Attached files
| file | filename |
|---|---|
| 8-K - 8-K - hhgregg, Inc. | a8-kshellaprilmor2017.htm |
Exhibit 99.1 | |||||||||
UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE | |||||||||
In re | hhgregg, Inc., et al | Case No. | 17-01302-11 | ||||||
Debtors | |||||||||
MONTHLY OPERATING REPORT hhgregg, Inc., et. al. | |||||||||
INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND SCHEDULES | |||||||||
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | Page | ||||||||
Condensed Consolidated Statement of Income | 2 | ||||||||
Condensed Consolidated Balance Sheet | 3 | ||||||||
Condensed Consolidated Statement of Cash Flows | 4 | ||||||||
SCHEDULES | |||||||||
Schedule 1 - | Total Disbursements by Filed Legal Entity | 5 | |||||||
Schedule 2 - | Bank Reconciliations | 6 | |||||||
Schedule 3 - | Total Disbursements to Retained Professionals | 7 | |||||||
Schedule 4 - | Condensed Consolidating Statement of Income | 8 | |||||||
Schedule 5 - | Condensed Consolidating Balance Sheet | 9 | |||||||
Schedule 6 - | Summary of Unpaid Post-Petition Debts | 10 | |||||||
Schedule 7 - | Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld | 11 | |||||||
Schedule 8 - | Accounts Receivable Aging | 12 | |||||||
Schedule 9 - | Questionnaire | 13 | |||||||
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the documents attached are true and correct to the best of my knowledge and belief. | |||||||||
Signature of Debtor | Date | ||||||||
Signature of Joint Debtor | Date | ||||||||
/s/ Kevin Kovacs | 5/30/2017 | ||||||||
Signature of Authorized Individual* | Date | ||||||||
Kevin Kovacs | CFO | ||||||||
Printed Name of Authorized Individual | Title of Authorized Individual | ||||||||
* Authorized individual must be an officer, director, or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company. | |||||||||
hhgregg, Inc., et al | |||
DEBTORS AND DEBTORS IN POSSESSION | |||
Condensed Consolidated Statement of Income (unaudited) | |||
For the Period of | |||
April 1, 2017 to | |||
(In Thousands) | April 30, 2017 | ||
Net Sales | $ | 72,421 | |
Cost of Goods Sold | 73,067 | ||
Gross Profit | (646 | ) | |
Operating Expenses: | |||
Advertising Expense, Net | 101 | ||
Occupancy Costs | 21,403 | ||
Data Communications | 407 | ||
Repair and Maintenance | 11 | ||
Company Insurance (Non-Medical) | 458 | ||
Employee Benefits | 748 | ||
Wage Expense | 9,269 | ||
Employee Services | 160 | ||
Travel and Entertainment | 154 | ||
Bank Transaction Fees | 360 | ||
Professional Fees | 1,737 | ||
Stock Compensation Expense (Benefit), Net | (489 | ) | |
Gain/Loss on Early Extinguishment of Debt | — | ||
Depreciation and Amortization | 1,895 | ||
Administrative and Sales Expense | 504 | ||
Product Services Expense | 1,767 | ||
Bad Debts | 452 | ||
Total Operating Expenses | 38,937 | ||
Operating Income | (39,583 | ) | |
Interest Expense, net | 657 | ||
Other Income/(Expense) | (7,525 | ) | |
Income Before Taxes | (47,765 | ) | |
Income Tax Expense/(Benefit) | — | ||
Net Income | $ | (47,765 | ) |
Loss from Discontinued Operations | — | ||
Income Tax Benefit | — | ||
Loss on Discontinued Operations | — | ||
hhgregg, Inc., et al | |||
DEBTORS AND DEBTORS IN POSSESSION | |||
Condensed Consolidated Balance Sheet (unaudited) | |||
As of | |||
(In Thousands) | 4/30/2017 | ||
Assets | |||
Cash | $ | 1,687 | |
Credit Card and Trade Accounts Receivable, Net | 16,647 | ||
Accounts Receivable - Other | 31,978 | ||
Merchandise Inventories | 35,550 | ||
Prepaid Expenses and Other Assets | 12,058 | ||
Income Taxes Receivable | 70 | ||
Total Current Assets | 97,990 | ||
Property and Equipment, Net | 59,785 | ||
Capitalized Financing Fees, Net | 3,681 | ||
Goodwill | — | ||
Trademarks, Net | — | ||
Other Assets, Net | 2,911 | ||
Total Assets | 164,367 | ||
Liabilities and Stockholders' Deficit | |||
Accounts Payable | 14,090 | ||
Oustanding Customer Deposits, Credits, Refunds | 6,518 | ||
Unredeemed Gift Card Liability | 16 | ||
Other Accrued Expenses | 12,218 | ||
Deferred Tax Liability | — | ||
DIP Loans | 22,829 | ||
Total Current Liabilities | 55,671 | ||
Deferred Rent | 26,040 | ||
LT Deferred Compensation | 234 | ||
Other Long-term Liabilities | 1,758 | ||
Liabilities Subject to Compromise | $ | 144,926 | |
Total Liabilities | 228,629 | ||
Preferred Stock | — | ||
Common Stock | 4 | ||
Retained Earnings / (Accumulated Deficit) | (219,310 | ) | |
Treasury Stock | (150,228 | ) | |
Additional Paid-in Capital | 305,273 | ||
Total Stockholders' Deficit | (64,262 | ) | |
Total Liabilities and Stockholders' Deficit | $ | 164,367 | |
hhgregg, Inc., et al | |||
DEBTORS AND DEBTORS IN POSSESSION | |||
Condensed Consolidated Statement of Cash Flows (unaudited) | |||
For the Period of | |||
April 1, 2017 to | |||
(In Thousands) | April 30, 2017 | ||
Cash flows from operating activities: | |||
Net cash provided by (used in) operating activities | $ | 158 | |
Cash flows from investing activities: | |||
Purchases of property and equipment | (143 | ) | |
Proceeds from sale of property and equipment | 831 | ||
Other | — | ||
Net cash used in investing activities | 688 | ||
Cash flows from financing activities: | |||
Net Borrowings on Line of Credit | (860 | ) | |
(860 | ) | ||
Increase/(decrease) in cash and cash equivalents | (14 | ) | |
Cash and cash equivalents at beginning of period | 1,701 | ||
Cash and cash equivalents at end of period | $1,687 | ||
hhgregg, Inc. et al | ||||||
DEBTORS AND DEBTORS IN POSSESSION | ||||||
Total Disbursements by Filed Legal Entity (unaudited) | ||||||
(In Thousands) | ||||||
For the Period of April 1, 2017 to April 30, 2017 | ||||||
Legal Entity | Case Number | Disbursements | ||||
hhgregg, Inc. | 17-01302-11 | — | ||||
Gregg Appliances, Inc. | 17-01303-11 | $ | 38,805 | |||
HHG Distributing, LLC | 17-01304-11 | — | ||||
hhgregg, Inc., et al | ||||||||||
DEBTORS AND DEBTORS IN POSSESSION | ||||||||||
Bank Reconciliations (unaudited) | ||||||||||
(In Thousands) | ||||||||||
G/L Acct | Account Name | Bank Acct # | Debtor | Description | Bank Balance | Ledger Balance | As of Date | Reconciled | ||
1000 | Master Operating Account | 938169174 | Gregg Appliances, Inc. | Operating Account | 1 | 900 | 4/30/2017 | yes | ||
1001 | Corporate Account | multiple accounts | Gregg Appliances, Inc. | Corporate AR deposit account, All retail locations depository account | — | 959 | 4/30/2017 | no | ||
1003 | Flex Benefits | 938168515 | Gregg Appliances, Inc. | Flex Benefits Payments | — | — | 4/30/2017 | yes | ||
1005 | Ecommerce Paypal | 265587872 | Gregg Appliances, Inc. | Ecommerce Payments - Paypal | — | 112 | 4/30/2017 | no | ||
1010 | RCC Returned Checks | 938168127 | Gregg Appliances, Inc. | Returned check concentration | — | 227 | 4/30/2017 | no | ||
1013 | Ohio Workers Compensation | 938168341 | Gregg Appliances, Inc. | Ohio Workers Comp Claims | — | — | 4/30/2017 | yes | ||
1016 | Cash Concentration | 938169455 | Gregg Appliances, Inc. | Cash Dominion | 105 | 105 | 4/30/2017 | yes | ||
1041 | Stock Option Proceeds/ Tax Witholding | 938169828/938169885 | Gregg Appliances, Inc. | Stock Sales | — | — | 4/30/2017 | yes | ||
1042 | PayPal | 938183472 | Gregg Appliances, Inc. | HR Insurance Collections - Leave Associates | — | — | 4/30/2017 | yes | ||
1050 | Payroll | 938169802 | Gregg Appliances, Inc. | Off Cycle Payroll | — | 3 | 4/30/2017 | yes | ||
1051 | Disbursements | 938169729 | Gregg Appliances, Inc. | Checking | — | (1,218 | ) | 4/30/2017 | yes | |
1052 | Dishonored Checks | 938169661 | Gregg Appliances, Inc. | Bad Check Collections | — | — | 4/30/2017 | yes | ||
1055 | Restricted - utilities Escrow | 938157500 | Gregg Appliances, Inc. | Utility Escrow | 375 | 375 | 4/30/2017 | yes | ||
1060 | WF Commercial Card | 4608112090 | Gregg Appliances, Inc. | Corporate Card / Virtual Card Account | 1 | 10 | 4/30/2017 | yes | ||
hhgregg, Inc., et al | |||||||||
DEBTORS AND DEBTORS IN POSSESSION | |||||||||
Total Disbursements to Retained Professionals (unaudited) | |||||||||
(In Thousands) | |||||||||
For the Period of April 1, 2017 to April 30, 2017 | |||||||||
Retained Professionals | Approved Amounts (1) | Disbursements | |||||||
MORGAN, LEWIS & BOCKIUS LLP | Legal Services | — | — | ||||||
STIFEL, NICOLAUS & COMPANY INC | Bankruptcy Services | 50 | 50 | ||||||
BERKELEY RESEARCH GROUP LLC | Bankruptcy Services | — | — | ||||||
DONLIN, RECANO & COMPANY INC | Bankruptcy Services | — | — | ||||||
ICE MILLER LLP | Legal Services | — | — | ||||||
Total | $ | 50 | $ | 50 | |||||
(1) Approved amounts represent the amounts approved by Court orders. | |||||||||
. | |||||||||
hhgregg, Inc., et al | |||||||||||||||||||||||||
DEBTORS AND DEBTORS IN POSSESSION | |||||||||||||||||||||||||
Condensed Consolidating Statement of Income (unaudited) | |||||||||||||||||||||||||
For the Period of April 1, 2017 to April 30, 2017 | Cumulative Filing to Date | ||||||||||||||||||||||||
(In Thousands) | hhgregg, Inc. | Gregg Appliances, Inc. | HHG Distributing, LLC | Total Debtors | hhgregg, Inc. | Gregg Appliances, Inc. | HHG Distributing, LLC | Total Debtors | |||||||||||||||||
Net Sales | $ | — | $ | 72,421 | — | $ | 72,421 | $ | — | $ | 165,829 | — | $ | 165,829 | |||||||||||
Cost of Goods Sold | — | 73,067 | — | $ | 73,067 | — | 147,697 | — | $ | 147,697 | |||||||||||||||
Gross Profit | — | $ | (646 | ) | — | $ | (646 | ) | — | $ | 18,132 | — | $ | 18,132 | |||||||||||
Operating Expenses: | |||||||||||||||||||||||||
Advertising Expense, Net | $ | — | $ | 101 | $ | — | $ | 101 | $ | — | $ | 1,013 | $ | — | $ | 1,013 | |||||||||
Occupancy Costs | $ | — | $ | 21,403 | $ | — | $ | 21,403 | $ | — | $ | 31,299 | $ | — | $ | 31,299 | |||||||||
Data Communications | $ | — | $ | 407 | $ | — | $ | 407 | $ | — | $ | 953 | $ | — | $ | 953 | |||||||||
Repair and Maintenance | $ | — | $ | 11 | $ | — | $ | 11 | $ | — | $ | 321 | $ | — | $ | 321 | |||||||||
Company Insurance (Non-Medical) | $ | — | $ | 458 | $ | — | $ | 458 | $ | — | $ | 1,213 | $ | — | $ | 1,213 | |||||||||
Employee Benefits | $ | — | $ | 748 | $ | — | $ | 748 | $ | — | $ | 2,379 | $ | — | $ | 2,379 | |||||||||
Wage Expense | $ | — | $ | 9,269 | $ | — | $ | 9,269 | $ | — | $ | 20,950 | $ | — | $ | 20,950 | |||||||||
Employee Services | $ | — | $ | 160 | $ | — | $ | 160 | $ | — | $ | 286 | $ | — | $ | 286 | |||||||||
Travel and Entertainment | $ | — | $ | 154 | $ | — | $ | 154 | $ | — | $ | 334 | $ | — | $ | 334 | |||||||||
Bank Transaction Fees | $ | — | $ | 360 | $ | — | $ | 360 | $ | — | $ | 2,797 | $ | — | $ | 2,797 | |||||||||
Professional Fees | $ | — | $ | 1,737 | $ | — | $ | 1,737 | $ | — | $ | 3,080 | $ | — | $ | 3,080 | |||||||||
Stock Compensation Expense | $ | — | $ | (489 | ) | $ | — | $ | (489 | ) | $ | — | $ | (384 | ) | $ | — | $ | (384 | ) | |||||
Gain/Loss on Early Extinguishment of Debt | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 2,103 | $ | — | $ | 2,103 | |||||||||
Depreciation and Amortization | $ | — | $ | 1,895 | $ | — | $ | 1,895 | $ | — | $ | 3,871 | $ | — | $ | 3,871 | |||||||||
Administrative and Sales Expense | $ | — | $ | 504 | $ | — | $ | 504 | $ | — | $ | 1,161 | $ | — | $ | 1,161 | |||||||||
Product Services Expense | $ | — | $ | 1,767 | $ | — | $ | 1,767 | $ | — | $ | 5,971 | $ | — | $ | 5,971 | |||||||||
Bad Debts | $ | — | $ | 452 | $ | — | $ | 452 | $ | — | $ | 943 | $ | — | $ | 943 | |||||||||
Total Operating Expenses | — | 38,937 | — | $ | 38,937 | — | $ | 78,291 | — | $ | 78,291 | ||||||||||||||
Operating Income/(Loss) | — | $(39,583) | — | $ | (39,583 | ) | — | $(60,160) | — | $ | (60,160 | ) | |||||||||||||
Interest Expense, net | $ | — | $ | 657 | $ | — | $ | 657 | $ | — | $ | 1,447 | $ | — | $ | 1,447 | |||||||||
Other Income/(Expense) | $ | — | $ | (7,525 | ) | $ | — | $ | (7,525 | ) | $ | — | $ | (7,093 | ) | $ | — | $ | (7,093 | ) | |||||
$0 | 8,182 | — | (6,868 | ) | $0 | 8,540 | — | (5,646 | ) | ||||||||||||||||
Income/(Loss) Before Income Taxes | $0 | $(47,765) | $0 | $(47,765) | $0 | $(68,700) | $0 | $(68,700) | |||||||||||||||||
Income Tax Expense/(Benefit) | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Net Income/(Loss) | $0 | $ | (47,765 | ) | — | $ | (47,765 | ) | $0 | $ | (68,700 | ) | — | $ | (68,700 | ) | |||||||||
hhgregg, Inc., et al | |||||||||||||||||||||
DEBTORS AND DEBTORS IN POSSESSION | |||||||||||||||||||||
Condensed Consolidating Balance Sheet (unaudited) | |||||||||||||||||||||
As of April 30, 2017 | As of Petition Date (1) | ||||||||||||||||||||
(In Thousands) | hhgregg, Inc. | Gregg Appliances, Inc. | HHG Distributing, LLC | Total Debtors | hhgregg, Inc. | Gregg Appliances, Inc. | HHG Distributing, LLC | Total Debtors | |||||||||||||
Assets | |||||||||||||||||||||
Cash | — | $ | 1,687 | — | $ | 1,687 | — | $ | 2,690 | — | $ | 2,690 | |||||||||
Credit Card and Trade Accounts Receivable, Net | — | 16,647 | — | 16,647 | — | 11,772 | — | 11,772 | |||||||||||||
Accounts Receivable - Other | — | 31,978 | — | 31,978 | — | 7,274 | — | 7,274 | |||||||||||||
Merchandise Inventories | — | 35,550 | — | 35,550 | — | 169,676 | 169,676 | ||||||||||||||
Prepaid Expenses and Other Assets | — | 12,058 | — | 12,058 | — | 5,828 | 5,828 | ||||||||||||||
Income Taxes Receivable | — | 70 | — | 70 | — | 69 | — | 69 | |||||||||||||
Total Current Assets | — | 97,990 | — | 97,990 | — | 197,310 | — | 197,310 | |||||||||||||
Property and Equipment, Net | — | 59,785 | — | 59,785 | — | 72,646 | — | 72,646 | |||||||||||||
Capitalized Financing Fees, Net | — | 3,681 | — | 3,681 | — | 2,111 | — | 2,111 | |||||||||||||
Goodwill | — | — | — | — | — | — | — | — | |||||||||||||
Trademarks, Net | — | — | — | — | — | — | — | — | |||||||||||||
Other Assets, Net | — | 2,911 | — | 2,911 | — | 2,919 | — | 2,919 | |||||||||||||
Total Assets | — | 164,367 | — | 164,367 | — | 274,986 | — | 274,986 | |||||||||||||
Liabilities and Stockholders' Deficit | |||||||||||||||||||||
Accounts Payable | — | 14,090 | — | 14,090 | — | — | — | — | |||||||||||||
Oustanding Customer Deposits, Credits, Refunds | — | 6,518 | — | 6,518 | — | — | — | — | |||||||||||||
Unredeemed Gift Card Liability | — | 16 | — | 16 | — | — | — | — | |||||||||||||
Other Accrued Expenses | — | 12,218 | — | 12,218 | — | — | — | — | |||||||||||||
DIP Loans | — | 22,829 | — | 22,829 | — | — | — | — | |||||||||||||
Line of Credit | — | — | — | — | — | 63,000 | — | 63,000 | |||||||||||||
Deferred Tax Liability | — | — | — | — | — | — | — | — | |||||||||||||
Total Current Liabilities | — | 55,671 | — | 55,671 | — | 63,000 | — | 63,000 | |||||||||||||
Deferred Rent | — | 26,040 | — | 26,040 | — | 48,750 | — | 48,750 | |||||||||||||
LT Deferred Compensation | — | 234 | — | 234 | — | — | — | — | |||||||||||||
Other long-term liabilities | — | 1,758 | — | 1,758 | — | 1,822 | — | 1,822 | |||||||||||||
Liabilities Subject to Compromise | — | 144,926 | — | 144,926 | — | 156,592 | — | 156,592 | |||||||||||||
Total Liabilities | — | 228,629 | — | 228,629 | — | 270,164 | — | 270,164 | |||||||||||||
Preferred Stock | — | — | — | — | — | — | — | — | |||||||||||||
Common Stock | — | 4 | — | 4 | — | 4 | — | 4 | |||||||||||||
Retained Earnings / (Accumulated Deficit) | — | (219,310 | ) | — | (219,310 | ) | — | (150,611 | ) | — | (150,611 | ) | |||||||||
Treasury Stock | — | (150,228 | ) | — | (150,228 | ) | — | (150,228 | ) | — | (150,228 | ) | |||||||||
Additional Paid-in Capital | — | 305,273 | — | 305,273 | — | 305,657 | — | 305,657 | |||||||||||||
Total Stockholders' Deficit | — | (64,262 | ) | — | (64,262 | ) | — | 4,822 | — | 4,822 | |||||||||||
Total Liabilities and Stockholders' Deficit | — | $ | 164,367 | — | $ | 164,367 | — | $ | 274,986 | — | $ | 274,986 | |||||||||
(1) Balance sheet is as of 2/28/2017, which excludes the 6 days leading up to the petition date of 3/6/2017. | |||||||||||||||||||||
hhgregg, Inc., et al | ||||||||||||||||||
DEBTORS AND DEBTORS IN POSSESSION | ||||||||||||||||||
Summary of Unpaid Post-Petition Debts (unaudited, in Thousands) | ||||||||||||||||||
Gregg Appliances, Inc. (17-01303-11) | ||||||||||||||||||
Number of Days Past Due | ||||||||||||||||||
Current | 0-30 | 31-60 | 61-90 | Over 90 | Total | |||||||||||||
Accounts Payable | $ | 2,116 | $ | 998 | $ | (1,223 | ) | $ | 220 | $ | 6 | $ | 2,117 | |||||
Wages Payable | 3,858 | — | — | — | — | 3,858 | ||||||||||||
Taxes Payable (1) | 3,474 | — | 43 | 42 | 18 | 3,577 | ||||||||||||
Rent/Leases-Building | 1 | 888 | 6,908 | — | — | 7,797 | ||||||||||||
Utilities Payable (2) | 2,073 | 129 | — | — | — | 2,202 | ||||||||||||
Insurance Reserves | 2,568 | — | — | — | — | 2,568 | ||||||||||||
Secured Debt/Adequate Protection Payments | — | — | — | — | — | — | ||||||||||||
Professional Fees | — | — | — | — | — | — | ||||||||||||
Amounts Due to Insiders | — | — | — | — | — | — | ||||||||||||
Outstanding Customer Deposits, Credits, Refunds (1) | 6,518 | — | — | — | — | 6,518 | ||||||||||||
Unredeemed Gift Card Liability (1) | 16 | — | — | — | — | 16 | ||||||||||||
Deferred Rent | 57,491 | — | — | — | — | 57,491 | ||||||||||||
LT Deferred Compensation | 234 | — | — | — | — | 234 | ||||||||||||
Other (1) | 5,910 | 37 | — | — | — | 5,948 | ||||||||||||
Total Post-Petition Debts | $ | 84,259 | $ | 2,052 | $ | 5,729 | $ | 262 | $ | 24 | $ | 92,325 | ||||||
hhgregg, Inc. (17-01302-11) | ||||||||||||||||||
Number of Days Past Due | ||||||||||||||||||
Current | 0-30 | 31-60 | 61-90 | Over 90 | Total | |||||||||||||
Accounts Payable | — | — | — | — | — | — | ||||||||||||
Wages Payable | — | — | — | — | — | — | ||||||||||||
Taxes Payable | — | — | — | — | — | — | ||||||||||||
Rent/Leases-Building | — | — | — | — | — | — | ||||||||||||
Utilities Payable | — | — | — | — | — | — | ||||||||||||
Insurance Reserves | — | — | — | — | — | — | ||||||||||||
Secured Debt/Adequate Protection Payments | — | — | — | — | — | — | ||||||||||||
Professional Fees | — | — | — | — | — | — | ||||||||||||
Amounts Due to Insiders | — | — | — | — | — | — | ||||||||||||
Outstanding Customer Deposits, Credits, Refunds (1) | — | — | — | — | — | — | ||||||||||||
Unredeemed Gift Card Liability | — | — | — | — | — | — | ||||||||||||
Deferred Rent | — | — | — | — | — | — | ||||||||||||
LT Deferred Compensation | — | — | — | — | — | — | ||||||||||||
Other | — | — | — | — | — | — | ||||||||||||
Total Post-Petition Debts | — | — | — | — | — | — | ||||||||||||
HHG Distributing (17-01304-11) | ||||||||||||||||||
Number of Days Past Due | ||||||||||||||||||
Current | 0-30 | 31-60 | 61-90 | Over 90 | Total | |||||||||||||
Accounts Payable | — | — | — | — | — | — | ||||||||||||
Wages Payable | — | — | — | — | — | — | ||||||||||||
Taxes Payable | — | — | — | — | — | — | ||||||||||||
Rent/Leases-Building | — | — | — | — | — | — | ||||||||||||
Utilities Payable | — | — | — | — | — | — | ||||||||||||
Insurance Reserves | — | — | — | — | — | — | ||||||||||||
Secured Debt/Adequate Protection Payments | — | — | — | — | — | — | ||||||||||||
Professional Fees | — | — | — | — | — | — | ||||||||||||
Amounts Due to Insiders | — | — | — | — | — | — | ||||||||||||
Outstanding Customer Deposits, Credits, Refunds (1) | — | — | — | — | — | — | ||||||||||||
Unredeemed Gift Card Liability | — | — | — | — | — | — | ||||||||||||
Deferred Rent | — | — | — | — | — | — | ||||||||||||
LT Deferred Compensation | — | — | — | — | — | — | ||||||||||||
Other | — | — | — | — | — | — | ||||||||||||
Total Post-Petition Debts | — | — | — | — | — | — | ||||||||||||
(1) Any past due taxes payable relate to unpaid business license fees for 2017. | ||||||||||||||||||
(2) Aging information for payables other than trade payables is not readily available. As such, all other post-petition payables have been categorized in the Current bucket. | ||||||||||||||||||
hhgregg, Inc., et al | ||||||||||
DEBTORS AND DEBTORS IN POSSESSION | ||||||||||
Schedule of Federal, State, & Local Taxes Collected, Received, Due or Witheld (unaudited) | ||||||||||
For the Period Ended April 30, 2017 | ||||||||||
Beginning Tax Liability | Amount Withheld or Accrued | Amount Paid | Date Paid | Check No. or EFT | Ending Tax Liability | |||||
Federal | ||||||||||
Withholding | — | 1,126.00 | (1,126 | ) | 4/6 ; 4/20 | EFT | — | |||
FICA - Employee | — | 763 | (763 | ) | 4/6 ; 4/20 | EFT | — | |||
FICA - Employer | 378.00 | 647 | (763 | ) | 4/6 ; 4/20 | EFT | 262.37 | |||
Unemployment | 11 | 10 | (16 | ) | 4/6 ; 4/20 | EFT | 4.49 | |||
Income | — | — | — | — | ||||||
Total Federal Taxes | 389 | 2,547 | (2,669 | ) | 267 | |||||
State and Local | ||||||||||
Withholding | — | 339 | (339 | ) | 4/6 ; 4/20 | EFT | — | |||
Sales and Use | 1,395 | 5,669 | (4,543 | ) | 4/20-4/26 | ACH & CK# 1728473 | 2,521 | |||
Excise | — | — | — | — | ||||||
Unemployment | 44 | 57 | (79 | ) | 4/6 ; 4/20 | EFT | 21 | |||
Real Property | 2,943 | 1,263 | (954 | ) | 4/3 | Checks & EFT | 3,253 | |||
Personal Property | 1,877 | (236 | ) | — | 1,641 | |||||
Other | 379 | 67 | (39 | ) | 4/20-4/30 | ACH & CH 1728466 & 1728477 1729015 | 406 | |||
Total State and Local | 6,637 | 7,158 | (5,954 | ) | 7,842 | |||||
hhgregg, Inc., et al | |||||||||||
DEBTORS AND DEBTORS IN POSSESSION | |||||||||||
Accounts Receivable Aging (unaudited) | |||||||||||
As of April 30, 2017 | |||||||||||
Accounts Receivable Reconciliation | Credit Card Receivables | Trade Accounts Receivable | Total Credit Card and Trade Accounts Receivable | ||||||||
Total Accounts Receivable at the beginning of the reporting period | $ | 5,766 | $ | 8,250 | $ | 14,016.00 | |||||
+ Amounts billed during the period | 47,977 | 944 | $ | 48,921 | |||||||
- Amounts collected during the period | (43,739 | ) | (1,662 | ) | $ | (45,401 | ) | ||||
- Other Adjustments (Writeoffs/Credit Memos/Adjustments/Chargebacks/Signifyd Funding) | (631 | ) | (236 | ) | $ | (868 | ) | ||||
Total Accounts Receivable at the end of the reporting period | $ | 9,373 | $ | 7,296 | $ | 16,669 | |||||
As of April 30, 2017 | |||||||||||
Accounts Receivable Aging | |||||||||||
< 90 | 7,401 | 6,141 | $ | 13,542 | |||||||
91+ | 1,973 | 1,154.00 | $ | 3,127 | |||||||
Total Accounts Receivable | 9,373 | 7,296 | $ | 16,669 | |||||||
Amount Considered Uncollectible | — | (22 | ) | $ | (22 | ) | |||||
Accounts Receivable, Net | $ | 9,373 | $ | 7,273 | $ | 16,647 | |||||
NOTES | |||||||||||
(1) Credit Card Receivable Aging is based upon historical experience through 3/6/2017. | |||||||||||
(2) No reserves have been recorded against credit card receivables. | |||||||||||
(3) $32.0M of Accounts Receivable - Other exists at 4/30/2017 for which aging information is not readily available. | |||||||||||
hhgregg, Inc., et al | |||||||
DEBTORS AND DEBTORS IN POSSESSION | |||||||
Questionnaire | |||||||
Yes | No | ||||||
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. During this period, the debtors liquidated certain inventory and FF&E for amounts below normal course pricing. | X | ||||||
2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. | X | ||||||
3. Have all post-petition tax returns been filed timely? If no, provide an explanation below. | X | ||||||
4. Are workers compensation, general liability, and other necessary insurance coverages in effect? If no, provide an explanation below. | X | ||||||
5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3. | X | ||||||
Account Name | Purpose | Business | Acct Number | Bank Name | Date | ||