Exhibit 99.1
UNITED STATES DEPARTMENT OF JUSTICE
OFFICE OF THE UNITED STATES TRUSTEE
CENTRAL DISTRICT OF CALIFORNIA
In Re: | CHAPTER 11 (BUSINESS) | |||||||
First Regional Bancorp | Case Number: | 2:12-bk-31372-ER | ||||||
Operating Report Number: | 4 | |||||||
Debtor(s). | For the Month Ending: | 10/31/2012 |
I. CASH RECEIPTS AND DISBURSEMENTS
A. (GENERAL ACCOUNT*)
1. | TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | 1,218,477.01 | ||||||
2. | LESS: TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL | 43,910.54 | ||||||
ACCOUNT REPORTS | ||||||||
3. | BEGINNING BALANCE: | 1,174,566.47 | ||||||
4. | RECEIPTS DURING CURRENT PERIOD: | |||||||
Accounts Receivable - Post-filing | 0.00 | |||||||
Accounts Receivable - Pre-filing | 0.00 | |||||||
General Sales | 0.00 | |||||||
Other (Specify) |
| 0.00 | ||||||
**Other (Specify) |
| 0.00 | ||||||
TOTAL RECEIPTS THIS PERIOD: | 0.00 | |||||||
5. | BALANCE: | 1,174,566.47 | ||||||
6. | LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD | |||||||
Transfers to Other DIP Accounts (from page 2) | 0.00 | |||||||
Disbursements (from page 2) | 64,856.41 | |||||||
TOTAL DISBURSEMENTS THIS PERIOD:*** | 64,856.41 | |||||||
7. | ENDING BALANCE: | 1,109,710.06 | ||||||
8. | General Account Number(s): | XXXXX2513 | ||||||
National Bank of California | ||||||||
Depository Name & Location: | 12121 Wilshire Boulevard | |||||||
Los Angeles CA 90025 |
* | All receipts must be deposited into the general account. |
** | Include receipts from the sale of any real or personal property out of the ordinary course of business; attach an exhibit specifying what was sold, to whom, terms, and date of Court Order or Report of Sale. |
*** | This amount should be the same as the total from page 2. |
Page 1 of 16
TOTAL DISBURSEMENTS FROM GENERAL ACCOUNT FOR CURRENT PERIOD
Date mm/dd/yyyy | Check Number | Payee or DIP account | Purpose | *Amount Transfered | **Amount Disbursed | Amount | ||||||||||
10/1/2012 | Auto | 10 Dollar Payroll | Payroll processing fee | 10.00 | ||||||||||||
10/2/2012 | Auto | 10 Dollar Payroll | September payroll | 6,452.88 | ||||||||||||
10/4/2012 | Auto | 10 Dollar Payroll | Payroll taxes | 3,446.21 | ||||||||||||
10/9/2012 | Auto | 10 Dollar Payroll | Payroll taxes | 865.91 | ||||||||||||
10/15/2012 | 1004 | U. S. Trustee | Quarterly trustee fee | 650.00 | ||||||||||||
10/15/2012 | 1005 | Computershare | Stock transfer agent fees | 3,411.41 | ||||||||||||
10/23/2012 | 1006 | Manatt, Phelps | Legal services retainer | 50,000.00 | ||||||||||||
10/31/2012 | Auto | National Bank of CA | Account service charge | 20.00 | ||||||||||||
TOTAL DISBURSEMENTS THIS PERIOD: | 0.00 | 64,856.41 | $0.00 |
* | Fill in amounts in this column if they are TRANSFERS to another DIP account (e.g. Payroll or Tax); the “amount” column will be filled in for you. |
** | Fill in amounts in this column if they are DISBURSEMENTS to outside payees; the “amount” column will be filled in for you. |
Page 2 of 16
GENERAL ACCOUNT
BANK RECONCILIATION
Bank statement Date: | 10/31/2012 | Balance on Statement: | $1,109,710.06 | |||||||
Plus deposits in transit (a): | ||||||||||
Deposit Date | Deposit Amount | |||||||||
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TOTAL DEPOSITS IN TRANSIT | 0.00 | |||||||||
Less Outstanding Checks (a): | ||||||||||
Check Number | Check Date | Check Amount | ||||||||
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TOTAL OUTSTANDING CHECKS: | 0.00 | |||||||||
Bank statement Adjustments: | 0.00 | |||||||||
Explanation of Adjustments- | ||||||||||
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ADJUSTED BANK BALANCE: | $1,109,710.06 |
* | It is acceptable to replace this form with a similar form |
** | Please attach a detailed explanation of any bank statement adjustment |
Page 3 of 16
I. CASH RECEIPTS AND DISBURSEMENTS
B. (PAYROLL ACCOUNT)
1. | TOTAL RECEIPTS PER ALL PRIOR PAYROLL ACCOUNT REPORTS | 0.00 | ||||
2. | LESS: TOTAL DISBURSEMENTS PER ALL PRIOR PAYROLL | 0.00 | ||||
ACCOUNT REPORTS | ||||||
3. | BEGINNING BALANCE: | 0.00 | ||||
4. | RECEIPTS DURING CURRENT PERIOD: | 0.00 | ||||
(Transferred from General Account) | ||||||
5. | BALANCE: | 0.00 | ||||
6. | LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD | |||||
TOTAL DISBURSEMENTS THIS PERIOD:*** | 0.00 | |||||
7. | ENDING BALANCE: | 0.00 | ||||
8. | PAYROLL Account Number(s): | XXXXXX2505 | ||||
National Bank of California | ||||||
Depository Name & Location: | 12121 Wilshire Boulevard | |||||
Los Angeles CA 90025 |
Page 4 of 16
TOTAL DISBURSEMENTS FROM PAYROLL ACCOUNT FOR CURRENT PERIOD
Date mm/dd/yyyy | Check Number | Payee | Purpose | Amount | ||||
TOTAL DISBURSEMENTS THIS PERIOD: | 0.00 |
Page 5 of 16
PAYROLL ACCOUNT
BANK RECONCILIATION
Bank statement Date: | 10/31/2012 | Balance on Statement: | $0.00 | |||||||
Plus deposits in transit (a): | ||||||||||
Deposit Date | Deposit Amount | |||||||||
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TOTAL DEPOSITS IN TRANSIT | 0.00 | |||||||||
Less Outstanding Checks (a): | ||||||||||
Check Number | Check Date | Check Amount | ||||||||
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TOTAL OUTSTANDING CHECKS: | 0.00 | |||||||||
Bank statement Adjustments: | ||||||||||
Explanation of Adjustments- | ||||||||||
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ADJUSTED BANK BALANCE: | $0.00 |
* | It is acceptable to replace this form with a similar form |
** | Please attach a detailed explanation of any bank statement adjustment |
Page 6 of 16
I. CASH RECEIPTS AND DISBURSEMENTS
C. (TAX ACCOUNT)
1. | TOTAL RECEIPTS PER ALL PRIOR TAX ACCOUNT REPORTS | 0.00 | ||||
2. | LESS: TOTAL DISBURSEMENTS PER ALL PRIOR TAX | 0.00 | ||||
ACCOUNT REPORTS | ||||||
3. | BEGINNING BALANCE: | 0.00 | ||||
4. | RECEIPTS DURING CURRENT PERIOD: | 0.00 | ||||
(Transferred from General Account) | ||||||
5. | BALANCE: | 0.00 | ||||
6. | LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD | |||||
TOTAL DISBURSEMENTS THIS PERIOD:*** | 0.00 | |||||
7. | ENDING BALANCE: | 0.00 | ||||
8. | TAX Account Number(s): | XXXXXX2521 | ||||
National Bank of California | ||||||
Depository Name & Location: | 12121 Wilshire Boulevard | |||||
Los Angeles CA 90025 |
Page 7 of 16
TOTAL DISBURSEMENTS FROM TAX ACCOUNT FOR CURRENT PERIOD
Date mm/dd/yyyy | Check Number | Payee | Purpose | Amount | ||||
TOTAL DISBURSEMENTS THIS PERIOD: | 0.00 |
Page 8 of 16
TAX ACCOUNT
BANK RECONCILIATION
Bank statement Date: | 10/31/2012 | Balance on Statement: | $0.00 | |||||||
Plus deposits in transit (a): | ||||||||||
Deposit Date | Deposit Amount | |||||||||
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TOTAL DEPOSITS IN TRANSIT | 0.00 | |||||||||
Less Outstanding Checks (a): | ||||||||||
Check Number | Check Date | Check Amount | ||||||||
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TOTAL OUTSTANDING CHECKS: | 0.00 | |||||||||
Bank statement Adjustments: | ||||||||||
Explanation of Adjustments- | ||||||||||
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ADJUSTED BANK BALANCE: | $0.00 |
* | It is acceptable to replace this form with a similar form |
** | Please attach a detailed explanation of any bank statement adjustment |
Page 9 of 16
I. D SUMMARY SCHEDULE OF CASH
ENDING BALANCES FOR THE PERIOD:
(Provide a copy of monthly account statements for each of the below) | ||||||||||||||||
General Account: | 1,109,710.06 | |||||||||||||||
Payroll Account: | 0.00 | |||||||||||||||
Tax Account: | 0.00 | |||||||||||||||
*Other Accounts: | ||||||||||||||||
*Other Monies: | ||||||||||||||||
**Petty Cash (from below): | 0.00 | |||||||||||||||
TOTAL CASH AVAILABLE: | 1,109,710.06 | |||||||||||||||
Petty Cash Transactions: | ||||||||||||||||
Date | Purpose | Amount | ||||||||||||||
TOTAL PETTY CASH TRANSACTIONS: | 0.00 |
* | Specify the Type of holding (e.g. CD, Savings Account, Investment Security), and the depository name, location & account# |
** | Attach Exhibit Itemizing all petty cash transactions |
Page 10 of 16
II. STATUS OF PAYMENTS TO SECURED CREDITORS, LESSORS
AND OTHER PARTIES TO EXECUTORY CONTRACTS
Creditor, Lessor, Etc. | Frequency of Payments (Mo/Qtr) | Amount of Payment | Post-Petition payments not made (Number) | Total Due | ||||
TOTAL DUE: | 0.00 |
III. TAX LIABILITIES | ||||||||
FOR THE REPORTING PERIOD: | ||||||||
Gross Sales Subject to Sales Tax: | 0.00 | |||||||
Total Wages Paid: | 10,000.00 | |||||||
Total Post-Petition Amounts Owing | Amount Delinquent | Date Delinquent Amount Due | ||||||
Federal Withholding | ||||||||
State Withholding | ||||||||
FICA- Employer’s Share | ||||||||
FICA- Employee’s Share | ||||||||
Federal Unemployment | ||||||||
Sales and Use | ||||||||
Real Property | ||||||||
Other: | ||||||||
TOTAL: | 0.00 | 0.00 |
Page 11 of 16
IV. AGING OF ACCOUNTS PAYABLE AND RECEIVABLE
*Accounts Payable Post-Petition | Accounts Receivable | |||||||||||||||
Pre-Petition | Post-Petition | |||||||||||||||
30 days or less | ||||||||||||||||
31 - 60 days | ||||||||||||||||
61 - 90 days | ||||||||||||||||
91 - 120 days | ||||||||||||||||
Over 120 days | ||||||||||||||||
TOTAL: | 0.00 | 0.00 | 0.00 | |||||||||||||
V. INSURANCE COVERAGE
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Name of Carrier | Amount of Coverage | Policy Expiration Date | Premium Paid Through (Date) | |||||||||||||
General Liability | Sentinel Insurance | 2,000,000.00 | 6/19/2013 | 6/19/2013 | ||||||||||||
Worker’s Compensation | Hartford Insurance | 1,000,000.00 | 6/19/2013 | 6/19/2013 | ||||||||||||
Casualty | ||||||||||||||||
Vehicle | ||||||||||||||||
Others: | ||||||||||||||||
VI. UNITED STATES TRUSTEE QUARTERLY FEES (TOTAL PAYMENTS)
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Quarterly Period Ending (Date) | Total Disbursements | Quarterly Fees | Date Paid | Amount Paid | Quarterly Fees Still Owing | |||||||||||
6/30/2012 | 0.00 | 325.00 | 8/10/2012 | 325.00 | 0.00 | |||||||||||
9/30/2012 | 43,910.54 | 650.00 | 10/15/2012 | 650.00 | 0.00 | |||||||||||
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975.00 | 975.00 | 0.00 |
* | Post-Petition Accounts Payable SHOULD NOT include professionals’ fees and expenses which have been incurred but not yet awarded by the court. Post-Petition Accounts Payable SHOULD include professionals’ fees and expenses authorized by Court Order but which remain unpaid as of the close of the period report |
Page 12 of 16
VII SCHEDULE OF COMPENSATION PAID TO INSIDERS
Name of Insider | Date of Order Authorizing Compensation | *Authorized Gross Compensation | Gross Compensation Paid During the Month | |||
Thomas McCullough | 7/16/2012 | $10,000 per month | 10,000.00 | |||
VIII. SCHEDULE OF OTHER AMOUNTS PAID TO INSIDERS
Name of Insider | Date of Order Authorizing Compensation | Description | Amount Paid During the Month | |||
0.00 | ||||||
* | Please indicate how compensation was identified in the order (e.g. $1,000/week, $2,500/month) |
Page 13 of 16
IX. PROFIT AND LOSS STATEMENT
(ACCRUAL BASIS ONLY)
Current Month | Cumulative Post-Petition | |||||||
Sales/Revenue: | ||||||||
Gross Sales/Revenue | 0.00 | 0.00 | ||||||
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Less: Returns/Discounts | 0.00 | 0.00 | ||||||
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Net Sales/Revenue | 0.00 | 0.00 | ||||||
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Cost of Goods Sold: | ||||||||
Beginning Inventory at cost | 0.00 | 0.00 | ||||||
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Purchases | 0.00 | 0.00 | ||||||
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Less: Ending Inventory at cost | 0.00 | 0.00 | ||||||
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Cost of Goods Sold (COGS) | 0.00 | 0.00 | ||||||
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Gross Profit | 0.00 | 0.00 | ||||||
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Other Operating Income (Itemize) | 0.00 | 0.00 | ||||||
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Operating Expenses: | ||||||||
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Payroll - Insiders | 10,000.00 | 50,000.00 | ||||||
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Payroll - Other Employees | 0.00 | 0.00 | ||||||
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Payroll Taxes | 765.00 | 3,204.07 | ||||||
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Other Taxes (Itemize) | 0.00 | 0.00 | ||||||
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Depreciation and Amortization | 0.00 | 0.00 | ||||||
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Rent Expense - Real Property | 1,000.00 | 5,000.00 | ||||||
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Lease Expense - Personal Property | 0.00 | 0.00 | ||||||
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Insurance | 0.00 | 1,093.00 | ||||||
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Real Property Taxes | 0.00 | 0.00 | ||||||
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Telephone and Utilities | 0.00 | 0.00 | ||||||
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Repairs and Maintenance | 0.00 | 0.00 | ||||||
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Travel and Entertainment (Itemize) | 0.00 | 0.00 | ||||||
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Miscellaneous Operating Expenses (Itemize) | 3,441.41 | 3,494.88 | ||||||
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Total Operating Expenses | 15,206.41 | 62,791.95 | ||||||
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Net Gain/(Loss) from Operations | (15,206.41 | ) | (62,791.95 | ) | ||||
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Non-Operating Income: | ||||||||
Interest Income | 0.00 | 0.00 | ||||||
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Net Gain on Sale of Assets (Itemize) | 0.00 | 0.00 | ||||||
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Other (Itemize) | 0.00 | 0.00 | ||||||
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Total Non-Operating income | 0.00 | 0.00 | ||||||
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Non-Operating Expenses: | ||||||||
Interest Expense | 0.00 | 0.00 | ||||||
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Legal and Professional (Itemize) *Estimated subject to adjustment* | 38,674.00 | 106,263.07 | ||||||
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Other (Itemize) | 650.00 | 975.00 | ||||||
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Total Non-Operating Expenses | 39,324.00 | 107,238.07 | ||||||
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NET INCOME/(LOSS) | (54,530.41 | ) | (170,030.02 | ) | ||||
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(Attach exhibit listing all itemizations required above)
Page 14 of 16
X. BALANCE SHEET
(ACCRUAL BASIS ONLY)
Current Month End | ||||||||
ASSETS | ||||||||
Current Assets: | ||||||||
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Unrestricted Cash | 1,109,710.06 | |||||||
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Restricted Cash | 0.00 | |||||||
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Accounts Receivable | 0.00 | |||||||
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Inventory | 0.00 | |||||||
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Notes Receivable | 0.00 | |||||||
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Prepaid Expenses | 194,736.93 | |||||||
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Other (Itemize) | 0.00 | |||||||
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Total Current Assets | 1,304,446.99 | |||||||
Property, Plant, and Equipment | 0.00 | |||||||
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Accumulated Depreciation/Depletion | 0.00 | |||||||
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Net Property, Plant, and Equipment | 0.00 | |||||||
Other Assets (Net of Amortization): | ||||||||
Due from Insiders | 0.00 | |||||||
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Other (Itemize) | 0.00 | |||||||
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Total Other Assets | 0.00 | |||||||
TOTAL ASSETS | 1,304,446.99 | |||||||
LIABILITIES | ||||||||
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Post-petition Liabilities: | ||||||||
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Accounts Payable | 0.00 | |||||||
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Taxes Payable | 0.00 | |||||||
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Notes Payable | 0.00 | |||||||
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Professional fees | 0.00 | |||||||
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Secured Debt | 0.00 | |||||||
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Other (Itemize) | 0.00 | |||||||
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Total Post-petition Liabilities | 0.00 | |||||||
Pre-petition Liabilities: | ||||||||
Secured Liabilities | 0.00 | |||||||
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Priority Liabilities | 0.00 | |||||||
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Unsecured Liabilities | 97,500,000.00 | |||||||
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Other (Itemize) | ||||||||
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Total Pre-petition Liabilities | 97,500,000.00 | |||||||
TOTAL LIABILITIES | 97,500,000.00 | |||||||
EQUITY: | ||||||||
Pre-petition Owners’ Equity | (96,025,522.99 | ) | ||||||
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Post-petition Profit/(Loss) | (170,030.02 | ) | ||||||
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Direct Charges to Equity | 0.00 | |||||||
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TOTAL EQUITY | (96,195,553.01 | ) | ||||||
TOTAL LIABILITIES & EQUITY | 1,304,446.99 |
Page 15 of 16
XI. QUESTIONNAIRE
No | Yes | |||||||
1. | Has the debtor-in-possession made any payments on its pre-petition unsecured debt, except as have been authorized by the court? If “Yes”, explain below: | X | ||||||
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No | Yes | |||||||
2. | Has the debtor-in-possession during this reporting period provided compensation or remuneration to any officers, directors, principals, or other insiders without appropriate authorization? If “Yes”, explain below: | X | ||||||
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3. | State what progress was made during the reporting period toward filing a plan of reorganization | |||||||
Debtor’s Petition was filed on 6/19/2012. The Debtor filed a liquidating chapter 11 plan of reorganization on 9/25/2012. | ||||||||
4. | Describe potential future developments which may have a significant impact on the case: | |||||||
Debtor is currently investigating potential causes of action for avoidance of pre-petition transfers and for potential recovery of assets. | ||||||||
5. | Attach copies of all Orders granting relief from the automatic stay that were entered during the reporting period. | |||||||
No | Yes | |||||||
6. | Did you receive any exempt income this month, which is not set forth in the operating report? If “Yes”, please set forth the amounts and sources of the income below. | X | ||||||
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I, | Thomas McCullough, Chief Reorganization Officer | |||||||
declare under penalty of perjury that I have fully read and understood the foregoing debtor-in-possession operating report and that the information contained herein is true and complete to the best of my knowledge. |
November 6, 2012 | /s/ Thomas E. McCullough | |||
Date | Principal for debtor-in-possession |
Page 16 of 16
EXHIBIT
IX. PROFIT AND LOSS STATEMENT
Miscellaneous Operating Expenses | ||||||
7/5/2012 | Check printing charge | $ | 42.87 | |||
7/31/2012 | Payroll processing fee | $ | 0.60 | |||
9/4/2012 | Payroll processing fee | $ | 10.00 | |||
10/1/2012 | Payroll processing fee | $ | 10.00 | |||
10/15/2012 | Stock transfer agent fee | $ | 3,411.41 | |||
10/31/2012 | Account service charge | $ | 20.00 | |||
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$ | 3,494.88 | |||||
Other Non-operating Expenses | ||||||
8/10/2012 | U.S. Trustee Fee | $ | 325.00 | |||
10/15/2012 | U.S. Trustee Fee | $ | 650.00 | |||
|
| |||||
$ | 975.00 |