UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: NutraMax Products, Inc. Case No. 00-1838
- -------------------------------------------
Debtor Reporting Period 05/02/00-06/03/2000
MONTHLY OPERATING REPORT
File with Court and submit copy to United States Trustee
within 20 days after end of month.
Submit copy of report to any official committee appointed in the case.
- -------------------------------------------------------------------------------
DOCUMENT EXPLANATION
REQUIRED DOCUMENTS FORM NO. ATTACHED ATTACHED
- -------------------------------------------------------------------------------
Schedule of Cash Receipts and
Disbursements MOR-1 X
Bank Reconciliation (or copies
of debtor's bank
reconciliations) MOR-1 (con't) X
Copies of bank statements X
Cash disbursements journals X
Statement of Operations MOR-2 X
Balance Sheet MOR-3 X
Status of Postpetition Taxes MOR4 X
Copies of IRS Form 6123 or
payment receipt X
Copies of tax returns filed
during reporting period X
Summary of Unpaid Postpetition Debts MOR4 X
Listing of aged accounts
payable
Accounts Receivable Reconciliation
and Aging MOR-5 X
Debtor Questionnaire MOR-5 X
- -------------------------------------------------------------------------------
I declare under penalty of perjury (28 U.S.C. Section 1746) that this
report and the documents attached are true and correct to the best of my
knowledge and belief.
- -------------------------------------------------------------------------------
Signature of Debtor Date
- -------------------------------------------------------------------------------
Signature of Joint Debtor Date
/s/ Dawn E. Larson 7/19/00
- -------------------------------------------------------------------------------
Signature of Authorized Individual* Date
Dawn E. Larson Chief Financial Officer
- -------------------------------------------------------------------------------
Printed Name of Authorized Individual Title of Authorized Individual
* AUTHORIZED INDIVIDUAL MUST BE AN OFFICER, DIRECTOR, OR SHAREHOLDER IF
DEBTOR IS A CORPORATION; A PARTNER IF DEBTOR IS A PARTNERSHIP; A MANAGER OR
MEMBER IF DEBTOR IS A LIMITED LIABILITY COMPANY.
Form MOR
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: NutraMax Products, Inc. Case No. 00-1838
- -------------------------------------------
Debtor Reporting Period 5/02/00-6/03/2000
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
Amounts reported should be per the debtor's books, not the bank statement
The beginning cash should be the ending cash from the prior month or, if this
is the first report, the amount should be the balance on the date the
petition was filed. The amounts reported in the "CURRENT MONTH - ACTUAL"
column must equal the sum of the four bank account columns. The amounts
reported in the "PROJECTED" columns should be taken from the SMALL BUSINESS
INITIAL REPORT (FORM 1R-1). Attach copies of the bank statements and the
cash disbursements journal. The total disbursements listed in the
disbursements journal must equal the total disbursements reported on this
page. A bank reconciliation must be attached for each account [See MOR-1
(CON'T)]
- -----------------------------------------------------------------------------------------------------------------------------------
CUMULATIVE
BANK ACCOUNTS CURRENT MONTH FILING TO DATE
OPER. PAYROLL TAX OTHER ACTUAL PROJECTED ACTUAL PROJECTED
- -----------------------------------------------------------------------------------------------------------------------------------
CASH BEGINNING OF MONTH $ 106,931 $ 237,447 0 $ ( 337,252) $ 7,126 0 $ 7,126 0
RECEIPTS
CASH SALES $ - $ - 0
ACCOUNTS RECEIVABLE 7,733,443 $ 7,733,443 7,456,000 $ 7,733,443 7,456,000
SALE OF ASSETS $ - $ - 0
OTHER (ATTACH LIST) - $ - $ - 0
TRANSFERS (FROM DIP ACCTS) 337,153 241,756 2,710,523 $ 3,289,432 $ 3,289,432 0
ADVANCES FROM REVOLVER 262,OOO $ 262,000 1,295,000 $ 262,000 1,295,000
TOTAL RECEIPTS 8,332,596 241,756 2,710,523 11,284,875 8,751,000 $ 11,284,875 8,751,000
DISBURSEMENTS
PAYROLL & TAXES 1,841,709 - $ 1,841,709 2,377,000 $ 1,841,709 2,377,000
- - $ - $ - 0
SALES, USE, & OTHER TAXES - - $ - $ - 0
INVENTORY PURCHASES 2,254,810 - 2,605,541 $ 4,860,351 4,909,000 $ 4,860,351 4,909,000
SECURED/RENTAL/LEASES - - 38,748 $ 38,748 $ 38,748 0
OPERATING EXPENSES 27,828 - 1,520,026 $ 1,547,854 1,307,000 $ 1,547,854 1,307,000
ADMINISTRATIVE - $ - $ - 0
SELLING - - $ - $ - 0
LOAN PAYMENTS - - $ - 39,000 $ - 39,000
OTHER (ATTACH LIST) 100,002 99,459 - (153,269) $ 46,192 119,000 $ 46,192 119,000
- $ - $ - 0
OWNER DRAW* - - $ - $ - 0
TRANSFERS (TO DIP ACCTS) 2,952,279 337,153 $ 3,289,432 $ 3,289,432 0
- $ - $ - 0
PROFESSIONAL FEES - - 18,938 $ 18,938 $ 18,938 0
U.S. TRUSTEE QUARTERLY FEES - - - $ - $ - 0
COURT COSTS - - - $ - $ - 0
TOTAL DISBURSEMENTS 7,176,628 436,612 - 4,029,984 11,643,224 8,751,000 $ 11,643,224 8,751,000
NET CASH FLOW 1,155,968 (194,856) - (1,319,461) $ (358,349) - $ (358,349) 0
(RECEIPTS LESS
DISBURSEMENTS) $ - 0
CASH-END OF MONTH 1,262,899 42,591 (1,656,713) $ (351,223) 0 $ (351,223) 0
- -----------------------------------------------------------------------------------------------------------------------------------
<FN>
* COMPENSATION TO SOLE PROPRIETORS FOR SERVICES RENDERED TO BANKRUPTCY ESTATE
</FN>
THE FOLLOWING SECTION MUST BE COMPLETED
- -----------------------------------------------------------------------------------------------------------------------------------
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN)
TOTAL DISBURSEMENTS 11,643,224
LESS TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS $ 3,289,432
PLUS ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (ie, from escrow accounts)
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES 8,353,792
- -----------------------------------------------------------------------------------------------------------------------------------
Form MOR-1
OTHER DETAIL
LOAN FEES 100,000.00 100000
CANCELED CHECKS (313,279.00)
CAPITAL EXPENDITURES 50000
J/E to reconcile accounts 99,460.00
Variance between G/L &
manual records 160,010.00
Other Non-Oper expense 500000
Rounding 2.00 (1.00)
TOTAL 100,002.00 99,459.00 0.00 (153,269.00) 650,000.00
Note: For the Operating and the Other/Disbursements Account, the source for
the expense categorization is a manual log kept by the Treasurer. All
receipts data is from G/L entries as are Transfers to DIP Accounts and
Payroll and Taxes.
test
cash flow line 1,155,968.00 (194,856.00) 0.00 (1,319,461) (358,349.00) (1,514,317.00)
receipts - disb 1,155,968.00 (194,856.00) 0.00 (1,319,461) (358,349.00) (1,514,317,00)
var 0.00 0.00 0.00 0.00 0.00 0.00
Form MOR-1
In re: NutraMax Products, Inc. Case No. 00-1838
- -------------------------------------------
Debtor Reporting Period 05/02/00-06/03/00
STATEMENT OF OPERATIONS
(INCOME STATEMENT)
The Statement of Operations is to be prepared on an accrual basis. The
accrual basis of accounting recognizes revenue when it is realized and
expenses when they are incurred, regardless of when cash is actually
received or paid.
- -------------------------------------------------------------------------------------------------------------------
Cumulative Filing
REVENUES Month to Date
- -------------------------------------------------------------------------------------------------------------------
Gross Revenues 9,656,601.00 $ 9,656,601.00
Less: Returns and Allowances $ 380,653.00 $ 380,653.00
Net Revenue $ 9,275,948.00 $ 9,275,948.00
COST OF GOODS SOLD
Beginning Inventory $ 15,400,713.00 $ 15,400,713.00
Add: Purchases $ 4,704,701.00 $ 4,704,701.00
Add: Cost of Labor $ 992,589.00 $ 992,589.00
Add: Other Costs (attach schedule) $ 1,899,155.00 $ 1,899,155.00
Less: Ending Inventory $ 15,730,531.00 $ 15,730,531.00
Cost of Goods Sold $ 7,266,627.00 $ 7,266,627.00
Gross Profit $ 2,009,321.00 $ 2,009,321.00
CORPORATE GENERAL & ADMINISTRATIVE EXPENSES
Advertising/Trade Shows $ 157,882.00 $ 157,882.00
Auto and Truck Expense $ 1,434.00 $ 1,434.00
Bad Debts $ 84,000.00 $ 84,000.00
Contributions $ 204.00 S 204.00
Employee Benefits Programs $ 36,190.00 $ 36,190.00
Insider Compensation* $ 165,081.00 S 165,081.00
Insurance $ 10,209.00 $ 10,209.00
Management Fees/Bonuses $ 47,290.00 $ 47,290.00
Office Expense $ 5,894.00 $ 5,894.00
Pension & Profit Sharing Plans $ - $ -
Repairs and Maintenance $ 10,493.00 $ 10,493.00
Rent and Lease Expense $ 45,322.00 $ 45,322.00
Salaries/Commissions/Fees $ 297,465.00 $ 297,465.00
Supplies $ 1,578.00 $ 1,578.00
Taxes - Payroll $ 12,847.00 $ 12,847.00
Taxes - Real Estate $ - $ -
Taxes - Other $ 4,778.00 $ 4,778.00
Travel and Entertainment $ 18,468.00 $ 18,468.00
Utilities $ 4,005.00 S 4,005.00
Other (attach schedule) $ 692,067.00 $ 692,067.00
Total Operating Expenses Before Depreciation $ 1,595,207.00 $ 1,595,207.00
Depreciation/Depletion/Amortization $ 12,705.00 $ 12,705.00
Net Profit (Loss) Before Other Income & Expenses $ 401,409.00 $ 401,409.00
OTHER INCOME AND EXPENSES
Other Income (attach schedule) $ 5,092.00 $ 5,092.00
Interest Expense $ 753,413.00 $ 753,413.00
Other Expense (attach schedule)
Net Profit (Loss) Before Reorganization Items $ (346,912.00)$ (346,912.00)
REORGANIZATION ITEMS
Professional Fees $ 136,620.00 $ 136,620.00
U.S. Trustee Quarterly Fees $ -
Interest Earned on Accumulated Cash from Chapter 11 (see continuation sheet) $ -
Gain (Loss) from Sale of Equipment $ -
Other Reorganization Expenses (attach schedu1e) $ -
Total Reorganization Expenses $ 136,620.00 $ 136,620.00
Income Taxes $ 150.00 $ 150.00
Net Profit (Loss) $ (483,682.00)$ (483,682.00)
<FN>
* "Insider" is defined in 11 U.S.C. Section 101(31)
</FN>
Form MOR-2
STATEMENT OF OPERATIONS - continuation sheet
- -------------------------------------------------------------------------------------------------------------------
Cumulative Filing
BREAKDOWN OF "OTHER" CATEGORY Month to Date
- -------------------------------------------------------------------------------------------------------------------
Other Costs
QA/QC & Manufacturing Overhead $ 1,899,155 $ 1,899,155
Other Operational Expenses
Material Handling Equipment $ 923 $ 923
Outside Labor $ 51,692 $ 51,692
Dues & Subscriptions $ 1,299 $ 1,299
Licenses & Fees $ 849 $ 849
Miscellaneous $ 87,199 $ 87,199
Prof. Services $ 1,314 $ 1,314
Freight/Out $ 482,439 $ 482,439
Royalties $ 27,000 $ 27,000
Recruiting Fees $ 23,295 $ 23,295
Bank Service Fees $ 3,845 $ 3,845
Other Professional Fees $ 12,212 $ 12,212
Other Income
Interest Income $ 5,092 $ 5,092
Other Expenses
Other Reorganization Expenses
- -----------------------------------------------------------------------------------------------------------------------
Reorganization Items - Interest Earned on Accumulated Cash from Chapter 11:
Interest earned on cash accumulated during the chapter 11 case, which would
not have been earned but for the bankruptcy proceeding, should be reported
as a reorganization item.
Form MOR-2 (CONT)
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: NutraMax Products, Inc. Case No. 00-1838
Debtor Reporting Period: 05/02/00 - 06/03/2000
MOR-3, Balance Sheet, will be submitted shortly.
In re: NutraMax Products, Inc. Case No. 00-1838
-------------------------------
Debtor Reporting Period: 05/02/00 - 06/03/00
STATUS OF POSTPETITION TAXES
The beginning tax liability should be the ending liability from the prior
month or, if this is the first report, the amount should be zero. Attach
photocopies of IRS Form 6123 or payment receipt to verify payment or
deposit of federal payroll taxes. Attach photocopies of any tax returns
filed during the reporting period.
- ---------------------------------------------------------------------------------------------------------------------------------
AMOUNT ENDING
BEGINNING WITHHELD AMOUNT CHECK NO. TAX
TAX LIABILITY OR ACCRUED PAID DATE PAID OR EFT LIABILITY
- ----------------------------------------------------------------------------------------------------------------------------------
FEDERAL
Withholding $ - $ 217,115 $ 217,115 see attached $ -
FICA-Employee $ - $ 90,154 $ 90,154 see attached $ -
FICA-Employer $ - $ 90,265 $ 90,265 see attached $ -
Unemployment $ - $ 3,795 $ 3,795 see attached $ -
Income $ - $ - - $ -
Other Disability tax $ - $ 255 $ 255 see attached $ -
Total Federal Taxes $ - $ 401,584 $ 401,584 $ - $ - $ -
STATE AND LOCAL
Withholding $ - $ 47,443 $ 47,443 see attached $ -
Sales $ - $ - $ - $ -
Excise $ - - - -
Unemployment $ - $ 13,919 $ 13,919 see attached $ -
Real Property $ - $ 45,000 $ - $ 45,000
Personal Property $ - $ - $ - $ -
Other franchise tax $ - $ 4,750 $ - $ 4,750
Total State and Local $ - $ 111,112 $ 61,362 $ - $ - $ 4,750
TOTAL TAXES $ - $ 512,696 $ 462,946 $ - $ - $ 54,500
- ---------------------------------------------------------------------------------------------------------------------------------
SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable.
- ---------------------------------------------------------------------------------------------------------------------------------
Number of Days Past Due
-----------------------------------------------------------------
Current 0-30 31-60 61-90 Over 90 Total
- --------------------------------------------------------------------------------------------------------------------------------
Accounts Payable $ 4,541,382
Wages Payable $ 823,832
Taxes Payable $ 49,750
Rent/Leases-Building $ -
Rent/Leases-Equipment $ -
Secured Debt/Adequate Protection Payments $ 977,374
Professional Fees $ (4,833)
Amounts Due to Insiders* $ -
Other See MOR-3 CONT for detail $ 489,704
Other:
-------------- $ -
TOTAL POSTPETITION DEBTS $ 6,877,209 $ - $ - $ - $ - $ - $ -
- --------------------------------------------------------------------------------------------------------------------------------
Explain how and when the Debtor intends to pay any past-due postpetition debts.
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
<FN>
*"Insider" is defined in 11 U.S.C. Section 101(31)
</FN>
Form MOR-4
In re: NutraMax Products, Inc. Case No. 00-1838
-------------------------------
Debtor Reporting Period: 5/02/00-06/03/00
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
- -------------------------------------------------------------------------------
Accounts Receivable Reconciliation Amount
- -------------------------------------------------------------------------------
Total Accounts Receivable at the
beginning of the reporting period $11,005,547
+ Amounts billed during the period $ 8,731,424
- - Amounts collected during the period $ 7,733,443
Total Accounts Receivable at the end of
the reporting period $12,003,528
Accounts Receivable Aging
0 - 30 days old $12,220,925
31-60 days old $ 1,140,039
61-90 days old $ 201,249
91+ days old $ 443,211
Total Accounts Receivable $14,005,416
Amount considered uncollectible (Bad Debt) $ 2,001,888
Accounts Receivable (Net) $12,003,528
- -------------------------------------------------------------------------------
DEBTOR QUESTIONNAIRE
- -------------------------------------------------------------------------------
Yes No
- -------------------------------------------------------------------------------
1. Have any assets been sold or transferred outside the
normal course of business this reporting period? If
yes, provide an explanation below. X
2. Have any funds been disbursed from any account other
than a debtor in possession account this reporting
period? If yes, provide an explanation below. X
3. Have all postpetition tax returns been timely filed? If
no, provide an explanation below. X
4. Are workers' compensation, general liability, and other
necessary insurance coverages in effect? If no, provide
an explanation below. X
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
Form MOR-5