Attached files
Exhibit 99.1
| Molecular Insight Pharmaceuticals, Inc. |
Case No. | 10-23355 (FJB) | ||||
| Debtor |
Reporting Period | 4/1/2011–4/30/2011 | ||||
BALANCE SHEET
| ASSETS |
BOOK VALUE AT END OF CURRENT REPORTING MONTH |
BOOK VALUE ON PETITION DATE |
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| CURRENT ASSETS |
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| Unrestricted Cash and Cash Equivalents |
$ | 4,587,851 | $ | 14,925,779 | ||||
| Restricted Cash and Cash Equivalents |
524,247 | 520,995 | ||||||
| Accounts Receivable (Net) |
322,694 | 204,255 | ||||||
| Notes Receivable |
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| Inventories |
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| Prepaid Expenses |
999,672 | 1,708,993 | ||||||
| Professional Retainers |
1,934,101 | 1,990,119 | ||||||
| Employee Advances |
20,050 | 21,550 | ||||||
| Deposits |
1,084,177 | 1,071,082 | ||||||
| TOTAL CURRENT ASSETS |
9,472,792 | 20,442,773 | ||||||
| PROPERTY & EQUIPMENT |
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| Lab & Equipment |
3,467,761 | 3,425,980 | ||||||
| Furniture & Fixtures |
328,467 | 328,467 | ||||||
| Leasehold Improvements |
838,407 | 838,407 | ||||||
| Construction-In-Process |
3,686,551 | 3,518,355 | ||||||
| Less Accumulated Depreciation |
(4,026,826 | ) | (3,775,735 | ) | ||||
| TOTAL PROPERTY & EQUIPMENT |
4,294,360 | 4,335,474 | ||||||
| OTHER ASSETS |
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| Financing Costs |
3,146,014 | 3,146,014 | ||||||
| TOTAL OTHER ASSETS |
3,146,014 | 3,146,014 | ||||||
| TOTAL ASSETS |
$ | 16,913,166 | $ | 27,924,261 | ||||
| LIABILITIES AND OWNER EQUITY |
BOOK VALUE AT END OF CURRENT REPORTING MONTH |
BOOK VALUE ON PETITION DATE |
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| LIABILITIES NOT SUBJECT TO COMPROMISE (Post-Petition) |
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| Accounts Payable |
1,111,003 | 1,581,473 | ||||||
| Accrued Expenses |
4,903,008 | 1,729,379 | ||||||
| Accrued Clinical Expense |
2,206,716 | 2,198,736 | ||||||
| Vacation Payable |
196,646 | 314,884 | ||||||
| Employee FSA Medical |
(1,614 | ) | 1,582 | |||||
| Employee FSA Dependent Care |
1,103 | 2,070 | ||||||
| Accrued Purchases |
16,758 | 12,376 | ||||||
| Accrued Audit Fees |
605,848 | 487,270 | ||||||
| Deferred Revenue |
25,000 | 25,000 | ||||||
| Refundable Credits |
354,400 | 354,400 | ||||||
| Asset Retirement Obligation |
320,394 | 312,115 | ||||||
| Rent/Leases–Building/Equipment |
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| Professional Fees |
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| Amounts Due to Insiders |
12,000 | |||||||
| TOTAL POST-PETITION LIABILITIES |
9,751,262 | 7,019,285 | ||||||
| LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition) |
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| Accounts Payable—Pre-Petition |
1,497,780 | 0 | ||||||
| Bonds Payable |
150,000,000 | 150,000,000 | ||||||
| Accrued Severance |
162,500 | 162,500 | ||||||
| PIK Interest & Bonds |
51,794,104 | 51,794,104 | ||||||
| Bond Discount & Derivative |
(7,976,199 | ) | (7,976,199 | ) | ||||
| TOTAL PRE-PETITION LIABILITIES |
195,478,185 | 193,980,405 | ||||||
| TOTAL LIABILITIES |
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| OWNERS' EQUITY |
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| Common Stock |
252,683 | 252,683 | ||||||
| Additional Paid in Capital |
184,449,114 | 183,847,458 | ||||||
| Accumulated Deficit—Pre-Petition |
(357,175,570 | ) | (357,175,570 | ) | ||||
| Accumulated Deficit—Post-Petition |
(15,842,508 | ) | ||||||
| NET OWNERS' EQUITY |
(188,316,281 | ) | (173,075,429 | ) | ||||
| TOTAL LIABILITIES AND OWNERS' EQUITY |
$ | 16,913,166 | $ | 27,924,261 | ||||
MOR-4
The Monthly Operating Report (“MOR”) is unaudited and reflects the Debtor's best efforts to report the assets and liabilities of the Debtor on an unconsolidated basis. The MOR neither purports to represent financial statements prepared in accordance with with Generally Accepted Accounting Principles (“GAAP”), nor is the MOR intended to fully reconcile to any such financial statements. The MOR does not constitute an admission of liability of the Debtor with respect to any item referenced.
The Debtor records general accruals for certain categories of liabilities that are estimates of anticipated aggregate liability that are not tied to particular invoices or vendors. Certain deferred charges, accounts or reserves indicated as “accrued” or “deferred” that relate to clinical trials, other contractual liabilities of the Debtor, and for GAAP reporting purposes are recorded on MOR-4. These deferred expenses do not represent any actual liability incurred, due or payable, are not claims against the Debtor as of the Petition Date or for the current reporting period, and may not result in any administrative expense liability.