Attached files
file | filename |
---|---|
8-K - FORM 8-K - VALENCE TECHNOLOGY INC | val_8k-112012.htm |
EX-99.2 - EXHIBIT 99.2 - VALENCE TECHNOLOGY INC | ex99-2.htm |
EX-99.1 - EXHIBIT 99.1 - VALENCE TECHNOLOGY INC | ex99-1.htm |
Exhibit 99.3
MOR-1
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UNITED STATES BANKRUPTCY COURT
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||||||||
CASE NAME:
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In re Valence Technology, Inc.
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PETITION DATE:
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7/12/2012
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||||||
CASE NUMBER: | 12-11580 | DISTRICT OF TEXAS: | Western District | ||||||
PROPOSED PLAN DATE:
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DIVISION:
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MONTHLY OPERATING REPORT SUMMARY FOR MONTH
MONTH
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07/13/2012 -07/31/2012
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08/01/2012 - 8/31/2012
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09/01/2012 - 09/30/2012
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10/1/2012 - 10/31/2012
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11/01/2012 - 11/30/2012
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12/01/2012 - 12/31/2012
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||||||||||||||||||
REVENUES (MOR-6)
|
1,316,272.06 | 3,134,148.00 | 3,968,190.16 | 2,227,053.10 | 2,320,495.73 | 4,150,087.12 | ||||||||||||||||||
INCOME BEFORE INT; DEPREC./TAX (MOR-6)
|
87,284.86 | (380,729.74 | ) | (181,026.71 | ) | (497,600.02 | ) | (697,907.84 | ) | (221,183.81 | ) | |||||||||||||
NET INCOME (LOSS) (MOR-6)
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75,905.59 | (391,926.48 | ) | (192,018.70 | ) | (516,270.95 | ) | (727,704.11 | ) | (239,937.02 | ) | |||||||||||||
PAYMENTS TO INSIDERS (MOR-9)
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53,600.03 | 97,225.58 | 84,425.83 | 84,959.95 | 192,118.39 | 93,415.04 | ||||||||||||||||||
PAYMENTS TO PROFESSIONALS (MOR-9)
|
45,000.00 | 40,795.00 | 246,429.39 | 58,616.42 | 187,551.30 | 378,072.64 | ||||||||||||||||||
TOTAL DISBURSEMENTS (MOR-7)
|
$ | 1,301,597.76 | $ | 5,137,790.77 | $ | 4,513,176.38 | $ | 5,480,489.14 | $ | 7,037,864.37 | $ | 6,638,116.29 |
***The original of this document must be filed with the United States Bankruptcy Court and a copy must be sent to the United States Trustee***
CIRCLE ONE | ||||||
REQUIRED INSURANCE MAINTAINED
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Are all accounts receivable being collected within terms?
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Yes (No)
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||||
AS OF SIGNATURE DATE
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EXP.
DATE
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Are all post-petition liabilities, including taxes, being paid within terms?
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(Yes) No
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|||
Have any pre-petition liabilities been paid?
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Yes (No)
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|||||
CASUALTY YES (X ) NO ( )
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September 30, 2013
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If so, describe
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||||
LIABILITY YES (X ) NO ( )
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September 30, 2013
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Are all funds received being deposited into DIP bank accounts?
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(Yes) No
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|||
VEHICLE YES (X ) NO ( )
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September 30, 2013
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Were any assets disposed of outside the normal course of business?
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Yes (No)
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|||
WORKER'S YES (X ) NO ( )
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September 30, 2013
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If so, describe
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||||
OTHER YES (X ) NO ( )
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September 30, 2013
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Are all U.S. Trustee Quarterly Fee Payments current?
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(Yes) No
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|||
What is the status of your Plan of Reorganization?
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In process; formulating the plan of reorganization.
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ATTORNEY NAME:
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Sabrina Streusand
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I certify under penalty of perjury that the following complete
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||||||
FIRM NAME:
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Streusand, Landon & Ozburn LLP
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Monthly Operating Report (MOR), consisting of MOR-1 through
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||||||
ADDRESS:
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811 Barton Springs Road
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MOR-9 plus attachments, is true and correct.
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||||||
Suite 811
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||||||||
CITY, STATE, ZIP:
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Austin, TX 78704
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SIGNED X _/S/ Donald E. Gottschalk TITLE: Acting Chief Financial Officer
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||||||
TELEPHONE/FAX:
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512-236-9900
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(ORIGINAL SIGNATURE)
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||||||
Donald E. Gottschalk
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January 20, 2013
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|||||||
MOR-1 | (PRINT NAME OF SIGNATORY) DATE |
SIGNED X _/S/ Donald E. Gottschalk TITLE: Acting Chief Financial Officer
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|||
TITLE: Acting Chief Financial Officer |
CASE NAME: | In re Valence Technology, Inc. | |||||
CASE NUMBER:
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12-11580
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COMPARATIVE BALANCE SHEETS
ASSETS
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FILING DATE*
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MONTH
|
MONTH
|
MONTH
|
MONTH
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MONTH
|
MONTH
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|||||||||||||||||||||
7/12/2012
|
07/13/2012 -07/31/2012
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08/01/2012 - 8/31/2012
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09/01/2012 - 09/30/2012
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10/1/2012 - 10/31/2012
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11/01/2012 - 11/30/2012
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12/01/2012 - 12/31/2012
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||||||||||||||||||||||
CURRENT ASSETS
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||||||||||||||||||||||||||||
Cash
|
722,092.00 | 1,623,815.79 | 830,972.01 | 617,097.14 | 985,993.98 | 815,642.86 | 204,302.46 | |||||||||||||||||||||
Accounts Receivable, Net
|
10,111,771.00 | 9,121,999.44 | 9,437,761.48 | 9,759,880.73 | 9,894,927.46 | 8,264,898.71 | 9,345,911.25 | |||||||||||||||||||||
Inventory: Lower of Cost or Market
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6,887,264.00 | 8,325,057.66 | 8,047,808.68 | 6,836,157.63 | 6,257,683.38 | 7,093,935.19 | 6,583,156.07 | |||||||||||||||||||||
Prepaid Expenses
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105,063.00 | 343,780.00 | 223,129.10 | 189,004.37 | 561,467.77 | 550,241.95 | 543,466.08 | |||||||||||||||||||||
Investments
|
||||||||||||||||||||||||||||
Cure Payments**
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40,000.00 | 140,000.00 | 384,730.84 | 484,730.84 | ||||||||||||||||||||||||
Other
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28,079.00 | 28,078.58 | 28,078.58 | 306,499.65 | 270,000.00 | |||||||||||||||||||||||
TOTAL CURRENT ASSETS
|
17,854,269.00 | 19,442,731.47 | 18,567,749.85 | 17,748,639.52 | 18,110,072.59 | 17,109,449.55 | 17,161,566.70 | |||||||||||||||||||||
PROPERTY, PLANT & EQUIP. @ COST
|
2,228,373.00 | 2,228,373.45 | 2,228,373.45 | 2,228,373.45 | 2,228,373.45 | 2,228,373.45 | 2,228,373.45 | |||||||||||||||||||||
Less Accumulated Depreciation
|
(1,997,313.00 | ) | (2,009,339.96 | ) | (2,019,310.26 | ) | (2,027,902.74 | ) | (2,036,458.18 | ) | (2,044,917.76 | ) | (2,053,377.33 | ) | ||||||||||||||
NET BOOK VALUE OF PP & E
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231,060.00 | 219,033.49 | 209,063.19 | 200,470.71 | 191,915.27 | 183,455.69 | 174,996.12 | |||||||||||||||||||||
OTHER ASSETS
|
||||||||||||||||||||||||||||
1. Tax Deposits
|
143,157.00 | 143,157.00 | 143,157.00 | 143,157.00 | 143,157.00 | 143,157.00 | 143,157.00 | |||||||||||||||||||||
2. Investments in Subsidiaries
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6,532,959.00 | 7,012,289.94 | 6,587,703.61 | 7,464,349.89 | 8,888,550.66 | 7,407,992.94 | 6,775,177.81 | |||||||||||||||||||||
3. Electric/Utility Deposit
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37,176.70 | 42,536.81 | 44,372.16 | 44,372.16 | 44,372.16 | 44,372.16 | ||||||||||||||||||||||
4. Security deposits & Other Personal Property Not Already Listed
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96,880.00 | 95,564.71 | 95,564.71 | 148,636.42 | 148,636.42 | 148,636.42 | 148,636.42 | |||||||||||||||||||||
TOTAL ASSETS
|
$ | 24,858,325.00 | $ | 26,949,953.31 | $ | 25,645,775.17 | $ | 25,749,625.70 | $ | 27,526,704.10 | $ | 25,037,063.76 | $ | 24,447,906.21 |
* Per Schedules and Statement of Affairs
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|||||||||
** See Exhibit C: Court-approved weekly cure payments totaling $95,802.25 to Kuehne + Nagel Logistics, NV and $88,928.59 Kuehne + Nagel, Inc.
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|||||||||
and Court-approved monthly cure payments totaling $300,000 to Tianjin Lishen Battery
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|||||||||
MOR-2
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Revised 07/01/98 |
CASE NAME: | In re Valence Technology, Inc. | |||||
CASE NUMBER:
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12-11580
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COMPARATIVE BALANCE SHEETS
LIABILITIES & OWNER'S
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FILING DATE*
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MONTH
|
MONTH
|
MONTH
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MONTH
|
MONTH
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MONTH
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|||||||||||||||||||||
EQUITY
|
7/12/2012
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07/13/2012 -
07/31/2012
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08/01/2012 -
8/31/2012
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09/01/2012 -
09/30/2012
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10/1/2012 -
10/31/2012
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11/01/2012 - 11/30/2012
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12/01/2012 - 12/31/2012
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|||||||||||||||||||||
LIABILITIES
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||||||||||||||||||||||||||||
POST-PETITION LIABILITIES(MOR-4)
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3,256,488.40 | 3,093,183.93 | 639,974.02 | 3,188,797.64 | 1,724,125.33 | 1,490,812.69 | ||||||||||||||||||||||
PRE-PETITION LIABILITIES
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||||||||||||||||||||||||||||
Notes Payable - Secured
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69,101,830.00 | 69,101,830.00 | 69,101,830.00 | 69,101,829.80 | 69,101,829.80 | 69,101,829.80 | 69,101,829.80 | |||||||||||||||||||||
Priority Debt*
|
10,833.00 | 10,833.00 | 10,833.00 | |||||||||||||||||||||||||
Federal Income Tax
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||||||||||||||||||||||||||||
FICA/Withholding
|
||||||||||||||||||||||||||||
Unsecured Debt
|
9,204,733.61 | 9,204,733.61 | 9,204,733.61 | 9,225,833.26 | 9,226,196.96 | 9,226,196.96 | 9,226,196.96 | |||||||||||||||||||||
Warranty Reserve**
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1,124,919.97 | 1,124,919.97 | ||||||||||||||||||||||||||
Dividends Payable**
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1,168,601.14 | 1,168,601.14 | ||||||||||||||||||||||||||
Other***
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2,923,030.75 | 2,923,030.75 | 635,171.01 | 635,171.01 | ||||||||||||||||||||||||
TOTAL PRE-PETITION LIABILITIES
|
78,317,396.61 | 78,317,396.61 | 78,317,396.61 | 81,250,693.81 | 81,251,057.51 | 81,256,718.88 | 81,256,718.88 | |||||||||||||||||||||
TOTAL LIABILITIES
|
78,317,396.61 | 81,573,885.01 | 81,410,580.54 | 81,890,667.83 | 84,439,855.15 | 82,980,844.21 | 82,747,531.57 | |||||||||||||||||||||
OWNER'S EQUITY (DEFICIT)
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||||||||||||||||||||||||||||
PREFERRED STOCK
|
8,609,999.72 | 8,609,999.72 | 8,609,999.72 | 8,609,999.72 | 8,609,999.72 | 8,609,999.72 | 8,609,999.72 | |||||||||||||||||||||
COMMON STOCK
|
171,779.77 | 171,792.59 | 171,792.59 | 171,792.59 | 171,792.59 | 171,792.59 | 171,792.59 | |||||||||||||||||||||
ADDITIONAL PAID-IN CAPITAL
|
549,886,180.17 | 549,922,620.70 | 549,991,928.45 | 550,028,573.30 | 550,055,604.04 | 550,081,572.09 | 550,107,999.60 | |||||||||||||||||||||
RETAINED EARNINGS: Filing Date
|
(612,127,031.27 | ) | (612,127,031.27 | ) | (612,127,031.27 | ) | (612,127,031.27 | ) | (612,127,031.27 | ) | (612,127,031.27 | ) | (612,127,031.27 | ) | ||||||||||||||
RETAINED EARNINGS: Post Filing Date
|
75,905.59 | (316,020.89 | ) | (508,039.59 | ) | (1,024,310.54 | ) | (1,752,014.65 | ) | (1,827,920.24 | ) | |||||||||||||||||
RETAINED EARNINGS: Adjustment for intercompany receivables, payables & investment in foreign subsidiary elimination
|
(1,277,219.03 | ) | (2,095,473.98 | ) | (2,316,336.88 | ) | (2,599,205.59 | ) | (2,928,098.93 | ) | (3,234,465.76 | ) | ||||||||||||||||
TOTAL OWNER'S EQUITY (NET WORTH)
|
(53,459,071.61 | ) | (54,623,931.70 | ) | (55,764,805.38 | ) | (56,141,042.13 | ) | (56,913,151.05 | ) | (57,943,780.45 | ) | (58,299,625.36 | ) | ||||||||||||||
Total LIABILITIES & OWNERS EQUITY
|
$ | 24,858,325.00 | $ | 26,949,953.31 | $ | 25,645,775.16 | $ | 25,749,625.70 | $ | 27,526,704.10 | $ | 25,037,063.76 | $ | 24,447,906.21 |
* Per Schedules and Statement of Affairs
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|||||||||
**Warranty Reserve and Dividends Payable included in "Other" in previous months
|
|||||||||
***Pre-petition general ledger accrued expenses
|
|||||||||
MOR-3
|
Revised 07/01/98 |
CASE NAME: | In re Valence Technology, Inc. | |||||
CASE NUMBER:
|
12-11580
|
SCHEDULE OF POST-PETITION LIABILITIES
MONTH
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
|||||||||||||||||||
07/13/2012 -
07/31/2012
|
08/01/2012 -
8/31/2012
|
09/01/2012-
09/30/2012
|
10/1/2012 -
10/31/2012
|
11/01/2012 -
11/30/2012
|
12/01/2012 -
12/31/2012
|
|||||||||||||||||||
TRADE ACCOUNTS PAYABLE
|
107,476.70 | 70,198.59 | 107,579.38 | 300,514.04 | 174,154.00 | 339,694.80 | ||||||||||||||||||
TAX PAYABLE
|
||||||||||||||||||||||||
Federal Payroll Taxes
|
28,458.65 | 39,681.67 | 45,224.65 | 44,977.67 | 19,659.09 | 23,744.82 | ||||||||||||||||||
State Payroll Taxes
|
1,682.04 | 2,275.13 | 2,568.07 | 2,556.27 | 1,227.28 | 1,444.72 | ||||||||||||||||||
Ad Valorem Taxes
|
146.74 | 146.74 | 313.85 | |||||||||||||||||||||
Other Taxes
|
1,543.19 | 701.16 | 684.04 | 2,175.05 | 684.04 | 1,947.94 | ||||||||||||||||||
TOTAL TAXES PAYABLE
|
31,830.62 | 42,804.70 | 48,476.76 | 49,708.99 | 21,570.41 | 27,451.33 | ||||||||||||||||||
Debtor-in-Possession Financing
|
N/A | N/A | 2,532,996.57 | 970,365.36 | 734,449.36 | |||||||||||||||||||
ACCRUED INTEREST PAYABLE
|
N/A | N/A | 1,701.90 | 7,755.44 | 21,230.37 | 10,205.54 | ||||||||||||||||||
ACCRUED PROFESSIONAL FEES*
|
172,759.99 | 122,497.50 | 10,354.50 | 111,347.29 | 350,616.74 | 157,858.87 | ||||||||||||||||||
OTHER ACCRUED LIABILITIES
|
||||||||||||||||||||||||
1. See attached Exhibit A **
|
2,944,421.09 | 2,857,683.14 | 471,861.48 | 186,475.31 | 186,188.45 | 221,152.79 | ||||||||||||||||||
2.
|
||||||||||||||||||||||||
3.
|
||||||||||||||||||||||||
TOTAL POST-PETITION LIABILITIES (MOR-3)
|
$ | 3,256,488.40 | $ | 3,093,183.93 | $ | 639,974.02 | $ | 3,188,797.64 | $ | 1,724,125.33 | $ | 1,490,812.69 |
*
|
Amount restricted to court-approved professionals
|
||||||||
MOR-4
|
Revised 07/01/98 |
CASE NAME: | In re Valence Technology, Inc. | |||||
CASE NUMBER:
|
12-11580
|
AGING OF POST-PETITION LIABILITIES
|
|||||||||||||||||||||||||
MONTH
|
December 31, 2012
|
||||||||||||||||||||||||
DAYS
|
TOTAL
|
TRADE
|
FEDERAL
|
STATE
|
AD VALOREM,
|
OTHER
|
|||||||||||||||||||
ACCOUNTS
|
TAXES
|
TAXES
|
OTHER TAXES
|
||||||||||||||||||||||
0-30 | 1,483,960.39 | 332,842.50 | 23,744.82 | 1,444.72 | 2,261.79 | 1,123,666.56 | |||||||||||||||||||
31-60 | 6,602.30 | 6,602.30 | |||||||||||||||||||||||
61-90 | 250.00 | 250.00 | |||||||||||||||||||||||
91+ | |||||||||||||||||||||||||
TOTAL
|
$ | 1,490,812.69 | $ | 339,694.80 | $ | 23,744.82 | $ | 1,444.72 | $ | 2,261.79 | $ | 1,123,666.56 |
AGING OF ACCOUNTS RECEIVABLE
MONTH
|
07/13/2012 -
07/31/2012
|
08/01/2012 -
8/31/2012
|
09/01/2012 -
09/30/2012
|
10/1/2012 -
10/31/2012
|
11/01/2012 -
11/30/2012
|
12/01/2012 -
12/31/2012
|
|||||||||||||||||||
0-30 DAYS
|
1,178,943.84 | 3,033,959.88 | 3,963,069.92 | 2,182,852.01 | 2,082,261.80 | 3,841,379.48 | |||||||||||||||||||
31-60 DAYS
|
4,033,882.35 | 975,630.13 | 1,819,159.45 | 3,691,032.60 | 2,241,548.72 | 1,688,649.02 | |||||||||||||||||||
61-90 DAYS
|
11,189.95 | 1,745,351.79 | 345,975.35 | 736,391.84 | 914,021.63 | ||||||||||||||||||||
91+ DAYS
|
3,897,983.30 | 3,682,819.68 | 3,977,651.36 | 3,675,067.50 | 3,204,696.35 | 2,901,861.12 | |||||||||||||||||||
TOTAL
|
$ | 9,121,999.44 | $ | 9,437,761.48 | $ | 9,759,880.73 | $ | 9,894,927.46 | $ | 8,264,898.71 | $ | 9,345,911.25 |
MOR-5
|
Revised 07/01/98 |
CASE NAME: | In re Valence Technology, Inc. | |||||
CASE NUMBER:
|
12-11580
|
STATEMENT OF INCOME (LOSS)
MONTH
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
FILING TO
|
||||||||||||||||||||||
07/13/2012 -
07/31/2012
|
08/01/2012 -
8/31/2012
|
09/01/2012 -
09/30/2012
|
10/1/2012 -
10/31/2012
|
11/01/2012 -
11/30/2012
|
12/01/2012 -
12/31/2012
|
DATE
|
||||||||||||||||||||||
REVENUES (MOR-1)
|
1,316,272.06 | 3,134,148.00 | 3,968,190.16 | 2,227,053.10 | 2,320,495.73 | 4,150,087.12 | 17,116,246.17 | |||||||||||||||||||||
TOTAL COST OF REVENUES
|
796,930.61 | 2,465,606.87 | 3,083,624.26 | 1,927,556.07 | 2,077,770.41 | 3,505,303.05 | 13,856,791.27 | |||||||||||||||||||||
GROSS PROFIT
|
519,341.45 | 668,541.13 | 884,565.90 | 299,497.03 | 242,725.32 | 644,784.07 | 3,259,454.90 | |||||||||||||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||||||||||
Selling & Marketing
|
70,901.36 | 164,235.20 | 98,979.44 | 75,719.14 | 106,720.98 | 60,133.83 | 576,689.95 | |||||||||||||||||||||
General & Administrative
|
236,481.17 | 637,456.99 | 503,881.76 | 514,486.74 | 349,646.29 | 279,395.81 | 2,521,348.76 | |||||||||||||||||||||
Insiders Compensation
|
53,600.03 | 97,225.58 | 84,425.83 | 84,959.95 | 192,118.39 | 93,415.04 | 605,744.81 | |||||||||||||||||||||
Professional Fees
|
45,000.00 | 40,795.00 | 246,429.39 | 58,616.42 | 187,551.30 | 378,072.64 | 956,464.75 | |||||||||||||||||||||
Research & Development
|
26,074.03 | 109,558.10 | 131,876.19 | 63,314.80 | 104,596.20 | 54,950.56 | 490,369.88 | |||||||||||||||||||||
Other
|
||||||||||||||||||||||||||||
TOTAL OPERATING EXPENSES
|
432,056.59 | 1,049,270.87 | 1,065,592.61 | 797,097.05 | 940,633.16 | 865,967.88 | 5,150,618.16 | |||||||||||||||||||||
INCOME BEFORE INT, DEPR/TAX (MOR-1)
|
87,284.86 | (380,729.74 | ) | (181,026.71 | ) | (497,600.02 | ) | (697,907.84 | ) | (221,183.81 | ) | (1,891,163.26 | ) | |||||||||||||||
INTEREST EXPENSE REVERSAL
|
(4,286.00 | ) | (4,286.00 | ) | ||||||||||||||||||||||||
DEPRECIATION
|
6,359.24 | 9,970.30 | 8,592.48 | 8,555.44 | 8,459.58 | 8,459.57 | 50,396.61 | |||||||||||||||||||||
OTHER (INCOME) EXPENSE*
|
(204.04 | ) | (31.10 | ) | (10.67 | ) | 7,745.13 | 21,219.71 | 9,304.38 | 38,023.41 | ||||||||||||||||||
OTHER ITEMS**
|
5,224.06 | 1,257.54 | 6,696.18 | 2,370.36 | 116.98 | 989.26 | 16,654.38 | |||||||||||||||||||||
TOTAL INT, DEPR & OTHER ITEMS
|
11,379.27 | 11,196.74 | 10,991.99 | 18,670.93 | 29,796.27 | 18,753.21 | 100,788.41 | |||||||||||||||||||||
NET INCOME BEFORE TAXES
|
75,905.59 | (391,926.48 | ) | (192,018.70 | ) | (516,270.95 | ) | (727,704.11 | ) | (239,937.02 | ) | (1,991,951.67 | ) | |||||||||||||||
FEDERAL INCOME TAXES
|
||||||||||||||||||||||||||||
NET INCOME (LOSS) (MOR-1)
|
$ | 75,905.59 | $ | (391,926.48 | ) | $ | (192,018.70 | ) | $ | (516,270.95 | ) | $ | (727,704.11 | ) | $ | (239,937.02 | ) | $ | (1,991,951.67 | ) |
Accrual Accounting Required, Otherwise Footnote with Explanation.
|
||||||||
* Includes interest income, expense and DIP Loan Associated Fees
|
||||||||
** Includes realized and unrealized gains and losses on foreign currency transactions
|
||||||||
MOR-6
|
Revised 07/01/98 |
CASE NAME: | In re Valence Technology, Inc. | |||||
CASE NUMBER:
|
12-11580
|
CASH RECEIPTS AND
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
FILING TO
|
|||||||||||||||||||||
DISBURSEMENTS
|
07/13/2012 -
07/31/2012
|
08/01/2012 -
8/31/2012
|
09/01/2012 -
09/30/2012
|
10/1/2012 -
10/31/2012
|
11/01/2012 -
11/30/2012
|
12/01/2012 -
12/31/2012
|
DATE
|
|||||||||||||||||||||
1. CASH-BEGINNING OF MONTH
|
$ | 722,091.73 | $ | 1,623,815.79 | $ | 830,972.01 | $ | 617,097.14 | $ | 985,993.98 | $ | 815,642.86 | $ | 722,091.73 | ||||||||||||||
RECEIPTS:
|
||||||||||||||||||||||||||||
2. CASH SALES
|
39,815.65 | 118,975.84 | 23,175.26 | 14,377.09 | 15,360.04 | 8,175.53 | 219,879.41 | |||||||||||||||||||||
3. COLLECTION OF ACCOUNTS RECEIVABLE
|
2,163,506.17 | 2,718,765.49 | 3,647,415.37 | 2,082,817.80 | 4,059,800.11 | 3,117,033.68 | 17,789,338.62 | |||||||||||||||||||||
4. LOANS & ADVANCES ***
|
600,000.00 | 3,600,000.00 | 2,500,000.00 | 2,900,000.00 | 9,600,000.00 | |||||||||||||||||||||||
5. SALE OF ASSETS
|
||||||||||||||||||||||||||||
6. OTHER (attach list) - See Attached Exhibit B
|
1,507,205.66 | 28,710.88 | 152,191.09 | 550,198.21 | 1,566.68 | 2,239,872.52 | ||||||||||||||||||||||
TOTAL RECEIPTS**
|
2,203,321.82 | 4,344,946.99 | 4,299,301.51 | 5,849,385.98 | 7,125,358.36 | 6,026,775.89 | 29,849,090.55 | |||||||||||||||||||||
(Withdrawal) Contribution by Individual Debtor MFR-2*
|
||||||||||||||||||||||||||||
DISBURSEMENTS:
|
||||||||||||||||||||||||||||
7. NET PAYROLL
|
128,863.59 | 278,656.12 | 261,685.45 | 360,776.76 | 313,842.70 | 244,985.63 | 1,588,810.25 | |||||||||||||||||||||
8. PAYROLL TAXES PAID
|
44,629.25 | 89,926.43 | 92,187.34 | 85,353.48 | 145,783.03 | 79,083.09 | 536,962.62 | |||||||||||||||||||||
9. SALES, USE & OTHER TAXES PAID
|
7,017.49 | 17.07 | 655.42 | 6,261.93 | 13,951.91 | |||||||||||||||||||||||
10. SECURED/RENTAL/LEASES
|
35,427.06 | 35,427.06 | 35,427.06 | 33,983.00 | 35,427.06 | 36,368.56 | 212,059.80 | |||||||||||||||||||||
11. UTILITIES & TELEPHONE
|
28,612.95 | 22,670.79 | 22,097.51 | 26,753.99 | 18,351.58 | 10,784.06 | 129,270.88 | |||||||||||||||||||||
12. INSURANCE
|
55,288.02 | 56,918.68 | 55,592.95 | 401,621.87 | 49,129.60 | 48,811.93 | 667,363.05 | |||||||||||||||||||||
13. INVENTORY PURCHASES
|
322,744.40 | 1,188,050.64 | 1,080,000.00 | 1,620,000.00 | 810,000.00 | 1,890,000.00 | 6,910,795.04 | |||||||||||||||||||||
14. VEHICLE EXPENSES
|
||||||||||||||||||||||||||||
15. TRAVEL & ENTERTAINMENT
|
24,686.76 | 2,415.85 | 10,683.34 | 10,805.06 | 18,300.30 | 66,891.31 | ||||||||||||||||||||||
16. REPAIRS, MAINTENANCE & SUPPLIES
|
5,342.36 | 19,401.72 | 7,218.17 | 48,407.84 | 115,335.46 | 32,015.50 | 227,721.05 | |||||||||||||||||||||
17. ADMINISTRATIVE & SELLING
|
74,240.35 | 142,771.07 | 117,683.95 | 180,450.97 | 134,027.15 | 93,707.71 | 742,881.20 | |||||||||||||||||||||
18. OTHER (attach list) - See Attached Exhibit C
|
557,316.78 | 3,122,657.01 | 2,467,025.59 | 2,528,570.17 | 5,398,900.80 | 3,780,689.39 | 17,855,159.74 | |||||||||||||||||||||
TOTAL DISBURSEMENTS FROM OPERATIONS
|
1,252,464.76 | 4,988,183.77 | 4,141,350.94 | 5,297,256.84 | 7,037,864.37 | 6,234,746.17 | 28,951,866.85 | |||||||||||||||||||||
19. PROFESSIONAL FEES
|
49,133.00 | 89,607.00 | 246,429.39 | 58,616.42 | 187,551.30 | 378,072.64 | 1,009,409.75 | |||||||||||||||||||||
20. U.S. TRUSTEE FEES
|
13,000.00 | 13,000.00 | ||||||||||||||||||||||||||
21. OTHER REORGANIZATION EXPENSES (attach list) *Exhibit D
|
60,000.00 | 125,396.05 | 111,615.88 | 70,293.81 | 25,297.48 | 392,603.22 | ||||||||||||||||||||||
TOTAL DISBURSEMENTS**
|
1,301,597.76 | 5,137,790.77 | 4,513,176.38 | 5,480,489.14 | 7,295,709.48 | 6,638,116.29 | 30,366,879.82 | |||||||||||||||||||||
22. NET CASH FLOW
|
901,724.06 | (792,843.78 | ) | (213,874.87 | ) | 368,896.84 | (170,351.12 | ) | (611,340.40 | ) | (517,789.27 | ) | ||||||||||||||||
23. CASH - END OF MONTH (MOR-2)
|
$ | 1,623,815.79 | $ | 830,972.01 | $ | 617,097.14 | $ | 985,993.98 | $ | 815,642.86 | $ | 204,302.46 | $ | 204,302.46 |
* Applies to Individual debtors only
|
|||||||||
MOR-7
|
**Numbers for the current month should balance (match)
|
Revised 07/01/98 | |||||||
RECEIPTS and CHECKS/OTHER DISBURSEMENTS lines on MOR-8
|
|||||||||
***Total Advances from GemCap
|
CASE NAME: | In re Valence Technology, Inc. | |||||
CASE NUMBER:
|
12-11580
|
CASH ACCOUNT RECONCILIATION
|
||||||||||||||||||||
MONTH OF
|
December, 2012
|
|||||||||||||||||||
BANK NAME
|
||||||||||||||||||||
ACCOUNT NUMBER
|
#0351049270 | #3300298835 | # | |||||||||||||||||
ACCOUNT TYPE
|
OPERATING
|
PAYROLL**
|
TAX
|
OTHER FUNDS***
|
TOTAL
|
|||||||||||||||
BANK BALANCE
|
97,854.79 | 3,953.43 | 114,974.43 | 216,782.65 | ||||||||||||||||
DEPOSITS IN TRANSIT
|
||||||||||||||||||||
OUTSTANDING CHECKS
|
12,480.19 | 12,480.19 | ||||||||||||||||||
ADJUSTED BANK BALANCE
|
$ | 85,374.60 | $ | 3,953.43 | $ | 114,974.43 | $ | 204,302.46 | ||||||||||||
BEGINNING CASH - PER BOOKS
|
566,702.24 | 4,034.83 | 244,905.79 | 815,642.86 | ||||||||||||||||
RECEIPTS*
|
6,025,219.14 | 1,556.75 | 6,026,775.89 | |||||||||||||||||
TRANSFERS BETWEEN ACCOUNTS ****
|
(50,000.00 | ) | 50,000.00 | |||||||||||||||||
WITHDRAWAL OR CONTRIBUTION BY INDIVIDUAL DEBTOR MFR-2
|
||||||||||||||||||||
CHECKS/OTHER DISBURSEMENTS*
|
6,456,546.78 | 81.40 | 181,488.11 | 6,638,116.29 | ||||||||||||||||
ENDING CASH - PER BOOKS
|
$ | 85,374.60 | $ | 3,953.43 | $ | 114,974.43 | $ | 204,302.46 |
MOR-8
|
*Numbers should balance (match) TOTAL RECEIPTS and
|
Revised 07/01/98 | ||||
TOTAL DISBURSEMENTS lines on MOR-7
|
||||||
** Employee Funded Health Savings Account
|
||||||
***Petty Cash, Credit Card Holding Accounts, Investment Account Silicon Valley Bank Securities, Fortis Bank VAT Refund Account, SVB Creditors Committee Deposit, and Foreign Bank Monthly Foreign Exchange
|
||||||
**** Creditors Committee Deposit
|
CASE NAME: | In re Valence Technology, Inc. | |||||
CASE NUMBER:
|
12-11580
|
PAYMENTS TO INSIDERS AND PROFESSIONALS
Of the total disbursements shown for the month, list the amount paid to insiders (as defined in Section 101(31)(A)-(F) of the U.S. Bankruptcy Code) and the professionals.
Also, for insiders, identify the type of compensation paid (e.g., salary, commission, bonus, etc.) (Attach additional pages as necessary).
MONTH
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
|||||||||||||||||||
INSIDERS: NAME/COMP TYPE
|
07/13/2012 -
07/31/2012
|
08/01/2012 -
8/31/2012
|
09/01/2012 -
09/30/2012
|
10/1/2012 -
10/31/2012
|
11/01/2012 -
11/30/2012
|
12/01/2012 -
12/31/2012
|
||||||||||||||||||
1. Adleman, Randall - Wages
|
10,666.68 | 16,666.68 | 16,666.68 | 16,666.68 | 16,666.68 | 16,666.68 | ||||||||||||||||||
2. Gottschalk, Donald - Wages
|
8,266.67 | 12,916.67 | 12,916.67 | 12,916.67 | 12,916.67 | 12,916.67 | ||||||||||||||||||
3. Kanode, Robert - Wages
|
13,333.33 | 20,833.33 | 20,833.33 | 20,833.33 | 128,422.91 | |||||||||||||||||||
4. Lim, Khoon Cheng - Wages
|
10,666.68 | 16,666.68 | 16,666.68 | 16,666.68 | 16,666.68 | 16,666.68 | ||||||||||||||||||
5. Williams, Roger A. - Wages
|
10,666.68 | 16,666.68 | 16,666.68 | 16,666.68 | 16,666.68 | 16,666.68 | ||||||||||||||||||
6. Fisher, T. Joseph-Wages*
|
24,690.39 | |||||||||||||||||||||||
7. Adleman, Randall - Contracted Bonus
|
8,122.10 | |||||||||||||||||||||||
8. Adleman, Randall - Expense Reimbursement
|
2,199.25 | 387.41 | 374.22 | 277.41 | 256.67 | |||||||||||||||||||
9.Gottschalk, Donald - Expense Reimbursement
|
1,670.83 | 207.22 | 401.97 | 389.90 | ||||||||||||||||||||
10. Kanode, Robert - Expense Reimbursement
|
68.00 | 81.16 | ||||||||||||||||||||||
11. Williams, Roger A. - Expense Reimbursement
|
1,415.36 | 433.72 | 501.36 | 410.00 | ||||||||||||||||||||
12. T Joseph Fisher-Expense Reimbursement
|
4,751.37 | |||||||||||||||||||||||
TOTAL INSIDERS (MOR-1)
|
$ | 53,600.03 | $ | 97,225.58 | $ | 84,425.83 | $ | 84,959.95 | $ | 192,118.39 | $ | 93,415.04 |
MONTH
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
|||||||||||||||||||
PROFESSIONALS
|
07/13/2012 -
07/31/2012
|
08/01/2012 -
8/31/2012
|
09/01/2012 -
09/30/2012
|
10/1/2012 -
10/31/2012
|
11/01/2012 -
11/30/2012
|
12/01/2012 -
12/31/2012
|
||||||||||||||||||
1. Bridgepoint Consulting LLC
|
40,000.00 | 37,873.58 | ||||||||||||||||||||||
2. PMB Helin Donovan, LLP
|
45,000.00 | |||||||||||||||||||||||
3. Lung Tin Int'l Patent & Trademark
|
5,098.30 | 9,364.53 | 2,610.10 | |||||||||||||||||||||
4. McFadden, Fincham
|
795.00 | 4,574.70 | 4,637.00 | 2,963.80 | ||||||||||||||||||||
5. Streusand, Landon & Ozburn LLP
|
184,590.86 | 134,526.80 | 169,653.30 | |||||||||||||||||||||
6. Virtual CFO
|
16,432.93 | |||||||||||||||||||||||
7. VMW Accountants
|
2,433.72 | 940.36 | 738.42 | 1,993.12 | ||||||||||||||||||||
8. KIM & CHANG
|
1,587.24 | 11,543.99 | ||||||||||||||||||||||
9. KRAUS & WEISERT
|
10,232.85 | |||||||||||||||||||||||
10. MIURA & ASSOCIATES
|
5,691.74 | 11,060.70 | ||||||||||||||||||||||
11. WELLS, ST. JOHN PS
|
1,225.00 | 275.00 | 850.00 | |||||||||||||||||||||
12. Wilson Sonsini Goodrich & Rosati
|
25,000.00 | 25,000.00 | 20,776.90 | |||||||||||||||||||||
13. Pope, Shamsie & Dooley, LLP
|
7,524.00 | |||||||||||||||||||||||
14. DIMOCK STRATTON LLP
|
695.99 | |||||||||||||||||||||||
15. BRINKMAN PROTILLO, PC
|
170,774.82 | |||||||||||||||||||||||
TOTAL PROFESSIONALS (MOR-1)
|
$ | 45,000.00 | $ | 40,795.00 | $ | 246,429.39 | $ | 58,616.42 | $ | 187,551.30 | $ | 378,072.64 |
MOR-9
|
Revised 07/01/98 | ||||||
* Includes $1357.05 per month reimbursement for self paid health insurance
|
EXHIBIT A - Other Accrued Expenses as of December 31, 2012
|
|||
CREDITOR’S NAME, MAILING ADDRESS INCLUDING ZIP CODE AND AN
ACCOUNT NUMBER
|
DESCRIPTION OF LIABILITY
|
Post Petition Liability
|
|
AT&T
PO BOX 6463
CAROL STREAM , IL 60197
Account # 4776758
|
Telecommunication
|
5,403.55
|
|
GemCap Lending I, LLC
24955 Pacific Coast Highway 3 A202
Malibu, CA 90265
Account # NA
|
DIP Financing - Accrued fees
|
4,456.28
|
|
METAL CONVERSION TECH. LLC
1 E.PORTER STREET
CARTERSVILLE, GA 30120
Account # NA
|
Disposal of hazardous material
|
12,300.00
|
|
MICHELE W. SHAFE
CLARK COUNTY ASSESSOR
12500 S. GRAND CENTRAL PARKWAY, 2ND FLOOR
LAS VEGAS, NV 89155
Account # 03177499
|
Property tax
|
2,266.97
|
|
Office of the US Trustee
903 San Jacinto Blvd #230
Austin , TX 78701
Case # 12-11580
|
Bankruptcy administration
|
20,000.00
|
|
SILICON VALLEY BANK
P.O. BOX 228
WAKEFIELD, MA 01880
Account # NA
|
Corporate Credit Card
|
20,944.34
|
|
TAMCO CAPITAL CORPORATION
P.O. BOX 956591
SAINT LOUIS, MO 63195
Account # 1114914
|
Office phone system rental
|
2,292.86
|
|
SHAREHOLDER.COM
P.O. BOX 8500
PHILADELPHIA, PA 19178
Account # 900001985
|
Investor Relations
|
3,345.00
|
|
Tianjin Lishen Battery Joint-
6 Lanyuan Road
Huayuan Hi-Tech Industry Park,
Tianjin 300384, PR China
Account # Valence Energy
|
Legal fees due 7/31/2014
|
7,000.00
|
|
Total
|
78,009.00
|
||
EXHIBIT A - Received but not Invoiced as of December 31, 2012
|
|||
CREDITOR’S NAME, MAILING ADDRESS INCLUDING ZIP CODE AND
ACCOUNT NUMBER
|
DESCRIPTION OF LIABILITY
|
Post-Petition
|
Pre-Petition
|
INTERTEK TESTING SERVICES NA, INC,
1809 10TH STREET, SUITE 400
PLANO, TX 75074
USA
Account # 99411
|
Testing services
|
608.00
|
|
LONGHORN OFFICE PRODUCTS
12303 TECHNOLOGY BLVD.
SUITE 940
AUSTIN, TX 78727
Account # 3063
|
Office supplies
|
764.15
|
|
RALPH'S INDUSTRIAL ELECTRONIC SUPPLIES
3112 CAMERON STREET
LAFAYETTE, LA 70502
USA
Account # 010000012437
|
Misc. parts
|
4,522.20
|
|
MOUSER ELECTRONICS
P.O. BOX 99319
FORT WORTH, TX 76199
Account # 1709746
|
Conn, DB9 Female
|
1.89
|
|
Total
|
5,896.24
|
General Ledger Accruals for Estimated Expenses as of December 31, 2012
|
||||
Ledger account
|
Account name
|
Post-Petition
|
Pre-Petition
|
Closing Balance
|
12012
|
Current portion - Deferred rent
|
1,867.00
|
40,056.00
|
41,923.00
|
12101
|
Garnishments payable
|
0.00
|
0.00
|
0.00
|
12102
|
Payroll clearing
|
127,253.73
|
(58,794.88)
|
68,458.85
|
12103
|
Accrued vacation
|
(19,665.72)
|
261,094.31
|
241,428.59
|
12105
|
Medical insurance payable
|
2,094.63
|
-535.96
|
1,558.67
|
12107
|
401(k) payable
|
5,787.44
|
2,641.10
|
8,428.54
|
12108
|
Bonus payable
|
36,714.00
|
141,960.03
|
178,674.03
|
12109
|
SAR liability
|
0.00
|
0.00
|
0.00
|
12211
|
Extended warranty reserve
|
(3,288.60)
|
6,577.40
|
3,288.80
|
12303
|
Customer deposits
|
44,828.10
|
17,945.01
|
62,773.11
|
12310
|
Reserve for customer rebates
|
(40,425.00)
|
203,275.00
|
162,850.00
|
12706
|
Deferred rent
|
(20,953.00)
|
20,953.00
|
0.00
|
Total
|
$134,212.58
|
$635,171.01
|
||
12210
|
Warranty Reserve
|
$3,034.97
|
$1,124,919.97
|
1,127,954.94
|
12221
|
Dividends Payable
|
$0.00
|
$1,168,601.14
|
1,168,601.14
|
Grand Total
|
$221,152.79
|
MOR-7
EXHIBIT B - Other Cash Receipts December 2012
|
|||
Date
|
Subsidiary/Company
|
Description
|
Amount
|
Interest Earned:
|
|||
12/7/2012
|
Silicon Valley Bank
|
Interest earned on CD deposit account held at Silicon Valley Bank
|
9.93
|
12/3/2012
|
Silicon Valley Bank
|
Interest paid on Silicon Valley Bank Investment account
|
0.03
|
Foreign Exchange Adjustment
|
|||
12/31/2012
|
Fortis Bank, Belgium
|
End of Month Foreign Exchange Adjustment
|
1,556.72
|
$1,566.68
|
MOR-7
EXHIBIT C - Other Cash Disbursements December 2012
|
|||
Payments to Subsidiaries or Payments on Behalf of Subsidiaries
|
|||
Date
|
Subsidiary/Company
|
Description
|
Amount
|
12/18/2012
|
VALENCE (SIP) - VET
|
Wire Transfer sent to Valence VET for purchase of finished goods
|
500,000.00
|
12/17/2012
|
Pay Check Limited
|
Transfer to Pay Check LTD, foreign payroll processing company for payment of foreign subsidiary (Valence Technology Cayman Islands, Inc) employee wages & taxes
|
44,773.39
|
$544,773.39
|
|||
Customer Payments Remitted to GemCap for Payment on Loan
|
|||
Date
|
Subsidiary/Company
|
Description
|
Amount
|
12/31/2012
|
GemCap Lending I, LLC
|
Accounts Receivable payments transferred to GemCap DIP Lender
|
3,135,916.00
|
$3,135,916.00
|
|||
Cure Payments Remitted
|
|||
Date
|
Subsidiary/Company
|
Description
|
Amount
|
9/17/2012
|
Kuehne+Nagel Logistics, NV
|
1st Weekly Cure Payment
|
10,000.00
|
9/25/2012
|
Kuehne+Nagel Logistics, NV
|
2nd Weekly Cure Payment
|
10,000.00
|
9/17/2012
|
Kuehne + Nagel, Inc.
|
1st Weekly Cure Payment
|
10,000.00
|
9/26/2012
|
Kuehne + Nagel, Inc.
|
2nd Weekly Cure Payment
|
10,000.00
|
Total September Payments:
|
40,000.00
|
||
10/5/2012
|
KUEHNE & NAGEL LOGISTICS NV
|
3rd Weekly Cure Payment
|
10,000.00
|
10/12/2012
|
KUEHNE & NAGEL LOGISTICS NV
|
4th Weekly Cure Payment
|
10,000.00
|
10/22/2012
|
KUEHNE & NAGEL LOGISTICS NV
|
5th Weekly Cure Payment
|
10,000.00
|
10/25/2012
|
KUEHNE & NAGEL LOGISTICS NV
|
6th Weekly Cure Payment
|
10,000.00
|
10/31/2012
|
KUEHNE & NAGEL LOGISTICS NV
|
7th Weekly Cure Payment
|
10,000.00
|
10/5/2012
|
KUEHNE & NAGEL, INC.
|
3rd Weekly Cure Payment
|
10,000.00
|
10/12/2012
|
KUEHNE & NAGEL, INC.
|
4th Weekly Cure Payment
|
10,000.00
|
10/22/2012
|
KUEHNE & NAGEL, INC.
|
5th Weekly Cure Payment
|
10,000.00
|
10/25/2012
|
KUEHNE & NAGEL, INC.
|
6th Weekly Cure Payment
|
10,000.00
|
10/31/2012
|
KUEHNE & NAGEL, INC.
|
7th Weekly Cure Payment
|
10,000.00
|
Total October Payments:
|
$100,000.00
|
||
11/8/2012
|
KUEHNE & NAGEL LOGISTICS NV
|
8th Weekly Cure Payment
|
10,000.00
|
11/16/2012
|
KUEHNE & NAGEL LOGISTICS NV
|
9th Weekly Cure Payment
|
10,000.00
|
11/20/2012
|
KUEHNE & NAGEL LOGISTICS NV
|
10th Weekly Cure Payment-Final
|
5,802.25
|
11/8/2012
|
KUEHNE & NAGEL, INC.
|
8th Weekly Cure Payment
|
10,000.00
|
11/16/2012
|
KUEHNE & NAGEL, INC.
|
9th Weekly Cure Payment-Final
|
8,928.59
|
11/13/2012
|
TIANJIN LISHEN BATTERY
|
1st-3rd Monthly Cure Payment
|
150,000.00
|
11/29/2012
|
TIANJIN LISHEN BATTERY
|
4th Monthly Cure Payment
|
50,000.00
|
Total November Payments:
|
$244,730.84
|
||
12/31/2012
|
TIANJIN LISHEN BATTERY
|
5th Monthly Cure Payment
|
$100,000.00
|
Total December Payments:
|
$100,000.00
|
||
Total Other Payments
|
$3,780,689.39
|
MOR-7
EXHIBIT D - Other Reorganization Expenses December 2012
|
|||
Date
|
Vendor
|
Description
|
Amount
|
12/7/2012
|
GemCap Lending I, LLC
|
Interest and Fees
|
25,164.98
|
12/17/2012
|
GemCap Lending I, LLC
|
Reimbursement to GemCap for legal fees
|
132.50
|
$ 25,297.48
|