Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
FOR THE EASTERN DISTRICT OF MICHIGAN
TRANSMITTAL OF FINANCIAL REPORTS AND
CERTIFICATION OF COMPLIANCE WITH
UNITED STATES TRUSTEE OPERATING REQUIREMENTS FOR
THE PERIOD ENDED JUNE 30, 2009
In re:
Noble International, Ltd. | Case Number: 09-51720 | |||||
As debtor in possession, I affirm: | Chapter 11 | |||||
1. | That I have reviewed the financial statements attached hereto, consisting of: | Judge: Marci B. Melvor |
x | Operating Statement | (Form 2) | ||||
x | Balance Sheet | (Form 3) | ||||
x | Summary of Operations | (Form 4) | ||||
x | Monthly Cash Statement | (Form 5) | ||||
x | Statement of Compensation | (Form 6) | ||||
x | Schedule of In-Force Insurance | (Form 7) | ||||
and that they have been prepared in accordance with normal and customary accounting practices, and fairly and accurately reflect the debtor’s financial activity for the period stated; |
2. | That the insurance, including workers’ compensation and unemployment insurance, as described in Section 5 of the Operating Instructions and Reporting Requirements for Chapter 11 Cases is in effect; and, |
(If not, attach a written explanation) | YES x NO |
3. | That all post-petition taxes as described in Sections 9 of the Operating Instructions and Reporting Requirements for Chapter 11 cases are current. |
(If not, attach a written explanation) | YES x NO |
4. | No professional fees (attorney, accountant, etc.) have been paid without specific court authorization. |
(If not, attach a written explanation) | YES x NO |
5. | All United States Trustee Quarterly fees have been paid and are current. |
YES x NO |
6. | Have you filed your pre-petition tax returns. |
(If not, attach a written explanation) | YES NO x |
Written Explanation: Debtor filed for bankruptcy protection on April 15, 2009. Extensions have been filed for all of debtor’s applicable 2008 tax returns.
I hereby certify, under penalty of perjury, that the information provided above and in the attached documents is true and correct to the best of my information and belief.
| ||||||||
Dated: |
| Debtor in Possession | ||||||
Chief Financial Officer | (248) 519-0700 | |||||||
Title | Phone |
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |
Case Number: | 09-51720 | |
Debtor: | Noble International, LTD. |
Current Month | Total Since Filing | |||
Welding Sales | — | — | ||
Blanking | — | — | ||
Blanking Direct | — | — | ||
Roll Forming Sales | — | — | ||
Transportation | — | — | ||
Packaging | — | — | ||
Scrap Sales | — | — | ||
Dimpling Oiling Other Sales | — | — | ||
Spot Weld Sales | — | — | ||
Prototype Sales | — | — | ||
Die Sales | — | — | ||
Scrap Income | — | — | ||
Sales Returns & Allowance | — | — | ||
Contract Manufacturing Sales | — | — | ||
Other Sales | — | — | ||
Task Sales | — | — | ||
Steel Sales | — | — | ||
Total Sales | — | — | ||
Direct Labor | — | — | ||
Direct Labor Overtime | — | — | ||
Direct Contract Labor | — | — | ||
Direct Labor Payroll Taxes | — | — | ||
Direct Labor Health Benefits | — | — | ||
Direct Labor Retirement Plan | — | — | ||
Direct Labor Workers Comp | — | — | ||
Direct Labor Gainsharing | — | — | ||
Total Direct Labor | — | — | ||
Outside Blanking | — | — | ||
Outside Contract Manufacturing | — | — | ||
Outside Other | — | — | ||
Material Consumption Owned | — | — | ||
Material Consumption Consigned | — | — | ||
Unreported Material Consumption | — | — | ||
Physical Inventory Variance | — | — | ||
Heat, Light & Power | — | — | ||
Freight OEM | — | — | ||
Freight Other | — | — | ||
Gas | — | — | ||
Shipping Material | — | — | ||
Prototype Costs | — | — | ||
Die Costs | — | — | ||
Other Sales Cost | — | — | ||
Steel Cost | — | — | ||
Total Other Direct Costs | — | — | ||
Total Direct Costs | — | — | ||
Direct Margin | — | — | ||
Indirect Labor Salary | — | — | ||
Indirect Labor Overtime | — | — | ||
Indirect Labor Hourly | — | — | ||
Indirect Labor Contract | — | — | ||
Capitalized Labor | — | — | ||
Indirect Labor Payroll Taxes | — | — | ||
Indirect Labor Health Benefits | — | — | ||
Indirect Labor Retirement Plan | — | — | ||
Indirect Labor Workers Comp | — | — | ||
Indirect Labor Gainsharing | — | — | ||
Total Indirect Labor | — | — |
Page 1 of 3
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |
Case Number: | 09-51720 | |
Debtor: | Noble International, LTD. |
Current Month | Total Since Filing | |||||
Depreciation | — | — | ||||
Building Rent Expense | — | — | ||||
Repairs & Maintenance | — | — | ||||
Building Grounds Maintenance | — | — | ||||
Shop Supplies | — | — | ||||
Equipment Rental Expense | — | — | ||||
Equipment Rental Intercompany | — | — | ||||
Equipment Rental Income | — | — | ||||
Insurance | — | — | ||||
Travel Indirect | — | — | ||||
Property Tax | — | — | ||||
Pre Employment Expense | — | — | ||||
Training Indirect | — | — | ||||
Tools | — | — | ||||
Research & Development | — | — | ||||
Capitalized Overhead | — | — | ||||
Gain or Loss on Disposal | — | — | ||||
Production Task | — | — | ||||
Labor Variance | — | — | ||||
Material Variance | — | — | ||||
Burden Variance | — | — | ||||
Total Other Indirect Costs | — | — | ||||
Total Indirect Costs | — | — | ||||
Total Cost of Sales | — | — | ||||
Gross Margin | — | — | ||||
SG&A Labor | (329,282 | ) | (895,478 | ) | ||
SG&A Labor Stock Compensation | (17,165 | ) | (42,928 | ) | ||
SG&A Labor Contract | — | — | ||||
SG&A Labor Payroll Taxes | (41,391 | ) | (66,876 | ) | ||
SG&A Labor Health Benefits | (3,465 | ) | (19,609 | ) | ||
SG&A Labor Retirement Plan | — | — | ||||
SG&A Labor Workers Comp | (120,713 | ) | (175,628 | ) | ||
SG&A Labor Gainsharing | — | — | ||||
Total SG&A Labor | (512,017 | ) | (1,200,519 | ) | ||
Bonus Expense | — | — | ||||
Depreciation SG&A | (2,958 | ) | (7,380 | ) | ||
Amortization | (4,667 | ) | (11,667 | ) | ||
Research & Development SGA | — | — | ||||
Travel SG&A | (9,731 | ) | (14,521 | ) | ||
Safety & Security | — | — | ||||
Computer Supplies | — | — | ||||
Telephone Expense | (2,746 | ) | (4,992 | ) | ||
Telephone Expense - Mobile | (1,192 | ) | (3,552 | ) | ||
Office Expense | (33,681 | ) | (86,530 | ) | ||
Training SG&A | — | — | ||||
Meals & Entertainment | (733 | ) | (958 | ) | ||
Dues & Subscriptions | — | (465 | ) | |||
Employee Relations | — | — | ||||
Internal Meals | — | — | ||||
Meals – Sandwiches visitors | — | — | ||||
Meals – Meal cheques | — | — | ||||
Meals – Coffee/Water-personnel | — | — | ||||
Sales Promotion | — | — | ||||
Advertising | — | — | ||||
Bank Charges | (37,636 | ) | (48,941 | ) | ||
Corporate Services Corporate | (55,005 | ) | (90,994 | ) |
Page 2 of 3
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |
Case Number: | 09-51720 | |
Debtor: | Noble International, LTD. |
Current Month | Total Since Filing | |||||
Corporate Services General | (161 | ) | (5,568 | ) | ||
Directors Expense | (27,000 | ) | (37,000 | ) | ||
Directors Expense - Stock Based | — | — | ||||
Professional Fees Legal | (45,000 | ) | (48,682 | ) | ||
Professional Fees Audit/tax | (5,250 | ) | (9,965 | ) | ||
Professional Fees Other | 424,694 | (170,922 | ) | |||
Business Insurance | (166,705 | ) | (405,512 | ) | ||
Club Dues | — | — | ||||
Commission Expense | — | — | ||||
Other Taxes & Penalties | (13,750 | ) | (34,435 | ) | ||
Plane Lease & Maintenance | (12,112 | ) | (19,338 | ) | ||
Licenses, Fees, & Permits | — | — | ||||
Moving Expense | — | — | ||||
Donations | — | — | ||||
Bad Debt Expense | — | — | ||||
Held for Sale Expense | — | — | ||||
Administrative Task | — | — | ||||
Total Other SG&A | 6,368 | (1,001,421 | ) | |||
Total SG&A | (505,649 | ) | (2,201,940 | ) | ||
Net Operating Profit | (505,649 | ) | (2,201,940 | ) | ||
Intercompany Interest | — | 1,191,274 | ||||
Interest Expense | (1,441,946 | ) | (2,490,410 | ) | ||
Amortization Fees | (20,045 | ) | (50,113 | ) | ||
Amortization Fees Sub | — | — | ||||
Amortization Debt Discount | — | — | ||||
Gain/Loss on Derivatives | — | — | ||||
Capitalized Interest | — | — | ||||
Interest Income | — | — | ||||
Royalty Income/Expense | — | — | ||||
Foreign Currency | — | — | ||||
Dividend Income | — | — | ||||
Extraordinary Gain/Loss | — | — | ||||
Gain / Loss On Disposal | — | — | ||||
Impairment Charges | — | — | ||||
Group Allocation Indirect | — | — | ||||
Group Allocation SG&A | — | 30,000 | ||||
Other Income/Expense | — | (396 | ) | |||
Total Other (Income)/Expense | (1,461,991 | ) | (1,319,644 | ) | ||
Income before Taxes & Minority Interest | (1,967,639 | ) | (3,521,584 | ) | ||
Income Taxes | 66,479 | (66,479 | ) | |||
Net Income before Minority Interest | (2,034,118 | ) | (3,588,063 | ) | ||
Minority Interest | — | — | ||||
Net Income | (2,034,118 | ) | (3,588,063 | ) | ||
Page 3 of 3
BALANCE SHEET
Period Ending: | June 30, 2009 | |
Case Number: | 09-51720 | |
Debtor: | Noble International, LTD. |
Current Month | Prior Month | At Filing | |||||||
ASSETS | |||||||||
Cash | 12,374,032 | 2,037,658 | 1,260,476 | ||||||
Accounts Receivable | — | — | — | ||||||
Allowance For Bad Debt | — | — | — | ||||||
Inventory | — | — | — | ||||||
Inventory Dies | — | — | — | ||||||
Inventory Prototype | — | — | — | ||||||
Prepaid Expenses | 2,484,019 | 2,643,223 | 2,450,703 | ||||||
Notes Receivable | — | — | — | ||||||
Deferred Tax Asset | 1,372,705 | 1,372,705 | 1,372,705 | ||||||
Total Current Assets | 16,230,756 | 6,053,587 | 5,083,885 | ||||||
Machinery & Equipment | — | — | — | ||||||
MIS Computer Equipment | 162,173 | 163,054 | 163,054 | ||||||
Building | — | — | — | ||||||
Land | — | — | — | ||||||
Office Equipment | 91,322 | 141,882 | 141,882 | ||||||
Auto & Trucks | — | — | — | ||||||
Leasehold Improvements | 3,254 | 3,254 | 3,254 | ||||||
Production Equip In Progress | — | — | — | ||||||
Accumulated Depreciation | (152,536 | ) | (192,684 | ) | (188,263 | ) | |||
Property, Plant & Equipment, Net | 104,213 | 115,507 | 119,928 | ||||||
Investments | 164,124,033 | 164,124,033 | 164,124,033 | ||||||
Other Intangible, Net | 212,333 | 217,000 | 224,000 | ||||||
Credit Agreement Fees, Net | 544,628 | 564,673 | 594,741 | ||||||
Goodwill, Net | — | — | — | ||||||
Deposits | 97,997 | 97,997 | 97,997 | ||||||
Assets Held For Sale | — | — | — | ||||||
Total Other Assets | 164,978,992 | 165,003,704 | 165,040,771 | ||||||
Total Assets | 181,313,961 | 171,172,797 | 170,244,584 | ||||||
Page 1 of 2
BALANCE SHEET
Period Ending: | June 30, 2009 | |
Case Number: | 09-51720 | |
Debtor: | Noble International, LTD. |
Current Month | Prior Month | At Filing | |||||||
LIABILITIES | |||||||||
Cont Disb General - Post Petition | 88,116 | 88,116 | — | ||||||
Cont Disb Payroll - Post Petition | — | — | — | ||||||
Cont Disb Flex - Post Petition | (9 | ) | 1,606 | — | |||||
Cont Disb Medical - Post Petition | 928 | (1,991 | ) | — | |||||
Accounts Payable - Post Petition | — | — | — | ||||||
A/P Manual - Post Petition | — | — | — | ||||||
A/P System - Post Petition | — | — | — | ||||||
Cont Disb General | — | — | — | ||||||
Cont Disb Payroll | — | — | — | ||||||
Cont Disb Flex | — | — | — | ||||||
Cont Disb Medical | — | — | — | ||||||
Accounts Payable - Pre Petition | 765,258 | 730,904 | 672,085 | ||||||
A/P Manual - Pre Petition | — | — | — | ||||||
A/P System - Pre Petition | — | — | — | ||||||
A/P Freight | — | — | — | ||||||
Accrued Bonus | — | — | — | ||||||
Accrued Benefits & Payroll | — | (174,508 | ) | — | |||||
Accrued Other | 1,174,946 | 1,836,383 | 2,421,134 | ||||||
Accrued Scrap | — | — | — | ||||||
Accrued Taxes | — | — | — | ||||||
Accrued Interest | 4,306,845 | 3,963,516 | 3,060,797 | ||||||
Total Current Liabilities | 6,336,083 | 6,444,026 | 6,154,017 | ||||||
Deferred Tax Liability | (65,446 | ) | (65,446 | ) | (65,446 | ) | |||
Capital Lease | — | — | — | ||||||
Revolver Pre-Petition | 2,897,293 | 2,897,293 | 4,203,533 | ||||||
Revolver Post-Petition | 18,347,474 | 2,000,000 | — | ||||||
Term Loan | — | 10,871,250 | 10,871,250 | ||||||
Convertible Sub Debt | 86,215,750 | 86,215,750 | 86,215,750 | ||||||
Industrial Revenue Bond | — | — | — | ||||||
Other Debt | 14,753,562 | 14,751,724 | 14,748,967 | ||||||
Intercompany Line Of Credit | — | — | — | ||||||
Intercompany Non Cash | (83,262,250 | ) | (90,004,641 | ) | (91,406,099 | ) | |||
Total Long Term Liabilities | 38,886,384 | 26,665,931 | 24,567,955 | ||||||
Total Liabilities | 45,222,467 | 33,109,957 | 30,721,972 | ||||||
Accumulated Other Comprehensive Income | (128,760 | ) | (174,624 | ) | (243,421 | ) | |||
Common Stock | 15,782 | 15,782 | 15,782 | ||||||
APIC | 223,330,379 | 223,313,471 | 223,288,094 | ||||||
Retained Earnings | (87,125,907 | ) | (85,091,789 | ) | (83,537,844 | ) | |||
Dividends | — | — | — | ||||||
Minority Interest Equity | — | — | — | ||||||
Total Stockholders’ Equity | 136,091,494 | 138,062,840 | 139,522,612 | ||||||
Total Liabilities & Stockholders’ Equity | 181,313,961 | 171,172,797 | 170,244,584 | ||||||
Page 2 of 2
SUMMARY OF OPERATIONS
For the Period:June 30, 2009
Schedule of Post Petition Taxes Payable
Debtor: | Noble International. Ltd. | |
Case No: | 09-51720 |
Beginning Balance | Withheld | Accrued | Payments/ Deposits | Ending Balance | |||||||||||||
Income Taxes Withheld: | |||||||||||||||||
Federal | $ | (42,572.29 | ) | $ | 80,333.69 | $ | — | $ | 38,452.18 | (690.78 | ) | ||||||
State | (7,407.58 | ) | 14,037.21 | — | 6,749.82 | (120.19 | ) | ||||||||||
Local | — | — | — | — | — | ||||||||||||
FICA Withheld: | (4,218.90 | ) | 10,659.56 | — | 6,513.63 | (72.97 | ) | ||||||||||
Employers FICA: | (4,218.90 | ) | 11,865.56 | — | 6,513.63 | 1,133.03 | |||||||||||
Unemployment Tax: | — | ||||||||||||||||
Federal | — | 112.00 | — | 112.00 | — | ||||||||||||
State | — | — | — | 1,206.00 | (1,206.00 | ) | |||||||||||
Sales, Use & Excise Taxes: | — | — | — | — | — | ||||||||||||
Property Taxes: | — | — | — | — | — | ||||||||||||
Other: | — | — | — | — | — | ||||||||||||
TOTALS: | $ | (58,417.67 | ) | $ | 117,008.02 | $ | — | $ | 59,547.26 | $ | (956.91 | ) | |||||
SUMMARY OF OPERATIONS
Aging of Accounts Receivable & Post-Petition Accounts Payable
PERIOD ENDING:June 30, 2009
Debtor: | Noble International, Ltd. | |
Case No: | 09-51720 |
Age in Days: | 0 - 30 | 30 - 60 | Over 60 | ||||||
Post-Petition Accounts Payable | $ | 166,491.02 | $ | 183.74 | $ | — | |||
Accounts Receivable | $ | — | $ | — | $ | — |
MONTHLY CASH STATEMENT
DEBTOR:Noble International, Ltd.
PERIOD ENDING:June 30, 2009
Cash Activity Analysis (Cash Basis Only): | Case No: 09-51720 |
1 | 2 | 3 | 4 | 5 | Total | |||||||||||||||
A | Beginning Balance | 2,097,557.88 | 478,362.14 | 8,655.79 | — | — | 2,584,575.81 | |||||||||||||
B | Receipts (Attach separate schedule) | 28,760,394.99 | 618,167.18 | 8,700.00 | 3,750.00 | — | 29,391,012.17 | |||||||||||||
C | Balance Available (A + B) | 30,857,952.87 | 1,096,529.32 | 17,355.79 | 3,750.00 | — | 31,975,587.98 | |||||||||||||
D | Less Disbursements (Attach separate schedule) | (18,480,166.72 | ) | (1,076,288.53 | ) | (13,712.84 | ) | (3,750.00 | ) | — | (19,573,918.09 | ) | ||||||||
E | ENDING BALANCE (C-D) | 12,377,786.15 | 20,240.79 | 3,642.95 | — | — | 12,401,669.89 | |||||||||||||
Attention: Please enter the TOTAL DISBURSEMENTS for all of your accounts, including cash excluding | ||||||||||||||||||||
transfers, onto the line below. This is the number that will determine your quarterly fee payment. | ||||||||||||||||||||
$ | (19,573,918.09 | ) | ||||||||||||||||||
(PLEASE ATTACH COPIES OF MOST RECENT RECONCILED BANK STATEMENTS FROM EACH ACCOUNT)
1 | Depository Name & Location | Comerica Bank | ||||
Account Number | 1850689025 | |||||
2 | Depository Name & Location | Comerica Bank | ||||
Account Number | 1851020519 | |||||
3 | Depository Name & Location | Comerica Bank | ||||
Account Number | 1851020501 | |||||
4 | Depository Name & Location | Comerica Bank | ||||
Account Number | 1850622554 | |||||
5 | Depository Name & Location |
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Account Number |
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Other monies on hand ((specify type and location) i.e. CD’s, bonds, etc.): | ||||||
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Debtor in Possession |
MONTHLY CASH STATEMENT
DEBTOR:Noble International, Ltd.
PERIOD ENDING:June 30, 2009
Disbursement Detail: | Case No: 09-51720 |
Date | Payee | Amount | ||
06/01/09 | Preferred Industrial | 4,262.50 | ||
06/01/09 | Sentech Service | 4,576.00 | ||
06/01/09 | Grubb & Elllis | 61,381.40 | ||
06/02/09 | ADP | 12,240.37 | ||
06/02/09 | ADP | 148,989.48 | ||
06/02/09 | ADP | 372,025.74 | ||
06/04/09 | Fidelity | 12,738.00 | ||
06/04/09 | Aerotek | 16,812.80 | ||
06/05/09 | Multifastner Corporation | 1,188.00 | ||
06/05/09 | Daubert Chemical | 1,332.42 | ||
06/05/09 | Suhr Machining | 1,725.00 | ||
06/05/09 | Veolia Environmental | 2,740.63 | ||
06/05/09 | Resistance Welding Machine | 4,075.00 | ||
06/05/09 | Experi-Metal Inc | 8,576.00 | ||
06/05/09 | Challenge Manufacturing | 12,134.47 | ||
06/05/09 | Acemco Automotive | 14,225.01 | ||
06/05/09 | Metals USA | 16,745.78 | ||
06/05/09 | Emhart Teknologies | 20,250.00 | ||
06/05/09 | Magic Steel | 21,527.53 | ||
06/05/09 | NN Metal Stamping | 22,497.84 | ||
06/05/09 | Fabristeel Manufacturing | 23,525.18 | ||
06/08/09 | Thermal Label | 458.84 | ||
06/08/09 | Standard Cooper | 1,010.00 | ||
06/08/09 | Emhart Teknologies | 1,579.00 | ||
06/08/09 | Metals USA | 17,997.78 | ||
06/08/09 | Magic Steel | 31,737.99 | ||
06/09/09 | Mabco | 4,850.00 | ||
06/09/09 | Pro Resources | 6,428.42 | ||
06/09/09 | Challenge Manufacturing | 23,153.52 | ||
06/09/09 | Sentech Service | 26,503.71 | ||
06/09/09 | NN Metal Stamping | 34,877.36 | ||
06/10/09 | Expense Reports | 2,586.25 | ||
06/10/09 | Computershare Inc | 4,882.58 | ||
06/10/09 | Experi-Metal Inc | 9,428.00 | ||
06/10/09 | Computershare Inc | 15,991.81 | ||
06/10/09 | Aerotek | 18,374.20 | ||
06/10/09 | Computershare Inc | 25,370.27 | ||
06/10/09 | Metals USA | 35,497.67 | ||
06/10/09 | ADP | 55,768.63 | ||
06/10/09 | Noble 51, LLC | 164,615.58 | ||
06/10/09 | ADP | 256,763.59 | ||
06/10/09 | Noble 51, LLC | 327,231.19 | ||
06/10/09 | ADP | 658,645.04 | ||
06/11/09 | E&E Manufaturing | 665.00 | ||
06/11/09 | Resistance Welding Machine | 2,045.00 | ||
06/11/09 | ADP | 2,383.16 | ||
06/11/09 | Fabristeel Manufacturing | 6,770.22 | ||
06/11/09 | Resistance Welding Machine | 7,945.25 | ||
06/11/09 | Hascall Steel Co | 11,853.32 | ||
06/11/09 | ADP | 15,503.69 | ||
06/11/09 | ADP | 29,945.23 | ||
06/11/09 | Magic Steel | 32,209.34 | ||
06/11/09 | ADP | 190,515.23 |
MONTHLY CASH STATEMENT
DEBTOR:Noble International, Ltd.
PERIOD ENDING:June 30, 2009
Disbursement Detail: | Case No: 09-51720 |
Date | Payee | Amount | ||
06/11/09 | ADP | 281,204.88 | ||
06/12/09 | Metals USA | 1,301.52 | ||
06/12/09 | Select Staffing | 1,530.98 | ||
06/12/09 | Resistance Welding Machine | 2,960.00 | ||
06/12/09 | Fidelity | 14,513.48 | ||
06/12/09 | MI Conference of Teamsters | 240,542.10 | ||
06/15/09 | Kentwood Packaging | 360.00 | ||
06/15/09 | Advanced Technology | 539.00 | ||
06/15/09 | Ryerson | 1,153.92 | ||
06/15/09 | Duesenburg | 2,005.00 | ||
06/15/09 | Acemco Automotive | 13,349.81 | ||
06/15/09 | Jaffee Raitt | 29,884.80 | ||
06/15/09 | Challenge Manufacturing | 32,360.51 | ||
06/15/09 | Magic Steel | 36,941.30 | ||
06/15/09 | Emhart Teknologies | 42,750.00 | ||
06/16/09 | Thermal Label | 291.13 | ||
06/16/09 | Resistance Welding Machine | 1,800.00 | ||
06/16/09 | American Express | 3,191.28 | ||
06/16/09 | Ryerson | 6,829.86 | ||
06/16/09 | Pro Resources | 11,874.64 | ||
06/16/09 | NN Metal Stamping | 12,846.45 | ||
06/16/09 | Sentech Service | 22,220.46 | ||
06/16/09 | Challenge Manufacturing | 78,850.06 | ||
06/17/09 | CDW Direct | 267.99 | ||
06/17/09 | Challenge Manufacturing | 10,713.10 | ||
06/17/09 | ADP | 11,077.16 | ||
06/17/09 | Acemco Automotive | 16,236.94 | ||
06/17/09 | Aerotek | 18,522.20 | ||
06/17/09 | ADP | 186,691.97 | ||
06/17/09 | ADP | 393,535.45 | ||
06/18/09 | MST Steel | 594.90 | ||
06/18/09 | Metals USA | 2,006.46 | ||
06/18/09 | Fronius USA LLC | 6,710.00 | ||
06/18/09 | Acemco Automotive | 16,407.80 | ||
06/19/09 | Preferred Industrial | 2,825.00 | ||
06/19/09 | Mabco | 3,150.00 | ||
06/19/09 | Fabristeel Manufacturing | 5,382.79 | ||
06/19/09 | Magic Steel | 7,854.68 | ||
06/22/09 | Select Staffing | 1,613.18 | ||
06/22/09 | Sentech Service | 12,428.00 | ||
06/22/09 | Fidelity | 12,718.46 | ||
06/22/09 | Noble Intentions, LLC | 12,000,000.00 | ||
06/23/09 | Richard McCracken | 3,632.67 | ||
06/23/09 | Sentech Service | 297.00 | ||
06/23/09 | Experi-Metal Inc | 8,102.00 | ||
06/23/09 | Pro Resources | 9,685.60 | ||
06/23/09 | Aerotek | 13,845.40 | ||
06/23/09 | Harrington Draggich | 81,404.00 | ||
06/24/09 | Daubert Chemical | 666.21 | ||
06/24/09 | ADP | 609,599.41 | ||
06/25/09 | Resistance Welding Machine | 480.00 | ||
06/25/09 | ADP | 2,512.25 | ||
06/25/09 | ADP | 14,552.78 |
MONTHLY CASH STATEMENT
DEBTOR:Noble International, Ltd.
PERIOD ENDING:June 30, 2009
Disbursement Detail: | Case No: 09-51720 |
Date | Payee | Amount | ||
06/25/09 | ADP | 270,109.06 | ||
06/26/09 | Magic Steel | 1,918.57 | ||
06/26/09 | Experi-Metal Inc | 8,880.00 | ||
06/29/09 | Select Staffing | 1,243.28 | ||
06/30/09 | Aerotek | 947.20 | ||
06/30/09 | PGK Engineering | 2,128.00 | ||
06/30/09 | Delta Industrial | 2,900.00 | ||
06/30/09 | Chubb & Son | 7,500.00 | ||
06/30/09 | ADP | 11,596.79 | ||
06/30/09 | ADP | 234,470.52 | ||
06/30/09 | ADP | 563,107.93 | ||
ADP | 18,204,771.95 | |||
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
PERIOD ENDING: June 30, 2009
Debtor: | Noble International, Ltd. | |
Case No: | 09-51720 |
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debor in possession.(Attach additional pages if necessary.)
Name: David J. Fallon | Capacity: |
| Shareholder | |||
X | Officer | |||||
| Director | |||||
| Insider |
Detailed Description of Duties: |
| |
| ||
|
Weekly | or | Monthly | or | Reporting Period | |||||||||
Current Compensation Paid: | $ | 1,346.10 | |||||||||||
Current Benefits Paid: | |||||||||||||
Health Insurance | |||||||||||||
Life Insurance | |||||||||||||
Retirement | |||||||||||||
Company Vehicle | |||||||||||||
Entertainment | |||||||||||||
Travel | |||||||||||||
Other Benefits | |||||||||||||
Total Benefits | $ | — | $ | — | $ | — | |||||||
Current Other Payments Paid: | |||||||||||||
Rent Paid | |||||||||||||
Loans | |||||||||||||
Other (Severance) | $ | 33,653.85 | |||||||||||
Other (Describe) | |||||||||||||
Other (Describe) | |||||||||||||
Total Other Payments | $ | — | $ | — | $ | 33,653.85 | |||||||
CURRENT TOTAL OF ALL PAYMENTS: | $ | — | $ | — | $ | 34,999.95 | |||||||
Dated: |
| |
Principal, Officer, Director, or Insider |
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
PERIOD ENDING: June 30, 2009
Debtor: | Noble International, Ltd. | |
Case No: | 09-51720 |
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debor in possession.(Attach additional pages if necessary.)
Name: Jay Hansen | Capacity: |
| Shareholder | |||
X | Officer | |||||
| Director | |||||
| Insider |
Detailed Description of Duties: |
| |
| ||
|
Weekly | or | Monthly | or | Reporting Period | |||||||||
Current Compensation Paid: | $ | 14,000.00 | |||||||||||
Current Benefits Paid: | |||||||||||||
Health Insurance | |||||||||||||
Life Insurance | |||||||||||||
Retirement | |||||||||||||
Company Vehicle | |||||||||||||
Entertainment | |||||||||||||
Travel | |||||||||||||
Other Benefits | |||||||||||||
Total Benefits | $ | — | $ | — | $ | — | |||||||
Current Other Payments Paid: | |||||||||||||
Rent Paid | |||||||||||||
Loans | |||||||||||||
Other (Severance) | |||||||||||||
Other (Describe) | |||||||||||||
Other (Describe) | |||||||||||||
Total Other Payments | $ | — | $ | — | $ | — | |||||||
CURRENT TOTAL OF ALL PAYMENTS: | $ | — | $ | — | $ | 14,000.00 | |||||||
Dated: |
| |
Principal, Officer, Director, or Insider |
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
PERIOD ENDING: June 30, 2009
Debtor: | Noble International, Ltd. | |
Case No: | 09-51720 |
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debor in possession.(Attach additional pages if necessary.)
Name: Scott A. Kehoe | Capacity: |
| Shareholder | |||
X | Officer | |||||
| Director | |||||
| Insider |
Detailed Description of Duties: |
| |
| ||
|
Weekly | or | Monthly | or | Reporting Period | |||||||||
Current Compensation Paid: | $ | 8,333.33 | |||||||||||
Current Benefits Paid: | |||||||||||||
Health Insurance | |||||||||||||
Life Insurance | |||||||||||||
Retirement | |||||||||||||
Company Vehicle | |||||||||||||
Entertainment | |||||||||||||
Travel | |||||||||||||
Other Benefits | $ | 375.00 | |||||||||||
Total Benefits | $ | — | $ | — | $ | 375.00 | |||||||
Current Other Payments Paid: | |||||||||||||
Rent Paid | |||||||||||||
Loans | |||||||||||||
Other (Severance) | $ | 19,230.77 | |||||||||||
Other (Describe) | |||||||||||||
Other (Describe) | |||||||||||||
Total Other Payments | $ | — | $ | — | $ | 19,230.77 | |||||||
CURRENT TOTAL OF ALL PAYMENTS: | $ | — | $ | — | $ | 27,939.10 | |||||||
Dated: |
| |
Principal, Officer, Director, or Insider |
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
PERIOD ENDING: June 30, 2009
Debtor: | Noble International, Ltd. | |
Case No: | 09-51720 |
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debor in possession.(Attach additional pages if necessary.)
Name: Richard McCracken | Capacity: |
| Shareholder | |||
X | Officer | |||||
| Director | |||||
| Insider |
Detailed Description of Duties: |
| |
| ||
|
Weekly | or | Monthly | or | Reporting Period | |||||||||
Current Compensation Paid: | $ | 33,333.34 | |||||||||||
Current Benefits Paid: | |||||||||||||
Health Insurance | |||||||||||||
Life Insurance | |||||||||||||
Retirement | |||||||||||||
Company Vehicle | |||||||||||||
Entertainment | |||||||||||||
Travel | |||||||||||||
Other Benefits | |||||||||||||
Total Benefits | $ | — | $ | — | $ | — | |||||||
Current Other Payments Paid: | |||||||||||||
Rent Paid | |||||||||||||
Loans | |||||||||||||
Other (Severance) | |||||||||||||
Other (Describe) | |||||||||||||
Other (Describe) | |||||||||||||
Total Other Payments | $ | — | $ | — | $ | — | |||||||
CURRENT TOTAL OF ALL PAYMENTS: | $ | — | $ | — | $ | 33,333.34 | |||||||
Dated: |
| |
Principal, Officer, Director, or Insider |
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
PERIOD ENDING: June 30, 2009
Debtor: | Noble International, Ltd. | |
Case No: | 09-51720 |
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debor in possession.(Attach additional pages if necessary.)
Name: Sandra A. Murphree | Capacity: |
| Shareholder | |||
X | Officer | |||||
| Director | |||||
| Insider |
Detailed Description of Duties: |
| |
| ||
|
Weekly | or | Monthly | or | Reporting Period | |||||||||
Current Compensation Paid: | $ | 20,000.00 | |||||||||||
Current Benefits Paid: | |||||||||||||
Health Insurance | |||||||||||||
Life Insurance | |||||||||||||
Retirement | |||||||||||||
Company Vehicle | |||||||||||||
Entertainment | |||||||||||||
Travel | |||||||||||||
Other Benefits | $ | 750.00 | |||||||||||
Total Benefits | $ | — | $ | — | $ | 750.00 | |||||||
Current Other Payments Paid: | |||||||||||||
Rent Paid | |||||||||||||
Loans | |||||||||||||
Other (Severance) | $ | 13,846.15 | |||||||||||
Other (Describe) | |||||||||||||
Other (Describe) | |||||||||||||
Total Other Payments | $ | — | $ | — | $ | 13,846.15 | |||||||
CURRENT TOTAL OF ALL PAYMENTS: | $ | — | $ | — | $ | 34,596.15 | |||||||
Dated: |
| |
Principal, Officer, Director, or Insider |
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
PERIOD ENDING: June 30, 2009
Debtor: | Noble International, Ltd. | |
Case No: | 09-51720 |
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debor in possession.(Attach additional pages if necessary.)
Name: John D. Nechiporchik | Capacity: |
| Shareholder | |||
X | Officer | |||||
| Director | |||||
| Insider |
Detailed Description of Duties: |
| |
| ||
|
Weekly | or | Monthly | or | Reporting Period | |||||||||
Current Compensation Paid: | $ | 25,000.96 | |||||||||||
Current Benefits Paid: | |||||||||||||
Health Insurance | |||||||||||||
Life Insurance | |||||||||||||
Retirement | |||||||||||||
Company Vehicle | |||||||||||||
Entertainment | |||||||||||||
Travel | |||||||||||||
Other Benefits | $ | 800.00 | |||||||||||
Total Benefits | $ | — | $ | — | $ | 800.00 | |||||||
Current Other Payments Paid: | �� | ||||||||||||
Rent Paid | |||||||||||||
Loans | |||||||||||||
Other (Severance) | $ | 18,419.72 | |||||||||||
Other (Describe) | |||||||||||||
Other (Describe) | |||||||||||||
Total Other Payments | $ | — | $ | — | $ | 18,419.72 | |||||||
CURRENT TOTAL OF ALL PAYMENTS: | $ | — | $ | — | $ | 44,220.68 | |||||||
Dated: |
| |
Principal, Officer, Director, or Insider |
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
PERIOD ENDING: June 30, 2009
Debtor: | Noble International, Ltd. | |
Case No: | 09-51720 |
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debor in possession.(Attach additional pages if necessary.)
Name: Craig S. Parsons | Capacity: |
| Shareholder | |||
X | Officer | |||||
| Director | |||||
| Insider |
Detailed Description of Duties: |
| |
| ||
|
Weekly | or | Monthly | or | Reporting Period | |||||||||
Current Compensation Paid: | $ | 27,083.34 | |||||||||||
Current Benefits Paid: | |||||||||||||
Health Insurance | |||||||||||||
Life Insurance | |||||||||||||
Retirement | |||||||||||||
Company Vehicle | |||||||||||||
Entertainment | |||||||||||||
Travel | |||||||||||||
Other Benefits | $ | 3,000.00 | |||||||||||
Total Benefits | $ | — | $ | — | $ | 3,000.00 | |||||||
Current Other Payments Paid: | |||||||||||||
Rent Paid | |||||||||||||
Loans | |||||||||||||
Other (Severance) | $ | 20,688.22 | |||||||||||
Other (Describe) | |||||||||||||
Other (Describe) | |||||||||||||
Total Other Payments | $ | — | $ | — | $ | 20,688.22 | |||||||
CURRENT TOTAL OF ALL PAYMENTS: | $ | — | $ | — | $ | 50,771.56 | |||||||
Dated: |
| |
Principal, Officer, Director, or Insider |
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
PERIOD ENDING: June 30, 2009
Debtor: | Noble International, Ltd. | |
Case No: | 09-51720 |
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debor in possession.(Attach additional pages if necessary.)
Name: Andrew J. Tavi | Capacity: |
| Shareholder | |||
X | Officer | |||||
| Director | |||||
| Insider |
Detailed Description of Duties: |
| |
| ||
|
Weekly | or | Monthly | or | Reporting Period | |||||||||
Current Compensation Paid: | $ | 1,538.40 | |||||||||||
Current Benefits Paid: | |||||||||||||
Health Insurance | |||||||||||||
Life Insurance | |||||||||||||
Retirement | |||||||||||||
Company Vehicle | |||||||||||||
Entertainment | |||||||||||||
Travel | |||||||||||||
Other Benefits | |||||||||||||
Total Benefits | $ | — | $ | — | $ | — | |||||||
Current Other Payments Paid: | |||||||||||||
Rent Paid | |||||||||||||
Loans | |||||||||||||
Other (Severance) | $ | 38,461.54 | |||||||||||
Other (Describe) | |||||||||||||
Other (Describe) | |||||||||||||
Total Other Payments | $ | — | $ | — | $ | 38,461.54 | |||||||
CURRENT TOTAL OF ALL PAYMENTS: | $ | — | $ | — | $ | 39,999.94 | |||||||
Dated: |
| |
Principal, Officer, Director, or Insider |
SCHEDULE OF IN-FORCE INSURANCE
PERIOD ENDING:June 30, 2009
Debtor: | Noble International, Ltd. | |
Case No: | 09-51720 |
INSURANCE TYPE | CARRIER | EXPIRATION DATE | ||||||
Workers’ Compensation | Hartford Fire Insurance Company | 03/01/10 | ||||||
General Liability | Hartford Fire Insurance Company | 03/01/10 | ||||||
Global Property/Boiler & Machinery | Allianz Global Risks US Insurance Company | 03/01/10 | ||||||
Umbrella | St. Paul Fire & Marine Insurance Company (Travelers) | 03/01/10 | ||||||
Excess Umbrella | Great American Insurance Company | 03/01/10 | ||||||
Automobile | Hartford Fire Insurance Company | 03/01/10 | ||||||
Crime | National Union Fire Insurance Company of Pittsburgh PA (AIG) | 03/20/10 | ||||||
Directors & Officers Liability | National Union Fire Insurance Company (AIG) | 03/20/10 | ||||||
Directors & Officers Liability (runoff) | National Union Fire Insurance Company (AIG) | 03/20/14 | ||||||
1st Excess Directors & Officers Liability | St. Paul Mercury Insurance Company (Travelers) | 03/20/10 | ||||||
2nd Excess Directors & Officers Liability | Allied World National Assurance Company (AWNAC) | 03/20/10 | ||||||
Employment Practices Liability | National Union Fire Insurance Company (AIG) | 03/20/10 | ||||||
Employment Practices Liability (runoff) | National Union Fire Insurance Company (AIG) | 03/20/14 | ||||||
Fiduciary Liability | Federal Insurance Company (Chubb) | 03/20/10 | ||||||
Fiduciary Liability (runoff) | Federal Insurance Company (Chubb) | 03/20/14 | ||||||
Foreign Package | Insurance Company of the State of Pennsylvania (AIG WorldSource) | 03/20/10 |
UNITED STATES BANKRUPTCY COURT
FOR THE EASTERN DISTRICT OF MICHIGAN
TRANSMITTAL OF FINANCIAL REPORTS AND
CERTIFICATION OF COMPLIANCE WITH
UNITED STATES TRUSTEE OPERATING REQUIREMENTS FOR
THE PERIOD ENDED JUNE 30, 2009
In re:
Noble Advanced Technologies, Inc. | Case Number: 09-51730 | |||||
As debtor in possession, I affirm: | Chapter 11 | |||||
1. | That I have reviewed the financial statements attached hereto, consisting of: | Judge: Marci B. Melvor |
x | Operating Statement | (Form 2) | ||||
x | Balance Sheet | (Form 3) | ||||
x | Summary of Operations | (Form 4) | ||||
x | Monthly Cash Statement | (Form 5) | ||||
x | Statement of Compensation | (Form 6) | ||||
x | Schedule of In-Force Insurance | (Form 7) | ||||
and that they have been prepared in accordance with normal and customary accounting practices, and fairly and accurately reflect the debtor’s financial activity for the period stated; |
2. | That the insurance, including workers’ compensation and unemployment insurance, as described in Section 5 of the Operating Instructions and Reporting Requirements for Chapter 11 Cases is in effect; and, |
(If not, attach a written explanation) | YES x NO |
3. | That all post-petition taxes as described in Sections 9 of the Operating Instructions and Reporting Requirements for Chapter 11 cases are current. |
(If not, attach a written explanation) | YES x NO |
4. | No professional fees (attorney, accountant, etc.) have been paid without specific court authorization. |
(If not, attach a written explanation) | YES x NO |
5. | All United States Trustee Quarterly fees have been paid and are current. |
YES x NO |
6. | Have you filed your pre-petition tax returns. |
(If not, attach a written explanation) | YES NO x |
Written Explanation: Debtor filed for bankruptcy protection on April 15, 2009. Extensions have been filed for all of debtor’s applicable 2008 tax returns.
I hereby certify, under penalty of perjury, that the information provided above and in the attached documents is true and correct to the best of my information and belief.
| ||||||||
Dated: |
| Debtor in Possession | ||||||
Chief Financial Officer | (248) 519-0700 | |||||||
Title | Phone |
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |
Case Number: | 09-51730 | |
Debtor: | Noble Advanced Technologies, Inc. |
Current Month | Total Since Filing | ||||
Welding Sales | — | — | |||
Blanking | — | — | |||
Blanking Direct | — | — | |||
Roll Forming Sales | — | — | |||
Transportation | — | — | |||
Packaging | — | — | |||
Scrap Sales | — | — | |||
Dimpling Oiling Other Sales | — | — | |||
Spot Weld Sales | — | — | |||
Prototype Sales | — | (4,846 | ) | ||
Die Sales | — | — | |||
Scrap Income | — | — | |||
Sales Returns & Allowance | — | — | |||
Contract Manufacturing Sales | — | — | |||
Other Sales | — | — | |||
Task Sales | — | — | |||
Steel Sales | — | — | |||
Total Sales | — | (4,846 | ) | ||
Direct Labor | — | — | |||
Direct Labor Overtime | — | — | |||
Direct Contract Labor | — | — | |||
Direct Labor Payroll Taxes | — | — | |||
Direct Labor Health Benefits | — | — | |||
Direct Labor Retirement Plan | — | — | |||
Direct Labor Workers Comp | — | — | |||
Direct Labor Gainsharing | — | — | |||
Total Direct Labor | — | — | |||
Outside Blanking | — | — | |||
Outside Contract Manufacturing | — | — | |||
Outside Other | — | — | |||
Material Consumption Owned | — | — | |||
Material Consumption Consigned | — | — | |||
Unreported Material Consumption | — | — | |||
Physical Inventory Variance | — | — | |||
Heat, Light & Power | — | — | |||
Freight OEM | — | — | |||
Freight Other | — | — | |||
Gas | — | — | |||
Shipping Material | — | — | |||
Prototype Costs | 5,893 | 5,893 | |||
Die Costs | — | — | |||
Other Sales Cost | — | — | |||
Steel Cost | — | — | |||
Total Other Direct Costs | 5,893 | 5,893 | |||
Total Direct Costs | 5,893 | 5,893 | |||
Direct Margin | 5,893 | 1,047 | |||
Indirect Labor Salary | — | — | |||
Indirect Labor Overtime | — | — | |||
Indirect Labor Hourly | — | — | |||
Indirect Labor Contract | — | — | |||
Capitalized Labor | — | — | |||
Indirect Labor Payroll Taxes | — | — | |||
Indirect Labor Health Benefits | — | — | |||
Indirect Labor Retirement Plan | — | — | |||
Indirect Labor Workers Comp | — | — | |||
Indirect Labor Gainsharing | — | — | |||
Total Indirect Labor | — | — |
Page 1 of 3
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |
Case Number: | 09-51730 | |
Debtor: | Noble Advanced Technologies, Inc. |
Current Month | Total Since Filing | |||||
Depreciation | — | — | ||||
Building Rent Expense | — | — | ||||
Repairs & Maintenance | — | — | ||||
Building Grounds Maintenance | — | — | ||||
Shop Supplies | — | — | ||||
Equipment Rental Expense | — | — | ||||
Equipment Rental Intercompany | — | — | ||||
Equipment Rental Income | — | — | ||||
Insurance | — | — | ||||
Travel Indirect | — | — | ||||
Property Tax | — | — | ||||
Pre Employment Expense | — | — | ||||
Training Indirect | — | — | ||||
Tools | — | — | ||||
Research & Development | — | — | ||||
Capitalized Overhead | — | — | ||||
Gain or Loss on Disposal | — | — | ||||
Production Task | — | — | ||||
Labor Variance | — | — | ||||
Material Variance | — | — | ||||
Burden Variance | — | — | ||||
Total Other Indirect Costs | — | — | ||||
Total Indirect Costs | — | — | ||||
Total Cost of Sales | 5,893 | 5,893 | ||||
Gross Margin | 5,893 | 1,047 | ||||
SG&A Labor | (43,146 | ) | (53,658 | ) | ||
SG&A Labor Stock Compensation | — | — | ||||
SG&A Labor Contract | — | — | ||||
SG&A Labor Payroll Taxes | (14,750 | ) | (15,775 | ) | ||
SG&A Labor Health Benefits | (3,937 | ) | (3,623 | ) | ||
SG&A Labor Retirement Plan | — | — | ||||
SG&A Labor Workers Comp | — | — | ||||
SG&A Labor Gainsharing | — | — | ||||
Total SG&A Labor | (61,834 | ) | (73,056 | ) | ||
Bonus Expense | — | — | ||||
Depreciation SG&A | — | — | ||||
Amortization | (6,258 | ) | (9,387 | ) | ||
Research & Development SGA | — | — | ||||
Travel SG&A | — | — | ||||
Safety & Security | — | — | ||||
Computer Supplies | — | — | ||||
Telephone Expense | — | — | ||||
Telephone Expense - Mobile | (918 | ) | (918 | ) | ||
Office Expense | — | (190 | ) | |||
Training SG&A | 60 | 60 | ||||
Meals & Entertainment | — | — | ||||
Dues & Subscriptions | — | — | ||||
Employee Relations | — | — | ||||
Internal Meals | — | — | ||||
Meals - Sandwiches visitors | — | — | ||||
Meals - Meal cheques | — | — | ||||
Meals - Coffee/Water-personnel | — | — | ||||
Sales Promotion | — | — | ||||
Advertising | — | — | ||||
Bank Charges | — | — | ||||
Corporate Services Corporate | — | — |
Page 2 of 3
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |
Case Number: | 09-51730 | |
Debtor: | Noble Advanced Technologies, Inc. |
Current Month | Total Since Filing | |||||
Corporate Services General | — | — | ||||
Directors Expense | — | — | ||||
Directors Expense - Stock Based | — | — | ||||
Professional Fees Legal | — | — | ||||
Professional Fees Audit/tax | — | — | ||||
Professional Fees Other | (216 | ) | (2,194 | ) | ||
Business Insurance | — | — | ||||
Club Dues | — | — | ||||
Commission Expense | — | — | ||||
Other Taxes & Penalties | — | — | ||||
Plane Lease & Maintenance | — | — | ||||
Licenses, Fees, & Permits | — | — | ||||
Moving Expense | — | — | ||||
Donations | — | — | ||||
Bad Debt Expense | — | — | ||||
Held for Sale Expense | — | — | ||||
Administrative Task | — | — | ||||
Total Other SG&A | (7,332 | ) | (12,630 | ) | ||
Total SG&A | (69,166 | ) | (85,686 | ) | ||
Net Operating Profit | (63,273 | ) | (84,639 | ) | ||
Intercompany Interest | — | — | ||||
Interest Expense | — | — | ||||
Amortization Fees | — | — | ||||
Amortization Fees Sub | — | — | ||||
Amortization Debt Discount | — | — | ||||
Gain/Loss on Derivatives | — | — | ||||
Capitalized Interest | — | — | ||||
Interest Income | — | — | ||||
Royalty Income/Expense | — | — | ||||
Foreign Currency | — | — | ||||
Dividend Income | — | — | ||||
Extraordinary Gain/Loss | — | — | ||||
Gain / Loss On Disposal | — | — | ||||
Impairment Charges | — | — | ||||
Group Allocation Indirect | — | — | ||||
Group Allocation SG&A | — | — | ||||
Other Income/Expense | — | — | ||||
Total Other (Income)/Expense | — | — | ||||
Income before Taxes & Minority Interest | (63,273 | ) | (84,639 | ) | ||
Income Taxes | — | — | ||||
Net Income before Minority Interest | (63,273 | ) | (84,639 | ) | ||
Minority Interest | — | — | ||||
Net Income | (63,273 | ) | (84,639 | ) | ||
Page 3 of 3
BALANCE SHEET
Period Ending: | June 30, 2009 | |
Case Number: | 09-51730 | |
Debtor: | Noble Advanced Technologies, Inc. |
Current Month | Prior Month | At Filing | |||||||
ASSETS | |||||||||
Cash | — | — | — | ||||||
Accounts Receivable | 200,314 | 200,314 | 205,160 | ||||||
Allowance For Bad Debt | (102,580 | ) | (102,580 | ) | (102,580 | ) | |||
Inventory | — | — | — | ||||||
Inventory Dies | — | — | — | ||||||
Inventory Prototype | (4,378 | ) | — | — | |||||
Prepaid Expenses | 281,765 | 281,765 | 249,587 | ||||||
Notes Receivable | — | — | — | ||||||
Deferred Tax Asset | — | — | — | ||||||
Total Current Assets | 375,120 | 379,498 | 352,167 | ||||||
Machinery & Equipment | — | — | — | ||||||
MIS Computer Equipment | — | — | — | ||||||
Building | — | — | — | ||||||
Land | — | — | — | ||||||
Office Equipment | — | — | — | ||||||
Auto & Trucks | — | — | — | ||||||
Leasehold Improvements | — | — | — | ||||||
Production Equip In Progress | — | — | — | ||||||
Accumulated Depreciation | — | — | — | ||||||
Property, Plant & Equipment, Net | — | — | — | ||||||
Investments | — | — | — | ||||||
Other Intangible, Net | 983,309 | 989,567 | 992,696 | ||||||
Credit Agreement Fees, Net | — | — | — | ||||||
Goodwill, Net | — | — | — | ||||||
Deposits | — | — | — | ||||||
Assets Held For Sale | — | — | — | ||||||
Total Other Assets | 983,309 | 989,567 | 992,696 | ||||||
Total Assets | 1,358,429 | 1,369,065 | 1,344,863 | ||||||
Page 1 of 2
BALANCE SHEET
Period Ending: | June 30, 2009 | |
Case Number: | 09-51730 | |
Debtor: | Noble Advanced Technologies, Inc. |
Current Month | Prior Month | At Filing | |||||||
LIABILITIES | |||||||||
Cont Disb General - Post Petition | — | — | — | ||||||
Cont Disb Payroll - Post Petition | 16,424 | — | — | ||||||
Cont Disb Flex - Post Petition | — | — | — | ||||||
Cont Disb Medical - Post Petition | — | — | — | ||||||
Accounts Payable - Post Petition | — | — | — | ||||||
A/P Manual - Post Petition | — | — | — | ||||||
A/P System - Post Petition | — | 10,331 | 10,331 | ||||||
Cont Disb General | — | — | — | ||||||
Cont Disb Payroll | — | — | — | ||||||
Cont Disb Flex | — | — | — | ||||||
Cont Disb Medical | — | — | — | ||||||
Accounts Payable - Pre Petition | 63,871 | 65,488 | 36,587 | ||||||
A/P Manual - Pre Petition | — | — | — | ||||||
A/P System - Pre Petition | — | — | — | ||||||
A/P Freight | — | — | — | ||||||
Accrued Bonus | — | — | — | ||||||
Accrued Benefits & Payroll | 212 | 212 | (1,558 | ) | |||||
Accrued Other | — | — | — | ||||||
Accrued Scrap | — | — | — | ||||||
Accrued Taxes | — | — | — | ||||||
Accrued Interest | — | — | — | ||||||
Total Current Liabilities | 80,506 | 76,030 | 45,360 | ||||||
Deferred Tax Liability | — | — | — | ||||||
Capital Lease | — | — | — | ||||||
Revolver Pre-Petition | — | — | — | ||||||
Revolver Post-Petition | — | — | — | ||||||
Term Loan | — | — | — | ||||||
Convertible Sub Debt | — | — | — | ||||||
Industrial Revenue Bond | — | — | — | ||||||
Other Debt | — | — | — | ||||||
Intercompany Line Of Credit | — | — | — | ||||||
Intercompany Non Cash | 7,976,873 | 7,928,711 | 7,913,814 | ||||||
Total Long Term Liabilities | 7,976,873 | 7,928,711 | 7,913,814 | ||||||
Total Liabilities | 8,057,379 | 8,004,742 | 7,959,174 | ||||||
Accumulated Other Comprehensive Income | — | — | — | ||||||
Common Stock | — | — | — | ||||||
APIC | — | — | — | ||||||
Retained Earnings | (6,698,950 | ) | (6,635,677 | ) | (6,614,311 | ) | |||
Dividends | — | — | — | ||||||
Minority Interest Equity | — | — | — | ||||||
Total Stockholders’ Equity | (6,698,950 | ) | (6,635,677 | ) | (6,614,311 | ) | |||
Total Liabilities & Stockholders’ Equity | 1,358,429 | 1,369,065 | 1,344,863 | ||||||
Page 2 of 2
SUMMARY OF OPERATIONS
For the Period:June 30, 2009
Schedule of Post Petition Taxes Payable
Debtor: | Noble Advanced Technologies, Inc. | |
Case No: | 09-51730 |
Beginning Balance | Withheld | Accrued | Payments/ Deposits | Ending Balance | |||||||||||||
Income Taxes Withheld: | |||||||||||||||||
Federal | $ | 1,257.37 | $ | 2,978.77 | $ | — | $ | (14.02 | ) | 4,250.16 | |||||||
State | 448.80 | 512.42 | — | (8.32 | ) | 969.54 | |||||||||||
Local | — | — | — | — | — | ||||||||||||
FICA Withheld: | 1,193.22 | 425.61 | — | (3.05 | ) | 1,621.88 | |||||||||||
Employers FICA: | 1,193.22 | 415.29 | — | (3.05 | ) | 1,611.56 | |||||||||||
Unemployment Tax: | — | ||||||||||||||||
Federal | — | (1.53 | ) | — | (1.53 | ) | — | ||||||||||
State | — | — | — | (10.32 | ) | 10.32 | |||||||||||
Sales, Use & Excise Taxes: | — | — | — | — | — | ||||||||||||
Property Taxes: | — | — | — | — | — | ||||||||||||
Other: | — | — | — | — | — | ||||||||||||
TOTALS: | $ | 4,092.61 | $ | 4,330.56 | $ | — | $ | (40.29 | ) | $ | 8,463.46 | ||||||
SUMMARY OF OPERATIONS
Aging of Accounts Receivable & Post-Petition Accounts Payable
PERIOD ENDING:June 30, 2009
Debtor: | Noble Advanced Technologies, Inc | |
Case No: | 09-51730 |
Age in Days: | 0 - 30 | 30 - 60 | Over 60 | ||||||
Post-Petition Accounts Payable | $ | — | $ | — | $ | — | |||
Accounts Receivable | $ | — | $ | — | $ | 200,313.54 |
MONTHLY CASH STATEMENT
DEBTOR:Noble Advanced Technologies, Inc.
PERIOD ENDING:June 30, 2009
Cash Activity Analysis (Cash Basis Only): | Case No: 09-51730 |
1 | 2 | 3 | 4 | 5 | Total | ||||||||||||
A | Beginning Balance | — | — | — | |||||||||||||
B | Receipts (Attach separate schedule) | 12,800.00 | 12,800.00 | ||||||||||||||
C | Balance Available (A + B) | 12,800.00 | — | — | — | — | 12,800.00 | ||||||||||
D | Less Disbursements (Attach separate schedule) | (12,791.08 | ) | — | (12,791.08 | ) | |||||||||||
E | ENDING BALANCE (C - D) | 8.92 | — | — | — | — | 8.92 | ||||||||||
Attention: Please enter the TOTAL DISBURSEMENTS for all of your accounts, including cash excluding | |||||||||||||||||
transfers, onto the line below. This is the number that will determine your quarterly fee payment. | |||||||||||||||||
$ | (12,791.08 | ) | |||||||||||||||
(PLEASE ATTACH COPIES OF MOST RECENT RECONCILED BANK STATEMENTS FROM EACH ACCOUNT)
1 | Depository Name & Location | Comerica Bank | ||||
Account Number | 181349827 | |||||
2 | Depository Name & Location |
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Account Number |
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3 | Depository Name & Location |
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Account Number |
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4 | Depository Name & Location |
| ||||
Account Number |
| |||||
5 | Depository Name & Location |
| ||||
Account Number |
| |||||
Other monies on hand ((specify type and location) i.e. CD’s, bonds, etc.): | ||||||
| ||||||
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Date |
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Debtor in Possession |
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
PERIOD ENDING: June 30, 2009
Debtor: | Noble Advanced Technologies, Inc. | |
Case No: | 09-51730 |
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debor in possession.(Attach additional pages if necessary.)
Name: Tad V. Machrowicz | Capacity: |
| Shareholder | |||
X | Officer | |||||
| Director | |||||
| Insider |
Detailed Description of Duties: |
| |
| ||
|
Weekly | or | Monthly | or | Reporting Period | |||||||||
Current Compensation Paid: | $ | 798.08 | |||||||||||
Current Benefits Paid: | |||||||||||||
Health Insurance | |||||||||||||
Life Insurance | |||||||||||||
Retirement | |||||||||||||
Company Vehicle | |||||||||||||
Entertainment | |||||||||||||
Travel | |||||||||||||
Other Benefits | |||||||||||||
Total Benefits | $ | — | $ | — | $ | — | |||||||
Current Other Payments Paid: | |||||||||||||
Rent Paid | |||||||||||||
Loans | |||||||||||||
Other (Severance) | $ | 11,971.15 | |||||||||||
Other (Describe) | |||||||||||||
Other (Describe) | |||||||||||||
Total Other Payments | $ | — | $ | — | $ | 11,971.15 | |||||||
CURRENT TOTAL OF ALL PAYMENTS: | $ | — | $ | — | $ | 12,769.23 | |||||||
Dated: |
| |
Principal, Officer, Director, or Insider |
SCHEDULE OF IN-FORCE INSURANCE
PERIOD ENDING:June 30, 2009
Debtor: | Noble Advanced Technologies, Inc. | |
Case No: | 09-51730 |
INSURANCE TYPE | CARRIER | EXPIRATION DATE | ||||||
Workers’ Compensation | Hartford Fire Insurance Company | 03/01/10 | ||||||
General Liability | Hartford Fire Insurance Company | 03/01/10 | ||||||
Global Property/Boiler & Machinery | Allianz Global Risks US Insurance Company | 03/01/10 | ||||||
Umbrella | St. Paul Fire & Marine Insurance Company (Travelers) | 03/01/10 | ||||||
Excess Umbrella | Great American Insurance Company | 03/01/10 | ||||||
Automobile | Hartford Fire Insurance Company | 03/01/10 | ||||||
Crime | National Union Fire Insurance Company of Pittsburgh PA (AIG) | 03/20/10 | ||||||
Directors & Officers Liability | National Union Fire Insurance Company (AIG) | 03/20/10 | ||||||
Directors & Officers Liability (runoff) | National Union Fire Insurance Company (AIG) | 03/20/14 | ||||||
1st Excess Directors & Officers Liability | St. Paul Mercury Insurance Company (Travelers) | 03/20/10 | ||||||
2nd Excess Directors & Officers Liability | Allied World National Assurance Company (AWNAC) | 03/20/10 | ||||||
Employment Practices Liability | National Union Fire Insurance Company (AIG) | 03/20/10 | ||||||
Employment Practices Liability (runoff) | National Union Fire Insurance Company (AIG) | 03/20/14 | ||||||
Fiduciary Liability | Federal Insurance Company (Chubb) | 03/20/10 | ||||||
Fiduciary Liability (runoff) | Federal Insurance Company (Chubb) | 03/20/14 | ||||||
Foreign Package | Insurance Company of the State of Pennsylvania (AIG WorldSource) | 03/20/10 |
UNITED STATES BANKRUPTCY COURT
FOR THE EASTERN DISTRICT OF MICHIGAN
TRANSMITTAL OF FINANCIAL REPORTS AND
CERTIFICATION OF COMPLIANCE WITH
UNITED STATES TRUSTEE OPERATING REQUIREMENTS FOR
THE PERIOD ENDED JUNE 30, 2009
In re:
Noble Land Holdings, Inc. | Case Number: 09-51732 | |||||
As debtor in possession, I affirm: | Chapter 11 | |||||
1. | That I have reviewed the financial statements attached hereto, consisting of: | Judge: Marci B. Melvor |
x | Operating Statement | (Form 2) | ||||
x | Balance Sheet | (Form 3) | ||||
x | Summary of Operations | (Form 4) | ||||
x | Monthly Cash Statement | (Form 5) | ||||
x | Statement of Compensation | (Form 6) | ||||
x | Schedule of In-Force Insurance | (Form 7) | ||||
and that they have been prepared in accordance with normal and customary accounting practices, and fairly and accurately reflect the debtor’s financial activity for the period stated; |
2. | That the insurance, including workers’ compensation and unemployment insurance, as described in Section 5 of the Operating Instructions and Reporting Requirements for Chapter 11 Cases is in effect; and, |
(If not, attach a written explanation) | YES x NO |
3. | That all post-petition taxes as described in Sections 9 of the Operating Instructions and Reporting Requirements for Chapter 11 cases are current. |
(If not, attach a written explanation) | YES x NO |
4. | No professional fees (attorney, accountant, etc.) have been paid without specific court authorization. |
(If not, attach a written explanation) | YES x NO |
5. | All United States Trustee Quarterly fees have been paid and are current. |
YES x NO |
6. | Have you filed your pre-petition tax returns. |
(If not, attach a written explanation) | YES NO x |
Written Explanation: Debtor filed for bankruptcy protection on April 15, 2009. Extensions have been filed for all of debtor’s applicable 2008 tax returns.
I hereby certify, under penalty of perjury, that the information provided above and in the attached documents is true and correct to the best of my information and belief.
| ||||||||
Dated: |
| Debtor in Possession | ||||||
Chief Financial Officer | (248) 519-0700 | |||||||
Title | Phone |
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |
Case Number: | 09-51732 | |
Debtor: | Noble Land Holdings, Inc. |
Current Month | Total Since Filing | |||
Welding Sales | — | — | ||
Blanking | — | — | ||
Blanking Direct | — | — | ||
Roll Forming Sales | — | — | ||
Transportation | — | — | ||
Packaging | — | — | ||
Scrap Sales | — | — | ||
Dimpling Oiling Other Sales | — | — | ||
Spot Weld Sales | — | — | ||
Prototype Sales | — | — | ||
Die Sales | — | — | ||
Scrap Income | — | — | ||
Sales Returns & Allowance | — | — | ||
Contract Manufacturing Sales | — | — | ||
Other Sales | — | — | ||
Task Sales | — | — | ||
Steel Sales | — | — | ||
Total Sales | — | — | ||
Direct Labor | — | — | ||
Direct Labor Overtime | — | — | ||
Direct Contract Labor | — | — | ||
Direct Labor Payroll Taxes | — | — | ||
Direct Labor Health Benefits | — | — | ||
Direct Labor Retirement Plan | — | — | ||
Direct Labor Workers Comp | — | — | ||
Direct Labor Gainsharing | — | — | ||
Total Direct Labor | — | — | ||
Outside Blanking | — | — | ||
Outside Contract Manufacturing | — | — | ||
Outside Other | — | — | ||
Material Consumption Owned | — | — | ||
Material Consumption Consigned | — | — | ||
Unreported Material Consumption | — | — | ||
Physical Inventory Variance | — | — | ||
Heat, Light & Power | — | — | ||
Freight OEM | — | — | ||
Freight Other | — | — | ||
Gas | — | — | ||
Shipping Material | — | — | ||
Prototype Costs | — | — | ||
Die Costs | — | — | ||
Other Sales Cost | — | — | ||
Steel Cost | — | — | ||
Total Other Direct Costs | — | — | ||
Total Direct Costs | — | — | ||
Direct Margin | — | — | ||
Indirect Labor Salary | — | — | ||
Indirect Labor Overtime | — | — | ||
Indirect Labor Hourly | — | — | ||
Indirect Labor Contract | — | — | ||
Capitalized Labor | — | — | ||
Indirect Labor Payroll Taxes | — | — | ||
Indirect Labor Health Benefits | — | — | ||
Indirect Labor Retirement Plan | — | — | ||
Indirect Labor Workers Comp | — | — | ||
Indirect Labor Gainsharing | — | — | ||
Total Indirect Labor | — | — |
Page 1 of 3
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |
Case Number: | 09-51732 | |
Debtor: | Noble Land Holdings, Inc. |
Current Month | Total Since Filing | |||
Depreciation | — | — | ||
Building Rent Expense | — | — | ||
Repairs & Maintenance | — | — | ||
Building Grounds Maintenance | — | — | ||
Shop Supplies | — | — | ||
Equipment Rental Expense | — | — | ||
Equipment Rental Intercompany | — | — | ||
Equipment Rental Income | — | — | ||
Insurance | — | — | ||
Travel Indirect | — | — | ||
Property Tax | — | — | ||
Pre Employment Expense | — | — | ||
Training Indirect | — | — | ||
Tools | — | — | ||
Research & Development | — | — | ||
Capitalized Overhead | — | — | ||
Gain or Loss on Disposal | — | — | ||
Production Task | — | — | ||
Labor Variance | — | — | ||
Material Variance | — | — | ||
Burden Variance | — | — | ||
Total Other Indirect Costs | — | — | ||
Total Indirect Costs | — | — | ||
Total Cost of Sales | — | — | ||
Gross Margin | — | — | ||
SG&A Labor | — | — | ||
SG&A Labor Stock Compensation | — | — | ||
SG&A Labor Contract | — | — | ||
SG&A Labor Payroll Taxes | — | — | ||
SG&A Labor Health Benefits | — | — | ||
SG&A Labor Retirement Plan | — | — | ||
SG&A Labor Workers Comp | — | — | ||
SG&A Labor Gainsharing | — | — | ||
Total SG&A Labor | — | — | ||
Bonus Expense | — | — | ||
Depreciation SG&A | — | — | ||
Amortization | — | — | ||
Research & Development SGA | — | — | ||
Travel SG&A | — | — | ||
Safety & Security | — | — | ||
Computer Supplies | — | — | ||
Telephone Expense | — | — | ||
Telephone Expense – Mobile | — | — | ||
Office Expense | — | — | ||
Training SG&A | — | — | ||
Meals & Entertainment | — | — | ||
Dues & Subscriptions | — | — | ||
Employee Relations | — | — | ||
Internal Meals | — | — | ||
Meals – Sandwiches visitors | — | — | ||
Meals – Meal cheques | — | — | ||
Meals – Coffee/Water-personnel | — | — | ||
Sales Promotion | — | — | ||
Advertising | — | — | ||
Bank Charges | — | — | ||
Corporate Services Corporate | — | — |
Page 2 of 3
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |
Case Number: | 09-51732 | |
Debtor: | Noble Land Holdings, Inc. |
Current Month | Total Since Filing | |||
Corporate Services General | — | — | ||
Directors Expense | — | — | ||
Directors Expense – Stock Based | — | — | ||
Professional Fees Legal | — | — | ||
Professional Fees Audit/tax | — | — | ||
Professional Fees Other | — | — | ||
Business Insurance | — | — | ||
Club Dues | — | — | ||
Commission Expense | — | — | ||
Other Taxes & Penalties | — | — | ||
Plane Lease & Maintenance | — | — | ||
Licenses, Fees, & Permits | — | — | ||
Moving Expense | — | — | ||
Donations | — | — | ||
Bad Debt Expense | — | — | ||
Held for Sale Expense | — | — | ||
Administrative Task | — | — | ||
Total Other SG&A | — | — | ||
Total SG&A | — | — | ||
Net Operating Profit | — | — | ||
Intercompany Interest | — | — | ||
Interest Expense | — | — | ||
Amortization Fees | — | — | ||
Amortization Fees Sub | — | — | ||
Amortization Debt Discount | — | — | ||
Gain/Loss on Derivatives | — | — | ||
Capitalized Interest | — | — | ||
Interest Income | — | — | ||
Royalty Income/Expense | — | — | ||
Foreign Currency | — | — | ||
Dividend Income | — | — | ||
Extraordinary Gain/Loss | — | — | ||
Gain / Loss On Disposal | — | — | ||
Impairment Charges | — | — | ||
Group Allocation Indirect | — | — | ||
Group Allocation SG&A | — | — | ||
Other Income/Expense | — | — | ||
Total Other (Income)/Expense | — | — | ||
Income before Taxes & Minority Interest | — | — | ||
Income Taxes | — | — | ||
Net Income before Minority Interest | — | — | ||
Minority Interest | — | — | ||
Net Income | — | — | ||
Page 3 of 3
BALANCE SHEET
Period Ending: | June 30, 2009 | |
Case Number: | 09-51732 | |
Debtor: | Noble Land Holdings, Inc. |
Current Month | Prior Month | At Filing | ||||
ASSETS | ||||||
Cash | — | — | — | |||
Accounts Receivable | — | — | — | |||
Allowance For Bad Debt | — | — | — | |||
Inventory | — | — | — | |||
Inventory Dies | — | — | — | |||
Inventory Prototype | — | — | — | |||
Prepaid Expenses | — | — | — | |||
Notes Receivable | — | — | — | |||
Deferred Tax Asset | — | — | — | |||
Total Current Assets | — | — | — | |||
Machinery & Equipment | — | — | — | |||
MIS Computer Equipment | — | — | — | |||
Building | — | — | — | |||
Land | — | — | — | |||
Office Equipment | — | — | — | |||
Auto & Trucks | — | — | — | |||
Leasehold Improvements | — | — | — | |||
Production Equip In Progress | — | — | — | |||
Accumulated Depreciation | — | — | — | |||
Property, Plant & Equipment, Net | — | — | — | |||
Investments | — | — | — | |||
Other Intangible, Net | — | — | — | |||
Credit Agreement Fees, Net | — | — | — | |||
Goodwill, Net | — | — | — | |||
Deposits | — | — | — | |||
Assets Held For Sale | — | — | — | |||
Total Other Assets | — | — | — | |||
Total Assets | — | — | — | |||
Page 1 of 2
BALANCE SHEET
Period Ending: | June 30, 2009 | |
Case Number: | 09-51732 | |
Debtor: | Noble Land Holdings, Inc. |
Current Month | Prior Month | At Filing | |||||||
LIABILITIES | |||||||||
Cont Disb General - Post Petition | — | — | — | ||||||
Cont Disb Payroll - Post Petition | — | — | — | ||||||
Cont Disb Flex - Post Petition | — | — | — | ||||||
Cont Disb Medical - Post Petition | — | — | — | ||||||
Accounts Payable - Post Petition | — | — | — | ||||||
A/P Manual - Post Petition | — | — | — | ||||||
A/P System - Post Petition | — | — | — | ||||||
Cont Disb General | — | — | — | ||||||
Cont Disb Payroll | — | — | — | ||||||
Cont Disb Flex | — | — | — | ||||||
Cont Disb Medical | — | — | — | ||||||
Accounts Payable - Pre Petition | — | — | — | ||||||
A/P Manual - Pre Petition | — | — | — | ||||||
A/P System - Pre Petition | — | — | — | ||||||
A/P Freight | — | — | — | ||||||
Accrued Bonus | — | — | — | ||||||
Accrued Benefits & Payroll | — | �� | — | — | |||||
Accrued Other | — | — | — | ||||||
Accrued Scrap | — | — | — | ||||||
Accrued Taxes | — | — | — | ||||||
Accrued Interest | — | — | — | ||||||
Total Current Liabilities | — | — | — | ||||||
Deferred Tax Liability | — | — | — | ||||||
Capital Lease | — | — | — | ||||||
Revolver Pre-Petition | — | — | — | ||||||
Revolver Post-Petition | — | — | — | ||||||
Term Loan | — | — | — | ||||||
Convertible Sub Debt | — | — | — | ||||||
Industrial Revenue Bond | — | — | — | ||||||
Other Debt | — | — | — | ||||||
Intercompany Line Of Credit | — | — | — | ||||||
Intercompany Non Cash | (245,271 | ) | (245,271 | ) | (245,271 | ) | |||
Total Long Term Liabilities | (245,271 | ) | (245,271 | ) | (245,271 | ) | |||
Total Liabilities | (245,271 | ) | (245,271 | ) | (245,271 | ) | |||
Accumulated Other Comprehensive Income | — | — | — | ||||||
Common Stock | — | — | — | ||||||
APIC | — | — | — | ||||||
Retained Earnings | 245,271 | 245,271 | 245,271 | ||||||
Dividends | — | — | — | ||||||
Minority Interest Equity | — | — | — | ||||||
Total Stockholders’ Equity | 245,271 | 245,271 | 245,271 | ||||||
Total Liabilities & Stockholders’ Equity | — | — | — | ||||||
Page 2 of 2
SUMMARY OF OPERATIONS
For the Period:June 30, 2009
Schedule of Post Petition Taxes Payable
Debtor: | Noble Land Holdings, Inc. | |
Case No: | 09-51732 |
Beginning Balance | Withheld | Accrued | Payments/ Deposits | Ending Balance | |||||||||||
Income Taxes Withheld: | |||||||||||||||
Federal | $ | — | $ | — | $ | — | $ | — | — | ||||||
State | — | — | — | — | — | ||||||||||
Local | — | — | — | — | — | ||||||||||
FICA Withheld: | — | — | — | — | — | ||||||||||
Employers FICA: | — | — | — | — | — | ||||||||||
Unemployment Tax: | — | ||||||||||||||
Federal | — | — | — | — | — | ||||||||||
State | — | — | — | — | — | ||||||||||
Sales, Use & Excise Taxes: | — | — | — | — | — | ||||||||||
Property Taxes: | — | — | — | — | — | ||||||||||
Other: | — | — | — | — | — | ||||||||||
TOTALS: | $ | — | $ | — | $ | — | $ | — | $ | — | |||||
SUMMARY OF OPERATIONS
Aging of Accounts Receivable & Post-Petition Accounts Payable
PERIOD ENDING:June 30, 2009
Debtor: | Noble Land Holdings, Inc. | |
Case No: | 09-51732 |
Age in Days: | 0 - 30 | 30 - 60 | Over 60 | ||||||
Post-Petition Accounts Payable | $ | — | $ | — | $ | — | |||
Accounts Receivable | $ | — | $ | — | $ | — |
MONTHLY CASH STATEMENT
DEBTOR:Noble Land Holdings, Inc.
PERIOD ENDING:June 30, 2009
Cash Activity Analysis (Cash Basis Only): | Case No: 09-51732 |
1 | 2 | 3 | 4 | 5 | Total | ||||||||||
A | Beginning Balance | — | — | ||||||||||||
B | Receipts (Attach separate schedule) | — | |||||||||||||
C | Balance Available (A + B) | — | — | — | — | — | — | ||||||||
D | Less Disbursements (Attach separate schedule) | — | — | ||||||||||||
E | ENDING BALANCE (C - D) | — | — | — | — | — | — | ||||||||
Attention: Please enter the TOTAL DISBURSEMENTS for all of your accounts, including cash excluding | |||||||||||||||
transfers, onto the line below. This is the number that will determine your quarterly fee payment. | |||||||||||||||
$ | |||||||||||||||
(PLEASE ATTACH COPIES OF MOST RECENT RECONCILED BANK STATEMENTS FROM EACH ACCOUNT)
1 | Depository Name & Location |
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Account Number |
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2 | Depository Name & Location |
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Account Number |
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3 | Depository Name & Location |
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Account Number |
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4 | Depository Name & Location |
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Account Number |
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5 | Depository Name & Location |
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Account Number |
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Other monies on hand ((specify type and location) i.e. CD’s, bonds, etc.):
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Date |
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Debtor in Possession |
SCHEDULE OF IN-FORCE INSURANCE
PERIOD ENDING:June 30, 2009
Debtor: | Noble Land Holdings, Inc. | |
Case No: | 09-51732 |
INSURANCE TYPE | CARRIER | EXPIRATION DATE | ||||||
Workers’ Compensation | Hartford Fire Insurance Company | 03/01/10 | ||||||
General Liability | Hartford Fire Insurance Company | 03/01/10 | ||||||
Global Property/Boiler & Machinery | Allianz Global Risks US Insurance Company | 03/01/10 | ||||||
Umbrella | St. Paul Fire & Marine Insurance Company (Travelers) | 03/01/10 | ||||||
Excess Umbrella | Great American Insurance Company | 03/01/10 | ||||||
Automobile | Hartford Fire Insurance Company | 03/01/10 | ||||||
Crime | National Union Fire Insurance Company of Pittsburgh PA (AIG) | 03/20/10 | ||||||
Directors & Officers Liability | National Union Fire Insurance Company (AIG) | 03/20/10 | ||||||
Directors & Officers Liability (runoff) | National Union Fire Insurance Company (AIG) | 03/20/14 | ||||||
1st Excess Directors & Officers Liability | St. Paul Mercury Insurance Company (Travelers) | 03/20/10 | ||||||
2nd Excess Directors & Officers Liability | Allied World National Assurance Company (AWNAC) | 03/20/10 | ||||||
Employment Practices Liability | National Union Fire Insurance Company (AIG) | 03/20/10 | ||||||
Employment Practices Liability (runoff) | National Union Fire Insurance Company (AIG) | 03/20/14 | ||||||
Fiduciary Liability | Federal Insurance Company (Chubb) | 03/20/10 | ||||||
Fiduciary Liability (runoff) | Federal Insurance Company (Chubb) | 03/20/14 | ||||||
Foreign Package | Insurance Company of the State of Pennsylvania (AIG WorldSource) | 03/20/10 |
UNITED STATES BANKRUPTCY COURT
FOR THE EASTERN DISTRICT OF MICHIGAN
TRANSMITTAL OF FINANCIAL REPORTS AND
CERTIFICATION OF COMPLIANCE WITH
UNITED STATES TRUSTEE OPERATING REQUIREMENTS FOR
THE PERIOD ENDED JUNE 30, 2009
In re:
Noble Manufacturing Group, Inc. | Case Number: 09-51734 | |||||
As debtor in possession, I affirm: | Chapter 11 | |||||
1. | That I have reviewed the financial statements attached hereto, consisting of: | Judge: Marci B. Melvor |
x | Operating Statement | (Form 2) | ||||
x | Balance Sheet | (Form 3) | ||||
x | Summary of Operations | (Form 4) | ||||
x | Monthly Cash Statement | (Form 5) | ||||
x | Statement of Compensation | (Form 6) | ||||
x | Schedule of In-Force Insurance | (Form 7) | ||||
and that they have been prepared in accordance with normal and customary accounting practices, and fairly and accurately reflect the debtor’s financial activity for the period stated; |
2. | That the insurance, including workers’ compensation and unemployment insurance, as described in Section 5 of the Operating Instructions and Reporting Requirements for Chapter 11 Cases is in effect; and, |
(If not, attach a written explanation) | YES x NO |
3. | That all post-petition taxes as described in Sections 9 of the Operating Instructions and Reporting Requirements for Chapter 11 cases are current. |
(If not, attach a written explanation) | YES x NO |
4. | No professional fees (attorney, accountant, etc.) have been paid without specific court authorization. |
(If not, attach a written explanation) | YES x NO |
5. | All United States Trustee Quarterly fees have been paid and are current. |
YES x NO |
6. | Have you filed your pre-petition tax returns. |
(If not, attach a written explanation) | YES NO x |
Written Explanation: Debtor filed for bankruptcy protection on April 15, 2009. Extensions have been filed for all of debtor’s applicable 2008 tax returns.
I hereby certify, under penalty of perjury, that the information provided above and in the attached documents is true and correct to the best of my information and belief.
| ||||||||
Dated: |
| Debtor in Possession | ||||||
Chief Financial Officer | (248) 519-0700 | |||||||
Title | Phone |
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |
Case Number: | 09-51734 | |
Debtor: | Noble Manufacturing Group, Inc. |
Current Month | Total Since Filing | |||
Welding Sales | — | — | ||
Blanking | — | — | ||
Blanking Direct | — | — | ||
Roll Forming Sales | — | — | ||
Transportation | — | — | ||
Packaging | — | — | ||
Scrap Sales | — | — | ||
Dimpling Oiling Other Sales | — | — | ||
Spot Weld Sales | — | — | ||
Prototype Sales | — | — | ||
Die Sales | — | — | ||
Scrap Income | — | — | ||
Sales Returns & Allowance | — | — | ||
Contract Manufacturing Sales | — | — | ||
Other Sales | — | — | ||
Task Sales | — | — | ||
Steel Sales | — | — | ||
Total Sales | — | — | ||
Direct Labor | — | — | ||
Direct Labor Overtime | — | — | ||
Direct Contract Labor | — | — | ||
Direct Labor Payroll Taxes | — | — | ||
Direct Labor Health Benefits | — | — | ||
Direct Labor Retirement Plan | — | — | ||
Direct Labor Workers Comp | — | — | ||
Direct Labor Gainsharing | — | — | ||
Total Direct Labor | — | — | ||
Outside Blanking | — | — | ||
Outside Contract Manufacturing | — | — | ||
Outside Other | — | — | ||
Material Consumption Owned | — | — | ||
Material Consumption Consigned | — | — | ||
Unreported Material Consumption | — | — | ||
Physical Inventory Variance | — | — | ||
Heat, Light & Power | — | — | ||
Freight OEM | — | — | ||
Freight Other | — | — | ||
Gas | — | — | ||
Shipping Material | — | — | ||
Prototype Costs | — | — | ||
Die Costs | — | — | ||
Other Sales Cost | — | — | ||
Steel Cost | — | — | ||
Total Other Direct Costs | — | — | ||
Total Direct Costs | — | — | ||
Direct Margin | — | — | ||
Indirect Labor Salary | — | — | ||
Indirect Labor Overtime | — | — | ||
Indirect Labor Hourly | — | — | ||
Indirect Labor Contract | — | — | ||
Capitalized Labor | — | — | ||
Indirect Labor Payroll Taxes | — | — | ||
Indirect Labor Health Benefits | — | — | ||
Indirect Labor Retirement Plan | — | — | ||
Indirect Labor Workers Comp | — | — | ||
Indirect Labor Gainsharing | — | — | ||
Total Indirect Labor | — | — |
Page 1 of 3
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |||||
Case Number: | 09-51734 | |||||
Debtor: | Noble Manufacturing Group, Inc. |
Current Month | Total Since Filing | |||
Depreciation | — | — | ||
Building Rent Expense | — | — | ||
Repairs & Maintenance | — | — | ||
Building Grounds Maintenance | — | — | ||
Shop Supplies | — | — | ||
Equipment Rental Expense | — | — | ||
Equipment Rental Intercompany | — | — | ||
Equipment Rental Income | — | — | ||
Insurance | — | — | ||
Travel Indirect | — | — | ||
Property Tax | — | — | ||
Pre Employment Expense | — | — | ||
Training Indirect | — | — | ||
Tools | — | — | ||
Research & Development | — | — | ||
Capitalized Overhead | — | — | ||
Gain or Loss on Disposal | — | — | ||
Production Task | — | — | ||
Labor Variance | — | — | ||
Material Variance | — | — | ||
Burden Variance | — | — | ||
Total Other Indirect Costs | — | — | ||
Total Indirect Costs | — | — | ||
Total Cost of Sales | — | — | ||
Gross Margin | — | — | ||
SG&A Labor | — | — | ||
SG&A Labor Stock Compensation | — | — | ||
SG&A Labor Contract | — | — | ||
SG&A Labor Payroll Taxes | — | — | ||
SG&A Labor Health Benefits | — | — | ||
SG&A Labor Retirement Plan | — | — | ||
SG&A Labor Workers Comp | — | — | ||
SG&A Labor Gainsharing | — | — | ||
Total SG&A Labor | — | — | ||
Bonus Expense | — | — | ||
Depreciation SG&A | — | — | ||
Amortization | — | — | ||
Research & Development SGA | — | — | ||
Travel SG&A | — | — | ||
Safety & Security | — | — | ||
Computer Supplies | — | — | ||
Telephone Expense | — | — | ||
Telephone Expense – Mobile | — | — | ||
Office Expense | — | — | ||
Training SG&A | — | — | ||
Meals & Entertainment | — | — | ||
Dues & Subscriptions | — | — | ||
Employee Relations | — | — | ||
Internal Meals | — | — | ||
Meals – Sandwiches visitors | — | — | ||
Meals – Meal cheques | — | — | ||
Meals – Coffee/Water-personnel | — | — | ||
Sales Promotion | — | — | ||
Advertising | — | — | ||
Bank Charges | — | — | ||
Corporate Services Corporate | — | — |
Page 2 of 3
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |||||
Case Number: | 09-51734 | |||||
Debtor: | Noble Manufacturing Group, Inc. |
Current Month | Total Since Filing | |||
Corporate Services General | — | — | ||
Directors Expense | — | — | ||
Directors Expense – Stock Based | — | — | ||
Professional Fees Legal | — | — | ||
Professional Fees Audit/tax | — | — | ||
Professional Fees Other | — | — | ||
Business Insurance | — | — | ||
Club Dues | — | — | ||
Commission Expense | — | — | ||
Other Taxes & Penalties | — | — | ||
Plane Lease & Maintenance | — | — | ||
Licenses, Fees, & Permits | — | — | ||
Moving Expense | — | — | ||
Donations | — | — | ||
Bad Debt Expense | — | — | ||
Held for Sale Expense | — | — | ||
Administrative Task | — | — | ||
Total Other SG&A | — | — | ||
Total SG&A | — | — | ||
Net Operating Profit | — | — | ||
Intercompany Interest | — | — | ||
Interest Expense | — | — | ||
Amortization Fees | — | — | ||
Amortization Fees Sub | — | — | ||
Amortization Debt Discount | — | — | ||
Gain/Loss on Derivatives | — | — | ||
Capitalized Interest | — | — | ||
Interest Income | — | — | ||
Royalty Income/Expense | — | — | ||
Foreign Currency | — | — | ||
Dividend Income | — | — | ||
Extraordinary Gain/Loss | — | — | ||
Gain / Loss On Disposal | — | — | ||
Impairment Charges | — | — | ||
Group Allocaton Indirect | — | — | ||
Group Allocation SG&A | — | — | ||
Other Income/Expense | — | — | ||
Total Other (Income)/Expense | — | — | ||
Income before Taxes & Minority Interest | — | — | ||
Income Taxes | — | — | ||
Net Income before Minority Interest | — | — | ||
Minority Interest | — | — | ||
Net Income | — | — | ||
Page 3 of 3
BALANCE SHEET | ||||
Period Ending: | June 30, 2009 | |||
Case Number: | 09-51734 | |||
Debtor: | Noble Manufacturing Group, Inc. |
Current Month | Prior Month | At Filing | ||||
ASSETS | ||||||
Cash | — | — | — | |||
Accounts Receivable | — | — | — | |||
Allowance For Bad Debt | — | — | — | |||
Inventory | — | — | — | |||
Inventory Dies | — | — | — | |||
Inventory Prototype | — | — | — | |||
Prepaid Expenses | — | — | — | |||
Notes Receivable | — | — | — | |||
Deferred Tax Asset | — | — | — | |||
Total Current Assets | — | — | — | |||
Machinery & Equipment | — | — | — | |||
MIS Computer Equipment | — | — | — | |||
Building | — | — | — | |||
Land | — | — | — | |||
Office Equipment | — | — | — | |||
Auto & Trucks | — | — | — | |||
Leasehold Improvements | — | — | — | |||
Production Equip In Progress | — | — | — | |||
Accumulated Depreciation | — | — | — | |||
Property, Plant & Equipment, Net | — | — | — | |||
Investments | — | — | — | |||
Other Intangible, Net | — | — | — | |||
Credit Agreement Fees, Net | — | — | — | |||
Goodwill, Net | — | — | — | |||
Deposits | — | — | — | |||
Assets Held For Sale | — | — | — | |||
Total Other Assets | — | — | — | |||
Total Assets | — | — | — | |||
Page 1 of 2
BALANCE SHEET | ||||
Period Ending: | June 30, 2009 | |||
Case Number: | 09-51734 | |||
Debtor: | Noble Manufacturing Group, Inc. |
Current Month | Prior Month | At Filing | ||||
LIABILITIES | ||||||
Cont Disb General - Post Petition | — | — | — | |||
Cont Disb Payroll - Post Petition | — | — | — | |||
Cont Disb Flex - Post Petition | — | — | — | |||
Cont Disb Medical - Post Petition | — | — | — | |||
Accounts Payable - Post Petition | — | — | — | |||
A/P Manual - Post Petition | — | — | — | |||
A/P System - Post Petition | — | — | — | |||
Cont Disb General | — | — | — | |||
Cont Disb Payroll | — | — | — | |||
Cont Disb Flex | — | — | — | |||
Cont Disb Medical | — | — | — | |||
Accounts Payable - Pre Petition | — | — | — | |||
A/P Manual - Pre Petition | — | — | — | |||
A/P System - Pre Petition | — | — | — | |||
A/P Freight | — | — | — | |||
Accrued Bonus | — | — | — | |||
Accrued Benefits & Payroll | — | — | — | |||
Accrued Other | — | — | — | |||
Accrued Scrap | — | — | — | |||
Accrued Taxes | — | — | — | |||
Accrued Interest | — | — | — | |||
Total Current Liabilities | — | — | — | |||
Deferred Tax Liability | — | — | — | |||
Capital Lease | — | — | — | |||
Revolver Pre-Petition | — | — | — | |||
Revolver Post-Petition | — | — | — | |||
Term Loan | — | — | — | |||
Convertible Sub Debt | — | — | — | |||
Industrial Revenue Bond | — | — | — | |||
Other Debt | — | — | — | |||
Intercompany Line Of Credit | — | — | — | |||
Intercompany Non Cash | — | — | — | |||
Total Long Term Liabilities | — | — | — | |||
Total Liabilities | — | — | — | |||
Accumulated Other Comprehensive Income | — | — | — | |||
Common Stock | — | — | — | |||
APIC | — | — | — | |||
Retained Earnings | — | — | — | |||
Dividends | — | — | — | |||
Minority Interest Equity | — | — | — | |||
Total Stockholders’ Equity | — | — | — | |||
Total Liabilities & Stockholders’ Equity | — | — | — | |||
Page 2 of 2
SUMMARY OF OPERATIONS
For the Period:June 30, 2009
Schedule of Post Petition Taxes Payable
Debtor: | Noble Manufacturing Group, Inc. | |
Case No: | 09-51734 |
Beginning Balance | Withheld | Accrued | Payments/ Deposits | Ending Balance | |||||||||||
Income Taxes Withheld: | |||||||||||||||
Federal | $ | — | $ | — | $ | — | $ | — | — | ||||||
State | — | — | — | — | — | ||||||||||
Local | — | — | — | — | — | ||||||||||
FICA Withheld: | — | — | — | — | — | ||||||||||
Employers FICA: | — | — | — | — | — | ||||||||||
Unemployment Tax: | — | ||||||||||||||
Federal | — | — | — | — | — | ||||||||||
State | — | — | — | — | — | ||||||||||
Sales, Use & Excise Taxes: | — | — | — | — | — | ||||||||||
Property Taxes: | — | — | — | — | — | ||||||||||
Other: | — | — | — | — | — | ||||||||||
TOTALS: | $ | — | $ | — | $ | — | $ | — | $ | — | |||||
SUMMARY OF OPERATIONS
Aging of Accounts Receivable & Post-Petition Accounts Payable
PERIOD ENDING:June 30, 2009
Debtor: | Noble Manufacturing Group, Inc. | |
Case No: | 09-51734 |
Age in Days: | 0 - 30 | 30 - 60 | Over 60 | ||||||
Post-Petition Accounts Payable | $ | — | $ | — | $ | — | |||
Accounts Receivable | $ | — | $ | — | $ | — |
MONTHLY CASH STATEMENT
DEBTOR:Noble Manufacturing Group, Inc.
PERIOD ENDING:June 30, 2009
Cash Activity Analysis (Cash Basis Only): | Case No: 09-51734 |
1 | 2 | 3 | 4 | 5 | Total | ||||||||||
A | Beginning Balance | — | — | ||||||||||||
B | Receipts (Attach separate schedule) | — | |||||||||||||
C | Balance Available (A + B) | — | — | — | — | — | — | ||||||||
D | Less Disbursements (Attach separate schedule) | — | — | ||||||||||||
E | ENDING BALANCE (C - D) | — | — | — | — | — | — | ||||||||
Attention: Please enter the TOTAL DISBURSEMENTS for all of your accounts, including cash excluding | |||||||||||||||
transfers, onto the line below. This is the number that will determine your quarterly fee payment. | |||||||||||||||
$ | — |
(PLEASE ATTACH COPIES OF MOST RECENT RECONCILED BANK STATEMENTS FROM EACH ACCOUNT)
1 | Depository Name & Location |
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Account Number |
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2 | Depository Name & Location |
| ||||
Account Number |
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3 | Depository Name & Location |
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Account Number |
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4 | Depository Name & Location |
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Account Number |
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5 | Depository Name & Location |
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Account Number |
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Other monies on hand ((specify type and location) i.e. CD’s, bonds, etc.):
|
|
|
|
Date |
|
| ||
Debtor in Possession |
SCHEDULE OF IN-FORCE INSURANCE
PERIOD ENDING:June 30, 2009
Debtor: | Noble Manufacturing Group, Inc | |
Case No: | 09-51734 |
INSURANCE TYPE | CARRIER | EXPIRATION DATE | ||||||
Workers’ Compensation | Hartford Fire Insurance Company | 03/01/10 | ||||||
General Liability | Hartford Fire Insurance Company | 03/01/10 | ||||||
Global Property/Boiler & Machinery | Allianz Global Risks US Insurance Company | 03/01/10 | ||||||
Umbrella | St. Paul Fire & Marine Insurance Company (Travelers) | 03/01/10 | ||||||
Excess Umbrella | Great American Insurance Company | 03/01/10 | ||||||
Automobile | Hartford Fire Insurance Company | 03/01/10 | ||||||
Crime | National Union Fire Insurance Company of Pittsburgh PA (AIG) | 03/20/10 | ||||||
Directors & Officers Liability | National Union Fire Insurance Company (AIG) | 03/20/10 | ||||||
Directors & Officers Liability (runoff) | National Union Fire Insurance Company (AIG) | 03/20/14 | ||||||
1st Excess Directors & Officers Liability | St. Paul Mercury Insurance Company (Travelers) | 03/20/10 | ||||||
2nd Excess Directors & Officers Liability | Allied World National Assurance Company (AWNAC) | 03/20/10 | ||||||
Employment Practices Liability | National Union Fire Insurance Company (AIG) | 03/20/10 | ||||||
Employment Practices Liability (runoff) | National Union Fire Insurance Company (AIG) | 03/20/14 | ||||||
Fiduciary Liability | Federal Insurance Company (Chubb) | 03/20/10 | ||||||
Fiduciary Liability (runoff) | Federal Insurance Company (Chubb) | 03/20/14 | ||||||
Foreign Package | Insurance Company of the State of Pennsylvania (AIG WorldSource) | 03/20/10 |
UNITED STATES BANKRUPTCY COURT
FOR THE EASTERN DISTRICT OF MICHIGAN
TRANSMITTAL OF FINANCIAL REPORTS AND
CERTIFICATION OF COMPLIANCE WITH
UNITED STATES TRUSTEE OPERATING REQUIREMENTS FOR
THE PERIOD ENDED JUNE 30, 2009
In re:
Noble Metal Processing Indiana, Inc. | Case Number: 09-51738 | |||||
As debtor in possession, I affirm: | Chapter 11 | |||||
1. | That I have reviewed the financial statements attached hereto, consisting of: | Judge: Marci B. Melvor |
x | Operating Statement | (Form 2) | ||||
x | Balance Sheet | (Form 3) | ||||
x | Summary of Operations | (Form 4) | ||||
x | Monthly Cash Statement | (Form 5) | ||||
x | Statement of Compensation | (Form 6) | ||||
x | Schedule of In-Force Insurance | (Form 7) | ||||
and that they have been prepared in accordance with normal and customary accounting practices, and fairly and accurately reflect the debtor’s financial activity for the period stated; |
2. | That the insurance, including workers’ compensation and unemployment insurance, as described in Section 5 of the Operating Instructions and Reporting Requirements for Chapter 11 Cases is in effect; and, |
(If not, attach a written explanation) | YES x NO |
3. | That all post-petition taxes as described in Sections 9 of the Operating Instructions and Reporting Requirements for Chapter 11 cases are current. |
(If not, attach a written explanation) | YES x NO |
4. | No professional fees (attorney, accountant, etc.) have been paid without specific court authorization. |
(If not, attach a written explanation) | YES x NO |
5. | All United States Trustee Quarterly fees have been paid and are current. |
YES x NO |
6. | Have you filed your pre-petition tax returns. |
(If not, attach a written explanation) | YES NO x |
Written Explanation: Debtor filed for bankruptcy protection on April 15, 2009. Extensions have been filed for all of debtor’s applicable 2008 tax returns.
I hereby certify, under penalty of perjury, that the information provided above and in the attached documents is true and correct to the best of my information and belief.
| ||||||||
Dated: |
| Debtor in Possession | ||||||
Chief Financial Officer | (248) 519-0700 | |||||||
Title | Phone |
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |||||
Case Number: | 09-51735 | |||||
Debtor: | Noble Metal Processing - Kentucky, G.P. |
Current Month | Total Since Filing | |||||
Welding Sales | 17,466 | 191,024 | ||||
Blanking | 31,548 | 85,259 | ||||
Blanking Direct | — | — | ||||
Roll Forming Sales | — | — | ||||
Transportation | 5,385 | 69,490 | ||||
Packaging | 219 | 3,283 | ||||
Scrap Sales | 1,068 | 10,671 | ||||
Dimpling Oiling Other Sales | 2,041 | 3,364 | ||||
Spot Weld Sales | — | 5,811 | ||||
Prototype Sales | — | — | ||||
Die Sales | — | 113,986 | ||||
Scrap Income | 12,792 | 38,422 | ||||
Sales Returns & Allowance | 1 | 5 | ||||
Contract Manufacturing Sales | — | — | ||||
Other Sales | — | 19,138 | ||||
Task Sales | — | — | ||||
Steel Sales | 71,289 | 1,421,174 | ||||
Total Sales | 141,810 | 1,961,627 | ||||
Direct Labor | — | (146,305 | ) | |||
Direct Labor Overtime | — | — | ||||
Direct Contract Labor | — | — | ||||
Direct Labor Payroll Taxes | — | (12,373 | ) | |||
Direct Labor Health Benefits | — | (47,840 | ) | |||
Direct Labor Retirement Plan | — | — | ||||
Direct Labor Workers Comp | — | — | ||||
Direct Labor Gainsharing | — | — | ||||
Total Direct Labor | — | (206,518 | ) | |||
Outside Blanking | (5,269 | ) | (8,532 | ) | ||
Outside Contract Manufacturing | — | — | ||||
Outside Other | (1,558 | ) | (12,613 | ) | ||
Material Consumption Owned | — | (60,963 | ) | |||
Material Consumption Consigned | — | — | ||||
Unreported Material Consumption | — | (3,326 | ) | |||
Physical Inventory Variance | — | (5,175 | ) | |||
Heat, Light & Power | 9,057 | (42,013 | ) | |||
Freight OEM | — | (12,333 | ) | |||
Freight Other | — | (545 | ) | |||
Gas | — | — | ||||
Shipping Material | — | — | ||||
Prototype Costs | — | — | ||||
Die Costs | — | (113,986 | ) | |||
Other Sales Cost | — | — | ||||
Steel Cost | (23,353 | ) | (1,408,970 | ) | ||
Total Other Direct Costs | (21,124 | ) | (1,668,457 | ) | ||
Total Direct Costs | (21,124 | ) | (1,874,975 | ) | ||
Direct Margin | 120,686 | 86,653 | ||||
Indirect Labor Salary | (6,126 | ) | (81,641 | ) | ||
Indirect Labor Overtime | — | (227 | ) | |||
Indirect Labor Hourly | — | (105,582 | ) | |||
Indirect Labor Contract | — | — | ||||
Capitalized Labor | — | — | ||||
Indirect Labor Payroll Taxes | (469 | ) | (13,496 | ) | ||
Indirect Labor Health Benefits | — | (21,389 | ) | |||
Indirect Labor Retirement Plan | — | — | ||||
Indirect Labor Workers Comp | — | — | ||||
Indirect Labor Gainsharing | — | — | ||||
Total Indirect Labor | (6,594 | ) | (222,335 | ) |
Page 1 of 3
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |||||
Case Number: | 09-51735 | |||||
Debtor: | Noble Metal Processing - Kentucky, G.P. |
Current Month | Total Since Filing | |||||
Depreciation | (158,619 | ) | (404,836 | ) | ||
Building Rent Expense | (74,024 | ) | (185,060 | ) | ||
Repairs & Maintenance | — | (2,599 | ) | |||
Building Grounds Maintenance | (1,181 | ) | (3,967 | ) | ||
Shop Supplies | — | (472 | ) | |||
Equipment Rental Expense | (403 | ) | (6,607 | ) | ||
Equipment Rental Intercompany | — | (20,700 | ) | |||
Equipment Rental Income | — | — | ||||
Insurance | — | — | ||||
Travel Indirect | — | — | ||||
Property Tax | (10,450 | ) | (26,125 | ) | ||
Pre Employment Expense | — | — | ||||
Training Indirect | — | — | ||||
Tools | — | (156 | ) | |||
Research & Development | — | — | ||||
Capitalized Overhead | — | — | ||||
Gain or Loss on Disposal | — | — | ||||
Production Task | — | — | ||||
Labor Variance | (2,824 | ) | (22,018 | ) | ||
Material Variance | — | (15,295 | ) | |||
Burden Variance | (5,803 | ) | (59,285 | ) | ||
Total Other Indirect Costs | (253,304 | ) | (747,120 | ) | ||
Total Indirect Costs | (259,899 | ) | (969,454 | ) | ||
Total Cost of Sales | (281,022 | ) | (2,844,429 | ) | ||
Gross Margin | (139,212 | ) | (882,802 | ) | ||
SG&A Labor | (11,704 | ) | (57,594 | ) | ||
SG&A Labor Stock Compensation | — | — | ||||
SG&A Labor Contract | (5,876 | ) | (5,876 | ) | ||
SG&A Labor Payroll Taxes | (896 | ) | (4,122 | ) | ||
SG&A Labor Health Benefits | — | (3,997 | ) | |||
SG&A Labor Retirement Plan | — | — | ||||
SG&A Labor Workers Comp | — | — | ||||
SG&A Labor Gainsharing | — | — | ||||
Total SG&A Labor | (18,476 | ) | (71,589 | ) | ||
Bonus Expense | — | — | ||||
Depreciation SG&A | (5,750 | ) | (14,376 | ) | ||
Amortization | — | — | ||||
Research & Development SGA | — | — | ||||
Travel SG&A | (41 | ) | (41 | ) | ||
Safety & Security | — | (180 | ) | |||
Computer Supplies | — | — | ||||
Telephone Expense | (11 | ) | (5,799 | ) | ||
Telephone Expense - Mobile | (1,028 | ) | (1,028 | ) | ||
Office Expense | (183 | ) | (411 | ) | ||
Training SG&A | — | 6,213 | ||||
Meals & Entertainment | — | — | ||||
Dues & Subscriptions | — | (144 | ) | |||
Employee Relations | — | 25,000 | ||||
Internal Meals | — | (289 | ) | |||
Meals – Sandwiches visitors | — | — | ||||
Meals – Meal cheques | — | — | ||||
Meals – Coffee/Water-personnel | — | — | ||||
Sales Promotion | — | — | ||||
Advertising | — | — | ||||
Bank Charges | — | — | ||||
Corporate Services Corporate | — | — |
Page 2 of 3
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |||||
Case Number: | 09-51735 | |||||
Debtor: | Noble Metal Processing - Kentucky, G.P. |
Current Month | Total Since Filing | |||||
Corporate Services General | — | — | ||||
Directors Expense | — | — | ||||
Directors Expense - Stock Based | — | — | ||||
Professional Fees Legal | — | — | ||||
Professional Fees Audit/tax | — | — | ||||
Professional Fees Other | — | — | ||||
Business Insurance | — | — | ||||
Club Dues | — | — | ||||
Commission Expense | — | — | ||||
Other Taxes & Penalties | (1,518 | ) | (12,850 | ) | ||
Plane Lease & Maintenance | — | — | ||||
Licenses, Fees, & Permits | — | — | ||||
Moving Expense | — | — | ||||
Donations | — | — | ||||
Bad Debt Expense | — | — | ||||
Held for Sale Expense | — | — | ||||
Administrative Task | — | — | ||||
Total Other SG&A | (8,532 | ) | (3,906 | ) | ||
Total SG&A | (27,008 | ) | (75,495 | ) | ||
Net Operating Profit | (166,220 | ) | (958,296 | ) | ||
Intercompany Interest | — | — | ||||
Interest Expense | — | — | ||||
Amortization Fees | — | — | ||||
Amortization Fees Sub | — | — | ||||
Amortization Debt Discount | — | — | ||||
Gain/Loss on Derivatives | — | — | ||||
Capitalized Interest | — | — | ||||
Interest Income | — | — | ||||
Royalty Income/Expense | — | — | ||||
Foreign Currency | — | — | ||||
Dividend Income | — | — | ||||
Extraordinary Gain/Loss | — | — | ||||
Gain / Loss On Disposal | — | — | ||||
Impairment Charges | — | — | ||||
Group Allocation Indirect | — | (29,936 | ) | |||
Group Allocation SG&A | — | — | ||||
Other Income/Expense | — | — | ||||
Total Other (Income)/Expense | — | (29,936 | ) | |||
Income before Taxes & Minority Interest | (166,220 | ) | (988,232 | ) | ||
Income Taxes | — | — | ||||
Net Income before Minority Interest | (166,220 | ) | (988,232 | ) | ||
Minority Interest | — | — | ||||
Net Income | (166,220 | ) | (988,232 | ) | ||
Page 3 of 3
BALANCE SHEET
Period Ending: | June 30, 2009 | |||||
Case Number: | 09-51735 | |||||
Debtor: | Noble Metal Processing - Kentucky, G.P. |
Current Month | Prior Month | At Filing | |||||||
ASSETS | |||||||||
Cash | 487 | 487 | 1,260,476 | ||||||
Accounts Receivable | 1,280,122 | 1,293,378 | — | ||||||
Allowance For Bad Debt | (3,482 | ) | (3,482 | ) | — | ||||
Inventory | 165,680 | 202,930 | — | ||||||
Inventory Dies | 2,570 | 2,570 | — | ||||||
Inventory Prototype | — | — | — | ||||||
Prepaid Expenses | 14,515 | 264,902 | 2,450,703 | ||||||
Notes Receivable | — | — | — | ||||||
Deferred Tax Asset | 175 | 175 | 1,372,705 | ||||||
Total Current Assets | 1,460,068 | 1,760,960 | 5,083,885 | ||||||
Machinery & Equipment | 16,626,774 | 16,626,774 | — | ||||||
MIS Computer Equipment | 166,284 | 166,284 | 163,054 | ||||||
Building | — | — | — | ||||||
Land | — | — | — | ||||||
Office Equipment | 423,108 | 423,108 | 141,882 | ||||||
Auto & Trucks | — | — | — | ||||||
Leasehold Improvements | 69,080 | 69,080 | 3,254 | ||||||
Production Equip In Progress | 411,976 | 411,976 | — | ||||||
Accumulated Depreciation | (11,424,200 | ) | (11,259,831 | ) | (188,263 | ) | |||
Property, Plant & Equipment, Net | 6,273,021 | 6,437,390 | 119,928 | ||||||
Investments | — | — | 164,124,033 | ||||||
Other Intangible, Net | — | — | 224,000 | ||||||
Credit Agreement Fees, Net | — | — | 594,741 | ||||||
Goodwill, Net | — | — | — | ||||||
Deposits | 46,921 | 46,921 | 97,997 | ||||||
Assets Held For Sale | — | — | — | ||||||
Total Other Assets | 46,921 | 46,921 | 165,040,771 | ||||||
Total Assets | 7,780,010 | 8,245,272 | 170,244,584 | ||||||
Page 1 of 2
BALANCE SHEET
Period Ending: | June 30, 2009 | |||||
Case Number: | 09-51735 | |||||
Debtor: | Noble Metal Processing - Kentucky, G.P. |
Current Month | Prior Month | At Filing | |||||||
LIABILITIES | |||||||||
Cont Disb General - Post Petition | 79,825 | 79,802 | — | ||||||
Cont Disb Payroll - Post Petition | — | — | — | ||||||
Cont Disb Flex - Post Petition | — | — | — | ||||||
Cont Disb Medical - Post Petition | — | — | — | ||||||
Accounts Payable - Post Petition | (12,563 | ) | 12,595 | — | |||||
A/P Manual - Post Petition | — | — | — | ||||||
A/P System - Post Petition | — | — | — | ||||||
Cont Disb General | (30,648 | ) | (281,035 | ) | — | ||||
Cont Disb Payroll | 127,628 | 143,882 | — | ||||||
Cont Disb Flex | — | — | — | ||||||
Cont Disb Medical | — | — | — | ||||||
Accounts Payable - Pre Petition | 672,799 | 644,357 | 672,085 | ||||||
A/P Manual - Pre Petition | (12,563 | ) | 12,595 | — | |||||
A/P System - Pre Petition | — | — | — | ||||||
A/P Freight | — | — | — | ||||||
Accrued Bonus | — | — | — | ||||||
Accrued Benefits & Payroll | 2,755 | 1,351 | — | ||||||
Accrued Other | 105,255 | 94,805 | 2,421,134 | ||||||
Accrued Scrap | — | — | — | ||||||
Accrued Taxes | 1,648 | 1,648 | — | ||||||
Accrued Interest | — | — | 3,060,797 | ||||||
Total Current Liabilities | 946,700 | 697,406 | 6,154,017 | ||||||
Deferred Tax Liability | 672 | 672 | (65,446 | ) | |||||
Capital Lease | — | — | — | ||||||
Revolver Pre-Petition | — | — | 4,203,533 | ||||||
Revolver Post-Petition | — | — | — | ||||||
Term Loan | — | — | 10,871,250 | ||||||
Convertible Sub Debt | — | — | 86,215,750 | ||||||
Industrial Revenue Bond | — | — | — | ||||||
Other Debt | — | — | 14,748,967 | ||||||
Intercompany Line Of Credit | — | — | — | ||||||
Intercompany Non Cash | 4,710,396 | 5,258,730 | (91,406,099 | ) | |||||
Total Long Term Liabilities | 4,711,068 | 5,259,402 | 24,567,955 | ||||||
Total Liabilities | 5,657,767 | 5,956,808 | 30,721,972 | ||||||
Accumulated Other Comprehensive Income | — | — | (243,421 | ) | |||||
Common Stock | — | — | 15,782 | ||||||
APIC | — | — | 223,288,094 | ||||||
Retained Earnings | 2,122,243 | 2,288,463 | (83,537,844 | ) | |||||
Dividends | — | — | — | ||||||
Minority Interest Equity | — | — | — | ||||||
Total Stockholders’ Equity | 2,122,243 | 2,288,463 | 139,522,612 | ||||||
Total Liabilities & Stockholders’ Equity | 7,780,010 | 8,245,272 | 170,244,584 | ||||||
Page 2 of 2
SUMMARY OF OPERATIONS
For the Period:June 30, 2009
Schedule of Post Petition Taxes Payable
Debtor: | Noble Metal Processing - Kentucky, G.P. | |
Case No: | 09-51735 |
Beginning Balance | Withheld | Accrued | Payments/ Deposits | Ending Balance | ||||||||||||
Income Taxes Withheld: | ||||||||||||||||
Federal | $ | 12,543.87 | $ | 1,095.55 | $ | — | $ | 1,165.48 | 12,473.94 | |||||||
State | 6,661.97 | 492.99 | — | 549.60 | 6,605.36 | |||||||||||
Local | 2,203.70 | 147.90 | — | 164.48 | 2,187.12 | |||||||||||
FICA Withheld: | 10,427.33 | 754.41 | — | 838.99 | 10,342.75 | |||||||||||
Employers FICA: | 10,427.33 | 754.41 | — | 838.99 | 10,342.75 | |||||||||||
Unemployment Tax: | — | |||||||||||||||
Federal | 443.87 | — | — | — | 443.87 | |||||||||||
State | 1,987.94 | — | — | 16,151.79 | (14,163.85 | ) | ||||||||||
Sales, Use & Excise Taxes: | — | — | — | — | — | |||||||||||
Property Taxes: | — | — | — | — | — | |||||||||||
Other: | — | — | — | — | — | |||||||||||
TOTALS: | $ | 44,696.01 | $ | 3,245.26 | $ | — | $ | 19,709.33 | $ | 28,231.94 | ||||||
SUMMARY OF OPERATIONS
Aging of Accounts Receivable & Post-Petition Accounts Payable
PERIOD ENDING:June 30, 2009
Debtor: | Noble Metal Processing - Kentucky, G.P. | |
Case No: | 09-51735 |
Age in Days: | 0 - 30 | 30 - 60 | Over 60 | ||||||
Post-Petition Accounts Payable | $ | 82,818.91 | $ | — | $ | — | |||
Accounts Receivable | $ | 381,607.40 | $ | 403,631.58 | $ | 494,883.03 |
MONTHLY CASH STATEMENT
DEBTOR:Noble Metal Processing - Kentucky, G.P.
PERIOD ENDING:June 30, 2009
Cash Activity Analysis (Cash Basis Only): | Case No: 09-51735 |
1 | 2 | 3 | 4 | 5 | Total | ||||||||||||
A | Beginning Balance | 15,019.70 | — | — | — | 15,019.70 | |||||||||||
B | Receipts (Attach separate schedule) | 70,700.00 | — | — | 70,700.00 | ||||||||||||
C | Balance Available (A + B) | 85,719.70 | — | — | — | — | 85,719.70 | ||||||||||
D | Less Disbursements (Attach separate schedule) | (66,505.09 | ) | — | — | — | (66,505.09 | ) | |||||||||
E | ENDING BALANCE (C - D) | 19,214.61 | — | — | — | — | 19,214.61 | ||||||||||
Attention: Please enter the TOTAL DISBURSEMENTS for all of your accounts, including cash excluding | |||||||||||||||||
transfers, onto the line below. This is the number that will determine your quarterly fee payment. | |||||||||||||||||
$ | (66,505.09 | ) | |||||||||||||||
(PLEASE ATTACH COPIES OF MOST RECENT RECONCILED BANK STATEMENTS FROM EACH ACCOUNT)
1 | Depository Name & Location | Comerica Bank | ||||
Account Number | 1851350635 | |||||
2 | Depository Name & Location | Comerica Bank | ||||
Account Number | 181279933 | |||||
3 | Depository Name & Location | Comerica Bank | ||||
Account Number | 1850943240 | |||||
4 | Depository Name & Location |
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Account Number |
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5 | Depository Name & Location |
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Account Number |
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Other monies on hand ((specify type and location) i.e. CD’s, bonds, etc.): | ||||||
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Date |
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Debtor in Possession |
SCHEDULE OF IN-FORCE INSURANCE
PERIOD ENDING:June 30, 2009
Debtor: | Noble Metal Processing - Kentucky, G.P. | |
Case No: | 09-51735 |
INSURANCE TYPE | CARRIER | EXPIRATION DATE | ||||||
Workers’ Compensation | Hartford Fire Insurance Company | 03/01/10 | ||||||
General Liability | Hartford Fire Insurance Company | 03/01/10 | ||||||
Global Property/Boiler & Machinery | Allianz Global Risks US Insurance Company | 03/01/10 | ||||||
Umbrella | St. Paul Fire & Marine Insurance Company (Travelers) | 03/01/10 | ||||||
Excess Umbrella | Great American Insurance Company | 03/01/10 | ||||||
Automobile | Hartford Fire Insurance Company | 03/01/10 | ||||||
Crime | National Union Fire Insurance Company of Pittsburgh PA (AIG) | 03/20/10 | ||||||
Directors & Officers Liability | National Union Fire Insurance Company (AIG) | 03/20/10 | ||||||
Directors & Officers Liability (runoff) | National Union Fire Insurance Company (AIG) | 03/20/14 | ||||||
1st Excess Directors & Officers Liability | St. Paul Mercury Insurance Company (Travelers) | 03/20/10 | ||||||
2nd Excess Directors & Officers Liability | Allied World National Assurance Company (AWNAC) | 03/20/10 | ||||||
Employment Practices Liability | National Union Fire Insurance Company (AIG) | 03/20/10 | ||||||
Employment Practices Liability (runoff) | National Union Fire Insurance Company (AIG) | 03/20/14 | ||||||
Fiduciary Liability | Federal Insurance Company (Chubb) | 03/20/10 | ||||||
Fiduciary Liability (runoff) | Federal Insurance Company (Chubb) | 03/20/14 | ||||||
Foreign Package | Insurance Company of the State of Pennsylvania (AIG WorldSource) | 03/20/10 |
UNITED STATES BANKRUPTCY COURT
FOR THE EASTERN DISTRICT OF MICHIGAN
TRANSMITTAL OF FINANCIAL REPORTS AND
CERTIFICATION OF COMPLIANCE WITH
UNITED STATES TRUSTEE OPERATING REQUIREMENTS FOR
THE PERIOD ENDED JUNE 30, 2009
In re:
Noble Metal Processing, Inc. | Case Number: 09-51737 | |||||
As debtor in possession, I affirm: | Chapter 11 | |||||
1. | That I have reviewed the financial statements attached hereto, consisting of: | Judge: Marci B. Melvor |
x | Operating Statement | (Form 2) | ||||
x | Balance Sheet | (Form 3) | ||||
x | Summary of Operations | (Form 4) | ||||
x | Monthly Cash Statement | (Form 5) | ||||
x | Statement of Compensation | (Form 6) | ||||
x | Schedule of In-Force Insurance | (Form 7) | ||||
and that they have been prepared in accordance with normal and customary accounting practices, and fairly and accurately reflect the debtor’s financial activity for the period stated; |
2. | That the insurance, including workers’ compensation and unemployment insurance, as described in Section 5 of the Operating Instructions and Reporting Requirements for Chapter 11 Cases is in effect; and, |
(If not, attach a written explanation) | YES x NO |
3. | That all post-petition taxes as described in Sections 9 of the Operating Instructions and Reporting Requirements for Chapter 11 cases are current. |
(If not, attach a written explanation) | YES x NO |
4. | No professional fees (attorney, accountant, etc.) have been paid without specific court authorization. |
(If not, attach a written explanation) | YES x NO |
5. | All United States Trustee Quarterly fees have been paid and are current. |
YES x NO |
6. | Have you filed your pre-petition tax returns. |
(If not, attach a written explanation) | YES NO x |
Written Explanation: Debtor filed for bankruptcy protection on April 15, 2009. Extensions have been filed for all of debtor’s applicable 2008 tax returns.
I hereby certify, under penalty of perjury, that the information provided above and in the attached documents is true and correct to the best of my information and belief.
| ||||||||
Dated: |
| Debtor in Possession | ||||||
Chief Financial Officer | (248) 519-0700 | |||||||
Title | Phone |
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |
Case Number: | 09-51737 | |
Debtor: | Noble Metal Processing, Inc. |
Current Month | Total Since Filing | |||||
Welding Sales | 17,609 | 183,925 | ||||
Blanking | 22,787 | 250,585 | ||||
Blanking Direct | — | — | ||||
Roll Forming Sales | 1,349,994 | 3,112,557 | ||||
Transportation | — | 16,942 | ||||
Packaging | 3,468 | 10,297 | ||||
Scrap Sales | — | 15,831 | ||||
Dimpling Oiling Other Sales | — | 1,764 | ||||
Spot Weld Sales | — | 1,503 | ||||
Prototype Sales | — | 165,540 | ||||
Die Sales | — | 207,165 | ||||
Scrap Income | 2,173 | 33,118 | ||||
Sales Returns & Allowance | (1 | ) | (146 | ) | ||
Contract Manufacturing Sales | — | — | ||||
Other Sales | 92,950 | 92,950 | ||||
Task Sales | — | — | ||||
Steel Sales | 716,334 | 2,435,340 | ||||
Total Sales | 2,205,314 | 6,527,371 | ||||
Direct Labor | (322,873 | ) | (890,839 | ) | ||
Direct Labor Overtime | (56,886 | ) | (200,016 | ) | ||
Direct Contract Labor | (117,417 | ) | (205,089 | ) | ||
Direct Labor Payroll Taxes | (44,931 | ) | (143,061 | ) | ||
Direct Labor Health Benefits | 6,104 | (131,341 | ) | |||
Direct Labor Retirement Plan | — | — | ||||
Direct Labor Workers Comp | — | — | ||||
Direct Labor Gainsharing | — | — | ||||
Total Direct Labor | (536,003 | ) | (1,570,345 | ) | ||
Outside Blanking | (13,142 | ) | (119,231 | ) | ||
Outside Contract Manufacturing | — | — | ||||
Outside Other | (4,788 | ) | (14,363 | ) | ||
Material Consumption Owned | (91,728 | ) | (141,041 | ) | ||
Material Consumption Consigned | — | — | ||||
Unreported Material Consumption | 29,575 | 34,679 | ||||
Physical Inventory Variance | (41,815 | ) | (60,957 | ) | ||
Heat, Light & Power | (71,952 | ) | (161,645 | ) | ||
Freight OEM | (39 | ) | (12,490 | ) | ||
Freight Other | (9,867 | ) | (40,778 | ) | ||
Gas | — | — | ||||
Shipping Material | — | (1,818 | ) | |||
Prototype Costs | — | (6 | ) | |||
Die Costs | — | — | ||||
Other Sales Cost | — | — | ||||
Steel Cost | (711,846 | ) | (2,368,593 | ) | ||
Total Other Direct Costs | (915,602 | ) | (2,886,243 | ) | ||
Total Direct Costs | (1,451,605 | ) | (4,456,589 | ) | ||
Direct Margin | 753,709 | 2,070,782 | ||||
Indirect Labor Salary | (268,409 | ) | (930,056 | ) | ||
Indirect Labor Overtime | (35,610 | ) | (94,762 | ) | ||
Indirect Labor Hourly | (150,093 | ) | (454,360 | ) | ||
Indirect Labor Contract | (4,660 | ) | (12,798 | ) | ||
Capitalized Labor | — | — | ||||
Indirect Labor Payroll Taxes | (44,821 | ) | (154,406 | ) | ||
Indirect Labor Health Benefits | — | (90,369 | ) | |||
Indirect Labor Retirement Plan | — | (2,667 | ) | |||
Indirect Labor Workers Comp | — | — | ||||
Indirect Labor Gainsharing | — | — | ||||
Total Indirect Labor | (503,593 | ) | (1,739,418 | ) |
Page 1 of 3
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |||||
Case Number: | 09-51737 | |||||
Debtor: | Noble Metal Processing, Inc. |
Current Month | Total Since Filing | |||||
Depreciation | (465,779 | ) | (1,184,476 | ) | ||
Building Rent Expense | (247,282 | ) | (658,465 | ) | ||
Repairs & Maintenance | (50,936 | ) | (79,509 | ) | ||
Building Grounds Maintenance | (50,743 | ) | (117,871 | ) | ||
Shop Supplies | (73,250 | ) | (127,197 | ) | ||
Equipment Rental Expense | (48,733 | ) | (121,077 | ) | ||
Equipment Rental Intercompany | — | (13,917 | ) | |||
Equipment Rental Income | 44,333 | 110,833 | ||||
Insurance | — | 263 | ||||
Travel Indirect | (5,818 | ) | (12,228 | ) | ||
Property Tax | (4,270 | ) | (9,738 | ) | ||
Pre Employment Expense | — | — | ||||
Training Indirect | — | — | ||||
Tools | — | — | ||||
Research & Development | — | — | ||||
Capitalized Overhead | — | — | ||||
Gain or Loss on Disposal | 114,052 | 114,350 | ||||
Production Task | — | — | ||||
Labor Variance | (36,044 | ) | (13,172 | ) | ||
Material Variance | 48,005 | 221,058 | ||||
Burden Variance | (34,930 | ) | (65,823 | ) | ||
Total Other Indirect Costs | (811,394 | ) | (1,956,969 | ) | ||
Total Indirect Costs | (1,314,986 | ) | (3,696,387 | ) | ||
Total Cost of Sales | (2,766,591 | ) | (8,152,976 | ) | ||
Gross Margin | (561,277 | ) | (1,625,604 | ) | ||
SG&A Labor | (109,032 | ) | (692,456 | ) | ||
SG&A Labor Stock Compensation | — | — | ||||
SG&A Labor Contract | (3,745 | ) | (37,363 | ) | ||
SG&A Labor Payroll Taxes | (16,461 | ) | (78,891 | ) | ||
SG&A Labor Health Benefits | — | (46,092 | ) | |||
SG&A Labor Retirement Plan | — | — | ||||
SG&A Labor Workers Comp | — | — | ||||
SG&A Labor Gainsharing | — | — | ||||
Total SG&A Labor | (129,238 | ) | (854,802 | ) | ||
Bonus Expense | (385,174 | ) | (1,025,491 | ) | ||
Depreciation SG&A | (20,019 | ) | (91,867 | ) | ||
Amortization | — | — | ||||
Research & Development SGA | — | (20,871 | ) | |||
Travel SG&A | (596 | ) | (1,874 | ) | ||
Safety & Security | (144 | ) | (144 | ) | ||
Computer Supplies | (24,057 | ) | (67,214 | ) | ||
Telephone Expense | (9,613 | ) | (26,431 | ) | ||
Telephone Expense—Mobile | (1,481 | ) | (17,071 | ) | ||
Office Expense | (22,412 | ) | (50,586 | ) | ||
Training SG&A | (13,996 | ) | (13,996 | ) | ||
Meals & Entertainment | (446 | ) | (553 | ) | ||
Dues & Subscriptions | (2,508 | ) | (7,524 | ) | ||
Employee Relations | (9,180 | ) | (10,976 | ) | ||
Internal Meals | — | (33 | ) | |||
Meals – Sandwiches visitors | — | — | ||||
Meals – Meal cheques | — | — | ||||
Meals – Coffee/Water-personnel | — | — | ||||
Sales Promotion | — | — | ||||
Advertising | — | — | ||||
Bank Charges | (4,730 | ) | (4,207 | ) | ||
Corporate Services Corporate | (90,164 | ) | (644,804 | ) |
Page 2 of 3
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |||||
Case Number: | 09-51737 | |||||
Debtor: | Noble Metal Processing, Inc. |
Current Month | Total Since Filing | |||||
Corporate Services General | (70 | ) | 29,931 | |||
Directors Expense | — | — | ||||
Directors Expense - Stock Based | — | — | ||||
Professional Fees Legal | — | — | ||||
Professional Fees Audit/tax | — | — | ||||
Professional Fees Other | 24 | 30 | ||||
Business Insurance | — | — | ||||
Club Dues | — | — | ||||
Commission Expense | — | — | ||||
Other Taxes & Penalties | (2,637 | ) | (8,394 | ) | ||
Plane Lease & Maintenance | — | — | ||||
Licenses, Fees, & Permits | — | — | ||||
Moving Expense | — | (2,289 | ) | |||
Donations | — | — | ||||
Bad Debt Expense | — | — | ||||
Held for Sale Expense | — | — | ||||
Administrative Task | — | — | ||||
Total Other SG&A | (587,202 | ) | (1,964,364 | ) | ||
Total SG&A | (716,440 | ) | (2,819,166 | ) | ||
Net Operating Profit | (1,277,717 | ) | (4,444,770 | ) | ||
Intercompany Interest | — | (601,213 | ) | |||
Interest Expense | — | — | ||||
Amortization Fees | — | — | ||||
Amortization Fees Sub | — | — | ||||
Amortization Debt Discount | — | — | ||||
Gain/Loss on Derivatives | — | — | ||||
Capitalized Interest | — | 1,226 | ||||
Interest Income | — | — | ||||
Royalty Income/Expense | — | 222,740 | ||||
Foreign Currency | — | — | ||||
Dividend Income | — | — | ||||
Extraordinary Gain/Loss | — | — | ||||
Gain / Loss On Disposal | — | — | ||||
Impairment Charges | — | — | ||||
Group Allocation Indirect | — | 44,384 | ||||
Group Allocation SG&A | — | 423,059 | ||||
Other Income/Expense | 3,936 | 11,808 | ||||
Total Other (Income)/Expense | 3,936 | 102,004 | ||||
Income before Taxes & Minority Interest | (1,273,781 | ) | (4,342,766 | ) | ||
Income Taxes | — | (10,313 | ) | |||
Net Income before Minority Interest | (1,273,781 | ) | (4,353,079 | ) | ||
Minority Interest | — | — | ||||
Net Income | (1,273,781 | ) | (4,353,079 | ) | ||
Page 3 of 3
BALANCE SHEET
Period Ending: | June 30, 2009 | |||||
Case Number: | 09-51737 | |||||
Debtor: | Noble Metal Processing, Inc. |
Current Month | Prior Month | At Filing | |||||||
ASSETS | |||||||||
Cash | 2,765,642 | 927,299 | 380,872 | ||||||
Accounts Receivable | 3,781,016 | 2,928,196 | 5,750,136 | ||||||
Allowance For Bad Debt | (161,965 | ) | (161,965 | ) | (161,965 | ) | |||
Inventory | 4,103,357 | 4,741,173 | 5,854,053 | ||||||
Inventory Dies | 734,787 | 734,787 | 956,474 | ||||||
Inventory Prototype | 23,387 | 23,387 | 13,872 | ||||||
Prepaid Expenses | 1,802,144 | 1,542,868 | 1,751,302 | ||||||
Notes Receivable | — | — | — | ||||||
Deferred Tax Asset | 161 | 161 | 161 | ||||||
Total Current Assets | 13,048,528 | 10,735,906 | 14,544,905 | ||||||
Machinery & Equipment | 55,336,848 | 55,693,986 | 53,293,109 | ||||||
MIS Computer Equipment | 2,522,753 | 2,522,753 | 2,515,974 | ||||||
Building | — | — | — | ||||||
Land | — | — | — | ||||||
Office Equipment | 1,446,077 | 1,481,934 | 1,481,934 | ||||||
Auto & Trucks | — | — | — | ||||||
Leasehold Improvements | 1,783,478 | 1,783,478 | 1,783,478 | ||||||
Production Equip In Progress | 15,900 | 15,900 | 2,428,981 | ||||||
Accumulated Depreciation | (44,234,246 | ) | (43,915,545 | ) | (43,125,001 | ) | |||
Property, Plant & Equipment, Net | 16,870,810 | 17,582,506 | 18,378,474 | ||||||
Investments | 12,313,479 | 12,313,479 | 12,313,479 | ||||||
Other Intangible, Net | — | — | — | ||||||
Credit Agreement Fees, Net | — | — | — | ||||||
Goodwill, Net | — | — | — | ||||||
Deposits | 36,832 | 36,832 | 447,140 | ||||||
Assets Held For Sale | — | — | — | ||||||
Total Other Assets | 12,350,312 | 12,350,312 | 12,760,620 | ||||||
Total Assets | 42,269,649 | 40,668,724 | 45,683,999 | ||||||
Page 1 of 2
BALANCE SHEET
Period Ending: | June 30, 2009 | |
Case Number: | 09-51737 | |
Debtor: | Noble Metal Processing, Inc. |
Current Month | Prior Month | At Filing | |||||||
LIABILITIES | |||||||||
Cont Disb General - Post Petition | 207,346 | 197,653 | — | ||||||
Cont Disb Payroll - Post Petition | (511,505 | ) | (627,661 | ) | — | ||||
Cont Disb Flex - Post Petition | — | — | — | ||||||
Cont Disb Medical - Post Petition | — | — | — | ||||||
Accounts Payable - Post Petition | 2,097,944 | 2,577,593 | 2,713,215 | ||||||
A/P Manual - Post Petition | 8,613 | 38,296 | — | ||||||
A/P System - Post Petition | 28,373 | 48,930 | 535 | ||||||
Cont Disb General | — | — | — | ||||||
Cont Disb Payroll | 200,788 | 370,360 | (411,922 | ) | |||||
Cont Disb Flex | — | — | — | ||||||
Cont Disb Medical | — | — | — | ||||||
Accounts Payable - Pre Petition | 6,147,208 | 5,755,912 | 13,019,129 | ||||||
A/P Manual - Pre Petition | 2,097,944 | 2,577,593 | 2,713,215 | ||||||
A/P System - Pre Petition | (5,541 | ) | (5,541 | ) | 672,283 | ||||
A/P Freight | — | — | — | ||||||
Accrued Bonus | — | — | — | ||||||
Accrued Benefits & Payroll | 1,517,299 | 1,350,891 | 1,029,937 | ||||||
Accrued Other | 560,764 | 539,704 | 19,790 | ||||||
Accrued Scrap | — | — | — | ||||||
Accrued Taxes | — | — | — | ||||||
Accrued Interest | — | — | — | ||||||
Total Current Liabilities | 10,251,290 | 10,246,138 | 17,042,967 | ||||||
Deferred Tax Liability | (828 | ) | (828 | ) | (828 | ) | |||
Capital Lease | — | — | — | ||||||
Revolver Pre-Petition | 6,000,000 | 6,000,000 | — | ||||||
Revolver Post-Petition | — | — | — | ||||||
Term Loan | — | — | — | ||||||
Convertible Sub Debt | — | — | — | ||||||
Industrial Revenue Bond | — | — | — | ||||||
Other Debt | 426,960 | 430,896 | 439,861 | ||||||
Intercompany Line Of Credit | (106,167,478 | ) | (94,575,940 | ) | (82,811,276 | ) | |||
Intercompany Non Cash | 66,124,136 | 51,659,107 | 41,024,626 | ||||||
Total Long Term Liabilities | (33,617,210 | ) | (36,486,764 | ) | (41,347,617 | ) | |||
Total Liabilities | (23,365,920 | ) | (26,240,627 | ) | (24,304,650 | ) | |||
Accumulated Other Comprehensive Income | (765,938 | ) | (765,938 | ) | (765,938 | ) | |||
Common Stock | 1,000 | 1,000 | 1,000 | ||||||
APIC | — | — | — | ||||||
Retained Earnings | 66,400,508 | 67,674,289 | 70,753,587 | ||||||
Dividends | — | — | — | ||||||
Minority Interest Equity | — | — | — | ||||||
Total Stockholders’ Equity | 65,635,570 | 66,909,351 | 69,988,649 | ||||||
Total Liabilities & Stockholders’ Equity | 42,269,649 | 40,668,724 | 45,683,999 | ||||||
Page 2 of 2
SUMMARY OF OPERATIONS
For the Period:June 30, 2009
Schedule of Post Petition Taxes Payable
Debtor: | Noble Metal Processing, Inc | |
Case No: | 09-51737 |
Beginning Balance | Withheld | Accrued | Payments/ Deposits | Ending Balance | |||||||||||
Income Taxes Withheld: | |||||||||||||||
Federal | $ | 102,705.37 | $ | 186,276.46 | $ | — | $ | 166,905.41 | 122,076.42 | ||||||
State | 40,640.22 | 48,546.42 | — | 47,797.68 | 41,388.96 | ||||||||||
Local | 6,617.03 | 8,769.70 | — | 10,199.02 | 5,187.71 | ||||||||||
FICA Withheld: | 87,630.20 | 96,827.68 | — | 99,429.36 | 85,028.52 | ||||||||||
Employers FICA: | 87,630.20 | 102,993.09 | — | 99,429.36 | 91,193.93 | ||||||||||
Unemployment Tax: | — | ||||||||||||||
Federal | 842.50 | 221.75 | — | 223.36 | 840.89 | ||||||||||
State | 16,767.21 | — | — | 6,267.95 | 10,499.26 | ||||||||||
Sales, Use & Excise Taxes: | — | — | — | — | — | ||||||||||
Property Taxes: | — | — | — | — | — | ||||||||||
Other: | — | — | — | — | — | ||||||||||
TOTALS: | $ | 342,832.73 | $ | 443,635.10 | $ | — | $ | 430,252.14 | $ | 356,215.69 | |||||
SUMMARY OF OPERATIONS
Aging of Accounts Receivable & Post-Petition Accounts Payable
PERIOD ENDING:June 30, 2009
Debtor: | Noble Metal Processing, Inc | |
Case No: | 09-51737 |
Age in Days: | 0 - 30 | 30 - 60 | Over 60 | ||||||
Post-Petition Accounts Payable | $ | 329,503.94 | $ | 275.22 | $ | 216,969.37 | |||
Accounts Receivable | $ | 1,630,389.29 | $ | 1,995,686.46 | $ | 860,648.96 |
MONTHLY CASH STATEMENT
DEBTOR:Noble Metal Processing, Inc.
PERIOD ENDING:June 30, 2009
Cash Activity Analysis (Cash Basis Only): | Case No: 09-51737 |
1 | 2 | 3 | 4 | 5 | Total | ||||||||||||||||
A | Beginning Balance | — | 45,003.54 | 920,666.13 | — | 6,089.04 | 971,758.71 | ||||||||||||||
B | Receipts (Attach separate schedule) | 463,039.96 | 412,900.00 | 289,450.11 | 1,394.72 | 65,200.00 | 1,231,984.79 | ||||||||||||||
C | Balance Available (A + B) | 463,039.96 | 457,903.54 | 1,210,116.24 | 1,394.72 | 71,289.04 | 2,203,743.50 | ||||||||||||||
D | Less Disbursements (Attach separate schedule) | (349,842.57 | ) | (427,933.26 | ) | (1,130,813.34 | ) | (1,202.48 | ) | (67,735.99 | ) | (1,977,527.64 | ) | ||||||||
E | ENDING BALANCE (C - D) | 113,197.39 | 29,970.28 | 79,302.90 | 192.24 | 3,553.05 | 226,215.86 | ||||||||||||||
Attention: Please enter the TOTAL DISBURSEMENTS for all of your accounts, including cash excluding | |||||||||||||||||||||
transfers, onto the line below. This is the number that will determine your quarterly fee payment. | |||||||||||||||||||||
$ | (495,669.25 | ) | |||||||||||||||||||
(PLEASE ATTACH COPIES OF MOST RECENT RECONCILED BANK STATEMENTS FROM EACH ACCOUNT)
1 | Depository Name & Location | Comerica Bank | ||||
Account Number | 1852505674 | |||||
2 | Depository Name & Location | Comerica Bank | ||||
Account Number | 1851350668 | |||||
3 | Depository Name & Location | Comerica Bank | ||||
Account Number | 1850884261 | |||||
4 | Depository Name & Location | Comerica Bank | ||||
Account Number | 1850845775 | |||||
5 | Depository Name & Location | Comerica Bank | ||||
Account Number | 1852383205 | |||||
Other monies on hand ((specify type and location) i.e. CD’s, bonds, etc.): | ||||||
| ||||||
| ||||||
| ||||||
|
Date |
|
| ||
Debtor in Possession |
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
PERIOD ENDING: June 30, 2009
Debtor: | Noble Metal Processing, Inc | |
Case No: | 09-51737 |
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debor in possession.(Attach additional pages if necessary.)
Name: Jim A. Degen | Capacity: |
| Shareholder | |||
X | Officer | |||||
| Director | |||||
| Insider |
Detailed Description of Duties: |
| |
| ||
|
Weekly | or | Monthly | or | Reporting Period | |||||||||
Current Compensation Paid: | $ | 15,420.46 | |||||||||||
Current Benefits Paid: | |||||||||||||
Health Insurance | |||||||||||||
Life Insurance | |||||||||||||
Retirement | |||||||||||||
Company Vehicle | |||||||||||||
Entertainment | |||||||||||||
Travel | |||||||||||||
Other Benefits | $ | 692.30 | |||||||||||
Total Benefits | $ | — | $ | — | $ | 692.30 | |||||||
Current Other Payments Paid: | |||||||||||||
Rent Paid | |||||||||||||
Loans | |||||||||||||
Other (Severance) | $ | 12,686.26 | |||||||||||
Other (Describe) | |||||||||||||
Other (Describe) | |||||||||||||
Total Other Payments | $ | — | $ | — | $ | 12,686.26 | |||||||
CURRENT TOTAL OF ALL PAYMENTS: | $ | — | $ | — | $ | 28,799.02 | |||||||
Dated: |
| |
Principal, Officer, Director, or Insider |
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
PERIOD ENDING: June 30, 2009
Debtor: | Noble Metal Processing, Inc | |
Case No: | 09-51737 |
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debor in possession.(Attach additional pages if necessary.)
Name: Chad Raynes | Capacity: |
| Shareholder | |||
X | Officer | |||||
| Director | |||||
| Insider |
Detailed Description of Duties: |
| |
| ||
|
Weekly | or | Monthly | or | Reporting Period | |||||||||
Current Compensation Paid: | $ | 692.31 | |||||||||||
Current Benefits Paid: | |||||||||||||
Health Insurance | |||||||||||||
Life Insurance | |||||||||||||
Retirement | |||||||||||||
Company Vehicle | |||||||||||||
Entertainment | |||||||||||||
Travel | |||||||||||||
Other Benefits | $ | 346.15 | |||||||||||
Total Benefits | $ | — | $ | — | $ | 346.15 | |||||||
Current Other Payments Paid: | |||||||||||||
Rent Paid | |||||||||||||
Loans | |||||||||||||
Other (Severance) | $ | 10,384.62 | |||||||||||
Other (Describe) | |||||||||||||
Other (Describe) | |||||||||||||
Total Other Payments | $ | — | $ | — | $ | 10,384.62 | |||||||
CURRENT TOTAL OF ALL PAYMENTS: | $ | — | $ | — | $ | 11,423.08 | |||||||
Dated: |
| |
Principal, Officer, Director, or Insider |
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
PERIOD ENDING: June 30, 2009
Debtor: | Noble Metal Processing, Inc | |
Case No: | 09-51737 |
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debor in possession.(Attach additional pages if necessary.)
Name: Jon R. Smith | Capacity: |
| Shareholder | |||
X | Officer | |||||
| Director | |||||
| Insider |
Detailed Description of Duties: |
| |
| ||
|
Weekly | or | Monthly | or | Reporting Period | |||||||||
Current Compensation Paid: | $ | 11,207.40 | |||||||||||
Current Benefits Paid: | |||||||||||||
Health Insurance | |||||||||||||
Life Insurance | |||||||||||||
Retirement | |||||||||||||
Company Vehicle | |||||||||||||
Entertainment | |||||||||||||
Travel | |||||||||||||
Other Benefits | $ | 692.30 | |||||||||||
Total Benefits | $ | — | $ | — | $ | 692.30 | |||||||
Current Other Payments Paid: | |||||||||||||
Rent Paid | |||||||||||||
Loans | |||||||||||||
Other (Severance) | $ | 9,682.02 | |||||||||||
Other (Describe) | |||||||||||||
Other (Describe) | |||||||||||||
Total Other Payments | $ | — | $ | — | $ | 9,682.02 | |||||||
CURRENT TOTAL OF ALL PAYMENTS: | $ | — | $ | — | $ | 21,581.72 | |||||||
Dated: |
| |
Principal, Officer, Director, or Insider |
SCHEDULE OF IN-FORCE INSURANCE
PERIOD ENDING:June 30, 2009
Debtor: | Noble Metal Processing, Inc. | |
Case No: | 09-51737 |
INSURANCE TYPE | CARRIER | EXPIRATION DATE | ||||||
Workers’ Compensation | Hartford Fire Insurance Company | 03/01/10 | ||||||
General Liability | Hartford Fire Insurance Company | 03/01/10 | ||||||
Global Property/Boiler & Machinery | Allianz Global Risks US Insurance Company | 03/01/10 | ||||||
Umbrella | St. Paul Fire & Marine Insurance Company (Travelers) | 03/01/10 | ||||||
Excess Umbrella | Great American Insurance Company | 03/01/10 | ||||||
Automobile | Hartford Fire Insurance Company | 03/01/10 | ||||||
Crime | National Union Fire Insurance Company of Pittsburgh PA (AIG) | 03/20/10 | ||||||
Directors & Officers Liability | National Union Fire Insurance Company (AIG) | 03/20/10 | ||||||
Directors & Officers Liability (runoff) | National Union Fire Insurance Company (AIG) | 03/20/14 | ||||||
1st Excess Directors & Officers Liability | St. Paul Mercury Insurance Company (Travelers) | 03/20/10 | ||||||
2nd Excess Directors & Officers Liability | Allied World National Assurance Company (AWNAC) | 03/20/10 | ||||||
Employment Practices Liability | National Union Fire Insurance Company (AIG) | 03/20/10 | ||||||
Employment Practices Liability (runoff) | National Union Fire Insurance Company (AIG) | 03/20/14 | ||||||
Fiduciary Liability | Federal Insurance Company (Chubb) | 03/20/10 | ||||||
Fiduciary Liability (runoff) | Federal Insurance Company (Chubb) | 03/20/14 | ||||||
Foreign Package | Insurance Company of the State of Pennsylvania (AIG WorldSource) | 03/20/10 |
UNITED STATES BANKRUPTCY COURT
FOR THE EASTERN DISTRICT OF MICHIGAN
TRANSMITTAL OF FINANCIAL REPORTS AND
CERTIFICATION OF COMPLIANCE WITH
UNITED STATES TRUSTEE OPERATING REQUIREMENTS FOR
THE PERIOD ENDED JUNE 30, 2009
In re:
Noble Metal Processing Indiana, Inc. | Case Number: 09-51738 | |||||
As debtor in possession, I affirm: | Chapter 11 | |||||
1. | That I have reviewed the financial statements attached hereto, consisting of: | Judge: Marci B. Melvor |
x | Operating Statement | (Form 2) | ||||
x | Balance Sheet | (Form 3) | ||||
x | Summary of Operations | (Form 4) | ||||
x | Monthly Cash Statement | (Form 5) | ||||
x | Statement of Compensation | (Form 6) | ||||
x | Schedule of In-Force Insurance | (Form 7) | ||||
and that they have been prepared in accordance with normal and customary accounting practices, and fairly and accurately reflect the debtor’s financial activity for the period stated; |
2. | That the insurance, including workers’ compensation and unemployment insurance, as described in Section 5 of the Operating Instructions and Reporting Requirements for Chapter 11 Cases is in effect; and, |
(If not, attach a written explanation) | YES x NO |
3. | That all post-petition taxes as described in Sections 9 of the Operating Instructions and Reporting Requirements for Chapter 11 cases are current. |
(If not, attach a written explanation) | YES x NO |
4. | No professional fees (attorney, accountant, etc.) have been paid without specific court authorization. |
(If not, attach a written explanation) | YES x NO |
5. | All United States Trustee Quarterly fees have been paid and are current. |
YES x NO |
6. | Have you filed your pre-petition tax returns. |
(If not, attach a written explanation) | YES NO x |
Written Explanation: Debtor filed for bankruptcy protection on April 15, 2009. Extensions have been filed for all of debtor’s applicable 2008 tax returns.
I hereby certify, under penalty of perjury, that the information provided above and in the attached documents is true and correct to the best of my information and belief.
| ||||||||
Dated: |
| Debtor in Possession | ||||||
Chief Financial Officer | (248) 519-0700 | |||||||
Title | Phone |
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |
Case Number: | 09-51738 | |
Debtor: | Noble Metal Processing - Indiana, Inc. |
Current Month | Total Since Filing | |||||
Welding Sales | — | — | ||||
Blanking | — | — | ||||
Blanking Direct | — | — | ||||
Roll Forming Sales | 2,020,706 | 4,638,564 | ||||
Transportation | — | — | ||||
Packaging | — | — | ||||
Scrap Sales | — | — | ||||
Dimpling Oiling Other Sales | — | — | ||||
Spot Weld Sales | — | — | ||||
Prototype Sales | — | 50,695 | ||||
Die Sales | — | — | ||||
Scrap Income | 27,718 | 63,045 | ||||
Sales Returns & Allowance | 0 | 4,274 | ||||
Contract Manufacturing Sales | — | — | ||||
Other Sales | 28,388 | 100,619 | ||||
Task Sales | — | — | ||||
Steel Sales | 5,043,347 | 9,995,910 | ||||
Total Sales | 7,120,160 | 14,853,107 | ||||
Direct Labor | (214,103 | ) | (607,112 | ) | ||
Direct Labor Overtime | (96,082 | ) | (262,564 | ) | ||
Direct Contract Labor | (27,989 | ) | (27,989 | ) | ||
Direct Labor Payroll Taxes | (36,252 | ) | (82,998 | ) | ||
Direct Labor Health Benefits | — | (95,104 | ) | |||
Direct Labor Retirement Plan | — | — | ||||
Direct Labor Workers Comp | (4,000 | ) | (10,000 | ) | ||
Direct Labor Gainsharing | (20,000 | ) | (49,000 | ) | ||
Total Direct Labor | (398,426 | ) | (1,134,767 | ) | ||
Outside Blanking | (87,483 | ) | (137,496 | ) | ||
Outside Contract Manufacturing | — | — | ||||
Outside Other | (740 | ) | 1,676 | |||
Material Consumption Owned | (65,276 | ) | (119,787 | ) | ||
Material Consumption Consigned | — | — | ||||
Unreported Material Consumption | 1,491 | 1,993 | ||||
Physical Inventory Variance | (92,731 | ) | (93,721 | ) | ||
Heat, Light & Power | (59,534 | ) | (125,813 | ) | ||
Freight OEM | — | — | ||||
Freight Other | (33,055 | ) | (88,423 | ) | ||
Gas | (16,640 | ) | (43,604 | ) | ||
Shipping Material | (11,302 | ) | (24,703 | ) | ||
Prototype Costs | — | — | ||||
Die Costs | — | — | ||||
Other Sales Cost | — | — | ||||
Steel Cost | (4,881,367 | ) | (9,583,845 | ) | ||
Total Other Direct Costs | (5,246,636 | ) | (10,213,721 | ) | ||
Total Direct Costs | (5,645,062 | ) | (11,348,488 | ) | ||
Direct Margin | 1,475,098 | 3,504,619 | ||||
Indirect Labor Salary | (74,131 | ) | (188,473 | ) | ||
Indirect Labor Overtime | (30,271 | ) | (78,032 | ) | ||
Indirect Labor Hourly | (102,387 | ) | (273,937 | ) | ||
Indirect Labor Contract | — | — | ||||
Capitalized Labor | — | — | ||||
Indirect Labor Payroll Taxes | (21,055 | ) | (43,201 | ) | ||
Indirect Labor Health Benefits | (1,478 | ) | (23,082 | ) | ||
Indirect Labor Retirement Plan | — | — | ||||
Indirect Labor Workers Comp | (2,000 | ) | (5,000 | ) | ||
Indirect Labor Gainsharing | (6,000 | ) | (16,500 | ) | ||
Total Indirect Labor | (237,321 | ) | (628,225 | ) |
Page 1 of 3
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |
Case Number: | 09-51738 | |
Debtor: | Noble Metal Processing - Indiana, Inc. |
Current Month | Total Since Filing | |||||
Depreciation | (204,520 | ) | (511,299 | ) | ||
Building Rent Expense | (87,157 | ) | (218,599 | ) | ||
Repairs & Maintenance | (24,376 | ) | (53,574 | ) | ||
Building Grounds Maintenance | (9,111 | ) | (27,751 | ) | ||
Shop Supplies | (18,689 | ) | (44,835 | ) | ||
Equipment Rental Expense | (20,592 | ) | (50,605 | ) | ||
Equipment Rental Intercompany | — | — | ||||
Equipment Rental Income | — | — | ||||
Insurance | — | — | ||||
Travel Indirect | — | — | ||||
Property Tax | (19,311 | ) | (48,278 | ) | ||
Pre Employment Expense | (223 | ) | (475 | ) | ||
Training Indirect | — | — | ||||
Tools | (26,834 | ) | (64,409 | ) | ||
Research & Development | — | — | ||||
Capitalized Overhead | — | — | ||||
Gain or Loss on Disposal | (5,531,181 | ) | (5,531,181 | ) | ||
Production Task | — | — | ||||
Labor Variance | (115,100 | ) | (43,027 | ) | ||
Material Variance | 70,368 | 217,365 | ||||
Burden Variance | (247,101 | ) | (95,862 | ) | ||
Total Other Indirect Costs | (6,233,827 | ) | (6,472,528 | ) | ||
Total Indirect Costs | (6,471,148 | ) | (7,100,753 | ) | ||
Total Cost of Sales | (12,116,210 | ) | (18,449,241 | ) | ||
Gross Margin | (4,996,050 | ) | (3,596,134 | ) | ||
SG&A Labor | (23,138 | ) | (65,471 | ) | ||
SG&A Labor Stock Compensation | — | — | ||||
SG&A Labor Contract | — | — | ||||
SG&A Labor Payroll Taxes | (2,367 | ) | (5,536 | ) | ||
SG&A Labor Health Benefits | (263,218 | ) | (276,218 | ) | ||
SG&A Labor Retirement Plan | — | — | ||||
SG&A Labor Workers Comp | — | — | ||||
SG&A Labor Gainsharing | — | — | ||||
Total SG&A Labor | (288,724 | ) | (347,226 | ) | ||
Bonus Expense | — | — | ||||
Depreciation SG&A | (1,408 | ) | (3,520 | ) | ||
Amortization | — | — | ||||
Research & Development SGA | — | — | ||||
Travel SG&A | (387 | ) | (1,119 | ) | ||
Safety & Security | — | — | ||||
Computer Supplies | (105 | ) | (311 | ) | ||
Telephone Expense | (1,673 | ) | (3,349 | ) | ||
Telephone Expense - Mobile | (335 | ) | (700 | ) | ||
Office Expense | (1,410 | ) | (4,212 | ) | ||
Training SG&A | — | — | ||||
Meals & Entertainment | (39 | ) | (181 | ) | ||
Dues & Subscriptions | — | — | ||||
Employee Relations | — | (48 | ) | |||
Internal Meals | — | — | ||||
Meals – Sandwiches visitors | — | — | ||||
Meals – Meal cheques | — | — | ||||
Meals – Coffee/Water-personnel | — | — | ||||
Sales Promotion | — | — | ||||
Advertising | — | — | ||||
Bank Charges | (22 | ) | (447 | ) | ||
Corporate Services Corporate | — | — |
Page 2 of 3
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |
Case Number: | 09-51738 | |
Debtor: | Noble Metal Processing - Indiana, Inc. |
Current Month | Total Since Filing | |||||
Corporate Services General | — | (8,506 | ) | |||
Directors Expense | — | — | ||||
Directors Expense - Stock Based | — | — | ||||
Professional Fees Legal | — | — | ||||
Professional Fees Audit/tax | — | — | ||||
Professional Fees Other | — | — | ||||
Business Insurance | — | — | ||||
Club Dues | — | — | ||||
Commission Expense | (59,043 | ) | (133,875 | ) | ||
Other Taxes & Penalties | (298 | ) | (314 | ) | ||
Plane Lease & Maintenance | — | — | ||||
Licenses, Fees, & Permits | (100 | ) | (100 | ) | ||
Moving Expense | — | — | ||||
Donations | — | — | ||||
Bad Debt Expense | — | — | ||||
Held for Sale Expense | — | — | ||||
Administrative Task | — | — | ||||
Total Other SG&A | (64,818 | ) | (156,682 | ) | ||
Total SG&A | (353,542 | ) | (503,908 | ) | ||
Net Operating Profit | (5,349,592 | ) | (4,100,042 | ) | ||
Intercompany Interest | — | (73,657 | ) | |||
Interest Expense | (141 | ) | (141 | ) | ||
Amortization Fees | — | — | ||||
Amortization Fees Sub | — | — | ||||
Amortization Debt Discount | — | — | ||||
Gain/Loss on Derivatives | — | — | ||||
Capitalized Interest | — | — | ||||
Interest Income | — | — | ||||
Royalty Income/Expense | — | — | ||||
Foreign Currency | — | — | ||||
Dividend Income | — | — | ||||
Extraordinary Gain/Loss | — | — | ||||
Gain / Loss On Disposal | — | — | ||||
Impairment Charges | — | — | ||||
Group Allocation Indirect | — | — | ||||
Group Allocation SG&A | — | (201,579 | ) | |||
Other Income/Expense | — | — | ||||
Total Other (Income)/Expense | (141 | ) | (275,378 | ) | ||
Income before Taxes & Minority Interest | (5,349,733 | ) | (4,375,419 | ) | ||
Income Taxes | 1,689 | (1,689 | ) | |||
Net Income before Minority Interest | (5,351,423 | ) | (4,377,109 | ) | ||
Minority Interest | — | — | ||||
Net Income | (5,351,423 | ) | (4,377,109 | ) | ||
Page 3 of 3
BALANCE SHEET
Period Ending: | June 30, 2009 | |
Case Number: | 09-51738 | |
Debtor: | Noble Metal Processing - Indiana, Inc. |
Current Month | Prior Month | At Filing | |||||||
ASSETS | |||||||||
Cash | 500 | 500 | 500 | ||||||
Accounts Receivable | 9,092,730 | 4,558,182 | 3,375,546 | ||||||
Allowance For Bad Debt | (43,000 | ) | (43,000 | ) | (43,000 | ) | |||
Inventory | 455,576 | 2,500,771 | 1,409,685 | ||||||
Inventory Dies | 119,310 | 119,310 | 119,310 | ||||||
Inventory Prototype | 5,825 | 5,825 | 5,825 | ||||||
Prepaid Expenses | 96,750 | 195,333 | 57,110 | ||||||
Notes Receivable | — | — | — | ||||||
Deferred Tax Asset | — | — | — | ||||||
Total Current Assets | 9,727,692 | 7,336,920 | 4,924,976 | ||||||
Machinery & Equipment | 2,592,864 | 17,953,224 | 17,953,224 | ||||||
MIS Computer Equipment | — | 38,179 | 38,179 | ||||||
Building | — | — | — | ||||||
Land | — | — | — | ||||||
Office Equipment | — | 58,853 | 58,853 | ||||||
Auto & Trucks | — | — | — | ||||||
Leasehold Improvements | 73,295 | 73,295 | 73,295 | ||||||
Production Equip In Progress | 1,928,503 | 1,928,503 | 1,928,503 | ||||||
Accumulated Depreciation | (1,007,058 | ) | (6,065,525 | ) | (5,756,633 | ) | |||
Property, Plant & Equipment, Net | 3,587,603 | 13,986,529 | 14,295,421 | ||||||
Investments | — | — | — | ||||||
Other Intangible, Net | — | — | — | ||||||
Credit Agreement Fees, Net | — | — | — | ||||||
Goodwill, Net | — | — | — | ||||||
Deposits | — | — | — | ||||||
Assets Held For Sale | — | — | — | ||||||
Total Other Assets | — | — | — | ||||||
Total Assets | 13,315,295 | 21,323,450 | 19,220,397 | ||||||
Page 1 of 2
BALANCE SHEET
Period Ending: | June 30, 2009 | |
Case Number: | 09-51738 | |
Debtor: | Noble Metal Processing - Indiana, Inc. |
Current Month | Prior Month | At Filing | |||||||
LIABILITIES | |||||||||
Cont Disb General - Post Petition | 758,825 | 315,579 | — | ||||||
Cont Disb Payroll - Post Petition | — | — | — | ||||||
Cont Disb Flex - Post Petition | — | — | — | ||||||
Cont Disb Medical - Post Petition | — | — | — | ||||||
Accounts Payable - Post Petition | 446,469 | 332,827 | 279,255 | ||||||
A/P Manual - Post Petition | — | 85,317 | — | ||||||
A/P System - Post Petition | 20,745 | 329,999 | 19,215 | ||||||
Cont Disb General | (653,137 | ) | (316,060 | ) | — | ||||
Cont Disb Payroll | 0 | 0 | — | ||||||
Cont Disb Flex | — | — | — | ||||||
Cont Disb Medical | — | — | — | ||||||
Accounts Payable - Pre Petition | 8,985,844 | 6,152,959 | 5,523,562 | ||||||
A/P Manual - Pre Petition | 446,469 | 332,827 | 279,255 | ||||||
A/P System - Pre Petition | 34,258 | 34,258 | 29,560 | ||||||
A/P Freight | — | — | — | ||||||
Accrued Bonus | — | — | — | ||||||
Accrued Benefits & Payroll | 297,026 | 451,822 | 320,608 | ||||||
Accrued Other | 433,214 | 537,791 | 527,557 | ||||||
Accrued Scrap | — | — | — | ||||||
Accrued Taxes | — | — | — | ||||||
Accrued Interest | — | — | — | ||||||
Total Current Liabilities | 10,323,245 | 7,924,494 | 6,699,757 | ||||||
Deferred Tax Liability | — | — | — | ||||||
Capital Lease | — | — | — | ||||||
Revolver Pre-Petition | — | — | — | ||||||
Revolver Post-Petition | — | — | — | ||||||
Term Loan | — | — | — | ||||||
Convertible Sub Debt | — | — | — | ||||||
Industrial Revenue Bond | — | — | — | ||||||
Other Debt | — | — | — | ||||||
Intercompany Line Of Credit | — | — | — | ||||||
Intercompany Non Cash | 11,418,875 | 16,474,359 | 16,570,357 | ||||||
Total Long Term Liabilities | 11,418,875 | 16,474,359 | 16,570,357 | ||||||
Total Liabilities | 21,742,120 | 24,398,852 | 23,270,113 | ||||||
Accumulated Other Comprehensive Income | — | — | — | ||||||
Common Stock | — | — | — | ||||||
APIC | — | — | — | ||||||
Retained Earnings | (8,426,825 | ) | (3,075,403 | ) | (4,049,717 | ) | |||
Dividends | — | — | — | ||||||
Minority Interest Equity | — | — | — | ||||||
Total Stockholders’ Equity | (8,426,825 | ) | (3,075,403 | ) | (4,049,717 | ) | |||
Total Liabilities & Stockholders’ Equity | 13,315,295 | 21,323,450 | 19,220,397 | ||||||
Page 2 of 2
SUMMARY OF OPERATIONS
For the Period:June 30, 2009
Schedule of Post Petition Taxes Payable
Debtor: | Noble Metal Processing - Indiana, Inc | |
Case No: | 09-51738 |
Beginning Balance | Withheld | Accrued | Payments/ Deposits | Ending Balance | |||||||||||||
Income Taxes Withheld: | |||||||||||||||||
Federal | $ | 55,058.24 | $ | 104,194.32 | $ | — | $ | 147,505.96 | 11,746.60 | ||||||||
State | 16,506.63 | 24,899.91 | — | 32,831.71 | 8,574.83 | ||||||||||||
Local | 8,529.31 | 12,268.55 | — | 16,243.43 | 4,554.43 | ||||||||||||
FICA Withheld: | 39,723.10 | 56,471.90 | — | 74,448.12 | 21,746.88 | ||||||||||||
39,723.10 | |||||||||||||||||
Employers FICA: | — | 56,615.11 | — | 74,448.12 | (17,833.01 | ) | |||||||||||
Unemployment Tax: | — | ||||||||||||||||
Federal | 467.93 | 30.23 | — | 33.96 | 464.20 | ||||||||||||
State | 2,216.96 | — | — | (436.31 | ) | 2,653.27 | |||||||||||
Sales, Use & Excise Taxes: | — | — | — | — | — | ||||||||||||
Property Taxes: | — | — | — | — | — | ||||||||||||
Other: | — | — | — | — | — | ||||||||||||
TOTALS: | $ | 162,225.27 | $ | 254,480.02 | $ | — | $ | 345,074.99 | $ | 31,907.20 | |||||||
SUMMARY OF OPERATIONS
Aging of Accounts Receivable & Post-Petition Accounts Payable
PERIOD ENDING:June 30, 2009
Debtor: | Noble Metal Processing - Indiana, Inc | |
Case No: | 09-51738 |
Age in Days: | 0 - 30 | 30 - 60 | Over 60 | ||||||
Post-Petition Accounts Payable | $ | 3,193,278.55 | $ | 1,341,938.91 | $ | 353,035.00 | |||
Accounts Receivable | $ | 4,828,541.36 | $ | 2,696,965.91 | $ | 1,567,223.01 |
MONTHLY CASH STATEMENT
DEBTOR:Noble Metal Processing - Indiana, Inc.
PERIOD ENDING:June 30, 2009
Cash Activity Analysis (Cash Basis Only): | Case No: 09-51738 |
1 | 2 | 3 | 4 | 5 | Total | ||||||||||||
A | Beginning Balance | 67,774.65 | — | 67,774.65 | |||||||||||||
B | Receipts (Attach separate schedule) | 337,100.00 | 337,100.00 | | |||||||||||||
C | Balance Available (A + B) | 404,874.65 | — | — | — | — | 404,874.65 | ||||||||||
D | Less Disbursements (Attach separate schedule) | (392,732.85 | ) | — | (392,732.85 | ) | |||||||||||
E | ENDING BALANCE (C - D) | 12,141.80 | — | — | — | — | 12,141.80 | ||||||||||
Attention: Please enter the TOTAL DISBURSEMENTS for all of your accounts, including cash excluding | |||||||||||||||||
transfers, onto the line below. This is the number that will determine your quarterly fee payment. | |||||||||||||||||
$ | (392,732.85 | ) | |||||||||||||||
(PLEASE ATTACH COPIES OF MOST RECENT RECONCILED BANK STATEMENTS FROM EACH ACCOUNT)
1 | Depository Name & Location | Comerica Bank | ||||
Account Number | 1851849255 | |||||
2 | Depository Name & Location |
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Account Number |
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3 | Depository Name & Location |
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Account Number |
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4 | Depository Name & Location |
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Account Number |
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5 | Depository Name & Location |
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Account Number |
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Other monies on hand ((specify type and location) i.e. CD’s, bonds, etc.): | ||||||
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Debtor in Possession |
SCHEDULE OF IN-FORCE INSURANCE
PERIOD ENDING:June 30, 2009
Debtor: | Noble Metal Processing - Indiana, Inc | |
Case No: | 09-51738 |
INSURANCE TYPE | CARRIER | EXPIRATION DATE | ||||||
Workers’ Compensation | Hartford Fire Insurance Company | 03/01/10 | ||||||
General Liability | Hartford Fire Insurance Company | 03/01/10 | ||||||
Global Property/Boiler & Machinery | Allianz Global Risks US Insurance Company | 03/01/10 | ||||||
Umbrella | St. Paul Fire & Marine Insurance Company (Travelers) | 03/01/10 | ||||||
Excess Umbrella | Great American Insurance Company | 03/01/10 | ||||||
Automobile | Hartford Fire Insurance Company | 03/01/10 | ||||||
Crime | National Union Fire Insurance Company of Pittsburgh PA (AIG) | 03/20/10 | ||||||
Directors & Officers Liability | National Union Fire Insurance Company (AIG) | 03/20/10 | ||||||
Directors & Officers Liability (runoff) | National Union Fire Insurance Company (AIG) | 03/20/14 | ||||||
1st Excess Directors & Officers Liability | St. Paul Mercury Insurance Company (Travelers) | 03/20/10 | ||||||
2nd Excess Directors & Officers Liability | Allied World National Assurance Company (AWNAC) | 03/20/10 | ||||||
Employment Practices Liability | National Union Fire Insurance Company (AIG) | 03/20/10 | ||||||
Employment Practices Liability (runoff) | National Union Fire Insurance Company (AIG) | 03/20/14 | ||||||
Fiduciary Liability | Federal Insurance Company (Chubb) | 03/20/10 | ||||||
Fiduciary Liability (runoff) | Federal Insurance Company (Chubb) | 03/20/14 | ||||||
Foreign Package | Insurance Company of the State of Pennsylvania (AIG WorldSource) | 03/20/10 |
UNITED STATES BANKRUPTCY COURT
FOR THE EASTERN DISTRICT OF MICHIGAN
TRANSMITTAL OF FINANCIAL REPORTS AND
CERTIFICATION OF COMPLIANCE WITH
UNITED STATES TRUSTEE OPERATING REQUIREMENTS FOR
THE PERIOD ENDED JUNE 30, 2009
In re:
Noble Metal Processing New York, Inc. | Case Number: 09-51741 | |||||
As debtor in possession, I affirm: | Chapter 11 | |||||
1. | That I have reviewed the financial statements attached hereto, consisting of: | Judge: Marci B. Melvor |
x | Operating Statement | (Form 2) | ||||
x | Balance Sheet | (Form 3) | ||||
x | Summary of Operations | (Form 4) | ||||
x | Monthly Cash Statement | (Form 5) | ||||
x | Statement of Compensation | (Form 6) | ||||
x | Schedule of In-Force Insurance | (Form 7) | ||||
and that they have been prepared in accordance with normal and customary accounting practices, and fairly and accurately reflect the debtor’s financial activity for the period stated; |
2. | That the insurance, including workers’ compensation and unemployment insurance, as described in Section 5 of the Operating Instructions and Reporting Requirements for Chapter 11 Cases is in effect; and, |
(If not, attach a written explanation) | YES x NO |
3. | That all post-petition taxes as described in Sections 9 of the Operating Instructions and Reporting Requirements for Chapter 11 cases are current. |
(If not, attach a written explanation) | YES x NO |
4. | No professional fees (attorney, accountant, etc.) have been paid without specific court authorization. |
(If not, attach a written explanation) | YES x NO |
5. | All United States Trustee Quarterly fees have been paid and are current. |
YES x NO |
6. | Have you filed your pre-petition tax returns. |
(If not, attach a written explanation) | YES NO x |
Written Explanation: Debtor filed for bankruptcy protection on April 15, 2009. Extensions have been filed for all of debtor’s applicable 2008 tax returns.
I hereby certify, under penalty of perjury, that the information provided above and in the attached documents is true and correct to the best of my information and belief.
| ||||||||
Dated: |
| Debtor in Possession | ||||||
Chief Financial Officer | (248) 519-0700 | |||||||
Title | Phone |
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |
Case Number: | 09-51741 | |
Debtor: | Noble Metal Processing - New York, Inc. |
Current Month | Total Since Filing | ||||
Welding Sales | — | 44,005 | |||
Blanking | — | — | |||
Blanking Direct | — | — | |||
Roll Forming Sales | — | — | |||
Transportation | — | 2,200 | |||
Packaging | — | 737 | |||
Scrap Sales | — | 4,921 | |||
Dimpling Oiling Other Sales | — | 1,704 | |||
Spot Weld Sales | — | — | |||
Prototype Sales | — | — | |||
Die Sales | — | — | |||
Scrap Income | — | 1,742 | |||
Sales Returns & Allowance | — | (26 | ) | ||
Contract Manufacturing Sales | — | — | |||
Other Sales | — | — | |||
Task Sales | — | — | |||
Steel Sales | — | 198,673 | |||
Total Sales | — | 253,957 | |||
Direct Labor | — | (535 | ) | ||
Direct Labor Overtime | — | — | |||
Direct Contract Labor | — | — | |||
Direct Labor Payroll Taxes | — | (106 | ) | ||
Direct Labor Health Benefits | — | — | |||
Direct Labor Retirement Plan | — | — | |||
Direct Labor Workers Comp | — | — | |||
Direct Labor Gainsharing | — | — | |||
Total Direct Labor | — | (640 | ) | ||
Outside Blanking | — | — | |||
Outside Contract Manufacturing | — | — | |||
Outside Other | — | — | |||
Material Consumption Owned | — | (1,343 | ) | ||
Material Consumption Consigned | — | — | |||
Unreported Material Consumption | — | (86 | ) | ||
Physical Inventory Variance | — | — | |||
Heat, Light & Power | — | 1,850 | |||
Freight OEM | — | (4,416 | ) | ||
Freight Other | — | (100 | ) | ||
Gas | — | — | |||
Shipping Material | — | — | |||
Prototype Costs | — | — | |||
Die Costs | — | — | |||
Other Sales Cost | — | — | |||
Steel Cost | — | (196,238 | ) | ||
Total Other Direct Costs | — | (200,333 | ) | ||
Total Direct Costs | — | (200,973 | ) | ||
Direct Margin | — | 52,983 | |||
Indirect Labor Salary | — | (2,411 | ) | ||
Indirect Labor Overtime | — | — | |||
Indirect Labor Hourly | — | 222 | |||
Indirect Labor Contract | — | (381 | ) | ||
Capitalized Labor | — | — | |||
Indirect Labor Payroll Taxes | — | (3,357 | ) | ||
Indirect Labor Health Benefits | — | (7,245 | ) | ||
Indirect Labor Retirement Plan | — | — | |||
Indirect Labor Workers Comp | — | — | |||
Indirect Labor Gainsharing | — | — | |||
Total Indirect Labor | — | (13,172 | ) |
Page 1 of 3
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |
Case Number: | 09-51741 | |
Debtor: | Noble Metal Processing - New York, Inc. |
Current Month | Total Since Filing | ||||
Depreciation | — | — | |||
Building Rent Expense | — | (4,426 | ) | ||
Repairs & Maintenance | — | 607 | |||
Building Grounds Maintenance | — | — | |||
Shop Supplies | — | 1,308 | |||
Equipment Rental Expense | — | (55 | ) | ||
Equipment Rental Intercompany | — | — | |||
Equipment Rental Income | — | — | |||
Insurance | — | — | |||
Travel Indirect | — | (223 | ) | ||
Property Tax | — | — | |||
Pre Employment Expense | — | — | |||
Training Indirect | — | — | |||
Tools | — | — | |||
Research & Development | — | — | |||
Capitalized Overhead | — | — | |||
Gain or Loss on Disposal | — | — | |||
Production Task | — | — | |||
Labor Variance | — | (2,354 | ) | ||
Material Variance | — | 120 | |||
Burden Variance | — | (17,975 | ) | ||
Total Other Indirect Costs | — | (22,998 | ) | ||
Total Indirect Costs | — | (36,170 | ) | ||
Total Cost of Sales | — | (237,143 | ) | ||
Gross Margin | — | 16,813 | |||
SG&A Labor | — | — | |||
SG&A Labor Stock Compensation | — | — | |||
SG&A Labor Contract | — | — | |||
SG&A Labor Payroll Taxes | — | — | |||
SG&A Labor Health Benefits | — | — | |||
SG&A Labor Retirement Plan | — | — | |||
SG&A Labor Workers Comp | — | — | |||
SG&A Labor Gainsharing | — | — | |||
Total SG&A Labor | — | — | |||
Bonus Expense | — | — | |||
Depreciation SG&A | — | — | |||
Amortization | — | — | |||
Research & Development SGA | — | — | |||
Travel SG&A | — | — | |||
Safety & Security | — | — | |||
Computer Supplies | — | 1,034 | |||
Telephone Expense | — | (912 | ) | ||
Telephone Expense - Mobile | — | — | |||
Office Expense | — | — | |||
Training SG&A | — | 225 | |||
Meals & Entertainment | — | — | |||
Dues & Subscriptions | — | — | |||
Employee Relations | — | — | |||
Internal Meals | — | — | |||
Meals – Sandwiches visitors | — | — | |||
Meals – Meal cheques | — | — | |||
Meals – Coffee/Water-personnel | — | — | |||
Sales Promotion | — | — | |||
Advertising | — | — | |||
Bank Charges | — | (64 | ) | ||
Corporate Services Corporate | — | — |
Page 2 of 3
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |
Case Number: | 09-51741 | |
Debtor: | Noble Metal Processing - New York, Inc. |
Current Month | Total Since Filing | |||
Corporate Services General | — | — | ||
Directors Expense | — | — | ||
Directors Expense - Stock Based | — | — | ||
Professional Fees Legal | — | — | ||
Professional Fees Audit/tax | — | — | ||
Professional Fees Other | — | 2,931 | ||
Business Insurance | — | — | ||
Club Dues | — | — | ||
Commission Expense | — | — | ||
Other Taxes & Penalties | — | — | ||
Plane Lease & Maintenance | — | — | ||
Licenses, Fees, & Permits | — | — | ||
Moving Expense | — | — | ||
Donations | — | — | ||
Bad Debt Expense | — | — | ||
Held for Sale Expense | — | — | ||
Administrative Task | — | — | ||
Total Other SG&A | — | 3,214 | ||
Total SG&A | — | 3,214 | ||
Net Operating Profit | — | 20,028 | ||
Intercompany Interest | — | — | ||
Interest Expense | — | — | ||
Amortization Fees | — | — | ||
Amortization Fees Sub | — | — | ||
Amortization Debt Discount | — | — | ||
Gain/Loss on Derivatives | — | — | ||
Capitalized Interest | — | — | ||
Interest Income | — | — | ||
Royalty Income/Expense | — | — | ||
Foreign Currency | — | — | ||
Dividend Income | — | — | ||
Extraordinary Gain/Loss | — | — | ||
Gain / Loss On Disposal | — | — | ||
Impairment Charges | — | — | ||
Group Allocaton Indirect | — | — | ||
Group Allocation SG&A | — | — | ||
Other Income/Expense | — | — | ||
Total Other (Income)/Expense | — | — | ||
Income before Taxes & Minority Interest | — | 20,028 | ||
Income Taxes | — | — | ||
Net Income before Minority Interest | — | 20,028 | ||
Minority Interest | — | — | ||
Net Income | — | 20,028 | ||
Page 3 of 3
BALANCE SHEET
Period Ending: | June 30, 2009 | |
Case Number: | 09-51741 | |
Debtor: | Noble Metal Processing - New York, Inc. |
Current Month | Prior Month | At Filing | ||||||
ASSETS | ||||||||
Cash | 335 | 335 | — | |||||
Accounts Receivable | (25,954 | ) | (25,954 | ) | 342,474 | |||
Allowance For Bad Debt | — | — | — | |||||
Inventory | — | — | 201,456 | |||||
Inventory Dies | — | — | — | |||||
Inventory Prototype | — | — | — | |||||
Prepaid Expenses | 19,371 | 19,371 | 88,314 | |||||
Notes Receivable | — | — | — | |||||
Deferred Tax Asset | 4,429 | 4,429 | 4,429 | |||||
Total Current Assets | (1,819 | ) | (1,819 | ) | 636,672 | |||
Machinery & Equipment | — | — | — | |||||
MIS Computer Equipment | — | — | — | |||||
Building | — | — | — | |||||
Land | — | — | — | |||||
Office Equipment | — | — | — | |||||
Auto & Trucks | — | — | — | |||||
Leasehold Improvements | — | — | — | |||||
Production Equip In Progress | — | — | — | |||||
Accumulated Depreciation | — | — | — | |||||
Property, Plant & Equipment, Net | — | — | — | |||||
Investments | — | — | — | |||||
Other Intangible, Net | — | — | — | |||||
Credit Agreement Fees, Net | — | — | — | |||||
Goodwill, Net | — | — | — | |||||
Deposits | — | — | — | |||||
Assets Held For Sale | — | — | — | |||||
Total Other Assets | — | — | — | |||||
Total Assets | (1,819 | ) | (1,819 | ) | 636,672 | |||
Page 1 of 2
BALANCE SHEET
Period Ending: | June 30, 2009 | |
Case Number: | 09-51741 | |
Debtor: | Noble Metal Processing - New York, Inc. |
Current Month | Prior Month | At Filing | |||||||
LIABILITIES | |||||||||
Cont Disb General - Post Petition | 311 | 311 | — | ||||||
Cont Disb Payroll - Post Petition | — | — | — | ||||||
Cont Disb Flex - Post Petition | — | — | — | ||||||
Cont Disb Medical - Post Petition | — | — | — | ||||||
Accounts Payable - Post Petition | — | — | 4,428 | ||||||
A/P Manual - Post Petition | — | — | — | ||||||
A/P System - Post Petition | — | — | 6,644 | ||||||
Cont Disb General | — | — | — | ||||||
Cont Disb Payroll | (1 | ) | (1 | ) | — | ||||
Cont Disb Flex | — | — | — | ||||||
Cont Disb Medical | — | — | — | ||||||
Accounts Payable - Pre Petition | 9,088 | 9,088 | 454,583 | ||||||
A/P Manual - Pre Petition | — | — | 4,428 | ||||||
A/P System - Pre Petition | — | — | — | ||||||
A/P Freight | — | — | — | ||||||
Accrued Bonus | — | — | — | ||||||
Accrued Benefits & Payroll | 421 | 421 | 7,841 | ||||||
Accrued Other | 3,376 | 3,376 | 5,226 | ||||||
Accrued Scrap | — | — | — | ||||||
Accrued Taxes | 13,945 | 13,945 | 13,945 | ||||||
Accrued Interest | — | — | — | ||||||
Total Current Liabilities | 27,140 | 27,140 | 492,666 | ||||||
Deferred Tax Liability | (133,491 | ) | (133,491 | ) | (133,491 | ) | |||
Capital Lease | — | — | — | ||||||
Revolver Pre-Petition | — | — | — | ||||||
Revolver Post-Petition | — | — | — | ||||||
Term Loan | — | — | — | ||||||
Convertible Sub Debt | — | — | — | ||||||
Industrial Revenue Bond | — | — | — | ||||||
Other Debt | — | — | — | ||||||
Intercompany Line Of Credit | — | — | — | ||||||
Intercompany Non Cash | 1,175,176 | 1,175,176 | 1,368,168 | ||||||
Total Long Term Liabilities | 1,041,685 | 1,041,685 | 1,234,677 | ||||||
Total Liabilities | 1,068,825 | 1,068,825 | 1,727,344 | ||||||
Accumulated Other Comprehensive Income | — | — | — | ||||||
Common Stock | — | — | — | ||||||
APIC | — | — | — | ||||||
Retained Earnings | (1,070,644 | ) | (1,070,644 | ) | (1,090,671 | ) | |||
Dividends | — | — | — | ||||||
Minority Interest Equity | — | — | — | ||||||
Total Stockholders’ Equity | (1,070,644 | ) | (1,070,644 | ) | (1,090,671 | ) | |||
Total Liabilities & Stockholders’ Equity | (1,819 | ) | (1,819 | ) | 636,672 | ||||
Page 2 of 2
SUMMARY OF OPERATIONS
For the Period:June 30, 2009
Schedule of Post Petition Taxes Payable
Debtor: | Noble Metal Processing - New York, Inc | |
Case No: | 09-51741 |
Beginning Balance | Withheld | Accrued | Payments/ Deposits | Ending Balance | |||||||||||||
Income Taxes Withheld: | |||||||||||||||||
Federal | $ | 1,466.36 | $ | — | $ | — | $ | — | 1,466.36 | ||||||||
State | 841.08 | — | — | — | 841.08 | ||||||||||||
Local | (1.20 | ) | — | — | — | (1.20 | ) | ||||||||||
FICA Withheld: | 1,338.33 | — | — | — | 1,338.33 | ||||||||||||
Employers FICA: | 1,338.33 | — | — | — | 1,338.33 | ||||||||||||
Unemployment Tax: | — | ||||||||||||||||
Federal | 25.33 | — | — | — | 25.33 | ||||||||||||
State | 265.76 | — | — | — | 265.76 | ||||||||||||
Sales, Use & Excise Taxes: | — | — | — | — | — | ||||||||||||
Property Taxes: | — | — | — | — | — | ||||||||||||
Other: | — | — | — | — | — | ||||||||||||
TOTALS: | $ | 5,273.99 | $ | — | $ | — | $ | — | $ | 5,273.99 | |||||||
SUMMARY OF OPERATIONS
Aging of Accounts Receivable & Post-Petition Accounts Payable
PERIOD ENDING:June 30, 2009
Debtor: | Noble Metal Processing - New York, Inc. | |
Case No: | 09-51741 |
Age in Days: | 0 - 30 | 30 - 60 | Over 60 | ||||||||
Post-Petition Accounts Payable | $ | (58,981.95 | ) | $ | — | $ | — | ||||
Accounts Receivable | $ | — | $ | (29,096.49 | ) | $ | 3,142.25 |
MONTHLY CASH STATEMENT
DEBTOR:Noble Metal Processing - New York, Inc.
PERIOD ENDING:June 30, 2009
Cash Activity Analysis (Cash Basis Only): | Case No: 09-51741 |
1 | 2 | 3 | 4 | 5 | Total | ||||||||||||
A | Beginning Balance | 335.13 | — | 335.13 | |||||||||||||
B | Receipts (Attach separate schedule) | — | — | ||||||||||||||
C | Balance Available (A + B) | 335.13 | — | — | — | — | 335.13 | ||||||||||
D | Less Disbursements (Attach separate schedule) | (311.35 | ) | — | (311.35 | ) | |||||||||||
E | ENDING BALANCE (C-D) | 23.78 | — | — | — | — | 23.78 | ||||||||||
Attention: Please enter the TOTAL DISBURSEMENTS for all of your accounts, including cash excluding | |||||||||||||||||
transfers, onto the line below. This is the number that will determine your quarterly fee payment. | |||||||||||||||||
$ | (311.35 | ) | |||||||||||||||
(PLEASE ATTACH COPIES OF MOST RECENT RECONCILED BANK STATEMENTS FROM EACH ACCOUNT)
1 | Depository Name & Location | Comerica Bank | ||||
Account Number | 1851849347 | |||||
2 | Depository Name & Location |
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3 | Depository Name & Location |
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Account Number |
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4 | Depository Name & Location |
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Account Number |
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5 | Depository Name & Location |
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Account Number |
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Other monies on hand ((specify type and location) i.e. CD’s, bonds, etc.): | ||||||
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Debtor in Possession |
SCHEDULE OF IN-FORCE INSURANCE
PERIOD ENDING:June 30, 2009
Debtor: | Noble Metal Processing - New York, Inc | |
Case No: | 09-51741 |
INSURANCE TYPE | CARRIER | EXPIRATION DATE | ||||||
Workers’ Compensation | Hartford Fire Insurance Company | 03/01/10 | ||||||
General Liability | Hartford Fire Insurance Company | 03/01/10 | ||||||
Global Property/Boiler & Machinery | Allianz Global Risks US Insurance Company | 03/01/10 | ||||||
Umbrella | St. Paul Fire & Marine Insurance Company (Travelers) | 03/01/10 | ||||||
Excess Umbrella | Great American Insurance Company | 03/01/10 | ||||||
Automobile | Hartford Fire Insurance Company | 03/01/10 | ||||||
Crime | National Union Fire Insurance Company of Pittsburgh PA (AIG) | 03/20/10 | ||||||
Directors & Officers Liability | National Union Fire Insurance Company (AIG) | 03/20/10 | ||||||
Directors & Officers Liability (runoff) | National Union Fire Insurance Company (AIG) | 03/20/14 | ||||||
1st Excess Directors & Officers Liability | St. Paul Mercury Insurance Company (Travelers) | 03/20/10 | ||||||
2nd Excess Directors & Officers Liability | Allied World National Assurance Company (AWNAC) | 03/20/10 | ||||||
Employment Practices Liability | National Union Fire Insurance Company (AIG) | 03/20/10 | ||||||
Employment Practices Liability (runoff) | National Union Fire Insurance Company (AIG) | 03/20/14 | ||||||
Fiduciary Liability | Federal Insurance Company (Chubb) | 03/20/10 | ||||||
Fiduciary Liability (runoff) | Federal Insurance Company (Chubb) | 03/20/14 | ||||||
Foreign Package | Insurance Company of the State of Pennsylvania (AIG WorldSource) | 03/20/10 |
UNITED STATES BANKRUPTCY COURT
FOR THE EASTERN DISTRICT OF MICHIGAN
TRANSMITTAL OF FINANCIAL REPORTS AND
CERTIFICATION OF COMPLIANCE WITH
UNITED STATES TRUSTEE OPERATING REQUIREMENTS FOR
THE PERIOD ENDED JUNE 30, 2009
In re:
Noble Metal Processing Ohio, LLC | Case Number: 09-51742 | |||||
As debtor in possession, I affirm: | Chapter 11 | |||||
1. | That I have reviewed the financial statements attached hereto, consisting of: | Judge: Marci B. Melvor |
x | Operating Statement | (Form 2) | ||||
x | Balance Sheet | (Form 3) | ||||
x | Summary of Operations | (Form 4) | ||||
x | Monthly Cash Statement | (Form 5) | ||||
x | Statement of Compensation | (Form 6) | ||||
x | Schedule of In-Force Insurance | (Form 7) | ||||
and that they have been prepared in accordance with normal and customary accounting practices, and fairly and accurately reflect the debtor’s financial activity for the period stated; |
2. | That the insurance, including workers’ compensation and unemployment insurance, as described in Section 5 of the Operating Instructions and Reporting Requirements for Chapter 11 Cases is in effect; and, |
(If not, attach a written explanation) | YES x NO |
3. | That all post-petition taxes as described in Sections 9 of the Operating Instructions and Reporting Requirements for Chapter 11 cases are current. |
(If not, attach a written explanation) | YES x NO |
4. | No professional fees (attorney, accountant, etc.) have been paid without specific court authorization. |
(If not, attach a written explanation) | YES x NO |
5. | All United States Trustee Quarterly fees have been paid and are current. |
YES x NO |
6. | Have you filed your pre-petition tax returns. |
(If not, attach a written explanation) | YES NO x |
Written Explanation: Debtor filed for bankruptcy protection on April 15, 2009. Extensions have been filed for all of debtor’s applicable 2008 tax returns.
I hereby certify, under penalty of perjury, that the information provided above and in the attached documents is true and correct to the best of my information and belief.
| ||||||||
Dated: |
| Debtor in Possession | ||||||
Chief Financial Officer | (248) 519-0700 | |||||||
Title | Phone |
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |||||
Case Number: | 09-51742 | |||||
Debtor: | Noble Metal Processing - Ohio, LLC |
Current Month | Total Since Filing | |||||
Welding Sales | — | 53,514 | ||||
Blanking | — | 21,638 | ||||
Blanking Direct | — | — | ||||
Roll Forming Sales | — | — | ||||
Transportation | — | 6,956 | ||||
Packaging | — | 1,073 | ||||
Scrap Sales | — | 14,750 | ||||
Dimpling Oiling Other Sales | — | 1,559 | ||||
Spot Weld Sales | — | — | ||||
Prototype Sales | — | — | ||||
Die Sales | — | — | ||||
Scrap Income | — | 2,634 | ||||
Sales Returns & Allowance | — | (0 | ) | |||
Contract Manufacturing Sales | — | — | ||||
Other Sales | 1,000 | 1,000 | ||||
Task Sales | — | — | ||||
Steel Sales | — | 388,319 | ||||
Total Sales | 1,000 | 491,442 | ||||
Direct Labor | — | (849 | ) | |||
Direct Labor Overtime | — | (9 | ) | |||
Direct Contract Labor | — | — | ||||
Direct Labor Payroll Taxes | — | (423 | ) | |||
Direct Labor Health Benefits | — | 372 | ||||
Direct Labor Retirement Plan | — | — | ||||
Direct Labor Workers Comp | — | — | ||||
Direct Labor Gainsharing | — | — | ||||
Total Direct Labor | — | (909 | ) | |||
Outside Blanking | — | �� | (20,877 | ) | ||
Outside Contract Manufacturing | — | — | ||||
Outside Other | — | — | ||||
Material Consumption Owned | (15,735 | ) | (17,651 | ) | ||
Material Consumption Consigned | — | — | ||||
Unreported Material Consumption | — | 855 | ||||
Physical Inventory Variance | — | — | ||||
Heat, Light & Power | (3,325 | ) | (3,393 | ) | ||
Freight OEM | (61 | ) | (4,198 | ) | ||
Freight Other | — | (90 | ) | |||
Gas | — | (4,889 | ) | |||
Shipping Material | — | — | ||||
Prototype Costs | — | — | ||||
Die Costs | — | — | ||||
Other Sales Cost | — | — | ||||
Steel Cost | — | (343,809 | ) | |||
Total Other Direct Costs | (19,121 | ) | (394,051 | ) | ||
Total Direct Costs | (19,121 | ) | (394,960 | ) | ||
Direct Margin | (18,121 | ) | 96,482 | |||
Indirect Labor Salary | (8,353 | ) | (78,814 | ) | ||
Indirect Labor Overtime | — | (4 | ) | |||
Indirect Labor Hourly | — | 4,996 | ||||
Indirect Labor Contract | — | 1,080 | ||||
Capitalized Labor | — | — | ||||
Indirect Labor Payroll Taxes | (639 | ) | (4,504 | ) | ||
Indirect Labor Health Benefits | — | (11,602 | ) | |||
Indirect Labor Retirement Plan | — | — | ||||
Indirect Labor Workers Comp | 213 | 213 | ||||
Indirect Labor Gainsharing | — | — | ||||
Total Indirect Labor | (8,779 | ) | (88,635 | ) |
Page 1 of 3
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |||||
Case Number: | 09-51742 | |||||
Debtor: | Noble Metal Processing - Ohio, LLC |
Current Month | Total Since Filing | |||||
Depreciation | (14,734 | ) | (36,619 | ) | ||
Building Rent Expense | (24,668 | ) | (61,670 | ) | ||
Repairs & Maintenance | — | 779 | ||||
Building Grounds Maintenance | (4,243 | ) | (6,973 | ) | ||
Shop Supplies | — | 386 | ||||
Equipment Rental Expense | (1,624 | ) | (9,126 | ) | ||
Equipment Rental Intercompany | — | — | ||||
Equipment Rental Income | — | — | ||||
Insurance | (312 | ) | (780 | ) | ||
Travel Indirect | — | — | ||||
Property Tax | (1,871 | ) | (4,678 | ) | ||
Pre Employment Expense | — | — | ||||
Training Indirect | — | 15 | ||||
Tools | — | (113 | ) | |||
Research & Development | — | — | ||||
Capitalized Overhead | — | — | ||||
Gain or Loss on Disposal | — | — | ||||
Production Task | — | — | ||||
Labor Variance | — | (2,303 | ) | |||
Material Variance | — | 3 | ||||
Burden Variance | — | (35,982 | ) | |||
Total Other Indirect Costs | (47,453 | ) | (157,062 | ) | ||
Total Indirect Costs | (56,232 | ) | (245,696 | ) | ||
Total Cost of Sales | (75,353 | ) | (640,657 | ) | ||
Gross Margin | (74,353 | ) | (149,215 | ) | ||
SG&A Labor | — | (699 | ) | |||
SG&A Labor Stock Compensation | — | — | ||||
SG&A Labor Contract | (4,214 | ) | (4,214 | ) | ||
SG&A Labor Payroll Taxes | — | (65 | ) | |||
SG&A Labor Health Benefits | — | (38 | ) | |||
SG&A Labor Retirement Plan | — | — | ||||
SG&A Labor Workers Comp | — | — | ||||
SG&A Labor Gainsharing | — | — | ||||
Total SG&A Labor | (4,214 | ) | (5,016 | ) | ||
Bonus Expense | — | — | ||||
Depreciation SG&A | (368 | ) | (898 | ) | ||
Amortization | — | — | ||||
Research & Development SGA | — | — | ||||
Travel SG&A | — | (114 | ) | |||
Safety & Security | — | — | ||||
Computer Supplies | — | — | ||||
Telephone Expense | (709 | ) | (2,152 | ) | ||
Telephone Expense - Mobile | — | (94 | ) | |||
Office Expense | (25 | ) | 38 | |||
Training SG&A | — | — | ||||
Meals & Entertainment | — | — | ||||
Dues & Subscriptions | — | — | ||||
Employee Relations | — | — | ||||
Internal Meals | — | — | ||||
Meals – Sandwiches visitors | — | — | ||||
Meals – Meal cheques | — | — | ||||
Meals – Coffee/Water-personnel | — | — | ||||
Sales Promotion | — | — | ||||
Advertising | — | — | ||||
Bank Charges | — | — | ||||
Corporate Services Corporate | — | — |
Page 2 of 3
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |||||
Case Number: | 09-51742 | |||||
Debtor: | Noble Metal Processing - Ohio, LLC |
Current Month | Total Since Filing | |||||
Corporate Services General | — | — | ||||
Directors Expense | — | — | ||||
Directors Expense - Stock Based | — | — | ||||
Professional Fees Legal | — | — | ||||
Professional Fees Audit/tax | — | — | ||||
Professional Fees Other | — | — | ||||
Business Insurance | — | — | ||||
Club Dues | — | — | ||||
Commission Expense | — | — | ||||
Other Taxes & Penalties | (2,095 | ) | (2,095 | ) | ||
Plane Lease & Maintenance | — | — | ||||
Licenses, Fees, & Permits | — | — | ||||
Moving Expense | — | — | ||||
Donations | — | — | ||||
Bad Debt Expense | — | — | ||||
Held for Sale Expense | — | — | ||||
Administrative Task | — | — | ||||
Total Other SG&A | (3,196 | ) | (5,315 | ) | ||
Total SG&A | (7,411 | ) | (10,331 | ) | ||
Net Operating Profit | (81,763 | ) | (159,546 | ) | ||
Intercompany Interest | — | (2,456 | ) | |||
Interest Expense | — | — | ||||
Amortization Fees | — | — | ||||
Amortization Fees Sub | — | — | ||||
Amortization Debt Discount | — | — | ||||
Gain/Loss on Derivatives | — | — | ||||
Capitalized Interest | — | — | ||||
Interest Income | — | — | ||||
Royalty Income/Expense | — | — | ||||
Foreign Currency | — | — | ||||
Dividend Income | — | — | ||||
Extraordinary Gain/Loss | — | — | ||||
Gain / Loss On Disposal | — | — | ||||
Impairment Charges | — | — | ||||
Group Allocation Indirect | — | (6,392 | ) | |||
Group Allocation SG&A | — | (4,972 | ) | |||
Other Income/Expense | — | — | ||||
Total Other (Income)/Expense | — | (13,820 | ) | |||
Income before Taxes & Minority Interest | (81,763 | ) | (173,365 | ) | ||
Income Taxes | — | (5,398 | ) | |||
Net Income before Minority Interest | (81,763 | ) | (178,763 | ) | ||
Minority Interest | — | — | ||||
Net Income | (81,763 | ) | (178,763 | ) | ||
Page 3 of 3
BALANCE SHEET
Period Ending: | June 30, 2009 | |||||
Case Number: | 09-51742 | |||||
Debtor: | Noble Metal Processing - Ohio, LLC |
Current Month | Prior Month | At Filing | |||||||
ASSETS | |||||||||
Cash | 283 | 283 | — | ||||||
Accounts Receivable | 285,167 | 285,167 | 182,698 | ||||||
Allowance For Bad Debt | (11,000 | ) | (11,000 | ) | (11,000 | ) | |||
Inventory | 40,355 | 56,089 | 490,186 | ||||||
Inventory Dies | — | — | — | ||||||
Inventory Prototype | — | — | — | ||||||
Prepaid Expenses | — | — | — | ||||||
Notes Receivable | — | — | — | ||||||
Deferred Tax Asset | — | — | — | ||||||
Total Current Assets | 314,805 | 330,540 | 661,884 | ||||||
Machinery & Equipment | 836,319 | 836,319 | 836,319 | ||||||
MIS Computer Equipment | 12,652 | 12,652 | 12,652 | ||||||
Building | — | — | — | ||||||
Land | — | — | — | ||||||
Office Equipment | — | — | — | ||||||
Auto & Trucks | — | — | — | ||||||
Leasehold Improvements | 38,755 | 38,755 | 38,755 | ||||||
Production Equip In Progress | — | — | — | ||||||
Accumulated Depreciation | (133,677 | ) | (118,575 | ) | (96,160 | ) | |||
Property, Plant & Equipment, Net | 754,049 | 769,151 | 791,566 | ||||||
Investments | — | — | — | ||||||
Other Intangible, Net | — | — | — | ||||||
Credit Agreement Fees, Net | — | — | — | ||||||
Goodwill, Net | — | — | — | ||||||
Deposits | — | — | — | ||||||
Assets Held For Sale | — | — | — | ||||||
Total Other Assets | — | — | — | ||||||
Total Assets | 1,068,854 | 1,099,690 | 1,453,450 | ||||||
Page 1 of 2
BALANCE SHEET
Period Ending: | June 30, 2009 | |||||
Case Number: | 09-51742 | |||||
Debtor: | Noble Metal Processing - Ohio, LLC |
Current Month | Prior Month | At Filing | |||||||
LIABILITIES | |||||||||
Cont Disb General - Post Petition | 61,134 | 61,079 | — | ||||||
Cont Disb Payroll - Post Petition | (19,159 | ) | (19,159 | ) | — | ||||
Cont Disb Flex - Post Petition | — | — | — | ||||||
Cont Disb Medical - Post Petition | — | — | — | ||||||
Accounts Payable - Post Petition | 35,019 | 35,019 | 35,019 | ||||||
A/P Manual - Post Petition | — | — | — | ||||||
A/P System - Post Petition | — | — | — | ||||||
Cont Disb General | — | — | — | ||||||
Cont Disb Payroll | 53,785 | 53,785 | 28,243 | ||||||
Cont Disb Flex | — | — | — | ||||||
Cont Disb Medical | — | — | — | ||||||
Accounts Payable - Pre Petition | 3,900,673 | 3,874,479 | 4,208,354 | ||||||
A/P Manual - Pre Petition | 35,019 | 35,019 | 35,019 | ||||||
A/P System - Pre Petition | — | — | 15,323 | ||||||
A/P Freight | — | — | — | ||||||
Accrued Bonus | — | — | — | ||||||
Accrued Benefits & Payroll | 1,087 | 49 | (370 | ) | |||||
Accrued Other | 2,326 | 2,326 | 2,326 | ||||||
Accrued Scrap | — | — | — | ||||||
Accrued Taxes | (1,000 | ) | (1,000 | ) | (1,000 | ) | |||
Accrued Interest | — | — | — | ||||||
Total Current Liabilities | 4,033,865 | 4,006,578 | 4,287,895 | ||||||
Deferred Tax Liability | — | — | — | ||||||
Capital Lease | — | — | — | ||||||
Revolver Pre-Petition | — | — | — | ||||||
Revolver Post-Petition | — | — | — | ||||||
Term Loan | — | — | — | ||||||
Convertible Sub Debt | — | — | — | ||||||
Industrial Revenue Bond | — | — | — | ||||||
Other Debt | — | — | — | ||||||
Intercompany Line Of Credit | — | — | — | ||||||
Intercompany Non Cash | 1,176,218 | 1,152,579 | 1,128,021 | ||||||
Total Long Term Liabilities | 1,176,218 | 1,152,579 | 1,128,021 | ||||||
Total Liabilities | 5,210,083 | 5,159,156 | 5,415,916 | ||||||
Accumulated Other Comprehensive Income | — | — | — | ||||||
Common Stock | — | — | — | ||||||
APIC | — | — | — | ||||||
Retained Earnings | (4,141,229 | ) | (4,059,466 | ) | (3,962,466 | ) | |||
Dividends | — | — | — | ||||||
Minority Interest Equity | — | — | — | ||||||
Total Stockholders’ Equity | (4,141,229 | ) | (4,059,466 | ) | (3,962,466 | ) | |||
Total Liabilities & Stockholders’ Equity | 1,068,854 | 1,099,690 | 1,453,450 | ||||||
Page 2 of 2
SUMMARY OF OPERATIONS
For the Period:June 30, 2009
Schedule of Post Petition Taxes Payable
Debtor: | Noble Metal Processing - Ohio, LLC | |
Case No: | 09-51742 |
Beginning Balance | Withheld | Accrued | Payments/ Deposits | Ending Balance | |||||||||||
Income Taxes Withheld: | |||||||||||||||
Federal | $ | 3,710.92 | $ | 1,291.55 | $ | — | $ | 1,291.55 | 3,710.92 | ||||||
State | 1,134.15 | 306.94 | — | 306.94 | 1,134.15 | ||||||||||
Local | 683.07 | 167.06 | — | 167.06 | 683.07 | ||||||||||
FICA Withheld: | 2,612.70 | 638.98 | — | 638.98 | 2,612.70 | ||||||||||
Employers FICA: | 2,612.70 | 638.98 | — | 638.98 | 2,612.70 | ||||||||||
Unemployment Tax: | — | ||||||||||||||
Federal | 5.76 | — | — | — | 5.76 | ||||||||||
State | 198.78 | — | — | — | 198.78 | ||||||||||
Sales, Use & Excise Taxes: | — | — | — | — | — | ||||||||||
Property Taxes: | — | — | — | — | — | ||||||||||
Other: | — | — | — | — | — | ||||||||||
TOTALS: | $ | 10,958.08 | $ | 3,043.51 | $ | — | $ | 3,043.51 | $ | 10,958.08 | |||||
SUMMARY OF OPERATIONS
Aging of Accounts Receivable & Post-Petition Accounts Payable
PERIOD ENDING:June 30, 2009
Debtor: | Noble Metal Processing - Ohio, LLC | |
Case No: | 09-51742 |
Age in Days: | 0 - 30 | 30 - 60 | Over 60 | ||||||
Post-Petition Accounts Payable | $ | 32,358.49 | $ | — | $ | — | |||
Accounts Receivable | $ | — | $ | — | $ | 285,167.08 |
MONTHLY CASH STATEMENT
DEBTOR:Noble Metal Processing - Ohio, Inc.
PERIOD ENDING:June 30, 2009
Cash Activity Analysis (Cash Basis Only): | Case No: 09-51742 |
1 | 2 | 3 | 4 | 5 | Total | |||||||||||||
A | Beginning Balance | — | 49,946.10 | — | — | 49,946.10 | ||||||||||||
B | Receipts (Attach separate schedule) | — | 11,000.00 | — | 11,000.00 | |||||||||||||
C | Balance Available (A + B) | — | 60,946.10 | — | — | — | 60,946.10 | |||||||||||
D | Less Disbursements (Attach separate schedule) | — | (60,939.95 | ) | — | — | (60,939.95 | ) | ||||||||||
E | ENDING BALANCE (C - D) | — | 6.15 | — | — | — | 6.15 | |||||||||||
Attention: Please enter the TOTAL DISBURSEMENTS for all of your accounts, including cash excluding | ||||||||||||||||||
transfers, onto the line below. This is the number that will determine your quarterly fee payment. | ||||||||||||||||||
$ | (60,939.95 | ) | ||||||||||||||||
(PLEASE ATTACH COPIES OF MOST RECENT RECONCILED BANK STATEMENTS FROM EACH ACCOUNT)
1 | Depository Name & Location | Comerica Bank | ||||
Account Number | 1851847705 | |||||
2 | Depository Name & Location | Comerica Bank | ||||
Account Number | 1851847796 | |||||
3 | Depository Name & Location | Comerica Bank | ||||
Account Number | 1851847812 | |||||
4 | Depository Name & Location |
| ||||
Account Number |
| |||||
5 | Depository Name & Location |
| ||||
Account Number |
| |||||
Other monies on hand ((specify type and location) i.e. CD’s, bonds, etc.): | ||||||
| ||||||
| ||||||
| ||||||
|
Date |
|
| ||
Debtor in Possession |
MONTHLY STATEMENT OF INSIDER COMPENSATION/PAYMENTS
PERIOD ENDING: June 30, 2009
Debtor: | Noble Metal Processing - Ohio, LLC | |
Case No: | 09-51742 |
The following information is to be provided for each shareholder, officer, director, manager, insider, or owner that is employed by the debor in possession.(Attach additional pages if necessary.)
Name: David Wright | Capacity: |
| Shareholder | |||
X | Officer | |||||
| Director | |||||
| Insider |
Detailed Description of Duties: |
| |
| ||
|
Weekly | or | Monthly | or | Reporting Period | |||||||||
Current Compensation Paid: | $ | 3,976.70 | |||||||||||
Current Benefits Paid: | |||||||||||||
Health Insurance | |||||||||||||
Life Insurance | |||||||||||||
Retirement | |||||||||||||
Company Vehicle | |||||||||||||
Entertainment | |||||||||||||
Travel | |||||||||||||
Other Benefits | $ | 230.76 | |||||||||||
Total Benefits | $ | — | $ | — | $ | 230.76 | |||||||
Current Other Payments Paid: | |||||||||||||
Rent Paid | |||||||||||||
Loans | |||||||||||||
Other (Severance) | $ | 1,276.48 | |||||||||||
Other (Describe) | |||||||||||||
Other (Describe) | |||||||||||||
Total Other Payments | $ | — | $ | — | $ | 1,276.48 | |||||||
CURRENT TOTAL OF ALL PAYMENTS: | $ | — | $ | — | $ | 5,483.94 | |||||||
Dated: |
| |
Principal, Officer, Director, or Insider |
SCHEDULE OF IN-FORCE INSURANCE
PERIOD ENDING:June 30, 2009
Debtor: | Noble Metal Processing - Ohio, LLC | |
Case No: | 09-51742 |
INSURANCE TYPE | CARRIER | EXPIRATION DATE | ||||||
Workers’ Compensation | Hartford Fire Insurance Company | 03/01/10 | ||||||
General Liability | Hartford Fire Insurance Company | 03/01/10 | ||||||
Global Property/Boiler & Machinery | Allianz Global Risks US Insurance Company | 03/01/10 | ||||||
Umbrella | St. Paul Fire & Marine Insurance Company (Travelers) | 03/01/10 | ||||||
Excess Umbrella | Great American Insurance Company | 03/01/10 | ||||||
Automobile | Hartford Fire Insurance Company | 03/01/10 | ||||||
Crime | National Union Fire Insurance Company of Pittsburgh PA (AIG) | 03/20/10 | ||||||
Directors & Officers Liability | National Union Fire Insurance Company (AIG) | 03/20/10 | ||||||
Directors & Officers Liability (runoff) | National Union Fire Insurance Company (AIG) | 03/20/14 | ||||||
1st Excess Directors & Officers Liability | St. Paul Mercury Insurance Company (Travelers) | 03/20/10 | ||||||
2nd Excess Directors & Officers Liability | Allied World National Assurance Company (AWNAC) | 03/20/10 | ||||||
Employment Practices Liability | National Union Fire Insurance Company (AIG) | 03/20/10 | ||||||
Employment Practices Liability (runoff) | National Union Fire Insurance Company (AIG) | 03/20/14 | ||||||
Fiduciary Liability | Federal Insurance Company (Chubb) | 03/20/10 | ||||||
Fiduciary Liability (runoff) | Federal Insurance Company (Chubb) | 03/20/14 | ||||||
Foreign Package | Insurance Company of the State of Pennsylvania (AIG WorldSource) | 03/20/10 |
UNITED STATES BANKRUPTCY COURT
FOR THE EASTERN DISTRICT OF MICHIGAN
TRANSMITTAL OF FINANCIAL REPORTS AND
CERTIFICATION OF COMPLIANCE WITH
UNITED STATES TRUSTEE OPERATING REQUIREMENTS FOR
THE PERIOD ENDED JUNE 30, 2009
In re:
Noble Metal Processing West Michigan, Inc. | Case Number: 09-51744 | |||||
As debtor in possession, I affirm: | Chapter 11 | |||||
1. | That I have reviewed the financial statements attached hereto, consisting of: | Judge: Marci B. Melvor |
x | Operating Statement | (Form 2) | ||||
x | Balance Sheet | (Form 3) | ||||
x | Summary of Operations | (Form 4) | ||||
x | Monthly Cash Statement | (Form 5) | ||||
x | Statement of Compensation | (Form 6) | ||||
x | Schedule of In-Force Insurance | (Form 7) | ||||
and that they have been prepared in accordance with normal and customary accounting practices, and fairly and accurately reflect the debtor’s financial activity for the period stated; |
2. | That the insurance, including workers’ compensation and unemployment insurance, as described in Section 5 of the Operating Instructions and Reporting Requirements for Chapter 11 Cases is in effect; and, |
(If not, attach a written explanation) | YES x NO |
3. | That all post-petition taxes as described in Sections 9 of the Operating Instructions and Reporting Requirements for Chapter 11 cases are current. |
(If not, attach a written explanation) | YES x NO |
4. | No professional fees (attorney, accountant, etc.) have been paid without specific court authorization. |
(If not, attach a written explanation) | YES x NO |
5. | All United States Trustee Quarterly fees have been paid and are current. |
YES x NO |
6. | Have you filed your pre-petition tax returns. |
(If not, attach a written explanation) | YES NO x |
Written Explanation: Debtor filed for bankruptcy protection on April 15, 2009. Extensions have been filed for all of debtor’s applicable 2008 tax returns.
I hereby certify, under penalty of perjury, that the information provided above and in the attached documents is true and correct to the best of my information and belief.
| ||||||||
Dated: |
| Debtor in Possession | ||||||
Chief Financial Officer | (248) 519-0700 | |||||||
Title | Phone |
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |||||
Case Number: | 09-51744 | |||||
Debtor: | Noble Metal Processing - West Michigan, Inc. |
Current Month | Total Since Filing | |||||
Welding Sales | — | — | ||||
Blanking | — | — | ||||
Blanking Direct | — | — | ||||
Roll Forming Sales | 3,091,963 | 7,555,536 | ||||
Transportation | — | — | ||||
Packaging | — | — | ||||
Scrap Sales | — | — | ||||
Dimpling Oiling Other Sales | — | — | ||||
Spot Weld Sales | — | — | ||||
Prototype Sales | — | — | ||||
Die Sales | — | 3,551 | ||||
Scrap Income | 12,320 | 56,084 | ||||
Sales Returns & Allowance | (25,082 | ) | (105,412 | ) | ||
Contract Manufacturing Sales | — | — | ||||
Other Sales | — | 79,099 | ||||
Task Sales | — | — | ||||
Steel Sales | 790,689 | 2,226,909 | ||||
Total Sales | 3,869,890 | 9,815,767 | ||||
Direct Labor | (521,825 | ) | (1,262,978 | ) | ||
Direct Labor Overtime | (294,955 | ) | (572,542 | ) | ||
Direct Contract Labor | (439 | ) | (1,132 | ) | ||
Direct Labor Payroll Taxes | (111,655 | ) | (170,969 | ) | ||
Direct Labor Health Benefits | — | (183,750 | ) | |||
Direct Labor Retirement Plan | — | — | ||||
Direct Labor Workers Comp | — | — | ||||
Direct Labor Gainsharing | — | — | ||||
Total Direct Labor | (928,873 | ) | (2,191,372 | ) | ||
Outside Blanking | (19,965 | ) | (35,700 | ) | ||
Outside Contract Manufacturing | — | — | ||||
Outside Other | (8,235 | ) | (25,865 | ) | ||
Material Consumption Owned | (86,076 | ) | (183,977 | ) | ||
Material Consumption Consigned | — | — | ||||
Unreported Material Consumption | (23,416 | ) | (14,275 | ) | ||
Physical Inventory Variance | (74,583 | ) | (82,486 | ) | ||
Heat, Light & Power | (40,974 | ) | (110,344 | ) | ||
Freight OEM | — | (1,899 | ) | |||
Freight Other | (12,190 | ) | (51,805 | ) | ||
Gas | (95 | ) | (312 | ) | ||
Shipping Material | (4,861 | ) | (22,852 | ) | ||
Prototype Costs | — | — | ||||
Die Costs | — | — | ||||
Other Sales Cost | — | (4,176 | ) | |||
Steel Cost | (1,116,644 | ) | (3,213,438 | ) | ||
Total Other Direct Costs | (1,387,038 | ) | (3,747,130 | ) | ||
Total Direct Costs | (2,315,911 | ) | (5,938,502 | ) | ||
Direct Margin | 1,553,979 | 3,877,266 | ||||
Indirect Labor Salary | (221,737 | ) | (521,497 | ) | ||
Indirect Labor Overtime | (74,722 | ) | (159,978 | ) | ||
Indirect Labor Hourly | (105,548 | ) | (433,167 | ) | ||
Indirect Labor Contract | (20,449 | ) | (55,245 | ) | ||
Capitalized Labor | — | — | ||||
Indirect Labor Payroll Taxes | (42,956 | ) | (101,758 | ) | ||
Indirect Labor Health Benefits | 358 | (85,885 | ) | |||
Indirect Labor Retirement Plan | (35,197 | ) | (80,308 | ) | ||
Indirect Labor Workers Comp | — | — | ||||
Indirect Labor Gainsharing | (74,478 | ) | (128,478 | ) | ||
Total Indirect Labor | (574,731 | ) | (1,566,316 | ) |
Page 1 of 3
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |||||
Case Number: | 09-51744 | |||||
Debtor: | Noble Metal Processing - West Michigan, Inc. |
Current Month | Total Since Filing | |||||
Depreciation | (219,119 | ) | (550,231 | ) | ||
Building Rent Expense | (60,886 | ) | (153,539 | ) | ||
Repairs & Maintenance | (23,459 | ) | (74,366 | ) | ||
Building Grounds Maintenance | (6,260 | ) | (14,678 | ) | ||
Shop Supplies | (134,027 | ) | (376,305 | ) | ||
Equipment Rental Expense | (28,586 | ) | (68,841 | ) | ||
Equipment Rental Intercompany | — | — | ||||
Equipment Rental Income | — | — | ||||
Insurance | — | — | ||||
Travel Indirect | — | — | ||||
Property Tax | (30,271 | ) | (111,598 | ) | ||
Pre Employment Expense | — | (26 | ) | |||
Training Indirect | — | — | ||||
Tools | (1,290 | ) | (3,278 | ) | ||
Research & Development | — | — | ||||
Capitalized Overhead | — | — | ||||
Gain or Loss on Disposal | (5,721,513 | ) | (5,721,513 | ) | ||
Production Task | — | — | ||||
Labor Variance | (71,249 | ) | (34,820 | ) | ||
Material Variance | (70,232 | ) | (107,142 | ) | ||
Burden Variance | (132,946 | ) | (74,530 | ) | ||
Total Other Indirect Costs | (6,499,838 | ) | (7,290,867 | ) | ||
Total Indirect Costs | (7,074,569 | ) | (8,857,183 | ) | ||
Total Cost of Sales | (9,390,480 | ) | (14,795,684 | ) | ||
Gross Margin | (5,520,591 | ) | (4,979,917 | ) | ||
SG&A Labor | (7,803 | ) | (17,874 | ) | ||
SG&A Labor Stock Compensation | — | — | ||||
SG&A Labor Contract | — | — | ||||
SG&A Labor Payroll Taxes | (443 | ) | (1,804 | ) | ||
SG&A Labor Health Benefits | — | (906 | ) | |||
SG&A Labor Retirement Plan | — | — | ||||
SG&A Labor Workers Comp | — | — | ||||
SG&A Labor Gainsharing | — | — | ||||
Total SG&A Labor | (8,246 | ) | (20,583 | ) | ||
Bonus Expense | — | — | ||||
Depreciation SG&A | (1,384 | ) | (3,459 | ) | ||
Amortization | — | (80,611 | ) | |||
Research & Development SGA | — | — | ||||
Travel SG&A | (4,508 | ) | (9,217 | ) | ||
Safety & Security | — | (906 | ) | |||
Computer Supplies | 65 | 65 | ||||
Telephone Expense | (6,936 | ) | (16,214 | ) | ||
Telephone Expense - Mobile | (1,840 | ) | (3,932 | ) | ||
Office Expense | (2,352 | ) | (5,354 | ) | ||
Training SG&A | — | (23 | ) | |||
Meals & Entertainment | (329 | ) | (749 | ) | ||
Dues & Subscriptions | (225 | ) | (393 | ) | ||
Employee Relations | — | (20 | ) | |||
Internal Meals | — | (52 | ) | |||
Meals – Sandwiches visitors | — | — | ||||
Meals – Meal cheques | — | — | ||||
Meals – Coffee/Water-personnel | — | — | ||||
Sales Promotion | — | — | ||||
Advertising | — | — | ||||
Bank Charges | (125 | ) | (7,331 | ) | ||
Corporate Services Corporate | — | — |
Page 2 of 3
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |||||
Case Number: | 09-51744 | |||||
Debtor: | Noble Metal Processing - West Michigan, Inc. |
Current Month | Total Since Filing | |||||
Corporate Services General | — | — | ||||
Directors Expense | — | — | ||||
Directors Expense - Stock Based | — | — | ||||
Professional Fees Legal | — | — | ||||
Professional Fees Audit/tax | — | — | ||||
Professional Fees Other | 30 | 48 | ||||
Business Insurance | — | — | ||||
Club Dues | — | — | ||||
Commission Expense | (2,265 | ) | (2,265 | ) | ||
Other Taxes & Penalties | (625 | ) | (762 | ) | ||
Plane Lease & Maintenance | — | — | ||||
Licenses, Fees, & Permits | — | — | ||||
Moving Expense | — | — | ||||
Donations | — | — | ||||
Bad Debt Expense | 3,040 | 30,602 | ||||
Held for Sale Expense | — | — | ||||
Administrative Task | — | — | ||||
Total Other SG&A | (17,454 | ) | (100,573 | ) | ||
Total SG&A | (25,701 | ) | (121,157 | ) | ||
Net Operating Profit | (5,546,291 | ) | (5,101,074 | ) | ||
Intercompany Interest | — | (115,616 | ) | |||
Interest Expense | (7 | ) | (7 | ) | ||
Amortization Fees | — | — | ||||
Amortization Fees Sub | — | — | ||||
Amortization Debt Discount | — | — | ||||
Gain/Loss on Derivatives | — | — | ||||
Capitalized Interest | — | — | ||||
Interest Income | — | — | ||||
Royalty Income/Expense | — | — | ||||
Foreign Currency | — | — | ||||
Dividend Income | — | — | ||||
Extraordinary Gain/Loss | — | — | ||||
Gain / Loss On Disposal | — | — | ||||
Impairment Charges | — | — | ||||
Group Allocation Indirect | — | — | ||||
Group Allocation SG&A | — | (151,210 | ) | |||
Other Income/Expense | — | — | ||||
Total Other (Income)/Expense | (7 | ) | (266,833 | ) | ||
Income before Taxes & Minority Interest | (5,546,298 | ) | (5,367,906 | ) | ||
Income Taxes | — | 18 | ||||
Net Income before Minority Interest | (5,546,298 | ) | (5,367,889 | ) | ||
Minority Interest | — | — | ||||
Net Income | (5,546,298 | ) | (5,367,889 | ) | ||
Page 3 of 3
BALANCE SHEET
Period Ending: | June 30, 2009 | |||||
Case Number: | 09-51744 | |||||
Debtor: | Noble Metal Processing - West Michigan, Inc. |
Current Month | Prior Month | At Filing | |||||||
ASSETS | |||||||||
Cash | 100,121 | 600 | 166 | ||||||
Accounts Receivable | 5,448,376 | 3,325,403 | 4,231,319 | ||||||
Allowance For Bad Debt | (68,397 | ) | (71,437 | ) | (100,457 | ) | |||
Inventory | 585,873 | 1,651,052 | 1,722,707 | ||||||
Inventory Dies | 15,570 | 15,570 | 15,570 | ||||||
Inventory Prototype | — | — | — | ||||||
Prepaid Expenses | 1,521,563 | 40,808 | (1,135,505 | ) | |||||
Notes Receivable | — | — | — | ||||||
Deferred Tax Asset | — | — | — | ||||||
Total Current Assets | 7,603,107 | 4,961,997 | 4,733,801 | ||||||
Machinery & Equipment | 6,023,353 | 17,370,322 | 17,370,322 | ||||||
MIS Computer Equipment | — | 35,217 | 35,217 | ||||||
Building | — | 1,547,152 | 1,550,802 | ||||||
Land | — | 4,198 | 4,198 | ||||||
Office Equipment | 28,828 | 47,805 | 47,805 | ||||||
Auto & Trucks | — | 67,205 | 67,205 | ||||||
Leasehold Improvements | — | — | — | ||||||
Production Equip In Progress | — | (99 | ) | 1,995 | |||||
Accumulated Depreciation | (2,315,186 | ) | (5,791,949 | ) | (5,458,762 | ) | |||
Property, Plant & Equipment, Net | 3,736,995 | 13,279,851 | 13,618,782 | ||||||
Investments | — | — | — | ||||||
Other Intangible, Net | 20,670,762 | 20,670,762 | 20,751,373 | ||||||
Credit Agreement Fees, Net | — | — | — | ||||||
Goodwill, Net | — | — | — | ||||||
Deposits | 21,005 | 21,005 | 21,005 | ||||||
Assets Held For Sale | — | — | — | ||||||
Total Other Assets | 20,691,767 | 20,691,767 | 20,772,378 | ||||||
Total Assets | 32,031,869 | 38,933,615 | 39,124,961 | ||||||
Page 1 of 2
BALANCE SHEET
Period Ending: | June 30, 2009 | |||||
Case Number: | 09-51744 | |||||
Debtor: | Noble Metal Processing - West Michigan, Inc. |
Current Month | Prior Month | At Filing | |||||||
LIABILITIES | |||||||||
Cont Disb General - Post Petition | (2,665 | ) | 3,912 | — | |||||
Cont Disb Payroll - Post Petition | — | — | — | ||||||
Cont Disb Flex - Post Petition | — | — | — | ||||||
Cont Disb Medical - Post Petition | — | — | — | ||||||
Accounts Payable - Post Petition | 49,143 | 52,464 | 57,509 | ||||||
A/P Manual - Post Petition | 37,270 | 70,458 | — | ||||||
A/P System - Post Petition | 108,399 | 209,724 | — | ||||||
Cont Disb General | 11,319 | 11,319 | 11,319 | ||||||
Cont Disb Payroll | (61,458 | ) | (9,928 | ) | (228,093 | ) | |||
Cont Disb Flex | — | — | — | ||||||
Cont Disb Medical | — | — | — | ||||||
Accounts Payable - Pre Petition | 5,091,786 | 4,856,437 | 4,661,856 | ||||||
A/P Manual - Pre Petition | 49,143 | 52,464 | 57,509 | ||||||
A/P System - Pre Petition | 8,449 | 26,428 | 478,896 | ||||||
A/P Freight | — | — | — | ||||||
Accrued Bonus | — | 67,614 | 13,614 | ||||||
Accrued Benefits & Payroll | 56,284 | 545,865 | 571,807 | ||||||
Accrued Other | 70,437 | 46,564 | 18,257 | ||||||
Accrued Scrap | — | — | — | ||||||
Accrued Taxes | — | — | — | ||||||
Accrued Interest | — | — | — | ||||||
Total Current Liabilities | 5,368,964 | 5,880,856 | 5,585,164 | ||||||
Deferred Tax Liability | — | — | — | ||||||
Capital Lease | — | — | — | ||||||
Revolver Pre-Petition | — | — | — | ||||||
Revolver Post-Petition | — | — | — | ||||||
Term Loan | — | — | — | ||||||
Convertible Sub Debt | — | — | — | ||||||
Industrial Revenue Bond | — | — | — | ||||||
Other Debt | 3,973,603 | 3,973,603 | 3,973,603 | ||||||
Intercompany Line Of Credit | — | — | — | ||||||
Intercompany Non Cash | 90,483,958 | 91,327,513 | 91,992,960 | ||||||
Total Long Term Liabilities | 94,457,561 | 95,301,116 | 95,966,563 | ||||||
Total Liabilities | 99,826,525 | 101,181,973 | 101,551,728 | ||||||
Accumulated Other Comprehensive Income | — | — | — | ||||||
Common Stock | — | — | — | ||||||
APIC | — | — | — | ||||||
Retained Earnings | (67,794,656 | ) | (62,248,358 | ) | (62,426,767 | ) | |||
Dividends | — | — | — | ||||||
Minority Interest Equity | — | — | — | ||||||
Total Stockholders’ Equity | (67,794,656 | ) | (62,248,358 | ) | (62,426,767 | ) | |||
Total Liabilities & Stockholders’ Equity | 32,031,869 | 38,933,615 | 39,124,960 | ||||||
Page 2 of 2
SUMMARY OF OPERATIONS
For the Period:June 30, 2009
Schedule of Post Petition Taxes Payable
Debtor: | Noble Metal Processing - West Michigan, Inc | |
Case No: | 09-51744 |
Beginning Balance | Withheld | Accrued | Payments/ Deposits | Ending Balance | |||||||||||
Income Taxes Withheld: | |||||||||||||||
Federal | $ | 72,410.78 | $ | 127,543.23 | $ | 60,386.50 | $ | 148,683.05 | 111,657.46 | ||||||
State | 30,924.30 | 45,563.46 | 13,093.05 | 58,648.82 | 30,931.99 | ||||||||||
Local | 58.59 | 69.44 | 78.63 | 49.40 | |||||||||||
FICA Withheld: | 62,066.54 | 91,155.28 | 24,127.93 | 117,967.97 | 59,381.78 | ||||||||||
Employers FICA: | 62,066.54 | 102,972.38 | 26,852.53 | 117,967.97 | 73,923.48 | ||||||||||
Unemployment Tax: | — | ||||||||||||||
Federal | 1,367.80 | 741.82 | 138.19 | 772.03 | 1,475.78 | ||||||||||
State | 23,158.54 | — | 12,788.04 | 10,370.50 | |||||||||||
Sales, Use & Excise Taxes: | — | — | — | — | — | ||||||||||
Property Taxes: | — | — | — | — | — | ||||||||||
Other: | — | — | — | — | — | ||||||||||
TOTALS: | $ | 252,053.09 | $ | 368,045.61 | $ | 124,598.20 | $ | 456,906.51 | $ | 287,790.39 | |||||
SUMMARY OF OPERATIONS
Aging of Accounts Receivable & Post-Petition Accounts Payable
PERIOD ENDING:June 30, 2009
Debtor: | Noble Metal Processing - West Michigan, Inc. | |
Case No: | 09-51744 |
Age in Days: | 0 - 30 | 30 - 60 | Over 60 | ||||||
Post-Petition Accounts Payable | $ | 389,751.34 | $ | 101,496.01 | $ | 20,440.00 | |||
Accounts Receivable | $ | 2,950,895.08 | $ | 692,170.85 | $ | 483,352.35 |
MONTHLY CASH STATEMENT
DEBTOR:Noble Metal Processing - West Michigan, Inc.
PERIOD ENDING:June 30, 2009
Cash Activity Analysis (Cash Basis Only): | Case No: 09-51744 |
1 | 2 | 3 | 4 | 5 | Total | ||||||||||||||
A | Beginning Balance | 9,544.53 | 156,972.82 | — | 6,011.59 | — | 172,528.94 | ||||||||||||
B | Receipts (Attach separate schedule) | 59,900.00 | 460,200.00 | — | 1,315,594.48 | — | 1,835,694.48 | ||||||||||||
C | Balance Available (A + B) | 69,444.53 | 617,172.82 | — | 1,321,606.07 | — | 2,008,223.42 | ||||||||||||
D | Less Disbursements (Attach separate schedule) | (63,272.34 | ) | (600,177.84 | ) | — | (1,217,020.82 | ) | — | (1,880,471.00 | ) | ||||||||
E | ENDING BALANCE (C - D) | 6,172.19 | 16,994.98 | — | 104,585.25 | — | 127,752.42 | ||||||||||||
Attention: Please enter the TOTAL DISBURSEMENTS for all of your accounts, including cash excluding | |||||||||||||||||||
transfers, onto the line below. This is the number that will determine your quarterly fee payment. | |||||||||||||||||||
$ | (689,003.00 | ) | |||||||||||||||||
(PLEASE ATTACH COPIES OF MOST RECENT RECONCILED BANK STATEMENTS FROM EACH ACCOUNT)
1 | Depository Name & Location | Comerica Bank | ||||
Account Number | 1852383213 | |||||
2 | Depository Name & Location | Comerica Bank | ||||
Account Number | 1852382868 | |||||
3 | Depository Name & Location | Comerica Bank | ||||
Account Number | 1851268266 | |||||
4 | Depository Name & Location | Comerica Bank | ||||
Account Number | 1850665728 | |||||
5 | Depository Name & Location | Comerica Bank | ||||
Account Number | 1851268258 | |||||
Other monies on hand ((specify type and location) i.e. CD’s, bonds, etc.): | ||||||
| ||||||
| ||||||
| ||||||
|
Date |
|
| ||
Debtor in Possession |
MONTHLY CASH STATEMENT
DEBTOR:Noble Metal Processing - West Michigan, Inc.
PERIOD ENDING:June 30, 2009
Disbursement Detail: | Case No: 09-51744 |
Date | Payee | Amount | ||
06/29/09 | Emhart Teknologies | 24,705.00 | ||
24,705.00 | ||||
SCHEDULE OF IN-FORCE INSURANCE
PERIOD ENDING:June 30, 2009
Debtor: | Noble Metal Processing - West Michigan, Inc. | |
Case No: | 09-51744 |
INSURANCE TYPE | CARRIER | EXPIRATION DATE | ||||||
Workers’ Compensation | Hartford Fire Insurance Company | 03/01/10 | ||||||
General Liability | Hartford Fire Insurance Company | 03/01/10 | ||||||
Global Property/Boiler & Machinery | Allianz Global Risks US Insurance Company | 03/01/10 | ||||||
Umbrella | St. Paul Fire & Marine Insurance Company (Travelers) | 03/01/10 | ||||||
Excess Umbrella | Great American Insurance Company | 03/01/10 | ||||||
Automobile | Hartford Fire Insurance Company | 03/01/10 | ||||||
Crime | National Union Fire Insurance Company of Pittsburgh PA (AIG) | 03/20/10 | ||||||
Directors & Officers Liability | National Union Fire Insurance Company (AIG) | 03/20/10 | ||||||
Directors & Officers Liability (runoff) | National Union Fire Insurance Company (AIG) | 03/20/14 | ||||||
1st Excess Directors & Officers Liability | St. Paul Mercury Insurance Company (Travelers) | 03/20/10 | ||||||
2nd Excess Directors & Officers Liability | Allied World National Assurance Company (AWNAC) | 03/20/10 | ||||||
Employment Practices Liability | National Union Fire Insurance Company (AIG) | 03/20/10 | ||||||
Employment Practices Liability (runoff) | National Union Fire Insurance Company (AIG) | 03/20/14 | ||||||
Fiduciary Liability | Federal Insurance Company (Chubb) | 03/20/10 | ||||||
Fiduciary Liability (runoff) | Federal Insurance Company (Chubb) | 03/20/14 | ||||||
Foreign Package | Insurance Company of the State of Pennsylvania (AIG WorldSource) | 03/20/10 |
UNITED STATES BANKRUPTCY COURT
FOR THE EASTERN DISTRICT OF MICHIGAN
TRANSMITTAL OF FINANCIAL REPORTS AND
CERTIFICATION OF COMPLIANCE WITH
UNITED STATES TRUSTEE OPERATING REQUIREMENTS FOR
THE PERIOD ENDED JUNE 30, 2009
In re:
Noble Swiss Holdings, LLC | Case Number: 09-51745 | |||||
As debtor in possession, I affirm: | Chapter 11 | |||||
1. | That I have reviewed the financial statements attached hereto, consisting of: | Judge: Marci B. Melvor |
x | Operating Statement | (Form 2) | ||||
x | Balance Sheet | (Form 3) | ||||
x | Summary of Operations | (Form 4) | ||||
x | Monthly Cash Statement | (Form 5) | ||||
x | Statement of Compensation | (Form 6) | ||||
x | Schedule of In-Force Insurance | (Form 7) | ||||
and that they have been prepared in accordance with normal and customary accounting practices, and fairly and accurately reflect the debtor’s financial activity for the period stated; |
2. | That the insurance, including workers’ compensation and unemployment insurance, as described in Section 5 of the Operating Instructions and Reporting Requirements for Chapter 11 Cases is in effect; and, |
(If not, attach a written explanation) | YES x NO |
3. | That all post-petition taxes as described in Sections 9 of the Operating Instructions and Reporting Requirements for Chapter 11 cases are current. |
(If not, attach a written explanation) | YES x NO |
4. | No professional fees (attorney, accountant, etc.) have been paid without specific court authorization. |
(If not, attach a written explanation) | YES x NO |
5. | All United States Trustee Quarterly fees have been paid and are current. |
YES x NO |
6. | Have you filed your pre-petition tax returns. |
(If not, attach a written explanation) | YES NO x |
Written Explanation: Debtor filed for bankruptcy protection on April 15, 2009. Extensions have been filed for all of debtor’s applicable 2008 tax returns.
I hereby certify, under penalty of perjury, that the information provided above and in the attached documents is true and correct to the best of my information and belief.
| ||||||||
Dated: |
| Debtor in Possession | ||||||
Chief Financial Officer | (248) 519-0700 | |||||||
Title | Phone |
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |||
Case Number: | 09-51745 | |||
Debtor: | Noble Swiss Holdings, LLC |
Current Month | Total Since Filing | |||
Welding Sales | — | — | ||
Blanking | — | — | ||
Blanking Direct | — | — | ||
Roll Forming Sales | — | — | ||
Transportation | — | — | ||
Packaging | — | — | ||
Scrap Sales | — | — | ||
Dimpling Oiling Other Sales | — | — | ||
Spot Weld Sales | — | — | ||
Prototype Sales | — | — | ||
Die Sales | — | — | ||
Scrap Income | — | — | ||
Sales Returns & Allowance | — | — | ||
Contract Manufacturing Sales | — | — | ||
Other Sales | — | — | ||
Task Sales | — | — | ||
Steel Sales | — | — | ||
Total Sales | — | — | ||
Direct Labor | — | — | ||
Direct Labor Overtime | — | — | ||
Direct Contract Labor | — | — | ||
Direct Labor Payroll Taxes | — | — | ||
Direct Labor Health Benefits | — | — | ||
Direct Labor Retirement Plan | — | — | ||
Direct Labor Workers Comp | — | — | ||
Direct Labor Gainsharing | — | — | ||
Total Direct Labor | — | — | ||
Outside Blanking | — | — | ||
Outside Contract Manufacturing | — | — | ||
Outside Other | — | — | ||
Material Consumption Owned | — | — | ||
Material Consumption Consigned | — | — | ||
Unreported Material Consumption | — | — | ||
Physical Inventory Variance | — | — | ||
Heat, Light & Power | — | — | ||
Freight OEM | — | — | ||
Freight Other | — | — | ||
Gas | — | — | ||
Shipping Material | — | — | ||
Prototype Costs | — | — | ||
Die Costs | — | — | ||
Other Sales Cost | — | — | ||
Steel Cost | — | — | ||
Total Other Direct Costs | — | — | ||
Total Direct Costs | — | — | ||
Direct Margin | — | — | ||
Indirect Labor Salary | — | — | ||
Indirect Labor Overtime | — | — | ||
Indirect Labor Hourly | — | — | ||
Indirect Labor Contract | — | — | ||
Capitalized Labor | — | — | ||
Indirect Labor Payroll Taxes | — | — | ||
Indirect Labor Health Benefits | — | — | ||
Indirect Labor Retirement Plan | — | — | ||
Indirect Labor Workers Comp | — | — | ||
Indirect Labor Gainsharing | — | — | ||
Total Indirect Labor | — | — |
Page 1 of 3
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |
Case Number: | 09-51745 | |
Debtor: | Noble Swiss Holdings, LLC |
Current Month | Total Since Filing | ||||
Depreciation | — | — | |||
Building Rent Expense | — | — | |||
Repairs & Maintenance | — | — | |||
Building Grounds Maintenance | — | — | |||
Shop Supplies | — | — | |||
Equipment Rental Expense | — | — | |||
Equipment Rental Intercompany | — | — | |||
Equipment Rental Income | — | — | |||
Insurance | — | — | |||
Travel Indirect | — | — | |||
Property Tax | — | — | |||
Pre Employment Expense | — | — | |||
Training Indirect | — | — | |||
Tools | — | — | |||
Research & Development | — | — | |||
Capitalized Overhead | — | — | |||
Gain or Loss on Disposal | — | — | |||
Production Task | — | — | |||
Labor Variance | — | — | |||
Material Variance | — | (0 | ) | ||
Burden Variance | — | — | |||
Total Other Indirect Costs | — | (0 | ) | ||
Total Indirect Costs | — | (0 | ) | ||
Total Cost of Sales | — | (0 | ) | ||
Gross Margin | — | (0 | ) | ||
SG&A Labor | — | — | |||
SG&A Labor Stock Compensation | — | — | |||
SG&A Labor Contract | — | — | |||
SG&A Labor Payroll Taxes | — | — | |||
SG&A Labor Health Benefits | — | — | |||
SG&A Labor Retirement Plan | — | — | |||
SG&A Labor Workers Comp | — | — | |||
SG&A Labor Gainsharing | — | — | |||
Total SG&A Labor | — | — | |||
Bonus Expense | — | — | |||
Depreciation SG&A | — | — | |||
Amortization | — | — | |||
Research & Development SGA | — | — | |||
Travel SG&A | — | — | |||
Safety & Security | — | — | |||
Computer Supplies | — | — | |||
Telephone Expense | — | — | |||
Telephone Expense - Mobile | — | — | |||
Office Expense | — | — | |||
Training SG&A | — | — | |||
Meals & Entertainment | — | — | |||
Dues & Subscriptions | — | — | |||
Employee Relations | — | — | |||
Internal Meals | — | — | |||
Meals – Sandwiches visitors | — | — | |||
Meals – Meal cheques | — | — | |||
Meals – Coffee/Water-personnel | — | — | |||
Sales Promotion | — | — | |||
Advertising | — | — | |||
Bank Charges | — | — | |||
Corporate Services Corporate | — | — |
Page 2 of 3
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |
Case Number: | 09-51745 | |
Debtor: | Noble Swiss Holdings, LLC |
Current Month | Total Since Filing | ||||
Corporate Services General | — | — | |||
Directors Expense | — | — | |||
Directors Expense - Stock Based | — | — | |||
Professional Fees Legal | — | — | |||
Professional Fees Audit/tax | — | — | |||
Professional Fees Other | — | — | |||
Business Insurance | — | — | |||
Club Dues | — | — | |||
Commission Expense | — | — | |||
Other Taxes & Penalties | — | — | |||
Plane Lease & Maintenance | — | — | |||
Licenses, Fees, & Permits | — | — | |||
Moving Expense | — | — | |||
Donations | — | — | |||
Bad Debt Expense | — | — | |||
Held for Sale Expense | — | — | |||
Administrative Task | — | — | |||
Total Other SG&A | — | — | |||
Total SG&A | — | — | |||
Net Operating Profit | — | (0 | ) | ||
Intercompany Interest | — | — | |||
Interest Expense | — | — | |||
Amortization Fees | — | — | |||
Amortization Fees Sub | — | — | |||
Amortization Debt Discount | — | — | |||
Gain/Loss on Derivatives | — | — | |||
Capitalized Interest | — | — | |||
Interest Income | — | — | |||
Royalty Income/Expense | — | — | |||
Foreign Currency | — | — | |||
Dividend Income | — | — | |||
Extraordinary Gain/Loss | — | — | |||
Gain / Loss On Disposal | — | — | |||
Impairment Charges | — | — | |||
Group Allocation Indirect | — | — | |||
Group Allocation SG&A | — | — | |||
Other Income/Expense | — | — | |||
Total Other (Income)/Expense | — | — | |||
Income before Taxes & Minority Interest | — | (0 | ) | ||
Income Taxes | — | — | |||
Net Income before Minority Interest | — | (0 | ) | ||
Minority Interest | — | — | |||
Net Income | — | (0 | ) | ||
Page 3 of 3
BALANCE SHEET
Period Ending: | June 30, 2009 | |
Case Number: | 09-51745 | |
Debtor: | Noble Swiss Holdings, LLC |
Current Month | Prior Month | At Filing | ||||
ASSETS | ||||||
Cash | — | — | — | |||
Accounts Receivable | — | — | — | |||
Allowance For Bad Debt | — | — | — | |||
Inventory | — | — | — | |||
Inventory Dies | — | — | — | |||
Inventory Prototype | — | — | — | |||
Prepaid Expenses | — | — | — | |||
Notes Receivable | — | — | — | |||
Deferred Tax Asset | — | — | — | |||
Total Current Assets | — | — | — | |||
Machinery & Equipment | — | — | — | |||
MIS Computer Equipment | — | — | — | |||
Building | — | — | — | |||
Land | — | — | — | |||
Office Equipment | — | — | — | |||
Auto & Trucks | — | — | — | |||
Leasehold Improvements | — | — | — | |||
Production Equip In Progress | — | — | — | |||
Accumulated Depreciation | — | — | — | |||
Property, Plant & Equipment, Net | — | — | — | |||
Investments | — | — | — | |||
Other Intangible, Net | — | — | — | |||
Credit Agreement Fees, Net | — | — | — | |||
Goodwill, Net | — | — | — | |||
Deposits | — | — | — | |||
Assets Held For Sale | — | — | — | |||
Total Other Assets | — | — | — | |||
Total Assets | — | — | — | |||
Page 1 of 2
BALANCE SHEET
Period Ending: | June 30, 2009 | |
Case Number: | 09-51745 | |
Debtor: | Noble Swiss Holdings, LLC |
Current Month | Prior Month | At Filing | ||||||
LIABILITIES | ||||||||
Cont Disb General - Post Petition | — | — | — | |||||
Cont Disb Payroll - Post Petition | — | — | — | |||||
Cont Disb Flex - Post Petition | — | — | — | |||||
Cont Disb Medical - Post Petition | — | — | — | |||||
Accounts Payable - Post Petition | — | — | — | |||||
A/P Manual - Post Petition | — | — | — | |||||
A/P System - Post Petition | — | — | — | |||||
Cont Disb General | — | — | — | |||||
Cont Disb Payroll | — | — | — | |||||
Cont Disb Flex | — | — | — | |||||
Cont Disb Medical | — | — | — | |||||
Accounts Payable - Pre Petition | — | — | — | |||||
A/P Manual - Pre Petition | — | — | — | |||||
A/P System - Pre Petition | - | — | — | |||||
A/P Freight | — | — | — | |||||
Accrued Bonus | — | — | — | |||||
Accrued Benefits & Payroll | — | — | — | |||||
Accrued Other | — | — | — | |||||
Accrued Scrap | — | — | — | |||||
Accrued Taxes | — | — | — | |||||
Accrued Interest | — | — | — | |||||
Total Current Liabilities | — | — | — | |||||
Deferred Tax Liability | — | — | — | |||||
Capital Lease | — | — | — | |||||
Revolver Pre-Petition | — | — | — | |||||
Revolver Post-Petition | — | — | — | |||||
Term Loan | — | — | — | |||||
Convertible Sub Debt | — | — | — | |||||
Industrial Revenue Bond | — | — | — | |||||
Other Debt | — | — | — | |||||
Intercompany Line Of Credit | — | — | — | |||||
Intercompany Non Cash | — | 39 | 39 | |||||
Total Long Term Liabilities | — | 39 | 39 | |||||
Total Liabilities | — | 39 | 39 | |||||
Accumulated Other Comprehensive Income | — | — | — | |||||
Common Stock | — | — | — | |||||
APIC | — | — | — | |||||
Retained Earnings | — | (39 | ) | (39 | ) | |||
Dividends | — | — | — | |||||
Minority Interest Equity | — | — | — | |||||
Total Stockholders’ Equity | — | (39 | ) | (39 | ) | |||
Total Liabilities & Stockholders’ Equity | — | (0 | ) | (0 | ) | |||
Page 2 of 2
SUMMARY OF OPERATIONS
For the Period:June 30, 2009
Schedule of Post Petition Taxes Payable
Debtor: | Noble Swiss Holdings, LLC | |
Case No: | 09-51745 |
Beginning Balance | Withheld | Accrued | Payments/ Deposits | Ending Balance | |||||||||||
Income Taxes Withheld: | |||||||||||||||
Federal | $ | — | $ | — | $ | — | $ | — | — | ||||||
State | — | — | — | — | — | ||||||||||
Local | — | — | — | — | — | ||||||||||
FICA Withheld: | — | — | — | — | — | ||||||||||
Employers FICA: | — | — | — | — | — | ||||||||||
Unemployment Tax: | — | ||||||||||||||
Federal | — | — | — | — | — | ||||||||||
State | — | — | — | — | — | ||||||||||
Sales, Use & Excise Taxes: | — | — | — | — | — | ||||||||||
Property Taxes: | — | — | — | — | — | ||||||||||
Other: | — | — | — | — | — | ||||||||||
TOTALS: | $ | — | $ | — | $ | — | $ | — | $ | — | |||||
SUMMARY OF OPERATIONS
Aging of Accounts Receivable & Post-Petition Accounts Payable
PERIOD ENDING:June 30, 2009
Debtor: | Noble Swiss Holdings, LLC | |
Case No: | 09-51745 |
Age in Days: | 0 - 30 | 30 - 60 | Over 60 | ||||||
Post-Petition Accounts Payable | $ | — | $ | — | $ | — | |||
Accounts Receivable | $ | — | $ | — | $ | — |
MONTHLY CASH STATEMENT
DEBTOR:Noble Swiss Holdings, LLC
PERIOD ENDING:June 30, 2009
Cash Activity Analysis (Cash Basis Only): | Case No: 09-51745 |
1 | 2 | 3 | 4 | 5 | Total | ||||||||||
A | Beginning Balance | — | — | ||||||||||||
B | Receipts (Attach separate schedule) | — | |||||||||||||
C | Balance Available (A + B) | — | — | — | — | — | — | ||||||||
D | Less Disbursements (Attach separate schedule) | — | — | ||||||||||||
E | ENDING BALANCE (C - D) | — | — | — | — | — | — | ||||||||
Attention: Please enter the TOTAL DISBURSEMENTS for all of your accounts, including cash excluding | |||||||||||||||
transfers, onto the line below. This is the number that will determine your quarterly fee payment. | |||||||||||||||
$ | |||||||||||||||
(PLEASE ATTACH COPIES OF MOST RECENT RECONCILED BANK STATEMENTS FROM EACH ACCOUNT)
1 | Depository Name & Location |
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Account Number |
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2 | Depository Name & Location |
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Account Number |
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3 | Depository Name & Location |
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Account Number |
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4 | Depository Name & Location |
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Account Number |
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5 | Depository Name & Location |
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Account Number |
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Other monies on hand ((specify type and location) i.e. CD’s, bonds, etc.): | ||||||
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Date |
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Debtor in Possession |
SCHEDULE OF IN-FORCE INSURANCE
PERIOD ENDING:June 30, 2009
Debtor: | Noble Swiss Holdings, LLC | |
Case No: | 09-51745 |
INSURANCE TYPE | CARRIER | EXPIRATION DATE | ||||||
Workers’ Compensation | Hartford Fire Insurance Company | 03/01/10 | ||||||
General Liability | Hartford Fire Insurance Company | 03/01/10 | ||||||
Global Property/Boiler & Machinery | Allianz Global Risks US Insurance Company | 03/01/10 | ||||||
Umbrella | St. Paul Fire & Marine Insurance Company (Travelers) | 03/01/10 | ||||||
Excess Umbrella | Great American Insurance Company | 03/01/10 | ||||||
Automobile | Hartford Fire Insurance Company | 03/01/10 | ||||||
Crime | National Union Fire Insurance Company of Pittsburgh PA (AIG) | 03/20/10 | ||||||
Directors & Officers Liability | National Union Fire Insurance Company (AIG) | 03/20/10 | ||||||
Directors & Officers Liability (runoff) | National Union Fire Insurance Company (AIG) | 03/20/14 | ||||||
1st Excess Directors & Officers Liability | St. Paul Mercury Insurance Company (Travelers) | 03/20/10 | ||||||
2nd Excess Directors & Officers Liability | Allied World National Assurance Company (AWNAC) | 03/20/10 | ||||||
Employment Practices Liability | National Union Fire Insurance Company (AIG) | 03/20/10 | ||||||
Employment Practices Liability (runoff) | National Union Fire Insurance Company (AIG) | 03/20/14 | ||||||
Fiduciary Liability | Federal Insurance Company (Chubb) | 03/20/10 | ||||||
Fiduciary Liability (runoff) | Federal Insurance Company (Chubb) | 03/20/14 | ||||||
Foreign Package | Insurance Company of the State of Pennsylvania (AIG WorldSource) | 03/20/10 |
UNITED STATES BANKRUPTCY COURT
FOR THE EASTERN DISTRICT OF MICHIGAN
TRANSMITTAL OF FINANCIAL REPORTS AND
CERTIFICATION OF COMPLIANCE WITH
UNITED STATES TRUSTEE OPERATING REQUIREMENTS FOR
THE PERIOD ENDED JUNE 30, 2009
In re:
Noble TSA, LLC | Case Number: 09-51746 | |||||
As debtor in possession, I affirm: | Chapter 11 | |||||
1. | That I have reviewed the financial statements attached hereto, consisting of: | Judge: Marci B. Melvor |
x | Operating Statement | (Form 2) | ||||
x | Balance Sheet | (Form 3) | ||||
x | Summary of Operations | (Form 4) | ||||
x | Monthly Cash Statement | (Form 5) | ||||
x | Statement of Compensation | (Form 6) | ||||
x | Schedule of In-Force Insurance | (Form 7) | ||||
and that they have been prepared in accordance with normal and customary accounting practices, and fairly and accurately reflect the debtor’s financial activity for the period stated; |
2. | That the insurance, including workers’ compensation and unemployment insurance, as described in Section 5 of the Operating Instructions and Reporting Requirements for Chapter 11 Cases is in effect; and, |
(If not, attach a written explanation) | YES x NO |
3. | That all post-petition taxes as described in Sections 9 of the Operating Instructions and Reporting Requirements for Chapter 11 cases are current. |
(If not, attach a written explanation) | YES x NO |
4. | No professional fees (attorney, accountant, etc.) have been paid without specific court authorization. |
(If not, attach a written explanation) | YES x NO |
5. | All United States Trustee Quarterly fees have been paid and are current. |
YES x NO |
6. | Have you filed your pre-petition tax returns. |
(If not, attach a written explanation) | YES NO x |
Written Explanation: Debtor filed for bankruptcy protection on April 15, 2009. Extensions have been filed for all of debtor’s applicable 2008 tax returns.
I hereby certify, under penalty of perjury, that the information provided above and in the attached documents is true and correct to the best of my information and belief.
| ||||||||
Dated: |
| Debtor in Possession | ||||||
Chief Financial Officer | (248) 519-0700 | |||||||
Title | Phone |
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |||||
Case Number: | 09-51746 | |||||
Debtor: | Noble TSA, LLC |
Current Month | Total Since Filing | |||
Welding Sales | — | — | ||
Blanking | — | — | ||
Blanking Direct | — | — | ||
Roll Forming Sales | — | — | ||
Transportation | — | — | ||
Packaging | — | — | ||
Scrap Sales | — | — | ||
Dimpling Oiling Other Sales | — | — | ||
Spot Weld Sales | — | — | ||
Prototype Sales | — | — | ||
Die Sales | — | — | ||
Scrap Income | — | — | ||
Sales Returns & Allowance | — | — | ||
Contract Manufacturing Sales | — | — | ||
Other Sales | — | — | ||
Task Sales | — | — | ||
Steel Sales | — | — | ||
Total Sales | — | — | ||
Direct Labor | — | — | ||
Direct Labor Overtime | — | — | ||
Direct Contract Labor | — | — | ||
Direct Labor Payroll Taxes | — | — | ||
Direct Labor Health Benefits | — | — | ||
Direct Labor Retirement Plan | — | — | ||
Direct Labor Workers Comp | — | — | ||
Direct Labor Gainsharing | — | — | ||
Total Direct Labor | — | — | ||
Outside Blanking | — | — | ||
Outside Contract Manufacturing | — | — | ||
Outside Other | — | — | ||
Material Consumption Owned | — | — | ||
Material Consumption Consigned | — | — | ||
Unreported Material Consumption | — | — | ||
Physical Inventory Variance | — | — | ||
Heat, Light & Power | — | — | ||
Freight OEM | — | — | ||
Freight Other | — | — | ||
Gas | — | — | ||
Shipping Material | — | — | ||
Prototype Costs | — | — | ||
Die Costs | — | — | ||
Other Sales Cost | — | — | ||
Steel Cost | — | — | ||
Total Other Direct Costs | — | — | ||
Total Direct Costs | — | — | ||
Direct Margin | — | — | ||
Indirect Labor Salary | — | — | ||
Indirect Labor Overtime | — | — | ||
Indirect Labor Hourly | — | — | ||
Indirect Labor Contract | — | — | ||
Capitalized Labor | — | — | ||
Indirect Labor Payroll Taxes | — | — | ||
Indirect Labor Health Benefits | — | — | ||
Indirect Labor Retirement Plan | — | — | ||
Indirect Labor Workers Comp | — | — | ||
Indirect Labor Gainsharing | — | — | ||
Total Indirect Labor | — | — |
Page 1 of 3
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |||||
Case Number: | 09-51746 | |||||
Debtor: | Noble TSA, LLC |
Current Month | Total Since Filing | ||||
Depreciation | — | — | |||
Building Rent Expense | — | — | |||
Repairs & Maintenance | — | — | |||
Building Grounds Maintenance | — | — | |||
Shop Supplies | — | — | |||
Equipment Rental Expense | — | — | |||
Equipment Rental Intercompany | — | — | |||
Equipment Rental Income | — | — | |||
Insurance | — | — | |||
Travel Indirect | — | — | |||
Property Tax | — | — | |||
Pre Employment Expense | — | — | |||
Training Indirect | — | — | |||
Tools | — | — | |||
Research & Development | — | — | |||
Capitalized Overhead | — | — | |||
Gain or Loss on Disposal | — | — | |||
Production Task | — | — | |||
Labor Variance | — | — | |||
Material Variance | — | (0 | ) | ||
Burden Variance | — | — | |||
Total Other Indirect Costs | — | (0 | ) | ||
Total Indirect Costs | — | (0 | ) | ||
Total Cost of Sales | — | (0 | ) | ||
Gross Margin | — | (0 | ) | ||
SG&A Labor | — | — | |||
SG&A Labor Stock Compensation | — | — | |||
SG&A Labor Contract | — | — | |||
SG&A Labor Payroll Taxes | — | — | |||
SG&A Labor Health Benefits | — | — | |||
SG&A Labor Retirement Plan | — | — | |||
SG&A Labor Workers Comp | — | — | |||
SG&A Labor Gainsharing | — | — | |||
Total SG&A Labor | — | — | |||
Bonus Expense | — | — | |||
Depreciation SG&A | — | — | |||
Amortization | — | — | |||
Research & Development SGA | — | — | |||
Travel SG&A | — | — | |||
Safety & Security | — | — | |||
Computer Supplies | — | — | |||
Telephone Expense | — | — | |||
Telephone Expense – Mobile | — | — | |||
Office Expense | — | — | |||
Training SG&A | — | — | |||
Meals & Entertainment | — | — | |||
Dues & Subscriptions | — | — | |||
Employee Relations | — | — | |||
Internal Meals | — | — | |||
Meals – Sandwiches visitors | — | — | |||
Meals – Meal cheques | — | — | |||
Meals – Coffee/Water-personnel | — | — | |||
Sales Promotion | — | — | |||
Advertising | — | — | |||
Bank Charges | — | — | |||
Corporate Services Corporate | — | — |
Page 2 of 3
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |||||
Case Number: | 09-51746 | |||||
Debtor: | Noble TSA, LLC |
Current Month | Total Since Filing | ||||
Corporate Services General | — | — | |||
Directors Expense | — | — | |||
Directors Expense – Stock Based | — | — | |||
Professional Fees Legal | — | — | |||
Professional Fees Audit/tax | — | — | |||
Professional Fees Other | — | — | |||
Business Insurance | — | — | |||
Club Dues | — | — | |||
Commission Expense | — | — | |||
Other Taxes & Penalties | — | — | |||
Plane Lease & Maintenance | — | — | |||
Licenses, Fees, & Permits | — | — | |||
Moving Expense | — | — | |||
Donations | — | — | |||
Bad Debt Expense | — | — | |||
Held for Sale Expense | — | — | |||
Administrative Task | — | — | |||
Total Other SG&A | — | — | |||
Total SG&A | — | — | |||
Net Operating Profit | — | (0 | ) | ||
Intercompany Interest | — | — | |||
Interest Expense | — | — | |||
Amortization Fees | — | — | |||
Amortization Fees Sub | — | — | |||
Amortization Debt Discount | — | — | |||
Gain/Loss on Derivatives | — | — | |||
Capitalized Interest | — | — | |||
Interest Income | — | — | |||
Royalty Income/Expense | — | — | |||
Foreign Currency | — | — | |||
Dividend Income | — | — | |||
Extraordinary Gain/Loss | — | — | |||
Gain / Loss On Disposal | — | — | |||
Impairment Charges | — | — | |||
Group Allocaton Indirect | — | — | |||
Group Allocation SG&A | — | — | |||
Other Income/Expense | — | — | |||
Total Other (Income)/Expense | — | — | |||
Income before Taxes & Minority Interest | — | (0 | ) | ||
Income Taxes | — | — | |||
Net Income before Minority Interest | — | (0 | ) | ||
Minority Interest | — | — | |||
Net Income | — | (0 | ) | ||
Page 3 of 3
BALANCE SHEET
Period Ending: | June 30, 2009 | |
Case Number: | 09-51746 | |
Debtor: | Noble TSA, LLC |
Current Month | Prior Month | At Filing | ||||
ASSETS | ||||||
Cash | — | — | — | |||
Accounts Receivable | — | — | — | |||
Allowance For Bad Debt | — | — | — | |||
Inventory | — | — | — | |||
Inventory Dies | — | — | — | |||
Inventory Prototype | — | — | — | |||
Prepaid Expenses | — | — | — | |||
Notes Receivable | — | — | — | |||
Deferred Tax Asset | — | — | — | |||
Total Current Assets | — | — | — | |||
Machinery & Equipment | — | — | — | |||
MIS Computer Equipment | — | — | — | |||
Building | — | — | — | |||
Land | — | — | — | |||
Office Equipment | — | — | — | |||
Auto & Trucks | — | — | — | |||
Leasehold Improvements | — | — | — | |||
Production Equip In Progress | — | — | — | |||
Accumulated Depreciation | — | — | — | |||
Property, Plant & Equipment, Net | — | — | — | |||
Investments | — | — | — | |||
Other Intangible, Net | — | — | — | |||
Credit Agreement Fees, Net | — | — | — | |||
Goodwill, Net | — | — | — | |||
Deposits | — | — | — | |||
Assets Held For Sale | — | — | — | |||
Total Other Assets | — | — | — | |||
Total Assets | — | — | — | |||
Page 1 of 2
BALANCE SHEET
Period Ending: | June 30, 2009 | |
Case Number: | 09-51746 | |
Debtor: | Noble TSA, LLC |
Current Month | Prior Month | At Filing | ||||||
LIABILITIES | ||||||||
Cont Disb General - Post Petition | — | — | — | |||||
Cont Disb Payroll - Post Petition | — | — | — | |||||
Cont Disb Flex - Post Petition | — | — | — | |||||
Cont Disb Medical - Post Petition | — | — | — | |||||
Accounts Payable - Post Petition | — | — | — | |||||
A/P Manual - Post Petition | — | — | — | |||||
A/P System - Post Petition | — | — | — | |||||
Cont Disb General | — | — | — | |||||
Cont Disb Payroll | — | — | — | |||||
Cont Disb Flex | — | — | — | |||||
Cont Disb Medical | — | — | — | |||||
Accounts Payable - Pre Petition | — | — | — | |||||
A/P Manual - Pre Petition | — | — | — | |||||
A/P System - Pre Petition | — | — | — | |||||
A/P Freight | — | — | — | |||||
Accrued Bonus | — | — | — | |||||
Accrued Benefits & Payroll | — | — | — | |||||
Accrued Other | — | — | — | |||||
Accrued Scrap | — | — | — | |||||
Accrued Taxes | — | — | — | |||||
Accrued Interest | — | — | — | |||||
Total Current Liabilities | — | — | — | |||||
Deferred Tax Liability | — | — | — | |||||
Capital Lease | — | — | — | |||||
Revolver Pre-Petition | — | — | — | |||||
Revolver Post-Petition | — | — | — | |||||
Term Loan | — | — | — | |||||
Convertible Sub Debt | — | — | — | |||||
Industrial Revenue Bond | — | — | — | |||||
Other Debt | — | — | — | |||||
Intercompany Line Of Credit | — | — | — | |||||
Intercompany Non Cash | — | 39 | 39 | |||||
Total Long Term Liabilities | — | 39 | 39 | |||||
Total Liabilities | — | 39 | 39 | |||||
Accumulated Other Comprehensive Income | — | — | — | |||||
Common Stock | — | — | — | |||||
APIC | — | — | — | |||||
Retained Earnings | — | (39 | ) | (39 | ) | |||
Dividends | — | — | — | |||||
Minority Interest Equity | — | — | — | |||||
Total Stockholders’ Equity | — | (39 | ) | (39 | ) | |||
Total Liabilities & Stockholders’ Equity | — | (0 | ) | (0 | ) | |||
Page 2 of 2
SUMMARY OF OPERATIONS
For the Period:June 30, 2009
Schedule of Post Petition Taxes Payable
Debtor: | Noble TSA, LLC | |
Case No: | 09-51746 |
Beginning Balance | Withheld | Accrued | Payments/ Deposits | Ending Balance | |||||||||||
Income Taxes Withheld: | |||||||||||||||
Federal | $ | — | $ | — | $ | — | $ | — | — | ||||||
State | — | — | — | — | — | ||||||||||
Local | — | — | — | — | — | ||||||||||
FICA Withheld: | — | — | — | — | — | ||||||||||
Employers FICA: | — | — | — | — | — | ||||||||||
Unemployment Tax: | — | ||||||||||||||
Federal | — | — | — | — | — | ||||||||||
State | — | — | — | — | — | ||||||||||
Sales, Use & Excise Taxes: | — | — | — | — | — | ||||||||||
Property Taxes: | — | — | — | — | — | ||||||||||
Other: | — | — | — | — | — | ||||||||||
TOTALS: | $ | — | $ | — | $ | — | $ | — | $ | — | |||||
SUMMARY OF OPERATIONS
Aging of Accounts Receivable & Post-Petition Accounts Payable
PERIOD ENDING:June 30, 2009
Debtor: | Noble TSA, LLC | |
Case No: | 09-51746 |
Age in Days: | 0 - 30 | 30 - 60 | Over 60 | ||||||
Post-Petition Accounts Payable | $ | — | $ | — | $ | — | |||
Accounts Receivable | $ | — | $ | — | $ | — |
MONTHLY CASH STATEMENT
DEBTOR:Noble TSA, LLC
PERIOD ENDING:June 30, 2009
Cash Activity Analysis (Cash Basis Only): | Case No: 09-51746 |
1 | 2 | 3 | 4 | 5 | Total | ||||||||||
A | Beginning Balance | — | — | ||||||||||||
B | Receipts (Attach separate schedule) | — | |||||||||||||
C | Balance Available (A + B) | — | — | — | — | — | — | ||||||||
D | Less Disbursements (Attach separate schedule) | — | — | ||||||||||||
E | ENDING BALANCE (C - D) | — | — | — | — | — | — | ||||||||
Attention: Please enter the TOTAL DISBURSEMENTS for all of your accounts, including cash excluding | |||||||||||||||
transfers, onto the line below. This is the number that will determine your quarterly fee payment. | |||||||||||||||
$ | |||||||||||||||
(PLEASE ATTACH COPIES OF MOST RECENT RECONCILED BANK STATEMENTS FROM EACH ACCOUNT)
1 | Depository Name & Location |
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Account Number |
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2 | Depository Name & Location |
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Account Number |
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3 | Depository Name & Location |
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Account Number |
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4 | Depository Name & Location |
| ||||
Account Number |
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5 | Depository Name & Location |
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Account Number |
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Other monies on hand ((specify type and location) i.e. CD’s, bonds, etc.): | ||||||
| ||||||
| ||||||
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Date |
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Debtor in Possession |
SCHEDULE OF IN-FORCE INSURANCE
PERIOD ENDING:June 30, 2009
Debtor: | Noble TSA, LLC | |
Case No: | 09-51746 |
INSURANCE TYPE | CARRIER | EXPIRATION DATE | ||||||
Workers’ Compensation | Hartford Fire Insurance Company | 03/01/10 | ||||||
General Liability | Hartford Fire Insurance Company | 03/01/10 | ||||||
Global Property/Boiler & Machinery | Allianz Global Risks US Insurance Company | 03/01/10 | ||||||
Umbrella | St. Paul Fire & Marine Insurance Company (Travelers) | 03/01/10 | ||||||
Excess Umbrella | Great American Insurance Company | 03/01/10 | ||||||
Automobile | Hartford Fire Insurance Company | 03/01/10 | ||||||
Crime | National Union Fire Insurance Company of Pittsburgh PA (AIG) | 03/20/10 | ||||||
Directors & Officers Liability | National Union Fire Insurance Company (AIG) | 03/20/10 | ||||||
Directors & Officers Liability (runoff) | National Union Fire Insurance Company (AIG) | 03/20/14 | ||||||
1st Excess Directors & Officers Liability | St. Paul Mercury Insurance Company (Travelers) | 03/20/10 | ||||||
2nd Excess Directors & Officers Liability | Allied World National Assurance Company (AWNAC) | 03/20/10 | ||||||
Employment Practices Liability | National Union Fire Insurance Company (AIG) | 03/20/10 | ||||||
Employment Practices Liability (runoff) | National Union Fire Insurance Company (AIG) | 03/20/14 | ||||||
Fiduciary Liability | Federal Insurance Company (Chubb) | 03/20/10 | ||||||
Fiduciary Liability (runoff) | Federal Insurance Company (Chubb) | 03/20/14 | ||||||
Foreign Package | Insurance Company of the State of Pennsylvania (AIG WorldSource) | 03/20/10 |
UNITED STATES BANKRUPTCY COURT
FOR THE EASTERN DISTRICT OF MICHIGAN
TRANSMITTAL OF FINANCIAL REPORTS AND
CERTIFICATION OF COMPLIANCE WITH
UNITED STATES TRUSTEE OPERATING REQUIREMENTS FOR
THE PERIOD ENDED JUNE 30, 2009
In re:
Noble Tube Technologies, LLC | Case Number: 09-51748 | |||||
As debtor in possession, I affirm: | Chapter 11 | |||||
1. | That I have reviewed the financial statements attached hereto, consisting of: | Judge: Marci B. Melvor |
x | Operating Statement | (Form 2) | ||||
x | Balance Sheet | (Form 3) | ||||
x | Summary of Operations | (Form 4) | ||||
x | Monthly Cash Statement | (Form 5) | ||||
x | Statement of Compensation | (Form 6) | ||||
x | Schedule of In-Force Insurance | (Form 7) | ||||
and that they have been prepared in accordance with normal and customary accounting practices, and fairly and accurately reflect the debtor’s financial activity for the period stated; |
2. | That the insurance, including workers’ compensation and unemployment insurance, as described in Section 5 of the Operating Instructions and Reporting Requirements for Chapter 11 Cases is in effect; and, |
(If not, attach a written explanation) | YES x NO |
3. | That all post-petition taxes as described in Sections 9 of the Operating Instructions and Reporting Requirements for Chapter 11 cases are current. |
(If not, attach a written explanation) | YES x NO |
4. | No professional fees (attorney, accountant, etc.) have been paid without specific court authorization. |
(If not, attach a written explanation) | YES x NO |
5. | All United States Trustee Quarterly fees have been paid and are current. |
YES x NO |
6. | Have you filed your pre-petition tax returns. |
(If not, attach a written explanation) | YES NO x |
Written Explanation: Debtor filed for bankruptcy protection on April 15, 2009. Extensions have been filed for all of debtor’s applicable 2008 tax returns.
I hereby certify, under penalty of perjury, that the information provided above and in the attached documents is true and correct to the best of my information and belief.
| ||||||||
Dated: |
| Debtor in Possession | ||||||
Chief Financial Officer | (248) 519-0700 | |||||||
Title | Phone |
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |
Case Number: | 09-51748 | |
Debtor: | Noble Tube Technologies, LLC |
Current Month | Total Since Filing | |||
Welding Sales | — | — | ||
Blanking | — | — | ||
Blanking Direct | — | — | ||
Roll Forming Sales | — | — | ||
Transportation | — | — | ||
Packaging | — | — | ||
Scrap Sales | — | — | ||
Dimpling Oiling Other Sales | — | — | ||
Spot Weld Sales | — | — | ||
Prototype Sales | — | — | ||
Die Sales | — | — | ||
Scrap Income | — | — | ||
Sales Returns & Allowance | — | — | ||
Contract Manufacturing Sales | — | — | ||
Other Sales | — | — | ||
Task Sales | — | — | ||
Steel Sales | — | — | ||
Total Sales | — | — | ||
Direct Labor | — | — | ||
Direct Labor Overtime | — | — | ||
Direct Contract Labor | — | — | ||
Direct Labor Payroll Taxes | — | — | ||
Direct Labor Health Benefits | — | — | ||
Direct Labor Retirement Plan | — | — | ||
Direct Labor Workers Comp | — | — | ||
Direct Labor Gainsharing | — | — | ||
Total Direct Labor | — | — | ||
Outside Blanking | — | — | ||
Outside Contract Manufacturing | — | — | ||
Outside Other | — | — | ||
Material Consumption Owned | — | — | ||
Material Consumption Consigned | — | — | ||
Unreported Material Consumption | — | — | ||
Physical Inventory Variance | — | — | ||
Heat, Light & Power | — | — | ||
Freight OEM | — | — | ||
Freight Other | — | — | ||
Gas | — | — | ||
Shipping Material | — | — | ||
Prototype Costs | — | — | ||
Die Costs | — | — | ||
Other Sales Cost | — | — | ||
Steel Cost | — | — | ||
Total Other Direct Costs | — | — | ||
Total Direct Costs | — | — | ||
Direct Margin | — | — | ||
Indirect Labor Salary | — | — | ||
Indirect Labor Overtime | — | — | ||
Indirect Labor Hourly | — | — | ||
Indirect Labor Contract | — | — | ||
Capitalized Labor | — | — | ||
Indirect Labor Payroll Taxes | — | — | ||
Indirect Labor Health Benefits | — | — | ||
Indirect Labor Retirement Plan | — | — | ||
Indirect Labor Workers Comp | — | — | ||
Indirect Labor Gainsharing | — | — | ||
Total Indirect Labor | — | — |
Page 1 of 3
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |
Case Number: | 09-51748 | |
Debtor: | Noble Tube Technologies, LLC |
Current Month | Total Since Filing | ||||
Depreciation | — | — | |||
Building Rent Expense | — | — | |||
Repairs & Maintenance | — | — | |||
Building Grounds Maintenance | — | — | |||
Shop Supplies | — | — | |||
Equipment Rental Expense | — | — | |||
Equipment Rental Intercompany | — | — | |||
Equipment Rental Income | — | — | |||
Insurance | — | — | |||
Travel Indirect | — | — | |||
Property Tax | — | — | |||
Pre Employment Expense | — | — | |||
Training Indirect | — | — | |||
Tools | — | — | |||
Research & Development | — | — | |||
Capitalized Overhead | — | — | |||
Gain or Loss on Disposal | — | — | |||
Production Task | — | — | |||
Labor Variance | — | — | |||
Material Variance | — | (0 | ) | ||
Burden Variance | — | — | |||
Total Other Indirect Costs | — | (0 | ) | ||
Total Indirect Costs | — | (0 | ) | ||
Total Cost of Sales | — | (0 | ) | ||
Gross Margin | — | (0 | ) | ||
SG&A Labor | — | — | |||
SG&A Labor Stock Compensation | — | — | |||
SG&A Labor Contract | — | — | |||
SG&A Labor Payroll Taxes | — | — | |||
SG&A Labor Health Benefits | — | — | |||
SG&A Labor Retirement Plan | — | — | |||
SG&A Labor Workers Comp | — | — | |||
SG&A Labor Gainsharing | — | — | |||
Total SG&A Labor | — | — | |||
Bonus Expense | — | — | |||
Depreciation SG&A | — | — | |||
Amortization | — | — | |||
Research & Development SGA | — | — | |||
Travel SG&A | — | — | |||
Safety & Security | — | — | |||
Computer Supplies | — | — | |||
Telephone Expense | — | — | |||
Telephone Expense—Mobile | — | — | |||
Office Expense | — | — | |||
Training SG&A | — | — | |||
Meals & Entertainment | — | — | |||
Dues & Subscriptions | — | — | |||
Employee Relations | — | — | |||
Internal Meals | — | — | |||
Meals – Sandwiches visitors | — | — | |||
Meals – Meal cheques | — | — | |||
Meals – Coffee/Water-personnel | — | — | |||
Sales Promotion | — | — | |||
Advertising | — | — | |||
Bank Charges | — | — | |||
Corporate Services Corporate | — | — |
Page 2 of 3
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |
Case Number: | 09-51748 | |
Debtor: | Noble Tube Technologies, LLC |
Current Month | Total Since Filing | ||||
Corporate Services General | — | — | |||
Directors Expense | — | — | |||
Directors Expense - Stock Based | — | — | |||
Professional Fees Legal | — | — | |||
Professional Fees Audit/tax | — | — | |||
Professional Fees Other | — | — | |||
Business Insurance | — | — | |||
Club Dues | — | — | |||
Commission Expense | — | — | |||
Other Taxes & Penalties | — | — | |||
Plane Lease & Maintenance | — | — | |||
Licenses, Fees, & Permits | — | — | |||
Moving Expense | — | — | |||
Donations | — | — | |||
Bad Debt Expense | — | — | |||
Held for Sale Expense | — | — | |||
Administrative Task | — | — | |||
Total Other SG&A | — | — | |||
Total SG&A | — | — | |||
Net Operating Profit | — | (0 | ) | ||
Intercompany Interest | — | — | |||
Interest Expense | — | — | |||
Amortization Fees | — | — | |||
Amortization Fees Sub | — | — | |||
Amortization Debt Discount | — | — | |||
Gain/Loss on Derivatives | — | — | |||
Capitalized Interest | — | — | |||
Interest Income | — | — | |||
Royalty Income/Expense | — | — | |||
Foreign Currency | — | — | |||
Dividend Income | — | — | |||
Extraordinary Gain/Loss | — | — | |||
Gain/Loss On Disposal | — | — | |||
Impairment Charges | — | — | |||
Group Allocation Indirect | — | — | |||
Group Allocation SG&A | — | — | |||
Other Income/Expense | — | — | |||
Total Other (Income)/Expense | — | — | |||
Income before Taxes & Minority Interest | — | (0 | ) | ||
Income Taxes | — | — | |||
Net Income before Minority Interest | — | (0 | ) | ||
Minority Interest | — | — | |||
Net Income | — | (0 | ) | ||
Page 3 of 3
BALANCE SHEET
Period Ending: | June 30, 2009 | |||
Case Number: | 09-51748 | |||
Debtor: | Noble Tube Technologies, LLC |
Current Month | Prior Month | At Filing | ||||
ASSETS | ||||||
Cash | — | — | — | |||
Accounts Receivable | — | — | — | |||
Allowance For Bad Debt | — | — | — | |||
Inventory | — | — | — | |||
Inventory Dies | — | — | — | |||
Inventory Prototype | — | — | — | |||
Prepaid Expenses | — | — | — | |||
Notes Receivable | — | — | — | |||
Deferred Tax Asset | — | — | — | |||
Total Current Assets | — | — | — | |||
Machinery & Equipment | — | — | — | |||
MIS Computer Equipment | — | — | — | |||
Building | — | — | — | |||
Land | — | — | — | |||
Office Equipment | — | — | — | |||
Auto & Trucks | — | — | — | |||
Leasehold Improvements | — | — | — | |||
Production Equip In Progress | — | — | — | |||
Accumulated Depreciation | — | — | — | |||
Property, Plant & Equipment, Net | — | — | — | |||
Investments | — | — | — | |||
Other Intangible, Net | — | — | — | |||
Credit Agreement Fees, Net | — | — | — | |||
Goodwill, Net | — | — | — | |||
Deposits | — | — | — | |||
Assets Held For Sale | — | — | — | |||
Total Other Assets | — | — | — | |||
Total Assets | — | — | — | |||
Page 1 of 2
BALANCE SHEET
Period Ending: | June 30, 2009 | |||
Case Number: | 09-51748 | |||
Debtor: | Noble Tube Technologies, LLC |
Current Month | Prior Month | At Filing | ||||||
LIABILITIES | ||||||||
Cont Disb General - Post Petition | — | — | — | |||||
Cont Disb Payroll - Post Petition | — | — | — | |||||
Cont Disb Flex - Post Petition | — | — | — | |||||
Cont Disb Medical - Post Petition | — | — | — | |||||
Accounts Payable - Post Petition | — | — | — | |||||
A/P Manual - Post Petition | — | — | — | |||||
A/P System - Post Petition | — | — | — | |||||
Cont Disb General | — | — | — | |||||
Cont Disb Payroll | — | — | — | |||||
Cont Disb Flex | — | — | — | |||||
Cont Disb Medical | — | — | — | |||||
Accounts Payable - Pre Petition | — | — | — | |||||
A/P Manual - Pre Petition | — | — | — | |||||
A/P System - Pre Petition | — | — | — | |||||
A/P Freight | — | — | — | |||||
Accrued Bonus | — | — | — | |||||
Accrued Benefits & Payroll | — | — | — | |||||
Accrued Other | — | — | — | |||||
Accrued Scrap | — | — | — | |||||
Accrued Taxes | — | — | — | |||||
Accrued Interest | — | — | — | |||||
Total Current Liabilities | — | — | — | |||||
Deferred Tax Liability | — | — | — | |||||
Capital Lease | — | — | — | |||||
Revolver Pre-Petition | — | — | — | |||||
Revolver Post-Petition | — | — | — | |||||
Term Loan | — | — | — | |||||
Convertible Sub Debt | — | — | — | |||||
Industrial Revenue Bond | — | — | — | |||||
Other Debt | — | — | — | |||||
Intercompany Line Of Credit | — | — | — | |||||
Intercompany Non Cash | — | 39 | 39 | |||||
Total Long Term Liabilities | — | 39 | 39 | |||||
Total Liabilities | — | 39 | 39 | |||||
Accumulated Other Comprehensive Income | — | — | — | |||||
Common Stock | — | — | — | |||||
APIC | — | — | — | |||||
Retained Earnings | — | (39 | ) | (39 | ) | |||
Dividends | — | — | — | |||||
Minority Interest Equity | — | — | — | |||||
Total Stockholders’ Equity | — | (39 | ) | (39 | ) | |||
Total Liabilities & Stockholders’ Equity | — | (0 | ) | (0 | ) | |||
Page 2 of 2
SUMMARY OF OPERATIONS
For the Period:June 30, 2009
Schedule of Post Petition Taxes Payable
Debtor: | Noble Tube Technologies, LLC | |
Case No: | 09-51748 |
Beginning Balance | Withheld | Accrued | Payments/ Deposits | Ending Balance | |||||||||||
Income Taxes Withheld: | |||||||||||||||
Federal | $ | — | $ | — | $ | — | $ | — | — | ||||||
State | — | — | — | — | — | ||||||||||
Local | — | — | — | — | — | ||||||||||
FICA Withheld: | — | — | — | — | — | ||||||||||
Employers FICA: | — | — | — | — | — | ||||||||||
Unemployment Tax: | — | ||||||||||||||
Federal | — | — | — | — | — | ||||||||||
State | — | — | — | — | — | ||||||||||
Sales, Use & Excise Taxes: | — | — | — | — | — | ||||||||||
Property Taxes: | — | — | — | — | — | ||||||||||
Other: | — | — | — | — | — | ||||||||||
TOTALS: | $ | — | $ | — | $ | — | $ | — | $ | — | |||||
SUMMARY OF OPERATIONS
Aging of Accounts Receivable & Post-Petition Accounts Payable
PERIOD ENDING:June 30, 2009
Debtor: | Noble Tube Technologies, LLC | |
Case No: | 09-51748 |
Age in Days: | 0 – 30 | 30 - 60 | Over 60 | ||||||
Post-Petition Accounts Payable | $ | — | $ | — | $ | — | |||
Accounts Receivable | $ | — | $ | — | $ | — |
MONTHLY CASH STATEMENT
DEBTOR:Noble Tube Technologies, LLC
PERIOD ENDING:June 30, 2009
Cash Activity Analysis (Cash Basis Only): | Case No: 09-51748 |
1 | 2 | 3 | 4 | 5 | Total | |||||||||
A | Beginning Balance | — | — | |||||||||||
B | Receipts (Attach separate schedule) | — | ||||||||||||
C | Balance Available (A + B) | — | — | — | — | — | — | |||||||
D | Less Disbursements (Attach separate schedule) | — | — | |||||||||||
E | ENDING BALANCE (C - D) | — | — | — | — | — | — | |||||||
Attention: Please enter the TOTAL DISBURSEMENTS for all of your accounts, including cash excluding
transfers, onto the line below. This is the number that will determine your quarterly fee payment. | ||||||||||||||
$ |
(PLEASE ATTACH COPIES OF MOST RECENT RECONCILED BANK STATEMENTS FROM EACH ACCOUNT)
1 | Depository Name & Location |
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Account Number |
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2 | Depository Name & Location |
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Account Number |
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3 | Depository Name & Location |
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Account Number |
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4 | Depository Name & Location |
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Account Number |
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5 | Depository Name & Location |
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Account Number |
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Other monies on hand ((specify type and location) i.e. CD’s, bonds, etc.): | ||||||
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Date |
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Debtor in Possession |
SCHEDULE OF IN-FORCE INSURANCE
PERIOD ENDING:June 30, 2009
Debtor: | Noble Tube Technologies, LLC | |
Case No: | 09-51748 |
INSURANCE TYPE | CARRIER | EXPIRATION DATE | ||||||
Workers’ Compensation | Hartford Fire Insurance Company | 03/01/10 | ||||||
General Liability | Hartford Fire Insurance Company | 03/01/10 | ||||||
Global Property/Boiler & Machinery | Allianz Global Risks US Insurance Company | 03/01/10 | ||||||
Umbrella | St. Paul Fire & Marine Insurance Company (Travelers) | 03/01/10 | ||||||
Excess Umbrella | Great American Insurance Company | 03/01/10 | ||||||
Automobile | Hartford Fire Insurance Company | 03/01/10 | ||||||
Crime | National Union Fire Insurance Company of Pittsburgh PA (AIG) | 03/20/10 | ||||||
Directors & Officers Liability | National Union Fire Insurance Company (AIG) | 03/20/10 | ||||||
Directors & Officers Liability (runoff) | National Union Fire Insurance Company (AIG) | 03/20/14 | ||||||
1st Excess Directors & Officers Liability | St. Paul Mercury Insurance Company (Travelers) | 03/20/10 | ||||||
2nd Excess Directors & Officers Liability | Allied World National Assurance Company (AWNAC) | 03/20/10 | ||||||
Employment Practices Liability | National Union Fire Insurance Company (AIG) | 03/20/10 | ||||||
Employment Practices Liability (runoff) | National Union Fire Insurance Company (AIG) | 03/20/14 | ||||||
Fiduciary Liability | Federal Insurance Company (Chubb) | 03/20/10 | ||||||
Fiduciary Liability (runoff) | Federal Insurance Company (Chubb) | 03/20/14 | ||||||
Foreign Package | Insurance Company of the State of Pennsylvania (AIG WorldSource) | 03/20/10 |
UNITED STATES BANKRUPTCY COURT
FOR THE EASTERN DISTRICT OF MICHIGAN
TRANSMITTAL OF FINANCIAL REPORTS AND
CERTIFICATION OF COMPLIANCE WITH
UNITED STATES TRUSTEE OPERATING REQUIREMENTS FOR
THE PERIOD ENDED JUNE 30, 2009
In re:
Prototech Laser Welding, Inc. (d/b/a LWI Laser Welding International) | Case Number: 09-51751 | |||||
As debtor in possession, I affirm: | Chapter 11 | |||||
1. | That I have reviewed the financial statements attached hereto, consisting of: | Judge: Marci B. Melvor |
x | Operating Statement | (Form 2) | ||||
x | Balance Sheet | (Form 3) | ||||
x | Summary of Operations | (Form 4) | ||||
x | Monthly Cash Statement | (Form 5) | ||||
x | Statement of Compensation | (Form 6) | ||||
x | Schedule of In-Force Insurance | (Form 7) | ||||
and that they have been prepared in accordance with normal and customary accounting practices, and fairly and accurately reflect the debtor’s financial activity for the period stated; |
2. | That the insurance, including workers’ compensation and unemployment insurance, as described in Section 5 of the Operating Instructions and Reporting Requirements for Chapter 11 Cases is in effect; and, |
(If not, attach a written explanation) | YES x NO |
3. | That all post-petition taxes as described in Sections 9 of the Operating Instructions and Reporting Requirements for Chapter 11 cases are current. |
(If not, attach a written explanation) | YES x NO |
4. | No professional fees (attorney, accountant, etc.) have been paid without specific court authorization. |
(If not, attach a written explanation) | YES x NO |
5. | All United States Trustee Quarterly fees have been paid and are current. |
YES x NO |
6. | Have you filed your pre-petition tax returns. |
(If not, attach a written explanation) | YES NO x |
Written Explanation: Debtor filed for bankruptcy protection on April 15, 2009. Extensions have been filed for all of debtor’s applicable 2008 tax returns.
I hereby certify, under penalty of perjury, that the information provided above and in the attached documents is true and correct to the best of my information and belief.
| ||||||||
Dated: |
| Debtor in Possession | ||||||
Chief Financial Officer | (248) 519-0700 | |||||||
Title | Phone |
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |
Case Number: | 09-51751 | |
Debtor: | Prototech Laser Welding, Inc. (d/b/a LWI Laser Welding International) |
Current Month | Total Since Filing | |||
Welding Sales | — | — | ||
Blanking | — | — | ||
Blanking Direct | — | — | ||
Roll Forming Sales | — | — | ||
Transportation | — | — | ||
Packaging | — | — | ||
Scrap Sales | — | — | ||
Dimpling Oiling Other Sales | — | — | ||
Spot Weld Sales | — | — | ||
Prototype Sales | — | — | ||
Die Sales | — | — | ||
Scrap Income | — | — | ||
Sales Returns & Allowance | — | — | ||
Contract Manufacturing Sales | — | — | ||
Other Sales | — | — | ||
Task Sales | — | — | ||
Steel Sales | — | — | ||
Total Sales | — | — | ||
Direct Labor | — | — | ||
Direct Labor Overtime | — | — | ||
Direct Contract Labor | — | — | ||
Direct Labor Payroll Taxes | — | — | ||
Direct Labor Health Benefits | — | — | ||
Direct Labor Retirement Plan | — | — | ||
Direct Labor Workers Comp | — | — | ||
Direct Labor Gainsharing | — | — | ||
Total Direct Labor | — | — | ||
Outside Blanking | — | — | ||
Outside Contract Manufacturing | — | — | ||
Outside Other | — | — | ||
Material Consumption Owned | — | — | ||
Material Consumption Consigned | — | — | ||
Unreported Material Consumption | — | — | ||
Physical Inventory Variance | — | — | ||
Heat, Light & Power | — | — | ||
Freight OEM | — | — | ||
Freight Other | — | — | ||
Gas | — | — | ||
Shipping Material | — | — | ||
Prototype Costs | — | — | ||
Die Costs | — | — | ||
Other Sales Cost | — | — | ||
Steel Cost | — | — | ||
Total Other Direct Costs | — | — | ||
Total Direct Costs | — | — | ||
Direct Margin | — | — | ||
Indirect Labor Salary | — | — | ||
Indirect Labor Overtime | — | — | ||
Indirect Labor Hourly | — | — | ||
Indirect Labor Contract | — | — | ||
Capitalized Labor | — | — | ||
Indirect Labor Payroll Taxes | — | — | ||
Indirect Labor Health Benefits | — | — | ||
Indirect Labor Retirement Plan | — | — | ||
Indirect Labor Workers Comp | — | — | ||
Indirect Labor Gainsharing | — | — | ||
Total Indirect Labor | — | — |
Page 1 of 3
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |
Case Number: | 09-51751 | |
Debtor: | Prototech Laser Welding, Inc. (d/b/a LWI Laser Welding International) |
Current Month | Total Since Filing | |||||
Depreciation | (37,482 | ) | (93,705 | ) | ||
Building Rent Expense | — | — | ||||
Repairs & Maintenance | — | — | ||||
Building Grounds Maintenance | — | — | ||||
Shop Supplies | — | — | ||||
Equipment Rental Expense | — | — | ||||
Equipment Rental Intercompany | — | 67,251 | ||||
Equipment Rental Income | — | — | ||||
Insurance | — | — | ||||
Travel Indirect | — | — | ||||
Property Tax | — | — | ||||
Pre Employment Expense | — | — | ||||
Training Indirect | — | — | ||||
Tools | — | — | ||||
Research & Development | — | — | ||||
Capitalized Overhead | — | — | ||||
Gain or Loss on Disposal | — | — | ||||
Production Task | — | — | ||||
Labor Variance | — | — | ||||
Material Variance | — | — | ||||
Burden Variance | — | — | ||||
Total Other Indirect Costs | (37,482 | ) | (26,454 | ) | ||
Total Indirect Costs | (37,482 | ) | (26,454 | ) | ||
Total Cost of Sales | (37,482 | ) | (26,454 | ) | ||
Gross Margin | (37,482 | ) | (26,454 | ) | ||
SG&A Labor | — | — | ||||
SG&A Labor Stock Compensation | — | — | ||||
SG&A Labor Contract | — | — | ||||
SG&A Labor Payroll Taxes | — | — | ||||
SG&A Labor Health Benefits | — | — | ||||
SG&A Labor Retirement Plan | — | — | ||||
SG&A Labor Workers Comp | — | — | ||||
SG&A Labor Gainsharing | — | — | ||||
Total SG&A Labor | — | — | ||||
Bonus Expense | — | — | ||||
Depreciation SG&A | (146 | ) | (364 | ) | ||
Amortization | (17,275 | ) | (43,188 | ) | ||
Research & Development SGA | — | — | ||||
Travel SG&A | — | — | ||||
Safety & Security | — | — | ||||
Computer Supplies | — | — | ||||
Telephone Expense | — | — | ||||
Telephone Expense - Mobile | — | — | ||||
Office Expense | — | — | ||||
Training SG&A | — | — | ||||
Meals & Entertainment | — | — | ||||
Dues & Subscriptions | — | — | ||||
Employee Relations | — | — | ||||
Internal Meals | — | — | ||||
Meals – Sandwiches visitors | — | — | ||||
Meals – Meal cheques | — | — | ||||
Meals – Coffee/Water-personnel | — | — | ||||
Sales Promotion | — | — | ||||
Advertising | — | — | ||||
Bank Charges | — | — | ||||
Corporate Services Corporate | — | — |
Page 2 of 3
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |
Case Number: | 09-51751 | |
Debtor: | Prototech Laser Welding, Inc. (d/b/a LWI Laser Welding International) |
Current Month | Total Since Filing | |||||
Corporate Services General | — | — | ||||
Directors Expense | — | — | ||||
Directors Expense - Stock Based | — | — | ||||
Professional Fees Legal | — | — | ||||
Professional Fees Audit/tax | — | — | ||||
Professional Fees Other | — | — | ||||
Business Insurance | — | — | ||||
Club Dues | — | — | ||||
Commission Expense | — | — | ||||
Other Taxes & Penalties | — | — | ||||
Plane Lease & Maintenance | — | — | ||||
Licenses, Fees, & Permits | — | — | ||||
Moving Expense | — | — | ||||
Donations | — | — | ||||
Bad Debt Expense | — | — | ||||
Held for Sale Expense | — | — | ||||
Administrative Task | — | — | ||||
Total Other SG&A | (17,421 | ) | (43,551 | ) | ||
Total SG&A | (17,421 | ) | (43,551 | ) | ||
Net Operating Profit | (54,902 | ) | (70,005 | ) | ||
Intercompany Interest | — | (160,072 | ) | |||
Interest Expense | — | — | ||||
Amortization Fees | — | — | ||||
Amortization Fees Sub | — | — | ||||
Amortization Debt Discount | — | — | ||||
Gain/Loss on Derivatives | — | — | ||||
Capitalized Interest | — | — | ||||
Interest Income | — | — | ||||
Royalty Income/Expense | — | — | ||||
Foreign Currency | — | — | ||||
Dividend Income | — | — | ||||
Extraordinary Gain/Loss | — | — | ||||
Gain / Loss On Disposal | — | — | ||||
Impairment Charges | — | — | ||||
Group Allocation Indirect | — | — | ||||
Group Allocation SG&A | — | — | ||||
Other Income/Expense | — | — | ||||
Total Other (Income)/Expense | — | (160,072 | ) | |||
Income before Taxes & Minority Interest | (54,902 | ) | (230,078 | ) | ||
Income Taxes | — | — | ||||
Net Income before Minority Interest | (54,902 | ) | (230,078 | ) | ||
Minority Interest | — | — | ||||
Net Income | (54,902 | ) | (230,078 | ) | ||
Page 3 of 3
BALANCE SHEET
Period Ending: | June 30, 2009 | |
Case Number: | 09-51751 | |
Debtor: | Prototech Laser Welding, Inc. (d/b/a LWI Laser Welding International) |
Current Month | Prior Month | At Filing | |||||||
ASSETS | |||||||||
Cash | — | — | — | ||||||
Accounts Receivable | — | — | — | ||||||
Allowance For Bad Debt | — | — | — | ||||||
Inventory | — | — | — | ||||||
Inventory Dies | — | — | — | ||||||
Inventory Prototype | — | — | — | ||||||
Prepaid Expenses | 0 | 0 | 0 | ||||||
Notes Receivable | — | — | — | ||||||
Deferred Tax Asset | (1 | ) | (1 | ) | (1 | ) | |||
Total Current Assets | (1 | ) | (1 | ) | (1 | ) | |||
Machinery & Equipment | 3,148,481 | 3,148,481 | 3,148,481 | ||||||
MIS Computer Equipment | 16,750 | 16,750 | 16,750 | ||||||
Building | — | — | — | ||||||
Land | — | — | — | ||||||
Office Equipment | 12,225 | 12,225 | 12,225 | ||||||
Auto & Trucks | — | — | — | ||||||
Leasehold Improvements | — | — | — | ||||||
Production Equip In Progress | — | — | — | ||||||
Accumulated Depreciation | (2,481,348 | ) | (2,443,721 | ) | (2,387,279 | ) | |||
Property, Plant & Equipment, Net | 696,108 | 733,735 | 790,177 | ||||||
Investments | — | — | — | ||||||
Other Intangible, Net | 985,250 | 1,002,525 | 1,028,438 | ||||||
Credit Agreement Fees, Net | — | — | — | ||||||
Goodwill, Net | — | — | — | ||||||
Deposits | — | — | — | ||||||
Assets Held For Sale | — | — | — | ||||||
Total Other Assets | 985,250 | 1,002,525 | 1,028,438 | ||||||
Total Assets | 1,681,357 | 1,736,260 | 1,818,614 | ||||||
Page 1 of 2
BALANCE SHEET
Period Ending: | June 30, 2009 | |
Case Number: | 09-51751 | |
Debtor: | Prototech Laser Welding, Inc. (d/b/a LWI Laser Welding International) |
Current Month | Prior Month | At Filing | |||||||
LIABILITIES | |||||||||
Cont Disb General - Post Petition | — | — | — | ||||||
Cont Disb Payroll - Post Petition | — | — | — | ||||||
Cont Disb Flex - Post Petition | — | — | — | ||||||
Cont Disb Medical - Post Petition | — | — | — | ||||||
Accounts Payable - Post Petition | — | — | — | ||||||
A/P Manual - Post Petition | — | — | — | ||||||
A/P System - Post Petition | — | — | — | ||||||
Cont Disb General | — | — | — | ||||||
Cont Disb Payroll | — | — | — | ||||||
Cont Disb Flex | — | — | — | ||||||
Cont Disb Medical | — | — | — | ||||||
Accounts Payable - Pre Petition | — | — | — | ||||||
A/P Manual - Pre Petition | — | — | — | ||||||
A/P System - Pre Petition | — | — | — | ||||||
A/P Freight | — | — | — | ||||||
Accrued Bonus | — | — | — | ||||||
Accrued Benefits & Payroll | — | — | — | ||||||
Accrued Other | — | — | — | ||||||
Accrued Scrap | — | — | — | ||||||
Accrued Taxes | — | — | — | ||||||
Accrued Interest | — | — | — | ||||||
Total Current Liabilities | — | — | — | ||||||
Deferred Tax Liability | (428 | ) | (428 | ) | (428 | ) | |||
Capital Lease | — | — | — | ||||||
Revolver Pre-Petition | — | — | — | ||||||
Revolver Post-Petition | — | — | — | ||||||
Term Loan | — | — | — | ||||||
Convertible Sub Debt | — | — | — | ||||||
Industrial Revenue Bond | — | — | — | ||||||
Other Debt | — | — | — | ||||||
Intercompany Line Of Credit | (1,053,585 | ) | (1,053,585 | ) | (1,053,585 | ) | |||
Intercompany Non Cash | 13,195,938 | 13,195,938 | 13,103,117 | ||||||
Total Long Term Liabilities | 12,141,925 | 12,141,925 | 12,049,104 | ||||||
Total Liabilities | 12,141,925 | 12,141,925 | 12,049,104 | ||||||
Accumulated Other Comprehensive Income | — | — | — | ||||||
Common Stock | 1 | 1 | 1 | ||||||
APIC | 1,640,530 | 1,640,530 | 1,640,530 | ||||||
Retained Earnings | (12,101,099 | ) | (12,046,197 | ) | (11,871,022 | ) | |||
Dividends | — | — | — | ||||||
Minority Interest Equity | — | — | — | ||||||
Total Stockholders’ Equity | (10,460,568 | ) | (10,405,666 | ) | (10,230,491 | ) | |||
Total Liabilities & Stockholders’ Equity | 1,681,357 | 1,736,260 | 1,818,614 | ||||||
Page 2 of 2
SUMMARY OF OPERATIONS
For the Period:June 30, 2009
Schedule of Post Petition Taxes Payable
Debtor: | Prototech Laser Welding, Inc (d/b/a LWI Laser Welding international) | |
Case No: | 09-51751 |
Beginning Balance | Withheld | Accrued | Payments/ Deposits | Ending Balance | |||||||||||
Income Taxes Withheld: | |||||||||||||||
Federal | $ | — | $ | — | $ | — | $ | — | — | ||||||
State | — | — | — | — | — | ||||||||||
Local | — | — | — | — | — | ||||||||||
FICA Withheld: | — | — | — | — | — | ||||||||||
Employers FICA: | — | — | — | — | — | ||||||||||
Unemployment Tax: | — | ||||||||||||||
Federal | — | — | — | — | — | ||||||||||
State | — | — | — | — | — | ||||||||||
Sales, Use & Excise Taxes: | — | — | — | — | — | ||||||||||
Property Taxes: | — | — | — | — | — | ||||||||||
Other: | — | — | — | — | — | ||||||||||
TOTALS: | $ | — | $ | — | $ | — | $ | — | $ | — | |||||
SUMMARY OF OPERATIONS
Aging of Accounts Receivable & Post-Petition Accounts Payable
PERIOD ENDING:June 30, 2009
Debtor: | Prototech Laser Welding, Inc (d/b/a LWI Laser Welding International) | |
Case No: | 09-51751 |
Age in Days: | 0 - 30 | 30 - 60 | Over 60 | ||||||
Post-Petition Accounts Payable | $ | — | $ | — | $ | — | |||
Accounts Receivable | $ | — | $ | — | $ | — |
MONTHLY CASH STATEMENT
DEBTOR:Prototech Laser Welding, Inc. (d/b/a LWI Laser Welding International)
PERIOD ENDING:June 30, 2009
Cash Activity Analysis (Cash Basis Only): | Case No: 09-51751 |
1 | 2 | 3 | 4 | 5 | Total | |||||||||
A | Beginning Balance | — | — | |||||||||||
B | Receipts (Attach separate schedule) | — | ||||||||||||
C | Balance Available (A + B) | — | — | — | — | — | — | |||||||
D | Less Disbursements (Attach separate schedule) | — | — | |||||||||||
E | ENDING BALANCE (C - D) | — | — | — | — | — | — | |||||||
Attention: Please enter the TOTAL DISBURSEMENTS for all of your accounts, including cash excluding | ||||||||||||||
transfers, onto the line below. This is the number that will determine your quarterly fee payment. | ||||||||||||||
$ | ||||||||||||||
(PLEASE ATTACH COPIES OF MOST RECENT RECONCILED BANK STATEMENTS FROM EACH ACCOUNT)
1 | Depository Name & Location |
| ||||
Account Number |
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2 | Depository Name & Location |
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Account Number |
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3 | Depository Name & Location |
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Account Number |
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4 | Depository Name & Location |
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Account Number |
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5 | Depository Name & Location |
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Account Number |
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Other monies on hand ((specify type and location) i.e. CD’s, bonds, etc.): | ||||||
| ||||||
| ||||||
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|
Date |
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Debtor in Possession |
SCHEDULE OF IN-FORCE INSURANCE
PERIOD ENDING:June 30, 2009
Debtor: | Prototech Laser Welding, Inc (d/b/a LWI Laser Welding International) | |
Case No: | 09-51751 |
INSURANCE TYPE | CARRIER | EXPIRATION DATE | ||||||
Workers’ Compensation | Hartford Fire Insurance Company | 03/01/10 | ||||||
General Liability | Hartford Fire Insurance Company | 03/01/10 | ||||||
Global Property/Boiler & Machinery | Allianz Global Risks US Insurance Company | 03/01/10 | ||||||
Umbrella | St. Paul Fire & Marine Insurance Company (Travelers) | 03/01/10 | ||||||
Excess Umbrella | Great American Insurance Company | 03/01/10 | ||||||
Automobile | Hartford Fire Insurance Company | 03/01/10 | ||||||
Crime | National Union Fire Insurance Company of Pittsburgh PA (AIG) | 03/20/10 | ||||||
Directors & Officers Liability | National Union Fire Insurance Company (AIG) | 03/20/10 | ||||||
Directors & Officers Liability (runoff) | National Union Fire Insurance Company (AIG) | 03/20/14 | ||||||
1st Excess Directors & Officers Liability | St. Paul Mercury Insurance Company (Travelers) | 03/20/10 | ||||||
2nd Excess Directors & Officers Liability | Allied World National Assurance Company (AWNAC) | 03/20/10 | ||||||
Employment Practices Liability | National Union Fire Insurance Company (AIG) | 03/20/10 | ||||||
Employment Practices Liability (runoff) | National Union Fire Insurance Company (AIG) | 03/20/14 | ||||||
Fiduciary Liability | Federal Insurance Company (Chubb) | 03/20/10 | ||||||
Fiduciary Liability (runoff) | Federal Insurance Company (Chubb) | 03/20/14 | ||||||
Foreign Package | Insurance Company of the State of Pennsylvania (AIG WorldSource) | 03/20/10 |
UNITED STATES BANKRUPTCY COURT
FOR THE EASTERN DISTRICT OF MICHIGAN
TRANSMITTAL OF FINANCIAL REPORTS AND
CERTIFICATION OF COMPLIANCE WITH
UNITED STATES TRUSTEE OPERATING REQUIREMENTS FOR
THE PERIOD ENDED JUNE 30, 2009
In re:
Tailor Steel America, LLC | Case Number: 09-51752 | |||||
As debtor in possession, I affirm: | Chapter 11 | |||||
1. | That I have reviewed the financial statements attached hereto, consisting of: | Judge: Marci B. Melvor |
x | Operating Statement | (Form 2) | ||||
x | Balance Sheet | (Form 3) | ||||
x | Summary of Operations | (Form 4) | ||||
x | Monthly Cash Statement | (Form 5) | ||||
x | Statement of Compensation | (Form 6) | ||||
x | Schedule of In-Force Insurance | (Form 7) | ||||
and that they have been prepared in accordance with normal and customary accounting practices, and fairly and accurately reflect the debtor’s financial activity for the period stated; |
2. | That the insurance, including workers’ compensation and unemployment insurance, as described in Section 5 of the Operating Instructions and Reporting Requirements for Chapter 11 Cases is in effect; and, |
(If not, attach a written explanation) | YES x NO |
3. | That all post-petition taxes as described in Sections 9 of the Operating Instructions and Reporting Requirements for Chapter 11 cases are current. |
(If not, attach a written explanation) | YES x NO |
4. | No professional fees (attorney, accountant, etc.) have been paid without specific court authorization. |
(If not, attach a written explanation) | YES x NO |
5. | All United States Trustee Quarterly fees have been paid and are current. |
YES x NO |
6. | Have you filed your pre-petition tax returns. |
(If not, attach a written explanation) | YES NO x | |||||
Written Explanation: Debtor filed for bankruptcy protection on April 15, 2009. Extensions have been filed for all of debtor’s applicable 2008 tax returns. |
I hereby certify, under penalty of perjury, that the information provided above and in the attached documents is true and correct to the best of my information and belief.
| ||||||||
Dated: |
| Debtor in Possession | ||||||
Chief Financial Officer | (248) 519-0700 | |||||||
Title | Phone |
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |
Case Number: | 09-51752 | |
Debtor: | Tailor Steel America, LLC |
Current Month | Total Since Filing | ||||
Welding Sales | — | — | |||
Blanking | — | — | |||
Blanking Direct | — | — | |||
Roll Forming Sales | — | — | |||
Transportation | — | — | |||
Packaging | — | — | |||
Scrap Sales | — | — | |||
Dimpling Oiling Other Sales | — | — | |||
Spot Weld Sales | — | — | |||
Prototype Sales | — | — | |||
Die Sales | — | — | |||
Scrap Income | — | — | |||
Sales Returns & Allowance | — | — | |||
Contract Manufacturing Sales | — | — | |||
Other Sales | — | — | |||
Task Sales | — | — | |||
Steel Sales | — | — | |||
Total Sales | — | — | |||
Direct Labor | — | — | |||
Direct Labor Overtime | — | �� | — | ||
Direct Contract Labor | — | — | |||
Direct Labor Payroll Taxes | — | — | |||
Direct Labor Health Benefits | — | (2,126 | ) | ||
Direct Labor Retirement Plan | — | — | |||
Direct Labor Workers Comp | — | — | |||
Direct Labor Gainsharing | — | — | |||
Total Direct Labor | — | (2,126 | ) | ||
Outside Blanking | — | — | |||
Outside Contract Manufacturing | — | — | |||
Outside Other | — | — | |||
Material Consumption Owned | — | — | |||
Material Consumption Consigned | — | — | |||
Unreported Material Consumption | — | — | |||
Physical Inventory Variance | — | — | |||
Heat, Light & Power | — | (4,144 | ) | ||
Freight OEM | — | — | |||
Freight Other | — | — | |||
Gas | — | — | |||
Shipping Material | — | — | |||
Prototype Costs | — | — | |||
Die Costs | — | — | |||
Other Sales Cost | — | — | |||
Steel Cost | — | — | |||
Total Other Direct Costs | — | (4,144 | ) | ||
Total Direct Costs | — | (6,270 | ) | ||
Direct Margin | — | (6,270 | ) | ||
Indirect Labor Salary | — | — | |||
Indirect Labor Overtime | — | — | |||
Indirect Labor Hourly | — | — | |||
Indirect Labor Contract | — | — | |||
Capitalized Labor | — | — | |||
Indirect Labor Payroll Taxes | — | — | |||
Indirect Labor Health Benefits | — | — | |||
Indirect Labor Retirement Plan | — | — | |||
Indirect Labor Workers Comp | — | — | |||
Indirect Labor Gainsharing | — | — | |||
Total Indirect Labor | — | — |
Page 1 of 3
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |
Case Number: | 09-51752 | |
Debtor: | Tailor Steel America, LLC |
Current Month | Total Since Filing | ||||
Depreciation | — | — | |||
Building Rent Expense | — | — | |||
Repairs & Maintenance | — | — | |||
Building Grounds Maintenance | — | (847 | ) | ||
Shop Supplies | — | — | |||
Equipment Rental Expense | — | — | |||
Equipment Rental Intercompany | — | — | |||
Equipment Rental Income | — | — | |||
Insurance | — | — | |||
Travel Indirect | — | — | |||
Property Tax | — | (48,000 | ) | ||
Pre Employment Expense | — | — | |||
Training Indirect | — | — | |||
Tools | — | — | |||
Research & Development | — | — | |||
Capitalized Overhead | — | — | |||
Gain or Loss on Disposal | — | — | |||
Production Task | — | — | |||
Labor Variance | — | — | |||
Material Variance | — | — | |||
Burden Variance | — | — | |||
Total Other Indirect Costs | — | (48,847 | ) | ||
Total Indirect Costs | — | (48,847 | ) | ||
Total Cost of Sales | — | (55,117 | ) | ||
Gross Margin | — | (55,117 | ) | ||
SG&A Labor | — | — | |||
SG&A Labor Stock Compensation | — | — | |||
SG&A Labor Contract | — | — | |||
SG&A Labor Payroll Taxes | — | — | |||
SG&A Labor Health Benefits | — | — | |||
SG&A Labor Retirement Plan | — | — | |||
SG&A Labor Workers Comp | — | — | |||
SG&A Labor Gainsharing | — | — | |||
Total SG&A Labor | — | — | |||
Bonus Expense | — | — | |||
Depreciation SG&A | — | — | |||
Amortization | — | — | |||
Research & Development SGA | — | — | |||
Travel SG&A | — | — | |||
Safety & Security | — | — | |||
Computer Supplies | — | — | |||
Telephone Expense | — | (46 | ) | ||
Telephone Expense – Mobile | — | — | |||
Office Expense | — | (357 | ) | ||
Training SG&A | — | — | |||
Meals & Entertainment | — | — | |||
Dues & Subscriptions | — | — | |||
Employee Relations | — | — | |||
Internal Meals | — | — | |||
Meals – Sandwiches visitors | — | — | |||
Meals – Meal cheques | — | — | |||
Meals – Coffee/Water-personnel | — | — | |||
Sales Promotion | — | — | |||
Advertising | — | — | |||
Bank Charges | — | — | |||
Corporate Services Corporate | — | — |
Page 2 of 3
OPERATING STATEMENT (P&L)
Period Ending: | June 30, 2009 | |
Case Number: | 09-51752 | |
Debtor: | Tailor Steel America, LLC |
Current Month | Total Since Filing | ||||
Corporate Services General | — | — | |||
Directors Expense | — | — | |||
Directors Expense - Stock Based | — | — | |||
Professional Fees Legal | — | — | |||
Professional Fees Audit/tax | — | — | |||
Professional Fees Other | — | — | |||
Business Insurance | — | — | |||
Club Dues | — | — | |||
Commission Expense | — | — | |||
Other Taxes & Penalties | — | — | |||
Plane Lease & Maintenance | — | — | |||
Licenses, Fees, & Permits | — | — | |||
Moving Expense | — | — | |||
Donations | — | — | |||
Bad Debt Expense | — | — | |||
Held for Sale Expense | — | — | |||
Administrative Task | — | — | |||
Total Other SG&A | — | (403 | ) | ||
Total SG&A | — | (403 | ) | ||
Net Operating Profit | — | (55,520 | ) | ||
Intercompany Interest | — | (160,736 | ) | ||
Interest Expense | — | (4,726 | ) | ||
Amortization Fees | — | — | |||
Amortization Fees Sub | — | — | |||
Amortization Debt Discount | — | — | |||
Gain/Loss on Derivatives | — | — | |||
Capitalized Interest | — | — | |||
Interest Income | — | — | |||
Royalty Income/Expense | — | — | |||
Foreign Currency | — | — | |||
Dividend Income | — | — | |||
Extraordinary Gain/Loss | — | — | |||
Gain / Loss On Disposal | — | — | |||
Impairment Charges | — | — | |||
Group Allocation Indirect | — | — | |||
Group Allocation SG&A | — | — | |||
Other Income/Expense | — | — | |||
Total Other (Income)/Expense | — | (165,462 | ) | ||
Income before Taxes & Minority Interest | — | (220,982 | ) | ||
Income Taxes | — | — | |||
Net Income before Minority Interest | — | (220,982 | ) | ||
Minority Interest | — | — | |||
Net Income | — | (220,982 | ) | ||
Page 3 of 3
BALANCE SHEET
Period Ending: | June 30, 2009 | |
Case Number: | 09-51752 | |
Debtor: | Tailor Steel America, LLC |
Current Month | Prior Month | At Filing | |||||||
ASSETS | |||||||||
Cash | 186 | 186 | 186 | ||||||
Accounts Receivable | 196,453 | 196,453 | 196,453 | ||||||
Allowance For Bad Debt | (50,000 | ) | (50,000 | ) | (50,000 | ) | |||
Inventory | — | — | — | ||||||
Inventory Dies | — | — | — | ||||||
Inventory Prototype | — | — | — | ||||||
Prepaid Expenses | 2,635 | 2,635 | (0 | ) | |||||
Notes Receivable | — | — | — | ||||||
Deferred Tax Asset | — | — | — | ||||||
Total Current Assets | 149,273 | 149,273 | 146,638 | ||||||
Machinery & Equipment | — | — | — | ||||||
MIS Computer Equipment | — | — | — | ||||||
Building | — | — | — | ||||||
Land | — | — | — | ||||||
Office Equipment | — | — | — | ||||||
Auto & Trucks | — | — | — | ||||||
Leasehold Improvements | — | — | — | ||||||
Production Equip In Progress | — | — | — | ||||||
Accumulated Depreciation | — | — | — | ||||||
Property, Plant & Equipment, Net | — | — | — | ||||||
Investments | — | — | — | ||||||
Other Intangible, Net | — | — | — | ||||||
Credit Agreement Fees, Net | — | — | — | ||||||
Goodwill, Net | — | — | — | ||||||
Deposits | — | — | — | ||||||
Assets Held For Sale | 1,325,000 | 1,325,000 | 1,325,000 | ||||||
Total Other Assets | 1,325,000 | 1,325,000 | 1,325,000 | ||||||
Total Assets | 1,474,273 | 1,474,273 | 1,471,638 | ||||||
Page 1 of 2
BALANCE SHEET
Period Ending: | June 30, 2009 | |
Case Number: | 09-51752 | |
Debtor: | Tailor Steel America, LLC |
Current Month | Prior Month | At Filing | |||||||
LIABILITIES | |||||||||
Cont Disb General - Post Petition | — | — | — | ||||||
Cont Disb Payroll - Post Petition | — | — | — | ||||||
Cont Disb Flex - Post Petition | — | — | — | ||||||
Cont Disb Medical - Post Petition | — | — | — | ||||||
Accounts Payable - Post Petition | (19,651 | ) | (19,651 | ) | 18,225 | ||||
A/P Manual - Post Petition | — | — | — | ||||||
A/P System - Post Petition | — | — | — | ||||||
Cont Disb General | — | — | — | ||||||
Cont Disb Payroll | — | — | — | ||||||
Cont Disb Flex | — | — | — | ||||||
Cont Disb Medical | — | — | — | ||||||
Accounts Payable - Pre Petition | — | — | — | ||||||
A/P Manual - Pre Petition | (19,651 | ) | (19,651 | ) | 18,225 | ||||
A/P System - Pre Petition | 44,111 | 44,111 | 44,111 | ||||||
A/P Freight | — | — | — | ||||||
Accrued Bonus | — | — | — | ||||||
Accrued Benefits & Payroll | — | — | — | ||||||
Accrued Other | 198,479 | 198,479 | 150,479 | ||||||
Accrued Scrap | — | — | — | ||||||
Accrued Taxes | — | — | — | ||||||
Accrued Interest | — | — | — | ||||||
Total Current Liabilities | 222,939 | 222,939 | 212,815 | ||||||
Deferred Tax Liability | — | — | — | ||||||
Capital Lease | 1,987,815 | 1,987,815 | 2,020,965 | ||||||
Revolver Pre-Petition | — | — | — | ||||||
Revolver Post-Petition | — | — | — | ||||||
Term Loan | — | — | — | ||||||
Convertible Sub Debt | — | — | — | ||||||
Industrial Revenue Bond | — | — | — | ||||||
Other Debt | — | — | — | ||||||
Intercompany Line Of Credit | — | — | — | ||||||
Intercompany Non Cash | 7,820,545 | 7,820,545 | 7,573,901 | ||||||
Total Long Term Liabilities | 9,808,360 | 9,808,360 | 9,594,866 | ||||||
Total Liabilities | 10,031,298 | 10,031,298 | 9,807,681 | ||||||
Accumulated Other Comprehensive Income | — | — | — | ||||||
Common Stock | 8,150,000 | 8,150,000 | 8,150,000 | ||||||
APIC | — | — | — | ||||||
Retained Earnings | (16,707,025 | ) | (16,707,025 | ) | (16,486,043 | ) | |||
Dividends | — | — | — | ||||||
Minority Interest Equity | — | — | — | ||||||
Total Stockholders’ Equity | (8,557,025 | ) | (8,557,025 | ) | (8,336,043 | ) | |||
Total Liabilities & Stockholders’ Equity | 1,474,273 | 1,474,273 | 1,471,638 | ||||||
Page 2 of 2
SUMMARY OF OPERATIONS
For the Period:June 30, 2009
Schedule of Post Petition Taxes Payable
Debtor: | Tailor Steel America, LLC | |
Case No: | 09-51752 |
Beginning Balance | Withheld | Accrued | Payments/ Deposits | Ending Balance | |||||||||||
Income Taxes Withheld: | |||||||||||||||
Federal | $ | — | $ | — | $ | — | $ | — | — | ||||||
State | — | — | — | — | — | ||||||||||
Local | — | — | — | — | — | ||||||||||
FICA Withheld: | — | — | — | — | — | ||||||||||
Employers FICA: | — | — | — | — | — | ||||||||||
Unemployment Tax: | — | ||||||||||||||
Federal | — | — | — | — | — | ||||||||||
State | — | — | — | — | — | ||||||||||
Sales, Use & Excise Taxes: | — | — | — | — | — | ||||||||||
Property Taxes: | — | — | — | — | — | ||||||||||
Other: | — | — | — | — | — | ||||||||||
TOTALS: | $ | — | $ | — | $ | — | $ | — | $ | — | |||||
SUMMARY OF OPERATIONS
Aging of Accounts Receivable & Post-Petition Accounts Payable
PERIOD ENDING:June 30, 2009
Debtor: | Tailor Steel America, LLC | |
Case No: | 09-51752 |
Age in Days: | 0 - 30 | 30 - 60 | Over 60 | ||||||
Post-Petition Accounts Payable | $ | — | $ | — | $ | — | |||
Accounts Receivable | $ | — | $ | — | $ | — |
MONTHLY CASH STATEMENT
DEBTOR:Tailor Steel America, LLC
PERIOD ENDING:June 30, 2009
Cash Activity Analysis (Cash Basis Only): | Case No: 09-51752 |
1 | 2 | 3 | 4 | 5 | Total | |||||||||||
A | Beginning Balance | (16.50 | ) | — | (16.50 | ) | ||||||||||
B | Receipts (Attach separate schedule) | 0.53 | 0.53 | |||||||||||||
C | Balance Available (A + B) | (15.97 | ) | — | — | — | — | (15.97 | ) | |||||||
D | Less Disbursements (Attach separate schedule) | (91.87 | ) | — | (91.87 | ) | ||||||||||
E | ENDING BALANCE (C - D) | (107.84 | ) | — | — | — | — | (107.84 | ) | |||||||
Attention: Please enter the TOTAL DISBURSEMENTS for all of your accounts, including cash excluding | ||||||||||||||||
transfers, onto the line below. This is the number that will determine your quarterly fee payment. | ||||||||||||||||
$(91.87) | ||||||||||||||||
(PLEASE ATTACH COPIES OF MOST RECENT RECONCILED BANK STATEMENTS FROM EACH ACCOUNT)
1 | Depository Name & Location | National City | ||||
Account Number | 644907353 | |||||
2 | Depository Name & Location |
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3 | Depository Name & Location |
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4 | Depository Name & Location |
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Account Number |
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5 | Depository Name & Location |
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Account Number |
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Other monies on hand ((specify type and location) i.e. CD’s, bonds, etc.): | ||||||
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Debtor in Possession |
SCHEDULE OF IN-FORCE INSURANCE
PERIOD ENDING:June 30, 2009
Debtor: | Tailor Steel America, LLC | |
Case No: | 09-51752 |
INSURANCE TYPE | CARRIER | EXPIRATION DATE | ||||||
Workers’ Compensation | Hartford Fire Insurance Company | 03/01/10 | ||||||
General Liability | Hartford Fire Insurance Company | 03/01/10 | ||||||
Global Property/Boiler & Machinery | Allianz Global Risks US Insurance Company | 03/01/10 | ||||||
Umbrella | St. Paul Fire & Marine Insurance Company (Travelers) | 03/01/10 | ||||||
Excess Umbrella | Great American Insurance Company | 03/01/10 | ||||||
Automobile | Hartford Fire Insurance Company | 03/01/10 | ||||||
Crime | National Union Fire Insurance Company of Pittsburgh PA (AIG) | 03/20/10 | ||||||
Directors & Officers Liability | National Union Fire Insurance Company (AIG) | 03/20/10 | ||||||
Directors & Officers Liability (runoff) | National Union Fire Insurance Company (AIG) | 03/20/14 | ||||||
1st Excess Directors & Officers Liability | St. Paul Mercury Insurance Company (Travelers) | 03/20/10 | ||||||
2nd Excess Directors & Officers Liability | Allied World National Assurance Company (AWNAC) | 03/20/10 | ||||||
Employment Practices Liability | National Union Fire Insurance Company (AIG) | 03/20/10 | ||||||
Employment Practices Liability (runoff) | National Union Fire Insurance Company (AIG) | 03/20/14 | ||||||
Fiduciary Liability | Federal Insurance Company (Chubb) | 03/20/10 | ||||||
Fiduciary Liability (runoff) | Federal Insurance Company (Chubb) | 03/20/14 | ||||||
Foreign Package | Insurance Company of the State of Pennsylvania (AIG WorldSource) | 03/20/10 |