Attached files
file | filename |
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8-K - CURRENT REPORT - ECO2 PLASTICS INC | form8-k.htm |
EX-99.1 - MONTHLY OPERATING REPORT DATED APRIL 30, 2010 - ECO2 PLASTICS INC | exhibit99-1.htm |
UNITED STATES BANKRUPTCY COURT
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NORTHERN DISTRICT OF CALIFORNIA
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In re: [CASE NAME]
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ECO2 Plastics Inc.
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Case No.
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09-33702 DM
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||||||||||||||||||||
A Delaware Corporation
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CHAPTER 11
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MONTHLY OPERATING REPORT
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(GENERAL BUSINESS CASE)
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|||||||||||||||||||||||
SUMMARY OF FINANCIAL STATUS
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MONTH ENDED:
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May-10
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PETITION DATE:
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11/24/09
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1. |
Debtor in possession (or trustee) hereby submits this Monthly Operating Report on the Accrual Basis of accounting (or if checked here
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the Office of the U.S. Trustee or the Court has approved the Cash Basis of Accounting for the Debtor).
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Dollars reported in
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$ | 1 | |||||||||||||||||||||
2. |
Asset and Liability Structure
|
End of Current Month
|
End of Prior Month
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As of Petition Filing
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a. Current Assets
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$ | 345,613 | $ | 422,278 | |||||||||||||||||||
b. Total Assets
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$ | 1,555,813 | $ | 1,632,478 | $ | 1,719,576 | |||||||||||||||||
c. Current Liabilities
|
$ | 787,233 | $ | 736,381 | |||||||||||||||||||
d. Total Liabilities
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$ | 16,077,003 | $ | 16,026,151 | $ | 15,327,270 |
As Amended
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3. |
Statement of Cash Receipts & Disbursements for Month
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Current Month
|
Prior Month
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Cumulative
(Case to Date)
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|||||||||||||||||||
a. Total Receipts
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$ | 36 | $ | 44 | $ | 905,949 | |||||||||||||||||
b. Total Disbursements
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$ | 76,701 | $ | 103,752 | $ | 830,979 | |||||||||||||||||
c. Excess (Deficiency) of Receipts Over Disbursements (a - b)
|
$ | (76,665 | ) | $ | (103,708 | ) | $ | 74,970 | |||||||||||||||
d. Cash Balance Beginning of Month
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$ | 157,314 | $ | 261,022 | $ | 5,678 | |||||||||||||||||
e. Cash Balance End of Month (c + d)
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$ | 80,649 | $ | 157,314 | $ | 80,649 | |||||||||||||||||
Current Month
|
Prior Month
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Cumulative
(Case to Date)
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|||||||||||||||||||||
4. |
Profit/(Loss) from the Statement of Operations
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$ | (127,518 | ) | $ | (167,441 | ) | $ | (904,635 | ) | |||||||||||||
5. |
Account Receivables (Pre and Post Petition)
|
$ | 21,800 | $ | 21,800 | ||||||||||||||||||
6. |
Post-Petition Liabilities
|
$ | 787,233 | $ | 736,381 | ||||||||||||||||||
7. |
Past Due Post-Petition Account Payables (over 30 days)
|
$ | 0 | $ | 0 | ||||||||||||||||||
At the end of this reporting month:
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Yes
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No
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|||||||||||||||||||||
8. |
Have any payments been made on pre-petition debt, other than payments in the normal
|
x | |||||||||||||||||||||
course to secured creditors or lessors? (if yes, attach listing including date of
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payment, amount of payment and name of payee)
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9. |
Have any payments been made to professionals? (if yes, attach listing including date of
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x | |||||||||||||||||||||
payment, amount of payment and name of payee)
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10. |
If the answer is yes to 8 or 9, were all such payments approved by the court?
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11. |
Have any payments been made to officers, insiders, shareholders, relatives? (if yes,
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x | |||||||||||||||||||||
attach listing including date of payment, amount and reason for payment, and name of payee)
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12. |
Is the estate insured for replacement cost of assets and for general liability? (market value)
|
x | |||||||||||||||||||||
13. |
Are a plan and disclosure statement on file?
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x | |||||||||||||||||||||
14. |
Was there any post-petition borrowing during this reporting period?
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x | |||||||||||||||||||||
15. |
Check if paid: Post-petition taxes
|
X
|
; U.S. Trustee Quarterly Fees
|
X
|
; Check if filing is current for: Post-petition
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tax reporting and tax returns:
|
.
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(Attach explanation, if post-petition taxes or U.S. Trustee Quarterly Fees are not paid current or if post-petition tax
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reporting and tax return filings are not current.)
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I declare under penalty of perjury I have reviewed the above summary and attached financial statements, and after making reasonable inquiry
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believe these documents are correct.
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Date:
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Responsible Individual
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STATEMENT OF OPERATIONS
(General Business Case)
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||||||||||||||||||||||||
For the Month Ended
|
05/31/10
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|||||||||||||||||||||||
Current Month
|
||||||||||||||||||||||||
Actual
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Forecast
|
Variance
|
Cumulative
(Case to Date)
|
Next Month
Forecast
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||||||||||||||||||||
Revenues:
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$ | 0 | 1 |
Gross Sales
|
$ | 0 | |||||||||||||||||||
$ | 0 | $ | 0 | 2 |
less: Sales Returns & Allowances
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$ | 0 | |||||||||||||||||
$ | 0 | $ | 0 | $ | 0 | 3 |
Net Sales
|
$ | 0 | $ | 0 | |||||||||||||
$ | 0 | $ | 0 | 4 |
less: Cost of Goods Sold (Schedule 'B')
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$ | 0 | |||||||||||||||||
$ | 0 | $ | 0 | $ | 0 | 5 |
Gross Profit
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$ | 0 | $ | 0 | |||||||||||||
$ | 0 | 6 |
Interest
|
$ | 0 | |||||||||||||||||||
$ | 0 | 7 |
Other Income:
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|||||||||||||||||||||
$ | 0 | 8 | ||||||||||||||||||||||
$ | 0 | 9 | ||||||||||||||||||||||
$ | 0 | $ | 0 | $ | 0 | 10 |
Total Revenues
|
$ | 0 | $ | 0 | |||||||||||||
Expenses:
|
||||||||||||||||||||||||
$ | 26,654 | $ | 26,654 | $ | 0 | 11 |
Compensation to Owner(s)/Officer(s)
|
$ | 176,423 | $ | 27,923 | |||||||||||||
$ | 22,090 | $ | 22,090 | $ | 0 | 12 |
Salaries
|
$ | 197,809 | $ | 23,142 | |||||||||||||
$ | 789 | $ | 800 | $ | 11 | 13 |
Payroll Processing Fee
|
$ | 4,847 | $ | 800 | |||||||||||||
$ | 0 | 14 | ||||||||||||||||||||||
$ | 0 | 15 |
Rent/Lease:
Personal Property
|
$ | 7,807 | |||||||||||||||||||
$ | 8,000 | $ | 8,000 | $ | 0 | 16 |
Real Property
|
$ | 84,784 | $ | 8,000 | |||||||||||||
$ | 11,548 | $ | 13,000 | $ | 1,452 | 17 |
Insurance
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$ | 80,350 | $ | 11,600 | |||||||||||||
$ | 0 | 18 |
Management Fees
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|||||||||||||||||||||
$ | 0 | 19 |
Depreciation
|
|||||||||||||||||||||
$ | 3,674 | $ | 2,730 | $ | (944 | ) | 20 |
Taxes:
Employer Payroll Taxes
|
$ | 25,210 | $ | 2,553 | ||||||||||||
$ | 0 | 21 |
Real Property Taxes
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|||||||||||||||||||||
$ | 0 | 22 |
Other Taxes
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$ | 0 | 23 |
Moving Expense
|
$ | 8,610 | |||||||||||||||||||
$ | 0 | 24 |
Other Administrative (Cafeteria)
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$ | 1,337 | |||||||||||||||||||
$ | 4,760 | $ | 4,760 | $ | 0 | 25 |
Interest
|
$ | 23,800 | $ | 4,760 | |||||||||||||
$ | 1,512 | $ | 2,000 | $ | 488 | 26 |
Other Expenses:
|
General
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$ | 11,783 | $ | 2,000 | ||||||||||||
$ | 1,156 | $ | 1,500 | $ | 344 | 27 |
Utilities
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$ | 8,653 | $ | 1,500 | |||||||||||||
$ | 752 | $ | 765 | $ | 13 | 28 |
Telephone
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$ | 4,538 | $ | 765 | |||||||||||||
$ | 0 | 29 |
Cool Clean Settlement
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$ | 2,500 | $ | 2,500 | $ | 0 | 30 |
Employee Expenses
|
$ | 16,000 | $ | 2,500 | |||||||||||||
$ | 0 | 31 |
Fees for Initial SEC 8k Filing
|
$ | 1,793 | |||||||||||||||||||
$ | 0 | 32 |
Patent Expenses
|
$ | 20,690 | |||||||||||||||||||
$ | 127 | $ | 1,000 | $ | 873 | 33 |
Transfer Agent Stock Listing charges
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$ | 1,812 | $ | 1,000 | |||||||||||||
$ | 0 | 34 |
Prepetition Employee Expenses
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$ | 83,563 | $ | 85,799 | $ | 2,236 | 35 |
Total Expenses
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$ | 676,246 | $ | 86,544 | |||||||||||||
$ | (83,563 | ) | $ | (85,799 | ) | $ | 2,236 | 36 |
Subtotal
|
$ | (676,246 | ) | $ | (86,544 | ) | |||||||||
$ | (43,991 | ) | $ | (50,000 | ) | $ | (6,009 | ) | 37 |
Reorganization Items:
Professional Fees
|
$ | (408,279 | ) | $ | (25,000 | ) | ||||||||
$ | 0 | 38 |
Provisions for Rejected Executory Contracts
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$ | 0 | |||||||||||||||||||
$ | 36 | $ | 36 | 39 |
Interest Earned on Accumulated Cash from
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$ | 113 | |||||||||||||||||
Resulting Chp 11 Case
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0 | |||||||||||||||||||||||
$ | 0 | 40 |
Gain or (Loss) from Sale of Equipment
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$ | 186,451 | $ | 15,000 | |||||||||||||||||
$ | 0 | 41 |
U.S. Trustee Quarterly Fees
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$ | (5,850 | ) | ||||||||||||||||||
$ | 0 | 42 | ||||||||||||||||||||||
$ | (43,955 | ) | $ | (50,000 | ) | $ | 6,045 | 43 |
Total Reorganization Items
|
$ | (227,565 | ) | $ | (10,000 | ) | |||||||||
$ | (127,518 | ) | $ | (135,799 | ) | $ | 8,281 | 44 |
Net Profit (Loss) Before Federal & State Taxes
|
$ | (903,811 | ) | $ | (96,544 | ) | |||||||||
$ | 0 | 45 |
Federal & State Income Taxes
|
$ | 824 | |||||||||||||||||||
$ | (127,518 | ) | $ | (135,799 | ) | $ | 8,281 | 46 |
Net Profit (Loss)
|
$ | (904,635 | ) | $ | (96,544 | ) | |||||||||
Attach an Explanation of Variance to Statement of Operations (For variances greater than +/- 10% only):
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Exhibit A - Statement of Operations - Explanation of Variances +/- 10%
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Line 17. Insurance finance payments lower than anticipated
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Line 20. YTD adjustment for higher employer SUI rate
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Line 33. Very limited stock transactions for the month.
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BALANCE SHEET
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(General Business Case)
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For the Month Ended
|
05/31/10
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Assets
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|||||||||||||
From Schedules
|
Market Value
|
||||||||||||
Current Assets
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|||||||||||||
1 |
Cash and cash equivalents - unrestricted
|
$ | 80,649 | ||||||||||
2 |
Cash and cash equivalents - restricted
|
||||||||||||
3 |
Accounts receivable (net)
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A | $ | 21,800 | |||||||||
4 |
Inventory
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B | $ | 0 | |||||||||
5 |
Prepaid expenses
|
||||||||||||
6 |
Professional retainers
|
$ | 143,164 | ||||||||||
7 |
Other:
|
Honeywell License
|
$ | 100,000 | |||||||||
8 | |||||||||||||
9 |
Total Current Assets
|
$ | 345,613 | ||||||||||
Property and Equipment (Market Value)
|
|||||||||||||
10 |
Real property
|
C | $ | 0 | |||||||||
11 |
Machinery and equipment
|
D | $ | 1,190,000 | |||||||||
12 |
Furniture and fixtures
|
D | |||||||||||
13 |
Office equipment
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D | $ | 10,000 | |||||||||
14 |
Leasehold improvements
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D | $ | 0 | |||||||||
15 |
Vehicles
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D | $ | 0 | |||||||||
16 |
Other:
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D | |||||||||||
17 | D | ||||||||||||
18 | D | ||||||||||||
19 | D | ||||||||||||
20 | D | ||||||||||||
21 |
Total Property and Equipment
|
$ | 1,200,000 | ||||||||||
Other Assets
|
|||||||||||||
22 |
Loans to shareholders
|
||||||||||||
23 |
Loans to affiliates
|
||||||||||||
24 |
Security Deposit to Norris Industry (Landlord)
|
$ | 0 | ||||||||||
25 |
Utility Deposit to NI
|
||||||||||||
26 |
Disposal Costs Deposit
|
$ | 10,200 | ||||||||||
27 | |||||||||||||
28 |
Total Other Assets
|
$ | 10,200 | ||||||||||
29 |
Total Assets
|
$ | 1,555,813 | ||||||||||
NOTE:
|
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Indicate the method used to estimate the market value of assets (e.g., appraisals; familiarity with comparable market
|
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prices, etc.) and the date the value was determined.
|
Liabilities and Equity
|
|||||||||||||
(General Business Case)
|
|||||||||||||
Liabilities From Schedules
|
|||||||||||||
Post-Petition
|
|||||||||||||
Current Liabilities
|
|||||||||||||
30 |
Salaries and wages
|
$ | 20,890 | ||||||||||
31 |
Payroll taxes
|
$ | 877 | ||||||||||
32 |
Real and personal property taxes
|
||||||||||||
33 |
Income taxes
|
||||||||||||
34 |
Sales taxes
|
||||||||||||
35 |
Notes payable (short term)
|
||||||||||||
36 |
Accounts payable (trade)
|
A | $ | 6,186 | |||||||||
37 |
Real property lease arrearage
|
||||||||||||
38 |
Personal property lease arrearage
|
||||||||||||
39 |
Accrued professional fees
|
$ | 408,279 | ||||||||||
40 |
Current portion of long-term post-petition debt (due within 12 months)
|
||||||||||||
41 |
Other:
|
Accrued Utilities
|
$ | 1,000 | |||||||||
42 |
DIP Financing
|
$ | 350,000 | ||||||||||
43 | |||||||||||||
44 |
Total Current Liabilities
|
$ | 787,233 | ||||||||||
45 |
Long-Term Post-Petition Debt, Net of Current Portion
|
||||||||||||
46 |
Total Post-Petition Liabilities
|
$ | 787,233 | ||||||||||
Pre-Petition Liabilities (allowed amount)
|
|||||||||||||
47 |
Secured claims
|
F | $ | 12,403,473 | |||||||||
48 |
Priority unsecured claims
|
F | $ | 242,761 | |||||||||
49 |
General unsecured claims
|
F | $ | 2,643,536 | |||||||||
50 |
Total Pre-Petition Liabilities
|
$ | 15,289,770 | ||||||||||
51 |
Total Liabilities
|
$ | 16,077,003 | ||||||||||
Equity (Deficit)
|
|||||||||||||
52 |
Retained Earnings/(Deficit) at time of filing
|
$ | (102,042,060 | ) | |||||||||
53 |
Capital Stock
|
$ | 1,039,564 | ||||||||||
54 |
Additional paid-in capital
|
$ | 117,000,652 | ||||||||||
55 |
Cumulative profit/(loss) since filing of case
|
$ | (904,635 | ) | |||||||||
56 |
Post-petition contributions/(distributions) or (draws)
|
||||||||||||
57 | |||||||||||||
58 |
Market value adjustment
|
$ | (29,614,712 | ) | |||||||||
59 |
Total Equity (Deficit)
|
$ | (14,521,191 | ) | |||||||||
60 |
Total Liabilities and Equity (Deficit)
|
$ | 1,555,812 | ||||||||||
$ | (0 | ) |
(General Business Case)
|
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Schedule A
|
||||||||||||||||||||||
Accounts Receivable and (Net) Payable
|
||||||||||||||||||||||
Receivables and Payables Agings
|
Accounts Receivable
[Pre and Post Petition]
|
Accounts Payable
[Post Petition]
|
Past Due
Post Petition Debt
|
|||||||||||||||||||
0 -30 Days
|
$ | 6,186 | ||||||||||||||||||||
31-60 Days
|
$ | 0 | ||||||||||||||||||||
61-90 Days
|
$ | 0 | $ | 0 | ||||||||||||||||||
91+ Days
|
$ | 21,800 | $ | 0 | ||||||||||||||||||
Total accounts receivable/payable
|
$ | 21,800 | $ | 6,186 | ||||||||||||||||||
Allowance for doubtful accounts
|
||||||||||||||||||||||
Accounts receivable (net)
|
$ | 21,800 | ||||||||||||||||||||
Schedule B
|
||||||||||||||||||||||
Inventory/Cost of Goods Sold
|
||||||||||||||||||||||
Types and Amount of Inventory(ies)
|
Cost of Goods Sold
|
|||||||||||||||||||||
Inventory(ies)
Balance at
End of Month
|
Inventory Beginning of Month
|
0 | ||||||||||||||||||||
Add -
|
||||||||||||||||||||||
Retail/Restaurants -
|
Net purchase
|
$ | 0 | |||||||||||||||||||
Product for resale
|
Direct labor
|
$ | 0 | |||||||||||||||||||
Manufacturing overhead
|
$ | 0 | ||||||||||||||||||||
Distribution -
|
Freight in
|
$ | 0 | |||||||||||||||||||
Products for resale
|
Other:
|
$ | 0 | |||||||||||||||||||
Manufacturer -
|
||||||||||||||||||||||
Raw Materials
|
||||||||||||||||||||||
Work-in-progress
|
Less -
|
|||||||||||||||||||||
Finished goods
|
Inventory End of Month
|
$ | 0 | |||||||||||||||||||
Shrinkage
|
$ | 0 | ||||||||||||||||||||
Other - Explain
|
Personal Use
|
$ | 0 | |||||||||||||||||||
Cost of Goods Sold
|
$ | 0 | ||||||||||||||||||||
TOTAL
|
$ | 0 | ||||||||||||||||||||
Method of Inventory Control
|
Inventory Valuation Methods
|
|||||||||||||||||||||
Do you have a functioning perpetual inventory system?
|
Indicate by a checkmark method of inventory used.
|
|||||||||||||||||||||
Yes
|
No
|
x | ||||||||||||||||||||
How often do you take a complete physical inventory?
|
Valuation methods -
|
|||||||||||||||||||||
FIFO cost
|
||||||||||||||||||||||
Weekly
|
LIFO cost
|
|||||||||||||||||||||
Monthly
|
x
|
Lower of cost or market
|
||||||||||||||||||||
Quarterly
|
Retail method
|
|||||||||||||||||||||
Semi-annually
|
Other
|
|||||||||||||||||||||
Annually
|
Explain
|
|||||||||||||||||||||
Date of last physical inventory was
|
5/31/2010 0:00
|
|||||||||||||||||||||
Date of next physical inventory is
|
Real Property
|
|||||||
Description
|
Cost
|
Market Value
|
|||||
Total
|
$ |
0
|
$ |
0
|
|||
Schedule D
Other Depreciable Assets
|
|||||||
Description
|
Cost
|
Market Value
|
|||||
Machinery & Equipment -
|
|||||||
Plastic Plant
|
$ |
1,190,000
|
|||||
Assets for Sale
|
|||||||
Total
|
$ |
0
|
$ |
1,190,000
|
|||
Furniture & Fixtures -
|
|||||||
Total
|
$ |
0
|
$ |
0
|
|||
Office Equipment -
|
|||||||
$ |
10,000
|
||||||
Total
|
$ |
0
|
$ |
10,000
|
|||
Leasehold Improvements -
|
|||||||
Total
|
$ |
0
|
$ |
0
|
|||
Vehicles -
|
|||||||
Total
|
$ |
0
|
$ |
0
|
|||
Schedule E
|
|||||||||||||||||||||
Aging of Post-Petition Taxes
|
|||||||||||||||||||||
(As of End of the Current Reporting Period)
|
|||||||||||||||||||||
Taxes Payable
|
0-30 Days
|
31-60 Days
|
61-90 Days
|
91+ Days
|
Total
|
||||||||||||||||
Federal
|
|||||||||||||||||||||
Income Tax Withholding
|
$ | 0 | |||||||||||||||||||
FICA - Employee
|
$ | 0 | |||||||||||||||||||
FICA - Employer
|
$ | 0 | |||||||||||||||||||
Unemployment (FUTA)
|
$ | 0 | |||||||||||||||||||
Income
|
$ | 0 | |||||||||||||||||||
Other (Attach List)
|
$ | 0 | |||||||||||||||||||
Total Federal Taxes
|
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
State and Local
|
|||||||||||||||||||||
Income Tax Withholding
|
$ | 0 | |||||||||||||||||||
Unemployment (UT)
|
$ | 0 | |||||||||||||||||||
Disability Insurance (DI)
|
$ | 0 | |||||||||||||||||||
Empl. Training Tax (ETT)
|
$ | 0 | |||||||||||||||||||
Sales
|
$ | 0 | |||||||||||||||||||
Excise
|
$ | 0 | |||||||||||||||||||
Real property
|
$ | 0 | |||||||||||||||||||
Personal property
|
$ | 0 | |||||||||||||||||||
Income
|
$ | 0 | |||||||||||||||||||
Other (Attach List)
|
$ | 0 | |||||||||||||||||||
Total State & Local Taxes
|
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
Total Taxes
|
$ | 0 | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||||
Schedule F
|
|||||||||||||||||||||
Pre-Petition Liabilities
|
|||||||||||||||||||||
List Total Claims For Each Classification -
|
Claimed
Amount
|
Allowed
Amount (b)
|
|||||||||||||||||||
Secured claims (a)
|
$ | 12,403,473 | $ | 12,403,473 | |||||||||||||||||
Priority claims other than taxes
|
$ | 84,276 | $ | 36,750 | |||||||||||||||||
Priority tax claims
|
$ | 206,011 | $ | 206,011 | |||||||||||||||||
General unsecured claims
|
$ | 2,633,510 | $ | 2,643,536 |
As amended
|
||||||||||||||||
(a) List total amount of claims even it under secured.
|
|||||||||||||||||||||
(b) Estimated amount of claim to be allowed after compromise or litigation. As an example, you are a defendant in a lawsuit
|
|||||||||||||||||||||
alleging damage of $10,000,000 and a proof of claim is filed in that amount. You believe that you can settle the case for a
|
|||||||||||||||||||||
claim of $3,000,000. For Schedule F reporting purposes you should list $10,000,000 as the Claimed Amount and
|
|||||||||||||||||||||
$3,000,000 as the Allowed Amount.
|
|||||||||||||||||||||
Schedule G
Rental Income Information
Not applicable to General Business Cases
|
|||||||||||||||||||||
Schedule H
Recapitulation of Funds Held at End of Month
|
|||||||||||||||||||||
Account 1
|
Account 2
|
Account 3
|
Account 4
|
||||||||||||||||||
Bank
|
Wells Fargo
|
Wells Fargo
|
Petty Cash
|
||||||||||||||||||
Account Type
|
Checking
|
Savings
|
|||||||||||||||||||
Account No.
|
xxx-xxx-1215
|
xxx-xxx-7158
|
|||||||||||||||||||
Account Purpose
|
operations
|
||||||||||||||||||||
Balance, End of Month
|
$ | 497 | $ | 80,068 | $ | 84 | |||||||||||||||
Total Funds on Hand for all Accounts
|
$ | 80,649 | |||||||||||||||||||
Attach copies of the month end bank statement(s), reconciliation(s), and the check register(s) to the Monthly Operating Report.
|
|||||||||||||||||||||
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
|
|||||||||||||
Increase/(Decrease) in Cash and Cash Equivalents
|
|||||||||||||
For the Month Ended 05/31/10 | |||||||||||||
Actual
Current Month
|
Cumulative
(Case to Date)
|
||||||||||||
Cash Receipts
|
|
||||||||||||
1 |
Rent/Leases Collected
|
$ | 0 | $ | 0 | ||||||||
2 |
Cash Received from Sales
|
||||||||||||
3 |
Interest Received
|
$ | 36 | $ | 113 | ||||||||
4 |
Borrowings
|
$ | 0 | ||||||||||
5 |
Funds from Shareholders, Partners, or Other Insiders
|
$ | 350,000 | ||||||||||
6 |
Capital Contributions
|
$ | 0 | ||||||||||
7 |
Sales of Assets
|
$ | 389,050 | ||||||||||
8 |
Sales of Assets Scrap
|
$ | 10,693 | ||||||||||
9 |
Refund (Honeywell)
|
$ | 4 | ||||||||||
10 |
Refund (Cafeteria Plan)
|
$ | 135 | ||||||||||
11 |
MDP Payments from State
|
$ | 155,955 | ||||||||||
12 |
Total Cash Receipts
|
$ | 36 | $ | 905,950 | ||||||||
Cash Disbursements
|
|
||||||||||||
13 |
Payments for Inventory
|
0 | |||||||||||
14 |
Selling
|
$ | 0 | ||||||||||
15 |
Administrative / Legal
|
$ | 148,876 | ||||||||||
16 |
Deposits
|
$ | 10,200 | ||||||||||
17 |
Principal Payments on Debt
|
$ | 0 | ||||||||||
18 |
Utilities
|
$ | 911 | $ | 13,042 | ||||||||
Rent/Lease:
|
$ | 0 | |||||||||||
19 |
Personal Property
|
$ | 11,666 | ||||||||||
20 |
Real Property
|
$ | 8,000 | $ | 84,784 | ||||||||
Amount Paid to Owner(s)/Officer(s)
|
$ | 0 | |||||||||||
21 |
Salaries
|
$ | 24,979 | $ | 155,379 | ||||||||
22 |
Draws
|
$ | 0 | ||||||||||
23 |
Commissions/Royalties
|
$ | 0 | ||||||||||
24 |
Expense Reimbursements
|
$ | 9,927 | ||||||||||
25 |
Other Employee Expense Reimbursements
|
$ | 6,747 | ||||||||||
26 |
Salaries/Commissions (less employee withholding)
|
$ | 15,316 | $ | 148,897 | ||||||||
27 |
Management Fees
|
$ | 0 | ||||||||||
Taxes:
|
$ | 0 | |||||||||||
28 |
Employee Withholding
|
$ | 6,059 | $ | 59,959 | ||||||||
29 |
Employer Payroll Taxes
|
$ | 3,855 | $ | 25,398 | ||||||||
30 |
Real Property Taxes
|
$ | 0 | ||||||||||
31 |
Other Taxes
|
$ | 1,108 | ||||||||||
32 |
Other Cash Outflows:
|
$ | 0 | ||||||||||
33 |
Liability / Life Insurance / Workers Comp
|
$ | 8,073 | $ | 55,293 | ||||||||
34 |
Health Benefits
|
$ | 3,475 | $ | 22,181 | ||||||||
35 |
Interest on CIWMB Loan \ Court approved payments
|
$ | 4,760 | $ | 23,800 | ||||||||
36 |
Misc Supplies \ Charges \ Bank Charges
|
$ | 1,272 | $ | 16,224 | ||||||||
37 |
Legal Settlement Cool Clean \ Two Court Approved payments
|
$ | 37,500 | ||||||||||
38 |
Total Cash Disbursements:
|
$ | 76,701 | $ | 830,980 | ||||||||
39 |
Net Increase (Decrease) in Cash
|
$ | (76,665 | ) | $ | 74,970 | |||||||
40 |
Cash Balance, Beginning of Period
|
$ | 157,314 | $ | 5,678 | ||||||||
41 |
Cash Balance, End of Period
|
$ | 80,649 | $ | 80,649 | ||||||||