Attached files
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| 8-K - FORM 8-K - Nuvectra Corp | nvtr20191230_8k.htm |
Exhibit 99.1
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Monthly Operating Report |
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ACCRUAL BASIS |
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CASE NAME: |
Nuvectra Corporation |
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CASE NUMBER: |
19-43090 |
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JUDGE: |
Honorable Brenda T. Rhoades |
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UNITED STATES BANKRUPTCY COURT |
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EASTERN DISTRICT OF TEXAS |
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REGION 6 |
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MONTHLY OPERATING REPORT |
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MONTH ENDING: |
November 30 |
2019 |
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YEAR |
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IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER |
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PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT |
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(ACCRUAL BASIS-1 THROUGH ACCRUAL BASIS-7) AND THE ACCOMPANYING ATTACHMENTS AND, |
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TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT, AND COMPLETE. |
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DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY) IS BASED ON ALL |
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INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE. |
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RESPONSIBLE PARTY: |
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/s/ Jennifer J. Kosharek |
Chief Financial Officer |
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ORIGINAL SIGNATURE OF RESPONSIBLE PARTY |
TITLE |
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Jennifer J. Kosharek |
12/20/2019 |
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PRINTED NAME OF RESPONSIBLE PARTY |
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PREPARER: |
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/s/ Jennifer J. Kosharek |
Chief Financial Officer |
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ORIGINAL SIGNATURE OF PREPARER |
TITLE |
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Jennifer J. Kosharek |
12/20/2019 |
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PRINTED NAME OF PREPARER |
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Monthly Operating Report |
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ACCRUAL BASIS-1 |
| CASE NAME: | Nuvectra Corporation | ||||||||||||||||||
| CASE NUMBER: | 19-43090 | ||||||||||||||||||
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COMPARATIVE BALANCE SHEET |
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SCHEDULE |
NOVEMBER 30 |
MONTH |
MONTH |
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ASSETS |
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| 1. |
UNRESTRICTED CASH |
$ | 9,769,668 | $ | 9,565,361 | ||||||||||||||
| 2. |
RESTRICTED CASH |
$ | - | $ | - | $ | - | $ | - | ||||||||||
| 3. |
TOTAL CASH |
$ | 9,769,668 | $ | 9,565,361 | $ | - | $ | - | ||||||||||
| 4. |
ACCOUNTS RECEIVABLE (NET) |
$ | 5,616,444 | $ | 4,270,444 | ||||||||||||||
| 5. |
INVENTORY |
$ | 13,714,792 | $ | 13,503,589 | ||||||||||||||
| 6. |
NOTES RECEIVABLE |
$ | - | $ | - | $ | - | $ | - | ||||||||||
| 7. |
PREPAID EXPENSES |
$ | 2,075,993 | $ | 1,971,200 | ||||||||||||||
| 8. |
OTHER (ATTACH LIST) |
$ | - | $ | - | $ | - | $ | - | ||||||||||
| 9. |
TOTAL CURRENT ASSETS |
$ | 31,176,897 | $ | 29,310,594 | $ | - | $ | - | ||||||||||
| 10. |
PROPERTY, PLANT & EQUIPMENT |
$ | 5,149,385 | $ | 11,909,274 | ||||||||||||||
| 11. |
LESS: ACCUMULATED DEPRECIATION/DEPLETION |
$ | (6,815,209 | ) | |||||||||||||||
| 12. |
NET PROPERTY, PLANT & EQUIPMENT |
$ | 5,149,385 | $ | 5,094,064 | $ | - | $ | - | ||||||||||
| 13. |
DUE FROM INSIDERS |
$ | - | $ | - | $ | - | $ | - | ||||||||||
| 14. |
OTHER ASSETS - NET OF AMORTIZATION (ATTACH LIST) |
$ | - | $ | - | $ | - | $ | - | ||||||||||
| 15. |
OTHER (ATTACH LIST) |
$ | 1,457,176 | $ | 1,438,411 | ||||||||||||||
| 16. |
TOTAL ASSETS |
$ | 37,783,458 | $ | 35,843,070 | $ | - | $ | - | ||||||||||
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POSTPETITION LIABILITIES |
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| 17. |
ACCOUNTS PAYABLE |
$ | 68,036 | ||||||||||||||||
| 18. |
TAXES PAYABLE |
$ | 7,131 | ||||||||||||||||
| 19. |
NOTES PAYABLE |
$ | - | ||||||||||||||||
| 20. |
PROFESSIONAL FEES |
$ | 369,096 | ||||||||||||||||
| 21. |
SECURED DEBT |
$ | - | $ | - | $ | - | ||||||||||||
| 22. |
OTHER (ATTACH LIST) |
$ | 559,952 | ||||||||||||||||
| 23. |
TOTAL POSTPETITION LIABILITIES |
$ | 1,004,215 | $ | - | $ | - | ||||||||||||
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PREPETITION LIABILITIES |
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| 24. |
SECURED DEBT |
$ | 10,118,505 | $ | 10,168,789 | ||||||||||||||
| 25. |
PRIORITY DEBT |
$ | 1,751,288 | $ | 900,091 | ||||||||||||||
| 26. |
UNSECURED DEBT |
$ | 9,286,640 | $ | 9,324,051 | ||||||||||||||
| 27. |
OTHER (ATTACH LIST) |
$ | - | $ | - | ||||||||||||||
| 28. |
TOTAL PREPETITION LIABILITIES |
$ | 21,156,433 | $ | 20,392,931 | $ | - | $ | - | ||||||||||
| 29. |
TOTAL LIABILITIES |
$ | 21,156,433 | $ | 21,397,146 | $ | - | $ | - | ||||||||||
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EQUITY |
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| 30. |
PREPETITION OWNERS' EQUITY |
$ | 96,444,483 | $ | 16,627,024 | $ | 14,445,924 | $ | 14,445,924 | ||||||||||
| 31. |
POSTPETITION CUMULATIVE PROFIT OR (LOSS) |
$ | (79,817,458 | ) | $ | (2,181,101 | ) | $ | - | $ | - | ||||||||
| 32. |
DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION) |
$ | - | $ | - | $ | - | $ | - | ||||||||||
| 33. |
TOTAL EQUITY |
$ | 16,627,024 | $ | 14,445,924 | $ | 14,445,924 | $ | 14,445,924 | ||||||||||
| 34. |
TOTAL LIABILITIES & OWNERS' EQUITY |
$ | 37,783,458 | $ | 35,843,070 | $ | 14,445,924 | $ | 14,445,924 | ||||||||||
Page 1a - Other LT Asset Detail
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GL Account Name |
GL Acct # |
Description |
Notes |
Nov. 12, 2019 |
Nov. 30, 2019 |
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ROU Operating Leases - Noncurrent |
16010 |
ASC 842 Right of Use Operating Leases Asset |
Account reconciliation available upon request |
$ | 1,418,198 | $ | 1,418,198 | |||||||
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ROU Operating Leases - Noncurrent |
16010 |
ASC 842 Right of Use Operating Leases Asset |
Account reconciliation available upon request |
$ | 415,559 | $ | 415,559 | |||||||
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Operating Leases Noncurrent Amortizati |
16011 |
ASC 842 Right of Use Operating Leases Asset Amortization |
Account reconciliation available upon request |
$ | (303,977 | ) | $ | (318,968 | ) | |||||
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Operating Leases Noncurrent Amortizati |
16011 |
ASC 842 Right of Use Operating Leases Asset Amortization |
Account reconciliation available upon request |
$ | (72,604 | ) | $ | (76,377 | ) | |||||
| $ | 1,457,176 | $ | 1,438,411 | |||||||||||
Page 1b - Other Post-Pettn Liab
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(CR) / DR |
(CR) / DR |
(CR) / DR |
(CR) / DR |
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Balance |
Balance |
POST - Petition Portion Only |
Pre-Petition Still Existing at |
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GL Account Name |
Notes |
Nov. 12, 2019 |
Nov. 30, 2019 |
GL Acct # |
Nov. 30, 2019 |
Nov. 30, 2019 |
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Manual AP Accrual |
Post petition amount per GL reconciliation. Services incurred not yet invoiced. |
(583,870 | ) | (1,180,121 | ) | 20106 | (596,251 | ) | ||||||||||||||
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Received, Not Invoiced |
(228,712 | ) | (228,712 | ) | 20110 | |||||||||||||||||
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Accrued Warranty |
No update to accrual post petition. No new trials/perms. |
(282,084 | ) | (282,084 | ) | 20250 | ||||||||||||||||
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Other Accrued Expenses |
1,651 | 5,949 | 20251 | |||||||||||||||||||
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Deferred Lease Payments |
GAAP Straight Line Rent Expense Calculation. Difference in actual rent pymt and straight line amortization (also see ROU accts) |
(16,281 | ) | (16,468 | ) | 20602 | (187 | ) | ||||||||||||||
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Operating Lease Liability- Noncurrent |
ASC 842 Right of Use Operating Leases Liability. Note this liability was booked when 842 implemented (along with the asset) and is decreased every month (along with the asset which gets amortized) as we progress through the leases |
(1,833,972 | ) | (1,810,178 | ) | 20610 | ||||||||||||||||
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TOTAL OTHER LIABILITIES |
(2,943,269 | ) | (3,511,614 | ) | ||||||||||||||||||
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Accrued Salaries & Wages |
Accrual all post petition (1 week of salary and 2 weeks of hourly unpaid at 11/30). Last pay day in month was Nov. 22. |
(116,947 | ) | (284,422 | ) | 20210 | (284,422 | ) | - | |||||||||||||
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Accrued PTO |
Immaterial accrual 11/13-11/30 |
(731,384 | ) | (720,525 | ) | 20211 | (720,525 | ) | ||||||||||||||
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Accrued Commissions |
All paid on 11/22 |
(657,527 | ) | - | 20215 | - | ||||||||||||||||
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Accrued Medical |
All paid / remitted |
- | - | 20225 | - | |||||||||||||||||
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Accrued H.S.A & Flex Benefits |
All paid / remitted |
(5,420 | ) | (0 | ) | 20230 | - | |||||||||||||||
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Accrued FSA |
Unable to separate pre/post |
(19,282 | ) | (17,465 | ) | 20231 | (17,465 | ) | ||||||||||||||
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Accrued Vision |
All paid / remitted |
- | - | 20232 | - | |||||||||||||||||
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Accrued 401K |
All paid / remitted |
(36,184 | ) | (112 | ) | 20235 | - | |||||||||||||||
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Accrued Other Payroll |
Post-petition amount per GL reconciliation for expense reports not yet paid. |
(150,676 | ) | (227,172 | ) | 20240 | (48,188 | ) | (178,984 | ) | ||||||||||||
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Accrued Payroll Taxes |
Accrual all post petition (1 week of salary and 2 weeks of hourly unpaid at 11/30). Last pay day in month was Nov. 22. |
(8,884 | ) | (21,758 | ) | 20245 | - | |||||||||||||||
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Accrued Sales Tax |
The debit balance at 11/30/19 is primarily caused by a $29K refund due from the state of Ohio for corrections made in Sept. between customer billings and our remittance to the state. We have requested a refund check but it will take ~ 6 months due to backlog. This account is fully related to pre-petition as we have no post-petition trials/perms generating sales tax (revisions are immaterial). |
(1,173 | ) | 16,882 | 20255 | - | 16,882 | |||||||||||||||
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Accrued Use Tax |
(8,715 | ) | (8,715 | ) | 20260 | - | ||||||||||||||||
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Accrued State Taxes |
(15,095 | ) | (15,095 | ) | 20405 | - | ||||||||||||||||
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TOTAL PRIORITY LIABILITIES |
(1,751,288 | ) | (1,278,382 | ) | (900,091 | ) | ||||||||||||||||
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TOTAL TRADE A/P |
(6,343,371 | ) | (6,438,361 | ) | ||||||||||||||||||
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TOTAL THIS TAB |
(11,037,928 | ) | (11,228,358 | ) | ||||||||||||||||||
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TOTAL PER PAGE 1 TAB (Liabilities w/o Secured Debt) |
(11,037,928 | ) | (11,228,358 | ) | ||||||||||||||||||
| (929,048 | ) | |||||||||||||||||||||
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Professional Fees Separately Disclosed |
(369,096 | ) | ||||||||||||||||||||
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Total Post Petition Liabilities (Other) |
(559,952 | ) | ||||||||||||||||||||
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Monthly Operating Report |
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ACCRUAL BASIS-2 |
| CASE NAME: | Nuvectra Corporation | ||||||||||||||||||
| CASE NUMBER: | 19-43090 | ||||||||||||||||||
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INCOME STATEMENT |
NOVEMBER 13-30 |
MONTH |
MONTH |
MONTH |
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REVENUES |
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| 1. |
GROSS REVENUES |
$ | 191,673 | ||||||||||||||||
| 2. |
LESS: RETURNS & DISCOUNTS |
$ | 188,618 | ||||||||||||||||
| 3. |
NET REVENUE |
$ | 3,055 | $ | - | $ | - | $ | - | ||||||||||
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COST OF GOODS SOLD |
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| 4. |
MATERIAL |
$ | 211,203 | ||||||||||||||||
| 5. |
DIRECT LABOR |
$ | - | $ | - | $ | - | $ | - | ||||||||||
| 6. |
DIRECT OVERHEAD |
$ | - | $ | - | $ | - | $ | - | ||||||||||
| 7. |
TOTAL COST OF GOODS SOLD |
$ | 211,203 | $ | - | $ | - | $ | - | ||||||||||
| 8. |
GROSS PROFIT (LOSS) |
$ | (208,148 | ) | $ | - | $ | - | $ | - | |||||||||
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OPERATING EXPENSES |
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| 9. |
OFFICER / INSIDER COMPENSATION |
$ | 89,159 | ||||||||||||||||
| 10. |
SELLING & MARKETING |
$ | 293,728 | ||||||||||||||||
| 11. |
GENERAL & ADMINISTRATIVE |
$ | 1,051,830 | ||||||||||||||||
| 12. |
RENT & LEASE |
$ | 43,580 | ||||||||||||||||
| 13. |
OTHER (ATTACH LIST) |
$ | - | $ | - | $ | - | $ | - | ||||||||||
| 14. |
TOTAL OPERATING EXPENSES |
$ | 1,478,297 | $ | - | $ | - | $ | - | ||||||||||
| 15. |
INCOME (LOSS) BEFORE NON-OPERATING INCOME & EXPENSE |
$ | (1,686,444 | ) | $ | - | $ | - | $ | - | |||||||||
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OTHER INCOME & EXPENSES |
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| 16. |
NON-OPERATING INCOME (ATTACH LIST) |
$ | (2,258 | ) | |||||||||||||||
| 17. |
NON-OPERATING EXPENSE (ATTACH LIST) |
$ | - | $ | - | $ | - | $ | - | ||||||||||
| 18. |
INTEREST EXPENSE |
$ | 72,498 | ||||||||||||||||
| 19. |
DEPRECIATION / DEPLETION |
$ | 55,320 | ||||||||||||||||
| 20. |
AMORTIZATION |
$ | - | $ | - | $ | - | $ | - | ||||||||||
| 21. |
OTHER (ATTACH LIST) |
$ | - | $ | - | $ | - | $ | - | ||||||||||
| 22. |
NET OTHER (INCOME) & EXPENSES |
$ | 125,560 | $ | - | $ | - | $ | - | ||||||||||
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REORGANIZATION EXPENSES |
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| 23. |
PROFESSIONAL FEES |
$ | 369,096 | ||||||||||||||||
| 24. |
U.S. TRUSTEE FEES |
$ | - | ||||||||||||||||
| 25. |
OTHER (ATTACH LIST) |
$ | - | ||||||||||||||||
| 26. |
TOTAL REORGANIZATION EXPENSES |
$ | 369,096 | $ | - | $ | - | $ | - | ||||||||||
| 27. |
INCOME TAX |
$ | - | ||||||||||||||||
| 28. |
NET PROFIT (LOSS) |
$ | (2,181,101 | ) | $ | - | $ | - | $ | - | |||||||||
Page 2a - Other Non-Op Inc Detl
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GL Account Name |
GL Acct # |
Nov. 13-30, 2019 |
Description |
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Other Income/Expense |
80120 | $ | (2,258 | ) |
SVB bank account revenue share |
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Monthly Operating Report |
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ACCRUAL BASIS-3 |
| CASE NAME: | Nuvectra Corporation | ||||||||||||||||||
| CASE NUMBER: | 19-43090 | ||||||||||||||||||
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CASH RECEIPTS AND DISBURSEMENTS |
NOVEMBER 13-30 |
MONTH |
MONTH |
QUARTER |
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| 1. |
CASH - BEGINNING OF MONTH |
$ | 9,769,668 | $ | 9,565,361 | $ | 9,565,361 | ||||||||||||
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RECEIPTS FROM OPERATIONS |
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| 2. |
CASH SALES |
$ | - | $ | - | ||||||||||||||
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COLLECTION OF ACCOUNTS RECEIVABLE |
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| 3. |
PREPETITION |
$ | 1,351,696 | $ | 1,351,696 | ||||||||||||||
| 4. |
POSTPETITION |
$ | - | $ | - | ||||||||||||||
| 5. |
TOTAL OPERATING RECEIPTS |
$ | 1,351,696 | $ | - | $ | - | $ | 1,351,696 | ||||||||||
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NON-OPERATING RECEIPTS |
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| 6. |
LOANS & ADVANCES (ATTACH LIST) |
$ | - | $ | - | ||||||||||||||
| 7. |
SALE OF ASSETS |
$ | - | $ | - | ||||||||||||||
| 8. |
OTHER (ATTACH LIST) |
$ | 22,334 | $ | 22,334 | ||||||||||||||
| 9. |
TOTAL NON-OPERATING RECEIPTS |
$ | 22,334 | $ | - | $ | - | $ | 22,334 | ||||||||||
| 10. |
TOTAL RECEIPTS |
$ | 1,374,030 | $ | - | $ | - | $ | 1,374,030 | ||||||||||
| 11. |
TOTAL CASH AVAILABLE |
$ | 11,143,698 | $ | 9,565,361 | $ | 9,565,361 | ||||||||||||
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OPERATING DISBURSEMENTS |
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| 12. |
NET PAYROLL |
$ | 1,086,763 | $ | 1,086,763 | ||||||||||||||
| 13. |
PAYROLL TAXES PAID |
$ | 40,237 | $ | 40,237 | ||||||||||||||
| 14. |
SALES, USE & OTHER TAXES PAID |
$ | 18,537 | $ | 18,537 | ||||||||||||||
| 15. |
SECURED / RENTAL / LEASES |
$ | - | $ | - | ||||||||||||||
| 16. |
UTILITIES |
$ | - | $ | - | ||||||||||||||
| 17. |
INSURANCE |
$ | 207,471 | $ | 207,471 | ||||||||||||||
| 18. |
INVENTORY PURCHASES |
$ | - | $ | - | ||||||||||||||
| 19. |
VEHICLE EXPENSES |
$ | - | $ | - | ||||||||||||||
| 20. |
TRAVEL |
$ | - | $ | - | ||||||||||||||
| 21. |
ENTERTAINMENT |
$ | - | $ | - | ||||||||||||||
| 22. |
REPAIRS & MAINTENANCE |
$ | - | $ | - | ||||||||||||||
| 23. |
SUPPLIES |
$ | - | $ | - | ||||||||||||||
| 24. |
ADVERTISING |
$ | - | $ | - | ||||||||||||||
| 25. |
OTHER (ATTACH LIST) |
$ | 225,330 | $ | 225,330 | ||||||||||||||
| 26. |
TOTAL OPERATING DISBURSEMENTS |
$ | 1,578,337 | $ | - | $ | - | $ | 1,578,337 | ||||||||||
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REORGANIZATION EXPENSES |
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| 27. |
PROFESSIONAL FEES |
$ | - | $ | - | ||||||||||||||
| 28. |
U.S. TRUSTEE FEES |
$ | - | $ | - | ||||||||||||||
| 29. |
OTHER (ATTACH LIST) |
$ | - | $ | - | ||||||||||||||
| 30. |
TOTAL REORGANIZATION EXPENSES |
$ | - | $ | - | $ | - | $ | - | ||||||||||
| 31. |
TOTAL DISBURSEMENTS |
$ | 1,578,337 | $ | - | $ | - | $ | 1,578,337 | ||||||||||
| 32. |
NET CASH FLOW |
$ | (204,307 | ) | $ | - | $ | - | $ | (204,307 | ) | ||||||||
| 33. |
CASH - END OF MONTH |
$ | 9,565,361 | $ | 9,565,361 | $ | 9,565,361 | ||||||||||||
Page 3a - Other Detail
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NON-OPERATING RECEIPTS |
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| 1,959 |
Non-Op Receipts - Interest on Asset Management Account Total |
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| 12,249 |
Non-Op Receipts Other - Corporate Insurance Refund (over-payment) Total |
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| 504 |
Non-Op Receipts Other - Payroll-related: Return of Rejected Child Support Payment Total |
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| 83 |
Non-Op Receipts Other - Stock related: RSU vest Total |
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| 7,538 |
Non-Op Receipts Other - Payroll-related: Monthly Wageworks reimbursement (HSA, FSA, HRA, COBRA) Total |
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| 22,334 |
8. OTHER |
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OPERATING DISBURSEMENTS |
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| (825 | ) |
Op Disbursement - Other - Management Fee on Investment Acct Total |
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| (180 | ) |
Op Disbursement - Other - Payroll-related: H.S.A. Funds Total |
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| (8,039 | ) |
Op Disbursement - Other - Rejection of NeuroNexus Customer Payment Erroneously sent to Nuvectra Total |
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| (106,822 | ) |
Op Disbursement - Other Vendors Total |
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| (1,201 | ) |
Op Disbursement - Other - Bank Fee |
|||
| (108,263 | ) |
Op Disbursement - Other - Payroll-related: H.S.A. Funds |
|||
| 225,330 |
25. OTHER |
||||
|
Monthly Operating Report |
|
ACCRUAL BASIS-4 |
| CASE NAME: | Nuvectra Corporation | ||||||||||||||||||
| CASE NUMBER: | 19-43090 | ||||||||||||||||||
| ACCOUNTS RECEIVABLE AGING |
SCHEDULE |
NOVEMBER 30 |
MONTH |
MONTH |
|||||||||||||||
| 1. |
0-30 |
$ | 5,148,863 | $ | 3,431,923 | ||||||||||||||
| 2. |
31-60 |
$ | 251,608 | $ | 511,331 | ||||||||||||||
| 3. |
61-90 |
$ | 76,541 | $ | 158,661 | ||||||||||||||
| 4. |
91+ |
$ | 717,900 | $ | 746,997 | ||||||||||||||
| 5. |
TOTAL ACCOUNTS RECEIVABLE |
$ | 6,194,913 | $ | 4,848,912 | $ | - | $ | - | ||||||||||
| 6. |
AMOUNT CONSIDERED UNCOLLECTIBLE |
$ | (578,468 | ) | $ | (578,468 | ) | ||||||||||||
| 7. |
ACCOUNTS RECEIVABLE (NET) |
$ | 5,616,444 | $ | 4,270,444 | $ | - | $ | - | ||||||||||
| AGING OF POSTPETITION TAXES AND PAYABLES | MONTH: | November 30 2019 | ||||||||||||||||||||
| 0-30 | 31-60 | 61-90 |
91+ |
|||||||||||||||||||
|
TAXES PAYABLE |
DAYS |
DAYS |
DAYS |
DAYS |
TOTAL |
|||||||||||||||||
| 1. |
FEDERAL |
$ | 21,758 | $ | - | $ | - | $ | - | $ | 21,758 | |||||||||||
| 2. |
STATE |
$ | (14,628 | ) | $ | - | $ | - | $ | - | $ | (14,628 | ) | |||||||||
| 3. |
LOCAL |
$ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
| 4. |
OTHER (ATTACH LIST) |
$ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||
| 5. |
TOTAL TAXES PAYABLE |
$ | 7,131 | $ | - | $ | - | $ | - | $ | 7,131 | |||||||||||
| 6. |
ACCOUNTS PAYABLE |
$ | 68,036 | $ | 0 | $ | 0 | $ | 0 | $ | 68,036 | |||||||||||
| STATUS OF POSTPETITION TAXES | MONTH: | November 30 2019 | |||||||||||||||||
|
|
AMOUNT |
|
|||||||||||||||||
|
BEGINNING |
WITHHELD |
|
ENDING |
||||||||||||||||
| TAX | AND/OR | AMOUNT | TAX | ||||||||||||||||
|
FEDERAL |
LIABILITY |
ACCRUED |
PAID |
LIABILITY |
|||||||||||||||
| 1. |
WITHHOLDING |
Payroll |
$ | 45,922 | $ | - | $ | 45,922.36 | $ | - | |||||||||
| 2. |
FICA-EMPLOYEE |
Payroll |
$ | 17,544 | $ | - | $ | 17,544.15 | $ | - | |||||||||
| 3. |
FICA-EMPLOYER |
Payroll |
$ | 16,348 | $ | 21,758 | $ | 16,347.98 | $ | 21,758 | |||||||||
| 4. |
UNEMPLOYMENT |
Payroll |
$ | - | $ | - | $ | - | $ | - | |||||||||
| 5. |
INCOME |
$ | - | $ | - | $ | - | $ | - | ||||||||||
| 6. |
OTHER (ATTACH LIST) |
$ | - | $ | - | $ | - | $ | - | ||||||||||
| 7. |
TOTAL FEDERAL TAXES |
$ | 79,814 | $ | 21,758 | $ | 79,814 | $ | 21,758 | ||||||||||
|
STATE AND LOCAL |
|||||||||||||||||||
| 8. |
WITHHOLDING |
Payroll |
$ | 9,288 | $ | - | $ | 9,288.10 | $ | - | |||||||||
| 9. |
SALES |
$ | 9,888 | $ | - | $ | 18,055 | $ | (8,167 | ) | |||||||||
| 10. |
EXCISE |
$ | - | $ | - | $ | - | $ | - | ||||||||||
| 11. |
UNEMPLOYMENT |
Payroll |
$ | - | $ | - | $ | - | $ | - | |||||||||
| 12. |
REAL PROPERTY |
$ | (9,690 | ) | $ | 3,230 | $ | - | $ | (6,460 | ) | ||||||||
| 13. |
PERSONAL PROPERTY |
$ | - | $ | - | $ | - | $ | - | ||||||||||
| 14. |
OTHER (ATTACH LIST) |
$ | - | $ | - | $ | - | $ | - | ||||||||||
| 15. |
TOTAL STATE & LOCAL |
$ | 9,485 | $ | 3,230 | $ | 27,343 | $ | (14,628 | ) | |||||||||
| 16. |
TOTAL TAXES |
$ | 89,300 | $ | 24,988 | $ | 107,158 | $ | 7,131 | ||||||||||
|
Monthly Operating Report |
|
ACCRUAL BASIS-5 |
| CASE NAME: | Nuvectra Corporation | ||||||||||||||||||
| CASE NUMBER: | 19-43090 | ||||||||||||||||||
|
MONTH: |
November 30 2019 |
||||||||||||||||||
|
BANK RECONCILIATIONS |
|||||||||||||||||||
|
Account #1 |
Account #2 |
Account #3 |
|||||||||||||||||
|
A. |
BANK: |
Silicon Valley Bank |
Silicon Valley Bank |
Silicon Valley Bank |
|||||||||||||||
|
B. |
ACCOUNT NUMBER: | 0826 | 2403 | 0906 |
TOTAL |
||||||||||||||
|
C. |
PURPOSE (TYPE): |
Analysis Checking |
Sweep Investment |
Analysis Checking Lockbox |
|||||||||||||||
| 1. |
BALANCE PER BANK STATEMENT |
$ | 98,472 | $ | 6,791,995 | $ | - | $ | 6,890,468 | ||||||||||
| 2. |
ADD: TOTAL DEPOSITS NOT CREDITED |
$ | - | $ | 201,896 | $ | - | $ | 201,896 | ||||||||||
| 3. |
SUBTRACT: OUTSTANDING CHECKS |
$ | 102,346 | $ | - | $ | - | $ | 102,346 | ||||||||||
| 4. |
OTHER RECONCILING ITEMS |
$ | - | $ | - | $ | - | $ | - | ||||||||||
| 5. |
MONTH END BALANCE PER BOOKS |
$ | (3,874 | ) | $ | 6,993,891 | $ | - | $ | 6,990,017 | |||||||||
| 6. |
NUMBER OF LAST CHECK WRITTEN |
7280 | N/A | N/A | |||||||||||||||
|
INVESTMENT ACCOUNTS |
|||||||||||||||||||
|
DATE OF |
TYPE OF |
PURCHASE |
CURRENT |
||||||||||||||||
|
BANK, ACCOUNT NAME & NUMBER |
PURCHASE |
INSTRUMENT |
PRICE |
VALUE |
|||||||||||||||
| 7. |
Silicon Valley Bank Asset Mgmnt x1350 |
N/A | N/A | N/A | $ | 2,575,343 | |||||||||||||
| 8. | |||||||||||||||||||
| 9. | |||||||||||||||||||
| 10. | |||||||||||||||||||
| 11. |
TOTAL INVESTMENTS |
$ | 2,575,343 | ||||||||||||||||
|
CASH |
|||||||||||||||||||
| 12. |
CURRENCY ON HAND |
$ | - | ||||||||||||||||
| 13. |
TOTAL CASH - END OF MONTH |
$ | 9,565,361 | ||||||||||||||||
|
Monthly Operating Report |
|
ACCRUAL BASIS-6 |
|
CASE NAME: |
Nuvectra Corporation |
||||||||||||||||||
|
CASE NUMBER: |
19-43090 |
||||||||||||||||||
|
MONTH: |
November 13-30 2019 |
||||||||||||||||||
|
PAYMENTS TO INSIDERS AND PROFESSIONALS |
|||||||||||||||||||
|
INSIDERS |
|||||||||||||||||||
|
TYPE OF |
AMOUNT |
TOTAL PAID |
|||||||||||||||||
|
NAME |
PAYMENT |
PAID |
TO DATE |
||||||||||||||||
| 1. |
Fred Parks |
Payroll |
$ | 16,146 | $ | 16,146 | |||||||||||||
| 2. |
Jennifer Kosharek |
Payroll |
$ | 10,889 | $ | 10,889 | |||||||||||||
| 3. |
Ben Tranchina |
Payroll |
$ | 9,799 | $ | 9,799 | |||||||||||||
| 4. |
Bonnie Schmidt |
Payroll |
$ | 7,626 | $ | 7,626 | |||||||||||||
| 5. |
N/A |
N/A |
$ | - | $ | - | |||||||||||||
| 6. |
TOTAL PAYMENTS TO INSIDERS |
$ | 44,461 | $ | 44,461 | ||||||||||||||
| PROFESSIONALS | ||||||||||||||||||||||
|
DATE OF |
|
|||||||||||||||||||||
| COURT ORDER | TOTAL | |||||||||||||||||||||
|
AUTHORIZING |
AMOUNT |
AMOUNT |
TOTAL PAID |
INCURRED |
||||||||||||||||||
|
NAME |
PAYMENT |
APPROVED |
PAID |
TO DATE |
& UNPAID |
|||||||||||||||||
| 1. |
Norton Rose Fulbright LLP |
N/A | $ | - | $ | - | $ | - | $ | 122,581 | ||||||||||||
| 2. |
Dorsey & Whitney LLP |
N/A | $ | - | $ | - | $ | - | $ | 95,515 | ||||||||||||
| 3. |
Alvarez & Marsal LLC |
N/A | $ | - | $ | - | $ | - | $ | 101,000 | ||||||||||||
| 4. |
Stout |
N/A | $ | - | $ | - | $ | - | $ | - | ||||||||||||
| 5. |
KCC |
N/A | $ | - | $ | - | $ | - | $ | 50,000 | ||||||||||||
| 6. |
Lenders (SVB & Oxford) |
N/A | $ | - | $ | - | $ | - | $ | - | ||||||||||||
| 7. |
Unsecured Creditors Committee |
N/A | $ | - | $ | - | $ | - | $ | - | ||||||||||||
| 8. |
TOTAL PAYMENTS TO PROFESSIONALS |
$ | - | $ | - | $ | 369,096 | |||||||||||||||
|
POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE |
||||||||||||||
|
PROTECTION PAYMENTS |
||||||||||||||
|
SCHEDULED |
AMOUNTS |
|||||||||||||
|
MONTHLY |
PAID |
TOTAL |
||||||||||||
|
PAYMENTS |
DURING |
UNPAID |
||||||||||||
|
NAME OF CREDITOR |
DUE |
MONTH |
POSTPETITION |
|||||||||||
| 1. |
Silicon Valley Bank |
$ | - | $ | - | $ | - | |||||||
| 2. |
Oxford Finance |
$ | - | $ | - | $ | - | |||||||
| 3. |
Integer (Plano office lease - rent only) |
$ | 44,082 | $ | 44,082 | $ | - | |||||||
| 4. |
EOS Development LLC (Broomfield office lease - rent only) |
$ | 36,965 | $ | - | $ | 36,965 | |||||||
| 5. |
N/A |
$ | - | $ | - | $ | - | |||||||
| 6. |
TOTAL |
$ | 81,047 | $ | 44,082 | $ | 36,965 | |||||||
|
|
|
|
|
|
|
Monthly Operating Report |
|
||
|
|
ACCRUAL BASIS-7 |
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|||||||
|
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CASE NAME: |
Nuvectra Corporation |
|
|
|||||
|
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|
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|
|||
|
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CASE NUMBER: |
19-43090 |
|
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||||||||
|
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MONTH: |
November 30 2019 |
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||||||||
|
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QUESTIONNAIRE |
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||||||
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
YES |
NO |
|
|
|
1. |
HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE |
|
X |
|
||||
|
|
|
THE NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD? |
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||||||
|
|
2. |
HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT |
|
X |
|
||||
|
|
|
OTHER THAN A DEBTOR IN POSSESSION ACCOUNT? |
|
|
|||||
|
|
3. |
ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR |
|
X |
|
||||
|
|
|
LOANS) DUE FROM RELATED PARTIES? |
|
|
|
||||
|
|
4. |
HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES |
X |
|
|
||||
|
|
|
THIS REPORTING PERIOD? |
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|
|||
|
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5. |
HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE |
|
X |
|
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DEBTOR FROM ANY PARTY? |
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|
|||
|
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6. |
ARE ANY POSTPETITION PAYROLL TAXES PAST DUE? |
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X |
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7. |
ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES |
|
X |
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PAST DUE? |
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8. |
ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE? |
|
X |
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9. |
ARE ANY OTHER POSTPETITION TAXES PAST DUE? |
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X |
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10. |
ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS |
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X |
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DELINQUENT? |
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11. |
HAVE ANY PREPETITION TAXES BEEN PAID DURING THE |
X |
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REPORTING PERIOD? |
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12. |
ARE ANY WAGE PAYMENTS PAST DUE? |
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X |
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||||||||
|
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IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "YES," PROVIDE A DETAILED |
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|||||||
|
|
EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY. |
|
|||||||
|
|
4. - The following payments on pre-pretition liabilities have been made this reporting period (from Nov. 13-30): employee contributions to 401(k) and employer match related to the Nov. 8 payroll; HSA funding related to the Nov. 8 payroll; the Nov. 22 pay day included pre-petition payroll (wages, taxes, etc.); see #11 for other taxes paid; Ch #7278 to LINA for Nov. life insurance, STD and LTD; 7 pre-petition checks cleared the bank on Nov. 13 before the bank could block the account |
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|||||||
|
|
11. - The following pre-pretition taxes have been paid from Nov. 13-30: payroll-related taxes; Oct. sales & use tax. |
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INSURANCE |
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||||||
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YES |
NO |
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1. |
ARE WORKER'S COMPENSATION, GENERAL LIABILITY AND OTHER |
X |
|
|
||||
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|
|
NECESSARY INSURANCE COVERAGES IN EFFECT? |
|
||||||
|
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2. |
ARE ALL PREMIUM PAYMENTS PAID CURRENT? |
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X |
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3. |
PLEASE ITEMIZE POLICIES BELOW. |
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IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "NO," OR IF ANY POLICIES HAVE BEEN |
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|||||||
|
|
CANCELLED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN EXPLANATION |
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|||||||
|
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BELOW. ATTACH ADDITIONAL SHEETS IF NECESSARY. |
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INSTALLMENT PAYMENTS |
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TYPE OF |
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PAYMENT AMOUNT |
|
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POLICY |
CARRIER |
PERIOD COVERED |
& FREQUENCY |
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N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
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