Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
| In re Violin Memory, Inc. | Case No. 16-12782 (LSS) | |
| Reporting Period: February 1, 2017 - February 28, 2017 |
MONTHLY OPERATING REPORT
File with Court and submit copy to United States Trustee within 20 days after end of month.
Submit copy of report to any official committee appointed in the case.
REQUIRED DOCUMENTS | Form No. | Document Attached | Explanation Attached | Affidavit / Supplement Attached | ||||||||
Schedule of Cash Receipts and Disbursements | MOR-1 | X | ||||||||||
Bank Reconciliation (or copies of debtor’s bank reconciliations) | MOR-1a | X | ||||||||||
Schedule of Professional Fees Paid | MOR-1b | X | ||||||||||
Copies of bank statements | X | |||||||||||
Cash disbursements journals | X | |||||||||||
Statement of Operations | MOR-2 | X | ||||||||||
Balance Sheet | MOR-3 | X | ||||||||||
Status of Postpetition Taxes | MOR-4 | X | ||||||||||
Copies of IRS Form 6123 or payment receipt | N/A | |||||||||||
Copies of tax returns filed during reporting period | None | |||||||||||
Summary of Unpaid Postpetition Debts | MOR-4 | X | ||||||||||
Listing of aged accounts payable | MOR-4 | X | ||||||||||
Accounts Receivable Reconciliation and Aging | MOR-5 | X | ||||||||||
Debtor Questionnaire | MOR-5 | X | ||||||||||
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.
| /s/ Cory Sindelar | March 20, 2017 | |||||
| Signature of Authorized Individual* | Date | |||||
| Cory Sindelar | Chief Financial Officer | |||||
| Printed Name of Authorized Individual | Title of Authorized Individual | |||||
| * | Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company. |
| In re: Violin Memory, Inc. | Case No.: | 16-12782 (LSS) | ||||||
| Reporting Period: | February 28, 2017 |
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
| BANK ACCOUNTS | CURRENT MONTH | CUMULATIVE FILING TO DATE | ||||||||||||||||||||||||||||||||||||||||||
| Concen (6057) | AP (8879) | Collat. (Acct: 6659) | Prof Svcs (Acct: 6061) | DIP Collateral (Acct: 1164) | Payroll (Acct: 2592) | Benefits (Acct: 6076) | ACTUAL | PROJECTED | ACTUAL | PROJECTED | ||||||||||||||||||||||||||||||||||
CASH BEGINNING OF MONTH | $ | 3,408,890 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 3,408,890 | $ | 2,960,481 | $ | 3,676,714 | $ | 3,676,835 | ||||||||||||||||||||||
RECEIPTS | ||||||||||||||||||||||||||||||||||||||||||||
Accounts receivable | — | — | — | — | 24,338 | — | — | 24,338 | — | 1,482,412 | 1,016,270 | |||||||||||||||||||||||||||||||||
Sale of assets | — | — | — | — | 66,458 | — | — | 66,458 | — | 66,458 | — | |||||||||||||||||||||||||||||||||
Other | 4,802 | 5,659 | — | — | 38,475 | — | — | 48,937 | 220,000 | 497,266 | 271,385 | |||||||||||||||||||||||||||||||||
Intra-bank Transfers, net | (5,358,946 | ) | 888,840 | 3,285,270 | 516,538 | (50,758 | ) | 700,030 | 19,026 | — | — | — | — | |||||||||||||||||||||||||||||||
Transfers from DIP Accts | 2,502,000 | — | — | — | — | — | — | 2,502,000 | 2,752,000 | 2,502,000 | 2,752,000 | |||||||||||||||||||||||||||||||||
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TOTAL RECEIPTS | (2,852,143 | ) | 894,499 | 3,285,270 | 516,538 | 78,513 | 700,030 | 19,026 | 2,641,733 | 2,972,000 | 4,548,136 | 4,039,655 | ||||||||||||||||||||||||||||||||
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DISBURSEMENTS | ||||||||||||||||||||||||||||||||||||||||||||
Payroll | — | — | — | — | — | 706,919 | — | 706,919 | 505,263 | 2,416,670 | 1,730,045 | |||||||||||||||||||||||||||||||||
Benefits | 35,386 | — | — | — | — | — | 19,026 | 54,411 | 166,919 | 112,330 | 329,694 | |||||||||||||||||||||||||||||||||
Expense reimb. | — | 21,431 | — | — | — | — | — | 21,431 | 40,000 | 57,557 | 70,000 | |||||||||||||||||||||||||||||||||
Vendor payments | 1,195 | 333,847 | — | — | — | — | — | 335,042 | 701,909 | 684,854 | 1,068,362 | |||||||||||||||||||||||||||||||||
Sales Tax | — | 1,232 | — | — | 460 | — | — | 1,692 | — | 21,986 | — | |||||||||||||||||||||||||||||||||
Rent | — | 578,347 | — | — | — | — | — | 578,347 | 580,000 | 578,347 | 580,000 | |||||||||||||||||||||||||||||||||
Transfers to DIP Accts | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
Professional Fees | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
U.S. Trustee Quarterly Fees | — | — | — | — | — | — | — | — | — | 325 | 4,875 | |||||||||||||||||||||||||||||||||
Court Costs | — | — | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||
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TOTAL DISBURSEMENTS | 36,581 | 934,857 | — | — | 460 | 706,919 | 19,026 | 1,697,841 | 1,994,091 | 3,872,069 | 3,782,976 | |||||||||||||||||||||||||||||||||
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NET CASH FLOW | $ | (2,888,724 | ) | $ | (40,358 | ) | $ | 3,285,270 | $ | 516,538 | $ | 78,054 | $ | (6,888 | ) | $ | — | $ | 943,892 | $ | 977,909 | $ | 676,067 | $ | 256,679 | |||||||||||||||||||
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CASH END OF MONTH | $ | 520,166 | $ | (40,358 | ) | $ | 3,285,270 | $ | 516,538 | $ | 78,054 | $ | (6,888 | ) | $ | — | $ | 4,352,782 | $ | 3,938,390 | $ | 4,352,782 | $ | 3,933,515 | ||||||||||||||||||||
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DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES |
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TOTAL DISBURSEMENTS |
| $ | 1,697,841 | |||||||||||||||||||||||||||||||||||||||||
Less: Transfers to DIP accounts |
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Plus: Estate Disbursements made by outside sources (i.e. from escrow accounts) |
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TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES |
| $ | 1,697,841 | |||||||||||||||||||||||||||||||||||||||||
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NOTE: ALL OTHER BANK ACCOUNTS REFLECTED NO ACTIVITY FOR THE MONTH
| In re: Violin Memory, Inc. | Case No.: | 16-12782 (LSS) | ||||||
| Reporting Period: | February 28, 2017 |
BANK RECONCILIATIONS
| Concen (Acct: 6057) | AP (Acct: 88879) | Reserve (Acct: 6659) | Prof Svcs (Acct: 6061) | DIP Collateral (Acct:1164) | Payroll (Acct: 2592) | |||||||||||||||||||||||||||
BALANCE PER BOOKS | $ | 520,166 | $ | (40,358 | ) | $ | 3,285,270 | $ | 516,538 | $ | 78,054 | $ | (6,888 | ) | ||||||||||||||||||
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BANK BALANCE | $ | 520,166 | $ | — | $ | 3,285,270 | $ | 516,538 | $ | 78,054 | $ | — | ||||||||||||||||||||
(+) DEPOSITS IN TRANSIT (ATTACH LIST) | — | — | — | — | — | — | ||||||||||||||||||||||||||
(-) OUTSTANDING CHECKS (ATTACH LIST) | — | (40,358 | ) | — | — | — | (6,888 | ) | ||||||||||||||||||||||||
OTHER (ATTACH EXPLANATION) | — | — | — | — | — | — | ||||||||||||||||||||||||||
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ADJUSTED BANK BALANCE * | $ | 520,166 | $ | (40,358 | ) | $ | 3,285,270 | $ | 516,538 | $ | 78,054 | $ | (6,888 | ) | ||||||||||||||||||
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* Adjusted bank balance must equal balance per books |
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DEPOSITS IN TRANSIT | Date | Amount | Date | Amount | ||||||||||||||||||||||||||||
CHECKS OUTSTANDING | CK# | Amount | CK# | Amount | ||||||||||||||||||||||||||||
| 50029 | $ | 1,232.39 | 101279 | $ | 2,654.33 | |||||||||||||||||||||||||||
| 50031 | $ | 63.34 | 101283 | $ | 1,569.61 | |||||||||||||||||||||||||||
| 50032 | $ | 32.63 | 101284 | $ | 2,664.30 | |||||||||||||||||||||||||||
| 50041 | $ | 1,094.00 | ||||||||||||||||||||||||||||||
| 50044 | $ | 554.83 | ||||||||||||||||||||||||||||||
| 50045 | $ | 3,792.75 | ||||||||||||||||||||||||||||||
| 50047 | $ | 11,500.00 | ||||||||||||||||||||||||||||||
| 50049 | $ | 4,550.00 | ||||||||||||||||||||||||||||||
| 50056 | $ | 436.54 | ||||||||||||||||||||||||||||||
| 50053 | $ | 477.64 | ||||||||||||||||||||||||||||||
| 50055 | $ | 43.75 | ||||||||||||||||||||||||||||||
| 50060 | $ | 1,500.00 | ||||||||||||||||||||||||||||||
| 50061 | $ | 2,100.00 | ||||||||||||||||||||||||||||||
| 50062 | $ | 7,700.00 | ||||||||||||||||||||||||||||||
| 50063 | $ | 5,280.00 | ||||||||||||||||||||||||||||||
NOTE: The remaining bank and book balances are zero.
| In re: Violin Memory, Inc. | Case No.: | 16-12782 (LSS) | ||||||
| Reporting Period: | February 28, 2017 |
SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID
Payee | Period Covered | Amount Approved | Payor | Check | Amount Paid | Year-To-Date | ||||||||||||||||||||||||||||
| Check # | Date | Fees | Expenses | Fees | Expenses | |||||||||||||||||||||||||||||
US Trustee | Q4 2016 | $ | 4,550 | Violin Memory Inc | 50049 | 2/23/17 | $ | 4,550 | $ | — | $ | 4,875 | $ | — | ||||||||||||||||||||
| Violin Memory Inc | ||||||||||||||||||||||||||||||||||
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Grand Total | $ | 4,550.00 | $ | 4,550 | $ | — | $ | 4,875 | $ | — | ||||||||||||||||||||||||
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| In re: Violin Memory, Inc. | Case No.: | 16-12782 (LSS) | ||||||
| Reporting Period: | February 28, 2017 |
STATEMENT OF OPERATIONS
| Feb 2017 | Cumulative Filing to Date | |||||||
REVENUE | ||||||||
Product revenue | $ | 149,900 | $ | 39,709 | ||||
Service revenue | 1,504,035 | 4,319,203 | ||||||
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Total Revenue | 1,653,935 | 4,358,912 | ||||||
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COST OF REVENUE | ||||||||
Cost of product revenue | 325,652 | 518,348 | ||||||
Cost of service revenue | 659,997 | 1,214,231 | ||||||
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Total cost of revenue | 985,649 | 1,732,579 | ||||||
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Gross profit | 668,285 | 2,626,333 | ||||||
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OPERATING EXPENSES | ||||||||
Personnel costs | 743,947 | 1,858,872 | ||||||
Outside services | 292,639 | 382,754 | ||||||
Marcom | (210,869 | ) | (443 | ) | ||||
Equipment/Software | 111,469 | 737,583 | ||||||
Travel & Entertainment | (6,607 | ) | 17,097 | |||||
Depreciation & Amortization | 330,382 | 840,818 | ||||||
Other Expenses | 34,036 | 124,825 | ||||||
Facility Expenses | 100,260 | 344,837 | ||||||
Intercompany Expenses | — | 813,773 | ||||||
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Total operating expenses | 1,395,257 | 5,120,116 | ||||||
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Loss from operations | (726,972 | ) | (2,493,783 | ) | ||||
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OTHER INCOME AND EXPENSES | ||||||||
Other income, net | (7,004 | ) | (54,819 | ) | ||||
Interest and other financing expense | — | (1,505,524 | ) | |||||
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Net loss before reorganization items | (733,976 | ) | (4,054,125 | ) | ||||
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REORGANIZATION ITEMS | ||||||||
Professional fees | 836,392 | 2,696,836 | ||||||
U.S. Trustee quarterly fees | 33,886 | 43,094 | ||||||
Personnel costs | — | — | ||||||
Gain (loss) from sale of assets | (257,040 | ) | (257,040 | ) | ||||
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Total reorganization expenses | 1,127,318 | 2,996,970 | ||||||
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Loss before income taxes | (1,861,294 | ) | (7,051,095 | ) | ||||
Income taxes | — | 400 | ||||||
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Net loss | $ | (1,861,294 | ) | $ | (7,051,495 | ) | ||
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| In re: Violin Memory, Inc. | Case No.: | 16-12782 (LSS) | ||||||
| Reporting Period: | February 28, 2017 |
BALANCE SHEETS
| Book Value at End of Current Reporting Month | Book Value on Petition Date | |||||||
| Feb 28, 2017 | Dec 14,2016 | |||||||
| Assets | ||||||||
Current assets: | ||||||||
Cash | $ | 4,352,782 | $ | 3,676,714 | ||||
Accounts receivable, net | 1,223,473 | 1,901,568 | ||||||
Inventory | 7,530,934 | 9,982,190 | ||||||
Other current assets | 1,896,797 | 2,015,187 | ||||||
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Total current assets | 15,003,986 | 17,575,659 | ||||||
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Property and equipment, net | 5,411,992 | 6,216,346 | ||||||
Other assets | 5,653,628 | 4,986,074 | ||||||
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| $ | 26,069,606 | $ | 28,778,079 | |||||
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| Liabilities and Stockholders’ Deficit | ||||||||
Liabilities Not Subject to Compromise (Post-petition) | ||||||||
Accounts payable | $ | 701,054 | $ | — | ||||
Taxes payable | 60,406 | — | ||||||
Accrued liabilities | 2,458,016 | — | ||||||
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Total post-petition liabilities | 3,219,476 | — | ||||||
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Liabilities Subject to Compromise (Pre-petition) | ||||||||
Secured debt | 250,826 | 250,826 | ||||||
Priority debt | 1,795,827 | 1,795,827 | ||||||
Unsecured debt | 143,131,754 | 141,904,381 | ||||||
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Total pre-petition liabilities | 145,178,408 | 143,951,035 | ||||||
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Total liabilities | 148,397,884 | 143,951,035 | ||||||
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Stockholders’ deficit: | ||||||||
Common stock | 2,440 | 2,440 | ||||||
Additional paid-in capital | 514,162,674 | 514,266,501 | ||||||
Accumulated deficit—pre-petition | (629,441,896 | ) | (629,441,896 | ) | ||||
Accumulated deficit—post-petition | (7,051,495 | ) | — | |||||
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Total stockholders’ deficit | (122,328,278 | ) | (115,172,956 | ) | ||||
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| $ | 26,069,606 | $ | 28,778,079 | |||||
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| In re: Violin Memory, Inc. | Case No.: | 16-12782 (LSS) | ||||||
| Reporting Period: | February 28, 2017 |
SUMMARY OF POST-PETITION TAXES AND UNPAID DEBTS
| Beginning Tax Liability | Accrued or Withheld | Amount Paid | Date Paid | EFT | Ending Tax Liability | |||||||||||||||||||
Federal | ||||||||||||||||||||||||
Withholding | $ | — | $ | 50,044 | $ | 50,044 | 2/15/2017 | $ | — | $ | — | |||||||||||||
FICA-Employee | — | 25,442 | 25,442 | 2/15/2017 | — | — | ||||||||||||||||||
FICA-Employer | — | 25,442 | 25,442 | 2/15/2017 | — | — | ||||||||||||||||||
Unemployment | — | 45 | 45 | 2/15/2017 | — | — | ||||||||||||||||||
Withholding | — | 48,008 | 48,008 | 2/28/2017 | — | — | ||||||||||||||||||
FICA-Employee | — | 24,443 | 24,443 | 2/28/2017 | — | — | ||||||||||||||||||
FICA-Employer | — | 24,443 | 24,443 | 2/28/2017 | — | — | ||||||||||||||||||
Unemployment | — | 49 | 49 | 2/28/2017 | — | — | ||||||||||||||||||
Income | — | — | — | |||||||||||||||||||||
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Total Federal Taxes | $ | — | $ | 197,917 | $ | 197,917 | $ | — | $ | — | ||||||||||||||
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State and Local | ||||||||||||||||||||||||
Withholding | $ | — | $ | 19,505 | $ | 19,505 | 2/15/2017 | $ | — | $ | — | |||||||||||||
Unemployment—Employee | — | 2,750 | 2,750 | 2/15/2017 | — | — | ||||||||||||||||||
Unemployment—Employer | — | 592 | 592 | 2/15/2017 | — | — | ||||||||||||||||||
Withholding | — | 18,765 | 18,765 | 2/28/2017 | — | — | ||||||||||||||||||
Unemployment—Employee | — | 2,680 | 2,680 | 2/28/2017 | — | — | ||||||||||||||||||
Unemployment—Employer | — | 787 | 787 | 2/28/2017 | — | — | ||||||||||||||||||
Sales tax—Kentucky | 1,254 | — | 1,254 | 2/3/2017 | — | — | ||||||||||||||||||
Sales tax—New York | — | 684 | — | — | 684 | |||||||||||||||||||
Sales tax—Texas | — | 879 | — | — | 879 | |||||||||||||||||||
Sales tax—Texas | 462 | (2 | ) | 460 | 2/21/2017 | — | — | |||||||||||||||||
Use tax—California | 58,844 | — | — | — | 58,844 | |||||||||||||||||||
Income | — | — | — | — | — | |||||||||||||||||||
Personnal property | — | — | — | — | — | |||||||||||||||||||
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Total State and Local | $ | 60,559 | $ | 46,639 | $ | 46,792 | $ | — | $ | 60,406 | ||||||||||||||
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| Summary of Unpaid Postpetition Debts | ||||||||||||||||||||||||
| Number of Days Past Due | ||||||||||||||||||||||||
| Current | 0-30 | 31-60 | 61-90 | Over 90 | Total | |||||||||||||||||||
Accounts Payable | $ | 60,838 | $ | 149,579 | $ | — | $ | 827 | $ | — | $ | 211,243 | ||||||||||||
Wages Payable | — | — | — | — | — | — | ||||||||||||||||||
Taxes Payable | — | — | — | — | — | — | ||||||||||||||||||
Rent/Leases—Building | — | 26,058 | — | — | — | 26,058 | ||||||||||||||||||
Rent/Leases—Equipment | — | — | — | — | — | — | ||||||||||||||||||
Secured Debt/Adequate protection payments | — | — | — | — | — | — | ||||||||||||||||||
Professional Fees | — | 161,395 | 152,358 | 150,000 | — | 463,752 | ||||||||||||||||||
Amounts due to Insiders | — | — | — | — | — | — | ||||||||||||||||||
Other | — | — | — | — | — | — | ||||||||||||||||||
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Total Postpetition debts | $ | 60,838 | $ | 337,031 | $ | 152,358 | $ | 150,827 | $ | — | $ | 701,054 | ||||||||||||
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| In re: Violin Memory, Inc. | Case No.: | 16-12782 (LSS) | ||||||
| Reporting Period: | February 28, 2017 |
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
Accounts Receivable Reconciliation | Amount | |||
Total Accounts Receivable at the beginning of the reporting period | $ | 384,289 | ||
Plus: Amounts billed during the period | 862,532 | |||
Minus: Amounts collected during the period | 23,348 | |||
Minus: Increase in allowance for uncollectible accounts | — | |||
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Total Accounts Receivable at the end of the reporting period | $ | 1,223,473 | ||
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Accounts Receivable Aging | Amount | |||
Current | $ | 400,934 | ||
0 - 30 days past due | 438,712 | |||
31 - 60 days past due | 441,439 | |||
61+ days past due | 682,357 | |||
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Total account receivable | 1,963,441 | |||
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Amount considered uncollectible | (739,969 | ) | ||
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Accounts receivable, net | $ | 1,223,473 | ||
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DEBTOR QUESTIONNAIRE
| 1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. | Yes | |
Sold excess component parts out of inventory and sold misc. office furniture in connnection with vacating a portion of the debtor’s corporate headquarters | ||
| 2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. | No | |
| 3. Have all post-petition tax returns been timely filed? If no, provide an explanation below. | Yes | |
| 4. Are workers compensation, general liability, and other necessary insurance coverages in effect? If no, provide an explanation below. | Yes | |
| 5. Has any bank account been opened during the reporting period? | No | |
