Exhibit 99.1
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| Monthly Operating Report | ||
| ACCRUAL BASIS |
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| CASE NAME: | Nuvectra Corporation |
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| CASE NUMBER: | 19-43090 |
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| JUDGE: | Honorable Brenda T. Rhoades |
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| UNITED STATES BANKRUPTCY COURT |
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| NORTHERN & EASTERN DISTRICTS OF TEXAS |
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| REGION 6 |
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| MONTHLY OPERATING REPORT |
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| MONTH ENDING: | February 29 | 2020 |
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| MONTH | YEAR |
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| IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS-1 THROUGH ACCRUAL BASIS-7) AND THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT, AND COMPLETE. DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY) IS BASED ON ALL INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE. |
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| RESPONSIBLE PARTY: |
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| /s/ Jennifer J. Kosharek | Chief Financial Officer |
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| ORIGINAL SIGNATURE OF RESPONSIBLE PARTY | TITLE |
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| Jennifer J. Kosharek | 3/25/2020 |
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| PRINTED NAME OF RESPONSIBLE PARTY | DATE |
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| PREPARER: |
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| Chief Financial Officer |
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| ORIGINAL SIGNATURE OF PREPARER | TITLE |
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| Jennifer J. Kosharek | 3/25/2020 |
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| PRINTED NAME OF PREPARER | DATE |
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| Monthly Operating Report | Monthly Operating Report | |
ACCRUAL BASIS-1 | ACCRUAL BASIS-1 | ||||||
CASE NAME: | Nuvectra Corporation |
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CASE NUMBER: | 19-43090 |
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COMPARATIVE BALANCE SHEET |
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| SCHEDULE | NOVEMBER 30 | DECEMBER 31 | JANUARY 31 | FEBRUARY 29 |
ASSETS |
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1. | UNRESTRICTED CASH | $ 9,769,668 | $ 9,565,361 | $ 8,286,353 | $ 7,292,985 | $ 5,769,858 | |
2. | RESTRICTED CASH | $ - | $ - | $ - | $ - | $ - | |
3. | TOTAL CASH | $ 9,769,668 | $ 9,565,361 | $ 8,286,353 | $ 7,292,985 | $ 5,769,858 | |
4. | ACCOUNTS RECEIVABLE (NET) | $ 5,616,444 | $ 4,270,444 | $ 3,025,206 | $ 1,811,492 | $ 1,505,221 | |
5. | INVENTORY | $ 13,714,792 | $ 13,503,589 | $ 13,049,987 | $ 12,997,714 | $ 12,867,167 | |
6. | NOTES RECEIVABLE | $ - | $ - | $ - | $ - | $ - | |
7. | PREPAID EXPENSES | $ 2,075,993 | $ 1,971,200 | $ 1,696,383 | $ 1,457,476 | $ 1,325,352 | |
8. | OTHER (ATTACH LIST) | $ - | $ - | $ - | $ - | $ - | |
9. | TOTAL CURRENT ASSETS | $ 31,176,897 | $ 29,310,594 | $ 26,057,929 | $ 23,559,667 | $ 21,467,598 | |
10. | PROPERTY, PLANT & EQUIPMENT | $ 5,149,385 | $ 11,909,274 | $ 11,909,274 | $ 11,909,274 | $ 11,909,274 | |
11. | LESS: ACCUMULATED DEPRECIATION/DEPLETION |
| $ (6,815,209) | $ (6,909,877) | $ (7,003,191) | $ (7,117,762) | |
12. | NET PROPERTY, PLANT & EQUIPMENT | $ 5,149,385 | $ 5,094,064 | $ 4,999,397 | $ 4,906,083 | $ 4,791,512 | |
13. | DUE FROM INSIDERS | $ - | $ - | $ - | $ - | $ - | |
14. | OTHER ASSETS - NET OF AMORTIZATION (ATTACH LIST) | $ - | $ - | $ - | $ - | $ - | |
15. | OTHER (ATTACH LIST) | $ 1,457,176 | $ 1,438,411 | $ 1,400,555 | $ 1,362,368 | $ 1,323,850 | |
16. | TOTAL ASSETS | $ 37,783,458 | $ 35,843,070 | $ 32,457,881 | $ 29,828,118 | $ 27,582,960 | |
POSTPETITION LIABILITIES |
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17. | ACCOUNTS PAYABLE |
| $ 68,036 | $ 225,061 | $ 46,536 | $ 366,499 | |
18. | TAXES PAYABLE |
| $ (14,628) | $ (20,633) | $ (24,500) | $ (15,787) | |
19. | NOTES PAYABLE |
| $ - | $ - | $ - | $ - | |
20. | PROFESSIONAL FEES |
| $ 369,096 | $ 984,480 | $ 971,804 | $ 1,146,856 | |
21. | SECURED DEBT |
| $ - | $ - | $ - | $ - | |
22. | OTHER (ATTACH LIST) |
| $ 559,952 | $ 836,758 | $ 322,953 | $ (7,609) | |
23. | TOTAL POSTPETITION LIABILITIES |
| $ 982,457 | $ 2,025,665 | $ 1,316,793 | $ 1,489,959 | |
PREPETITION LIABILITIES |
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24. | SECURED DEBT | $ 10,118,505 | $ 10,168,789 | $ 10,269,356 | $ 10,369,923 | $ 10,470,490 | |
25. | PRIORITY DEBT | $ 1,751,288 | $ 900,091 | $ 600,548 | $ 450,761 | $ 244,276 | |
26. | UNSECURED DEBT | $ 9,286,640 | $ 9,345,809 | $ 8,898,627 | $ 8,662,818 | $ 8,663,848 | |
27. | OTHER (ATTACH LIST) | $ - | $ - | $ - | $ - | $ - | |
28. | TOTAL PREPETITION LIABILITIES | $ 21,156,433 | $ 20,414,689 | $ 19,768,531 | $ 19,483,501 | $ 19,378,614 | |
29. | TOTAL LIABILITIES | $ 21,156,433 | $ 21,397,146 | $ 21,794,196 | $ 20,800,294 | $ 20,868,573 | |
EQUITY |
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30. | PREPETITION OWNERS' EQUITY | $ 96,444,483 | $ 16,627,024 | $ 14,445,924 | $ 10,663,685 | $ 9,027,824 | |
31. | POSTPETITION CUMULATIVE PROFIT OR (LOSS) | $ (79,817,458) | $ (2,181,101) | $ (3,782,239) | $ (1,635,861) | $ (2,313,438) | |
32. | DIRECT CHARGES TO EQUITY | $ - | $ - | $ - | $ - | $ - | |
33. | TOTAL EQUITY | $ 16,627,024 | $ 14,445,924 | $ 10,663,685 | $ 9,027,824 | $ 6,714,386 | |
34. | TOTAL LIABILITIES & OWNERS' EQUITY | $ 37,783,458 | $ 35,843,070 | $ 32,457,881 | $ 29,828,118 | $ 27,582,960 | |
GL Acct # | Description | Notes | Feb. 29, 2020 |
16010 | ASC 842 Right of Use Operating Leases Asset | Account reconciliation available upon request | $ 1,418,198 |
16010 | ASC 842 Right of Use Operating Leases Asset | Account reconciliation available upon request | $ 415,559 |
16011 | ASC 842 Right of Use Operating Leases Asset Amortization | Account reconciliation available upon request | $ (410,144) |
16011 | ASC 842 Right of Use Operating Leases Asset Amortization | Account reconciliation available upon request | $ (99,763) |
$ 1,323,850 | |||
Per Page 1 | $ 1,323,850 | ||
Difference | $ - |
(CR) / DR | (CR) / DR | (CR) / DR | (CR) / DR | (CR) / DR | (CR) / DR | ||||||||||||||||||||
Balance | Balance | POST - Petition Portion Only | Pre-Petition Still Existing at | POST - Petition Portion Only | Pre-Petition Still Existing at | ||||||||||||||||||||
Jan. 31, 2020 | Feb. 29, 2020 | GL Acct # | Jan. 31, 2020 | Jan. 31, 2020 | Feb. 29, 2020 | Feb. 29, 2020 | |||||||||||||||||||
| (1,524,542 | ) | (1,403,004 | ) | 20106 | (1,231,425 | ) | (293,117 | ) | (1,110,637 | ) | (292,367 | ) | |||||||||||||
| - | - | 20110 | - | - | - | - | |||||||||||||||||||
| (282,084 | ) | (282,084 | ) | 20250 | - | (282,084 | ) | - | (282,084 | ) | |||||||||||||||
| (6,969 | ) | (12,748 | ) | 20251 | (6,969 | ) | - | (12,748 | ) | - | |||||||||||||||
| (17,216 | ) | (17,590 | ) | 20602 | (935 | ) | (16,281 | ) | (1,309 | ) | (16,281 | ) | |||||||||||||
| (1,714,016 | ) | (1,665,438 | ) | 20610 | - | (1,714,016 | ) | - | (1,665,438 | ) | |||||||||||||||
| (3,544,827 | ) | (3,380,864 | ) | ||||||||||||||||||||||
| 0 | 0 | 20210 | - | - | - | - | |||||||||||||||||||
| (204,778 | ) | 0 | 20211 | - | (204,778 | ) | - | - | |||||||||||||||||
| (41,000 | ) | - | 20215 | (41,000 | ) | - | - | - | |||||||||||||||||
| - | - | 20225 | - | - | - | - | |||||||||||||||||||
| (1,273 | ) | (1,398 | ) | 20230 | (1,273 | ) | - | (1,398 | ) | - | |||||||||||||||
| (14,446 | ) | (11,158 | ) | 20231 | - | (14,446 | ) | - | (11,158 | ) | |||||||||||||||
| - | - | 20232 | - | - | - | - | |||||||||||||||||||
| (16,994 | ) | (16,129 | ) | 20235 | - | (16,994 | ) | - | (16,129 | ) | |||||||||||||||
| (259,166 | ) | (258,679 | ) | 20240 | (13,155 | ) | (246,011 | ) | (13,155 | ) | (245,524 | ) | |||||||||||||
| - | - | 20245 | - | - | - | - | |||||||||||||||||||
| 31,469 | 28,535 | 20255 | - | 31,469 | - | 28,535 | |||||||||||||||||||
| 0 | 0 | 20260 | - | - | - | - | |||||||||||||||||||
| (15,095 | ) | (15,095 | ) | 20405 | |||||||||||||||||||||
| (521,284 | ) | (273,924 | ) | (450,761 | ) | (244,276 | ) | ||||||||||||||||||
| (6,364,260 | ) | (6,743,295 | ) | ||||||||||||||||||||||
| (10,430,372 | ) | (10,398,084 | ) | ||||||||||||||||||||||
| (10,430,372 | ) | (10,398,084 | ) | ||||||||||||||||||||||
| (1,294,757 | ) | (1,139,247 | ) | ||||||||||||||||||||||
| Professional Fees Separately Disclosed | (971,804 | ) | Professional Fees Separately Disclosed | (1,146,856 | ) | ||||||||||||||||||||
| Total Post Petition Liabilities (Other) | (322,953 | ) | Total Post Petition Liabilities (Other) | 7,609 | |||||||||||||||||||||
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| Monthly Operating Report | ||
ACCRUAL BASIS-2 | ||||||
CASE NAME: | Nuvectra Corporation | |||||
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CASE NUMBER: | 19-43090 | |||||
INCOME STATEMENT |
| NOVEMBER 13-30 | DECEMBER 1-31 | JANUARY 1-31 | FEBRUARY 1-29 | |
REVENUES | ||||||
1. | GROSS REVENUES | $ 191,673 | $ 314,168 | $ 67,344 | $ 342,062 | |
2. | LESS: RETURNS & DISCOUNTS | $ 188,618 | $ 332,378 | $ 279,983 | $ 340,015 | |
3. | NET REVENUE | $ 3,055 | $ (18,210) | $ (212,639) | $ 2,047 | |
COST OF GOODS SOLD | ||||||
4. | MATERIAL | $ 211,203 | $ 182,556 | $ 113,945 | $ 130,547 | |
5. | DIRECT LABOR | $ - | $ - | $ - | $ - | |
6. | DIRECT OVERHEAD | $ - | $ - | $ - | $ - | |
7. | TOTAL COST OF GOODS SOLD | $ 211,203 | $ 182,556 | $ 113,945 | $ 130,547 | |
8. | GROSS PROFIT (LOSS) | $ (208,148) | $ (200,766) | $ (326,584) | $ (128,500) | |
OPERATING EXPENSES | ||||||
9. | OFFICER / INSIDER COMPENSATION | $ 89,159 | $ 114,563 | $ 193,941 | $ 145,276 | |
10. | SELLING & MARKETING | $ 293,728 | $ 1,351,157 | $ 156,097 | $ 134,892 | |
11. | GENERAL & ADMINISTRATIVE | $ 1,051,830 | $ 1,050,582 | $ (183,449) | $ 712,919 | |
12. | RENT & LEASE | $ 43,580 | $ 70,855 | $ 69,651 | $ 70,555 | |
13. | OTHER (ATTACH LIST) | $ - | $ - | $ - | $ - | |
14. | TOTAL OPERATING EXPENSES | $ 1,478,297 | $ 2,587,157 | $ 236,241 | $ 1,063,641 | |
15. | INCOME (LOSS) BEFORE NON-OPERATING INCOME & EXPENSE | $ (1,686,444) | $ (2,787,923) | $ (562,825) | $ (1,192,141) | |
OTHER INCOME & EXPENSES | ||||||
16. | NON-OPERATING INCOME (ATTACH LIST) | $ (2,258) | $ (99) | $ (7) | $ - | |
17. | NON-OPERATING EXPENSE (ATTACH LIST) | $ - | $ - | $ - | $ - | |
18. | INTEREST EXPENSE | $ 72,498 | $ 284,363 | $ 132,888 | $ 204,803 | |
19. | DEPRECIATION / DEPLETION | $ 55,320 | $ 94,668 | $ 93,314 | $ 114,571 | |
20. | AMORTIZATION | $ - | $ - | $ - | $ - | |
21. | OTHER (ATTACH LIST) | $ - | $ - | $ - | $ - | |
22. | NET OTHER (INCOME) & EXPENSES | $ 125,560 | $ 378,932 | $ 226,195 | $ 319,374 | |
REORGANIZATION EXPENSES | ||||||
23. | PROFESSIONAL FEES | $ 369,096 | $ 615,384 | $ 805,624 | $ 805,624 | |
24. | U.S. TRUSTEE FEES | $ - | $ - | $ 41,217 | $ - | |
25. | OTHER (ATTACH LIST) | $ - | $ - | $ - | $ - | |
26. | TOTAL REORGANIZATION EXPENSES | $ 369,096 | $ 615,384 | $ 846,840 | $ 805,624 | |
27. | INCOME TAX | $ - | $ - | $ - | $ (3,701) | |
28. | NET PROFIT (LOSS) | $ (2,181,101) | $ (3,782,239) | $ (1,635,861) | $ (2,313,438) | |
GL Account Name | GL Acct # | GL Entries | Description |
Other Income/Expense | 80120 | $ - | SVB bank account revenue share |
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| Monthly Operating Report |
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ACCRUAL BASIS-3 |
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CASE NAME: | Nuvectra Corporation |
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CASE NUMBER: | 19-43090 |
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CASH RECEIPTS AND DISBURSEMENTS | NOVEMBER 13-30 | DECEMBER 1-31 | JANUARY 1-31 | QUARTER | FEBRUARY 1-29 | ||
1. | CASH - BEGINNING OF MONTH | $ 9,769,668 | $ 9,565,361 | $ 8,286,353 |
| $ 7,292,985 | |
RECEIPTS FROM OPERATIONS |
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2. | CASH SALES | $ - |
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COLLECTION OF ACCOUNTS RECEIVABLE |
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3. | PREPETITION | $ 1,351,696 |
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| $ 1,351,696 |
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4. | POSTPETITION | $ - | $ 1,235,009 | $ 1,140,688 | $ 2,375,697 | $ 306,205 | |
5. | TOTAL OPERATING RECEIPTS | $ 1,351,696 | $ 1,235,009 | $ 1,140,688 | $ 3,727,393 | $ 306,205 | |
NON-OPERATING RECEIPTS |
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6. | LOANS & ADVANCES (ATTACH LIST) | $ - |
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7. | SALE OF ASSETS | $ - |
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8. | OTHER (ATTACH LIST) | $ 22,334 | $ 29,346 | $ 61,644 | $ 113,324 | $ 29,062 | |
9. | TOTAL NON-OPERATING RECEIPTS | $ 22,334 | $ 29,346 | $ 61,644 | $ 113,324 | $ 29,062 | |
10. | TOTAL RECEIPTS | $ 1,374,030 | $ 1,264,354 | $ 1,202,333 | $ 3,840,717 | $ 335,268 | |
11. | TOTAL CASH AVAILABLE | $ 11,143,698 | $ 10,829,715 | $ 9,488,686 |
| $ 7,628,253 | |
OPERATING DISBURSEMENTS |
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12. | NET PAYROLL | $ 1,086,763 | $ 1,676,732 | $ 843,551 | $ 3,607,046 | $ 634,439 | |
13. | PAYROLL TAXES PAID | $ 40,237 | $ 90,933 | $ 77,096 | $ 208,266 | $ 50,631 | |
14. | SALES, USE & OTHER TAXES PAID | $ 18,537 | $ 51,457 | $ 24,231 | $ 94,225 | $ 38 | |
15. | SECURED / RENTAL / LEASES | $ - | $ 318,821 | $ 215,652 | $ 534,473 | $ 220,595 | |
16. | UTILITIES | $ - |
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17. | INSURANCE | $ 207,471 | $ 176,341 | $ 106,402 | $ 490,214 | $ 191,019 | |
18. | INVENTORY PURCHASES | $ - |
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19. | VEHICLE EXPENSES | $ - |
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20. | TRAVEL | $ - |
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21. | ENTERTAINMENT | $ - |
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22. | REPAIRS & MAINTENANCE | $ - |
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23. | SUPPLIES | $ - |
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24. | ADVERTISING | $ - |
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25. | OTHER (ATTACH LIST) | $ 225,330 | $ 229,076 | $ 596,605 | $ 1,051,010 | $ 131,101 | |
26. | TOTAL OPERATING DISBURSEMENTS | $ 1,578,337 | $ 2,543,362 | $ 1,863,536 | $ 5,985,235 | $ 1,227,823 | |
REORGANIZATION EXPENSES |
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27. | PROFESSIONAL FEES | $ - | $ - | $ 290,948 | $ 290,948 | $ 630,571 | |
28. | U.S. TRUSTEE FEES | $ - | $ - | $ 41,217 | $ 41,217 | $ - | |
29. | OTHER (ATTACH LIST) | $ - |
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30. | TOTAL REORGANIZATION EXPENSES | $ - | $ - | $ 332,165 | $ 332,165 | $ 630,571 | |
31. | TOTAL DISBURSEMENTS | $ 1,578,337 | $ 2,543,362 | $ 2,195,701 | $ 6,317,400 | $ 1,858,395 | |
32. | NET CASH FLOW | $ (204,307) | $ (1,279,007) | $ (993,368) | $ (2,476,682) | $ (1,523,127) | |
33. | CASH - END OF MONTH | $ 9,565,361 | $ 8,286,353 | $ 7,292,985 |
| $ 5,769,858 | |
| NON-OPERATING RECEIPTS | |||||
| 7,333 | Non-Op Receipts - Interest on Asset Management Account Total | ||||
| 15 | Non-Op Receipts Other - Legal Fee reimbursement | ||||
| 23 | Non-Op Receipts Other - Payroll-related: Namely tax corrections | ||||
Non-Op Receipts Other - Vendor Deposit Refund | |||||
Non-Op Receipts Other - Payroll-related: Monthly Wageworks reimbursement (HSA, FSA, HRA, COBRA) Total | |||||
| 21,692 | Non-Op Receipts Other - Cobra Reimbursements | ||||
| 29,062 | 8. OTHER | ||||
| OPERATING DISBURSEMENTS | |||||
| 179 | Op Disbursement - Other - Management Fee on Investment/Wageworks Acct Total | ||||
| 42,301 | Op Disbursement - Other - Payroll-related: H.S.A./Acensus 401K/ F.S.A | ||||
| 4,249 | Op Disbursement - Other - Bank Fee | ||||
Op Disbursement - Other -BOD payments | |||||
Op Disbursement - Other -BOD payments | |||||
| 84,373 | Op Disbursement - Other Vendors Total | ||||
| 131,101 | 25. OTHER | ||||
Op Disbursement - Other - US Trustee | |||||
Op Disbursement - Other - Legal fees | |||||
| - | Total Reorganization Expenses | ||||
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| Monthly Operating Report | ||
ACCRUAL BASIS-4 | ||||||
CASE NAME: | Nuvectra Corporation |
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CASE NUMBER: | 19-43090 | |||||
ACCOUNTS RECEIVABLE AGING | NOVEMBER 30 | DECEMBER 31 | JANUARY 31 | FEBRUARY 29 | ||
1. | 0-30 |
| $ 3,431,923 | $ 1,620,337 | $ 80,132 | $ 526 |
2. | 31-60 |
| $ 511,331 | $ 882,820 | $ 810,452 | $ 135,260 |
3. | 61-90 |
| $ 158,661 | $ 328,917 | $ 529,291 | $ 704,026 |
4. | 91+ |
| $ 746,997 | $ 766,957 | $ 965,442 | $ 1,217,195 |
5. | TOTAL ACCOUNTS RECEIVABLE | $ 4,848,912 | $ 3,599,032 | $ 2,385,317 | $ 2,057,006 | |
6. | AMOUNT CONSIDERED UNCOLLECTIBLE | $ (578,468) | $ (573,826) | $ (573,826) | $ (551,785) | |
7. | ACCOUNTS RECEIVABLE (NET) | $ 4,270,444 | $ 3,025,206 | $ 1,811,492 | $ 1,505,221 | |
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AGING OF POSTPETITION TAXES AND PAYABLES | MONTH: | February 29 | 2020 | |||
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| 0-30 | 31-60 | 61-90 | 91+ |
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TAXES PAYABLE | DAYS | DAYS | DAYS | DAYS | TOTAL | |
1. | FEDERAL | $ - | $ - | $ - | $ - | $ - |
2. | STATE | $ (15,787) | $ - | $ - | $ - | $ (15,787) |
3. | LOCAL | $ - | $ - | $ - | $ - | $ - |
4. | OTHER (ATTACH LIST) | $ - | $ - | $ - | $ - | $ - |
5. | TOTAL TAXES PAYABLE | $ (15,787) | $ - | $ - | $ - | $ (15,787) |
6. | ACCOUNTS PAYABLE | $366,499 | $0 | $0 | $0 | $ 366,499 |
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STATUS OF POSTPETITION TAXES | MONTH: | February 29 | 2020 | |||
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| BEGINNING | AMOUNT |
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| TAX | WITHHELD AND/ | AMOUNT | TAX | |
FEDERAL |
| LIABILITY | 0R ACCRUED | PAID | LIABILITY | |
1. | WITHHOLDING | Payroll | $ - | $ 108,591 | $ 108,591 | $ - |
2. | FICA-EMPLOYEE | Payroll | $ - | $ 48,085 | $ 48,085 | $ - |
3. | FICA-EMPLOYER | Payroll | $ - | $ 48,085 | $ 48,085 | $ - |
4. | UNEMPLOYMENT | Payroll | $ - | $ - | $ - | $ - |
5. | INCOME |
| $ - | $ - | $ - | $ - |
6. | OTHER (ATTACH LIST) |
| $ - | $ - | $ - | $ - |
7. | TOTAL FEDERAL TAXES |
| $ - | $ 204,762 | $ 204,762 | $ - |
STATE AND LOCAL |
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8. | WITHHOLDING | Payroll | $ - | $ 15,061 | $ 15,061 | $ - |
9. | SALES |
| $ (31,469) | $ 2,934 | $ - | $ (28,535) |
10. | EXCISE |
| $ - | $ - | $ - | $ �� - |
11. | UNEMPLOYMENT | Payroll | $ - | $ - | $ - | $ - |
12. | REAL PROPERTY |
| $ 6,374 | $ 6,374 | $ - | $ 12,748 |
13. | PERSONAL PROPERTY |
| $ - | $ - | $ - | $ - |
14. | OTHER (ATTACH LIST) |
| $ - | $ - | $ - | $ - |
15. | TOTAL STATE & LOCAL |
| $ (25,095) | $ 24,369 | $ 15,061 | $ (15,787) |
16. | TOTAL TAXES |
| $ (25,095) | $ 229,131 | $ 219,822 | $ (15,787) |
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| Monthly Operating Report | |||
ACCRUAL BASIS-5 | |||||||
CASE NAME: | Nuvectra Corporation | ||||||
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CASE NUMBER: | 19-43090 | ||||||
MONTH: | February 29 | 2020 | |||||
BANK RECONCILIATIONS | |||||||
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| Account #1 | Account #2 | Account #3 | Account #4 | |
A. BANK: |
| Silicon Valley Bank | Silicon Valley Bank | Silicon Valley Bank | Silicon Valley Bank |
| |
B. ACCOUNT NUMBER: | 0826 | 2403 | 0906 | 8007 | TOTAL | ||
C. PURPOSE (TYPE): | Analysis Checking | Sweep Investment | Analysis Checking Lockbox | Utilities |
| ||
1. | BALANCE PER BANK STATEMENT | $ - | $ 5,365,712 | $ - | $ 41,533 | $ 5,407,245 | |
2. | ADD: TOTAL DEPOSITS NOT CREDITED | $ - | $ (49,805) | $ - | $ - | $ (49,805) | |
3. | SUBTRACT: OUTSTANDING CHECKS | $ 170,071 | $ - | $ - | $ - | $ 170,071 | |
4. | OTHER RECONCILING ITEMS |
| $ - | $ - | $ - | $ - | $ - |
5. | MONTH END BALANCE PER BOOKS | $ (170,071) | $ 5,315,907 | $ - | $ 41,533 | $ 5,187,369 | |
6. | NUMBER OF LAST CHECK WRITTEN | 7477 | N/A | N/A | N/A |
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INVESTMENT ACCOUNTS | |||||||
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| DATE OF |
| TYPE OF | PURCHASE | CURRENT |
BANK, ACCOUNT NAME & NUMBER | PURCHASE |
| INSTRUMENT | PRICE | VALUE | ||
7. | Silicon Valley Bank Asset Mgmnt x1350 | N/A |
| N/A | N/A | $ 582,489 | |
8. |
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9. |
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10. |
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11. |
| TOTAL INVESTMENTS |
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| $ 582,489 |
CASH |
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12. |
| CURRENCY ON HAND |
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| $ - | |
13. |
| TOTAL CASH - END OF MONTH |
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| $ 5,769,858 | |
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| Monthly Operating Report | ||
ACCRUAL BASIS-6 | ||||||
CASE NAME: | Nuvectra Corporation |
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CASE NUMBER: | 19-43090 | |||||
MONTH: | February 1-29 | 2020 | ||||
PAYMENTS TO INSIDERS AND PROFESSIONALS |
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INSIDERS | ||||||
|
| TYPE OF | AMOUNT | TOTAL PAID | ||
| NAME | PAYMENT | PAID | TO DATE | ||
1. | Fred Parks | Payroll | $ 41,752 | $ 123,058 | ||
2. | Jennifer Kosharek | Payroll | $ 32,387 | $ 91,203 | ||
3. | Ben Tranchina | Payroll | $ 30,856 | $ 85,229 | ||
4. | Bonnie Schmidt | Payroll | $ 19,408 | $ 54,772 | ||
5. | N/A | N/A | $ - | $ - | ||
6. | TOTAL PAYMENTS TO INSIDERS | $ 124,403 | $ 354,262 | |||
PROFESSIONALS | ||||||
|
| DATE OF COURT |
|
|
| TOTAL |
|
| ORDER AUTHORIZING | AMOUNT | AMOUNT | TOTAL PAID | INCURRED |
| NAME | PAYMENT | APPROVED | PAID | TO DATE | & UNPAID |
1. | Norton Rose Fulbright LLP | N/A | N/A | $ 217,015 | $ 217,015 | $ 286,326 |
2. | Dorsey & Whitney LLP | N/A | N/A | $ 143,911 | $ 143,911 | $ 285,955 |
3. | Alvarez & Marsal LLC | N/A | N/A | $ 151,192 | $ 151,192 | $ 177,798 |
4. | Stout | N/A | N/A | $ 50,000 | $ 202,336 | $ - |
5. | KCC | N/A | N/A | $ 68,453 | $ 207,065 | $ 204,647 |
6. | Lenders (SVB & Oxford) | N/A | $ - | $ - | $ - | $ - |
7. | Unsecured Creditors Committee | N/A | $ - | $ - | $ - | $ 192,131 |
8. | TOTAL PAYMENTS TO PROFESSIONALS |
| $ 630,571 | $ 921,519 | $ 1,146,856 | |
POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE |
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PROTECTION PAYMENTS |
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| SCHEDULED | AMOUNTS |
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| MONTHLY | PAID | TOTAL | ||
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| PAYMENTS | DURING | UNPAID | ||
NAME OF CREDITOR | DUE | MONTH | POSTPETITION | |||
1. | Silicon Valley Bank | $ 59,847 | $ 59,847 | $ - | ||
2. | Oxford Finance | $ 59,847 | $ 59,847 | $ - | ||
3. | Integer / Greatbatch | $ 44,082 | $ 44,082 | $ - | ||
4. | EOS Development LLC / 105 EDGEVIEW OWNER LP | $ 40,514 | $ 40,514 | $ - | ||
5. | N/A | $ - | $ - | $ - | ||
6. | TOTAL |
| $ 204,291 | $ 204,291 | $ - |
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|
| Monthly Operating Report | ||
ACCRUAL BASIS-7 | |||||||
CASE NAME: | Nuvectra Corporation |
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CASE NUMBER: | 19-43090 | ||||||
MONTH: | February 29 | 2020 | |||||
QUESTIONNAIRE |
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| YES | NO |
1. | HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE THE NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD? |
| X | ||||
2. | HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT OTHER THAN A DEBTOR IN POSSESSION ACCOUNT? |
| X | ||||
3. | ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR LOANS) DUE FROM RELATED PARTIES? |
| X | ||||
4. | HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES THIS REPORTING PERIOD? |
| X | ||||
5. | HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE DEBTOR FROM ANY PARTY? |
| X | ||||
6. | ARE ANY POSTPETITION PAYROLL TAXES PAST DUE? |
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| X | |||
7. | ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES PAST DUE? |
| X | ||||
8. | ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE? |
| X | ||||
9. | ARE ANY OTHER POSTPETITION TAXES PAST DUE? |
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| X | |||
10. | ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS DELINQUENT? |
| X | ||||
11. | HAVE ANY PREPETITION TAXES BEEN PAID DURING THE REPORTING PERIOD? |
| X | ||||
12. | ARE ANY WAGE PAYMENTS PAST DUE? |
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| X | ||
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "YES," PROVIDE A DETAILED | |||||||
EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY. | |||||||
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INSURANCE |
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| YES | NO |
1. | ARE WORKER'S COMPENSATION, GENERAL LIABILITY AND OTHER NECESSARY INSURANCE COVERAGES IN EFFECT? | X |
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2. | ARE ALL PREMIUM PAYMENTS PAID CURRENT? |
| X |
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3. | PLEASE ITEMIZE POLICIES BELOW. |
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IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "NO," OR IF ANY POLICIES HAVE BEEN | |||||||
CANCELLED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN EXPLANATION | |||||||
BELOW. ATTACH ADDITIONAL SHEETS IF NECESSARY. | |||||||
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INSTALLMENT PAYMENTS | |||||||
| TYPE OF |
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| PAYMENT AMOUNT | |||
| POLICY | CARRIER | PERIOD COVERED | & FREQUENCY | |||
N/A | N/A | N/A | N/A | N/A | N/A | ||
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