RONSON CORP - FORM 8-K - EX-99.4 - EXHIBIT 99.4

RONSON CORP - FORM 8-K - EX-99.4 - EXHIBIT 99.4 - September 9, 2011

Attached files

Attached files

RONSON CORP Reports

Also read

Attached files

RONSON CORP Reports

Also read

file	filename
8-K - FORM 8K - RONSON CORP	form8k-117847_rclc.htm
EX-99.7 - EXHIBIT 99.7 - RONSON CORP	ex99-7.htm
EX-99.5 - EXHIBIT 99.5 - RONSON CORP	ex99-5.htm
EX-99.1 - EXHIBIT 99.1 - RONSON CORP	ex99-1.htm
EX-99.2 - EXHIBIT 99.2 - RONSON CORP	ex99-2.htm
EX-99.6 - EXHIBIT 99.6 - RONSON CORP	ex99-6.htm
EX-99.3 - EXHIBIT 99.3 - RONSON CORP	ex99-3.htm

Exhibit 99.4

In re	RCLC, Inc	Case No.	10-35313-MBK
		Reporting Period	7/01/11 - 7/31/11

BALANCE SHEET

Accrual Basis


	Book Value at End of		Book Value on
Assets	Current Reporting Month		Petition Date
Current Assets
Unrestricted Cash and Equivalents	$	504,791.70	$	36,840.24
Restricted Cash and Equivalents (see continuation sheet)
Accounts Receivable (Net)
Notes Receivable
Inventories
Prepaid Expenses		6,056.71		242,091.94
Professional Retainers		53,117.00		54,703.60
Other Current Assets (attach schedule)		247,775.00		250,768.00
Total Current Assets		811,740.41		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)		15,831,601.80		17,107,507.81
Total Other Assets		15,831,601.80		17,107,507.81

Total Assets	$	16,643,342.21	$	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	$	3,936.06		$	-
Taxes Payable (refer to Form MOR-4)		4,451.22
Wages Payable
Notes Payable
Rent/Leases - Building/Equipment
Secured Debt / Adequate Protection Payments
Professional Fees		44,935.35
Amounts Due to Insiders * (defined in 11 U.S.C. Section 101(31))		-
Other Postpetition Liabilities (attach schedule)		52,766.07
Total Postpetition Liabilities		106,088.70			-
Liabilities Subject to Compromise
Secured Debt		-			2,005,050.59
Priority Debt		36,227.91			51,133.31
Unsecured Debt		10,539,096.94			9,494,040.48
Total Pre-Petition Liabilities		10,575,324.85			11,550,224.38
Total Liabilities		10,681,413.55			11,550,224.38

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		(27,441,016.10	)		(27,441,016.10	)
Retained Earning - Postpetition		(179,758.55	)
Adjustments to Owner Equity (attach schedule)		(1,596,670.02	)		(1,596,670.02	)
Postpetition contributions (Distributions) (Draws) (attach schedule)
Net Owner Equity		5,961,928.66			6,141,687.21

Total Liabilities and Owners' Equity	$	16,643,342.21		$	17,691,911.59

	Book Value at End of			Book Value on
Assets	Current Reporting Month			Petition Date
Other Current Assets
Current Deferred Tax Asset	$	247,775.00		$	250,768.00



	$	247,775.00		$	250,768.00
Other Assets
Investment is Subsidiaries	$	8,972,480.35		$	8,972,480.35
Intercompany Receivables - Prometcor		4,686,643.53			4,686,643.53
Intercompany Receivables - RCPC Liquidating		25,076.00			999,740.57
Intercompany Receivables - RA Liquidating		25,076.00			-
Deferred Sale costs - Ronson Aviation		-			348,601.95
Non-Current Deferred Tax Asset		2,083,890.68			2,034,742.68
Rights Plan		329.94			4,125.86
Cash Surrender Value - Life Insurance		38,105.30			61,172.87
	$	15,831,601.80		$	17,107,507.81


	Book Value at End of			Book Value on
Liabilities And Owner Equity	Current Reporting Month			Petition Date
Other Postpetition Liabilities
Accrued Federal Income Tax	$	-		$	-
Accrued interest		18,664.43
Accrued vacation		12,322.25
Accrued audit costs		15,716.88
Employee 401K deferrals		-
Other accrued expenses		6,062.51
	$	52,766.07		$	-

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)




	$	-		$	-


	Book Value at End of			Book Value on
Assets	Current Reporting Month			Petition Date
Current Assets
Unrestricted Cash and Equivalents	$	1,154,676.69		$	55,407.50
Restricted Cash and Equivalents (see continuation sheet)		250,162.43			1,317,411.24
Accounts Receivable (Net)
Notes Receivable
Inventories
Prepaid Expenses		8,973.52			8,973.52
Professional Retainers
Other Current Assets (attach schedule)		30,347.00			22,721.00
Total Current Assets		1,444,159.64			1,404,513.26

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)		2,595,877.46			3,168,615.99
Total Other Assets		2,595,877.46			3,168,615.99

Total Assets	$	4,040,037.10		$	4,573,129.25

	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	$	346.25		$	-
Taxes Payable (refer to Form MOR-4)
Wages Payable
Notes Payable
Rent/Leases - Building/Equipment
Secured Debt / Adequate Protection Payments
Professional Fees		38,965.36
Amounts Due to Insiders *
Other Postpetition Liabilities (attach schedule)		25,076.00
Total Postpetition Liabilities		64,387.61			-
Liabilities Subject to Compromise
Secured Debt		-			1,940.56
Priority Debt		-			1,022.54
Unsecured Debt		2,948,205.95			3,243,166.33
Total Pre-Petition Liabilities		2,948,205.95			3,246,129.43
Total Liabilities		3,012,593.56			3,246,129.43

Owner Equity
Capital Stock		100.00			100.00
Additional Paid-In Capital		1,250,000.00			1,250,000.00
Partners' Capital Account
Owner's Equity Account
Retained Earning - Pre-Petition		74,167.82			74,167.82
Retained Earning - Postpetition		(299,556.28	)
Adjustments to Owner Equity (attach schedule)		2,732.00			2,732.00
Postpetition contributions (Distributions) (Draws) (attach schedule)
Net Owner Equity		1,027,443.54			1,326,999.82

Total Liabilities and Owners' Equity	$	4,040,037.10		$	4,573,129.25

	Book Value at End of		Book Value on
Assets	Current Reporting Month		Petition Date
Other Current Assets
Deferred income tax assets	$	30,347.00	$	22,721.00



	$	30,347.00	$	22,721.00
Other Assets
Account receivable - RCC, Inc.	$	399,075.89	$	263,206.89
Account receivable - RA Liquidating Corp		95,854.95		2,473,273.07
Account receivable - RCLC, Inc.		830,596.59
Deferred income tax assets		1,270,350.03		432,136.03

	$	2,595,877.46	$	3,168,615.99


	Book Value at End of		Book Value on
Liabilities And Owner Equity	Current Reporting Month		Petition Date
Other Postpetition Liabilities
Due to RCLC, Inc.	$	25,076.00	$	-
Due to RA Liquidating Corp		-
Due to RCC, Inc.		-



	$	25,076.00	$	-

Adjustments to Owner Equity
Accum other comprehensive loss	$	2,732.00	$	2,732.00



	$	2,732.00	$	2,732.00

Postpetition contributions (Distributions) (Draws) (attach schedule)




	$	-	$	-


	Book Value at End of			Book Value on
Assets	Current Reporting Month			Petition Date
Current Assets
Unrestricted Cash and Equivalents	$	1,084,759.88		$	39,998.00
Restricted Cash and Equivalents (see continuation sheet)
Accounts Receivable (Net)		-			143,218.00
Notes Receivable
Inventories					223,977.00
Prepaid Expenses					91,243.00
Professional Retainers		-			25,000.00
Other Current Assets (attach schedule)		567,376.03			527,549.00
Total Current Assets		1,652,135.91			1,050,985.00

Property and Equipment
Real Property and Improvements					5,505,335.00
Machinery and Equipment					667,352.00
Furniture, Fixtures and Office Equipment					346,616.00
Leasehold Improvements					1,108,308.00
Vehicles					15,872.00
Less Accumulated Depreciation					(4,389,112.00	)
Total Property & Equipment		-			3,254,371.00

Other Assets
Loans to Insiders *
Other Assets (see schedule)		3,862,391.21			3,514,233.00
Total Other Assets		3,862,391.21			3,514,233.00

Total Assets	$	5,514,527.12		$	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	$	(10,075.00	)	$	-
Taxes Payable (refer to Form MOR-4)		922.78
Wages Payable
Notes Payable
Rent/Leases - Building/Equipment
Secured Debt / Adequate Protection Payments
Professional Fees		41,264.01
Amounts Due to Insiders *		-
Other Postpetition Liabilities (attach schedule)		137,954.63
Total Postpetition Liabilities		170,066.42			-
Liabilities Subject to Compromise
Secured Debt					3,576,750.00
Priority Debt		6,122.47			21,836.00
Unsecured Debt		1,369,228.32			3,234,837.58
Total Pre-Petition Liabilities		1,375,350.79			6,833,423.58
Total Liabilities		1,545,417.21			6,833,423.58

Owner Equity
Capital Stock		9,040.00			9,040.00
Additional Paid-In Capital		5,987,035.74			5,987,036.00
Partners' Capital Account
Owner's Equity Account
Retained Earning - Pre-Petition		(5,009,910.58	)		(5,009,910.58	)
Retained Earning - Postpetition		2,982,944.75
Adjustments to Owner Equity (attach schedule)

Postpetition contributions (Distributions) (Draws) (attach schedule)
Net Owner Equity		3,969,109.91			986,165.42

Total Liabilities and Owners' Equity	$	5,514,527.12		$	7,819,589.00

	Book Value at End of		Book Value on
Assets	Current Reporting Month		Petition Date
Other Current Assets
Deferred income tax assets	$	67,193.00	$	120,059.00
Deferred costs of business sale				397,995.00
Other receivables				9,495.00
Environmental escrow accounts		500,183.03
	$	567,376.03	$	527,549.00
Other Assets
Deferred income tax assets	$	404,927.00	$	888,294.00
Deferred loan costs		-		98,201.00
Trademark				2,000.00
Accrued income tax - intercompany allocation		-		313,071.00
Account receivable - RCLC		3,457,464.21		2,212,667.00
	$	3,862,391.21	$	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	$	-	$	-
Other payroll deductions
Sales and use taxes
Accrued vacation, sick, and holiday pay
Accrued audit fees		8,333.30
Accrued line service incentive pay
Accrued interest expense
Accrued other bank charges
Accrued 401k Company match
Accrued credit card fees
Accrued income taxes
Accrued other		8,690.38
Deferred rental income
Intercompany payable - RCLC, Inc.		25,076.00
Intercompany payable - RCPC Liq Corp		95,854.95
	$	137,954.63	$	-

Adjustments to Owner Equity
	$	-	$	-



	$	-	$	-

Postpetition contributions (Distributions) (Draws) (attach schedule)

	$	-	$	-


	$	-	$	-

10-35313-MBK

Reporting Period

7/01/11 - 7/31/11

BALANCE SHEET - continuation sheet