Attached files
| file | filename |
|---|---|
| 8-K - FORM 8K - RONSON CORP | form8k-112539_rclc.htm |
| EX-99.1 - EXHIBIT 99.1 - RONSON CORP | ex99-1.htm |
| EX-99.2 - EXHIBIT 99.2 - RONSON CORP | ex99-2.htm |
Exhibit 99.3
|
UNITED STATES BANKRUPTCY COURT
|
|
DISTRICT OF NEW JERSEY
|
|
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-MBK
|
||||
|
Reporting Period
|
08/18/10 - 09/30/10
|
||||||
|
MONTHLY OPERATING REPORT
|
|||||||
|
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
|
|||||||
|
Document
|
Explanation
|
Affidavit/Supplement
|
|||||
|
REQUIRED DOCUMENTS
|
Form No.
|
Attached
|
Attached
|
Attached
|
|||
|
Schedule of Cash Receipts and Disbursements
|
MOR-1
|
X
|
|||||
|
Bank Reconciliation (or copies of debtor's bank reconciliation)
|
MOR-1a
|
X
|
|||||
|
Schedule of Professional Fees Paid
|
MOR-1b
|
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
|
MOR-4
|
X
|
|||||
|
Copies of IRS Form 6123 or payment receipt
|
X
|
||||||
|
Copies of tax returns filed during reporting period
|
X
|
||||||
|
Summary of Unpaid Postpetition Debts
|
MOR-4
|
X
|
|||||
|
Listing of aged accounts payable
|
MOR-4
|
X
|
|||||
|
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 attached documents
|
|||||||
|
are true and correct to the best of my knowledge and belief.
|
|||||||
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Signature of Debtor
|
Date
|
||||||
|
Signature of Joint Debtor
|
Date
|
||||||
|
/s/ Daryl Holcomb
|
Nov. 18, 2010
|
||||||
|
Signature of Authorized Individual *
|
Date
|
||||||
|
Daryl Holcomb
|
Vice President
|
||||||
|
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.
|
|||||||
|
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-MBK
|
||||||||
|
Reporting Period
|
08/18/10 - 09/30/10
|
||||||||||
| SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS | |||||||||||
|
Bank Accounts
|
Current Month
|
Cumulative Filing to Date
|
||||||||||||||||||||||||||||||
|
Operating
|
Payroll
|
Tax
|
Other
|
Actual
|
Projected
|
Actual
|
Projected
|
|||||||||||||||||||||||||
|
Cash Beginning of Month
|
$ | 36,772.07 | $ | - | $ | 1,718.81 | $ | 1,507.11 | $ | 39,997.99 | $ | - | $ | 39,997.99 | $ | - | ||||||||||||||||
|
Receipts
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
||||||||||||||||||||||||
|
Cash Sales
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
|
Accounts Receivable (1)
|
861,747.28 | 861,747.28 | 861,747.28 | |||||||||||||||||||||||||||||
|
Loans and Advances
|
731,000.00 | 731,000.00 | 731,000.00 | |||||||||||||||||||||||||||||
|
Sale of Assets
|
- | |||||||||||||||||||||||||||||||
|
Other (Attach List) (2)
|
(41,165.99 | ) | (41,165.99 | ) | (41,165.99 | ) | ||||||||||||||||||||||||||
|
Transfers (From DIP Accts.)
|
111,350.11 | 39,699.56 | 151,049.67 | 151,049.67 | ||||||||||||||||||||||||||||
|
Change in clearings
|
217.35 | 217.35 | 217.35 | |||||||||||||||||||||||||||||
|
Total Receipts
|
$ | 731,000.00 | $ | 111,350.11 | $ | 39,699.56 | $ | 820,798.64 | $ | 1,702,848.31 | $ | - | $ | 1,702,848.31 | $ | - | ||||||||||||||||
|
Disbursements
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
Amount
|
||||||||||||||||||||||||
|
Net Payroll
|
$ | - | $ | 111,350.11 | $ | - | $ | - | $ | 111,350.11 | $ | - | $ | 111,350.11 | $ | - | ||||||||||||||||
|
Payroll Taxes
|
192.30 | 38,239.31 | 38,431.61 | 38,431.61 | ||||||||||||||||||||||||||||
|
Sales, Use, & Other Taxes
|
- | |||||||||||||||||||||||||||||||
|
Inventory Purchases
|
401,890.84 | 401,890.84 | 401,890.84 | |||||||||||||||||||||||||||||
|
Secured/Rental/Leases
|
17,261.50 | 17,261.50 | 17,261.50 | |||||||||||||||||||||||||||||
|
Insurance
|
40,783.12 | 40,783.12 | 40,783.12 | |||||||||||||||||||||||||||||
|
Administrative
|
4,801.11 | 4,801.11 | 4,801.11 | |||||||||||||||||||||||||||||
|
Selling
|
- | |||||||||||||||||||||||||||||||
|
Other (Attach List)
|
153,007.72 | 153,007.72 | 153,007.72 | |||||||||||||||||||||||||||||
|
Loan payments
|
820,581.29 | 820,581.29 | 820,581.29 | |||||||||||||||||||||||||||||
|
Owner Draw *
|
- | |||||||||||||||||||||||||||||||
|
Transfers (To DIP Accts)
|
151,049.67 | 151,049.67 | 151,049.67 | |||||||||||||||||||||||||||||
| - | ||||||||||||||||||||||||||||||||
|
Professional Fees
|
- | |||||||||||||||||||||||||||||||
|
U.S. Trustee Quarterly Fees
|
- | |||||||||||||||||||||||||||||||
|
Court Costs
|
- | |||||||||||||||||||||||||||||||
|
Total Disbursements
|
$ | 768,986.26 | $ | 111,350.11 | $ | 38,239.31 | $ | 820,581.29 | $ | 1,739,156.97 | $ | - | $ | 1,739,156.97 | $ | - | ||||||||||||||||
|
Net Cash Flow
|
(37,986.26 | ) | - | 1,460.25 | 217.35 | (36,308.66 | ) | (36,308.66 | ) | |||||||||||||||||||||||
|
(Receipts Less Disbursements)
|
||||||||||||||||||||||||||||||||
|
Cash - End of Month
|
$ | (1,214.19 | ) | $ | - | $ | 3,179.06 | $ | 1,724.46 | $ | 3,689.33 | $ | - | $ | 3,689.33 | $ | - | |||||||||||||||
|
* Compensation to Sole Proprietors for Services Rendered to Bankruptcy Estate
|
||||||||||||||||||||||||||||||||
|
THE FOLLOWING SECTION MUST BE COMPLETED
|
||||||||||||||||||||||||||||||||
|
Disbursements for Calculating U.S. Trustee Quarterly Fees: (From Current Month Actual Column)
|
||||||||||||||||||||||||||||||||
|
Total Disbursements
|
$ | 1,739,156.97 | ||||||||||||||||||||||||||||||
|
Less: Transfers to Debtor in Possession Accounts
|
(151,049.67 | ) | ||||||||||||||||||||||||||||||
|
Plus: Estate Disbursements Made by Outside Sources (i.e. from escrow accounts)
|
||||||||||||||||||||||||||||||||
|
Total Disbursements for Calculating U.S. Trustee Quarterly Fees
|
$ | 1,588,107.30 | ||||||||||||||||||||||||||||||
|
(1) All receipts were swept by the lender and applied directly to the secured debt.
|
||||||||||||||||||||||||||||||||
|
(2) Forward of receipts belonging to Zippo Mfg to Zippo.
|
||||||||||||||||||||||||||||||||
|
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-MBK
|
|||||||||||||
|
Reporting Period
|
8/17/10 - 9/30/10
|
|||||||||||||||
| BANK RECONCILIATIONS | |||||||||
| Continuation Sheet for MOR-1 | |||||||||
|
Operating
|
Tax
|
Cash Collateral
|
Operating
|
Payroll
|
Other
|
||||||||||||||||||||||||||||||||||||
|
Wells Fargo Bank,
NA
|
Wells Fargo Bank,
NA
|
Capital One
Bank
|
Capital One
Bank
|
Capital One
Bank
|
Cash on hand
|
||||||||||||||||||||||||||||||||||||
|
*
|
*
|
*
|
*
|
*
|
|||||||||||||||||||||||||||||||||||||
|
Balance Per Book
|
$ | (1,214.19 | ) | $ | 3,179.06 | $ | - | $ | - | $ | 120.58 | $ | - | $ | 1,603.88 | ||||||||||||||||||||||||||
|
Balance Per Bank
|
$ | 47,951.53 | $ | 3,179.06 | $ | - | $ | 32,513.82 | $ | 119.94 | $ | 21,703.15 | $ | 1,603.88 | |||||||||||||||||||||||||||
|
(+) Deposits in Transit (Attach List)
|
- | - | - | - | - | - | - | ||||||||||||||||||||||||||||||||||
|
(-) Outstanding Checks (Attach List)
|
(48,415.31 | ) | - | - | - | - | (21,706.75 | ) | - | ||||||||||||||||||||||||||||||||
|
Other (Attach Explanation)
|
(750.41 | ) | - | - | (32,513.82 | ) | 0.64 | 3.60 | - | ||||||||||||||||||||||||||||||||
|
Adjusted Bank Balance *
|
$ | (1,214.19 | ) | $ | 3,179.06 | $ | - | $ | - | $ | 120.58 | $ | 0.00 | $ | 1,603.88 | ||||||||||||||||||||||||||
|
* 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
|
|||||||||||||||||||||||||||
| 32815 | $ | 474.00 | 20554 | $ | 65.17 | ||||||||||||||||||||||||||||||||||||
| 32867 | 124.17 | 20560 | 529.93 | ||||||||||||||||||||||||||||||||||||||
| 32869 | 88.97 | 20564 | 313.00 | ||||||||||||||||||||||||||||||||||||||
| 32870 | 630.55 | 20575 | 424.40 | ||||||||||||||||||||||||||||||||||||||
| 32871 | 12,567.44 | 20576 | 376.23 | ||||||||||||||||||||||||||||||||||||||
| 32872 | 6,121.00 | 20577 | 469.41 | ||||||||||||||||||||||||||||||||||||||
| 32873 | 159.13 | 20578 | 367.48 | ||||||||||||||||||||||||||||||||||||||
| 32874 | 245.00 | 20579 | 923.01 | ||||||||||||||||||||||||||||||||||||||
| 32875 | 6,967.92 | 20580 | 492.27 | ||||||||||||||||||||||||||||||||||||||
| 32287 | 669.25 | 20581 | 436.85 | ||||||||||||||||||||||||||||||||||||||
| 32890 | 1,640.97 | 20582 | 532.03 | ||||||||||||||||||||||||||||||||||||||
| 32891 | 28.88 | 20583 | 470.66 | ||||||||||||||||||||||||||||||||||||||
| 32892 | 198.09 | 20584 | 98.10 | ||||||||||||||||||||||||||||||||||||||
| 32893 | 176.72 | 20585 | 994.21 | ||||||||||||||||||||||||||||||||||||||
| 32894 | 64.98 | 20586 | 242.77 | ||||||||||||||||||||||||||||||||||||||
| 32895 | 258.95 | 20587 | 429.07 | ||||||||||||||||||||||||||||||||||||||
| 32896 | 3,542.54 | 20588 | 516.82 | ||||||||||||||||||||||||||||||||||||||
| 32897 | 79.84 | 20589 | 400.03 | ||||||||||||||||||||||||||||||||||||||
| 32898 | 374.69 | 20590 | 749.75 | ||||||||||||||||||||||||||||||||||||||
| 32899 | 1,280.61 | 20591 | 726.27 | ||||||||||||||||||||||||||||||||||||||
| 32900 | 1,551.50 | 20592 | 280.86 | ||||||||||||||||||||||||||||||||||||||
| 32901 | 334.37 | 20593 | 539.13 | ||||||||||||||||||||||||||||||||||||||
| 32902 | 102.29 | 20594 | 565.49 | ||||||||||||||||||||||||||||||||||||||
| 32903 | 218.00 | 20595 | 754.58 | ||||||||||||||||||||||||||||||||||||||
| 32888 | 375.10 | 20596 | 493.32 | ||||||||||||||||||||||||||||||||||||||
| 32889 | 5,022.19 | 20597 | 4,462.80 | ||||||||||||||||||||||||||||||||||||||
| 32904 | 4,728.16 | 20598 | 1,124.39 | ||||||||||||||||||||||||||||||||||||||
| 32905 | 390.00 | 20599 | 1,503.77 | ||||||||||||||||||||||||||||||||||||||
| 20600 | 2,424.95 | ||||||||||||||||||||||||||||||||||||||||
| $ | 48,415.31 | $ | - | $ | - | $ | - | $ | - | $ | 21,706.75 | $ | - | ||||||||||||||||||||||||||||
|
Other
|
|||||||||||||||||||||||||||||||||||||||||
|
Pre-petition checks to be voided
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||||||||||||||
|
31081
|
(237.06 | ) | |||||||||||||||||||||||||||||||||||||||
|
31934
|
(100.00 | ) | |||||||||||||||||||||||||||||||||||||||
|
31979
|
(25.00 | ) | |||||||||||||||||||||||||||||||||||||||
|
Transfer recorded twice 08/04
|
(492.27 | ) | |||||||||||||||||||||||||||||||||||||||
|
Wrong amount recorded transfer 8/17
|
300.00 | ||||||||||||||||||||||||||||||||||||||||
|
Draft 9/28 - NJ
|
(192.30 | ) | |||||||||||||||||||||||||||||||||||||||
|
Unreconciled variance
|
(3.78 | ) | 0.64 | 3.60 | |||||||||||||||||||||||||||||||||||||
|
Receipts to be applied to loan
|
(32,513.82 | ) | |||||||||||||||||||||||||||||||||||||||
| $ | (750.41 | ) | $ | - | $ | - | $ | (32,513.82 | ) | $ | 0.64 | $ | 3.60 | $ | - | ||||||||||||||||||||||||||
* Account number has been redacted.
|
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-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
|
|||
|
NONE
|
||||||||||||
|
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-MBK
|
|||
|
Reporting Period
|
08/18/10 - 09/30/10
|
|||||
|
STATEMENT OF OPERATIONS
|
|
|
(Income Statement)
|
|
|
Accrual Basis
|
|
|
Cumulative
|
||||||||
|
Revenues
|
Month
|
Filing to Date
|
||||||
|
Gross Revenues
|
$ | 892,637.00 | $ | 892,637.00 | ||||
|
Less: Returns and Allowances
|
||||||||
|
Net Revenue
|
892,637.00 | 892,637.00 | ||||||
|
Cost of Goods Sold
|
||||||||
|
Beginning Inventory
|
223,977.00 | 223,977.00 | ||||||
|
Add: Purchases
|
428,327.00 | 428,327.00 | ||||||
|
Add: Cost of Labor
|
129,443.00 | 129,443.00 | ||||||
|
Add: Other Costs (attach schedule)
|
144,681.00 | 144,681.00 | ||||||
|
Less: Ending Inventory
|
(240,469.00 | ) | (240,469.00 | ) | ||||
|
Cost of Goods Sold
|
685,959.00 | 685,959.00 | ||||||
|
Gross Profit
|
206,678.00 | 206,678.00 | ||||||
|
Operating Expenses
|
||||||||
|
Advertising
|
||||||||
|
Auto and Truck Expense
|
589.00 | 589.00 | ||||||
|
Bad Debts
|
||||||||
|
Contributions
|
||||||||
|
Employee Benefits Programs
|
4,605.00 | 4,605.00 | ||||||
|
Insider Compensation *
|
||||||||
|
Insurance
|
2,008.00 | 2,008.00 | ||||||
|
Management Fees/Bonuses - RCLC fees
|
150,000.00 | 150,000.00 | ||||||
|
Office Expense
|
5,113.00 | 5,113.00 | ||||||
|
Pension & Profit-Sharing Plans
|
624.00 | 624.00 | ||||||
|
Repairs and Maintenance
|
||||||||
|
Rent and Lease Expense
|
||||||||
|
Salaries/Commissions/Fees
|
30,046.00 | 30,046.00 | ||||||
|
Supplies
|
441.00 | 441.00 | ||||||
|
Taxes - Payroll
|
1,112.00 | 1,112.00 | ||||||
|
Taxes - Real Estate
|
||||||||
|
Taxes - Other
|
||||||||
|
Travel and Entertainment
|
||||||||
|
Utilities
|
||||||||
|
Other (attach schedule)
|
58,009.00 | 58,009.00 | ||||||
|
Total Operating Expenses Before Depreciation
|
252,547.00 | 252,547.00 | ||||||
|
Depreciation/Depletion/Amortization
|
23,736.00 | 23,736.00 | ||||||
|
Net Profit (Loss) Before Other Income & Expenses
|
(69,605.00 | ) | (69,605.00 | ) | ||||
|
Other Income and Expenses
|
||||||||
|
Other Income (attach schedule)
|
||||||||
|
Interest Expense
|
45,471.00 | 45,471.00 | ||||||
|
Other Expense (attach schedule)
|
||||||||
|
Net Profit (Loss) Before Reorganization Items
|
(115,076.00 | ) | (115,076.00 | ) | ||||
|
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)
|
$ | (115,076.00 | ) | $ | (115,076.00 | ) | ||
|
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-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
|
||||||||
|
Building & ramp department costs
|
$ | 127,632.00 | $ | 127,632.00 | ||||
|
Avionics department costs
|
974.00 | 974.00 | ||||||
|
Maintenance department costs
|
5,297.00 | 5,297.00 | ||||||
|
Parts & service administration costs
|
10,778.00 | 10,778.00 | ||||||
| $ | 144,681.00 | $ | 144,681.00 | |||||
|
Other Operational Expenses
|
||||||||
|
Audit fees
|
$ | 5,000.00 | $ | 5,000.00 | ||||
|
Legal fees
|
||||||||
|
Fees charged by the secured lender
|
33,394.00 | 33,394.00 | ||||||
|
Amortization of loan costs
|
4,505.00 | 4,505.00 | ||||||
|
Allocation of RCLC personnel expenses
|
15,110.00 | 15,110.00 | ||||||
| $ | 58,009.00 | $ | 58,009.00 | |||||
|
Other Income
|
||||||||
| $ | - | $ | - | |||||
| $ | - | $ | - | |||||
|
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.
|
|||||
|
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-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
|
3,689.00 | 39,998.00 | ||||||
|
Restricted Cash and Equivalents (see continuation sheet)
|
||||||||
|
Accounts Receivable (Net)
|
252,629.00 | 143,218.00 | ||||||
|
Notes Receivable
|
||||||||
|
Inventories
|
240,469.00 | 223,977.00 | ||||||
|
Prepaid Expenses
|
127,923.00 | 91,243.00 | ||||||
|
Professional Retainers
|
25,000.00 | 25,000.00 | ||||||
|
Other Current Assets (attach schedule)
|
559,043.00 | 527,549.00 | ||||||
|
Total Current Assets
|
$ | 1,208,753.00 | $ | 1,050,985.00 | ||||
|
Property and Equipment
|
||||||||
|
Real Property and Improvements
|
5,505,335.00 | 5,505,335.00 | ||||||
|
Machinery and Equipment
|
667,352.00 | 667,352.00 | ||||||
|
Furniture, Fixtures and Office Equipment
|
347,127.00 | 346,616.00 | ||||||
|
Leasehold Improvements
|
1,108,308.00 | 1,108,308.00 | ||||||
|
Vehicles
|
15,872.00 | 15,872.00 | ||||||
|
Less Accumulated Depreciation
|
(4,412,711.00 | ) | (4,389,112.00 | ) | ||||
|
Total Property & Equipment
|
$ | 3,231,283.00 | $ | 3,254,371.00 | ||||
|
Other Assets
|
||||||||
|
Loans to Insiders *
|
||||||||
|
Other Assets (see schedule)
|
3,430,429.00 | 3,514,233.00 | ||||||
|
Total Other Assets
|
$ | 3,430,429.00 | $ | 3,514,233.00 | ||||
|
Total Assets
|
$ | 7,870,465.00 | $ | 7,819,589.00 | ||||
|
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
|
76,148.00 | |||||||
|
Taxes Payable (refer to Form MOR-4)
|
11,411.00 | |||||||
|
Wages Payable
|
25,892.00 | |||||||
|
Notes Payable
|
||||||||
|
Rent/Leases - Building/Equipment
|
6,351.00 | |||||||
|
Secured Debt / Adequate Protection Payments
|
||||||||
|
Professional Fees
|
16,378.00 | |||||||
|
Amounts Due to Insiders *
|
||||||||
|
Other Postpetition Liabilities (attach schedule)
|
119,653.00 | |||||||
|
Total Postpetition Liabilities
|
$ | 255,833.00 | $ | - | ||||
|
Liabilities Subject to Compromise
|
||||||||
|
Secured Debt
|
3,554,099.00 | 3,576,750.00 | ||||||
|
Priority Debt
|
21,836.00 | 21,836.00 | ||||||
|
Unsecured Debt
|
3,167,609.00 | 3,234,839.00 | ||||||
|
Total Pre-Petition Liabilities
|
$ | 6,743,544.00 | $ | 6,833,425.00 | ||||
|
Total Liabilities
|
$ | 6,999,377.00 | $ | 6,833,425.00 | ||||
|
Owner Equity
|
||||||||
|
Capital Stock
|
9,040.00 | 9,040.00 | ||||||
|
Additional Paid-In Capital
|
5,987,036.00 | 5,987,036.00 | ||||||
|
Partners' Capital Account
|
||||||||
|
Owner's Equity Account
|
||||||||
|
Retained Earning - Pre-Petition
|
(5,009,912.00 | ) | (5,009,912.00 | ) | ||||
|
Retained Earning - Postpetition
|
(115,076.00 | ) | ||||||
|
Adjustments to Owner Equity (attach schedule)
|
||||||||
|
Postpetition contributions (Distributions) (Draws) (attach schedule)
|
||||||||
|
Net Owner Equity
|
$ | 871,088.00 | $ | 986,164.00 | ||||
|
Total Liabilities and Owners' Equity
|
$ | 7,870,465.00 | $ | 7,819,589.00 | ||||
|
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-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
|
||||||||
|
Deferred income tax assets
|
120,059.00 | 120,059.00 | ||||||
|
Deferred costs of business sale
|
414,373.00 | 397,995.00 | ||||||
|
Other receivables
|
24,611.00 | 9,495.00 | ||||||
| $ | 559,043.00 | $ | 527,549.00 | |||||
|
Other Assets
|
||||||||
|
Deferred income tax assets
|
888,294.00 | 888,294.00 | ||||||
|
Deferred loan costs
|
93,697.00 | 98,201.00 | ||||||
|
Trademark
|
2,000.00 | 2,000.00 | ||||||
|
Accrued income tax - intercompany allocation
|
313,071.00 | 313,071.00 | ||||||
|
Account receivable - RCLC
|
2,133,367.00 | 2,212,667.00 | ||||||
| $ | 3,430,429.00 | $ | 3,514,233.00 | |||||
|
Book Value at End of
|
Book Value on
|
|||||||
|
Liabilities And Owner Equity
|
Current Reporting Month
|
Petition Date
|
||||||
|
Other Postpetition Liabilities
|
||||||||
|
Employee 401k deductions
|
$ | 5,660.00 | $ | - | ||||
|
Other payroll deductions
|
453.00 | |||||||
|
Accrued vacation, sick, and holiday pay
|
12,914.00 | |||||||
|
Accrued audit fees
|
5,000.00 | |||||||
|
Accrued line service incentive pay
|
2,500.00 | |||||||
|
Accrued interest expense
|
30,100.00 | |||||||
|
Accrued other bank charges
|
15,035.00 | |||||||
|
Accrued 401k Company match
|
2,673.00 | |||||||
|
Accrued credit card fees
|
4,238.00 | |||||||
|
Cash in advance payments
|
(5,498.00 | ) | ||||||
|
Accrued other
|
3,172.00 | |||||||
|
Deferred rental income
|
43,406.00 | |||||||
| $ | 119,653.00 | $ | - | |||||
|
Adjustments to Owner Equity
|
||||||||
| $ | - | $ | - | |||||
|
Postpetition contributions (Distributions) (Draws) (attach schedule)
|
||||||||
| $ | - | $ | - | |||||
|
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-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 (1)
|
$ | (500.00 | ) | $ | 18,239.55 | $ | 14,723.39 | $ | 3,016.16 | |||||||||||||||
|
FICA-Employee
|
11,041.46 | 9,155.49 | 1,885.97 | |||||||||||||||||||||
|
FICA-Employer
|
11,041.46 | 9,155.49 | 1,885.97 | |||||||||||||||||||||
|
Unemployment
|
14.40 | 14.40 | ||||||||||||||||||||||
|
Income
|
- | |||||||||||||||||||||||
|
Other:
|
- | |||||||||||||||||||||||
|
Total Federal Taxes
|
$ | (500.00 | ) | $ | 40,336.87 | $ | 33,034.37 | $ | 6,802.50 | |||||||||||||||
|
State and Local
|
||||||||||||||||||||||||
|
Withholding - New Jersey
|
- | 2,344.10 | 1,961.42 | 382.68 | ||||||||||||||||||||
|
Withholding - Pennsylvania
|
- | 1,612.93 | - | 1,612.93 | ||||||||||||||||||||
|
Sales
|
3,223.09 | 1,730.72 |
9/20/2010
|
1,492.37 | ||||||||||||||||||||
|
Excise
|
- | |||||||||||||||||||||||
|
Unemployment - New Jersey
|
1,120.38 | 1,120.38 | ||||||||||||||||||||||
|
Real Property (2)
|
(19,585.80 | ) | 19,585.80 | - | ||||||||||||||||||||
|
Personal Property
|
- | |||||||||||||||||||||||
|
Other:
|
- | |||||||||||||||||||||||
|
Total State and Local
|
$ | (19,585.80 | ) | $ | 27,886.30 | $ | 3,692.14 | $ | 4,608.36 | |||||||||||||||
|
Total Taxes
|
$ | (20,085.80 | ) | $ | 68,223.17 | $ | 36,726.51 | $ | 11,410.86 | |||||||||||||||
|
(1) Overpayment in July 2010 applied to third quarter
|
||||||||||||||||||||||||
|
(2) Third quarter property taxes paid earlier in the quarter.
|
||||||||||||||||||||||||
|
SUMMARY OF UNPAID POSTPETITION DEBTS
|
||||||||||||||||||||||||
|
Attach aged listing of accounts payable
|
||||||||||||||||||||||||
|
Current
|
0-30 | 31-60 | 61-90 |
Over 90
|
Total
|
|||||||||||||||||||
|
Accounts Payable
|
$ | 76,148.31 | $ | 23.88 | $ | - | $ | - | $ | - | $ | 76,172.19 | ||||||||||||
|
Wages Payable
|
25,892.00 | 25,892.00 | ||||||||||||||||||||||
|
Taxes Payable
|
11,410.86 | 11,410.86 | ||||||||||||||||||||||
|
Rent/Leases-Building
|
6,351.00 | 6,351.00 | ||||||||||||||||||||||
|
Rent/Leases-Equipment
|
- | |||||||||||||||||||||||
|
Secured Debt/Adequate Protection Payments
|
- | |||||||||||||||||||||||
|
Professional Fees
|
16,378.40 | 16,378.40 | ||||||||||||||||||||||
|
Amounts Due to Insiders *
|
- | |||||||||||||||||||||||
|
Other: Employee deductions
|
6,113.00 | 6,113.00 | ||||||||||||||||||||||
|
Other: Accrued expenses & deferred income
|
113,540.00 | 113,540.00 | ||||||||||||||||||||||
|
Total Postpetition Debts
|
$ | 255,833.57 | $ | 23.88 | $ | - | $ | - | $ | - | $ | 255,857.45 | ||||||||||||
|
In re
|
RA Liquidating Corp
|
Case No.
|
10-35315-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
|
$ | 154,543.12 | ||||||
|
(+) Amounts billed during the period
|
948,817.67 | |||||||
|
(-) Amounts collected during the period
|
820,466.65 | |||||||
|
(-) Credit card fees and credits during the period
|
19,177.57 | |||||||
|
Total Accounts Receivable at the end of the reporting period
|
$ | 263,716.57 | ||||||
|
Accounts Receivable Aging
|
Amount
|
|||||||
| 0 - 30 days old | 228,913.06 | |||||||
| 31 - 60 days old | 41,293.10 | |||||||
| 61 - 90 days old | 5,576.44 | |||||||
| 91 + days old | (12,066.03 | ) | ||||||
|
Total Accounts Receivable
|
$ | 263,716.57 | ||||||
|
Amounts considered uncollectible (Bad Debt)
|
||||||||
|
Accounts Receivable (Net)
|
$ | 263,716.57 | ||||||
|
DEBTOR QUESTIONNAIRE
|
|||||
|
Must be completed each month
|
Yes
|
No
|
|||
|
1.
|
Have any assets been sold or transferred outside the normal course of business
|
X
|
|||
|
this reporting period? If yes, provide an explanation below.
|
|||||
|
2.
|
Have any funds been disbursed from any account other than a debtor in possession
|
X
|
|||
|
account this reporting period? If yes, provide an explanation
|
|||||
|
3.
|
Have all postpetition tax returns been timely filed? If no, provide an explanation
|
X
|
|||
|
below.
|
|||||
|
4.
|
Are workers compensation, general liability and other necessary insurance
|
X
|
|||
|
coverage in effect? If no, provide an explanation below.
|
|||||
|
5.
|
Has any bank account been opened during the reporting period? If yes, provide
|
X
|
|||
|
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.
|
|||||