Exhibit 99.3
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: | 91 | |||
For the Month Ending: | 5/31/2009 |
I. CASH RECEIPTS AND DISBURSEMENTS
A. (GENERAL ACCOUNT*)
A. (GENERAL ACCOUNT*)
1. | TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | 11,018,438.72 | ||||||||||||
2. | LESS: TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | 10,686,731.07 | ||||||||||||
3. | BEGINNING BALANCE: | 331,707.65 | ||||||||||||
4. | RECEIPTS DURING CURRENT PERIOD: | |||||||||||||
Accounts Receivable — Post-filing | ||||||||||||||
Accounts Receivable — Pre-filing | ||||||||||||||
General Sales | ||||||||||||||
Other (Specify) | Internal Transfers | 70,000.00 | ||||||||||||
**Other (Specify) | ||||||||||||||
TOTAL RECEIPTS THIS PERIOD: | 70,000.00 | |||||||||||||
5. | BALANCE: | 401,707.65 | ||||||||||||
6. | LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD | |||||||||||||
Transfers to Other DIP Accounts (from page 2) | 0.00 | |||||||||||||
Disbursements (from page 2) | 102,566.85 | |||||||||||||
TOTAL DISBURSEMENTS THIS PERIOD:*** | 102,566.85 | |||||||||||||
7. | ENDING BALANCE: | 299,140.80 | ||||||||||||
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 | ||||||||||||
05/01/2009 | Wire | ADP | Payroll Fees | $ | 100.96 | $ | 100.96 | |||||||||||
05/01/2009 | 1424 | ITE Solutions | IT / Computers | $ | 230.00 | $ | 230.00 | |||||||||||
05/01/2009 | 1425 | L. A. County Clerk | Business Filings | $ | 22.00 | $ | 22.00 | |||||||||||
05/01/2009 | 1426 | L. A. County Clerk | Business Filings | $ | 22.00 | $ | 22.00 | |||||||||||
05/01/2009 | 1427 | L. A. County Clerk | Business Filings | $ | 22.00 | $ | 22.00 | |||||||||||
05/05/2009 | Wire | Payroll Tax | Payroll | $ | 6,870.78 | $ | 6,870.78 | |||||||||||
05/05/2009 | 8586 | Payroll | Payroll | $ | 1,379.04 | $ | 1,379.04 | |||||||||||
05/05/2009 | 8587 | Payroll | Payroll | $ | 7,065.62 | $ | 7,065.62 | |||||||||||
05/05/2009 | 8588 | Payroll | Payroll | $ | 2,919.85 | $ | 2,919.85 | |||||||||||
05/08/2009 | 1428 | Bonded Services | Storage | $ | 4,000.00 | $ | 4,000.00 | |||||||||||
05/08/2009 | 1429 | Brandon & Morner-Ritt | Legal Fees | $ | 3,678.13 | $ | 3,678.13 | |||||||||||
05/08/2009 | 1430 | Kevin Marino Expenses | Office Supplies | $ | 241.42 | $ | 241.42 | |||||||||||
05/08/2009 | 1431 | New Wave Entertainment | Dist. Expense/ Delivery | $ | 32.00 | $ | 32.00 | |||||||||||
05/08/2009 | 1432 | Secretary of State | Corporate | $ | 25.00 | $ | 25.00 | |||||||||||
05/08/2009 | 1433 | Varien | IT / Computers | $ | 318.00 | $ | 318.00 | |||||||||||
05/08/2009 | 1434 | Xerox | Office Supplies | $ | 22.49 | $ | 22.49 | |||||||||||
05/13/2009 | Wire | Comerica Bank | Bank Fee | $ | 180.01 | $ | 180.01 | |||||||||||
05/15/2009 | Wire | ADP | Payroll Fees | $ | 102.96 | $ | 102.96 | |||||||||||
05/19/2009 | Wire | Payroll Tax | Payroll | $ | 6,539.32 | $ | 6,539.32 | |||||||||||
05/19/2009 | 8589 | Payroll | Payroll | $ | 1,379.02 | $ | 1,379.02 | |||||||||||
05/19/2009 | 8590 | Payroll | Payroll | $ | 7,056.24 | $ | 7,056.24 | |||||||||||
05/19/2009 | 8591 | Payroll | Payroll | $ | 2,788.12 | $ | 2,788.12 | |||||||||||
05/28/2009 | Wire | Payroll Tax | Payroll | $ | 5,186.23 | $ | 5,186.23 | |||||||||||
05/28/2009 | 1435 | Alice Neuhauser Expenses | Phone / Internet | $ | 170.43 | $ | 170.43 | |||||||||||
05/28/2009 | 1436 | Anthem Blue Cross | Insurance | $ | 2,484.00 | $ | 2,484.00 | |||||||||||
05/28/2009 | 1437 | Arrowhead | Office Supplies | $ | 15.98 | $ | 15.98 | |||||||||||
05/28/2009 | 1438 | AT & T | Telephone | $ | 76.82 | $ | 76.82 | |||||||||||
05/28/2009 | 1439 | Blue Shield | Insurance | $ | 319.00 | $ | 319.00 | |||||||||||
05/28/2009 | 1441 | Federal Express | Shipping | $ | 25.65 | $ | 25.65 | |||||||||||
05/28/2009 | 1442 | Global Media Television | Agent Fees | $ | 3,750.00 | $ | 3,750.00 | |||||||||||
05/28/2009 | 1443 | ITE Solutions | IT / Computers | $ | 345.00 | $ | 345.00 | |||||||||||
05/28/2009 | 1444 | Kevin Marino Expenses | Postage | $ | 44.00 | $ | 44.00 | |||||||||||
05/28/2009 | 1445 | New Beginnings Enterprises | Parking / Rent | $ | 4,896.51 | $ | 4,896.51 | |||||||||||
05/28/2009 | 1446 | Recall | Storage | $ | 918.84 | $ | 918.84 | |||||||||||
05/28/2009 | 1447 | AT & T | Internet | $ | 86.06 | $ | 86.06 | |||||||||||
05/28/2009 | 1448 | Pure Compliance | SEC Reporting | $ | 270.00 | $ | 270.00 | |||||||||||
05/28/2009 | 8592 | Payroll | Payroll | $ | 1,379.04 | $ | 1,379.04 | |||||||||||
05/28/2009 | 8593 | Payroll | Payroll | $ | 7,378.52 | $ | 7,378.52 | |||||||||||
05/28/2009 | 8594 | Payroll | Payroll | $ | 2,788.11 | $ | 2,788.11 | |||||||||||
05/29/2009 | Wire | ADP | Payroll Fees | $ | 181.54 | $ | 181.54 | |||||||||||
05/29/2009 | 1449 | Anthem Blue Cross | Insurance | $ | 4,968.00 | $ | 4,968.00 | |||||||||||
05/29/2009 | 1450 | Blue Shield | Insurance | $ | 638.00 | $ | 638.00 | |||||||||||
05/29/2009 | 1451 | Bonded Services | Storage | $ | 4,000.00 | $ | 4,000.00 | |||||||||||
05/29/2009 | 1452 | New Beginnings Enterprises | Parking / Rent | $ | 9,793.02 | $ | 9,793.02 | |||||||||||
05/29/2009 | 1453 | Recall | Storage | $ | 1,837.68 | $ | 1,837.68 | |||||||||||
05/29/2009 | 1454 | Payroll | Payroll | $ | 1,768.65 | $ | 1,768.65 | |||||||||||
05/29/2009 | 1455 | Payroll | Payroll | $ | 2,002.57 | $ | 2,002.57 | |||||||||||
05/29/2009 | 1456 | Payroll | Payroll | $ | 2,248.24 | $ | 2,248.24 | |||||||||||
TOTAL DISBURSEMENTS THIS PERIOD: | 0.00 | 102,566.85 | $ | 102,566.85 | ||||||||||||||
* | 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: | 5/31/2009 | Balance on Statement: | $ | 349,236.53 | ||||||||
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 | ||||||||||
1435 | 5/28/2009 | $ | 170.43 | |||||||||
1436 | 5/28/2009 | $ | 2,484.00 | |||||||||
1437 | 5/28/2009 | $ | 15.98 | |||||||||
1438 | 5/28/2009 | $ | 76.82 | |||||||||
1439 | 5/28/2009 | $ | 319.00 | |||||||||
1441 | 5/28/2009 | $ | 25.65 | |||||||||
1442 | 5/28/2009 | $ | 3,750.00 | |||||||||
1443 | 5/28/2009 | $ | 345.00 | |||||||||
1444 | 5/28/2009 | $ | 44.00 | |||||||||
1446 | 5/28/2009 | $ | 918.84 | |||||||||
1447 | 5/28/2009 | $ | 86.06 | |||||||||
1448 | 5/28/2009 | $ | 270.00 | |||||||||
1449 | 5/29/2009 | $ | 4,968.00 | |||||||||
1450 | 5/29/2009 | $ | 638.00 | |||||||||
1451 | 5/29/2009 | $ | 4,000.00 | |||||||||
1452 | 5/29/2009 | $ | 9,793.02 | |||||||||
1453 | 5/29/2009 | $ | 1,837.68 | |||||||||
8591 | 5/19/2009 | $ | 2,788.12 | |||||||||
8592 | 5/28/2009 | $ | 1,379.04 | |||||||||
8593 | 5/28/2009 | $ | 7,378.52 | |||||||||
8594 | 5/28/2009 | $ | 2,788.11 | |||||||||
1454 | 5/29/2009 | $ | 1,768.65 | |||||||||
1455 | 5/29/2009 | $ | 2,002.57 | |||||||||
1456 | 5/29/2009 | $ | 2,248.24 | |||||||||
TOTAL OUTSTANDING CHECKS: | 50,095.73 | |||||||||||
Bank statement Adjustments: | ||||||||||||
Explanation of Adjustments- | ||||||||||||
ADJUSTED BANK BALANCE: | $ | 299,140.80 | ||||||||||
* | 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: | 91 | |||
For the Month Ending: | 5/31/2009 |
I. CASH RECEIPTS AND DISBURSEMENTS
A. (COLLATERAL ACCOUNT*)
A. (COLLATERAL ACCOUNT*)
1. | TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | 11,908,166.69 | ||||||||||||
2. | LESS: TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL ACCOUNT REPORTS | 11,212,365.36 | ||||||||||||
3. | BEGINNING BALANCE: | 695,801.33 | ||||||||||||
4. | RECEIPTS DURING CURRENT PERIOD: | |||||||||||||
Accounts Receivable — Post-filing | 30,056.27 | |||||||||||||
Accounts Receivable — Pre-filing | ||||||||||||||
General Sales | ||||||||||||||
Other (Specify) | Interest | 62.79 | ||||||||||||
**Other (Specify) | ||||||||||||||
TOTAL RECEIPTS THIS PERIOD: | 30,119.06 | |||||||||||||
5. | BALANCE: | 725,920.39 | ||||||||||||
6. | LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD | |||||||||||||
Transfers to Other DIP Accounts (from page 2) | 70,000.00 | |||||||||||||
Disbursements (from page 2) | 4,012.50 | |||||||||||||
TOTAL DISBURSEMENTS THIS PERIOD:*** | 74,012.50 | |||||||||||||
7. | ENDING BALANCE: | 651,907.89 | ||||||||||||
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 | ||||||||||||
5/7/2009 | Wire | Kushner-Locke | Internal Transfer | 25,000.00 | 25,000.00 | |||||||||||||
5/14/2009 | Wire | JP Morgan Lewis | Legal Fees | $ | 4,012.50 | 4,012.50 | ||||||||||||
5/22/2009 | Wire | Kushner-Locke | Internal Transfer | 45,000.00 | 45,000.00 | |||||||||||||
0.00 | ||||||||||||||||||
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TOTAL DISBURSEMENTS THIS PERIOD: | 70,000.00 | 4,012.50 | $ | 74,012.50 | ||||||||||||||
* | 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: | 5/31/2009 | Balance on Statement: | $ | 651,907.89 | ||||||||
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: | $ | 651,907.89 | ||||||||||||||
* | 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: | 91 | |||
For the Month Ending: | 5/31/2009 |
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 | 51,337.80 | ||||||||||||
3. | BEGINNING BALANCE: | 1,217,381.67 | ||||||||||||
4. | RECEIPTS DURING CURRENT PERIOD: | |||||||||||||
Accounts Receivable — Post-filing | 14,020.81 | |||||||||||||
Accounts Receivable — Pre-filing | ||||||||||||||
General Sales | ||||||||||||||
Other (Specify) | 0.00 | |||||||||||||
**Other (Specify) | ||||||||||||||
TOTAL RECEIPTS THIS PERIOD: | 14,020.81 | |||||||||||||
5. | BALANCE: | 1,231,402.48 | ||||||||||||
6. | LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD | |||||||||||||
Transfers to Other DIP Accounts (from page 2) | 0.00 | |||||||||||||
Disbursements (from page 2) | 50.00 | |||||||||||||
TOTAL DISBURSEMENTS THIS PERIOD:*** | 50.00 | |||||||||||||
7. | ENDING BALANCE: | 1,231,352.48 | ||||||||||||
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 | *Amount | **Amount | |||||||||||||||
mm/dd/yyyy | Number | Payee or DIP account | Purpose | Transfered | Disbursed | Amount | ||||||||||||
05/30/2009 | Fee | City National Bank | Bank Fee | $ | 50.00 | 50.00 | ||||||||||||
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TOTAL DISBURSEMENTS THIS PERIOD: | 0.00 | 50.00 | $ | 50.00 | ||||||||||||||
* | 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: | 5/31/2009 | Balance on Statement: | $ | 1,231,352.48 | ||||||||
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: | $ | 1,231,352.48 | ||||||||||||||
* | 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: 05/01/09-05/29/09
(Provide a copy of monthly account statements for each of the below)
General Account: | 299,140.80 | |||||||||||||
Collateral Account: | 651,907.89 | |||||||||||||
Collection Account: | 1,231,352.48 | |||||||||||||
*Other Accounts: | ||||||||||||||
Bank of Scotland — Pinocchio | Time Deposit | 219,012.97 | Currency: GBP | |||||||||||
Bank of Scotland — Basil | Time Deposit | 247,208.95 | 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 | 39,982.82 | ||||||||||||
Denial Venture | JV Account | 244,741.80 | ||||||||||||
Cracker LLC | JV Account | 15,569.01 | ||||||||||||
Swing | JV Account | 13,031.13 | ||||||||||||
*Other Monies: | ||||||||||||||
**Petty Cash (from below): | 0.00 | |||||||||||||
TOTAL CASH AVAILABLE: | 3,058,564.25 | |||||||||||||
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 Payments | payments not made | |||||||||||
Creditor, Lessor, Etc. | (Mo/Qtr) | Amount of Payment | (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 | Amount 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 | 21,880.00 | 670,756.00 | ||||||||||
31 - 60 days | ||||||||||||
61 - 90 days | ||||||||||||
91 - 120 days | ||||||||||||
Over 120 days | ||||||||||||
TOTAL: | 21,880.00 | 0.00 | 670,756.00 | |||||||||
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 | ||||||||||||||||||
0.00 | ||||||||||||||||||
0.00 | ||||||||||||||||||
0.00 | ||||||||||||||||||
0.00 | ||||||||||||||||||
0.00 | ||||||||||||||||||
0.00 | ||||||||||||||||||
0.00 | ||||||||||||||||||
0.00 | ||||||||||||||||||
0.00 | ||||||||||||||||||
0.00 | ||||||||||||||||||
0.00 | ||||||||||||||||||
0.00 | ||||||||||||||||||
0.00 | ||||||||||||||||||
0.00 | ||||||||||||||||||
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)
May 09 | ||||
Ordinary Income/Expense | ||||
Income | ||||
KL International Sales | 1,500.00 | |||
Royalties | 11,306.27 | |||
Total Income | 12,806.27 | |||
Cost of Goods Sold | ||||
Global Media Sales Fee | 3,750.00 | |||
Vision Expenses | 1,339.71 | |||
Vision Sales Fee | 3,840.13 | |||
Total COGS | 8,929.84 | |||
Gross Profit | 3,876.43 | |||
Expense | ||||
Bank Service Charges | ||||
City National — Service Charge | 50.00 | |||
Comerica — Service Charge | 180.01 | |||
Total Bank Service Charges | 230.01 | |||
Business Filings | 66.00 | |||
Copy Machine | 22.49 | |||
Corporate | 25.00 | |||
Delivery & Distribution Expense | ||||
Marketing | 32.00 | |||
Shipping | 25.65 | |||
Total Delivery & Distribution Expense | 57.65 | |||
Insurance | ||||
Health | 2,484.00 | |||
Health Acct. | 170.43 | |||
Total Insurance | 2,654.43 | |||
Internet | 86.06 | |||
IT / Computers | 893.00 | |||
Office Supplies | 218.66 | |||
Parking | 330.00 | |||
Payroll | ||||
Payroll cost — Employees | 23,295.30 | |||
Payroll Fee | 385.46 | |||
Responsible Officer | 35,454.05 | |||
Total Payroll | 59,134.81 | |||
Postage and Delivery | 44.00 | |||
Professional Fees | ||||
Legal Fees | 3,055.50 | |||
Total Professional Fees | 3,055.50 | |||
Rent | 4,390.30 | |||
SEC Reporting | 270.00 | |||
Storage | 4,918.84 | |||
Telephone | 76.82 | |||
Telephone / E-mail Expenses | 38.74 | |||
Total Expense | 76,512.31 | |||
Net Ordinary Income | -72,635.88 | |||
Other Income/Expense | ||||
Other Income | ||||
Interest Income | 62.79 | |||
Total Other Income | 62.79 | |||
Net Other Income | 62.79 | |||
Net Income | -72,573.09 | |||
Page 14 of 16
X. BALANCE SHEET
(ACCRUAL BASIS ONLY)
(ACCRUAL BASIS ONLY)
May 31, 09 | ||||
ASSETS | ||||
Current Assets | ||||
Checking/Savings | ||||
City National — Collection Acco | 1,231,352.48 | |||
Comerica — DIP | 299,140.80 | |||
KL Cash Collateral — JP Morgan | 651,907.89 | |||
Total Checking/Savings | 2,182,401.17 | |||
Accounts Receivable | ||||
AR — BL | 15,000.00 | |||
AR — Global Media | 340,000.00 | |||
AR — KL | 258,333.35 | |||
AR — Vision | 57,423.07 | |||
Total Accounts Receivable | 670,756.42 | |||
Total Current Assets | 2,853,157.59 | |||
TOTAL ASSETS | 2,853,157.59 | |||
LIABILITIES & EQUITY | ||||
Liabilities | ||||
Current Liabilities | ||||
Accounts Payable | ||||
Accounts Payable | -21,880.71 | |||
Total Accounts Payable | -21,880.71 | |||
Total Current Liabilities | -21,880.71 | |||
Total Liabilities | -21,880.71 | |||
Equity | ||||
Opening Bal Equity | 2,345,453.91 | |||
Retained Earnings | 993,255.43 | |||
Net Income | -463,671.04 | |||
Total Equity | 2,875,038.30 | |||
TOTAL LIABILITIES & EQUITY | 2,853,157.59 | |||
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