Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - VALENCE TECHNOLOGY INC | valence_8k-031913.htm |
Exhibit 99.1
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MOR-1
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UNITED STATES BANKRUPTCY COURT
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||||||||
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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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||||||
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CASE NUMBER:
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12-11580
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DISTRICT OF TEXAS:
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Western District
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||||||
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PROPOSED PLAN DATE:
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DIVISION:
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||||||||
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MONTHLY OPERATING REPORT SUMMARY FOR MONTH
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||||||||||||||||||||||||||||||||
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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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1/01/2013 - 1/31/2013
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2/01/2013 - 2/28/2013
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||||||||||||||||||||||||
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REVENUES (MOR-6)
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1,316,272.06 | 3,134,148.00 | 3,968,190.16 | 2,227,053.10 | 2,320,495.73 | 4,150,087.12 | 2,349,384.83 | 4,137,571.91 | ||||||||||||||||||||||||
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INCOME BEFORE INT; DEPREC./TAX (MOR-6)
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87,284.86 | (380,729.74 | ) | (181,026.71 | ) | (497,600.02 | ) | (697,907.84 | ) | (221,183.81 | ) | (447,132.82 | ) | (100,358.27 | ) | |||||||||||||||||
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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 | ) | (484,205.07 | ) | (135,667.15 | ) | |||||||||||||||||
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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 | 96,139.41 | 103,731.67 | ||||||||||||||||||||||||
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PAYMENTS TO PROFESSIONALS (MOR-9)
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45,000.00 | 40,795.00 | 246,429.39 | 58,616.42 | 187,551.30 | 378,072.64 | 180,483.24 | 203,202.76 | ||||||||||||||||||||||||
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TOTAL DISBURSEMENTS (MOR-7)
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$ | 1,301,597.76 | $ | 5,137,790.77 | $ | 4,513,176.38 | $ | 5,480,489.14 | $ | 7,037,864.37 | $ | 6,638,116.29 | $ | 8,631,189.40 | $ | 7,136,540.45 | ||||||||||||||||
***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***
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CIRCLE ONE
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||||||
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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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||||
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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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|||
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Have any pre-petition liabilities been paid?
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Yes (No)
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|||||
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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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||||
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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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|||
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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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||||
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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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||||||
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Donald E. Gottschalk
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March 20, 2013
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|||||||
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MOR-1
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(PRINT NAME OF SIGNATORY) DATE
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|||||||
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CASE NAME:
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In re Valence Technology, Inc.
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CASE NUMBER:
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12-11580
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COMPARATIVE BALANCE SHEETS
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||||||||||||||||||||||||||||||||||||
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ASSETS
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FILING DATE*
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MONTH
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MONTH
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MONTH
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MONTH
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MONTH
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MONTH
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MONTH
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MONTH
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|||||||||||||||||||||||||||
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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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1/01/2013 - 1/31/2013
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2/01/2013 - 2/28/2013
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||||||||||||||||||||||||||||
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CURRENT ASSETS
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||||||||||||||||||||||||||||||||||||
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Cash
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722,092.00 | 1,623,815.79 | 830,972.01 | 617,097.14 | 985,993.98 | 815,642.86 | 204,302.46 | 890,705.99 | 586,844.04 | |||||||||||||||||||||||||||
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Accounts Receivable, Net
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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 | 8,743,492.34 | 9,029,592.05 | |||||||||||||||||||||||||||
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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 | 6,988,531.96 | 6,122,701.74 | |||||||||||||||||||||||||||
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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 | 484,542.55 | 408,920.86 | |||||||||||||||||||||||||||
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Investments
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||||||||||||||||||||||||||||||||||||
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Cure Payments**
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40,000.00 | 140,000.00 | 384,730.84 | 484,730.84 | 584,730.84 | 684,730.84 | ||||||||||||||||||||||||||||||
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Other***
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28,079.00 | 28,078.58 | 28,078.58 | 306,499.65 | 270,000.00 | 464,400.00 | 240,300.00 | |||||||||||||||||||||||||||||
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TOTAL CURRENT ASSETS
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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 | 18,156,403.68 | 17,073,089.53 | |||||||||||||||||||||||||||
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PROPERTY, PLANT & EQUIP. @ COST
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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 | 2,228,373.45 | 2,228,373.45 | |||||||||||||||||||||||||||
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Less Accumulated Depreciation
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(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 | ) | (2,059,615.01 | ) | (2,065,852.71 | ) | ||||||||||||||||||
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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 | 168,758.44 | 162,520.74 | |||||||||||||||||||||||||||
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OTHER ASSETS
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||||||||||||||||||||||||||||||||||||
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1. Tax Deposits
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143,157.00 | 143,157.00 | 143,157.00 | 143,157.00 | 143,157.00 | 143,157.00 | 143,157.00 | 143,157.00 | 143,157.00 | |||||||||||||||||||||||||||
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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 | 7,958,459.42 | 7,817,688.61 | |||||||||||||||||||||||||||
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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 | 44,372.16 | 44,372.16 | ||||||||||||||||||||||||||||
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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 | 148,636.42 | 148,636.42 | |||||||||||||||||||||||||||
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TOTAL ASSETS
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$ | 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 | $ | 26,619,787.12 | $ | 25,389,464.46 | ||||||||||||||||||
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* Per Schedules and Statement of Affairs
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||||||||
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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 $500,000 to Tianjin Lishen Battery
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***Payment in advance of delivery to Lishen for purchase of inventory
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Revised 07/01/98 | |||||||
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MOR-2
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CASE NAME:
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In re Valence Technology, Inc.
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CASE NUMBER:
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12-11580
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COMPARATIVE BALANCE SHEETS
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||||||||||||||||||||||||||||||||||||
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LIABILITIES & OWNER'S
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FILING DATE*
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MONTH
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MONTH
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MONTH
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MONTH
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MONTH
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MONTH
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MONTH
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MONTH
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|||||||||||||||||||||||||||
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EQUITY
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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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1/01/2013 - 1/31/2013
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2/01/2013 - 2/28/2013
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|||||||||||||||||||||||||||
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LIABILITIES
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||||||||||||||||||||||||||||||||||||
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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 | 4,654,564.69 | 3,724,497.86 | ||||||||||||||||||||||||||||
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PRE-PETITION LIABILITIES
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||||||||||||||||||||||||||||||||||||
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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 | 69,101,829.80 | 69,101,829.80 | |||||||||||||||||||||||||||
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Priority Debt*
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10,833.00 | 10,833.00 | 10,833.00 | |||||||||||||||||||||||||||||||||
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Federal Income Tax
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||||||||||||||||||||||||||||||||||||
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FICA/Withholding
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||||||||||||||||||||||||||||||||||||
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Unsecured Debt
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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 | 9,226,196.96 | 9,226,196.96 | |||||||||||||||||||||||||||
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Warranty Reserve**
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1,124,919.97 | 1,124,919.97 | 1,124,919.97 | 1,124,919.97 | ||||||||||||||||||||||||||||||||
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Dividends Payable**
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1,168,601.14 | 1,168,601.14 | 1,168,601.14 | 1,168,601.14 | ||||||||||||||||||||||||||||||||
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Other***
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2,923,030.75 | 2,923,030.75 | 635,171.01 | 635,171.01 | 635,171.01 | 635,171.01 | ||||||||||||||||||||||||||||||
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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 | 81,256,718.88 | 81,256,718.88 | |||||||||||||||||||||||||||
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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 | 85,911,283.57 | 84,981,216.74 | |||||||||||||||||||||||||||
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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 | 8,609,999.72 | 8,609,999.72 | |||||||||||||||||||||||||||
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COMMON STOCK
|
171,779.77 | 171,792.59 | 171,792.59 | 171,792.59 | 171,792.59 | 171,792.59 | 171,792.59 | 171,792.59 | 171,792.59 | |||||||||||||||||||||||||||
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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 | 550,138,821.24 | 550,166,559.78 | |||||||||||||||||||||||||||
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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 | ) | (612,127,031.27 | ) | (612,127,031.27 | ) | ||||||||||||||||||
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RETAINED EARNINGS: Post Filing Date****
|
75,905.59 | (316,020.89 | ) | (508,039.59 | ) | (1,024,310.54 | ) | (1,752,014.65 | ) | (1,991,951.67 | ) | (2,476,156.74 | ) | (2,611,823.89 | ) | |||||||||||||||||||||
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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 | ) | (3,070,434.33 | ) | (3,608,921.98 | ) | (3,801,249.21 | ) | ||||||||||||||||||||
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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 | ) | (59,291,496.44 | ) | (59,591,752.28 | ) | ||||||||||||||||||
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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 | $ | 26,619,787.13 | $ | 25,389,464.46 | ||||||||||||||||||
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* Per Schedules and Statement of Affairs
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|||||||||||
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** Warranty Reserve and Dividends Payable included in "Other" in previous months
|
|||||||||||
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*** Pre-petition general ledger accrued expenses
|
|||||||||||
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**** Retained Earnings and Retained Earnings Adjustment for Intercompany for December were corrected in January
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|||||||||||
|
MOR-3
|
Revised 07/01/98
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||||||||||
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CASE NAME:
|
In re Valence Technology, Inc.
|
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CASE NUMBER:
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12-11580
|
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SCHEDULE OF POST-PETITION LIABILITIES
|
||||||||||||||||||||||||||||||||
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
MONTH
|
|||||||||||||||||||||||||
|
07/13/2012 -07/31/2012
|
08/01/2012 - 8/31/2012
|
09/01/2012 -
09/30/2012
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10/1/2012 - 10/31/2012
|
11/01/2012 - 11/30/2012
|
12/01/2012 - 12/31/2012
|
1/01/2013 - 1/31/2013
|
2/01/2013 - 2/28/2013
|
|||||||||||||||||||||||||
|
TRADE ACCOUNTS PAYABLE
|
107,476.70 | 70,198.59 | 107,579.38 | 300,514.04 | 174,154.00 | 339,694.80 | 59,246.75 | 109,926.00 | ||||||||||||||||||||||||
|
TAX PAYABLE
|
||||||||||||||||||||||||||||||||
|
Federal Payroll Taxes
|
28,458.65 | 39,681.67 | 45,224.65 | 44,977.67 | 19,659.09 | 23,744.82 | 45,751.82 | 39,530.04 | ||||||||||||||||||||||||
|
State Payroll Taxes
|
1,682.04 | 2,275.13 | 2,568.07 | 2,556.27 | 1,227.28 | 1,444.72 | 2,605.38 | 2,280.33 | ||||||||||||||||||||||||
|
Ad Valorem Taxes
|
146.74 | 146.74 | 313.85 | 313.85 | ||||||||||||||||||||||||||||
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Other Taxes
|
1,543.19 | 701.16 | 684.04 | 2,175.05 | 684.04 | 1,947.94 | 605.04 | 605.04 | ||||||||||||||||||||||||
|
TOTAL TAXES PAYABLE
|
31,830.62 | 42,804.70 | 48,476.76 | 49,708.99 | 21,570.41 | 27,451.33 | 49,276.09 | 42,415.41 | ||||||||||||||||||||||||
|
Debtor-in-Possession Financing
|
N/A | N/A | 2,532,996.57 | 970,365.36 | 734,449.36 | 3,999,525.77 | 3,110,491.79 | |||||||||||||||||||||||||
|
ACCRUED INTEREST PAYABLE
|
N/A | N/A | 1,701.90 | 7,755.44 | 21,230.37 | 10,205.54 | 28,106.86 | 30,404.14 | ||||||||||||||||||||||||
|
ACCRUED PROFESSIONAL FEES*
|
172,759.99 | 122,497.50 | 10,354.50 | 111,347.29 | 350,616.74 | 157,858.87 | 307,763.05 | 190,837.90 | ||||||||||||||||||||||||
|
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 | 210,646.17 | 240,422.62 | ||||||||||||||||||||||||
|
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 | $ | 4,654,564.69 | $ | 3,724,497.86 | ||||||||||||||||
|
*
|
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
|
February 28, 2013
|
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|
DAYS
|
TOTAL
|
TRADE
ACCOUNTS |
FEDERAL
TAXES |
STATE
TAXES |
AD VALOREM,
OTHER TAXES |
OTHER
|
|||||||||||||||||||||||||||
| 0-30 | 3,717,608.05 | 103,036.19 | 39,530.04 | 2,280.33 | 605.04 | 3,572,156.45 | |||||||||||||||||||||||||||
| 31-60 | |||||||||||||||||||||||||||||||||
| 61-90 | 6,639.81 | 6,639.81 | |||||||||||||||||||||||||||||||
| 91+ | 250.00 | 250.00 | |||||||||||||||||||||||||||||||
|
TOTAL
|
$ | 3,724,497.86 | $ | 109,926.00 | $ | 39,530.04 | $ | 2,280.33 | $ | 605.04 | $ | 3,572,156.45 | |||||||||||||||||||||
|
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
|
1/01/2013 - 1/31/2013
|
2/01/2013 - 2/28/2013
|
|||||||||||||||||||||||||
|
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 | 2,271,931.52 | 3,821,320.21 | |||||||||||||||||||||||||
|
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 | 3,686,824.12 | 1,942,423.14 | |||||||||||||||||||||||||
|
61-90 DAYS
|
11,189.95 | 1,745,351.79 | 345,975.35 | 736,391.84 | 914,021.63 | 456,916.44 | 1,970,350.69 | ||||||||||||||||||||||||||
|
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 | 2,327,820.26 | 1,295,498.01 | |||||||||||||||||||||||||
|
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 | $ | 8,743,492.34 | $ | 9,029,592.05 | |||||||||||||||||
|
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
|
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
|
1/01/2013 - 1/31/2013
|
2/01/2013 - 2/28/2013
|
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 | 2,349,384.83 | 4,137,571.91 | 23,603,202.91 | |||||||||||||||||||||||||||
|
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 | 1,841,748.02 | 3,485,867.93 | 19,184,407.22 | |||||||||||||||||||||||||||
|
GROSS PROFIT
|
519,341.45 | 668,541.13 | 884,565.90 | 299,497.03 | 242,725.32 | 644,784.07 | 507,636.81 | 651,703.98 | 4,418,795.69 | |||||||||||||||||||||||||||
|
OPERATING EXPENSES:
|
||||||||||||||||||||||||||||||||||||
|
Selling & Marketing
|
70,901.36 | 164,235.20 | 98,979.44 | 75,719.14 | 106,720.98 | 60,133.83 | 114,912.43 | 114,496.33 | 806,098.71 | |||||||||||||||||||||||||||
|
General & Administrative
|
236,481.17 | 637,456.99 | 503,881.76 | 514,486.74 | 349,646.29 | 279,395.81 | 447,919.69 | 247,359.04 | 3,216,627.49 | |||||||||||||||||||||||||||
|
Insiders Compensation
|
53,600.03 | 97,225.58 | 84,425.83 | 84,959.95 | 192,118.39 | 93,415.04 | 96,139.41 | 103,731.67 | 805,615.89 | |||||||||||||||||||||||||||
|
Professional Fees
|
45,000.00 | 40,795.00 | 246,429.39 | 58,616.42 | 187,551.30 | 378,072.64 | 180,483.24 | 203,202.76 | 1,340,150.75 | |||||||||||||||||||||||||||
|
Research & Development
|
26,074.03 | 109,558.10 | 131,876.19 | 63,314.80 | 104,596.20 | 54,950.56 | 115,314.86 | 83,272.45 | 688,957.19 | |||||||||||||||||||||||||||
|
Other
|
||||||||||||||||||||||||||||||||||||
|
TOTAL OPERATING EXPENSES
|
432,056.59 | 1,049,270.87 | 1,065,592.61 | 797,097.05 | 940,633.16 | 865,967.88 | 954,769.63 | 752,062.25 | 6,857,450.04 | |||||||||||||||||||||||||||
|
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 | ) | (447,132.82 | ) | (100,358.27 | ) | (2,438,654.35 | ) | |||||||||||||||||||
|
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 | 6,237.68 | 6,237.70 | 62,871.99 | |||||||||||||||||||||||||||
|
OTHER (INCOME) EXPENSE*
|
(204.04 | ) | (31.10 | ) | (10.67 | ) | 7,745.13 | 21,219.71 | 9,304.38 | 28,096.22 | 30,393.50 | 96,513.13 | ||||||||||||||||||||||||
|
OTHER ITEMS**
|
5,224.06 | 1,257.54 | 6,696.18 | 2,370.36 | 116.98 | 989.26 | 2,738.35 | (1,322.32 | ) | 18,070.41 | ||||||||||||||||||||||||||
|
TOTAL INT, DEPR & OTHER ITEMS
|
11,379.27 | 11,196.74 | 10,991.99 | 18,670.93 | 29,796.27 | 18,753.21 | 37,072.25 | 35,308.88 | 173,169.54 | |||||||||||||||||||||||||||
|
NET INCOME BEFORE TAXES
|
75,905.59 | (391,926.48 | ) | (192,018.70 | ) | (516,270.95 | ) | (727,704.11 | ) | (239,937.02 | ) | (484,205.07 | ) | (135,667.15 | ) | (2,611,823.89 | ) | |||||||||||||||||||
|
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 | ) | $ | (484,205.07 | ) | $ | (135,667.15 | ) | $ | (2,611,823.89 | ) | ||||||||||
|
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
|
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
|
1/01/2013 - 1/31/2013
|
2/01/2013 - 2/28/2013
|
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 | $ | 204,302.46 | $ | 890,705.99 | $ | 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 | 49,272.46 | 27,579.18 | 296,731.05 | |||||||||||||||||||||||||||
|
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 | 2,968,295.17 | 3,799,149.94 | 24,556,783.73 | |||||||||||||||||||||||||||
|
4. LOANS & ADVANCES ***
|
600,000.00 | 3,600,000.00 | 2,500,000.00 | 2,900,000.00 | 6,300,000.00 | 3,000,000.00 | 18,900,000.00 | |||||||||||||||||||||||||||||
|
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 | 25.30 | 5,949.38 | 2,245,847.20 | ||||||||||||||||||||||||||||
|
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 | 9,317,592.93 | 6,832,678.50 | 45,999,361.98 | |||||||||||||||||||||||||||
|
(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 | 227,891.76 | 215,658.60 | 2,032,360.61 | |||||||||||||||||||||||||||
|
8. PAYROLL TAXES PAID
|
44,629.25 | 89,926.43 | 92,187.34 | 85,353.48 | 145,783.03 | 79,083.09 | 111,349.71 | 96,195.76 | 744,508.09 | |||||||||||||||||||||||||||
|
9. SALES, USE & OTHER TAXES PAID
|
7,017.49 | 17.07 | 655.42 | 6,261.93 | 53,885.39 | 4.28 | 67,841.58 | |||||||||||||||||||||||||||||
|
10. SECURED/RENTAL/LEASES
|
35,427.06 | 35,427.06 | 35,427.06 | 33,983.00 | 35,427.06 | 36,368.56 | 36,397.14 | 36,397.14 | 284,854.08 | |||||||||||||||||||||||||||
|
11. UTILITIES & TELEPHONE
|
28,612.95 | 22,670.79 | 22,097.51 | 26,753.99 | 18,351.58 | 10,784.06 | 25,252.41 | 8,958.21 | 163,481.50 | |||||||||||||||||||||||||||
|
12. INSURANCE
|
55,288.02 | 56,918.68 | 55,592.95 | 401,621.87 | 49,129.60 | 48,811.93 | 91,919.84 | 38,557.70 | 797,840.59 | |||||||||||||||||||||||||||
|
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 | 2,322,784.30 | 737,100.00 | 9,970,679.34 | |||||||||||||||||||||||||||
|
14. VEHICLE EXPENSES
|
||||||||||||||||||||||||||||||||||||
|
15. TRAVEL & ENTERTAINMENT
|
24,686.76 | 2,415.85 | 10,683.34 | 10,805.06 | 18,300.30 | 11,382.86 | 22,103.88 | 100,378.05 | ||||||||||||||||||||||||||||
|
16. REPAIRS, MAINTENANCE & SUPPLIES
|
5,342.36 | 19,401.72 | 7,218.17 | 48,407.84 | 115,335.46 | 32,015.50 | 14,316.24 | 6,809.92 | 248,847.21 | |||||||||||||||||||||||||||
|
17. ADMINISTRATIVE & SELLING
|
74,240.35 | 142,771.07 | 117,683.95 | 180,450.97 | 134,027.15 | 93,707.71 | 277,638.14 | 202,004.31 | 1,222,523.65 | |||||||||||||||||||||||||||
|
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 | 5,243,091.65 | 5,537,339.77 | 28,635,591.16 | |||||||||||||||||||||||||||
|
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 | 8,415,909.44 | 6,901,129.57 | 44,268,905.86 | |||||||||||||||||||||||||||
|
19. PROFESSIONAL FEES
|
49,133.00 | 89,607.00 | 246,429.39 | 58,616.42 | 187,551.30 | 378,072.64 | 180,483.24 | 203,202.76 | 1,393,095.75 | |||||||||||||||||||||||||||
|
20. U.S. TRUSTEE FEES
|
13,000.00 | 20,000.00 | 33,000.00 | |||||||||||||||||||||||||||||||||
|
21. OTHER REORGANIZATION EXPENSES (attach list) *Exhibit D
|
60,000.00 | 125,396.05 | 111,615.88 | 70,293.81 | 25,297.48 | 14,796.72 | 32,208.12 | 439,608.06 | ||||||||||||||||||||||||||||
|
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 | 8,631,189.40 | 7,136,540.45 | 46,134,609.67 | |||||||||||||||||||||||||||
|
22. NET CASH FLOW
|
901,724.06 | (792,843.78 | ) | (213,874.87 | ) | 368,896.84 | (170,351.12 | ) | (611,340.40 | ) | 686,403.53 | (303,861.95 | ) | (135,247.69 | ) | |||||||||||||||||||||
|
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 | $ | 890,705.99 | $ | 586,844.04 | $ | 586,844.04 | ||||||||||||||||||
|
* 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
|
February, 2013
|
|||||||||||||||||||
|
BANK NAME
|
||||||||||||||||||||
|
ACCOUNT NUMBER
|
#0351049270 | #3300298835 | # | |||||||||||||||||
|
ACCOUNT TYPE
|
OPERATING
|
PAYROLL**
|
TAX
|
OTHER FUNDS***
|
TOTAL
|
|||||||||||||||
|
BANK BALANCE
|
675,537.54 | 1,822.11 | 17,596.17 | 694,955.82 | ||||||||||||||||
|
DEPOSITS IN TRANSIT
|
||||||||||||||||||||
|
OUTSTANDING CHECKS
|
108,111.78 | 108,111.78 | ||||||||||||||||||
|
ADJUSTED BANK BALANCE
|
$ | 567,425.76 | $ | 1,822.11 | $ | 17,596.17 | $ | 586,844.04 | ||||||||||||
|
BEGINNING CASH - PER BOOKS
|
804,224.90 | 4,367.54 | 82,113.55 | 890,705.99 | ||||||||||||||||
|
RECEIPTS*
|
6,797,136.99 | 35,541.51 | 6,832,678.50 | |||||||||||||||||
|
TRANSFERS BETWEEN ACCOUNTS ****
|
(50,000.00 | ) | 50,000.00 | |||||||||||||||||
|
WITHDRAWAL OR CONTRIBUTION BY
|
||||||||||||||||||||
|
INDIVIDUAL DEBTOR MFR-2
|
||||||||||||||||||||
|
CHECKS/OTHER DISBURSEMENTS*
|
6,983,936.13 | 2,545.43 | 150,058.89 | 7,136,540.45 | ||||||||||||||||
|
ENDING CASH - PER BOOKS
|
$ | 567,425.76 | $ | 1,822.11 | $ | 17,596.17 | $ | 586,844.04 | ||||||||||||
|
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
|
|||||||
|
**** Transfer to Creditors Committee Deposit account $50,000
|
|||||||
|
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
|
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
|
1/01/2013 - 1/31/2013
|
2/01/2013 - 2/28/2013
|
||||||||||||||||||||||||
|
1. Adleman, Randall - Wages
|
10,666.68 | 16,666.68 | 16,666.68 | 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 | 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 | 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 | 16,666.68 | 16,666.68 | ||||||||||||||||||||||||
|
6. Fisher, T. Joseph-Wages*
|
24,690.39 | 24,690.39 | 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 | 633.75 | 70.49 | |||||||||||||||||||||||||
|
9. Gottschalk, Donald - Expense Reimbursement
|
1,670.83 | 207.22 | 401.97 | 389.90 | 0.00 | |||||||||||||||||||||||||||
|
10. Kanode, Robert - Expense Reimbursement
|
68.00 | 81.16 | ||||||||||||||||||||||||||||||
|
11. Williams, Roger A. - Expense Reimbursement
|
1,415.36 | 433.72 | 501.36 | 410.00 | 3,448.95 | 2,791.32 | ||||||||||||||||||||||||||
|
12. T Joseph Fisher-Expense Reimbursement
|
4,751.37 | 4,449.61 | 13,262.76 | |||||||||||||||||||||||||||||
|
TOTAL INSIDERS (MOR-1)
|
$ | 53,600.03 | $ | 97,225.58 | $ | 84,425.83 | $ | 84,959.95 | $ | 192,118.39 | $ | 93,415.04 | $ | 96,139.41 | $ | 103,731.67 | ||||||||||||||||
|
MONTH
|
MONTH
|
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
|
1/01/2013 - 1/31/2013
|
2/01/2013 - 2/28/2013
|
||||||||||||||||||||||||
|
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 | 2,623.70 | 412.90 | |||||||||||||||||||||||||||
|
4.McFadden, Fincham
|
795.00 | 4,574.70 | 4,637.00 | 2,963.80 | 2,295.90 | |||||||||||||||||||||||||||
|
5. Streusand, Landon & Ozburn LLP
|
184,590.86 | 134,526.80 | 169,653.30 | 122,122.78 | 34,639.76 | |||||||||||||||||||||||||||
|
6. Virtual CFO
|
16,432.93 | |||||||||||||||||||||||||||||||
|
7. VMW Accountants
|
2,433.72 | 940.36 | 738.42 | 1,993.12 | 393.54 | 508.97 | ||||||||||||||||||||||||||
|
8. KIM & CHANG
|
1,587.24 | 11,543.99 | 4,540.48 | 6,027.59 | ||||||||||||||||||||||||||||
|
9. KRAUS & WEISERT
|
10,232.85 | 1,344.39 | 18,876.58 | |||||||||||||||||||||||||||||
|
10. MIURA & ASSOCIATES
|
5,691.74 | 11,060.70 | 10,673.80 | |||||||||||||||||||||||||||||
|
11. WELLS, ST. JOHN PS
|
1,225.00 | 275.00 | 850.00 | 2,500.00 | ||||||||||||||||||||||||||||
|
12. Wilson Sonsini Goodrich & Rosati
|
25,000.00 | 25,000.00 | 20,776.90 | 30,906.55 | ||||||||||||||||||||||||||||
|
13. Pope, Shamsie & Dooley, LLP
|
7,524.00 | 1,353.75 | 10,652.25 | |||||||||||||||||||||||||||||
|
14. DIMOCK STRATTON LLP
|
695.99 | 1,171.88 | 10,230.73 | |||||||||||||||||||||||||||||
|
15. BRINKMAN PORTILLO, PC
|
170,774.82 | 31,463.02 | 90,947.43 | |||||||||||||||||||||||||||||
|
16. TOTAL PROFESSIONALS (MOR-1)
|
$ | 45,000.00 | $ | 40,795.00 | $ | 246,429.39 | $ | 58,616.42 | $ | 187,551.30 | $ | 378,072.64 | $ | 180,483.24 | $ | 203,202.76 | ||||||||||||||||
|
MOR-9
|
Revised 07/01/98 | ||||||||||
|
* Includes $1357.05 per month reimbursement for self paid health insurance
|
|||||||||||
|
EXHIBIT A - Other Accrued Expenses as of February 28,2013
|
|||
| CREDITOR’S NAME, MAILING ADDRESS INCLUDING ZIP CODE AND AN ACCOUNT NUMBER | DESCRIPTION OF LIABILITY |
Post Petition Liability
|
|
|
AT&T
P.O.Box 5091
Carol Stream, IL 60197
Account # 6289934 &999816216
|
Telecommunications
|
9,974.07
|
|
|
GemCap Lending I, LLC
24955 Pacific Coast Highway 3 A202
Malibu, CA 90265
Account # NA
|
DIP Financing - Accrued fees
|
3,340.48
|
|
|
JOHN R. AMES, CTA
DALLAS COUNTY TAX OFFICE
P.O. BOX 139066
DALLAS, TX 75313
Account # 99100503135000000
|
Property tax
|
1,651.77
|
|
|
MARY MCGUFFEY
CITY OF COPPELL
P.O. BOX 9478
COPPELL, TX 75019
Account #99100503135000000
|
Property tax
|
5,362.85
|
|
|
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
|
2,663.69
|
|
|
Office of the US Trustee
903 San Jacinto Blvd #230
Austin , TX 78701
Case # 12-11580
|
Bankruptcy administration
|
13,333.34
|
|
|
ROUND ROCK TAX OFFICE TAX ASSESSOR COLLECTOR
1311 ROUND ROCK AVENUE
ROUND ROCK, TX 78681
Account # P1947040393823
|
Property tax
|
1,125.16
|
|
|
Kuehne+Nagel
P.O.Box 894095
Los Angeles, CA 90189
Account # 6700981
|
Freight
Shipping and Duties- USA
|
5,850.55
|
|
|
Paul Krueger
2600 HASTINGS DRIVE
BELMONT, CA 94002
Account # N/A
|
Expense report reimbursement
|
7,169.12
|
|
|
WILLIAMSON COUNTY TAX OFFICE
904 SOUTH MAIN STREET
GEORGETOWN, TX 78626
Account # P468793
|
Property tax
|
902.60
|
|
|
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
|
70,673.62
|
||
|
EXHIBIT A - Received but not Invoiced as of February 28,2013
|
|||
|
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
Account # 99411
|
Testing services
|
908.00
|
|
|
OMNI TS TECHNOLOGY SOLUTIONS,
1200 10104-103 AVENUE
EDMONTON, AB T5J OH8
CANADA
Account # N/A
|
Software
|
1,950.00
|
|
|
VALENCE SIP
BUILDING #48, DONGJING INDUSTRIAL AREA
SUZHOU, CHINA 215123
Account # N/A
|
Demo and Evaluation units
|
78.36
|
|
|
MOUSER ELECTRONICS
P.O. BOX 99319
FORT WORTH, TX 76199
Account #1709746
|
Components and Parts
|
1.89
|
|
|
MCMASTER-CARR
P. O. BOX 7690
CHICAGO, IL 60680-769
Account #
|
MISC. PARTS
|
199.22
|
|
|
EVRAZ STRATCOR, INC.
P.O. BOX 3027
HICKSVILLE, NY 11802
Account # N/A
|
Components and Parts
|
810.00
|
|
|
BLUEPRINT TECHNOLOGIES
7703 N KANAR BKVD,M SYUTE 500
AUSTIN, TX 78752
Account # N/A
|
Telecommunications
|
1,000.00
|
|
|
ULINE
2200 S. LAKESIDE DRIVE
WAUKEGAN, IL 60085
Account # 569258
|
Product packaging
|
202.00
|
|
|
Total
|
5,149.47
|
||
|
General Ledger Accruals for Estimated Expenses as of February 28,2013
|
||||
|
Ledger account
|
Account name
|
Post-Petition
|
Pre-Petition
|
Closing Balance
|
|
12012
|
Current portion - Deferred rent
|
(5,123.00)
|
40,056.00
|
34,933.00
|
|
12101
|
Garnishments payable
|
0.00
|
0.00
|
0.00
|
|
12102
|
Payroll clearing
|
151,634.47
|
(58,794.88)
|
92,839.59
|
|
12103
|
Accrued vacation
|
(19,665.72)
|
261,094.31
|
241,428.59
|
|
12105
|
Medical insurance payable
|
528.65
|
-535.96
|
(7.31)
|
|
12107
|
401(k) payable
|
1,593.18
|
2,641.10
|
4,234.28
|
|
12108
|
Bonus payable
|
54,118.02
|
141,960.03
|
196,078.05
|
|
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
|
125,710.68
|
17,945.01
|
143,655.69
|
|
12310
|
Reserve for customer rebates
|
(125,906.00)
|
203,275.00
|
77,369.00
|
|
12706
|
Deferred rent
|
(20,953.00)
|
20,953.00
|
0.00
|
|
Total
|
$158,648.68
|
$635,171.01
|
||
|
12210
|
Warranty Reserve
|
$5,950.85
|
$1,124,919.97
|
1,130,870.82
|
|
12221
|
Dividends Payable
|
$0.00
|
$1,168,601.14
|
1,168,601.14
|
|
Grand Total
|
$240,422.62
|
|
MOR-7
|
|||
|
EXHIBIT B - Other Cash Receipts February 2013
|
|||
|
Date
|
Subsidiary/Company
|
Description
|
Amount
|
|
Interest Earned:
|
|||
|
2/7/2013
|
Silicon Valley Bank
|
Interest earned on CD deposit account held at Silicon Valley Bank
|
10.62
|
|
2/1/2013
|
Silicon Valley Bank
|
Interest paid on Silicon Valley Bank Investment account
|
0.02
|
|
Transfer Between Accounts:
|
|||
|
2/28/2013
|
Fortis Bank, Belgium
|
Transfer of VAT Receivable into Fortis Bank Account, Belgium
|
886.92
|
|
Vendor Refund:
|
|||
|
2/4/2013
|
Silicon Valley Bank
|
Broadridge Vendor Refund-Termination of Services
|
5,051.82
|
|
$5,949.38
|
|||
|
MOR-7
|
|||
|
EXHIBIT C - Other Cash Disbursements February 2013
|
|||
|
Payments to Subsidiaries or Payments on Behalf of Subsidiaries
|
|||
|
Date
|
Subsidiary/Company
|
Description
|
Amount
|
|
2/1/2013
|
VALENCE (SIP) - VET
|
Wire Transfer sent to Valence VET for purchase of finished goods
|
200,000.00
|
|
2/20/2013
|
VALENCE (SIP) - VET
|
Wire Transfer sent to Valence VET for purchase of finished goods
|
1,300,000.00
|
|
2/19/2013
|
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
|
43,630.05
|
|
Foreign Exchange Adjustment
|
|||
|
2/28/2013
|
Fortis Bank, Belgium
|
End of Month Foreign Exchange Adjustment
|
2,988.74
|
|
$1,546,618.79
|
|||
|
Customer Payments Remitted to GemCap for Payment on Loan
|
|||
|
Date
|
Subsidiary/Company
|
Description
|
Amount
|
|
2/28/2013
|
GemCap Lending I, LLC
|
Accounts Receivable payments transferred to GemCap DIP Lender
|
3,890,720.98
|
|
$ 3,890,720.98
|
|||
|
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
|
||
|
1/30/2013
|
TIANJIN LISHEN BATTERY
|
6th Monthly Cure Payment
|
100,000.00
|
|
Total January Payments:
|
$100,000.00
|
||
|
2/27/2013
|
TIANJIN LISHEN BATTERY
|
7th Monthly Cure Payment
|
$100,000.00
|
|
Total February Payments:
|
$100,000.00
|
||
|
Grand Total All Other February 2013 Cash Disbursements:
|
$5,537,339.77
|
||
|
MOR-7
|
|||
|
EXHIBIT D - Other Reorganization Expenses February 2013
|
|||
|
Date
|
Vendor
|
Description
|
Amount
|
|
2/7/2013
|
GemCap Lending I, LLC
|
Interest and Fees
|
31,943.12
|
|
2/14/2013
|
GemCap Lending I, LLC
|
Reimbursement to GemCap for legal fees
|
265.00
|
|
$ 32,208.12
|
|||