Nuvectra Corp - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - January 15, 2020

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Exhibit 99.1

 

 

 

 

 

 

 

 

Monthly Operating Report

 

            

ACCRUAL BASIS

 

 

CASE  NAME:

Nuvectra Corporation

        

 

 

 

 

 

 

        

 

 

CASE  NUMBER:

19-43090

    

 

  

 

 

 

 

 

 

        

 

 

JUDGE:

Honorable Brenda T. Rhoades

        

 

 

                

 

 

                

 

 

 

  

UNITED  STATES  BANKRUPTCY  COURT

    

 

 

                

 

 

    

NORTHERN & EASTERN DISTRICTS OF TEXAS

    

 

 

                

 

 

 

  

REGION 6

    

 

 

                

 

 

    

MONTHLY  OPERATING  REPORT

    

 

 

                

 

 

 

MONTH  ENDING:

December 31

  

2019

    

 

 

      

MONTH

  

YEAR

    

 

 

                

 

 

                

 

 

IN  ACCORDANCE  WITH  TITLE  28,  SECTION  1746,  OF  THE  UNITED  STATES  CODE,  I DECLARE UNDER

 

PENALTY  OF  PERJURY  THAT  I  HAVE  EXAMINED  THE  FOLLOWING MONTHLY  OPERATING  REPORT

 

(ACCRUAL BASIS-1  THROUGH  ACCRUAL BASIS-7)  AND THE  ACCOMPANYING  ATTACHMENTS  AND,  

 

 

TO  THE  BEST  OF  MY  KNOWLEDGE,  THESE DOCUMENTS  ARE  TRUE,  CORRECT,  AND  COMPLETE. 

 

 

DECLARATION  OF  THE  PREPARER (OTHER  THAN  RESPONSIBLE  PARTY) IS  BASED  ON  ALL  

 

 

INFORMATION  OF  WHICH PREPARER  HAS  ANY  KNOWLEDGE.

      

 

 

                

 

 

                

 

 

RESPONSIBLE  PARTY:

          

 

 

                

 

 

/s/ Jennifer J. Kosharek

  

Chief Financial Officer

 

 

ORIGINAL  SIGNATURE  OF  RESPONSIBLE  PARTY

  

TITLE

 

 

                

 

 

Jennifer J. Kosharek

  

1/15/2020

 

 

PRINTED NAME OF RESPONSIBLE PARTY

  

DATE

 

 

                

 

 

                

 

 

                

 

 

PREPARER:

            

 

 

                

 

 

/s/ Jennifer J. Kosharek

  

Chief Financial Officer

 

 

ORIGINAL  SIGNATURE  OF  PREPARER

  

TITLE

 

 

                

 

 

Jennifer J. Kosharek

  

1/15/2020

 

 

PRINTED NAME OF PREPARER

    

DATE

 

 

                

 

 

                

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

 

 

 

 

 

 

Monthly Operating Report

 

 

            

ACCRUAL BASIS-1

 

 

CASE NAME: 

Nuvectra Corporation

 

    

 

 

 

 

 

 

      

 

 

CASE  NUMBER:

19-43090

 

    

 

 

              

 

 

            

 

 

 

 

 

 

 

      

 

 

COMPARATIVE  BALANCE  SHEET

 

      

 

 

 

 

 

SCHEDULE
AMOUNT as of Nov. 12

NOVEMBER 30

DECEMBER 31

MONTH

 

 

ASSETS

 

 

 

 

 

 

 

1.

UNRESTRICTED  CASH

 $                        9,769,668

 $                     9,565,361

 $                     8,286,353

 

 

 

2.

RESTRICTED  CASH

 $                                   -   

 $                               -   

 $                               -   

 $                               -   

 

 

3.

TOTAL  CASH 

 $                        9,769,668

 $                     9,565,361

 $                     8,286,353

 $                               -   

 

 

4.

ACCOUNTS  RECEIVABLE  (NET)

 $                        5,616,444

 $                     4,270,444

 $                     3,025,206

 

 

 

5.

INVENTORY

 $                       13,714,792

 $                   13,503,589

 $                   13,049,987

 

 

 

6.

NOTES  RECEIVABLE

 $                                   -   

 $                               -   

 $                               -   

 $                               -   

 

 

7.

PREPAID  EXPENSES

 $                        2,075,993

 $                     1,971,200

 $                     1,696,383

 

 

 

8.

OTHER  (ATTACH  LIST)

 $                                   -   

 $                               -   

 $                               -   

 $                               -   

 

 

9.

TOTAL  CURRENT  ASSETS

 $                       31,176,897

 $                   29,310,594

 $                   26,057,929

 $                               -   

 

 

10.

PROPERTY,  PLANT  &  EQUIPMENT

 $                        5,149,385

 $                   11,909,274

 $                   11,909,274

 

 

 

11.

LESS:  ACCUMULATED DEPRECIATION/DEPLETION

 

 $                   (6,815,209)

 $                   (6,909,877)

 

 

 

12.

NET  PROPERTY,  PLANT  & EQUIPMENT

 $                        5,149,385

 $                     5,094,064

 $                     4,999,397

 $                               -   

 

 

13.

DUE FROM INSIDERS

 $                                   -   

 $                               -   

 $                               -   

 $                               -   

 

 

14.

OTHER  ASSETS  -  NET  OF AMORTIZATION  (ATTACH  LIST)

 $                                   -   

 $                               -   

 $                               -   

 $                               -   

 

 

15.

OTHER (ATTACH LIST)

 $                        1,457,176

 $                     1,438,411

 $                     1,400,555

 

 

 

16.

TOTAL ASSETS

 $                       37,783,458

 $                   35,843,070

 $                   32,457,881

 $                               -   

 

 

POSTPETITION  LIABILITIES

 

 

 

 

 

 

17.

ACCOUNTS  PAYABLE

 

 $                         68,036

 $                       225,061

 

 

 

18.

TAXES  PAYABLE

 

 $                        (14,628)

 $                           4,720

 

 

 

19.

NOTES  PAYABLE

 

 $                               -   

 $                               -   

 $                               -   

 

 

20.

PROFESSIONAL  FEES

 

 $                       369,096

 $                       984,480

 

 

 

21.

SECURED  DEBT

 

 $                               -   

 $                               -   

 $                               -   

 

 

22.

OTHER  (ATTACH  LIST)

 

 $                       559,952

 $                       836,758

 

 

 

23.

TOTAL  POSTPETITION LIABILITIES

 

 $                       982,457

 $                     2,051,018

 $                               -   

 

 

PREPETITION  LIABILITIES

        

 

 

 

24.

SECURED  DEBT

 $                       10,118,505

 $                   10,168,789

 $                   10,269,356

 

 

 

25.

PRIORITY  DEBT

 $                        1,751,288

 $                       900,091

 $                       600,548

 

 

 

26.

UNSECURED  DEBT

 $                        9,286,640

 $                     9,345,809

 $                     8,873,274

 

 

 

27.

OTHER (ATTACH LIST)

 $                                   -   

 $                               -   

 $                               -   

 $                               -   

 

 

28.

TOTAL  PREPETITION  LIABILITIES

 $                       21,156,433

 $                   20,414,689

 $                   19,743,178

 $                               -   

 

 

29.

TOTAL LIABILITIES

 $                       21,156,433

 $                   21,397,146

 $                   21,794,196

 $                               -   

 

 

EQUITY

  

 

 

    

 

 

 

30.

PREPETITION  OWNERS'  EQUITY 

 $                       96,444,483

 $                   16,627,024

 $                   14,445,924

 $                   10,663,685

 

 

31.

POSTPETITION  CUMULATIVE
PROFIT  OR  (LOSS)

 $                     (79,817,458)

 $                   (2,181,101)

 $                   (3,782,239)

 $                               -   

 

 

32.

DIRECT  CHARGES  TO  EQUITY
(ATTACH  EXPLANATION)

 $                                   -   

 $                               -   

 $                               -   

 $                               -   

 

 

33.

TOTAL  EQUITY

 $                       16,627,024

 $                   14,445,924

 $                   10,663,685

 $                   10,663,685

 

 

34.

TOTAL  LIABILITIES  &        OWNERS'  EQUITY

 $                       37,783,458

 $                   35,843,070

 $                   32,457,881

 $                   10,663,685

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

GL Account Name

  

GL Acct #

  

Description

Notes

  

Nov. 12, 2019

   

Nov. 30, 2019

    

Dec. 31, 2019

  

ROU Operating Leases - Noncurrent

     16010  

ASC 842 Right of Use Operating Leases Asset

Account reconciliation available upon request

   $ 1,418,198     $ 1,418,198     $ 1,418,198  

ROU Operating Leases - Noncurrent

     16010  

ASC 842 Right of Use Operating Leases Asset

Account reconciliation available upon request

   $ 415,559     $ 415,559     $ 415,559  

Operating Leases Noncurrent Amortizati

     16011  

ASC 842 Right of Use Operating Leases Asset Amortization

Account reconciliation available upon request

   $ (303,977 )   $ (318,968 )   $ (349,155 )

Operating Leases Noncurrent Amortizati

     16011  

ASC 842 Right of Use Operating Leases Asset Amortization

Account reconciliation available upon request

   $ (72,604 )   $ (76,377 )   $ (84,047 )
                $ 1,457,176     $ 1,438,411     $ 1,400,555  
           

Per Page 1

   $ 1,457,176     $ 1,438,411     $ 1,400,555  
           

Difference

   $ -     $ -     $ -  

 

 
 

 

     

(CR) / DR

    

(CR) / DR

    

(CR) / DR

              

(CR) / DR

    

(CR) / DR

    

(CR) / DR

    

(CR) / DR

  
     

Balance

   

Balance

   

Balance

             

POST - Petition Portion Only

   

Pre-Petition Still Existing at

   

POST - Petition Portion Only

   

Pre-Petition Still Existing at

 

GL Account Name

Notes

  

Nov. 12, 2019

   

Nov. 30, 2019

   

Dec. 31, 2019

   

GL Acct #

      

Nov. 30, 2019

   

Nov. 30, 2019

   

Dec. 31, 2019

   

Dec. 31, 2019

 

Manual AP Accrual

Post petition amount per GL reconciliation. Services incurred not yet invoiced.

     (583,870 )     (1,180,121 )     (1,513,940 )     20106         (596,251 )             (1,229,811 )        

Received, Not Invoiced

       (228,712 )     (228,712 )     -       20110                         -          

Accrued Warranty

No update to accrual post petition. No new trials/perms.

     (282,084 )     (282,084 )     (282,084 )     20250                                    

Other Accrued Expenses

       1,651       5,949       (0 )     20251                         -          

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 )     (16,842 )     20602         (187 )             (561 )        

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 )     (1,762,262 )     20610                                    

TOTAL OTHER LIABILITIES

       (2,943,269 )     (3,511,614 )     (3,575,129 )                                          
                                                                     
                                                                     

Accrued Salaries & Wages

Accrual all post petition

     (116,947 )     (284,422 )     (331,405 )     20210         (284,422 )     -       (331,405 )     -  

Accrued PTO

Employee balances re-set to 80 hours max on 12/31/19. Assuming most accrued pre-petition.

     (731,384 )     (720,525 )     (406,933 )     20211                 (720,525 )             (406,933 )

Accrued Commissions

Guarantees and earned amounts (plus auto allow) post-petition not yet paid at 12/31

     (657,527 )     -       (175,639 )     20215                 -       (175,639 )     -  

Accrued Medical

All paid / remitted

     -       -       -       20225                 -               -  

Accrued H.S.A & Flex Benefits

Pay day 1/3/20 not remitted by 12/31/19. All post-petition.

     (5,420 )     (0 )     (1,831 )     20230                 -       (1,831 )     -  

Accrued FSA

Unable to separate pre/post. Assuming most accrued pre-petition.

     (19,282 )     (17,465 )     (16,672 )     20231                 (17,465 )             (16,672 )

Accrued Vision

All paid / remitted

     -       -       -       20232                 -               -  

Accrued 401K

Pay day 1/3/20 not remitted by 12/31/19. All post-petition.

     (36,184 )     (112 )     (37,189 )     20235                 -       (37,189 )     -  

Accrued Other Payroll

Post-petition amount per GL reconciliation for expense reports not yet paid.
Pre-petition amount per GL reconciliation for claims over cap.

     (150,676 )     (227,172 )     (222,029 )     20240         (48,188 )     (178,984 )     (19,450 )     (202,579 )

Accrued Payroll Taxes

Accrual all post petition

     (8,884 )     (21,758 )     (25,353 )     20245                 -       (25,353 )     -  

Accrued Sales Tax

The debit balance is primarily caused by a $30K 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       25,635       20255         -       16,882       -       25,635  

Accrued Use Tax

       (8,715 )     (8,715 )     (5,002 )     20260                 -               -  

Accrued State Taxes

       (15,095 )     (15,095 )     (15,095 )     20405                 -               -  

TOTAL PRIORITY LIABILITIES

       (1,751,288 )     (1,278,382 )     (1,211,511 )                       (900,091 )             (600,548 )
                                                                     
                                                                     
                                                                     

TOTAL TRADE A/P

       (6,343,371 )     (6,438,361 )     (6,738,200 )                                          
                                                                     
                                                                     

TOTAL THIS TAB

       (11,037,928 )     (11,228,358 )     (11,524,841 )                                          
TOTAL PER PAGE 1 TAB (Liabilities w/o Secured Debt)       (11,037,928 )     (11,228,358 )     (11,524,841 )                                          
                                                                     
                                                                     
                                  (929,048 )           (1,821,238 )      
           

Professional Fees Separately Disclosed

     (369,096 )           (984,480 )      
           

Total Post Petition Liabilities (Other)

     (559,952 )           (836,758 )      

 

 

 
 

 

 

 

 

 

 

 

Monthly Operating Report

 

 

            

ACCRUAL BASIS-2

 

 

CASE  NAME:

Nuvectra Corporation

      

 

 

 

 

 

 

      

 

 

CASE  NUMBER:

19-43090

      

 

 

              

 

 

              

 

 

INCOME STATEMENT

NOVEMBER 13-30

DECEMBER 1-31

MONTH

MONTH

 

 

REVENUES

 

 

 

 

 

 

 

1.

GROSS  REVENUES

 $                   191,673

 $                  314,168

 

 

 

 

2.

LESS:  RETURNS & DISCOUNTS

 $                   188,618

 $                  332,378

 

 

 

 

3.

NET  REVENUE 

 $                      3,055

 $                  (18,210)

 $                            -   

 $                         -   

 

 

COST  OF  GOODS  SOLD

 

 

 

 

 

 

4.

MATERIAL

 $                   211,203

 $                  182,556

 

 

 

 

5.

DIRECT  LABOR

 $                           -   

 $                          -   

 $                            -   

 $                         -   

 

 

6.

DIRECT  OVERHEAD

 $                           -   

 $                          -   

 $                            -   

 $                         -   

 

 

7.

TOTAL  COST  OF  GOODS  SOLD

 $                   211,203

 $                  182,556

 $                            -   

 $                         -   

 

 

8.

GROSS  PROFIT (LOSS)

 $                 (208,148)

 $                (200,766)

 $                            -   

 $                         -   

 

 

OPERATING  EXPENSES

 

 

 

 

 

 

9.

OFFICER / INSIDER  COMPENSATION

 $                     89,159

 $                  114,563

 

 

 

 

10.

SELLING  &  MARKETING

 $                   293,728

 $               1,351,157

 

 

 

 

11.

GENERAL & ADMINISTRATIVE

 $                1,051,830

 $               1,050,582

 

 

 

 

12.

RENT  &  LEASE

 $                     43,580

 $                    70,855

 

 

 

 

13.

OTHER (ATTACH LIST)

 $                           -   

 $                          -   

 $                            -   

 $                         -   

 

 

14.

TOTAL  OPERATING  EXPENSES

 $                1,478,297

 $               2,587,157

 $                            -   

 $                         -   

 

 

15.

INCOME (LOSS) BEFORE  NON-OPERATING INCOME & EXPENSE

 $               (1,686,444)

 $              (2,787,923)

 $                            -   

 $                         -   

 

 

OTHER  INCOME  &  EXPENSES

 

 

 

 

 

 

16.

NON-OPERATING INCOME (ATTACH LIST)

 $                     (2,258)

 $                        (99)

 

 

 

 

17.

NON-OPERATING EXPENSE (ATTACH  LIST)

 $                           -   

 $                          -   

 $                            -   

 $                         -   

 

 

18.

INTEREST  EXPENSE

 $                     72,498

 $                  284,363

 

 

 

 

19.

DEPRECIATION / DEPLETION

 $                     55,320

 $                    94,668

 

 

 

 

20.

AMORTIZATION 

 $                           -   

 $                          -   

 $                            -   

 $                         -   

 

 

21.

OTHER (ATTACH LIST)

 $                           -   

 $                          -   

 $                            -   

 $                         -   

 

 

22.

NET  OTHER (INCOME) & EXPENSES

 $                   125,560

 $                  378,932

 $                            -   

 $                         -   

 

 

REORGANIZATION  EXPENSES

 

 

 

 

 

 

23.

PROFESSIONAL  FEES

 $                   369,096

 $                  615,384

 

 

 

 

24.

U.S.  TRUSTEE  FEES

 $                           -   

 $                          -   

 

 

 

 

25.

OTHER (ATTACH LIST)

 $                           -   

 $                          -   

 $                            -   

 $                         -   

 

 

26.

TOTAL  REORGANIZATION  EXPENSES

 $                   369,096

 $                  615,384

 $                            -   

 $                         -   

 

 

27.

INCOME  TAX

 $                           -   

 $                          -   

 

 

 

 

28.

NET  PROFIT  (LOSS)

 $               (2,181,101)

 $              (3,782,239)

 $                            -   

 $                         -   

 

 

 

 

 

 

 

 

 

 

 

 
 

 

GL Account Name

  

GL Acct #

    

GL Entries
Nov. 13-30, 2019

    

GL Entries
Dec. 1-31, 2019

  

Description

Other Income/Expense

     80120     $ (2,258 )   $ (99 )

SVB bank account revenue share

 

 
 

 

 

 

 

 

 

 

Monthly Operating Report

 

 

            

ACCRUAL BASIS-3

 

 

CASE  NAME:

Nuvectra Corporation

      

 

 

 

 

 

 

      

 

 

CASE  NUMBER:

19-43090

      

 

 

              

 

 

              

 

 

CASH  RECEIPTS AND DISBURSEMENTS

NOVEMBER 13-30

DECEMBER 1-31

MONTH

QUARTER

 

 

1.

CASH - BEGINNING  OF  MONTH

 $             9,769,668

 $            9,565,361

 $             8,286,353

 

 

 

RECEIPTS  FROM  OPERATIONS

 

 

 

 

 

 

2.

CASH  SALES

 $                        -   

 

 

 $                      -   

 

 

COLLECTION  OF  ACCOUNTS  RECEIVABLE

 

 

 

 

 

 

3.

PREPETITION

 $             1,351,696

 

 

 $            1,351,696

 

 

4.

POSTPETITION

 $                        -   

 $            1,235,009

 

 $            1,235,009

 

 

5.

TOTAL  OPERATING  RECEIPTS

 $             1,351,696

 $            1,235,009

 $                       -   

 $            2,586,705

 

 

NON-OPERATING RECEIPTS

 

 

 

 

 

 

6.

LOANS  &  ADVANCES (ATTACH  LIST)

 $                        -   

 

 

 $                      -   

 

 

7.

SALE  OF  ASSETS

 $                        -   

 

 

 $                      -   

 

 

8.

OTHER  (ATTACH  LIST)

 $                 22,334

 $                29,346

 

 $                51,680

 

 

9.

TOTAL  NON-OPERATING  RECEIPTS

 $                 22,334

 $                29,346

 $                       -   

 $                51,680

 

 

10.

TOTAL  RECEIPTS

 $             1,374,030

 $            1,264,354

 $                       -   

 $            2,638,384

 

 

11.

TOTAL  CASH  AVAILABLE

 $           11,143,698

 $          10,829,715

 $             8,286,353

 

 

 

OPERATING  DISBURSEMENTS

 

 

 

 

 

 

12.

NET  PAYROLL

 $             1,086,763

 $            1,676,732

 

 $            2,763,496

 

 

13.

PAYROLL TAXES PAID

 $                 40,237

 $                90,933

 

 $              131,170

 

 

14.

SALES,  USE  &  OTHER  TAXES  PAID

 $                 18,537

 $                51,457

 

 $                69,994

 

 

15.

SECURED / RENTAL / LEASES

 $                        -   

 $              318,821

 

 $              318,821

 

 

16.

UTILITIES

 $                        -   

 

 

 $                      -   

 

 

17.

INSURANCE

 $                207,471

 $              176,341

 

 $              383,812

 

 

18.

INVENTORY  PURCHASES

 $                        -   

 

 

 $                      -   

 

 

19.

VEHICLE  EXPENSES

 $                        -   

 

 

 $                      -   

 

 

20.

TRAVEL

 $                        -   

 

 

 $                      -   

 

 

21.

ENTERTAINMENT

 $                        -   

 

 

 $                      -   

 

 

22.

REPAIRS  &  MAINTENANCE

 $                        -   

 

 

 $                      -   

 

 

23.

SUPPLIES

 $                        -   

 

 

 $                      -   

 

 

24.

ADVERTISING

 $                        -   

 

 

 $                      -   

 

 

25.

OTHER  (ATTACH  LIST)

 $                225,330

 $              229,076

 

 $              454,406

 

 

26.

TOTAL  OPERATING  DISBURSEMENTS

 $             1,578,337

 $            2,543,362

 $                       -   

 $            4,121,699

 

 

REORGANIZATION  EXPENSES

 

 

 

 

 

 

27.

PROFESSIONAL  FEES

 $                        -   

 $                      -   

 

 $                      -   

 

 

28.

U.S.  TRUSTEE  FEES

 $                        -   

 $                      -   

 

 $                      -   

 

 

29.

OTHER  (ATTACH  LIST)

 $                        -   

 

 

 $                      -   

 

 

30.

TOTAL  REORGANIZATION  EXPENSES

 $                        -   

 $                      -   

 $                       -   

 $                      -   

 

 

31.

TOTAL  DISBURSEMENTS

 $             1,578,337

 $            2,543,362

 $                       -   

 $            4,121,699

 

 

32.

NET  CASH  FLOW

 $              (204,307)

 $          (1,279,007)

 $                       -   

 $          (1,483,314)

 

 

33.

CASH - END OF MONTH

 $             9,565,361

 $            8,286,353

 $             8,286,353

 

 

 

              

 

 

 

 

 

 

 

 

 

 

 

 
 

 

NON-OPERATING RECEIPTS

  
   

                     11,051

Non-Op Receipts - Interest on Asset Management Account Total
   

                          927

Non-Op Receipts Other  - Various state refunds
   

                     17,302

Non-Op Receipts Other  - Payroll-related: Return of Rejected Child Support Payment Total
   

                           65

Non-Op Receipts Other  - Stock related: RSU vest Total
     

Non-Op Receipts Other - Payroll-related: Monthly Wageworks reimbursement (HSA, FSA, HRA, COBRA) Total
       
   

                     29,346

8. OTHER  
       
       

OPERATING  DISBURSEMENTS

  
     

Op Disbursement - Other - Management Fee on Investment Acct Total
   

                     67,547

Op Disbursement - Other - Payroll-related: H.S.A./Acensus 401K/ F.S.A
     

Op Disbursement - Other - Rejection of NeuroNexus Customer Payment Erroneously sent to Nuvectra Total
   

                    154,223

Op Disbursement - Other Vendors Total
   

                       7,306

Op Disbursement - Other - Bank Fee 
     

Op Disbursement - Other - Payroll-related: H.S.A. Funds
       
   

                  (229,076)

25. OTHER 

 

 
 

 

 

 

 

 

 

 

Monthly Operating Report

 

 

            

ACCRUAL BASIS-4

 

 

CASE  NAME:

Nuvectra Corporation

 

    

 

 

 

 

 

 

      

 

 

CASE  NUMBER:

19-43090

      

 

 

              

 

 

              

 

 

 

ACCOUNTS  RECEIVABLE  AGING

SCHEDULE
AMOUNT as of Nov. 12

NOVEMBER 30

DECEMBER 31

MONTH

 

 

1.

0-30

 

 $                           5,148,863

 $                     3,431,923

 $                     1,620,337

 

 

 

2.

31-60

 

 $                             251,608

 $                       511,331

 $                       882,820

 

 

 

3.

61-90

 

 $                               76,541

 $                       158,661

 $                       328,917

 

 

 

4.

91+

 

 $                             717,900

 $                       746,997

 $                       766,957

 

 

 

5.

TOTAL  ACCOUNTS  RECEIVABLE

 $                           6,194,913

 $                     4,848,912

 $                     3,599,032

 $                           -   

 

 

6.

AMOUNT  CONSIDERED  UNCOLLECTIBLE

 $                            (578,468)

 $                      (578,468)

 $                      (573,826)

 

 

 

7.

ACCOUNTS  RECEIVABLE  (NET)

 $                           5,616,444

 $                     4,270,444

 $                     3,025,206

 $                           -   

 

 

              

 

 

 

 

 

 

      

 

 

AGING  OF  POSTPETITION  TAXES  AND  PAYABLES

MONTH:

December 31

2019

 

 

 

    

 

      

 

 

 

 

0-30

31-60

61-90

91+

 

 

 

TAXES  PAYABLE

DAYS

DAYS

DAYS

DAYS

TOTAL

 

 

1.

FEDERAL

 $                  25,353

 $                                     -   

 $                               -   

 $                               -   

 $                     25,353

 

 

2.

STATE

 $                 (20,633)

 $                                     -   

 $                               -   

 $                               -   

 $                   (20,633)

 

 

3.

LOCAL

 $                         -   

 $                                     -   

 $                               -   

 $                               -   

 $                           -   

 

 

4.

OTHER (ATTACH LIST)

 $                         -   

 $                                     -   

 $                               -   

 $                               -   

 $                           -   

 

 

5.

TOTAL  TAXES  PAYABLE

 $                    4,720

 $                                     -   

 $                               -   

 $                               -   

 $                      4,720

 

 

              

 

 

6.

ACCOUNTS  PAYABLE

$181,876

$43,184

$0

$0

 $                   225,061

 

 

              

 

 

 

 

 

        

 

 

STATUS  OF  POSTPETITION  TAXES

  

MONTH:

December 31

2019

 

 

 

 

 

        

 

 

 

 

 

BEGINNING

AMOUNT

 

ENDING

 

 

 

  

 

TAX

WITHHELD AND/

AMOUNT

TAX

 

 

FEDERAL

 

LIABILITY

0R  ACCRUED

PAID

LIABILITY

 

 

1.

WITHHOLDING

Payroll

 $                                     -   

 $                       266,897

 $                       266,897

 $                           -   

 

 

2.

FICA-EMPLOYEE

Payroll

 $                                     -   

 $                         84,102

 $                         84,102

 $                           -   

 

 

3.

FICA-EMPLOYER

Payroll

 

 $                       106,016

 $                         80,663

 $                     25,353

 

 

4.

UNEMPLOYMENT

Payroll

 $                                     -   

 $                               -   

 $                               -   

 $                           -   

 

 

5.

INCOME

 

 $                                     -   

 $                               -   

 $                               -   

 $                           -   

 

 

6.

OTHER (ATTACH LIST)

 

 $                                     -   

 $                               -   

 $                               -   

 $                           -   

 

 

7.

TOTAL  FEDERAL  TAXES

 

 $                                     -   

 $                       457,015

 $                       431,662

 $                     25,353

 

 

 

STATE  AND  LOCAL

 

 

 

 

 

 

 

8.

WITHHOLDING

Payroll

 $                                     -   

 $                         56,160

 $                         56,160

 $                           -   

 

 

9.

SALES

 

 $                               (8,167)

 $                         (3,755)

 $                           8,710

 $                   (20,633)

 

 

10.

EXCISE

 

 $                                     -   

 $                               -   

 $                               -   

 $                           -   

 

 

11.

UNEMPLOYMENT

Payroll

 $                                     -   

 $                               -   

 $                               -   

 $                           -   

 

 

12.

REAL  PROPERTY

 

 $                               (6,460)

 $                           6,460

 $                               -   

 $                           -   

 

 

13.

PERSONAL  PROPERTY

 

 $                                     -   

 $                               -   

 $                               -   

 $                           -   

 

 

14.

OTHER (ATTACH LIST)

 

 $                                     -   

 $                               -   

 $                               -   

 $                           -   

 

 

15.

TOTAL  STATE  &  LOCAL

 

 $                             (14,628)

 $                         58,865

 $                         64,870

 $                   (20,633)

 

 

16.

TOTAL  TAXES 

 

 $                             (14,628)

 $                       515,879

 $                       496,532

 $                      4,720

 

 

              

 

 

 

 

 

 

 

 

 

 

 

 
 

 

 

 

 

 

 

 

 

Monthly Operating Report

 

 

              

ACCRUAL BASIS-5

 

 

CASE NAME:

Nuvectra Corporation

        

 

 

 

 

 

 

        

 

 

CASE NUMBER:

19-43090

        

 

 

                

 

 

                

 

 

          

MONTH:

December 31

2019

 

 

BANK  RECONCILIATIONS

          

 

 

 

 

 

Account #1

Account #2

Account #3

Account #4

  

 

 

A.        BANK:

 

Silicon Valley Bank

Silicon Valley Bank

Silicon Valley Bank

Silicon Valley Bank

 

 

 

B.        ACCOUNT  NUMBER:

0826

2403

0906

8007

TOTAL

 

 

C.        PURPOSE  (TYPE):

Analysis Checking

Sweep Investment

Analysis Checking Lockbox

Utilities

 

 

 

1.

BALANCE  PER  BANK  STATEMENT

 $          37,525

 $     5,449,528

 $                        -   

 $                 41,533

 $     5,528,586

 

 

2.

ADD:  TOTAL  DEPOSITS  NOT  CREDITED

 $          33,033

 $        151,499

 $                        -   

 $                          -   

 $        184,532

 

 

3.

SUBTRACT:  OUTSTANDING  CHECKS

 $          5,006

 $                    -   

 $                        -   

 $                          -   

 $            5,006

 

 

4.

OTHER  RECONCILING  ITEMS

 $                -   

 $                    -   

 $                        -   

 $                          -   

 $                   -   

 

 

5.

MONTH  END  BALANCE  PER  BOOKS

 $          65,552

 $      5,601,027

 $                        -   

 $                  41,533

 $     5,708,112

 

 

6.

NUMBER  OF  LAST  CHECK  WRITTEN

                7358

N/A

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 

 $      2,578,242

 

 

8.

 

 

 

 

 

 

 

 

9.

 

 

 

 

 

 

 

 

10.

 

 

 

 

 

 

 

 

11.

TOTAL  INVESTMENTS

 

 

 

 

 $     2,578,242

 

 

                

 

 

CASH

 

          

 

 

 

 

 

          

 

 

12.

CURRENCY ON HAND

 

 

 

 

 $                 -   

 

 

                

 

 

13.

 

TOTAL  CASH  -  END  OF MONTH

 

 

 

 $     8,286,353

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

 

 

 

 

 

 

Monthly Operating Report

 

 

            

ACCRUAL BASIS-6

 

 

CASE  NAME:

Nuvectra Corporation

 

    

 

 

 

 

 

 

      

 

 

CASE  NUMBER:

19-43090

      

 

 

              

 

 

        

MONTH: 

December 1-31

2019

 

 

              

 

 

PAYMENTS  TO  INSIDERS  AND  PROFESSIONALS

 

      

 

 

  

 

          

 

 

INSIDERS

    

 

 

 

 

TYPE  OF

AMOUNT

TOTAL PAID

    

 

 

 

         NAME

PAYMENT

PAID

TO DATE

    

 

 

1.

Fred Parks

Payroll

 $           28,361

 $                         44,507

    

 

 

2.

Jennifer Kosharek

Payroll

 $           20,885

 $                         31,774

    

 

 

3.

Ben Tranchina

Payroll

 $           18,553

 $                         28,352

    

 

 

4.

Bonnie Schmidt

Payroll

 $           13,146

 $                         20,772

    

 

 

5.

N/A

N/A

 $                 -   

 $                               -   

    

 

 

6.

TOTAL  PAYMENTS TO  INSIDERS

 $           80,945

 $                       125,406

    

 

 

              

 

 

              

 

 

PROFESSIONALS

 

 

 

 

DATE  OF  COURT

 

 

 

TOTAL

 

 

 

 

ORDER  AUTHORIZING

AMOUNT

AMOUNT

TOTAL  PAID

INCURRED

 

 

 

              NAME

PAYMENT

APPROVED

PAID

TO  DATE

& UNPAID 

 

 

1.

Norton Rose Fulbright LLP

N/A

 $                 -   

 $                               -   

 $                       -   

 $             270,341

 

 

2.

Dorsey & Whitney LLP

N/A

 $                 -   

 $                               -   

 $                       -   

 $             177,473

 

 

3.

Alvarez & Marsal LLC

N/A

 $                 -   

 $                               -   

 $                       -   

 $             222,000

 

 

4.

Stout

N/A

 $                 -   

 $                               -   

 $                       -   

 $             102,336

 

 

5.

KCC

N/A

 $                 -   

 $                               -   

 $                       -   

 $             212,330

 

 

6.

Lenders (SVB & Oxford)

N/A

 $                 -   

 $                               -   

 $                       -   

 $                     -   

 

 

7.

Unsecured Creditors Committee

N/A

 $                 -   

 $                               -   

 $                       -   

 $                     -   

 

 

8.

TOTAL  PAYMENTS TO  PROFESSIONALS

 

 $                               -   

 $                       -   

 $             984,480

 

 

              

 

 

              

 

 

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

 $           97,868

 $                         97,868

 $                       -   

  

 

 

2.

Oxford Finance

 $           97,868

 $                         97,868

 $                       -   

  

 

 

3.

Integer / Greatbatch (Plano office lease - rent only)

 $           44,082

 $                         44,082

 $                       -   

  

 

 

4.

EOS Development LLC / 105 EDGEVIEW OWNER LP
(Broomfield office lease - rent, utilities, other fees per check)

 $           39,360

 $                         79,003

 $                       -   

  

 

 

5.

N/A

 $                 -   

 $                               -   

 $                       -   

  

 

 

6.

TOTAL 

 

 $         279,178

 $                       318,821

 $                       -   

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

 

 

 

 

 

 

 

Monthly Operating Report

 

 

              

 ACCRUAL BASIS-7

 

 

CASE  NAME:

Nuvectra Corporation

 

    

 

 

 

 

 

 

 

      

 

 

CASE  NUMBER:

19-43090

      

 

 

                

 

 

          

MONTH:

December 31

2019

 

 

                

 

 

QUESTIONNAIRE

 

          

 

 

 

 

 

          

 

 

 

 

 

 

 

 

YES

NO

 

 

1.

HAVE  ANY  ASSETS  BEEN  SOLD  OR  TRANSFERRED  OUTSIDE

 

X

 

 

 

THE  NORMAL  COURSE  OF  BUSINESS  THIS  REPORTING  PERIOD?

    

 

 

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?

 

 

 

    

 

 

5.

HAVE  ANY  POSTPETITION  LOANS  BEEN  RECEIVED BY THE

 

X

 

 

 

DEBTOR FROM ANY PARTY?

 

 

 

    

 

 

6.

ARE  ANY  POSTPETITION  PAYROLL  TAXES  PAST  DUE?

 

 

X

 

 

7.

ARE  ANY  POSTPETITION  STATE  OR  FEDERAL  INCOME  TAXES

 

X

 

 

 

PAST  DUE?

 

 

 

 

    

 

 

8.

ARE  ANY  POSTPETITION  REAL  ESTATE  TAXES  PAST  DUE?

 

X

 

 

9.

ARE  ANY OTHER POSTPETITION  TAXES  PAST  DUE?

 

 

X

 

 

10.

ARE  ANY  AMOUNTS  OWED  TO  POSTPETITION  CREDITORS

 

X

 

 

 

DELINQUENT?

 

 

 

 

    

 

 

11.

HAVE  ANY  PREPETITION  TAXES  BEEN  PAID  DURING  THE 

X

 

 

 

 

REPORTING PERIOD?

 

 

 

    

 

 

12.

ARE ANY WAGE PAYMENTS PAST DUE?

 

 

 

X

 

 

                

 

 

IF  THE  ANSWER  TO  ANY  OF  THE  ABOVE  QUESTIONS  IS  "YES,"  PROVIDE  A  DETAILED

  

 

 

EXPLANATION  OF  EACH  ITEM.  ATTACH  ADDITIONAL  SHEETS  IF  NECESSARY.

  

 

 

4. - The following payments on pre-pretition liabilities have been made this reporting period (from Dec. 1-31): see #11 for other taxes paid; Ch #7313 $50 to Alabama Dept of Revenue for 2017 business income tax, Ch #7321 $919 to Louisiana Dept of Rev for 2018 state income tax (return filed/paid by extension/due date of Dec. 16), Ch #7322 $936 to State of Michigan for NeuroNexus completed use tax audit of 2016-2018, Ch #7323 $100 to Oklahoma Tax Commission for Q3 franchise tax, Ch #7327 $49.20 to Wageworks for Nov. COBRA admin fees

 

 

11. - The following pre-pretition taxes have been paid from Dec. 1-31: Nov. sales & use tax.

 

 

                

 

 

INSURANCE

 

          

 

 

 

 

 

 

 

 

YES

NO

 

 

1.

ARE  WORKER'S COMPENSATION, GENERAL LIABILITY AND OTHER

 

 

 

 

 

NECESSARY INSURANCE COVERAGES IN EFFECT?

   X  

 

 

2.

ARE  ALL  PREMIUM  PAYMENTS  PAID  CURRENT?

 

X

 

 

 

3.

PLEASE  ITEMIZE  POLICIES  BELOW.

 

 

 

 

 

 

                

 

 

IF  THE  ANSWER  TO  ANY  OF  THE  ABOVE  QUESTIONS  IS  "NO,"  OR  IF  ANY  POLICIES  HAVE  BEEN

 

 

CANCELLED  OR  NOT  RENEWED  DURING  THIS  REPORTING  PERIOD,  PROVIDE  AN  EXPLANATION

 

 

BELOW.   ATTACH  ADDITIONAL  SHEETS  IF  NECESSARY.

      

 

 

 

 

 

 

 

 

                

 

 

            INSTALLMENT  PAYMENTS

 

 

 

     TYPE  OF

  

 

  

 

PAYMENT AMOUNT

 

 

 

      POLICY

              CARRIER

PERIOD COVERED

& FREQUENCY

 

 

N/A

N/A

N/A

N/A

 N/A 

N/A

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nuvectra Corp Reports