| In re | KIT digital, Inc. | Case No. | 13-11298 (REG) | ||
| Debtor | Reporting Period: | July 1 2013 to July 31 2013 |
BALANCE SHEET
The Balance Sheet is to be completed on an accrual basis only. Pre-petition liabilities must be classified separately from post-petition obligations.
| ASSETS | BOOK VALUE AT END OF CURRENT REPORTING MONTH | BOOK VALUE AT END OF PRIOR REPORTING MONTH | BOOK VALUE ON PETITION DATE OR SCHEDULED | Comments | ||||||||||
| CURRENT ASSETS | ||||||||||||||
| Unrestricted Cash and Equivalents | 273,173.13 | 19,065.74 | 172.67 | |||||||||||
| Restricted Cash and Cash Equivalents(see continuation sheet) | 2,000,704.99 | 2,000,482.24 | 2,089,119.93 | |||||||||||
| Accounts Receivable (Net) | - | - | - | |||||||||||
| Notes Receivable | - | - | - | |||||||||||
| Inventories | - | - | - | |||||||||||
| Prepaid Expenses | 525,453.18 | 580,518.30 | 528,002.29 | |||||||||||
| Professional Retainers | - | - | - | |||||||||||
| Other Current Assets(attach schedule) | 17,475,105.36 | 17,191,721.24 | 17,604,502.39 | |||||||||||
| TOTAL CURRENT ASSETS | 20,274,436.66 | 19,791,787.52 | 20,221,797.28 | |||||||||||
| PROPERTY & EQUIPMENT | ||||||||||||||
| Real Property and Improvements | - | - | - | |||||||||||
| Machinery and Equipment | 1,559,399.56 | 1,559,399.56 | 1,559,399.56 | |||||||||||
| Furniture, Fixtures and Office Equipment | 62,824.09 | 62,824.09 | 62,824.09 | |||||||||||
| Leasehold Improvements | - | - | - | |||||||||||
| Vehicles | - | - | - | |||||||||||
| Less: Accumulated Depreciation | (935,706.06 | ) | (898,124.81 | ) | (822,906.69 | ) | ||||||||
| TOTAL PROPERTY & EQUIPMENT | 686,517.59 | 724,098.84 | 799,316.96 | |||||||||||
| OTHER ASSETS | ||||||||||||||
| Amounts due from Insiders* | - | - | - | |||||||||||
| Other Assets(attach schedule) | 220,886,486.82 | 220,886,486.82 | 220,886,486.82 | |||||||||||
| TOTAL OTHER ASSETS | 220,886,486.82 | 220,886,486.82 | 220,886,486.82 | |||||||||||
| TOTAL ASSETS | 241,847,441.07 | 241,402,373.18 | 241,907,601.06 | |||||||||||
| LIABILITIES AND OWNER EQUITY | BOOK VALUE AT END OF CURRENT REPORTING MONTH | BOOK VALUE AT END OF PRIOR REPORTING MONTH | BOOK VALUE ON PETITION DATE | |||||||||||
| LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition) | ||||||||||||||
| Accounts Payable | 2,584,464.54 | 131,558.30 | - | |||||||||||
| Taxes Payable(refer to FORM MOR-4) | - | - | - | |||||||||||
| Wages Payable | - | - | - | |||||||||||
| Notes Payable | - | - | - | |||||||||||
| Rent / Leases - Building/Equipment | - | - | - | |||||||||||
| Secured Debt / Adequate Protection Payments | - | - | - | |||||||||||
| Professional Fees | 2,182,757.37 | 1,709,000.00 | 29,750.00 | |||||||||||
| Amounts Due to Insiders* | - | - | 10,000.00 | |||||||||||
| Other Post-petition Liabilities(attach schedule) | 4,152,292.22 | 2,750,808.57 | 1,500,000.00 | |||||||||||
| TOTAL POST-PETITION LIABILITIES | 8,919,514.13 | 4,591,366.87 | 1,539,750.00 | |||||||||||
| LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition) | ||||||||||||||
| Secured Debt | 10,226,355.18 | 10,226,355.18 | 10,226,355.18 | |||||||||||
| Priority Debt | 78,799.43 | 78,799.43 | 78,799.43 | |||||||||||
| Unsecured Debt | 46,195,648.65 | 45,960,423.42 | 46,314,000.71 | Includes $32.2 M of equity related liabilities, such as Acquisition/Earnouts, which the debtor believes will be subordinated pursuant to section 510(b) of the Bankruptcy Code | ||||||||||
| TOTAL PRE-PETITION LIABILITIES | 56,500,803.26 | 56,265,578.03 | 56,619,155.32 | |||||||||||
| TOTAL LIABILITIES | 65,420,317.39 | 60,856,944.90 | 58,158,905.32 | |||||||||||
| OWNERS' EQUITY | ||||||||||||||
| Capital Stock | 6,089.37 | 6,089.37 | 6,089.37 | |||||||||||
| Additional Paid-In Capital | 568,067,878.68 | 568,067,878.68 | 568,067,878.68 | |||||||||||
| Partners' Capital Account | - | - | - | |||||||||||
| Owner's Equity Account | - | - | - | |||||||||||
| Retained Earnings - Pre-Petition | (384,274,882.77 | ) | (384,274,882.77 | ) | (384,274,882.77 | ) | ||||||||
| Retained Earnings - Post-petition | (7,371,961.60 | ) | - | (50,389.54 | ) | |||||||||
| Adjustments to Owner Equity(attach schedule) | - | - | - | |||||||||||
| Post-petition Contributions (attach schedule) | - | - | - | |||||||||||
| NET OWNERS’ EQUITY | 176,427,123.68 | 183,799,085.28 | 183,748,695.74 | |||||||||||
| TOTAL LIABILITIES AND OWNERS' EQUITY | 241,847,441.07 | 244,656,030.18 | 241,907,601.06 | |||||||||||
| *"Insider" is defined in 11 U.S.C. Section 101(31). | ||||||||||||||
| (0.00 | ) | |||||||||||||
| BALANCE SHEET - continuation section | ||||||||||||||
| ASSETS | BOOK VALUE AT END OF CURRENT REPORTING MONTH | BOOK VALUE AT END OF PRIOR REPORTING MONTH | BOOK VALUE ON PETITION DATE | |||||||||||
| Other Current Assets | ||||||||||||||
| Investments | 639,506.00 | 639,506.00 | 639,506.00 | |||||||||||
| Earnout Receivable- ST | 1,690,000.00 | 1,690,000.00 | 1,690,000.00 | |||||||||||
| Intercompany, net | 15,145,599.36 | 14,862,215.24 | 15,274,996.39 | |||||||||||
| Total | 17,475,105.36 | 17,191,721.24 | 17,604,502.39 | |||||||||||
| Other Assets | ||||||||||||||
| Goodwill | 15,485,347.30 | 15,485,347.30 | 15,485,347.30 | |||||||||||
| Investments in Subsidiaries | 197,807,230.87 | 197,807,230.87 | 197,807,230.87 | |||||||||||
| Earnout Receivable, LT | 6,510,000.00 | 6,510,000.00 | 6,510,000.00 | |||||||||||
| Note Receivable, LT | 1,083,908.65 | 1,083,908.65 | 1,083,908.65 | |||||||||||
| Total | 220,886,486.82 | 220,886,486.82 | 220,886,486.82 | |||||||||||
| LIABILITIES AND OWNER EQUITY | BOOK VALUE AT END OF CURRENT REPORTING MONTH | BOOK VALUE AT END OF PRIOR REPORTING MONTH | BOOK VALUE ON PETITION DATE | |||||||||||
| Other Post-petition Liabilities | ||||||||||||||
| Liability on Escrow in Respect of Plan Sponsor Group Deposit | 1,500,000.00 | 1,500,000.00 | 1,500,000.00 | |||||||||||
| DIP Loan plus interest | 2,652,292.22 | 1,250,808.57 | - | |||||||||||
| Total | 4,152,292.22 | 2,750,808.57 | 1,500,000.00 | |||||||||||
| Adjustments to Owner’s Equity | ||||||||||||||
| Post-Petition Contributions | ||||||||||||||
Restricted Cash: Cash that is restricted for a specific use and not available to fund operations.
Typically, restricted cash is segregated into a separate account, such as an escrow account.
Includes $1.5m Escrow Account in Respect of Plan Sponsor Group Deposit
