Exhibit 99.1

 

UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

 

In re Nuo Therapeutics, Inc.	Case No. 16-10192 (MFW)
Debtor	Reporting Period: April 1 - May 5, 2016

 

MONTHLY OPERATING REPORT ^*

 

Required Documents		Form No.		Document Attached		Explanation Attached		Affidavit or Supplement Attached
Schedule of Cash Receipts and Disbursements		MOR-1		ü
Bank Reconciliation (or copies of debtor's bank reconciliations)		MOR-1a		ü				ü
Schedule of Professional Fees Paid		MOR-1b		ü
Copies of bank statements								ü
Cash disbursements journals								ü
Statement of Operations		MOR-2		ü				ü
Balance Sheet		MOR-3		ü
Status of Postpetition Taxes		MOR-4		ü				ü
Copies of IRS Form 6123 or payment receipt								ü
Copies of tax returns filed during reporting period								ü
Summary of Unpaid Postpetition Debts		MOR-4		ü
Listing of aged accounts payable		MOR-4				ü
Accounts Receivable Reconciliation and Aging		MOR-5		ü
Debtor Questionnaire		MOR-5		ü

 

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.

 

/s/ David E. Jorden			June 3, 2016
Signature of authorized individual			Date
David E. Jorden			Acting CEO and Acting CFO
Printed name of authorized individual			Title of authorized individual

 

* The information contained herein is provided as required by the Office of the United States Trustee. This Monthly Operating Report has been prepared based on information available to the Debtor as of the ending date in the reporting period shown above, and such information may be incomplete in certain respects. All information contained herein is unaudited and subject to future adjustments, which could be material. Nothing contained in this Monthly Operating Report shall constitute a waiver of any of the Debtor's rights or an admission with respect to its Chapter 11 proceedings. The Debtor reserves all rights to amend, modify or supplement this Monthly Operating Report.

 

 

In re Nuo Therapeutics, Inc.	Case No. 16-10192 (MFW)
Debtor	Reporting Period: April 1 - May 5, 2016

 

MOR-1

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS ¹

 

		BANK ACCOUNTS																								CURRENT PERIOD								FILING TO DATE
		Business checking (Capital One)				Business money market (Capital One)				Certificate of deposit (Capital One)				Business money market (Capital One)				Business checking Class 4 (Capital One)				Cash reserves (Fidelity)				ACTUAL				PROJECTED 2				ACTUAL				PROJECTED 3
Account number ending in		0542				9462				4101				6936				3928				2370
Beginning cash balance			679,991				361				53,427				-				-				0				733,779				634,435				91,158				91,158
RECEIPTS
Revenue collections			290,750				-				-				-				-				-				290,750				164,800				553,470				427,520
Loans and advances			3,250,000				-				-				-				-				-				3,250,000				3,250,000				5,750,000				5,750,000
Sweeps from / (to) other accounts			-				-				-				-				-				-				-				-				-				-
Transfers from other accounts			-				-				-				-				-				-				-				-				-				-
Proceeds from sale of assets			-				-				-				-				-				-				-				-				-				-
Proceeds from capital raise			-				-				-				5,212,375				2,250,250				-				7,462,625				-				7,462,625				-
Other collections			-				0				-				-				-				-				0				-				6,199				6,199
TOTAL RECEIPTS			3,540,750				0				-				5,212,375				2,250,250				-				11,003,375				3,414,800				13,772,294				6,183,719
DISBURSEMENTS
Payroll and payroll taxes			237,226				-				-				-				-				-				237,226				235,553				578,912				811,347
Sales commissions			-				-				-				-				-				-				-				30,000				13,730				64,410
Employee benefits			5,757				-				-				-				-				-				5,757				44,643				38,210				105,994
Employee travel and entertainment			28,941				-				-				-				-				-				28,941				53,789				55,291				99,710
Research and development services			530				-				-				-				-				-				530				52,577				530				52,577
Inventory purchases			22,251				-				-				-				-				-				22,251				66,136				30,835				152,026
Outside services			13,626				-				-				-				-				-				13,626				22,435				24,156				48,602
Marketing expense			14,860				-				-				-				-				-				14,860				61,323				14,860				61,323
Reimbursement expense			19,300				-				-				-				-				-				19,300				52,896				19,300				55,757
Investor relations			550				-				-				-				-				-				550				7,801				550				9,083
Insurances			-				-				-				-				-				-				-				-				47,187				62,675
Information technology			36,414				-				-				-				-				-				36,414				8,957				36,414				65,255
Supplies			-				-				-				-				-				-				-				24,302				-				24,302
Utilities			4,366				-				-				-				-				-				4,366				3,245				4,526				11,697
Licensing fees			900				-				-				-				-				-				900				3,069				900				3,940
Professional fees, ordinary course			31,097				-				-				-				-				-				31,097				72,378				31,097				94,826
Board of Directors fees			48,737				-				-				-				-				-				48,737				17,425				48,737				17,425
Excise taxes			-				-				-				-				-				-				-				20,935				5,692				26,628
All other operating disbursements			160,503				-				-				-				-				-				160,503				73,426				187,824				249,891
Bank fees			1,384				-				-				-				-				-				1,384				5,000				1,969				6,216
Income and business taxes			20,650				-				-				-				-				-				20,650				29,570				29,543				41,729
Interest, DIP loan new money			78,822				-				-				-				-				-				78,822				32,885				78,822				32,885
Interest, DIP loan pre-petition roll-up			-				-				-				-				-				-				-				-				-				-
Fees, DIP loan			-				-				-				-				-				-				-				-				67,500				67,500
Professional fees, restructuring			579,375				-				-				-				-				-				579,375				448,187				749,376				1,011,177
U.S. Trustee fees			9,750				-				-				-				-				-				9,750				9,750				9,750				9,750
Transaction fees			-				-				-				-				-				-				-				-				-				-
Vendor deposits			15,000				-				-				-				-				-				15,000				15,000				45,000				70,000
Critical-vendor payments			36,774				-				-				-				-				-				36,774				66,294				263,265				426,491
Priority claims			-				-				-				-				-				-				-				-				-				-
KEIP/KERP			-				-				-				-				-				-				-				-				-				-
All other (sources) / uses			-				-				-				-				-				-				-				-				-				-
Transfers to other accounts			-				-				-				-				-				-				-				-				-				-
TOTAL DISBURSEMENTS			1,366,811				-				-				-				-				-				1,366,811				1,457,575				2,383,976				3,683,216
NET CASH FLOW			2,173,939				0				-				5,212,375				2,250,250				-				9,636,564				1,957,225				11,388,317				2,500,503
Ending cash balance		$	2,853,930			$	362			$	53,427			$	5,212,375			$	2,250,250			$	0			$	10,370,343			$	2,591,660			$	11,479,475			$	2,591,660

 

DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES
TOTAL DISBURSEMENTS (April 1, 2016 through May 5, 2016)			1,366,811
SUBTRACT: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS			0
ADD: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts)			0
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES			1,366,811

 

1. The accounting systems are not primarily designed to produce reports that are consistent with the requirements of the Office of the United States Trustee. The numbers presented in the cash flow are subject to change as additional information is made available. The information contained herein is provided to fulfill the requirements of the Office of the United States Trustee. All information contained herein is unaudited and subject to future adjustments.

 

2. The figures in the Projected column reflect the DIP Budget exhibited in the Notice of Filing of Revised Budget entered on April 24, 2016.

 

3. The figures in the Projected column reflect the sum of actual results from the filing to date through March 31, 2016, and the DIP Budget exhibited in the Notice of Filing of Revised Budget as mentioned above from April 1 through May 5, 2016.

 

 

In re Nuo Therapeutics, Inc.	Case No. 16-10192 (MFW)
Debtor	Reporting Period: April 1 - May 5, 2016

 

MOR-1a

BANK ACCOUNTS ¹

 

Bank name		Account type		Account number		Period-end bank balance
Capital One Bank (USA) N.A.		Business checking		ending in 0542			2,942,432.12
Capital One Bank (USA) N.A.		Business money market		ending in 9462			361.54
Capital One Bank (USA) N.A.		Certificate of deposit for Maryland Board of Pharmacy		ending in 4101			53,462.87
Capital One Bank (USA) N.A.		Business money market		ending in 6936			5,212,375.00
Capital One Bank (USA) N.A.		Business checking - Class 4 account		ending in 6928			2,250,250.00
FMR LLC (Fidelity) 2		Cash reserves		ending in 2370			0.15
TOTAL BANK BALANCE							10,458,881.68

 

1. An attestation regarding the Debtor's bank statements and bank-account reconciliations follows this schedule.

 

2. In accordance with the request of the Office of the United States Trustee, the Debtor requested this account to be closed on Tuesday, March 8, 2016.

 

 

In re Nuo Therapeutics, Inc.	Case No. 16-10192 (MFW)
Debtor	Reporting Period: April 1 - May 5, 2016

 

MOR-1a

ATTESTATION REGARDING BANK ACCOUNTS

 

The above-captioned Debtor hereby submits this attestation regarding disbursement journals and bank-account reconciliations in lieu of providing copies of bank statements and account reconciliations.

 

I attest that each of the bank accounts listed in the preceding schedule is reconciled to monthly bank statements. The Debtor's standard practice is to ensure that each bank account is reconciled to monthly bank statements for each calendar month within 20 days after month end.

 

/s/ David E. Jorden		June 3, 2016
Signature of authorized individual		Date
David E. Jorden		Acting CEO and Acting CFO
Printed name of authorized individual		Title of authorized individual

 

 

In re Nuo Therapeutics, Inc.	Case No. 16-10192 (MFW)
Debtor	Reporting Period: April 1 - May 5, 2016

 

MOR-1b

SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID

This schedule is to include all retained professional payments from case inception to current month.

 

						Amount						Check						Period amount paid								Case-to-date amount paid
Payee		Period covered				approved				Payor		#/EFT				Date paid		Fees				Expenses				Fees				Expenses
Winter Harbor LLC			3/28/16 - 4/3/16				28,551.19			Nuo Therapeutics, Inc.			EFT			4/8/2016			26,289.00				2,262.19
Winter Harbor LLC			4/4/16 - 4/10/16				9,287.28			Nuo Therapeutics, Inc.			EFT			4/12/2016			8,149.00				1,138.28
Winter Harbor LLC			4/11/16 - 4/17/16				16,050.00			Nuo Therapeutics, Inc.			EFT			5/5/2016			14,757.00				1,293.00
Winter Harbor LLC			4/18/16 - 4/24/16				22,045.00			Nuo Therapeutics, Inc.			EFT			5/5/2016			19,724.50				2,320.50
Winter Harbor LLC			4/25/16 - 5/1/16				20,356.38			Nuo Therapeutics, Inc.			EFT			5/5/2016			17,816.50				2,539.88
							96,289.85												86,736.00				9,553.85				435,383.00				31,398.29
Dentons US LLP			1/26/16 - 2/29/16				268,298.40			Nuo Therapeutics, Inc.			EFT			4/22/2016			266,260.60				2,037.80				266,260.60				2,037.80
Ashby & Geddes, P.A.			1/26/16 - 2/29/16				76,072.39			Nuo Therapeutics, Inc.			EFT			4/13/2016			71,338.80				4,733.59				71,338.80				4,733.59
Gordian Group, LLC			1/26/16 - 2/29/16				51,964.32			Nuo Therapeutics, Inc.			EFT			4/27/2016			50,000.00				1,964.32				50,000.00				1,964.32
Epiq Bankruptcy Solutions, LLC			3/1/16 - 3/31/16				61,660.00			Nuo Therapeutics, Inc.			EFT			4/13/2016			24,149.18				37,510.82				51,120.59				81,310.82
Pepper Hamilton LLP			None				-			Nuo Therapeutics, Inc.			None			None			-				-				-				-
Robbins, Salomon & Patt, Ltd.			None				-			Nuo Therapeutics, Inc.			None			None			-				-				-				-
							554,284.96												498,484.58				55,800.38				874,102.99				121,444.82

 

Professional		Role		Notes
Winter Harbor LLC		Debtor's Chief Restructuring Officer and additional personnel
Dentons US LLP		Debtor's counsel, lead
Ashby & Geddes, P.A.		Debtor's counsel, local
Gordian Group, LLC		Debtor's investment banker and related services
Epiq Bankruptcy Solutions, LLC		Debtor's noticing, claims and balloting agent
Pepper Hamilton LLP		Counsel to the Official Committee of Unsecured Creditors
Robbins, Salomon & Patt, Ltd.		Counsel to the Ad Hoc Equity Committee

 

  

In re Nuo Therapeutics, Inc.	Case No. 16-10192 (MFW)
Debtor	Reporting Period: April 1 - May 5, 2016

 

MOR-2

STATEMENT OF OPERATIONS (UNAUDITED) ¹

 

Line item		Current period				Filing to date
Revenue
Sales, Aurix			95,160				258,830
Sales, Angel			232,691				287,154
Royalties			165,016				462,379
License fees			38,940				111,411
Other sales			-				-
Total revenue			531,807				1,119,775
Cost of sales
Cost of goods sold, Aurix			50,024				168,818
Cost of goods sold, Angel			206,554				303,592
Cost of royalties			15,194				43,470
Cost of license fees			-				(313	)
Other cost of sales			70				8,559
Total cost of sales			271,842				524,126
Gross profit			259,965				595,649
Operating expenses
Employee compensation and benefits			641,064				1,271,053
Insurance			32,704				88,196
Rent			50,992				91,462
Travel and entertainment			54,023				90,426
Depreciation and amortization			45,096				129,035
Selling and marketing expense			9,460				76,819
Research and development expense			109,277				245,085
Professional fees			78,969				178,851
Board of Directors fees			15,417				48,737
Other operating expenses 2			56,716				187,475
Total operating expenses			1,093,718				2,407,139
Operating profit			(833,753	)			(1,811,490	)
Non-operating expenses
Interest expense / (income)			266,245				774,036
Reorganization expense / (income) 2			746,610				2,830,546
Loss / (gain) on asset disposal			-				-
Other non-operating expense / (income)			(2,527	)			(2,527	)
Income-tax expense			-				4,896
Total non-operating expenses			1,010,328				3,606,951
NET INCOME			(1,844,081	)			(5,418,441	)

 

1. The accounting systems are not primarily designed to produce reports that are consistent with the requirements of the Office of the United States Trustee. The information contained herein is provided to fulfill the requirements of the Office of the United States Trustee. All information contained herein is unaudited and subject to future adjustments.

 

2. See the continuation sheet following Schedule MOR-2 for additional detail regarding these line items.

 

 

In re Nuo Therapeutics, Inc.	Case No. 16-10192 (MFW)
Debtor	Reporting Period: April 1 - May 5, 2016

 

MOR-2 CONTINUATION SHEET

STATEMENT OF OPERATIONS (UNAUDITED) ¹

 

Line item		Current period				Filing to date
Other operating expenses
Other services			918				1,344
Investor services			8,713				13,854
Information technology			14,653				42,774
Temporary labor			-				-
Repairs and maintenance			250				250
Supplies			703				1,242
Office expense			9,263				(5,471	)
State and local taxes			9,205				24,878
Business-development expense			-				-
Bad-debt expense			-				(5,535	)
Dues, subscriptions and fees			12,197				112,833
Miscellaneous expense			814				1,306
Total other operating expenses			56,716				187,475
Reorganization expense / (income) 2
Professional fees, Debtor's Chief Restructuring Officer			82,536				480,085
Professional fees, Debtor's counsel, lead			503,714				1,280,458
Professional fees, Debtor's counsel, local			57,707				229,983
Professional fees, Debtor's investment banker and related services 3			(105,000	)			6,826
Professional fees, Debtor's claims and noticing agent			99,195				231,627
Professional fees, DIP lender's counsel, lead and local			-				140,109
Professional fees, Unsecured Creditors' Committee counsel			52,208				310,208
Professional fees, Ad Hoc Equity Committee counsel			50,000				135,000
U.S. Trustee fees			6,250				16,250
Total reorganization expense			746,610				2,830,546

 

1. The accounting systems are not primarily designed to produce reports that are consistent with the requirements of the Office of the United States Trustee. The numbers presented in this schedule are subject to change as additional information is made available. The information contained herein is provided to fulfill the requirements of the Office of the United States Trustee. All information contained herein is unaudited and subject to future adjustments.

 

2. Several of these expenses are estimated in the case where invoices have not been received.

 

3. The credit to this account represents post-petition accruals reclassified to the additional paid-in capital balance-sheet account.

 

  

In re Nuo Therapeutics, Inc.	Case No. 16-10192 (MFW)
Debtor	Reporting Period: April 1 - May 5, 2016

 

MOR-3

BALANCE SHEET (UNAUDITED) ¹

 

Line item		Current period				As of petition date
ASSETS
Current assets
Cash and cash equivalents			10,370,343				94,558
Accounts receivable			671,249				1,237,057
Intercompany receivable			14,821,589				14,593,348
Other receivables			959,250				474,489
Inventory			187,152				254,764
Deposits			382,227				478,564
Prepaid expenses			566,856				727,665
Deferred costs, current portion			1,091,387				1,091,387
Total current assets			29,050,052				18,951,831
Property, plant and equipment 2
Angel machines			225,493				225,493
Aurix centrifuges			924,970				924,970
Computer and office equipment			113,842				113,842
Furniture and fixtures			40,849				40,849
Production equipment			307,851				307,851
Leasehold improvements			32,131				32,131
Software			523,571				523,571
Less: Accumulated depreciation			(1,263,377	)			(1,119,749	)
Net property, plant and equipment			905,331				1,048,959
Other assets
Deferred costs, long-term portion			2,077,154				2,379,339
Investment, Aldagen 2			31,753,381				31,753,381
Intangible assets, net of accumulated amortization 2			1,756,177				1,830,059
Other long-term assets			18,361				11,986
Total other assets			35,605,073				35,974,765
TOTAL ASSETS			65,560,457				55,975,555
LIABILITIES AND OWNERS' EQUITY
Liabilities not subject to compromise
Accounts payable			1,803,929				-
Accrued compensation and benefits			411,749				-
Accrued expenses			890,409				-
Accrued taxes			42,243				-
Accrued interest			415				-
Customer deposits			95,610				-
Debtor-in-possession financing			5,750,000				-
Convertible debt, net of original issue discount			-				-
Deferred revenue			899,921				-
Derivative liabilities			-				-
Other long-term liabilities			377,222				-
Total liabilities not subject to compromise			10,271,499				-
Liabilities subject to compromise 3
Accounts payable			1,363,431				2,293,463
Accrued compensation and benefits			880,158				950,283
Accrued expenses			964,404				735,733
Accrued taxes			5,243				50,352
Accrued interest			4,529,645				4,529,645
Customer deposits			-				329,145
Debtor-in-possession financing			-				-
Convertible debt, net of original issue discount			1,306,238				981,554
Deferred revenue			-				1,072,103
Derivative liabilities			2,597,930				2,597,930
Other long-term liabilities			-				207,892
Total liabilities subject to compromise			11,647,049				13,748,099
Shareholders' equity
Mezzanine equity			500,000				500,000
Common stock			405,427				405,427
Additional paid-in capital			132,811,951				125,979,057
Retained earnings / (losses), pre-petition 3			(82,770,978	)			(84,657,028	)
Retained earnings / (losses), post-petition			(5,418,441	)			-
Total shareholders' equity			45,527,959				42,227,456
TOTAL LIABILITIES AND OWNERS' EQUITY			67,446,507				55,975,555

 

1. The accounting systems are not principally designed to produce reports that are consistent with the requirements of the Office of the United States Trustee. The numbers presented in this schedule are subject to change as additional information is made available. The information contained herein is provided to fulfill the requirements of the Office of the United States Trustee. All information contained herein is unaudited and subject to future adjustments.

 

2. With respect to the book value of property, plant and equipment, the subsections of Accounting Standards Codification 360-10 “Property, Plant, and Equipment—Overall” published by the Financial Accounting Standards Board related to impairment or disposal of long-lived assets mandate that long-lived assets, such as property, plant and equipment, and purchased intangible assets subject to amortization, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Although an impairment test has not yet been performed for the fiscal year ended December 31, 2015, the Debtor expects an asset impairment could be required in one or more asset categories.

 

3. Pre-petition liabilities and retained earnings continue to be adjusted monthly based on actual pre-petition invoices received and reconciled post-petition.

 

 

In re Nuo Therapeutics, Inc.		Case No. 16-10192 (MFW)
Debtor		Reporting Period: April 1 - May 5, 2016

 

MOR-4

STATUS OF POST-PETITION TAXES

 

Line item		Beginning liability				Amount withheld, accrued, and expensed				Amount paid				Date paid		Check #, EFT, or Other		Ending liability
Employee-related taxes
Federal tax			71				76,866				(69,114	)		Various		Wire			7,823
State tax			17				8,807				(8,806	)		Various		Wire			18
City tax			0				46				(46	)		Various		Wire			0
School-district tax			0				42				(42	)		Various		Wire			0
Subtotal, employee-related taxes			88				85,761				(78,008	)							7,841
Income and business taxes
Sales tax			20,798				2,504				(531	)		Various		ACH			22,771
Franchise tax			12,608				6,774				-			None		None			19,382
Income tax			4,896				-				-			None		None			4,896
All other taxes			-				-				-			None		None			-
Subtotal, income and business taxes			38,302																47,049
Taxes included in accounts payable			6,189				992				(4,897	)		Various		ACH			2,284
TOTAL TAXES			44,579				96,031				(83,436	)							57,174
Less: Taxes included in accounts payable			(6,189	)			(992	)			4,897			Various		ACH			(2,284	)
Less: Taxes included in other long-term liabilities			(4,896	)			-				-			None		None			(4,896	)
Less: Taxes included in Accrued Compensation			-				(7,752	)			-			None		None			(7,752	)
TOTAL ACCRUED TAXES			33,494				87,287				(78,539	)							42,242

 

 

In re Nuo Therapeutics, Inc.		Case No. 16-10192 (MFW)
Debtor		Reporting Period: April 1 - May 5, 2016

 

MOR-4

ATTESTATION REGARDING STATUS OF POST-PETITION TAXES

 

The above-captioned Debtor hereby submits this attestation regarding the status of post-petition taxes in lieu of providing tax returns and detailed records of paid or unpaid taxes by type and entity.

 

I hereby certify, to the best of my knowledge, that: (1) all federal, state and local post-petition taxes and estimates due and owing for the period indicated above for the Debtor have been paid or that any remaining balance dues are de minimis; and (2) to the extent that tax returns have not been submitted, an extension has been either obtained or requested from the appropriate state or federal agency, or the Debtor is in the process of obtaining or requesting such extension from the appropriate state or federal agency.

 

/s/ David E. Jorden		June 3, 2016
Signature of authorized individual		Date
David E. Jorden		Acting CEO and Acting CFO
Printed name of authorized individual		Title of authorized individual

 

 

In re Nuo Therapeutics, Inc.		Case No. 16-10192 (MFW)
Debtor		Reporting Period: April 1 - May 5, 2016

 

MOR-4

STATUS OF UNPAID POST-PETITION DEBTS ¹

 

		Days Outstanding
Line item		Current				1-30				31-60				61-90				91-120				Over 120				Totals
Accounts payable 2			1,379,266				256,370				114,905				59,951				(6,564	)			-				1,803,929
Accrued compensation and benefits			411,749				-				-				-				-				-				411,749
Accrued expenses			890,409				-				-				-				-				-				890,409
Accrued taxes			42,243				-				-				-				-				-				42,243
Accrued interest			415				-				-				-				-				-				415
Customer deposits			95,610				-				-				-				-				-				95,610
Debtor-in-possession financing			5,750,000				-				-				-				-				-				5,750,000
Convertible debt, net of original issue discount			-				-				-				-				-				-				-
Deferred revenue			899,921				-				-				-				-				-				899,921
Derivative liabilities			-				-				-				-				-				-				-
Other long-term liabilities			377,222				-				-				-				-				-				377,222
Totals			9,846,836				256,370				114,905				59,951				(6,564	)			-				10,271,499

 

1. All information contained herein is unaudited and subject to future adjustments. Certain debts payable pursuant to orders of the Bankruptcy Court are reflected as current for the purposes of this schedule. All post-petition debts other than aged accounts payable are assumed to be current.

 

2. Amounts in this line item represent open and outstanding trade vendor invoices, aged based on invoice due date, that have been entered into the Debtor's accounts payable system. These amounts do not include any payables based on accruals for goods provided and/or services performed but for which invoices have not been received. The Debtor expects to pay all amounts not listed as "Current" as soon as practicable. This note is provided in place of a list of aged accounts payable.

 

 

In re Nuo Therapeutics, Inc.	Case No. 16-10192 (MFW)
Debtor	Reporting Period: April 1 - May 5, 2016

 

MOR-5

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING ^*

 

		Days Outstanding
Line item		Current				1-30				31-60				61-90				Over 90				Totals
Accounts receivable			417,105				21,571				(17,801	)			175,579				154,981				751,435
Less: Allowance for doubtful accounts			-				-				-				-				(80,186	)			(80,186	)
Totals			417,105				21,571				(17,801	)			175,579				74,795				671,249
			62.1	%			3.2	%			-2.7	%			26.2	%			11.1	%			100.0	%
Reconciliation of accounts receivable, trade
Accounts receivable, net at the beginning of the reporting period																							836,717
Add: Amounts billed during the period																							390,114
Subtract: Amounts collected during the period																							(555,583	)
Subtract: Change in allowance for doubtful accounts																							0
Other adjustments																							0
Accounts receivable at the end of the reporting period																							671,249

 

* All information contained herein is unaudited and subject to future adjustments.

 

  

In re Nuo Therapeutics, Inc.	Case No. 16-10192 (MFW)
Debtor	Reporting Period: April 1 - May 5, 2016

  

MOR-5a

DEBTOR QUESTIONNAIRE

 

#		Line item		Yes		No
1		Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.		ü
2		Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below.				ü
3		Have all post-petition tax returns been timely filed? If no, provide an explanation below.				ü
4		Are workers' compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.		ü
5		Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s).		ü

 

Explanations
1		On May 5, 2016, per the Notice of (I) Entry of Confirmation Order (A) Granting Final Approval of Disclosure Statement and (B) Confirming the Debtor's Modified First Amended Plan of Reorganization of the Debtor, (II) Occurrence of Effective Date, and (III) Rejection Claim Bar Date entered on May 6, 2016 [Docket No. 390], the Debtor's Plan of Reorganization was substantially consummated.
2		None required
3		The company has filed most of its tax returns timely, and the remaining returns are either in the process of being filed or were already filed but require corrections. The amounts potentially owed as a result of the latter category of returns are expected to be de minimis and will be paid as soon as practicable.
4		None required
5		Two bank accounts were opened with Capital One Bank (USA) N.A.: one ending in 6936 established as an escrow account containing proceeds from the Debtor's capital raise in conjunction with Scenario A of its confirmed Plan of Reorganization, less $2,250,250.00 segregated to pay Class 4 claims under the Plan of Reorganization ("Segregated Amount"); and one ending in 3928 containing the Segregated Amount. The documents related to these accounts follow this schedule.