hhgregg, Inc. - FORM 8-K - EX-99.3

Attached files

file	filename
EX-99.2 - hhgregg, Inc.	exhibit99-2.htm
EX-99.1 - hhgregg, Inc.	exhibit99-1.htm
8-K - hhgregg, Inc.	a8k.htm



					Exhibit 99.3
UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE

In re	HHG Distributing LLC		Case No.	17-01304-11
	Debtors



MONTHLY OPERATING REPORT HHG Distributing LLC
MONTHLY OPERATING REPORT HHG Distributing LLC

INDEX TO CONDENSED FINANCIAL STATEMENTS AND SCHEDULES

CONDENSED FINANCIAL STATEMENTS						Page

	Condensed Statement of Income					2
	Condensed Balance Sheet					3
	Condensed Statement of Cash Flows					4

SCHEDULES

	Schedule 1 -	Total Disbursements				5
	Schedule 2 -	Bank Reconciliations				6
	Schedule 3 -	Total Disbursements to Retained Professionals				7
	Schedule 4 -	Summary of Unpaid Post-Petition Debts				8
	Schedule 5 -	Schedule of Federal, State, and Local Taxes Collected, Received, Due or Withheld				9
	Schedule 6 -	Accounts Receivable Aging				10
	Schedule 7 -	Questionnaire				11


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			5/11/2018
Signature of Authorized Individual*			Date

Kevin Kovacs			CEO/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.



HHG Distributing LLC
DEBTORS AND DEBTORS IN POSSESSION
Condensed Consolidated Statement of Income (unaudited)

	For the Period of
	April 1, 2018 to
(In Thousands)	April 30, 2018

Net Sales	$	—
Cost of Goods Sold	—
Gross Profit	—

Operating Expenses:
Advertising Expense, Net	—
Occupancy Costs	—
Data Communications	—
Repair and Maintenance	—
Company Insurance (Non-Medical)	—
Employee Benefits	—
Wage Expense	—
Employee Services	—
Travel and Entertainment	—
Bank Transaction Fees	—
Professional Fees	—
Stock Compensation Expense (Benefit), Net	—
Gain/Loss on Early Extinguishment of Debt	—
Depreciation and Amortization	—
Administrative and Sales Expense	—
Product Services Expense	—
Bad Debts	—


Total Operating Expenses	—

Operating Income	—

Interest Expense, net	—
Other Income/(Expense)	—

Income Before Taxes	—

Income Tax Expense/(Benefit)	—

Net Income	$	—



HHG Distributing LLC
DEBTORS AND DEBTORS IN POSSESSION
Condensed Consolidated Balance Sheet (unaudited)


	As of
(In Thousands)	4/30/2018

Assets
Cash	$	—
Credit Card and Trade Accounts Receivable, Net	—
Accounts Receivable - Other	—
Merchandise Inventories	—
Prepaid Expenses and Other Assets	—
Income Taxes Receivable	—
Total Current Assets	—

Property and Equipment, Net	—
Capitalized Financing Fees, Net	—
Goodwill	—
Trademarks, Net	—
Other Assets, Net	—

Total Assets	$ —

Liabilities and Stockholders' Deficit
Accounts Payable	—
Outstanding Customer Deposits, Credits, Refunds	—
Unredeemed Gift Card Liability	—
Other Accrued Expenses	—
Deferred Tax Liability	—
DIP Loans	—


Total Current Liabilities	$ —

Deferred Rent	—
LT Deferred Compensation	—
Other Long-term Liabilities	—
Liabilities Subject to Compromise	$	—

Total Liabilities	—

Preferred Stock	—
Common Stock	—
Retained Earnings / (Accumulated Deficit)	—
Treasury Stock	—
Additional Paid-in Capital	—
Total Stockholders' Deficit	$ —


Total Liabilities and Stockholders' Deficit	$	—



HHG Distributing LLC
DEBTORS AND DEBTORS IN POSSESSION
Condensed Consolidated Statement of Cash Flows (unaudited)

	For the Period of
	April 1, 2018 to
(In Thousands)	April 30, 2018
Cash flows from operating activities:
Net cash provided by (used in) operating activities	$	—

Cash flows from investing activities:
Purchases of property and equipment	—
Proceeds from sale of property and equipment	—
Other	—
Net cash used in investing activities	—

Cash flows from financing activities:
Net Borrowings (Repayments) on Line of Credit	—
	—

Increase/(decrease) in cash and cash equivalents	—

Cash and cash equivalents at beginning of period	—

Cash and cash equivalents at end of period	$	—



HHG Distributing LLC
DEBTORS AND DEBTORS IN POSSESSION
Total Disbursements by Filed Legal Entity (unaudited)

(In Thousands)
For the Period of April 1, 2018 to April 30, 2018
Legal Entity	Case Number	Disbursements
HHG Distributing LLC	17-01304-11	—



HHG Distributing LLC
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
NOTE: No bank accounts are held by HHG Distributing LLC.



Gregg Appliances, Inc.
DEBTORS AND DEBTORS IN POSSESSION
Total Disbursements to Retained Professionals (unaudited)

(In Thousands)
For the Period of April 1, 2018 to April 30, 2018
Retained Professionals		Approved Amounts (1)		Disbursements
MORGAN, LEWIS & BOCKIUS LLP	Legal Services	1,878		—
STIFEL, NICOLAUS & COMPANY INC	Bankruptcy Services	—		—
BERKELEY RESEARCH GROUP LLC	Bankruptcy Services	2,423		—
DONLIN, RECANO & COMPANY INC	Bankruptcy Services	—		—
ICE MILLER LLP	Legal Services	1,639		—
BINGHAM GREENEBAUM DOLL LLP	Bankruptcy Services	163		—
MALFITANO PARTNERS	Bankruptcy Services	66		—
COOLEY LLP	Bankruptcy Services	1,974		—
PROVINCE, INC.	Bankruptcy Services	530
DLA PIPER LLP US	Bankruptcy Services	—		—
FAEGRE BAKER DANIELS LLP	Bankruptcy Services	—		—
ASK LLP	Bankruptcy Services	—		—
GREAT AMERICAN GROUP	Bankruptcy Services	—		—


Total		$	8,673	$	—



(1) Approved amounts represent the amount of fees and expenses that were approved and eligible to be paid by the Debtors to each professional during April 2018.



HHG Distributing LLC
DEBTORS AND DEBTORS IN POSSESSION
Summary of Unpaid Post-Petition Debts (unaudited)
As of 4/30/2018


(In Thousands)
HHG Distributing LLC (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	—	—	—	—	—	—
Unredeemed Gift Card Liability	—	—	—	—	—	—
Deferred Rent	—	—	—	—	—	—
LT Deferred Compensation	—	—	—	—	—	—
Other	—	—	—	—	—	—
Total Post-Petition Debts	$ —	$ —	$ —	$ —	$ —	$ —



HHG Distributing LLC
DEBTORS AND DEBTORS IN POSSESSION
Schedule of Federal, State, & Local Taxes Collected, Received, Due or Witheld (unaudited)

(In Thousands)
For the Period of April 1, 2018 to April 30, 2018
	Beginning Tax Liability	Amount Withheld or Accrued	Amount Paid	Date Paid	Check No. or EFT	Ending Tax Liability
Federal
Withholding	$ —	$ —	$ —			$ —
FICA - Employee	$ —	$ —	$ —			$ —
FICA - Employer	$ —	$ —	$ —			$ —
Unemployment	$ —	$ —	$ —			$ —
Income	$ —	$ —	$ —			$ —
Total Federal Taxes	$ —	$ —	$ —			$ —

State and Local
Withholding	$ —	$ —	$ —			$ —
Sales and Use	$ —	$ —	$ —			$ —
Excise	$ —	$ —	$ —			$ —
Unemployment	$ —	$ —	$ —			$ —
Real Property	$ —	$ —	$ —			$ —
Personal Property	$ —	$ —	$ —			$ —
Other	$ —	$ —	$ —			$ —
Total State and Local	$ —	$ —	$ —			$ —



HHG Distributing LLC
DEBTORS AND DEBTORS IN POSSESSION
Accounts Receivable Aging (unaudited)

(In Thousands)
As of April 30, 2018
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	$	—	$	—	$	—
+ Amounts billed during the period	—		—			—
- Amounts collected during the period	—		—			—
- Other Adjustments (Writeoffs/Credit Memos/Adjustments/Chargebacks/Signifyd Funding)	—		—			—
Total Accounts Receivable at the end of the reporting period	$	—	$	—	$	—

As of April 30, 2018
Accounts Receivable Aging

< 90	$ —		—		$	—
91+	—		—			—
Total Accounts Receivable	—		—			—
Amount Considered Uncollectible	—		—			—
Accounts Receivable, Net	$	—	$	—	$	—

NOTES



HHG Distributing LLC
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.					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

hhgregg, Inc. - FORM 8-K - EX-99.3 - May 15, 2018

Attached files

hhgregg, Inc. Reports