fred Thiel |
14,516.76 | |||||||||||
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VIII. SCHEDULE OF OTHER AMOUNTS PAID TO INSIDERS
Name of Insider |
Date of Order Authorizing Compensation |
Description | Amount Paid During the Month | |||
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* | Please indicate how compensation was identified in the order (e.g. $1,000/week, $2,500/month) |
Page 7 of 10
Case 8:15-bk-13153-SC Doc 275 Filed 12/17/15 Entered 12/17/15 16:46:28 Desc
IX. PROFIT AND LOSS STATEMENT
(ACCRUAL BASIS ONLY)
Current Month | Cumulative Post-Petition | |||||||
Sales/Revenue: |
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Gross Sales/Revenue |
2,292,415 | 11,937,119 | ||||||
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Less: Returns/Discounts |
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Net Sales/Revenue |
2,292,415 | 11,937,119 | ||||||
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Cost of Goods Sold: |
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Beginning Inventory at cost |
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TAC |
2,147,159 | 9,994,600 | ||||||
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Less: Ending Inventory at cost |
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Cost of Goods Sold (COGS) |
2,147,159 | 9,994,600 | ||||||
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Gross Profit |
145,256 | 1,942,519 | ||||||
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Other Operating Income (Itemize) |
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Operating Expenses: |
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Payroll - Insiders |
88,667 | 374,820 | ||||||
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Payroll - Other Employees |
492,307 | 1,928,941 | ||||||
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Payroll Taxes |
44,445 | 176,238 | ||||||
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Benefits |
60,932 | 258,071 | ||||||
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Connectivity & Content |
93,746 | 460,885 | ||||||
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Credit Card Fees |
2,650 | 49,284 | ||||||
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Other Taxes (Itemize) |
0 | |||||||
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Depreciation and Amortization |
343,195 | 1,442,651 | ||||||
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Rent Expense - Real Property |
65,167 | 145,450 | ||||||
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Lease Expense - Personal Property |
8,510 | 28,477 | ||||||
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Insurance |
6,403 | 27,409 | ||||||
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Real Property Taxes |
0 | |||||||
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Telephone, Utilities, Office Expense |
33,029 | 207,106 | ||||||
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Repairs and Maintenance |
4,977 | 33,267 | ||||||
|
|
|
|
|||||
Travel and Entertainment (Itemize) |
0 | 0 | ||||||
|
|
|
|
|||||
Consulting |
47,504 | 90,704 | ||||||
|
|
|
|
|||||
Advertising and Marketing |
0 | 105,775 | ||||||
|
|
|
|
|||||
Miscellaneous Operating Expenses (Itemize) |
0.00 | 0 | ||||||
|
|
|
|
|||||
Total Operating Expenses |
1,291,532 | 5,329,077 | ||||||
|
|
|
|
|||||
|
|
|
|
|||||
Net Gain/(Loss) from Operations |
(1,146,276 | ) | (3,386,558 | ) | ||||
|
|
|
|
|||||
Non-Operating Income: |
||||||||
Interest Income |
0 | 0 | ||||||
|
|
|
|
|||||
Net Gain on Sale of Assets (Itemize) |
0 | 0 | ||||||
|
|
|
|
|||||
Other (Itemize)-Impairment of goodwill and intangbiles |
(18,490,134 | ) | (18,490,134 | ) | ||||
|
|
|
|
|||||
Total Non-Operating income |
(18,490,134 | ) | (18,490,134 | ) | ||||
|
|
|
|
|||||
Non-Operating Expenses: |
||||||||
Interest Expense |
||||||||
|
|
|
|
|||||
Legal and Professional (Itemize) - Winthrop Couchot |
151,797 | 455,377 | ||||||
|
|
|
|
|||||
Stock Compensation |
45,096 | 135,288 | ||||||
|
|
|
|
|||||
Other (Itemize) |
||||||||
|
|
|
|
|||||
Total Non-Operating Expenses |
196,893 | 590,665 | ||||||
|
|
|
|
|||||
|
|
|
|
|||||
NET INCOME/(LOSS) |
(19,833,303 | ) | (22,467,357 | ) | ||||
|
|
|
|
(Attach exhibit listing all itemizations required above)
Page 8 of 10
Case 8:15-bk-13153-SC Doc 275 Filed 12/17/15 Entered 12/17/15 16:46:28 Desc
X. BALANCE SHEET
(ACCRUAL BASIS ONLY)
Current Month End | ||||||||
ASSETS |
||||||||
Current Assets: |
||||||||
|
|
|||||||
Unrestricted Cash |
4,101,316.07 | |||||||
|
|
|||||||
Restricted Cash |
0.00 | |||||||
|
|
|||||||
Accounts Receivable |
4,034,202.31 | |||||||
|
|
|||||||
Inventory |
0.00 | |||||||
|
|
|||||||
Notes Receivable |
0.00 | |||||||
|
|
|||||||
Prepaid Expenses |
824,833.00 | |||||||
|
|
|||||||
Other (Itemize) |
||||||||
|
|
|
|
|||||
Total Current Assets |
8,960,351.38 | |||||||
|
|
|||||||
Property, Plant, and Equipment |
22,678,977.00 | |||||||
|
|
|||||||
Accumulated Depreciation/Depletion |
(20,958,605.00 | ) | ||||||
|
|
|
|
|||||
Net Property, Plant, and Equipment |
1,720,372.00 | |||||||
|
|
|||||||
Other Assets (Net of Amortization): |
||||||||
Due from Insiders |
0.00 | |||||||
|
|
|||||||
Goodwill |
0.00 | |||||||
|
|
|||||||
Intangible Assets |
1,399,628.00 | |||||||
|
|
|||||||
Deposits |
60,005.00 | |||||||
|
|
|||||||
Other (Itemize) |
0.00 | |||||||
|
|
|
|
|||||
Total Other Assets |
1,459,633.00 | |||||||
|
|
|||||||
|
|
|||||||
TOTAL ASSETS |
12,140,356.38 | |||||||
|
|
|||||||
LIABILITIES |
||||||||
|
|
|||||||
Post-petition Liabilities: |
||||||||
|
|
|||||||
Accounts Payable |
2,554,462.35 | |||||||
|
|
|||||||
Taxes Payable |
0.00 | |||||||
|
|
|||||||
Notes Payable |
0.00 | |||||||
|
|
|||||||
Professional fees |
0.00 | |||||||
|
|
|||||||
Secured Debt |
0.00 | |||||||
|
|
|||||||
Other (Itemize) |
||||||||
|
|
|
|
|||||
Total Post-petition Liabilities |
2,554,462.35 | |||||||
|
|
|||||||
Pre-petition Liabilities: |
||||||||
Secured Liabilities |
2,130,065.96 | |||||||
|
|
|||||||
Priority Liabilities |
162,082.23 | |||||||
|
|
|||||||
Unsecured Liabilities |
26,404,640.72 | |||||||
|
|
|||||||
Deferred Revenue |
112,462.00 | |||||||
|
|
|
|
|||||
Total Pre-petition Liabilities |
28,809,250.91 | |||||||
|
|
|||||||
|
|
|||||||
TOTAL LIABILITIES |
31,363,713.26 | |||||||
|
|
|||||||
EQUITY: |
||||||||
Pre-petition Owners Equity |
3,244,000.49 | |||||||
|
|
|||||||
Post-petition Profit/(Loss) |
(22,467,357.37 | ) | ||||||
|
|
|||||||
Direct Charges to Equity |
0.00 | |||||||
|
|
|
|
|||||
TOTAL EQUITY |
(19,223,356.88 | ) | ||||||
|
|
|||||||
|
|
|||||||
TOTAL LIABILITIES & EQUITY |
12,140,356.38 | |||||||
|
|
|||||||
(0.00 | ) |
Page 9 of 10
Case 8:15-bk-13153-SC Doc 275 Filed 12/17/15 Entered 12/17/15 16:46:28 Desc
XI. QUESTIONNAIRE
No | Yes | |||||
1. | Has the debtor-in-possession made any payments on its pre-petition unsecured debt, except as have been authorized by the court? If Yes, explain below: | x | ¨ | |||
|
||||||
No | Yes | |||||
2. | Has the debtor-in-possession during this reporting period provided compensation or remuneration to any officers, directors, principals, or other insiders without appropriate authorization? If Yes, explain below: | x | ¨ | |||
|
||||||
3. | State what progress was made during the reporting period toward filing a plan of reorganization Held a Section 363 auction and hearing to confirm auction results |
|||||
4. | Describe potential future developments which may have a significant impact on the case: Asset Purchase Agreement closed with Media.net on December 1, 2015 |
|||||
5. | Attach copies of all Orders granting relief from the automatic stay that were entered during the reporting period. | |||||
No | Yes | |||||
6. | Did you receive any exempt income this month, which is not set forth in the operating report? If Yes, please set forth the amounts and sources of the income below. | ¨ | ¨ | |||
|
||||||
I, | Kenneth S. Cragun, Chief Financial Officer, declare under penalty of perjury that I have fully read and understood the foregoing debtor-in-possession operating report and that the information contained herein is true and complete to the best of my knowledge. |
12/17/15 |
/s/ Kenneth S. Cragun | |||
Date | Principal for debtor-in-possession |
Page 10 of 10