Debtor: In re VidAngel, Inc. MONTHLY OPERATING REPORT
CHAPTER 11
Case Number: 17-29073-KRA
Form 2-A
COVER SHEET
For Period Ending August 31, 2020
Accounting Method: | Accrual Basis ☒ | Cash Basis |
THIS REPORT IS DUE 14 DAYS AFTER THE END OF THE MONTH | |||||||||||||
Debtor must attach each of the following reports/documents unless the U.S. Trustee has waived the requirement in writing. File the original with the Clerk of Court. Submit a duplicate, with original signature, to the U.S. Trustee. | |||||||||||||
Mark One Box for EachRequired Document: | |||||||||||||
Report/Document Attached | Previously Waived | REQUIRED REPORTS/DOCUMENTS | |||||||||||
☒ | ☐ | 1. | Cash Receipts and Disbursements Statement (Form 2-B) | ||||||||||
☒ | ☐ | 2. | Balance Sheet (Form 2-C) | ||||||||||
☒ | ☐ | 3. | Profit and Loss Statement (Form 2-D) | ||||||||||
☐ | ☐ | 4. | Supporting Schedules (Form 2-E) | ||||||||||
☐ | ☐ | 5. | Quarterly Fee Summary (Form 2-F) | ||||||||||
☒ | ☐ | 6. | Narrative (Form 2-G) | ||||||||||
☐ | ☐ | 7. | Bank Statements for All Bank Accounts | ||||||||||
IMPORTANT: Redact account numbers and remove check images | |||||||||||||
☐ | ☐ | 8. | Cash Receipts and Disbursements Statement (Form 2-B) | ||||||||||
I declare under penalty of perjury that the following Monthly Operating Report, and anyattachments thereto are true, accurate and correct to the best of my knowledge and belief. | |||||||||||||
Executed on: | 9/21/2020 | Print Name: | Patrick Reilly | ||||||||||
Signature: | /s/ Patrick Reilly | ||||||||||||
Title: | Chief Financial Officer | ||||||||||||
Rev. 12/10/2009 |
Debtor: | In re VidAngel, Inc. | CASE NO: | 17-29073-KRA |
Form 2-B
CASH RECEIPTS AND DISBURSEMENTS STATEMENT
For Period: Aug 01, 2020 to Aug 31, 2020
CASH FLOW SUMMARY | Current Month | Accumulated |
1. Beginning Cash Balance | $7,236,997(1) | $3,449,285(1) |
2. Cash Receipts | ||
Operations | $2,729,523 | $43,549,858 |
Sales of Assets | $- | $- |
Loans/advances | $- | $- |
Other | $59 | $13,587 |
Total Cash Receipts | $2,729,582 | $43,563,445 |
3. Cash Disbursements | ||
Operations | $2,781,957 | $36,466,829 |
Debt Service/Secured Loan Payment | $- | $- |
Professional fees/U.S. Trustee fees | $- | $3,142,290 |
Other | $50,446 | $269,435 |
Total Cash Disbursements | $2,832,403 | $39,878,554 |
4. Net Cash Flow (Total Cash Receipts less | $(102,821) | $3,684,891 |
Total Cash Disbursements) | ||
5. Ending Cash Balance (to Form 2-C) | $7,134,176(2) | $7,134,176(2) |
Financial Institution | Book Balance | ||
Petty Cash | Petty Cash Drawer - PJR | 6,819 | |
DIP Operating Account | ZIONS BANK - XXXXX1843 | 70,384 | |
DIP Sweep Account | ZIONS BANK - XXXXX0646 | 527,491 | |
Business CD Account | ZIONS BANK - XXXXX9753 | 150,379 | |
Stripe Reserved Funds | Stripe | - | |
Trustee Account | Independent Bank (Trustee) | 6,258,722 | |
Paypal Account | vidangelcom@xxxxxxxxx.xxx | 120,381 | |
TOTAL (must agree with Ending Cash Balance above) | $7,134,176 |
(1) Accumulated beginning cash balance is the cash available at the commencement of the case.
Current month beginning cash balance should equal the previous month's ending balance.
(2) All cash balances should be the same.
Debtor: | In re VidAngel, Inc. | CASE NO: | 17-29073-KRA |
Form 2-C
COMPARATIVE BALANCE SHEET
For Period Ended: Aug 31, 2020
ASSETS | Current Month | Petition Date (1) | |
Current Assets: | |||
Cash (from Form 2-B, line 5) | $7,134,176 | $3,449,285 | |
Accounts Receivable (from Form 2-E) | 2,001,888 | 336 | |
Inventory | 1,954,718 | 1,758,664 | |
Other Current Assets: (list) | Note Receivable | 107,166 | 126,725 |
Deposits & Pre-Payments | 154,880 | 595,963 | |
Total Current Assets | $11,352,828 | $5,930,973 | |
Fixed Assets: | |||
Land | $- | ||
Building | - | - | |
Equipment, Furniture and Fixtures | 581,102 | 359,604 | |
Total Fixed Assets | 581,102 | 359,604 | |
Less: Accumulated Depreciation | (446,667) | (182,607) | |
Net Fixed Assets | $134,436 | $176,998 | |
TOTAL ASSETS | $11,487,264 | $6,107,971 | |
LIABILITIES | |||
Post-petition Accounts Payable (from Form 2-E) | $3,433,422 | $- | |
Post-petition Accrued Professional Fees (from Form 2-E) | 618,891 | - | |
Post-petition Taxes Payable (from Form 2-E) | 9,910 | - | |
Other Post-petition Payable (List): | Zion's Credit Card | 64,615 | - |
American Express | 26,327 | - | |
Deferred Season Pass | 133,669 | - | |
Total Post-Petition Liabilities | $4,286,834 | $- | |
Pre-Petition Liabilities: | |||
Secured Debt | - | - | |
Priority Debt | 9,563 | 11,442 | |
Unsecured Debt | 4,027,593 | 5,273,610 | |
Total Pre-Petition Liabilities | $4,037,156 | $5,285,052 | |
TOTAL LIABILITIES | $8,323,991 | $5,285,052 | |
OWNER'S EQUITY | |||
Owner's/Stockholder's Equity | $13,491,325 | $13,188,370 | |
Retained Earnings - Pre-petition | (12,365,451) | (12,365,451) | |
Retained Earnings - Post-petition | 2,037,399 | - | |
TOTAL OWNERS' EQUITY | $3,163,273 | $822,919 | |
TOTAL LIABILITIES AND OWNERS' EQUITY | $11,487,264 | $6,107,971 |
(1) Petition date values are taken from the Debtor's balance sheet as of the petition date or are the values
listed on the Debtor's schedules.
Debtor: | In re VidAngel, Inc. | CASE NO: | 17-29073-KRA |
Form 2-D
PROFIT AND LOSS STATEMENT
For Period Aug 1, 2020 to Aug 31, 2020
Current Month | Accumulated Total (1) | |
Gross Operating Revenue | $3,859,467 | $49,505,894 |
Less: Discounts, Returns and Allowances | $(1,106) | $(172,988) |
Net Operating Revenue | $3,858,361 | $49,332,906 |
Cost of Goods Sold | 2,289,733 | 22,614,356 |
Gross Profit | $1,568,628 | $26,718,551 |
Operating Expenses | ||
Officer Compensation | 52,500 | 2,033,250 |
Selling, General and Administrative | 1,233,138 | 22,398,103 |
Rents and Leases | - | - |
Depreciation, Depletion and Amortization | 10,288 | 264,060 |
Other (list): | - | - |
- | - | |
Total Operating Expenses | $1,295,926 | $24,695,413 |
Operating Income (Loss) | $272,702 | $2,023,138 |
Non-Operating Income and Expenses | ||
Other Non-Operating Expenses | - | - |
Gains (Losses) on Sale of Assets | - | - |
Interest Income | 59 | 26,992 |
Interest Expense | (11) | (251) |
Other Non-Operating Income or (Expenses) | - | - |
Net Non-Operating Income or (Expenses) | $49 | $26,741 |
Reorganization Expenses | ||
Legal and Professional Fees | - | 12,481 |
Other Reorganization Expense | - | - |
Total Reorganization Expenses | $- | $12,481 |
Net Income (Loss) Before Income Taxes | ||
Federal and State Income Tax Expense (Benefit) | - | - |
Net Income (Loss) | $272,750 | $2,037,399 |
DEBTOR: | In re VidAngel, Inc. | CASE NO: | 17-29073-KRA |
Please provide a brief description of any significant business and legal actions taken by the debtor, its creditors, or the court during the reporting period, any unusual or non-recurring accounting transactions that are reported in the financial statements, and any significant changes in the financial condition of the debtor which have occurred subsequent to the report date.
On October 18, 2017, the Debtor filed its chapter 11 petition. The Debtor operated as a debtor-in-possession under 11 U.S.C. s 107-1108 until August 28, 2019, when by court order George Hofmann was appointed Chapter 11 Trustee (the "Trustee").
Asset and liability balances may be over or understated and are subject to material modification. The financial statements may change as information becomes available to the Trustee. The Trustee may dispute the nature and amount of the assets and liabilities presented in these financial statements.
As new information and evidence becomes available, the balance sheet will be updated to reflect the correct amounts of assets and liabilities. The fact that liabilities and assets are omitted, listed and/or adjusted on the balance sheet does not necessarily reflect the final opinion as to the eventual treatment of the assets and liabilities in a plan of reorganization or otherwise.