Nuvectra Corp - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - February 13, 2020

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Exhibit 99.1

 

 

Monthly Operating Report
 

ACCRUAL BASIS

CASE  NAME:

Nuvectra Corporation

        

 

 

 

        

CASE  NUMBER:

19-43090

    

 

  

 

 

 

        

JUDGE:

Honorable Brenda T. Rhoades

        

 

 

 

    

       UNITED  STATES  BANKRUPTCY  COURT

        
               
     

     NORTHERN & EASTERN DISTRICTS OF TEXAS

        
               

 

  

 

REGION 6

        
               
     

MONTHLY  OPERATING  REPORT

        
               

 

  

MONTH  ENDING:

January 31

  

2020

    
     

MONTH

  

YEAR

    
               
               

IN  ACCORDANCE  WITH  TITLE  28,  SECTION  1746,  OF  THE  UNITED  STATES  CODE,  I DECLARE UNDER PENALTY  OF  PERJURY  THAT  I  HAVE  EXAMINED  THE  FOLLOWING MONTHLY  OPERATING  REPORT (ACCRUAL BASIS-1  THROUGH  ACCRUAL BASIS-7)  AND THE  ACCOMPANYING  ATTACHMENTS  AND, TO  THE  BEST  OF  MY  KNOWLEDGE,  THESE DOCUMENTS  ARE  TRUE,  CORRECT,  AND  COMPLETE. DECLARATION  OF  THE  PREPARER (OTHER  THAN  RESPONSIBLE  PARTY) IS  BASED  ON ALL  INFORMATION  OF  WHICH PREPARER  HAS  ANY  KNOWLEDGE.
               
               

RESPONSIBLE  PARTY:

          
               

/s/ Jennifer J. Kosharek

  

Chief Financial Officer

ORIGINAL  SIGNATURE  OF  RESPONSIBLE  PARTY

  

TITLE
               

Jennifer J. Kosharek

  

2/13/2020

PRINTED NAME OF RESPONSIBLE PARTY

  

DATE
               
               
               

PREPARER:

            
               

/s/ Jennifer J. Kosharek

  

Chief Financial Officer

ORIGINAL  SIGNATURE  OF  PREPARER

  

TITLE
               

Jennifer J. Kosharek

  

2/13/2020

PRINTED NAME OF PREPARER

    

DATE

 

 

 
 

 

 

Monthly Operating Report 

ACCRUAL BASIS-1

CASE NAME:

Nuvectra Corporation

 

    

 

 

 

 

      

CASE  NUMBER:

19-43090

 

    

 

 

COMPARATIVE BALANCE SHEET

                                
         

SCHEDULE
AMOUNT as of Nov. 12

    

NOVEMBER 30

    

DECEMBER 31

    

JANUARY 31

  

ASSETS

                                  
1.  

UNRESTRICTED CASH

   $ 9,769,668     $ 9,565,361     $ 8,286,353     $ 7,292,985  
2.  

RESTRICTED CASH

   $ -     $ -     $ -     $ -  
3.  

TOTAL CASH

   $ 9,769,668     $ 9,565,361     $ 8,286,353     $ 7,292,985  
4.  

ACCOUNTS RECEIVABLE (NET)

   $ 5,616,444     $ 4,270,444     $ 3,025,206     $ 1,811,492  
5.  

INVENTORY

   $ 13,714,792     $ 13,503,589     $ 13,049,987     $ 12,997,714  
6.  

NOTES RECEIVABLE

   $ -     $ -     $ -     $ -  
7.  

PREPAID EXPENSES

   $ 2,075,993     $ 1,971,200     $ 1,696,383     $ 1,457,476  
8.  

OTHER (ATTACH LIST)

   $ -     $ -     $ -     $ -  
9.  

TOTAL CURRENT ASSETS

   $ 31,176,897     $ 29,310,594     $ 26,057,929     $ 23,559,667  
10.  

PROPERTY, PLANT & EQUIPMENT

   $ 5,149,385     $ 11,909,274     $ 11,909,274     $ 11,909,274  
11.  

LESS: ACCUMULATED DEPRECIATION/DEPLETION

           $ (6,815,209 )   $ (6,909,877 )   $ (7,003,191 )
12.  

NET PROPERTY, PLANT & EQUIPMENT

   $ 5,149,385     $ 5,094,064     $ 4,999,397     $ 4,906,083  
13.  

DUE FROM INSIDERS

   $ -     $ -     $ -     $ -  
14.  

OTHER ASSETS - NET OF AMORTIZATION (ATTACH LIST)

   $ -     $ -     $ -     $ -  
15.  

OTHER (ATTACH LIST)

   $ 1,457,176     $ 1,438,411     $ 1,400,555     $ 1,362,368  
16.  

TOTAL ASSETS

   $ 37,783,458     $ 35,843,070     $ 32,457,881     $ 29,828,118  

POSTPETITION LIABILITIES

                                
17.  

ACCOUNTS PAYABLE

           $ 68,036     $ 225,061     $ 46,536  
18.  

TAXES PAYABLE

           $ (14,628 )   $ (20,633 )   $ (24,500 )
19.  

NOTES PAYABLE

           $ -     $ -     $ -  
20.  

PROFESSIONAL FEES

           $ 369,096     $ 984,480     $ 971,804  
21.  

SECURED DEBT

           $ -     $ -     $ -  
22.  

OTHER (ATTACH LIST)

           $ 559,952     $ 836,758     $ 322,953  
23.  

TOTAL POSTPETITION LIABILITIES

           $ 982,457     $ 2,025,665     $ 1,316,793  

PREPETITION LIABILITIES

                                  
24.  

SECURED DEBT

   $ 10,118,505     $ 10,168,789     $ 10,269,356     $ 10,369,923  
25.  

PRIORITY DEBT

   $ 1,751,288     $ 900,091     $ 600,548     $ 450,761  
26.  

UNSECURED DEBT

   $ 9,286,640     $ 9,345,809     $ 8,898,627     $ 8,662,818  
27.  

OTHER (ATTACH LIST)

   $ -     $ -     $ -     $ -  
28.  

TOTAL PREPETITION LIABILITIES

   $ 21,156,433     $ 20,414,689     $ 19,768,531     $ 19,483,501  
29.  

TOTAL LIABILITIES

   $ 21,156,433     $ 21,397,146     $ 21,794,196     $ 20,800,294  

EQUITY

                                  
30.  

PREPETITION OWNERS' EQUITY

   $ 96,444,483     $ 16,627,024     $ 14,445,924     $ 10,663,685  
31.  

POSTPETITION CUMULATIVE PROFIT OR (LOSS)

   $ (79,817,458 )   $ (2,181,101 )   $ (3,782,239 )   $ (1,635,861 )
32.  

DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION)

   $ -     $ -     $ -     $ -  
33.  

TOTAL EQUITY

   $ 16,627,024     $ 14,445,924     $ 10,663,685     $ 9,027,824  
34.  

TOTAL LIABILITIES & OWNERS' EQUITY

   $ 37,783,458     $ 35,843,070     $ 32,457,881     $ 29,828,118  

 

 
 

 

GL Account Name

  

GL Acct #

  

Description

Notes

  

Dec. 31, 2019

    

Jan. 31, 2020

  

ROU Operating Leases - Noncurrent

     16010    

ASC 842 Right of Use Operating Leases Asset

Account reconciliation available upon request

   $ 1,418,198     $ 1,418,198  

ROU Operating Leases - Noncurrent

     16010    

ASC 842 Right of Use Operating Leases Asset

Account reconciliation available upon request

   $ 415,559     $ 415,559  

Operating Leases Noncurrent Amortizati

     16011    

ASC 842 Right of Use Operating Leases Asset Amortization

Account reconciliation available upon request

   $ (349,155 )   $ (379,546 )

Operating Leases Noncurrent Amortizati

     16011    

ASC 842 Right of Use Operating Leases Asset Amortization

Account reconciliation available upon request

   $ (84,047 )   $ (91,842 )
                $ 1,400,555     $ 1,362,368  
           

Per Page 1

   $ 1,400,555     $ 1,362,368  
           

Difference

   $ -     $ -  

 

 
 

 

     

(CR) / DR

Balance

         

(CR) / DR

POST - Petition Portion Only

   

(CR) / DR

Pre-Petition Still Existing at

 

GL Account Name

Notes

  

Jan. 31, 2020

   

GL Acct #

    

Jan. 31, 2020

   

Jan. 31, 2020

 

Manual AP Accrual

Post petition amount per GL reconciliation. Services incurred not yet invoiced.

     (1,524,542 )   20106       (1,231,425 )     (293,117 )

Received, Not Invoiced

     -     20110       -       -  

Accrued Warranty

No update to accrual post petition. No new trials/perms.

     (282,084 )   20250       -       (282,084 )

Other Accrued Expenses

Blaine property taxes & other accruals, if applicable

     (6,969 )   20251       (6,969 )     -  

Deferred Lease Payments

GAAP Straight Line Rent Expense Calculation. Difference in actual rent pymt and straight line amortization (also see ROU accts)

     (17,216 )   20602       (935 )     (16,281 )

Operating Lease Liability- Noncurrent

ASC 842 Right of Use Operating Leases Liability. Note this liability was booked when 842 implemented (along with the asset) and is decreased every month (along with the asset which gets amortized) as we progress through the leases

     (1,714,016 )   20610       -       (1,714,016 )

TOTAL OTHER LIABILITIES

     (3,544,827 )                      
                                 
                                 

Accrued Salaries & Wages

Accrual all post petition

     0     20210       -       -  

Accrued PTO

Employee balances re-set to 80 hours max on 12/31/19. Assuming most accrued pre-petition.

     (204,778 )   20211       -       (204,778 )

Accrued Commissions

Guarantees and earned amounts (plus auto allow) post-petition not yet paid at 12/31

     (41,000 )   20215       (41,000 )     -  

Accrued Medical

All paid / remitted

     -     20225       -       -  

Accrued H.S.A & Flex Benefits

Pay day 1/3/20 not remitted by 12/31/19. All post-petition.

     (1,273 )   20230       (1,273 )     -  

Accrued FSA

Unable to separate pre/post. Assuming most accrued pre-petition.

     (14,446 )   20231       -       (14,446 )

Accrued Vision

All paid / remitted

     -     20232       -       -  

Accrued 401K

Pay day 1/31/20 not remitted by 1/31/20. All post-petition.

     (16,994 )   20235       -       (16,994 )

Accrued Other Payroll

Post-petition amount per GL reconciliation for expense reports not yet paid.
Pre-petition amount per GL reconciliation for claims over cap.

     (259,166 )   20240       (13,155 )     (246,011 )

Accrued Payroll Taxes

Accrual all post petition

     -     20245       -       -  

Accrued Sales Tax

The debit balance is primarily caused by a $30K refund due from the state of Ohio for corrections made in Sept. between customer billings and our remittance to the state. We have requested a refund check but it will take ~ 6 months due to backlog. This account is fully related to pre-petition as we have no post-petition trials/perms generating sales tax (revisions are immaterial).

     31,469     20255       -       31,469  
                                 

Accrued Use Tax

     0     20260       -       -  

Accrued State Taxes

     (15,095 )   20405                  

TOTAL PRIORITY LIABILITIES

     (521,284 )                   (450,761 )
                                 
                                 
                                 

TOTAL TRADE A/P

     (6,364,260 )                      
                                 
                                 

TOTAL THIS TAB

     (10,430,372 )                      

TOTAL PER PAGE 1 TAB (Liabilities w/o Secured Debt)

     (10,430,372 )                      
                                 
                                 
                      (1,294,757 )        
 

Professional Fees Separately Disclosed

     (971,804 )        
 

Total Post Petition Liabilities (Other)

     (322,953 )        

 

 
 

 

Monthly Operating Report

ACCRUAL BASIS-2

CASE  NAME:

Nuvectra Corporation

    

 

 

 

 

    

CASE  NUMBER:

19-43090

    

 

 

INCOME STATEMENT

  

NOVEMBER 13-30

    

DECEMBER 1-31

    

JANUARY 1-31

    

MONTH

  

REVENUES

                                
1.  

GROSS REVENUES

   $ 191,673     $ 314,168     $ 67,344          
2.  

LESS: RETURNS & DISCOUNTS

   $ 188,618     $ 332,378     $ 279,983          
3.  

NET REVENUE

   $ 3,055     $ (18,210 )   $ (212,639 )   $ -  

COST OF GOODS SOLD

                          
4.  

MATERIAL

   $ 211,203     $ 182,556     $ 113,945          
5.  

DIRECT LABOR

   $ -     $ -     $ -     $ -  
6.  

DIRECT OVERHEAD

   $ -     $ -     $ -     $ -  
7.  

TOTAL COST OF GOODS SOLD

   $ 211,203     $ 182,556     $ 113,945     $ -  
8.  

GROSS PROFIT (LOSS)

   $ (208,148 )   $ (200,766 )   $ (326,584 )   $ -  

OPERATING EXPENSES

                          
9.  

OFFICER / INSIDER COMPENSATION

   $ 89,159     $ 114,563     $ 193,941          
10.  

SELLING & MARKETING

   $ 293,728     $ 1,351,157     $ 156,097          
11.  

GENERAL & ADMINISTRATIVE

   $ 1,051,830     $ 1,050,582     $ 343,903          
12.  

RENT & LEASE

   $ 43,580     $ 70,855     $ 69,651          
13.  

OTHER (ATTACH LIST)

   $ -     $ -     $ -     $ -  
14.  

TOTAL OPERATING EXPENSES

   $ 1,478,297     $ 2,587,157     $ 763,592     $ -  
15.  

INCOME (LOSS) BEFORE NON-OPERATING INCOME & EXPENSE

   $ (1,686,444 )   $ (2,787,923 )   $ (1,090,177 )   $ -  

OTHER INCOME & EXPENSES

                          
16.  

NON-OPERATING INCOME (ATTACH LIST)

   $ (2,258 )   $ (99 )   $ (7 )        
17.  

NON-OPERATING EXPENSE (ATTACH LIST)

   $ -     $ -     $ -     $ -  
18.  

INTEREST EXPENSE

   $ 72,498     $ 284,363     $ 132,888          
19.  

DEPRECIATION / DEPLETION

   $ 55,320     $ 94,668     $ 93,314          
20.  

AMORTIZATION

   $ -     $ -     $ -     $ -  
21.  

OTHER (ATTACH LIST)

   $ -     $ -     $ -     $ -  
22.  

NET OTHER (INCOME) & EXPENSES

   $ 125,560     $ 378,932     $ 226,195     $ -  

REORGANIZATION EXPENSES

                          
23.  

PROFESSIONAL FEES

   $ 369,096     $ 615,384     $ 278,272          
24.  

U.S. TRUSTEE FEES

   $ -     $ -     $ 41,217          
25.  

OTHER (ATTACH LIST)

   $ -     $ -     $ -     $ -  
26.  

TOTAL REORGANIZATION EXPENSES

   $ 369,096     $ 615,384     $ 319,489     $ -  
27.  

INCOME TAX

   $ -     $ -     $ -          
28.  

NET PROFIT (LOSS)

   $ (2,181,101 )   $ (3,782,239 )   $ (1,635,861 )   $ -  

 

 
 

 

GL Account Name

  

GL Acct #

    

GL Entries
Jan. 1-31, 2020

  

Description

Other Income/Expense

   80120     $ (7 )

SVB bank account revenue share

 

 
 

 

Monthly Operating Report

ACCRUAL BASIS-3

CASE  NAME:

Nuvectra Corporation

      

 

 

 

 

      

CASE  NUMBER:

19-43090

      

 

 

CASH RECEIPTS AND DISBURSEMENTS

  

NOVEMBER 13-30

    

DECEMBER 1-31

    

JANUARY 1-31

    

QUARTER

  
1.  

CASH - BEGINNING OF MONTH

   $ 9,769,668     $ 9,565,361     $ 8,286,353          

RECEIPTS FROM OPERATIONS

                                
2.  

CASH SALES

   $ -                     $ -  

COLLECTION OF ACCOUNTS RECEIVABLE

                                
3.  

PREPETITION

   $ 1,351,696                     $ 1,351,696  
4.  

POSTPETITION

   $ -     $ 1,235,009     $ 1,140,688     $ 2,375,697  
5.  

TOTAL OPERATING RECEIPTS

   $ 1,351,696     $ 1,235,009     $ 1,140,688     $ 3,727,393  

NON-OPERATING RECEIPTS

                                
6.  

LOANS & ADVANCES (ATTACH LIST)

   $ -                     $ -  
7.  

SALE OF ASSETS

   $ -                     $ -  
8.  

OTHER (ATTACH LIST)

   $ 22,334     $ 29,346     $ 61,644     $ 113,324  
9.  

TOTAL NON-OPERATING RECEIPTS

   $ 22,334     $ 29,346     $ 61,644     $ 113,324  
10.  

TOTAL RECEIPTS

   $ 1,374,030     $ 1,264,354     $ 1,202,333     $ 3,840,717  
11.  

TOTAL CASH AVAILABLE

   $ 11,143,698     $ 10,829,715     $ 9,488,686          

OPERATING DISBURSEMENTS

                                
12.  

NET PAYROLL

   $ 1,086,763     $ 1,676,732     $ 843,551     $ 3,607,046  
13.  

PAYROLL TAXES PAID

   $ 40,237     $ 90,933     $ 77,096     $ 208,266  
14.  

SALES, USE & OTHER TAXES PAID

   $ 18,537     $ 51,457     $ 24,231     $ 94,225  
15.  

SECURED / RENTAL / LEASES

   $ -     $ 318,821     $ 215,652     $ 534,473  
16.  

UTILITIES

   $ -                     $ -  
17.  

INSURANCE

   $ 207,471     $ 176,341     $ 106,402     $ 490,214  
18.  

INVENTORY PURCHASES

   $ -                     $ -  
19.  

VEHICLE EXPENSES

   $ -                     $ -  
20.  

TRAVEL

   $ -                     $ -  
21.  

ENTERTAINMENT

   $ -                     $ -  
22.  

REPAIRS & MAINTENANCE

   $ -                     $ -  
23.  

SUPPLIES

   $ -                     $ -  
24.  

ADVERTISING

   $ -                     $ -  
25.  

OTHER (ATTACH LIST)

   $ 225,330     $ 229,076     $ 596,605     $ 1,051,010  
26.  

TOTAL OPERATING DISBURSEMENTS

   $ 1,578,337     $ 2,543,362     $ 1,863,536     $ 5,985,235  

REORGANIZATION EXPENSES

                                
27.  

PROFESSIONAL FEES

   $ -     $ -     $ 290,948     $ 290,948  
28.  

U.S. TRUSTEE FEES

   $ -     $ -     $ 41,217     $ 41,217  
29.  

OTHER (ATTACH LIST)

   $ -                     $ -  
30.  

TOTAL REORGANIZATION EXPENSES

   $ -     $ -     $ 332,165     $ 332,165  
31.  

TOTAL DISBURSEMENTS

   $ 1,578,337     $ 2,543,362     $ 2,195,701     $ 6,317,400  
32.  

NET CASH FLOW

   $ (204,307 )   $ (1,279,007 )   $ (993,368 )   $ (2,476,682 )
33.  

CASH - END OF MONTH

   $ 9,565,361     $ 8,286,353     $ 7,292,985          

 

 
 

 

NON-OPERATING RECEIPTS

    
  10,846  

Non-Op Receipts - Interest on Asset Management Account Total
  9,702  

Non-Op Receipts Other - SVB Revenue Share
     

Non-Op Receipts Other - Payroll-related: Return of Rejected Child Support Payment Total
  6,800  

Non-Op Receipts Other - Vendor Deposit Refund
  34,297  

Non-Op Receipts Other - Payroll-related: Monthly Wageworks reimbursement (HSA, FSA, HRA, COBRA) Total
       
  61,644  

8. OTHER
       
       

OPERATING DISBURSEMENTS

    
  247  

Op Disbursement - Other - Management Fee on Investment/Wageworks Acct Total
  84,421  

Op Disbursement - Other - Payroll-related: H.S.A./Acensus 401K/ F.S.A
  4,578  

Op Disbursement - Other - Bank Fee
  20,000  

Op Disbursement - Other -BOD payments
  487,360  

Op Disbursement - Other Vendors Total
       
  596,605  

25. OTHER
       
       
       
       
  41,217  

Op Disbursement - Other - US Trustee
  290,948  

Op Disbursement - Other - Legal fees
  332,165  

Total Reorganization Expenses

 

 
 

 

Monthly Operating Report

ACCRUAL BASIS-4

CASE  NAME:

Nuvectra Corporation

 

    

 

 

 

 

      

CASE  NUMBER:

19-43090

      

 

 

ACCOUNTS RECEIVABLE AGING    

SCHEDULE
AMOUNT as of Nov. 12

    

NOVEMBER 30

    

DECEMBER 31

    

JANUARY 31

  
1.   0-30             $ 5,148,863     $ 3,431,923     $ 1,620,337     $ 80,132  
2.   31-60             $ 251,608     $ 511,331     $ 882,820     $ 810,452  
3.   61-90             $ 76,541     $ 158,661     $ 328,917     $ 529,291  
4.  

91+

             $ 717,900     $ 746,997     $ 766,957     $ 965,442  
5.  

TOTAL ACCOUNTS RECEIVABLE

     $ 6,194,913     $ 4,848,912     $ 3,599,032     $ 2,385,317  
6.  

AMOUNT CONSIDERED UNCOLLECTIBLE

     $ (578,468 )   $ (578,468 )   $ (573,826 )   $ (573,826 )
7.  

ACCOUNTS RECEIVABLE (NET)

     $ 5,616,444     $ 4,270,444     $ 3,025,206     $ 1,811,492  
                                                 
                                                 

AGING OF POSTPETITION TAXES AND PAYABLES

    

MONTH:

    

January 31 2020

  
                                                 
              0-30           31-60           61-90        

91+

          

TAXES PAYABLE

    

DAYS

    

DAYS

    

DAYS

    

DAYS

    

TOTAL

  
1.  

FEDERAL

     $ -     $ -     $ -     $ -     $ -  
2.  

STATE

     $ (24,500 )   $ -     $ -     $ -     $ (24,500 )
3.  

LOCAL

     $ -     $ -     $ -     $ -     $ -  
4.  

OTHER (ATTACH LIST)

     $ -     $ -     $ -     $ -     $ -  
5.  

TOTAL TAXES PAYABLE

     $ (24,500 )   $ -     $ -     $ -     $ (24,500 )
                                                 
6.  

ACCOUNTS PAYABLE

     $ 44,901     $ 1,635     $ 0     $ 0     $ 46,536  
                                                 
                                                 

STATUS OF POSTPETITION TAXES

            

MONTH:

    

January 31 2020

  
                                                 
                   

BEGINNING

    

AMOUNT

            

ENDING

  
                   

TAX

    

WITHHELD AND/

    

AMOUNT

    

TAX

  

FEDERAL

            

LIABILITY

    

0R ACCRUED

    

PAID

    

LIABILITY

  
1.  

WITHHOLDING

    

Payroll

     $ -     $ 133,082     $ 133,082     $ -  
2.  

FICA-EMPLOYEE

    

Payroll

     $ -     $ 65,891     $ 65,891     $ -  
3.  

FICA-EMPLOYER

    

Payroll

     $ -     $ 65,891     $ 65,891     $ -  
4.  

UNEMPLOYMENT

    

Payroll

     $ -     $ -     $ -     $ -  
5.  

INCOME

             $ -     $ -     $ -     $ -  
6.  

OTHER (ATTACH LIST)

             $ -     $ -     $ -     $ -  
7.  

TOTAL FEDERAL TAXES

             $ -     $ 264,865     $ 264,865     $ -  

 

 

STATE AND LOCAL

                                          
8.  

WITHHOLDING

    

Payroll

     $ -     $ 35,465     $ 35,465     $ -  
9.  

SALES

             $ (20,633 )   $ -     $ 10,836     $ (31,469 )
10.  

EXCISE

             $ -     $ -     $ -     $ -  
11.  

UNEMPLOYMENT

    

Payroll

     $ -     $ -     $ -     $ -  
12.  

REAL PROPERTY

             $ -     $ 6,969     $ -     $ 6,969  
13.  

PERSONAL PROPERTY

             $ -     $ -     $ -     $ -  
14.  

OTHER (ATTACH LIST)

             $ -     $ -     $ -     $ -  
15.  

TOTAL STATE & LOCAL

             $ (20,633 )   $ 42,434     $ 46,302     $ (24,500 )
16.  

TOTAL TAXES

             $ (20,633 )   $ 307,299     $ 311,166     $ (24,500 )

 

 
 

 

Monthly Operating Report

ACCRUAL BASIS-5

CASE NAME:

Nuvectra Corporation

        

 

 

 

 

        

CASE NUMBER:

19-43090

        

 

 

                         

MONTH:

    

January 31 2020

  

BANK RECONCILIATIONS

                                        
         

Account #1

    

Account #2

    

Account #3

    

Account #4

          

A. BANK:

    

Silicon Valley Bank

    

Silicon Valley Bank

    

Silicon Valley Bank

    

Silicon Valley Bank

          

B. ACCOUNT NUMBER:

     0826          2403          0906          8007       

TOTAL

  

C. PURPOSE (TYPE):

  

Analysis Checking

    

Sweep Investment

    

Analysis Checking Lockbox

    

Utilities

          
1.  

BALANCE PER BANK STATEMENT

   $ 60,321     $ 4,864,444     $ -     $ 41,533     $ 4,966,299  
2.  

ADD: TOTAL DEPOSITS NOT CREDITED

   $ -     $ 39,575     $ -     $ -     $ 39,575  
3.  

SUBTRACT: OUTSTANDING CHECKS

   $ 294,367     $ -     $ -     $ -     $ 294,367  
4.  

OTHER RECONCILING ITEMS

   $ -     $ -     $ -     $ -     $ -  
5.  

MONTH END BALANCE PER BOOKS

   $ (234,046 )   $ 4,904,019     $ -     $ 41,533     $ 4,711,506  
6.  

NUMBER OF LAST CHECK WRITTEN

     7427       N/A       N/A       N/A          
                                               
                                               
                                               

INVESTMENT ACCOUNTS

                                        
                                               
         

DATE OF

            

TYPE OF

    

PURCHASE

    

CURRENT

  

BANK, ACCOUNT NAME & NUMBER

  

PURCHASE

            

INSTRUMENT

    

PRICE

    

VALUE

  
7.  

Silicon Valley Bank Asset Mgmnt x1350

     N/A               N/A       N/A     $ 2,581,479  
8.                                              
9.                                              
10.                                              
11.    

TOTAL INVESTMENTS

                             $ 2,581,479  
                                               

CASH

                                          
                                               
12.    

CURRENCY ON HAND

                             $ -  
                                               
13.    

TOTAL CASH - END OF MONTH

                             $ 7,292,985  

 

 
 

 

Monthly Operating Report

ACCRUAL BASIS-6

CASE  NAME:

Nuvectra Corporation

 

    

 

 

 

 

      

CASE  NUMBER:

19-43090

      

 

                           

MONTH:

  

January 1-31

2020
                                     

PAYMENTS TO INSIDERS AND PROFESSIONALS

              
                                     

INSIDERS

      
           

TYPE OF

    

AMOUNT

    

TOTAL PAID

      
   

NAME

    

PAYMENT

    

PAID

    

TO DATE

      
1.  

Fred Parks

    

Payroll

     $ 36,799     $ 81,306      
2.  

Jennifer Kosharek

    

Payroll

     $ 27,042     $ 58,816      
3.  

Ben Tranchina

    

Payroll

     $ 26,020     $ 54,373      
4.  

Bonnie Schmidt

    

Payroll

     $ 14,592     $ 35,364      
5.   N/A     N/A     $ -     $ -      
6.  

TOTAL PAYMENTS TO INSIDERS

     $ 104,453     $ 229,859      

 

 

PROFESSIONALS
        DATE OF COURT                             TOTAL  
        ORDER AUTHORIZING     AMOUNT     AMOUNT     TOTAL PAID     INCURRED  
    NAME   PAYMENT     APPROVED     PAID     TO DATE     & UNPAID  
1.  

Norton Rose Fulbright LLP

     N/A     $ -     $ -     $ -     $ 390,341  
2.  

Dorsey & Whitney LLP

     N/A     $ -     $ -     $ -     $ 252,473  
3.  

Alvarez & Marsal LLC

     N/A     $ -     $ -     $ -     $ 258,990  
4.  

Stout

     N/A       N/A     $ 152,336     $ 152,336     $ -  
5.  

KCC

     N/A       N/A     $ 138,611     $ 138,611     $ 70,000  
6.  

Lenders (SVB & Oxford)

     N/A     $ -     $ -     $ -     $ -  
7.  

Unsecured Creditors Committee

     N/A     $ -     $ -     $ -     $ -  
8.   TOTAL PAYMENTS TO PROFESSIONALS                $ 290,948     $ 290,948     $

971,804

  

 

POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE

      

PROTECTION PAYMENTS

      
                                       
           

SCHEDULED

    

AMOUNTS

                
           

MONTHLY

    

PAID

    

TOTAL

        
           

PAYMENTS

    

DURING

    

UNPAID

        

NAME OF CREDITOR

    

DUE

    

MONTH

    

POSTPETITION

        
1.  

Silicon Valley Bank

     $ 59,847     $ 59,847     $ -        
2.  

Oxford Finance

     $ 59,847     $ 59,847     $ -        
3.  

Integer / Greatbatch (Plano office lease - rent only)

     $ 44,082     $ 44,082     $ -        
4.  

EOS Development LLC / 105 EDGEVIEW OWNER LP
(Broomfield office lease - rent, utilities, other fees per check)

     $ 40,476     $ 40,476     $ -        
5.   N/A     $ -     $ -     $ -        
6.  

TOTAL

     $ 204,252     $ 204,252     $ -        

 

 
 

 

Monthly Operating Report

ACCRUAL BASIS-7

CASE  NAME:

Nuvectra Corporation

 

      

 

 

 

 

 

        

CASE  NUMBER:

19-43090

        

 

       

MONTH:

January 31

2020
             

QUESTIONNAIRE

 

        

 

 

 

        

 

 

 

 

 

YES

NO

1.

HAVE  ANY  ASSETS  BEEN  SOLD  OR  TRANSFERRED  OUTSIDE THE  NORMAL  COURSE  OF  BUSINESS  THIS  REPORTING  PERIOD?

 

X

2.

HAVE  ANY  FUNDS  BEEN  DISBURSED  FROM  ANY  ACCOUNT OTHER  THAN  A  DEBTOR  IN  POSSESSION  ACCOUNT?  

 

X

3.

ARE ANY POSTPETITION  RECEIVABLES (ACCOUNTS, NOTES, OR LOANS) DUE  FROM RELATED PARTIES?

 

X

4.

HAVE  ANY  PAYMENTS  BEEN  MADE  ON  PREPETITION  LIABILITIES THIS REPORTING PERIOD?

X

 

5.

HAVE  ANY  POSTPETITION  LOANS  BEEN  RECEIVED BY THE DEBTOR FROM ANY PARTY?

 

X

6.

ARE  ANY  POSTPETITION  PAYROLL  TAXES  PAST  DUE?

 

 

X

7.

ARE  ANY  POSTPETITION  STATE  OR  FEDERAL  INCOME  TAXES PAST  DUE?

 

X

8.

ARE  ANY  POSTPETITION  REAL  ESTATE  TAXES  PAST  DUE?

 

X

9.

ARE  ANY OTHER POSTPETITION  TAXES  PAST  DUE?

 

 

X

10.

ARE  ANY  AMOUNTS  OWED  TO  POSTPETITION  CREDITORS DELINQUENT?

 

X

11.

HAVE  ANY  PREPETITION  TAXES  BEEN  PAID  DURING  THE REPORTING PERIOD?

X

 

12.

ARE ANY WAGE PAYMENTS PAST DUE?

 

 

 

X
             

IF  THE  ANSWER  TO  ANY  OF  THE  ABOVE  QUESTIONS  IS  "YES,"  PROVIDE  A  DETAILED EXPLANATION  OF  EACH  ITEM.  ATTACH  ADDITIONAL  SHEETS  IF  NECESSARY.

4. - The following payments on pre-pretition liabilities have been made this reporting period (from Jan. 1-31): see #11 for other taxes paid; Ch #7361 $29.26 to Cigna Life Ins for NY State Paid Family Leave Coverage Q4 quarterly premium, Ch #7360 $9.60 to Cigna Life Ins for NY State Disibility Coverage Q4 quarterly premium, Ch #7378 &7392 to Greatbatch and Ch #7395 to Minnetronix (total $347,081.64) for Aleva funds
 
 

11. - The following pre-pretition taxes have been paid from Jan. 1-31: Q4-2019 and Annual 2019 sales & use tax for certain states.
             
             

INSURANCE

 

        

 

 

 

 

 

YES

NO

1.

ARE  WORKER'S COMPENSATION, GENERAL LIABILITY AND OTHER NECESSARY INSURANCE COVERAGES IN EFFECT?

X

 

2.

ARE  ALL  PREMIUM  PAYMENTS  PAID  CURRENT?

 

X

 

3.

PLEASE  ITEMIZE  POLICIES  BELOW.

 

 

 

 
             

IF  THE  ANSWER  TO  ANY  OF  THE  ABOVE  QUESTIONS  IS  "NO,"  OR  IF  ANY  POLICIES  HAVE  BEEN CANCELLED  OR  NOT  RENEWED  DURING  THIS  REPORTING  PERIOD,  PROVIDE  AN  EXPLANATION BELOW.   ATTACH  ADDITIONAL  SHEETS  IF  NECESSARY.

 

 

            INSTALLMENT  PAYMENTS

 

     TYPE  OF

    

 

PAYMENT AMOUNT

 

      POLICY

              CARRIER

PERIOD COVERED

& FREQUENCY

 N/A

 N/A

 N/A

 N/A

 N/A

 N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nuvectra Corp Reports