Attached files

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EX-99.8 - EXHIBIT 99.8 - PREMIER EXHIBITIONS, INC.exh_998.htm
EX-99.7 - EXHIBIT 99.7 - PREMIER EXHIBITIONS, INC.exh_997.htm
EX-99.6 - EXHIBIT 99.6 - PREMIER EXHIBITIONS, INC.exh_996.htm
EX-99.5 - EXHIBIT 99.5 - PREMIER EXHIBITIONS, INC.exh_995.htm
EX-99.4 - EXHIBIT 99.4 - PREMIER EXHIBITIONS, INC.exh_994.htm
EX-99.2 - EXHIBIT 99.2 - PREMIER EXHIBITIONS, INC.exh_992.htm
EX-99.1 - EXHIBIT 99.1 - PREMIER EXHIBITIONS, INC.exh_991.htm
8-K - FORM 8-K - PREMIER EXHIBITIONS, INC.f8k_112217.htm

Exhibit 99.3

 

UNITED STATES BANKRUPTCY COURT
MIDDLE DISTRICT OF FLORIDA
JACKSONVILLE DIVISION 
               
  IN RE:     } CASE NUMBER    
        } 3:16-bk-02230-PMG    
  RMS TITANIC, INC   }      
        } JUDGE PAUL M. GLENN
        }      
  DEBTOR.     } CHAPTER 11    
               
               
  DEBTOR'S STANDARD MONTHLY OPERATING REPORT (BUSINESS)    
               
        FOR THE PERIOD    
    FROM October 1, 2017 TO October 31, 2017    
               
Comes now the above-named debtor and files its Monthly Operating Reports in accordance with the
Guidelines established by the United States Trustee and FRBP 2015.    
               
               
               
          Attorney for Debtor's Signature  
               
Debtor's Address       Attorney's Address    
and Phone Number:     and Phone Number:  
               
RMS TITANIC, INC       NELSON MULLINS (Attn: Daniel Blanks)
               
3045 Kingston Court, Suite I     50 N. Laura Street, 41st Floor  
               
Peachtree Corners GA 30071     Jacksonville, FL 32202  
               
+1 (404) 842-2600       +1 (904) 665-3600    
               
               
Note: The original Monthly Operating Report is to be filed with the court and a copy simultaneously
provided to the United States Trustee Office. Monthly Operating Reports must be filed by the 20th day
of the following month.           
               
For assistance in preparing the Monthly Operating Report, refer to the following resources on the 
United States Trustee Program Website, http://www.usdoj.gov/ust/r21/reg_info.htm   
               
1)  Instructions for Preparations of Debtor’s Chapter 11 Monthly Operating Report   
2)  Initial Filing Requirements           
3)  Frequently Asked Questions (FAQs) http://www.usdoj.gov/ust/     

 

 

 

 

SCHEDULE OF RECEIPTS AND DISBURSEMENTS  
  FOR THE PERIOD BEGINNING 1-Oct-17 AND ENDING 31-Oct-17    
             
Name of Debtor: RMS TITANIC, INC   Case Number 3:16-bk-02230-PMG    
Date of Petition: 14-Jun-16          
             
    Current month   Cumulative     
      Petition to date    
             
1. Funds at beginning of period per bank (Trust Account)  $  609,971.84  ( a )   $         483,632.34 ( b )  
             
2. Receipts:            
  A. Cash sales          
  Minus: Cash refunds          
  Net cash sales          
             
  B. Accounts receivable  $                    -           
             
  C. Other receipts (see MOR-3)  $          103.61    $         126,507.15    
  Note: invoice & receipts at the same time          
             
3. Total receipts (lines 2A+2B+2C)  $          103.61    $         126,507.15    
             
4. Total funds available Trust Account (line 1+line 3)  $  610,075.45    $         610,139.49    
             
5. Disbursements          
  A. Advertising          
  B. Bank charges  $                    -       $                           -       
  C. Contract labour          
  D. Fixed asset payments (not incl in "N")          
  E. Insurance          
  F. Inventory payments          
  G. Leases          
  H. Manufacturing supplies          
  I. Office supplies          
  J. Payroll - net (see attachment 4B)          
  K. Professional fees (Accounting & legal)          
  L. Rent           
  M. Repairs & maintenance          
  N. Secured creditor payments (see attach 2)          
  O. Taxes paid - payroll (see attachment 4C)          
  P. Taxes paid - sales & use (see attach 4C)          
  Q. Taxes paid - Other (see attachment 4C)          
  R. Telephone          
  S. Travel & entertainment          
  T. U.S. Trustee Quarterly Fees          
  U. Utilities          
  V. Vehicle expenses (car rental)          
  W. Other - Federal withholding  $                    -       $                    64.04    
6. Total Disbursements (sum of 5A thru W)  $                    -       $                    64.04    
7. Ending balance (line 4 minus line 6)  $  610,075.45  ( c )   $         610,075.45 ( c )  
             
I declare under penalty of perjury that this statement and the accompanying documents and reports are true and correct to the best of
my knowledge and belief.          
This      _  21st       day of  November, 2017. Signature /s/ Jerome Henshall    
             
(a)This number is carried forward from last month’s report.  For the first report only, this number will be the       
    balance as of the petition date.          
(b)This figure will not change from month to month.  It is always the amount of funds on hand as of the date of     
     the petition.            
(c)These two amounts will always be the same if form is completed correctly.        

 

 

 

 

 SCHEDULE OF RECEIPTS AND DISBURSEMENTS     
 Detail of Other Receipts and Other Disbursements    
 OTHER RECEIPTS:    
 Describe Each Item of Other Receipt and List Amount of Receipt.  Write totals on Page MOR-2, Line 2C.    
          Cumulative    
Description      Current Month        Petition to Date    
Interest income      $                 103.61    $            1,507.15    
Quarterly transfer from PEM operating account  $                          -       $        125,000.00    
               
               
               
               
               
               
               
               
               
TOTAL OTHER RECEIPTS    $                 103.61    $        126,507.15    
               
 “Other Receipts” includes Loans from Insiders and other sources (i.e. Officer/Owner, related parties directors, related corporations, etc.).  Please describe below:    
               
Loan amount Source of funds Purpose  Repayment schedule       
 $                                  -                 
               
OTHER DISBURSEMENTS:            
Describe Each Item of Other Disbursement and List Amount of Disbursement.  Write totals on Page MOR-2, Line 5W.
          Cumulative    
Description      Current Month        Petition to Date    
Federal witholding      $                          -       $                  64.04    
               
               
               
               
 TOTAL OTHER DISBURSEMENTS    $                          -       $                  64.04    
               
NOTE: Attach a current Balance Sheet and Income (Profit & Loss) Statement.      
Please refer to Appendix            

 

 

 

 

Attachment 1      
Monthly Accounts Receivable Reconciliation and Aging      
       
Name of Debtor: RMS TITANIC, INC Case Number: 3:16-bk-02230-PMG        
                 
Reporting period beginning 1-Oct-17   Period ending 31-Oct-17        
                 
ACCOUNTS RECEIVABLE AT PETITION DATE:  $NIL           
                 
                 
Accounts receivable reconciliation      
(Include all accounts receivable, pre-petition and post-petition, including charge card sales which have not been received):
                 
Beginning of Month Balance    $Nil  ( a )        
Plus: current month new billings            
Minus: collection during the month   ( b )        
Plus/ minus: adjustments or writeoffs   *        
End of month balance    $Nil  ( c )        
                 
*For any adjustments or Write-offs provide explanation and supporting documentation, if applicable:      
                 
                 
                 
POST PETITION ACCOUNTS RECEIVABLE AGING      
(Show the total for each aging category for all accounts receivable)      
                 
0-30 days 31-60 days 61-90 days over 90 days Total        
                 
 $                     -     $                  -     $                            -     $                        -     $Nil  ( c )      
                 
For any receivables in the “Over 90 Days” category, please provide the following:        
None                
                 
Customer   Receivable Date   Status (Collection efforts taken, estimate of collectibility
        write-off, disputed account, etc.)    
None                
                 
                 
                 
(a)This number is carried forward from last month’s report.  For the first report only, this number will be zero.  
                 
(b)This must equal the number reported in the “Current Month” column of Schedule of Receipts and      
     Disbursements (Page MOR-2, Line 2B).            
(c)These two amounts must equal.            

 

 

 

 

Attachment 2      
Monthly Accounts Payable and secured payments report      
       
Name of Debtor: RMS TITANIC, INC Case Number: 3:16-bk-02230-PMG        
                 
Reporting period beginning 1-Oct-17 Period ending 31-Oct-17        
                 
In the space below list all invoices or bills incurred and not paid since the filing of the petition.  Do not include amounts owed prior to filing the petition.  In the alternative, a computer generated list of payables may be attached provided all information requested below is included.      
     
                 
POST PETITION ACCOUNTS PAYABLE      
       
Date incurred Days outstanding Vendor Description Amount        
None                
                 
                 
                 
                 
                 
                 
Total amount        $Nil  ( b )      
                 
☐ Check here if pre-petition debts have been paid.  Attach an explanation and copies of supporting         
    documentation.              
                 
Accounts payable reconciliation (post petition unsecured debt only)      
                 
                 
Opening Balance    $Nil  ( a )        
PLUS: New indebtedness incurred this month            
MINUS: Amount paid on post petition            
Accounts payable this month  $                                                 -             
PLUS/MINUS: adjustments   $                                                 -    *        
End of month balance    $Nil  ( c )        
                 
*For any adjustments or Write-offs provide explanation and supporting documentation, if applicable:        
                 
Secured payments report      
List the status of Payments to Secured Creditors and Lessors (Post Petition Only).   If you have entered into a       
modification agreement with a secured creditor/lessor, consult with your attorney and the United States Trustee     
Program prior to completing this section).            
                 
                 
Secured Creditor / Date Payment Due This Month Amount Paid This Month Number of Post Petition Total Amount of Post Petition
Lessor       Payments Delinquent Payments Delinquent  
                 
None      $                                                 -             
                 
                 
                 
TOTAL      $Nil  (d)        
(a)This number is carried forward from last month’s report.  For the first report only, this number will be       
    the balance as of the petition date.            
(b, c) The total of line (b) must equal line (c).            
(d) This number is reported in the “Current Month” column of Schedule of Receipts and Disbursements (Page MOR-2, Line 5N).    

 

 

 

 

Attachment 3  
Inventory and Fixed Assets Report  
   
Name of Debtor: RMS TITANIC, INC   Case Number: 3:16-bk-02230-PMG  
             
Reporting period beginning 1-Oct-17   Period ending 31-Oct-17  
             
INVENTORY REPORT            
             
INVENTORY BALANCE AT PETITION DATE:    $Nil     
INVENTORY RECONCILIATION:        
  Inventory Balance at Beginning of Month  $Nil  (a)  
     PLUS: Inventory Purchased During Month      
     MINUS: Inventory Used or Sold      
     PLUS/MINUS: Adjustments or Write-downs   *  
  Inventory on Hand at End of Month  $Nil     
             
METHOD OF COSTING INVENTORY: No inventory    
             
*For any adjustments or write-downs provide explanation and supporting documentation, if applicable.
                                                                                                      
INVENTORY AGING  
             
  Less than 6 6 months to Greater than Considered Total Inventory  
  months old 2 years old 2 years old Obsolete    
             
           = 100%  
             
* Aging Percentages must equal 100%.        
☐    Check here if inventory contains perishable items.    
             
Description of Obsolete Inventory:  
None            
                                                                                                      
             
FIXED ASSET REPORT          
             
FIXED ASSETS FAIR MARKET VALUE AT PETITION DATE:  $   218,023,300.00 (b)  
(Includes Property, Plant and Equipment)      
             
BRIEF DESCRIPTION (First Report Only):  
             
             
             
FIXED ASSETS RECONCILIATION:        
Fixed Asset Book Value at Beginning of Month  $        2,836,090.00 (a)(b)  
MINUS:  Depreciation Expense        
PLUS:  New Purchases          
PLUS/MINUS: Adjustments or Write-downs  $                  (937.00) *  
Ending Monthly Balance    $        2,835,153.00    
             
*For any adjustments or write-downs, provide explanation and supporting documentation, if applicable.
Note to reader - this adjustment relates to physical "lumps of coal" sold as souvenirs through our merchandise retail operations
BRIEF DESCRIPTION OF FIXED ASSETS PURCHASED OR DISPOSED OF DURING THE REPORTING PERIOD:
No purchases or disposals during the reporting period.    
             
             
(a)This number is carried forward from last month’s report.  For the first report only, this number will be the   
    balance as of the petition date.        
(b)Fair Market Value is the amount at which fixed assets could be sold under current economic conditions.   
    Book Value is the cost of the fixed assets minus accumulated depreciation and other adjustments.

 

 

 

 

Attachment 4A
Monthly summary of bank activity - operating account
 
Name of Debtor: RMS TITANIC, INC Case Number: 3:16-bk-02230-PMG  
           
Reporting period beginning 1-Oct-17   Period ending 31-Oct-17  
           
           
Attach a copy of current month bank statement and bank reconciliation to this Summary of Bank Activity.  A standard bank reconciliation form can be found at http://www.usdoj.gov/ust/r21/reg_info.htm.  If bank accounts other than the three required by the United States Trustee Program are necessary, permission must be obtained from the United States Trustee prior to opening the accounts.  Additionally, use of less than the three required bank accounts must be approved by the United States Trustee.
           
Name of bank Bank of America Merrill Lynch Branch NOT APPLICABLE  
           
Account name RMS Titanic Inc. Account number *4069  
           
Purpose of account: OPERATING - TRUST ACCOUNT      
           
Ending balance per bank statement    $          609,971.84  
Plus total amount of outstanding deposits    $                  103.61  
Minus: total amount of outstanding checks and other debits   *
Minus: service charges      $                           -     
End of month balance      $          610,075.45 ** ( a )
           
* Debit cards are used by None      
           
** If Closing Balance is negative, provide explanation: None    
           
           
The following disbursements were paid in Cash (do not includes items reported as Petty Cash on Attachment
 4D: ( ☐ Check here if cash disbursements were authorized by United States Trustee)  
           
Date Amount Payee Purpose Reason for Cash Disbursement
           
None          
           
           
           
           
           
TRANSFERS BETWEEN DEBTOR IN POSSESSION ACCOUNTS
“Total Amount of Outstanding Checks and other debits”, listed above, includes:  
           
  None Transferred to Payroll Account    
           
  None Transferred to Tax Account    
           
(a) The total of this line on Attachment 4A, 4B and 4C plus the total of 4D must equal the amount reported as 
“Ending Balance” on Schedule of Receipts and Disbursements (Page MOR-2, Line 7).  

 

 

 

 

Attachment 5A
Check register - operating account
 
Name of Debtor: RMS TITANIC, INC Case Number: 3:16-bk-02230-PMG  
           
Reporting period beginning 1-Oct-17   Period ending 31-Oct-17  
           
           
           
Name of bank Bank of America Merrill Lynch Branch NOT APPLICABLE  
           
Account name RMS Titanic Inc. Account number *4069  
           
Purpose of account: OPERATING - TRUST ACCOUNT      
           
Account for all disbursements, including voids, lost checks, stop payments, etc.  In the alternative, a computer generated check register can be attached to this report, provided all the information requested below is included.
           
Date Check number Payee Purpose Amount  
None        $                             -     
           
           
           
           
           
           
           
           
           
Total        $Nil   

 

 

 

 

Attachment 4B  
Monthly summary of bank activity - payroll account  
   
Name of Debtor: RMS TITANIC, INC   Case Number: 3:16-bk-02230-PMG  
             
Reporting period beginning 1-Oct-17   Period ending 31-Oct-17    
             
Attach a copy of current month bank statement and bank reconciliation to this Summary of Bank  
Activity.  A standard bank reconciliation form can be found at       
http://www.usdoj.gov/ust/r21/reg_info.htm        
             
Name of bank None   Branch None    
             
Account name None   Account number None    
             
Purpose of account: PAYROLL        
             
Ending balance per bank statement      $Nil   
Plus total amount of outstanding deposits      $                                      -     
Minus: total amount of outstanding checks and other debits     *
Minus: service charges        $                                      -     
End of month balance        $Nil  ** ( a )
             
* Debit cards are used by None        
             
** If Closing Balance is negative, provide explanation: None    
             
             
The following disbursements were paid in Cash:    ( ☐ Check here if cash disbursements were authorized 
by United States Trustee)          
             
Date Amount Payee Purpose Reason for Cash Disbursement  
None            
             
             
             
             
             
The following non-payroll disbursements were made from this account:    
Date Amount Payee Purpose Reason for Cash Disbursement  
None            
             
             
             
             
             
(a) The total of this line on Attachment 4A, 4B and 4C plus the total of 4D must equal the amount reported as 
“Ending Balance” on Schedule of Receipts and Disbursements (Page MOR-2, Line 7).   

 

 

 

 

Attachment 5B
Check register - payroll account
 
Name of Debtor: RMS TITANIC, INC   Case Number: 3:16-bk-02230-PMG
           
Reporting period beginning 1-Oct-17   Period ending 31-Oct-17  
           
           
           
Name of bank None   Branch None  
           
Account name None   Account number None  
           
Purpose of account: PAYROLL      
           
Account for all disbursements, including voids, lost checks, stop payments, etc.  In the 
alternative, a computer generated check register can be attached to this report, provided all the
information requested below is included.    
           
           
Date Check Number Payee Purpose Amount
None          $                                      -   
           
           
           
           
           
           
TOTAL          $Nil 

 

 

 

 

Attachment 4C  
Monthly Summary of Bank Activity - Tax Account  
   
Name of Debtor: RMS TITANIC, INC   Case Number: 3:16-bk-02230-PMG  
             
Reporting period beginning 1-Oct-17   Period ending 31-Oct-17    
             
Attach a copy of current month bank statement and bank reconciliation to this Summary of Bank  
Activity.  A standard bank reconciliation form can be found at       
http://www.usdoj.gov/ust/r21/reg_info.htm        
             
Name of bank None   Branch None    
             
Account name None   Account number None    
             
Purpose of account: TAX        
             
Ending balance per bank statement      $Nil   
Plus total amount of outstanding deposits      $                                      -     
Minus: total amount of outstanding checks and other debits     *
Minus: service charges        $                                      -     
Ending balance per Check Register      $Nil  ** ( a )
             
* Debit cards are used by None        
             
** If Closing Balance is negative, provide explanation: None    
             
             
The following disbursements were paid in Cash:  ( ☐ Check here if cash disbursements were authorized 
by United States Trustee)          
             
Date Amount Payee Purpose Reason for Cash Disbursement  
None            
             
             
             
             
             
The following non-payroll disbursements were made from this account:    
Date Amount Payee Purpose Reason for Cash Disbursement  
None            
             
             
             
             
             
(a) The total of this line on Attachment 4A, 4B and 4C plus the total of 4D must equal the amount reported as 
“Ending Balance” on Schedule of Receipts and Disbursements (Page MOR-2, Line 7).   

 

 

 

 

Attachment 5B  
Check register - tax account  
   
Name of Debtor: RMS TITANIC, INC   Case Number: 3:16-bk-02230-PMG  
             
Reporting period beginning 1-Oct-17   Period ending 31-Oct-17    
             
             
             
Name of bank None   Branch None    
             
Account name None   Account number None    
             
Purpose of account: TAX          
             
Account for all disbursements, including voids, lost checks, stop payments, etc.  In the   
alternative, a computer generated check register can be attached to this report, provided all the  
information requested below is included.        
             
Date Check Number Payee Purpose Amount  
None            
             
             
             
             
             
             
TOTAL          $Nil  (d)
             
    SUMMARY OF TAXES PAID    
  Payroll Taxes Paid      $Nil  (a)
  Sales & Use Taxes Paid      $Nil  (b)
  Other Taxes Paid      $Nil  (c)
  TOTAL        $Nil  (d)
             
(a) This number is reported in the “Current Month” column of Schedule of Receipts and Disbursements 
(Page MOR-2 Line 5O)          
(b) This number is reported in the “Current Month” column of Schedule of Receipts and Disbursements 
(Page MOR-2 Line 5P)          
(c) This number is reported in the “Current Month” column of Schedule of Receipts and Disbursements 
(Page MOR-2 Line 5Q)          
(d) These two lines must be equal.        

 

 

 

 

Attachment 4D  
Investment accounts and petty cash report  
           
Investment accounts         
Each savings and investment account, i.e. certificates of deposits, money market accounts, stocks and bonds, etc., should be listed separately.  Attach copies of account statements.  
           
Type of Negotiable          
           
Instrument        Face Value Purchase Price Date of Purchase Current Market Value  
None          
           
           
           
TOTAL        $Nil  (a)
           
Petty Cash Report  
           
The following Petty Cash Drawers/Accounts are maintained:    
  (Column 2) (Column 3) (Column 4)    
Location of  Box/Account Maximum amount of cash in Drawer/Acct Amount of petty cash on hand at end of month Difference between (Column 2) and(Column 3)    
None      $                                     -       
           
           
Total    $Nil   ( b )     
           
           
For any Petty Cash Disbursements over $100 per transaction, attach copies of receipts.  If 
there are no receipts, provide an explanation.      
           
           
           
           
TOTAL INVESTMENT ACCOUNTS AND PETTY CASH (a + b)  $Nil  (c)  
           
(c) The total of this line on Attachment 4A, 4B and 4C plus the total of 4D must equal the   
    amount reported as “Ending Balance” on Schedule of Receipts and Disbursements (Page   
    MOR-2, Line 7).          

 

 

 

 

Attachment 6
Monthly tax report
 
Name of Debtor: RMS TITANIC, INC   Case Number: 3:16-bk-02230-PMG
           
Reporting period beginning 1-Oct-17   Period ending 31-Oct-17  
           
    TAXES OWED AND DUE      
           
Report all unpaid post-petition taxes including Federal and State withholding FICA, State sales tax, property tax, unemployment tax, State workmen's compensation, etc. 
           
Name of taxing authority Date payment due Description Amount Date last tax return filed Tax return period
           
None          
           
           
           
           
           
           
Total     $Nil    

 

 

 

 

Attachment 7
Summary of Officer or Owner Compensation
Summary of personnel and insurance coverages
Name of Debtor: RMS TITANIC, INC Case Number: 3:16-bk-02230-PMG  
           
Reporting period beginning 1-Oct-17   Period ending 31-Oct-17  
           
    TAXES OWED AND DUE      
           
 Report all forms of compensation received by or paid on behalf of the Officer or Owner during the month.  Include car allowances, payments to retirement plans, loan repayments, payments of Officer/Owner’s personal expenses, insurance premium payments, etc.  Do not include reimbursement for business expenses Officer or Owner incurred and for which detailed receipts are maintained in the accounting records.
           
Name of officer or owner Title Payment description Amount paid    
None          
           
           
           
Total     $Nil    
           
           
    PERSONNEL REPORT      
      Full time Part time  
Number of employees at beginning of period  None    
Number hired during the period   None    
Number terminated or resigned during period None    
Number of employees on payroll at end of period None    
           
           
    CONFIRMATION OF INSURANCE      
List all policies of insurance in effect, including but not limited to workers' compensation, liability, fire, theft, comprehensive, vehicle, health and life.  For the first report, attach a copy of the declaration sheet for each type of insurance.  For subsequent reports, attach a certificate of insurance for any policy in which a change occurs during the month (new carrier, increased policy limits, renewal, etc.).
           
No changes          
           
The following lapse in insurance coverage occurred this month:    
Policy Type Date Lapsed Date Reinstated Reason for Lapse
           
           
           
           
¨ Check here if U. S. Trustee has been listed as Certificate Holder for all insurance policies.

 

 

 

 

Attachment 8  
Significant Developments During Reporting Period  
               
 Information to be provided on this page, includes, but is not limited to: (1) financial transactions that are not reported on this report, such as the sale of real estate (attach closing statement); (2) non-financial transactions, such as the substitution of assets or collateral; (3) modifications to loan agreements; (4) change in senior management, etc.   Attach any relevant documents.
               
None              
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
               
We anticipate filing a Plan of Reorganization and Disclosure Statement on or before To be determined  

 

 

 

 

 
APPENDIX
 
RMS Titanic, Inc.
Per MOR-3
(Unaudited) Balance Sheet
(Unaudited) Profit and Loss Statement
 
RMS Titanic, Inc.
Per MOR-7
Bank reconciliation form – Bank of America *4069
Account statement – Bank of America *4069