Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - TVIA INC | a54677e8vk.htm |
| EX-2.1 - EX-2.1 - TVIA INC | a54677exv2w1.htm |
| EX-2.2 - EX-2.2 - TVIA INC | a54677exv2w2.htm |
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF CALIFORNIA
NORTHERN DISTRICT OF CALIFORNIA
Exhibit 99.1
In rc: Tvia. Inc.
|
Case No. 08-55860 | |
| CHAPTER 11 MONTHLY OPERATING REPORT (GENERAL BUSINESS CASE) |
SUMMARY OF FINANCIAL STATUS
MONTH ENDED: Oct-09
PETITION DATE: 10/15/08
I.
|
Chapter 11 Trustee hereby submits this Monthly Operating Report on the Accrual Basis of
accounting (or if checked here the Office of the U.S. Trustee or the Court has approved the
Cash Basis of Accounting for the Debtor). Dollars reported in $1 |
| End of Current | End of Prior | As of Petition | ||||||||||||
| 2. | Asset and Liability Structure | Month | Month | Filing | ||||||||||
| a. Current Assets | $ | 4,155,870 | $ | 4,462,858 | ||||||||||
| b. Total Assets | $ | 4,162,998 | $ | 4,481,151 | $ | 5,324,767 | ||||||||
| c. Current Liabilities | $ | 825,408 | $ | 870,508 | ||||||||||
| d. Total Liabilities | $ | 867,869 | $ | 912,968 | $ | 984,831 | ||||||||
| Cumulative | ||||||||||||||
| 3. | Statement of Cash Receipts & Disbursements for Month | Current Month | Prior Month | (Case to Date) | ||||||||||
| a. Total Receipts | $ | 104,064 | $ | 107,516 | $ | 3,087,070 | ||||||||
| b. Total Disbursements | $ | 346,263 | $ | 614,278 | $ | 2,771,364 | ||||||||
| e. Excess (Deficiency) of Receipts Over Disbursements (a - b) | $ | (242,199 | ) | $ | (506,762 | ) | $ | 315,706 | ||||||
| d. Cash Balance Beginning of Month | $ | 3,705,438 | $ | 4,212,199 | $ | 3,147,533 | ||||||||
| c. Cash Balance End of Month (c + d) | $ | 3,463,239 | $ | 3,705,438 | $ | 3,463,239 | ||||||||
| Cumulative | ||||||||||||||
| Current Month | Prior Month | (Case to Date) | ||||||||||||
4. |
Profit/(loss) from the Statement of Operations | $ | (411.659 | ) | $ | 141,987 | $ | (2,046,055 | ) | |||||
5. |
Account Receivables (Pre and Post Petition) | $ | 121 | $ | 0 | |||||||||
6. |
Post-Petition Liabilities | $ | 825,408 | $ | 870,508 | |||||||||
7. |
Past Due Post-Petition Account Payables (over 30 days) | $ | 0 | $ | 9,420 | |||||||||
| At the end of this reporting month: | Yes | No | ||||
8.
|
Have any payments been made on pre-Petition debt, other than payments in the normal course to secured creditors or lessors? (if yes, attach listing including dale of payment, amount of payment and name of payee) | o | þ | |||
9.
|
Have any payments been made to professionals? (if yes, attach listing including date of payment, amount of payment and name of payee) | þ | o | |||
10.
|
If the answer is yes to 8 or 9, were all such payments approved by the court? | þ | o | |||
11.
|
Have any payments been made to officers, insiders, shareholders, relatives? {if yes. attach listing including date of payment, amount and reason for payment, and name of payee) | þ | o | |||
12.
|
Is the estate insured for replacement cost of assets and for general liability? | þ | o | |||
13.
|
Are a plan and disclosure statement on file? | þ | o | |||
14.
|
Was there any post-petition borrowing during this reporting period? | o | þ | |||
| 15. | Check if paid: Post-petition taxes þ ;
U.S. Trustee Quarterly Fees þ ;
Check if filing is current for: Post-petition tax reporting and tax returns: þ (Attach explanation, if post-petition taxes or Quarterly Fees are not paid current or if post-petition tax reporting and tax return filings are not current.) |
I declare under penalty of perjury I have reviewed the above summary and attached financial
statements, and after making reasonable inquiry believe these documents are correct.
 |
||
Date:
11/18/09
|
Responsible Individual |
Tvia, Inc.
Payment to Professionals
10/1 to 10/31/09
Item 9 of Summary of Financial Status
Payment to Professionals
10/1 to 10/31/09
Item 9 of Summary of Financial Status
| Name | Title | Paid amount | Paid date | Paid for | ||||||
Jefferson Stamp |
Attorney | $ | 420.00 | 10/7/2009 | Professional services for Sept 09 | |||||
Yuchen Zhu |
Chapter 11 Trustee | $ | 12,211.47 | 10/8/2009 | Expenses reimbursed from 4/9 to 9/30/09 | |||||
Yuchen Zhu |
Chapter 11 Trustee | $ | 60,144.00 | 10/8/2009 | Professional services from April to Sept. 09 | |||||
Law Offices of Stuppi & Stuppi |
Law firm | $ | 124,656.36 | 10/20/2009 | Attorney for Chapter 11 Trustee from 4/12 to 7/31/09 | |||||
Tvia, Inc.
Payment to officers, insiders, shareholder, and relatives
10/1 to 10/31/09
item 11 of Summary of Financial Status
Payment to officers, insiders, shareholder, and relatives
10/1 to 10/31/09
item 11 of Summary of Financial Status
| Name | Title | Paid amount | Paid date | Paid for | ||||||
Yuanshan Zou |
shareholder | 207.98 | 10/7/2009 | Expenses reimbursement for the month | ||||||
Yuanshan Zou |
shareholder | 13,200.00 | 10/30/2009 | Services provided for Oct 09 | ||||||
STATEMENT OF OPERATIONS
(General Business Case)
(General Business Case)
For the Month Ended 10/31/09
| Current Month | |||||||||||||||||||||
| Cumulative | Next Month | ||||||||||||||||||||
| Actual | Forecast | Varianee | (Case to Date) | Forecast | |||||||||||||||||
| Revenues: | |||||||||||||||||||||
| $ | 89,808 | $ | 93,840 | $ | (4,032 | ) | Gross Sales |
$ | 2,777,058 | $ | 152,952 | ||||||||||
| $ | 0 | $ | 0 | $ | 0 | less: Sales Returns & Allowances |
$ | 0 | $ | 0 | |||||||||||
| $ | 89,808 | $ | 93,840 | $ | (4,032 | ) | Net Sales |
$ | 2,777,058 | $ | 152,952 | ||||||||||
| $ | 70,976 | $ | 70,723 | $ | (253 | ) | less: Cost of Goods Sold (Schedule ‘B’) |
$ | 1,047,488 | $ | 125,433 | ||||||||||
| $ | 18,832 | $ | 23,117 | $ | (4,285 | ) | Gross Profit |
$ | 1,729,570 | $ | 27,519 | ||||||||||
| $ | 337 | $ | 406 | $ | (69 | ) | Interest |
$ | 18,128 | $ | 337 | ||||||||||
| $ | 0 | Other Income: |
$ | 42 | |||||||||||||||||
| $ | 0 | $ | 0 | Other Income — Litigation Settlement |
$ | 142,000 | |||||||||||||||
| $ | 0 | $ | 0 | ||||||||||||||||||
| $ | 19,169 | $ | 23,523 | $ | (4,354 | ) | Total
Revenues |
$ | 1,889,740 | $ | 27,856 | ||||||||||
Expenses: |
|||||||||||||||||||||
| $ | 0 | $ | 0 | $ | 0 | Compensation
to Owner(s)/Officer(s) |
$ | 129,496 | $ | 0 | |||||||||||
| $ | 5,635 | $ | 5,692 | $ | (58 | ) | Salaries |
$ | 367,362 | $ | 5,000 | ||||||||||
| $ | 6,287 | $ | 6,569 | $ | (282 | ) | Commissions |
$ | 83,347 | $ | 10,707 | ||||||||||
| $ | 0 | Contract Labor |
$ | 2,975 | |||||||||||||||||
| $ | 0 | Personal Property |
$ | 0 | |||||||||||||||||
| $ | 3,179 | $ | 3,179 | $ | 0 | Real Property |
$ | 79,638 | $ | 3,269 | |||||||||||
| $ | 3,221 | $ | 3,221 | $ | 0 | Insurance |
$ | 179,493 | $ | 3,221 | |||||||||||
| $ | 0 | $ | 0 | Management Fees |
$ | 0 | |||||||||||||||
| $ | 1,274 | $ | 1,274 | $ | 0 | Depreciation |
$ | 40,034 | $ | 441 | |||||||||||
| $ | 431 | $ | 433 | $ | (2 | ) | Employer Payroll |
$ | 33,856 | $ | 221 | ||||||||||
| $ | 306 | $ | 306 | $ | 0 | Real Property Taxes |
$ | 3,582 | $ | 306 | |||||||||||
| $ | 0 | Other Taxes |
$ | 58 | |||||||||||||||||
| $ | 0 | Other Selling |
$ | 10,630 | |||||||||||||||||
| $ | 3,050 | $ | 5,000 | $ | (1,950 | ) | Other Administrative |
$ | 238,904 | $ | 2,800 | ||||||||||
| $ | 0 | Interest Expense |
$ | (7,060 | ) | ||||||||||||||||
| $ | 0 | $ | 0 | Other Expenses: |
$ | 0 | |||||||||||||||
| $ | 233,275 | $ | 233,275 | $ | 0 | Intercompany cost plus |
$ | 760,871 | $ | 0 | |||||||||||
| $ | 0 | $ | 0 | $ | 0 | Settlement on employment agreements |
$ | 29,000 | $ | 0 | |||||||||||
| $ | 0 | $ | 0 | ||||||||||||||||||
| $ | 0 | $ | 0 | ||||||||||||||||||
| $ | 0 | ||||||||||||||||||||
| $ | 0 | ||||||||||||||||||||
| $ | 0 | ||||||||||||||||||||
| $ | 0 | ||||||||||||||||||||
| $ | 256,657 | $ | 258,948 | $ | (2,291 | ) | Total Expenses |
$ | 1,952,185 | $ | 25,965 | ||||||||||
| $ | (237,488 | ) | $ | (235,425 | ) | $ | (472,913 | ) | Subtotal |
$ | (62,445 | ) | $ | 1,891 | |||||||
| $ | (174,182 | ) | $ | (107,900 | ) | $ | 66,282 | Professional Fees |
$ | (1,965,570 | ) | $ | (125,400 | ) | |||||||
| $ | 0 | Provisions
for Rejected Executory Contract |
$ | 0 | |||||||||||||||||
| $ | 11 | $ | 11 | $ | 0 | Interest Earned on Accumulated Cash from |
$ | 2,262 | $ | 11 | |||||||||||
Resulting Chp 11 Case |
$ | 0 | |||||||||||||||||||
| $ | 0 | Gain or (Loss) from Sale of Equipment |
$ | 0 | |||||||||||||||||
| $ | 0 | $ | 0 | U.S. Trustee Quarterly Fees |
$ | (19,500 | ) | ||||||||||||||
| $ | 0 | $ | 0 | ||||||||||||||||||
| $ | (174,171 | ) | $ | (107,889 | ) | $ | (66,282 | ) | Total Reorganization Items |
$ | (1,982,808 | ) | $ | (125,389 | ) | ||||||
| $ | (411,659 | ) | $ | (343,314 | ) | $ | (68,345 | ) | Net Profit (Loss) Before Federal
& State |
$ | (2,045,254 | ) | $ | (123,498 | ) | ||||||
| $ | 0 | Federal
& State Income Taxes |
$ | 800 | |||||||||||||||||
| $ | (411,659 | ) | $ | (343,314 | ) | $ | (68,345 | ) | Net
Profit (Loss) |
$ | (2,046,054 | ) | $ | (123,498 | ) | ||||||
| Attach an Explanation of Variance to Statement of Operations (For variances greater than +/- 10% only): |
Tvia, Inc.
Statement of Operations
(General Business Case)
Statement of Operations
(General Business Case)
For
the month ended: 10/31/09
Explanation of Variance to Statement of Operations
(For variance greater than +/- 10% only)
(For variance greater than +/- 10% only)
6 |
Interest | The total disbursements of $312K to professionals and China subsidiary decreased interest income. | ||
24 |
Other Administrative | Administrative expenses were less than expected. | ||
37 |
Professional fees | Legal expenses from Sheppard Mullin were $70K more than forecasted |
BALANCE SHEET
(General Business Case)
For the Month Ended 10/31/09
(General Business Case)
For the Month Ended 10/31/09
| From Schedules | Market Value | |||||||
Assets |
||||||||
Current Assets |
||||||||
Cash and cash equivalents — unrestricted |
1,961,067 | |||||||
Cash and cash equivalents — restricted |
$ | 1,502,172 | ||||||
Accounts receivable (net) |
A | $ | 121 | |||||
Inventory |
B | $ | 499,714 | |||||
Prepaid expenses |
32,796 | |||||||
Professional retainers |
160,000 | |||||||
Other: Other Receivable |
— | |||||||
Other: Intercompany Receivable |
$ | 0 | ||||||
Total
Current Assets |
$ | 4,155,870 | ||||||
Property and Equipment (Market Value) |
||||||||
Real property |
C | $ | 0 | |||||
Machinery and equipment |
D | Unknown | ||||||
Furniture and fixtures |
D | Unknown | ||||||
Office equipment |
D | $ | 0 | |||||
Leasehold improvements |
D | $ | 0 | |||||
Vehicles |
D | $ | 0 | |||||
Other: Software |
D | Unknown | ||||||
| D | ||||||||
| D | ||||||||
| D | ||||||||
| D | ||||||||
Total Property and Equipment |
$ | 0 | ||||||
Other Assets |
||||||||
Loans to shareholders |
||||||||
Loans to affiliates |
||||||||
Investments in Subsidiary |
Unknown | |||||||
Deposits |
7,128 | |||||||
Total Other Assets |
$ | 7128 | ||||||
Total Assets |
$ | 4,162,998 | ||||||
| NOTE: | Indicate the method used to estimate the market value of assets (e.g., appraisals; familiarity with comparable market prices, etc.) and the date the value was determined. |
Liabilities and Equity
(General Business Case)
(General Business Case)
Liabilities From Schedules |
||||||||
Post-Petition |
||||||||
Current
Liabilities |
||||||||
Salaries and wages |
13,636 | |||||||
Payroll taxes |
$ | 0 | ||||||
Real and personal property taxes |
||||||||
Income taxes |
||||||||
Sales taxes |
$ | 0 | ||||||
Notes payable (short term) |
||||||||
Accounts payable (trade) |
A | $ | 4,236 | |||||
Real property lease arrearage |
||||||||
Personal property lease arrearage |
||||||||
Accrued professional fees |
643,663 | |||||||
Current portion of long-term post-petition debt (due within
12 months) |
||||||||
Other: Accrued Expenses |
44,069 | |||||||
Other: Intercompany Payable |
119,804 | |||||||
Total Current Liabilities |
$ | 825,408 | ||||||
Long-Term Post-Petition Debt, Net of Current Portion |
||||||||
Total Post-Petition Liabilities |
$ | 825,408 | ||||||
Pre-Petition Liabilities (allowed amount) |
||||||||
Secured claims |
F | $ | 0 | |||||
Priority unsecured claims |
F | $ | 37,240 | |||||
General unsecured claims |
F | $ | 5,221 | |||||
Total Pre-Petition Liabilities |
$ | 42,461 | ||||||
Total Liabilities |
$ | 867,869 | ||||||
Equity (Deficit) |
||||||||
Retained Earnings/(Deficit) at time of filing |
||||||||
Capital Stock |
||||||||
Additional paid-in capital |
||||||||
Cumulative profit/(loss) since filing of case |
$ | (2,046,055 | ) | |||||
Post-petition contributions/(distributions) or (draws) |
||||||||
Market value adjustment |
||||||||
Total Equity (Deficit) |
$ | (2,046,055 | ) | |||||
Total Liabilities and Equity (Deficit) |
$ | (1,178,186 | ) | |||||
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
Increase/(Decrease) in Cash and Cash Equivalents
For the Month Ended Oct-09
| Actual | Cumulative | |||||||||
| Current Month | (Case to Date) | |||||||||
Cash
Receipts |
||||||||||
Rent/Leases Collected |
— | |||||||||
Cash Received from Sales |
90,001 | 2,787,975 | ||||||||
Interest Received |
348 | 31,025 | ||||||||
Borrowings |
— | |||||||||
Funds from Shareholders, Partners, or Other Insiders |
— | |||||||||
Capital Contributions |
— | |||||||||
COBRA Payment |
12,152 | |||||||||
Refund from PG&E |
729 | |||||||||
Refund from Tax Collector |
11,568 | |||||||||
Refund from Resources Global |
26,074 | |||||||||
Refund |
13,714 | 64,000 | ||||||||
Others — COBRA tax credit |
3,546 | |||||||||
Others — Settlement Synned |
150,000 | |||||||||
Total Cash Receipts |
104,064 | 3,087,070 | ||||||||
Cash Disbursements |
||||||||||
Payments for Inventory |
143,561 | |||||||||
Selling |
10,000 | |||||||||
Administrative |
13,861 | 287,750 | ||||||||
Capital Expenditures |
— | |||||||||
Principal Payments on Debt |
— | |||||||||
Interest Paid |
— | |||||||||
Rent/Lease: |
— | |||||||||
Personal Properly |
— | |||||||||
Real Property |
3,179 | 55,410 | ||||||||
Amount Paid to Owner(s)/Officer(s) |
— | |||||||||
Salaries |
2,186 | 87,379 | ||||||||
Draws |
— | |||||||||
Commissions/Royalties |
— | |||||||||
Expense Reimbursements |
4.852 | |||||||||
Other |
— | |||||||||
Salaries/Commissions (less employee withholding) |
238,785 | |||||||||
Management Fees |
— | |||||||||
Taxes: |
— | |||||||||
Employee Withholding |
1,401 | 178,953 | ||||||||
Employer Payroll Taxes |
383 | 36,200 | ||||||||
Real Property Taxes |
— | 3,676 | ||||||||
Other Taxes — Sales/Use tax |
57 | |||||||||
Other Cash Outflows: |
— | |||||||||
401K contribution, loans |
— | 37,301 | ||||||||
Dependend medical insurance |
— | 1,502 | ||||||||
Court approved retainer to law firms |
285,000 | |||||||||
Directors fee |
40,000 | |||||||||
China subsidiary |
114,834 | 549,960 | ||||||||
Payments to shareholders |
13,408 | 97,903 | ||||||||
Payments for settlements |
31,562 | |||||||||
Payments to Professionals |
197,012 | 681,514 | ||||||||
Total Cash Disbursements: |
346,263 | 2,771,364 | ||||||||
Net Increase (Decrease) In Cash |
(242,119 | ) | 315,706 | |||||||
Cash Balance, Beginning of Period |
3,705,438 | 3,147,533 | ||||||||
Cash Balance, End of Period |
3,463,239 | 3,463,239 | ||||||||