Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - PROFESSIONAL VETERINARY PRODUCTS LTD /NE/ | c61334e8vk.htm |
Exhibit 99.1
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF NEBRASKA
FOR THE DISTRICT OF NEBRASKA
In re:
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) | Case No. 10-82436 | ||||
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PROFESSIONAL VETERINARY
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PRODUCTS, LTD, A NEBRASKA
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) | CHAPTER 11 | ||||
CORPORATION,
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Debtor,
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In re:
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) | Case No. 10-82438 | ||||
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EXACT LOGISTICS, LLC,
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| ) | CHAPTER 11 | |||||
Debtor,
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In re:
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) | Case No. 10-82437 | ||||
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PROCONN, LLC,
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| ) | CHAPTER 11 | |||||
Debtor,
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MONTHLY OPERATING REPORT FOR THE PERIOD
10/01/2010 THROUGH 10/31/2010
10/01/2010 THROUGH 10/31/2010
I CERTIFY UNDER PENALTY OF PERJURY THAT THE FOLLOWING CONSOLIDATED OPERATING
REPORT, CONSISTING OF ONE (1) PAGE IS TRUE AND CORRECT.
| Date Submitted 11/12/10 | /s/ Vicky Winkler | |||
| Vicky Winkler, President/CEO | ||||
IN THE UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF NEBRASKA
FOR THE DISTRICT OF NEBRASKA
CASE NAME: Summary Report for Professional Veterinary Products, LTD; Exact Logistics, LLC; ProConn, LLC
CASE NO.: 10-82436; 10-82438; 10-82437
Summary of Cash Receipts and Disbursements For The Above Noted Entity
For Period October 1-31, 2010
For Period October 1-31, 2010
| Wells Fargo | FNBO | JP Morgan | Fulton Bank | Total | ||||||||||||||||
BEGINNING BALANCE (9/30/10) |
$ | 2,819,888.91 | $ | 576,743.05 | $ | 51,220.03 | $ | 5,750.03 | $ | 3,453,602.02 | ||||||||||
RECEIPTS: |
||||||||||||||||||||
1. Receipts from Operations |
1,833,447.05 | 1,120,235.61 | 0.00 | 0.00 | 2,953,682.66 | |||||||||||||||
2. Receipts from Bulk Sale of Inventory |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||
3. Receipts from Sale of Intangible Assets |
0.00 | 175,000.00 | 0.00 | 0.00 | 175,000.00 | |||||||||||||||
4. Receipts from Sale of De Minimis Assets (1) |
3,530.38 | 0.00 | 0.00 | 0.00 | 3,530.38 | |||||||||||||||
5. Receipts from Sale of Fixed Assets (1) |
27,580.00 | 0.00 | 0.00 | 0.00 | 27,580.00 | |||||||||||||||
6. Other Receipts |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||
TOTAL RECEIPTS |
1,864,557.43 | 1,295,235.61 | 0.00 | 0.00 | 3,159,793.04 | |||||||||||||||
TRANSFERS: |
(3,174,512.72 | ) | 3,100,000.00 | 80,262.75 | (5,750.03 | ) | (0.00 | ) | ||||||||||||
DISBURSEMENTS: |
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3. Line of credit Wells Fargo |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||
4. Payments to Officers and Directors: |
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a. Officers |
31,958.94 | 0.00 | 0.00 | 0.00 | 31,958.94 | |||||||||||||||
b. Directors |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||
Subtotal — payments to Officers and Directors |
31,958.94 | 0.00 | 0.00 | 0.00 | 31,958.94 | |||||||||||||||
5. Taxes — personnel |
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a. Federal Income Tax |
54,603.26 | 0.00 | 0.00 | 0.00 | 54,603.26 | |||||||||||||||
b. FICA withholdings |
26,165.10 | 0.00 | 0.00 | 0.00 | 26,165.10 | |||||||||||||||
c. Medicare |
7,617.46 | 0.00 | 0.00 | 0.00 | 7,617.46 | |||||||||||||||
d. Federal Unemployment |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||
e. State Income Tax |
13,430.49 | 0.00 | 0.00 | 0.00 | 13,430.49 | |||||||||||||||
f. State Unemployment |
15.30 | 0.00 | 0.00 | 0.00 | 15.30 | |||||||||||||||
g. State Unemployment/Disability |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||
h. Local Income Tax |
214.68 | 0.00 | 0.00 | 0.00 | 214.68 | |||||||||||||||
Subtotal — taxes |
102,046.29 | 0.00 | 0.00 | 0.00 | 102,046.29 | |||||||||||||||
6. Necessary expenses: |
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Inventory purchases |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||
Freight and supplies |
11,359.40 | 0.00 | 0.00 | 0.00 | 11,359.40 | |||||||||||||||
Wages, ETO, Commissions, Incentives |
179,958.42 | 0.00 | 0.00 | 0.00 | 179,958.42 | |||||||||||||||
Benefits |
37,555.43 | 0.00 | 71,824.14 | 0.00 | 109,379.57 | |||||||||||||||
Professional and Trustee Fees |
174,154.65 | 0.00 | 0.00 | 0.00 | 174,154.65 | |||||||||||||||
Credit card fees |
0.00 | 10,973.82 | 0.00 | 0.00 | 10,973.82 | |||||||||||||||
Bayer escrow |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||
Payment of Sales Taxes |
54,537.68 | 0.00 | 0.00 | 0.00 | 54,537.68 | |||||||||||||||
Building Expenses |
1,859.95 | 0.00 | 0.00 | 0.00 | 1,859.95 | |||||||||||||||
Building Lease |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||
Equipment Leases and Expenses |
11,483.85 | 0.00 | 0.00 | 0.00 | 11,483.85 | |||||||||||||||
Utilities Expense |
42,405.98 | 0.00 | 0.00 | 0.00 | 42,405.98 | |||||||||||||||
Utilities Deposit |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||
Insurance |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||
Real Estate & Personal Property Taxes |
981.55 | 0.00 | 0.00 | 0.00 | 981.55 | |||||||||||||||
Accounting and Tax Fees |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||
Wells Fargo Escrow |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||
Bank Fees/Interest |
6,100.86 | 728.99 | 0.00 | 0.00 | 6,829.85 | |||||||||||||||
Misc. G&A and Other fees |
127,953.06 | 0.00 | 0.00 | 0.00 | 127,953.06 | |||||||||||||||
Subtotal — necessary expenses |
648,350.83 | 11,702.81 | 71,824.14 | 0.00 | 731,877.78 | |||||||||||||||
TOTAL DISBURSEMENTS |
782,356.06 | 11,702.81 | 71,824.14 | 0.00 | 865,883.01 | |||||||||||||||
NET CASH FLOW |
(2,092,311.35 | ) | 4,383,532.80 | 8,438.61 | (5,750.03 | ) | 2,293,910.03 | |||||||||||||
ENDING BANK BALANCE (10/31/10) |
$ | 727,577.56 | $ | 4,960,275.85 | $ | 59,658.64 | $ | 0.00 | $ | 5,747,512.05 | ||||||||||
BANK BALANCES |
$ | 727,577.56 | $ | 4,960,275.85 | $ | 59,658.64 | $ | 0.00 | $ | 5,747,512.05 | ||||||||||
| (1) | Additional sales of De Minimis and Fixed Assets occurred with collected funds of $29,045.25 deposited on November 1, 2010. |