Exhibit 99.1
UNITED STATES DEPARTMENT OF JUSTICE
OFFICE OF THE UNITED STATES TRUSTEE
CENTRAL DISTRICT OF CALIFORNIA
OFFICE OF THE UNITED STATES TRUSTEE
CENTRAL DISTRICT OF CALIFORNIA
In Re: |
The Kushner-Locke Company |
Debtor(s). |
CHAPTER 11 (BUSINESS) | ||||
Case Number: | Case No. LA 01-44828-SB | |||
Operating Report Number: | 89 | |||
For the Month Ending: | 3/31/2009 |
I. CASH RECEIPTS AND DISBURSEMENTS
A. (GENERAL ACCOUNT*)
A. (GENERAL ACCOUNT*)
1. | TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | 10,898,438.72 | ||||||||||
2. | LESS: TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | 10,538,769.87 | ||||||||||
3. | BEGINNING BALANCE: | 359,668.85 | ||||||||||
4. | RECEIPTS DURING CURRENT PERIOD: | |||||||||||
Accounts Receivable — Post-filing | ||||||||||||
Accounts Receivable — Pre-filing | ||||||||||||
General Sales | ||||||||||||
Other (Specify) | Internal Transfers | 55,000.00 | ||||||||||
**Other (Specify) | ||||||||||||
TOTAL RECEIPTS THIS PERIOD: | 55,000.00 | |||||||||||
5. | BALANCE: | 414,668.85 | ||||||||||
6. | LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD | |||||||||||
Transfers to Other DIP Accounts (from page 2) | 0.00 | |||||||||||
Disbursements (from page 2) | 79,589.91 | |||||||||||
TOTAL DISBURSEMENTS THIS PERIOD:*** | 79,589.91 | |||||||||||
7. | ENDING BALANCE: | 335,078.94 | ||||||||||
8. | General Account Number(s): | 1891935460 | ||||||||||
Comerica Bank | ||||||||||||
Depository Name & Location: | Los Angeles, CA |
* | 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 | Check | *Amount | **Amount | |||||||||||||||
mm/dd/yyyy | Number | Payee or DIP account | Purpose | Transfered | Disbursed | Amount | ||||||||||||
03/06/2009 | Wire | ADP | Payroll Fees | $ | 82.96 | 82.96 | ||||||||||||
03/06/2009 | 1380 | Accurate Express | Shipping | $ | 29.15 | 29.15 | ||||||||||||
03/06/2009 | 1381 | Bowne of Los Angeles | SEC Reporting | $ | 643.00 | 643.00 | ||||||||||||
03/06/2009 | 1382 | USI | Insurance | $ | 5,000.00 | 5,000.00 | ||||||||||||
03/06/2009 | 1383 | Bonded Services | Storage | $ | 4,000.00 | 4,000.00 | ||||||||||||
03/06/2009 | 1384 | New Wave Entertainment | Dist. Expense/ Delivery | $ | 232.00 | 232.00 | ||||||||||||
03/10/2009 | 8574 | Payroll | Payroll | $ | 1,383.50 | 1,383.50 | ||||||||||||
03/10/2009 | 8575 | Payroll | Payroll | $ | 7,182.97 | 7,182.97 | ||||||||||||
03/10/2009 | 8576 | Payroll | Payroll | $ | 2,928.28 | 2,928.28 | ||||||||||||
03/10/2009 | Wire | Payroll Tax | Payroll Tax | $ | 7,103.87 | 7,103.87 | ||||||||||||
03/12/2009 | Fee | Comerica Bank | Bank Fees | $ | 155.94 | 155.94 | ||||||||||||
03/13/2009 | Wire | ADP | Payroll Fees | $ | 20.00 | 20.00 | ||||||||||||
03/20/2009 | Wire | ADP | Payroll Fees | $ | 82.96 | 82.96 | ||||||||||||
03/20/2009 | 1385 | Anthem Blue Cross | Insurance | $ | 2,484.00 | 2,484.00 | ||||||||||||
03/20/2009 | 1386 | Arrowhead | Office Supplies | $ | 22.97 | 22.97 | ||||||||||||
03/20/2009 | 1387 | Blue Shield | Insurance | $ | 319.00 | 319.00 | ||||||||||||
03/20/2009 | 1388 | Federal Express | Shipping | $ | 13.41 | 13.41 | ||||||||||||
03/20/2009 | 1389 | ITE Solutions | IT / Computers | $ | 345.00 | 345.00 | ||||||||||||
03/20/2009 | 1390 | Keren Aminia Expenses | Health Reimbursement | $ | 2,000.00 | 2,000.00 | ||||||||||||
03/20/2009 | 1391 | New Beginnings Enterprises | Rent / Parking | $ | 4,720.30 | 4,720.30 | ||||||||||||
03/20/2009 | 1392 | Recall | Storage | $ | 1,010.03 | 1,010.03 | ||||||||||||
03/24/2009 | Wire | Payroll Tax | Payroll Tax | $ | 6,641.63 | 6,641.63 | ||||||||||||
03/24/2009 | 8577 | Payroll | Payroll | $ | 1,383.48 | 1,383.48 | ||||||||||||
03/24/2009 | 8578 | Payroll | Payroll | $ | 6,797.48 | 6,797.48 | ||||||||||||
03/24/2009 | 8579 | Payroll | Payroll | $ | 2,928.28 | 2,928.28 | ||||||||||||
03/27/2009 | Wire | ADP | Payroll Fees | $ | 80.00 | 80.00 | ||||||||||||
03/30/2009 | 1393 | AT & T | Telephone | $ | 286.33 | 286.33 | ||||||||||||
03/30/2009 | 1394 | Brandon & Morner-Ritt | Legal Fees | $ | 964.28 | 964.28 | ||||||||||||
03/30/2009 | 1395 | Global Media Television | Agent Fees | $ | 3,750.00 | 3,750.00 | ||||||||||||
03/30/2009 | 1396 | HSA | Insurance | $ | 60.75 | 60.75 | ||||||||||||
03/30/2009 | 1397 | Kevin Marino Expenses | Health Reimbursement | $ | 211.76 | 211.76 | ||||||||||||
03/30/2009 | 1398 | AT & T | Internet | $ | 85.95 | 85.95 | ||||||||||||
03/30/2009 | 1399 | Kevin Marino Expenses | Office Supplies | $ | 64.81 | 64.81 | ||||||||||||
03/31/2009 | 1400 | Bonded Services | Storage | $ | 4,000.00 | 4,000.00 | ||||||||||||
03/31/2009 | 1401 | Department of Consumer Affairs | Licenses / Permits | $ | 200.00 | 200.00 | ||||||||||||
03/31/2009 | 1402 | Keren Aminia Expenses | Office Supplies | $ | 826.24 | 826.24 | ||||||||||||
03/31/2009 | 1403 | Stutman Treister & Glatt | Legal Fees | $ | 11,549.58 | 11,549.58 | ||||||||||||
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TOTAL DISBURSEMENTS THIS PERIOD: | 0.00 | 79,589.91 | $ | 79,589.91 | ||||||||||||||
* | 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 RECONCILIATION
Bank statement Date: | 3/31/2009 | Balance on Statement: | $ | 356,802.07 | ||||||||
Plus deposits in transit (a):
Deposit Date | Deposit Amount | |||||||||||
TOTAL DEPOSITS IN TRANSIT | 0.00 | |||||||||||
Less Outstanding Checks (a):
Check Number | Check Date | Check Amount | ||||||||||||
1393 | AT & T | 286.33 | ||||||||||||
1394 | Brandon & Morner-Ritt | 964.28 | ||||||||||||
1395 | Global Media Television | 3,750.00 | ||||||||||||
1396 | HSA | 60.75 | ||||||||||||
1398 | AT & T | 85.95 | ||||||||||||
1400 | Bonded Services | 4,000.00 | ||||||||||||
1401 | Department of Consumer Affairs | 200.00 | ||||||||||||
1402 | Keren Aminia Expenses | 826.24 | ||||||||||||
1403 | Stutman Treister & Glatt | 11,549.58 | ||||||||||||
TOTAL OUTSTANDING CHECKS: | 21,723.13 | |||||||||||||
Bank statement Adjustments: | ||||||||||||||
Explanation of Adjustments- | ||||||||||||||
ADJUSTED BANK BALANCE: | $ | 335,078.94 | ||||||||||||
* | 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
UNITED STATES DEPARTMENT OF JUSTICE
OFFICE OF THE UNITED STATES TRUSTEE
CENTRAL DISTRICT OF CALIFORNIA
OFFICE OF THE UNITED STATES TRUSTEE
CENTRAL DISTRICT OF CALIFORNIA
In Re: |
The Kushner-Locke Company |
Debtor(s). |
CHAPTER 11 (BUSINESS) | ||||
Case Number: | Case No. LA 01-44828-SB | |||
Operating Report Number: | 89 | |||
For the Month Ending: | 3/31/2009 |
I. CASH RECEIPTS AND DISBURSEMENTS
A. (COLLATERAL ACCOUNT*)
A. (COLLATERAL ACCOUNT*)
1. | TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | 11,870,501.68 | ||||||||||
2. | LESS: TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | 11,085,576.94 | ||||||||||
3. | BEGINNING BALANCE: | 784,924.74 | ||||||||||
4. | RECEIPTS DURING CURRENT PERIOD: | |||||||||||
Accounts Receivable — Post-filing | 18,750.00 | |||||||||||
Accounts Receivable — Pre-filing | ||||||||||||
General Sales | ||||||||||||
Other (Specify) | Interest | 112.28 | ||||||||||
**Other (Specify) | ||||||||||||
TOTAL RECEIPTS THIS PERIOD: | 18,862.28 | |||||||||||
5. | BALANCE: | 803,787.02 | ||||||||||
6. | LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD | |||||||||||
Transfers to Other DIP Accounts (from page 2) | 55,000.00 | |||||||||||
Disbursements (from page 2) | 6,788.42 | |||||||||||
TOTAL DISBURSEMENTS THIS PERIOD:*** | 61,788.42 | |||||||||||
7. | ENDING BALANCE: | 741,998.60 | ||||||||||
8. | General Account Number(s): | 323-221-556 | ||||||||||
JP Morgan Chase | ||||||||||||
Depository Name & Location: | New York, NY |
* | 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 4 of 16
TOTAL DISBURSEMENTS FROM COLLATERAL ACCOUNT FOR CURRENT PERIOD
Date | Check | *Amount | **Amount | |||||||||||||||
mm/dd/yyyy | Number | Payee or DIP account | Purpose | Transfered | Disbursed | Amount | ||||||||||||
3/11/2009 | Wire | Kushner-Locke | Internal Transfer | 25,000.00 | 25,000.00 | |||||||||||||
03/26/2009 | Wire | Kushner-Locke | Internal Transfer | 30,000.00 | 30,000.00 | |||||||||||||
03/31/2009 | Wire | Morgan Lewis | Legal Fees | $ | 6,788.42 | 6,788.42 | ||||||||||||
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TOTAL DISBURSEMENTS THIS PERIOD: | 55,000.00 | 6,788.42 | $ | 61,788.42 | ||||||||||||||
* | 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 5 of 16
COLLATERAL ACCOUNT
BANK RECONCILIATION
BANK RECONCILIATION
Bank statement Date: | 3/31/2009 | Balance on Statement: | $ | 741,998.60 | ||||||||
Plus deposits in transit (a):
Deposit Date | Deposit Amount | |||||||||||
TOTAL DEPOSITS IN TRANSIT | 0.00 | |||||||||||
Less Outstanding Checks (a):
Check Number | Check Date | Check Amount | ||||||||||||||
TOTAL OUTSTANDING CHECKS: | 0.00 | |||||||||||||||
Bank statement Adjustments: | ||||||||||||||||
Explanation of Adjustments- | ||||||||||||||||
ADJUSTED BANK BALANCE: | $ | 741,998.60 | ||||||||||||||
* | 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
UNITED STATES DEPARTMENT OF JUSTICE
OFFICE OF THE UNITED STATES TRUSTEE
CENTRAL DISTRICT OF CALIFORNIA
OFFICE OF THE UNITED STATES TRUSTEE
CENTRAL DISTRICT OF CALIFORNIA
In Re: |
The Kushner-Locke Company |
Debtor(s). |
CHAPTER 11 (BUSINESS) | ||||
Case Number: | Case No. LA 01-44828-SB | |||
Operating Report Number: | 89 | |||
For the Month Ending: | 3/31/2009 |
I. CASH RECEIPTS AND DISBURSEMENTS
A. (COLLECTION ACCOUNT*)
A. (COLLECTION ACCOUNT*)
1. | TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | 1,268,719.47 | ||||||||||
2. | LESS: TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | 45,166.80 | ||||||||||
3. | BEGINNING BALANCE: | 1,223,552.67 | ||||||||||
4. | RECEIPTS DURING CURRENT PERIOD: | |||||||||||
Accounts Receivable — Post-filing | ||||||||||||
Accounts Receivable — Pre-filing | ||||||||||||
General Sales | ||||||||||||
Other (Specify) | 0.00 | |||||||||||
**Other (Specify) | ||||||||||||
TOTAL RECEIPTS THIS PERIOD: | 0.00 | |||||||||||
5. | BALANCE: | 1,223,552.67 | ||||||||||
6. | LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD | |||||||||||
Transfers to Other DIP Accounts (from page 2) | 0.00 | |||||||||||
Disbursements (from page 2) | 6,121.00 | |||||||||||
TOTAL DISBURSEMENTS THIS PERIOD:*** | 6,121.00 | |||||||||||
7. | ENDING BALANCE: | 1,217,431.67 | ||||||||||
8. | General Account Number(s): | 112391673 | ||||||||||
City National Bank | ||||||||||||
Depository Name & Location: | Beverly Hills, CA |
* | 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 7 of 16
TOTAL DISBURSEMENTS FROM COLLECTION ACCOUNT FOR CURRENT PERIOD
Date | Check | Payee or DIP | *Amount | **Amount | ||||||||||||||
mm/dd/yyyy | Number | account | Purpose | Transfered | Disbursed | Amount | ||||||||||||
03/31/2009 | Wire | IMEC | Royalties | $ | 6,071.00 | 6,071.00 | ||||||||||||
03/31/2009 | Fee | City National Bank | Bank Fee | $ | 50.00 | 50.00 | ||||||||||||
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TOTAL DISBURSEMENTS THIS PERIOD: | 0.00 | 6,121.00 | $ | 6,121.00 | ||||||||||||||
* | 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 8 of 16
COLLECTION ACCOUNT
BANK RECONCILIATION
BANK RECONCILIATION
Bank statement Date: | 3/31/2009 | Balance on Statement: | $ | 1,223,502.67 | ||||||||
Plus deposits in transit (a):
Deposit Date | Deposit Amount | |||||||||||
TOTAL DEPOSITS IN TRANSIT | 0.00 | |||||||||||
Less Outstanding Checks (a):
Check Number | Check Date | Check Amount | ||||||||||||||
Wire | 3/31/2009 | 6,071.00 | ||||||||||||||
TOTAL OUTSTANDING CHECKS: | 6,071.00 | |||||||||||||||
Bank statement Adjustments: | ||||||||||||||||
Explanation of Adjustments- | ||||||||||||||||
ADJUSTED BANK BALANCE: | $ | 1,217,431.67 | ||||||||||||||
* | 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: 03/01/09-03/31/09
(Provide a copy of monthly account statements for each of the below)
General Account: | 335,078.94 | |||||||||||||
Collateral Account: | 741,998.60 | |||||||||||||
Collection Account: | 1,217,431.67 | |||||||||||||
*Other Accounts: | ||||||||||||||
Bank of Scotland — Pinocchio | Time Deposit | 218,942.18 | Currency: GBP | |||||||||||
Bank of Scotland — Basil | Time Deposit | 247,129.04 | Currency: GBP | |||||||||||
Edge Entertainment | 172.89 | |||||||||||||
KL- PWI account | 731.10 | |||||||||||||
BLT Venture | JV Account | 95,381.96 | ||||||||||||
BLT Venture | JV Account | 330.45 | ||||||||||||
KL\7 Venture | JV Account | 39,974.88 | ||||||||||||
Denial Venture | JV Account | 244,619.14 | ||||||||||||
Cracker LLC | JV Account | 15,569.01 | ||||||||||||
Swing | JV Account | 13,031.13 | ||||||||||||
*Other Monies: | ||||||||||||||
**Petty Cash (from below): | 0.00 | |||||||||||||
TOTAL CASH AVAILABLE: | 3,170,390.99 | |||||||||||||
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
AND OTHER PARTIES TO EXECUTORY CONTRACTS
Post-Petition | ||||||||||||||||
Frequency of | Amount of | payments not | ||||||||||||||
Creditor, Lessor, Etc. | Payments (Mo/Qtr) | Payment | made (Number) | Total Due | ||||||||||||
TOTAL DUE: | 0.00 | |||||||||||||||
III. TAX LIABILITIES
FOR THE REPORTING PERIOD:
Gross Sales Subject to Sales Tax: | ||
Total Wages Paid: | ||
Total Post- Petition | Date Delinquent | |||||||||||||
Amounts Owing | Amounts 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 | Accounts Receivable | |||||||||||
Post-Petition | Pre-Petition | Post-Petition | ||||||||||
30 days or less | 0.00 | 720,146.00 | ||||||||||
31 - 60 days | ||||||||||||
61 - 90 days | ||||||||||||
91 - 120 days | ||||||||||||
Over 120 days | ||||||||||||
TOTAL: | 0.00 | 0.00 | 720,146.00 | |||||||||
V. INSURANCE COVERAGE
Amount of | Policy Expiration | Premium Paid | ||||||||||||||||
Name of Carrier | Coverage | Date | Through (Date) | |||||||||||||||
Commercial Package | St. Paul Travelers | 2,000,000.00 | 2/14/2010 | 2/14/2010 | ||||||||||||||
Worker's Compensation | St. Paul Travelers | 1,000,000.00 | 1/14/2010 | 1/14/2010 | ||||||||||||||
E & O | St. Paul Travelers | 3,000,000.00 | 3/3/2010 | 3/3/2010 | ||||||||||||||
Others: |
VI. UNITED STATES TRUSTEE QUARTERLY FEES
(TOTAL PAYMENTS)
(TOTAL PAYMENTS)
Quarterly Period | Total | Quarterly Fees | ||||||||||||||||||
Ending (Date) | Disbursements | Quarterly Fees | Date Paid | Amount Paid | Still Owing | |||||||||||||||
11/01-12/08 | 10,014,342.17 | 78,650.00 | 83,975.00 | (5,325.00 | ) | |||||||||||||||
31-Mar-2009 | 295,493.00 | 1,950.00 | apply credit | 1,950.00 | ||||||||||||||||
0.00 | ||||||||||||||||||||
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0.00 | ||||||||||||||||||||
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0.00 | ||||||||||||||||||||
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0.00 | ||||||||||||||||||||
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0.00 | ||||||||||||||||||||
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0.00 | ||||||||||||||||||||
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0.00 | ||||||||||||||||||||
80,600.00 | 83,975.00 | (3,375.00 | ) | |||||||||||||||||
* | 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
Date of Order | Gross Compensation | |||||
Authorizing | Paid During the | |||||
Name of Insider | Compensation | *Authorized Gross Compensation | Month | |||
VIII. SCHEDULE OF OTHER AMOUNTS PAID TO INSIDERS
Date of Order | ||||||||||||
Authorizing | Amount Paid | |||||||||||
Name of Insider | Compensation | Description | During the Month | |||||||||
* | 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)
(ACCRUAL BASIS ONLY)
Mar 09 | ||||
Ordinary Income/Expense | ||||
Income | ||||
KL International Sales | 1,500.00 | |||
Total Income | 1,500.00 | |||
Cost of Goods Sold | ||||
Bank Fees deducted from rctpts | 52.00 | |||
Agents Fees | 3,750.00 | |||
Pymts to Joint Ventures | 6,071.00 | |||
Total COGS | 9,873.00 | |||
Gross Profit | -8,373.00 | |||
Expense | ||||
Bank Service Charges | ||||
City National — Service Charge | 50.00 | |||
Comerica — Service Charge | 155.94 | |||
Total Bank Service Charges | 205.94 | |||
Copy Machine | 22.49 | |||
Delivery & Distribution Expense | ||||
Elements | 232.00 | |||
Shipping | 13.41 | |||
Total Delivery & Distribution Expense | 245.41 | |||
Insurance | ||||
Dental | 319.00 | |||
Health | 4,687.51 | |||
Total Insurance | 5,006.51 | |||
Internet | 85.95 | |||
IT / Computers | 495.00 | |||
Licenses and Permits | 200.00 | |||
Office Supplies | 873.17 | |||
Parking | 330.00 | |||
Payroll | ||||
Payroll cost — Employees | 12,007.13 | |||
Payroll Fee | 265.92 | |||
Responsible Officer | 24,342.36 | |||
Total Payroll | 36,615.41 | |||
Professional Fees | ||||
Legal Fees | 17,460.66 | |||
Total Professional Fees | 17,460.66 | |||
Rent | 4,390.30 | |||
Storage | 5,010.03 | |||
Telephone | 286.33 | |||
Telephone / E-mail Exepnses | 40.85 | |||
Total Expense | 71,268.05 | |||
Net Ordinary Income | -79,641.05 | |||
Other Income/Expense | ||||
Other Income | ||||
Interest Income | 112.28 | |||
Total Other Income | 112.28 | |||
Net Other Income | 112.28 | |||
Net Income | -79,528.77 | |||
Page 14 of 16
X. BALANCE SHEET
(ACCRUAL BASIS ONLY)
(ACCRUAL BASIS ONLY)
Mar 31, 09 | ||||
ASSETS | ||||
Current Assets | ||||
Checking/Savings | ||||
City National — Collection Acco | 1,217,431.67 | |||
Comerica — DIP | 335,078.94 | |||
Due from Vision/to Vision | 19,200.65 | |||
KL Cash Collateral — JP Morgan | 741,998.60 | |||
Total Checking/Savings | 2,313,709.86 | |||
Accounts Receivable | ||||
AR — BL | 15,000.00 | |||
AR — Global Media | 377,500.00 | |||
AR — KL | 258,333.35 | |||
AR — Vision | 69,313.04 | |||
Total Accounts Receivable | 720,146.39 | |||
Total Current Assets | 3,033,856.25 | |||
TOTAL ASSETS | 3,033,856.25 | |||
LIABILITIES & EQUITY | ||||
Liabilities | ||||
Current Liabilities | ||||
Accounts Payable | ||||
Accounts Payable | -1,612.22 | |||
Total Accounts Payable | -1,612.22 | |||
Total Current Liabilities | -1,612.22 | |||
Total Liabilities | -1,612.22 | |||
Equity | ||||
Opening Bal Equity | 2,345,453.91 | |||
Retained Earnings | 995,645.40 | |||
Net Income | -305,630.84 | |||
Total Equity | 3,035,468.47 | |||
TOTAL LIABILITIES & EQUITY | 3,033,856.25 | |||
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 | |||
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 | |||
3. State what progress was made during the reporting period toward filing a plan of reorganization Secured creditors are negotiating the final details of the reorg plan. | ||||
4. Describe potential future developments which may have a significant impact on the case: | ||||
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 | |||
I, Alice P. Neuhauser, Responsible 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. |
Date | Principal for debtor-in-possession |
Page 16 of 16