Attached files
| file | filename |
|---|---|
| 8-K - FORM 8K - RONSON CORP | form8k-112539_rclc.htm |
| EX-99.2 - EXHIBIT 99.2 - RONSON CORP | ex99-2.htm |
| EX-99.3 - EXHIBIT 99.3 - RONSON CORP | ex99-3.htm |
Exhibit 99.1
|
UNITED STATES BANKRUPTCY COURT
|
|||||||
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DISTRICT OF NEW JERSEY
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|||||||
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In re
|
RCLC, Inc.
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Case No.
|
10-35313-MBK
|
||||
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Reporting Period
|
08/18/10 - 09/30/10
|
||||||
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MONTHLY OPERATING REPORT
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|||||||
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File with Court and submit copy to United States Trustee within 20 days after end of month.
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Submit copy of report to any official committee appointed in the case
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|||||||
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Document
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Explanation
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Affidavit/Supplement
|
|||||
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REQUIRED DOCUMENTS
|
Form No.
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Attached
|
Attached
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Attached
|
|||
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Schedule of Cash Receipts and Disbursements
|
MOR-1
|
P
|
|||||
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Bank Reconciliation (or copies of debtor's bank reconciliation)
|
MOR-1a
|
P
|
|||||
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Schedule of Professional Fees Paid
|
MOR-1b
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P
|
|||||
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Copies of bank statements
|
P
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||||||
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Cash disbursements journals
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P
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||||||
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Statement of Operations
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MOR-2
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P
|
|||||
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Balance Sheet
|
MOR-3
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P
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|||||
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Status of Postpetition Taxes
|
MOR-4
|
P
|
|||||
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Copies of IRS Form 6123 or payment receipt
|
|||||||
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Copies of tax returns filed during reporting period
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|||||||
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Summary of Unpaid Postpetition Debts
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MOR-4
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P
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|||||
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Listing of aged accounts payable
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MOR-4
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P
|
|||||
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Accounts Receivable Reconciliation and Aging
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MOR-5
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N/A
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|||||
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Debtor Questionnaire
|
MOR-5
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P
|
|||||
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I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents
|
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are true and correct to the best of my knowledge and belief.
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|||||||
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Signature of Debtor
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Date
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||||||
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Signature of Joint Debtor
|
Date
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||||||
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/s/ Daryl Holcomb
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Nov. 18, 2010
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||||||
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Signature of Authorized Individual *
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Date
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||||||
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Daryl Holcomb
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Vice President
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||||||
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Printed Name of Authorized Individual
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Title of Authorized Individual
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||||||
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* Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor
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|||||||
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is a partnership; a manager or member if debtor is a limited liability company.
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In re
|
RCLC, INC.
|
Case No.
|
10-35313-MBK
|
||||||||
|
Reporting Period
|
08/18/10 - 09/30/10
|
||||||||||
| SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS | |||||||||||
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Bank Accounts
|
Current Month
|
Cumulative Filing to Date
|
||||||||||||||||||||||||||||||
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Operating
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Payroll
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Tax
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Other
|
Actual
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Projected
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Actual
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Projected
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|||||||||||||||||||||||||
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Cash Beginning of Month
|
$ | 32,564.65 | $ | 999.81 | $ | 484.90 | $ | 2,790.88 | $ | 36,840.24 | $ | - | $ | 36,840.24 | $ | - | ||||||||||||||||
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Receipts
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
||||||||||||||||||||||||
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Cash Sales
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$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
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Accounts Receivable
|
- | - | ||||||||||||||||||||||||||||||
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Loans and Advances
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- | - | ||||||||||||||||||||||||||||||
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Sale of Assets
|
- | - | ||||||||||||||||||||||||||||||
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Other (see below)
|
415.00 | - | 51.82 | - | 466.82 | 466.82 | ||||||||||||||||||||||||||
|
Transfers (From DIP Accts.)
|
65,406.26 | 36,268.19 | 10,277.53 | 1,048.02 | 113,000.00 | 113,000.00 | ||||||||||||||||||||||||||
|
Total Receipts
|
$ | 65,821.26 | $ | 36,268.19 | $ | 10,329.35 | $ | 1,048.02 | $ | 113,466.82 | $ | - | $ | 113,466.82 | $ | - | ||||||||||||||||
|
Disbursements
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
||||||||||||||||||||||||
|
Net Payroll
|
$ | 4,171.30 | $ | 36,268.19 | $ | 2,774.85 | $ | 43,214.34 | $ | 43,214.34 | $ | - | ||||||||||||||||||||
|
Payroll Taxes
|
10,277.23 | 10,277.23 | 10,277.23 | |||||||||||||||||||||||||||||
|
Sales, Use, & Other Taxes
|
- | - | ||||||||||||||||||||||||||||||
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Inventory Purchases
|
- | - | ||||||||||||||||||||||||||||||
|
Secured/Rental/Leases
|
7,751.20 | 7,751.20 | 7,751.20 | |||||||||||||||||||||||||||||
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Insurance
|
48,062.58 | 48,062.58 | 48,062.58 | |||||||||||||||||||||||||||||
|
Administrative
|
10,651.48 | 10,651.48 | 10,651.48 | |||||||||||||||||||||||||||||
|
Selling
|
- | - | ||||||||||||||||||||||||||||||
|
Other (see below)
|
7,940.42 | 433.72 | 8,374.14 | 8,374.14 | ||||||||||||||||||||||||||||
|
Owner Draw *
|
- | - | ||||||||||||||||||||||||||||||
|
Transfers (To DIP Accts)
|
- | - | ||||||||||||||||||||||||||||||
|
Professional Fees
|
18,658.55 | 18,658.55 | 18,658.55 | |||||||||||||||||||||||||||||
|
U.S. Trustee Quarterly Fees
|
- | - | ||||||||||||||||||||||||||||||
|
Court Costs
|
- | - | ||||||||||||||||||||||||||||||
|
Total Disbursements
|
$ | 97,235.53 | $ | 36,268.19 | $ | 10,710.95 | $ | 2,774.85 | $ | 146,989.52 | $ | - | $ | 146,989.52 | $ | - | ||||||||||||||||
|
Net Cash Flow
|
$ | (31,414.27 | ) | $ | - | $ | (381.60 | ) | $ | (1,726.83 | ) | (33,522.70 | ) | (33,522.70 | ) | |||||||||||||||||
|
(Receipts Less Disbursements)
|
||||||||||||||||||||||||||||||||
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Cash - End of Month
|
$ | 1,150.38 | $ | 999.81 | $ | 103.30 | $ | 1,064.05 | $ | 3,317.54 | $ | - | $ | 3,317.54 | $ | - | ||||||||||||||||
|
* Compensation to Sole Proprietors for Services Rendered to Bankruptcy Estate
|
||||||||||||||||||||||||||||||||
|
THE FOLLOWING SECTION MUST BE COMPLETED
|
||||||||||||||||||||||||||||||||
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Disbursements for Calculating U.S. Trustee Quarterly Fees: (From Current Month Actual Column)
|
||||||||||||||||||||||||||||||||
|
Total Disbursements
|
$ | 146,989.52 | ||||||||||||||||||||||||||||||
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Less: Transfers to Debtor in Possession Accounts
|
- | |||||||||||||||||||||||||||||||
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Plus: Estate Disbursements Made by Outside Sources (i.e. from escrow accounts)
|
||||||||||||||||||||||||||||||||
|
Total Disbursements for Calculating U.S. Trustee Quarterly Fees
|
$ | 146,989.52 | ||||||||||||||||||||||||||||||
|
Other Receipts:
|
||||||||||||||||||||||||||||||||
|
Pre-DIP check not cashed (voided) PR Newswire
|
415.00 | |||||||||||||||||||||||||||||||
|
Adj per reconciliation of Pre-DIP Payment
|
|
51.82 | ||||||||||||||||||||||||||||||
| $ | 415.00 | $ | - | $ | 51.82 | $ | - | |||||||||||||||||||||||||
|
Other Expense :
|
||||||||||||||||||||||||||||||||
|
Stock Related Exp. - Registrar & Transfer
|
4,900.00 | |||||||||||||||||||||||||||||||
|
Information Release Costs - PR NewsWire
|
415.00 | |||||||||||||||||||||||||||||||
|
Adj per reconciliation of Pre-DIP Payment
|
433.72 | |||||||||||||||||||||||||||||||
|
Bank Fees - Capital One
|
2,256.27 | |||||||||||||||||||||||||||||||
|
Outside Print. - Commerce Financial Printers
|
369.15 | |||||||||||||||||||||||||||||||
| 7,940.42 | - | 433.72 | - | |||||||||||||||||||||||||||||
|
In re
|
RCLC, INC.
|
Case No.
|
10-35313-MBK
|
|||||||||||
|
Reporting Period
|
08/18/10 - 09/30/10
|
|||||||||||||
|
BANK RECONCILIATIONS
|
|||||||||||||||||||||
|
Continuation Sheet for MOR-1
|
|||||||||||||||||||||
|
Operating
|
Tax
|
401K
|
Cash Collateral
|
Operating
|
Payroll
|
Other
|
|||||||||||||||||||||||||||||||||||
|
Wells Fargo Bank,
NA
|
Wells Fargo Bank,
NA
|
Wells Fargo Bank,
NA
|
Wells Fargo Bank,
NA
|
Capital One
Bank
|
Capital One
Bank
|
||||||||||||||||||||||||||||||||||||
|
*
|
*
|
*
|
*
|
*
|
*
|
||||||||||||||||||||||||||||||||||||
|
Balance Per Book
|
$ | 3,881.85 | $ | 103.30 | $ | 992.79 | $ | - | $ | (2,731.27 | ) | $ | 999.81 | $ | - | ||||||||||||||||||||||||||
|
Bank Balance
|
$ | 34,450.35 | $ | 99.80 | $ | 1,166.96 | $ | - | $ | (1,670.55 | ) | $ | 11,220.41 | $ | - | ||||||||||||||||||||||||||
|
(+) Deposits in Transit (Attach List)
|
- | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
|
(-) Outstanding Checks (Attach List)
|
(30,093.50 | ) | - | - | - | - | (11,365.35 | ) | - | ||||||||||||||||||||||||||||||||
|
Other (Attach Explanation)
|
(475.00 | ) | 3.50 | (174.17 | ) | - | (1,060.72 | ) | 1,144.75 | - | |||||||||||||||||||||||||||||||
|
Adjusted Bank Balance *
|
$ | 3,881.85 | $ | 103.30 | $ | 992.79 | $ | - | $ | (2,731.27 | ) | $ | 999.81 | $ | - | ||||||||||||||||||||||||||
|
* Adjusted bank balance must equal
|
|||||||||||||||||||||||||||||||||||||||||
|
balance per books
|
|||||||||||||||||||||||||||||||||||||||||
|
Deposits in Transit
|
Date
|
Amount
|
Date
|
Amount
|
Date
|
Amount
|
Date
|
Amount
|
Date
|
Amount
|
Date
|
Amount
|
Date
|
Amount
|
|||||||||||||||||||||||||||
| $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||||
| $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||||||||||||
|
Checks Outstanding
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
Ck.#
|
Amount
|
|||||||||||||||||||||||||||
| 16126 | $ | 19,826.80 | $ | - | $ | - | $ | - | $ | - | 2652 | $ | 145.73 | $ | - | ||||||||||||||||||||||||||
| 16127 | 1,874.12 | 2937 | 5,080.11 | ||||||||||||||||||||||||||||||||||||||
| 16128 | 2,332.58 | 2938 | 1,449.97 | ||||||||||||||||||||||||||||||||||||||
| 16129 | 3,160.00 | 2939 | 2,156.79 | ||||||||||||||||||||||||||||||||||||||
| 16130 | 2,900.00 | 2940 | 2,012.15 | ||||||||||||||||||||||||||||||||||||||
| 2942 | 520.60 | ||||||||||||||||||||||||||||||||||||||||
| $ | 30,093.50 | $ | - | $ | - | $ | - | $ | - | $ | 11,365.35 | $ | - | ||||||||||||||||||||||||||||
|
Other
|
|||||||||||||||||||||||||||||||||||||||||
|
NJ Tax Payment 3/10/10 diff. due to rounding
|
$ | 3.00 | |||||||||||||||||||||||||||||||||||||||
|
Over Deposit 4/14/09 due to rounding
|
$ | 0.01 | |||||||||||||||||||||||||||||||||||||||
|
Over Deposit 4/28/09 due to rounding
|
$ | 0.49 | |||||||||||||||||||||||||||||||||||||||
|
Payment to Exxon not debited
|
(475.00 | ) | |||||||||||||||||||||||||||||||||||||||
|
Over deposit on 7/23/10
|
(174.17 | ) | |||||||||||||||||||||||||||||||||||||||
|
Charge off Recovery Debit
|
1,610.17 | ||||||||||||||||||||||||||||||||||||||||
|
Service Charge August
|
(1,060.72 | ) | |||||||||||||||||||||||||||||||||||||||
|
Check rejected by bank
|
(567.77 | ) | |||||||||||||||||||||||||||||||||||||||
|
ACH withdrawal - Intuit for payroll checks
|
102.35 | ||||||||||||||||||||||||||||||||||||||||
| $ | (475.00 | ) | $ | 3.50 | $ | (174.17 | ) | $ | - | $ | (1,060.72 | ) | $ | 1,144.75 | $ | - | |||||||||||||||||||||||||
|
In re
|
RCLC, Inc.
|
Case No.
|
10-35313-MBK
|
|||||||
|
Reporting Period
|
08/18/10 - 09/30/10
|
|||||||||
| SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID | ||||||||||
| This schedule is to include all retained professional payments from case inception to current month. | ||||||||||
|
Period
|
Amount
|
Check
|
Amount Paid
|
Year-To-Date
|
|||||||||
|
Payee
|
Covered
|
Approved
|
Payor
|
Number
|
Date
|
Fees
|
Expenses
|
Fees
|
Expenses
|
||||
|
SSG Capital
|
15,158.55
|
RCLC
|
16120
|
09/16/10
|
15,158.55
|
15,158.55
|
|||||||
|
In re
|
RCLC, Inc
|
Case No.
|
10-35313-MBK
|
||
|
Reporting Period
|
08/18/10 - 09/30/10
|
||||
|
STATEMENT OF OPERATIONS
|
|||||
|
(Income Statement)
|
|||||
|
Accrual Basis
|
|||||
|
Cumulative
|
||||||||
|
Revenues
|
Month
|
Filing to Date
|
||||||
|
Gross Revenues
|
$ | 150,000.00 | $ | 150,000.00 | ||||
|
Less: Returns and Allowances
|
||||||||
|
Net Revenue
|
150,000.00 | 150,000.00 | ||||||
|
Cost of Goods Sold
|
||||||||
|
Beginning Inventory
|
||||||||
|
Add: Purchases
|
||||||||
|
Add: Cost of Labor
|
||||||||
|
Add: Other Costs (attach schedule)
|
||||||||
|
Less: Ending Inventory
|
||||||||
|
Cost of Goods Sold
|
- | - | ||||||
|
Gross Profit
|
150,000.00 | 150,000.00 | ||||||
|
Operating Expenses
|
||||||||
|
Advertising
|
||||||||
|
Auto and Truck Expense
|
804.60 | 804.60 | ||||||
|
Bad Debts
|
||||||||
|
Contributions
|
||||||||
|
Employee Benefits Programs
|
20,138.99 | 20,138.99 | ||||||
|
Insider Compensation *
|
5,100.00 | 5,100.00 | ||||||
|
Insurance
|
16,579.62 | 16,579.62 | ||||||
|
Management Fees/Bonuses
|
- | - | ||||||
|
Office Expense
|
841.64 | 841.64 | ||||||
|
Pension & Profit-Sharing Plans
|
||||||||
|
Repairs and Maintenance
|
4,894.72 | 4,894.72 | ||||||
|
Rent and Lease Expense
|
5,185.60 | 5,185.60 | ||||||
|
Salaries/Commissions/Fees
|
102,914.31 | 102,914.31 | ||||||
|
Supplies
|
370.90 | 370.90 | ||||||
|
Taxes - Payroll
|
7,342.96 | 7,342.96 | ||||||
|
Taxes - Real Estate
|
||||||||
|
Taxes - Other
|
||||||||
|
Travel and Entertainment
|
4,394.17 | 4,394.17 | ||||||
|
Utilities
|
1,074.56 | 1,074.56 | ||||||
|
Other (attach schedule)
|
5,954.95 | 5,954.95 | ||||||
|
Total Operating Expenses Before Depreciation
|
175,597.02 | 175,597.02 | ||||||
|
Depreciation/Depletion/Amortization
|
||||||||
|
Net Profit (Loss) Before Other Income & Expenses
|
(25,597.02 | ) | (25,597.02 | ) | ||||
|
Other Income and Expenses
|
||||||||
|
Other Income (attach schedule)
|
(4,299.75 | ) | (4,299.75 | ) | ||||
|
Interest Expense
|
5,517.95 | 5,517.95 | ||||||
|
Other Expense (attach schedule)
|
12,606.62 | 12,606.62 | ||||||
|
Net Profit (Loss) Before Reorganization Items
|
(39,421.84 | ) | (39,421.84 | ) | ||||
|
Reorganization Items
|
||||||||
|
Professional Fees
|
||||||||
|
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 schedule)
|
||||||||
|
Total Reorganization Expenses
|
- | - | ||||||
|
Income Taxes
|
||||||||
|
Net Profit (Loss)
|
$ | (39,421.84 | ) | $ | (39,421.84 | ) | ||
|
In re
|
RCLC, Inc
|
Case No.
|
10-35313-MBK
|
|||
|
Reporting Period
|
08/18/10 - 09/30/10
|
|||||
|
STATEMENT OF OPERATIONS - continuation sheet
|
||||||
|
Cumulative
|
||||||||
|
Breakdown of "Other" Category
|
Month
|
Filing to Date
|
||||||
|
Other Costs
|
||||||||
|
None
|
$ | - | $ | - | ||||
| $ | - | $ | - | |||||
|
Other Operational Expenses
|
||||||||
|
Stock Transfers - Registrar & Transfer
|
$ | 3,900.00 | $ | 3,900.00 | ||||
|
Information Release Cost - PR News Wire
|
415.00 | 415.00 | ||||||
|
Other Stock Related Expense - Registrar & Transfer
|
1,000.00 | 1,000.00 | ||||||
|
Bank Service Fees - Wells Fargo
|
580.55 | 580.55 | ||||||
|
Penalties & Late Charges - Pitney Bowes
|
59.40 | 59.40 | ||||||
| $ | 5,954.95 | $ | 5,954.95 | |||||
|
Other Income
|
||||||||
|
Dividend Income - Split Dollar Insurance
|
$ | 4,299.75 | $ | 4,299.75 | ||||
| $ | 4,299.75 | $ | 4,299.75 | |||||
|
Other Expenses
|
||||||||
|
Auditing & Tax Fees - Demetrius
|
$ | 4,875.00 | $ | 4,875.00 | ||||
|
Rights Plan Amortization
|
495.12 | 495.12 | ||||||
|
Legal Fee - General Accrual
|
2,250.00 | 2,250.00 | ||||||
|
Insurance Advisors
|
3,500.00 | 3,500.00 | ||||||
|
401K Administrators
|
1,186.50 | 1,186.50 | ||||||
|
Actuarial Services
|
300.00 | 300.00 | ||||||
| $ | 12,606.62 | $ | 12,606.62 | |||||
|
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.
|
||||||||
|
In re
|
RCLC, Inc
|
Case No.
|
10-35313-MBK
|
|||
|
Reporting Period
|
08/18/10 - 09/30/10
|
|||||
|
BALANCE SHEET
|
||||||
|
Accrual Basis
|
||||||
|
Book Value at End of
|
Book Value on
|
|||||||
|
Assets
|
Current Reporting Month
|
Petition Date
|
||||||
|
Current Assets
|
||||||||
|
Unrestricted Cash and Equivalents
|
3,317.74 | 36,840.24 | ||||||
|
Restricted Cash and Equivalents (see continuation sheet)
|
||||||||
|
Accounts Receivable (Net)
|
||||||||
|
Notes Receivable
|
||||||||
|
Inventories
|
||||||||
|
Prepaid Expenses
|
234,932.43 | 242,091.94 | ||||||
|
Professional Retainers
|
54,703.60 | 54,703.60 | ||||||
|
Other Current Assets (attach schedule)
|
250,768.00 | 250,768.00 | ||||||
|
Total Current Assets
|
$ | 543,721.77 | $ | 584,403.78 | ||||
|
Property and Equipment
|
||||||||
|
Real Property and Improvements
|
||||||||
|
Machinery and Equipment
|
||||||||
|
Furniture, Fixtures and Office Equipment
|
||||||||
|
Leasehold Improvements
|
||||||||
|
Vehicles
|
||||||||
|
Less Accumulated Depreciation
|
||||||||
|
Total Property & Equipment
|
$ | - | $ | - | ||||
|
Other Assets
|
||||||||
|
Loans to Insiders *
|
||||||||
|
Other Assets (see schedule)
|
17,108,527.02 | 17,107,507.81 | ||||||
|
Total Other Assets
|
$ | 17,108,527.02 | $ | 17,107,507.81 | ||||
|
Total Assets
|
$ | 17,652,248.79 | $ | 17,691,911.59 | ||||
|
Book Value at End of
|
Book Value on
|
|||||||
|
Liabilities And Owner Equity
|
Current Reporting Month
|
Petition Date
|
||||||
|
Liabilities Not Subject to Compromise (Postpetition)
|
||||||||
|
Accounts Payable
|
18,008.46 | |||||||
|
Taxes Payable (refer to Form MOR-4)
|
4,881.52 | |||||||
|
Wages Payable
|
||||||||
|
Notes Payable
|
||||||||
|
Rent/Leases - Building/Equipment
|
||||||||
|
Secured Debt / Adequate Protection Payments
|
||||||||
|
Professional Fees
|
||||||||
|
Amounts Due to Insiders * (defined in 11 U.S.C. Section 101(31))
|
3,003.62 | |||||||
|
Other Postpetition Liabilities (attach schedule)
|
524.01 | |||||||
|
Total Postpetition Liabilities
|
$ | 26,417.61 | $ | - | ||||
|
Liabilities Subject to Compromise
|
||||||||
|
Secured Debt
|
2,005,050.59 | 2,005,050.59 | ||||||
|
Priority Debt
|
50,423.19 | 51,133.31 | ||||||
|
Unsecured Debt
|
9,468,127.10 | 9,494,075.61 | ||||||
|
Total Pre-Petition Liabilities
|
$ | 11,523,600.88 | $ | 11,550,259.51 | ||||
|
Total Liabilities
|
$ | 11,550,018.49 | $ | 11,550,259.51 | ||||
|
Owner Equity
|
||||||||
|
Capital Stock
|
5,172,577.50 | 5,172,577.50 | ||||||
|
Additional Paid-In Capital
|
30,006,795.83 | 30,006,795.83 | ||||||
|
Partners' Capital Account
|
||||||||
|
Owner's Equity Account
|
||||||||
|
Retained Earning - Pre-Petition
|
(27,441,051.23 | ) | (27,441,051.23 | ) | ||||
|
Retained Earning - Postpetition
|
(39,421.78 | ) | ||||||
|
Adjustments to Owner Equity (attach schedule)
|
(1,596,670.02 | ) | (1,596,670.02 | ) | ||||
|
Postpetition contributions (Distributions) (Draws) (attach schedule)
|
||||||||
|
Net Owner Equity
|
$ | 6,102,230.30 | $ | 6,141,652.08 | ||||
|
Total Liabilities and Owners' Equity
|
$ | 17,652,248.79 | $ | 17,691,911.59 | ||||
|
In re
|
RCLC, Inc
|
Case No.
|
10-35313-MBK
|
|||
|
Reporting Period
|
08/18/10 - 09/30/10
|
|||||
|
BALANCE SHEET - continuation sheet
|
||||||
|
Book Value at End of
|
Book Value on
|
|||||||
|
Assets
|
Current Reporting Month
|
Petition Date
|
||||||
|
Other Current Assets
|
||||||||
|
Current Deferred Tax Asset
|
250,768.00 | 250,768.00 | ||||||
| $ | 250,768.00 | $ | 250,768.00 | |||||
|
Other Assets
|
||||||||
|
Investment in Subsidiaries
|
8,972,480.35 | 8,972,480.35 | ||||||
|
Intercompany Receivables - Prometcor
|
4,686,643.53 | 4,686,643.53 | ||||||
|
Intercompany Receivables - RCPC Liquidating
|
1,001,365.24 | 999,740.57 | ||||||
|
Deferred Sale costs - Ronson Aviation
|
348,601.95 | 348,601.95 | ||||||
|
Non-Current Deferred Tax Asset
|
2,034,742.68 | 2,034,742.68 | ||||||
|
Rights Plan
|
3,630.74 | 4,125.86 | ||||||
|
Cash Surrender Value - Life Insurance
|
61,062.53 | 61,172.87 | ||||||
| $ | 17,108,527.02 | $ | 17,107,507.81 | |||||
|
Book Value at End of
|
Book Value on
|
|||||||
|
Liabilities And Owner Equity
|
Current Reporting Month
|
Petition Date
|
||||||
|
Other Postpetition Liabilities
|
||||||||
|
401k Contribution W/H - Employee
|
524.01 | - | ||||||
| $ | 524.01 | $ | - | |||||
|
Adjustments to Owner Equity
|
||||||||
|
Treasury Stock
|
(1,596,670.02 | ) | (1,596,670.02 | ) | ||||
| $ | (1,596,670.02 | ) | $ | (1,596,670.02 | ) | |||
|
Postpetition contributions (Distributions) (Draws) (attach schedule)
|
||||||||
| $ | - | $ | - | |||||
|
In re
|
RCLC, Inc
|
Case No.
|
10-35313-MBK
|
||||||||||
|
Reporting Period
|
08/18/10 - 09/30/10
|
||||||||||||
|
STATUS OF POSTPETITION TAXES
|
|||||||||||||
|
Beginning
|
Amount Withheld |
|
Check No.
|
Ending
|
||||||||||||||||||||
|
Tax Liability
|
or Accrued
|
Amount Paid
|
Date Paid
|
or EFT
|
Tax Liability
|
|||||||||||||||||||
|
Federal
|
||||||||||||||||||||||||
|
Withholding
|
$ | - | $ | 7,838.00 | $ | (5,288.00 | ) | $ | 2,550.00 | |||||||||||||||
|
FICA-Employee
|
2,439.78 | (1,668.51 | ) | 771.27 | ||||||||||||||||||||
|
FICA-Employer
|
2,439.76 | (1,668.51 | ) | 771.25 | ||||||||||||||||||||
|
Unemployment
|
266.86 | 266.86 | ||||||||||||||||||||||
|
Income
|
- | |||||||||||||||||||||||
|
Other:
|
- | |||||||||||||||||||||||
|
Total Federal Taxes
|
$ | - | $ | 12,984.40 | $ | (8,625.02 | ) | $ | 4,359.38 | |||||||||||||||
|
State and Local
|
||||||||||||||||||||||||
|
Withholding
|
- | 1,210.24 | (1,073.38 | ) | 136.86 | |||||||||||||||||||
|
Sales
|
- | |||||||||||||||||||||||
|
Excise
|
- | |||||||||||||||||||||||
|
Unemployment
|
328.89 | 328.89 | ||||||||||||||||||||||
|
Real Property
|
- | |||||||||||||||||||||||
|
Personal Property
|
||||||||||||||||||||||||
|
Other:
|
56.39 | 56.39 | ||||||||||||||||||||||
|
Total State and Local
|
$ | - | $ | 1,595.52 | $ | (1,073.38 | ) | $ | 522.14 | |||||||||||||||
|
Total Taxes
|
$ | - | $ | 14,579.92 | $ | (9,698.40 | ) | $ | 4,881.52 | |||||||||||||||
|
SUMMARY OF UNPAID POSTPETITION DEBTS
|
||||||||||||||||||||||||
|
Attached listing of accounts payable
|
||||||||||||||||||||||||
|
Current
|
0-30 | 31-60 | 61-90 |
Over 90
|
Total
|
|||||||||||||||||||
|
Accounts Payable
|
$ | 15,345.51 | $ | 2,662.95 | $ | - | $ | - | $ | - | $ | 18,008.46 | ||||||||||||
|
Wages Payable
|
- | |||||||||||||||||||||||
|
Taxes Payable
|
4,881.52 | 4,881.52 | ||||||||||||||||||||||
|
Rent/Leases-Building
|
- | |||||||||||||||||||||||
|
Rent/Leases-Equipment
|
- | |||||||||||||||||||||||
|
Secured Debt/Adequate Protection Payments
|
- | |||||||||||||||||||||||
|
Professional Fees
|
- | |||||||||||||||||||||||
|
Amounts Due to Insiders *
|
3,003.62 | 3,003.62 | ||||||||||||||||||||||
|
Other: 401K Employee
|
524.01 | 524.01 | ||||||||||||||||||||||
|
Other:
|
- | |||||||||||||||||||||||
|
Total Postpetition Debts
|
$ | 15,345.51 | $ | 11,072.10 | $ | - | $ | - | $ | - | $ | 26,417.61 | ||||||||||||
|
In re
|
RCLC, Inc.
|
Case No.
|
10-35313-MBK
|
||
|
Reporting Period
|
08/18/10 - 09/30/10
|
||||
|
ACCOUNTS RECEIVABLE RECONCILING AND AGING
|
|||||
|
Accounts Receivable Reconciliation
|
Amount
|
|||||||
|
Total Accounts Receivable at the beginning of the reporting period
|
$ | - | ||||||
|
(+) Amounts billed during the period
|
- | |||||||
|
(-) Amounts collected during the period
|
- | |||||||
|
Total Accounts Receivable at the end of the reporting period
|
$ | - | ||||||
|
Accounts Receivable Aging
|
Amount
|
|||||||
| 0 - 30 days old | - | |||||||
| 31 - 60 days old | - | |||||||
| 61 - 90 days old | - | |||||||
| 91 + days old | - | |||||||
|
Total Accounts Receivable
|
$ | - | ||||||
|
Amounts considered uncollectible (Bad Debt)
|
||||||||
|
Accounts Receivable (Net)
|
$ | - | ||||||
|
DEBTOR QUESTIONNAIRE
|
|||||
|
Must be completed each month
|
Yes
|
No
|
|||
|
1.
|
Have any assets been sold or transferred outside the normal course of business
|
P
|
|||
|
this reporting period? If yes, provide an explanation below.
|
|||||
|
2.
|
Have any funds been disbursed from any account other than a debtor in possession
|
P
|
|||
|
account this reporting period? If yes, provide an explanation
|
|||||
|
3.
|
Have all postpetition tax returns been timely filed? If no, provide an explanation
|
P
|
|||
|
below.
|
|||||
|
4.
|
Are workers compensation, general liability and other necessary insurance
|
P
|
|||
|
coverage in effect? If no, provide an explanation below.
|
|||||
|
5.
|
Has any bank account been opened during the reporting period? If yes, provide
|
P
|
|||
|
documentation identifying the opened account(s). If an investment account has been opened
|
|||||
|
provide the required documentation pursuant to the Delaware Local Rule 4001-3.
|
|||||