Court filing
Monthly Operating Report — In re KServicing
Record facts
| Court | U.S. Bankruptcy Court for the District of Delaware |
|---|---|
| Filed | 2023-02-21 |
U.S. Bankruptcy Court for the District of Delaware · No. 22-10951 · Doc. 552 · 2023-02-21 · Docket on CourtListener
Summary
A Monthly Operating Report on UST Form 11-MOR for Kabbage Canada Holdings, LLC, Case No. 22-10952, in the jointly administered Chapter 11 cases under Lead Case No. 22-10951 in the U.S. Bankruptcy Court for the District of Delaware, filed February 21, 2023 as Doc. 552. It covers the reporting period ended January 31, 2023 and reports zero for this debtor's cash receipts and disbursements, assets and liabilities, asset sales and income. The form is signed by the Corporate Controller. Global notes describe the report as unaudited and not prepared under U.S. GAAP, and state total cash on hand of $35.0 million as of January 31, 2023, of which $18.3 million is unencumbered. A Statement of Operations for January 2023 reports total revenue of 1,805,624 and a net loss of (2,819,094) for Kabbage Inc. The filing runs 20 pages.
Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used
Full text
UST Form 11-MOR (12/01/2021)
1
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In Re. Kabbage Canada Holdings, LLC
Debtor(s)
§
§
§
§
Case No. 22-10952
Lead Case No.
22-10951
Jointly Administered
Monthly Operating Report
Chapter 11
Reporting Period Ended: 01/31/2023
Petition Date: 10/03/2022
Months Pending: 4
Industry Classification:
5
2
2
3
Reporting Method:
Accrual Basis
Cash Basis
Debtor's Full-Time Employees (current):
0
Debtor's Full-Time Employees (as of date of order for relief):
0
Supporting Documentation (check all that are attached):
(For jointly administered debtors, any required schedules must be provided on a non-consolidated basis for each debtor)
Statement of cash receipts and disbursements
Balance sheet containing the summary and detail of the assets, liabilities and equity (net worth) or deficit
Statement of operations (profit or loss statement)
Accounts receivable aging
Postpetition liabilities aging
Statement of capital assets
Schedule of payments to professionals
Schedule of payments to insiders
All bank statements and bank reconciliations for the reporting period
Description of the assets sold or transferred and the terms of the sale or transfer
Signature of Responsible Party
Printed Name of Responsible Party
Date
Address
/s/ Zachary I. Shapiro
02/21/2023
Richards, Layton & Finger, P.A.
One Rodney Square
920 North Street
Wilmington, DE 19801
STATEMENT: This Periodic Report is associated with an open bankruptcy case; therefore, Paperwork Reduction Act exemption 5 C.F.R.
§ 1320.4(a)(2) applies.
Case 22-10951-CTG Doc 552 Filed 02/21/23 Page 1 of 20
UST Form 11-MOR (12/01/2021)
2
Debtor's Name Kabbage Canada Holdings, LLC
Case No. 22-10952
Part 1: Cash Receipts and Disbursements
Current Month
Cumulative
a.
Cash balance beginning of month
$0
b.
Total receipts (net of transfers between accounts)
$0
$0
c.
Total disbursements (net of transfers between accounts)
$0
$0
d.
Cash balance end of month (a+b-c)
$0
e.
Disbursements made by third party for the benefit of the estate
$0
$0
f.
Total disbursements for quarterly fee calculation (c+e)
$0
$0
Part 2: Asset and Liability Status
Current Month
(Not generally applicable to Individual Debtors. See Instructions.)
a.
Accounts receivable (total net of allowance)
$0
b.
Accounts receivable over 90 days outstanding (net of allowance)
$0
c.
Inventory
(
(attach explanation))
Book
Market
Other
$0
d
Total current assets
$0
e.
Total assets
$0
f.
Postpetition payables (excluding taxes)
$0
g.
Postpetition payables past due (excluding taxes)
$0
h.
Postpetition taxes payable
$0
i.
Postpetition taxes past due
$0
j.
Total postpetition debt (f+h)
$0
k.
Prepetition secured debt
$0
l.
Prepetition priority debt
$0
m.
Prepetition unsecured debt
$0
n.
Total liabilities (debt) (j+k+l+m)
$0
o.
Ending equity/net worth (e-n)
$0
Part 3: Assets Sold or Transferred
Current Month
Cumulative
a.
Total cash sales price for assets sold/transferred outside the ordinary
course of business
$0
$0
b.
Total payments to third parties incident to assets being sold/transferred
outside the ordinary course of business
$0
$0
c.
Net cash proceeds from assets sold/transferred outside the ordinary
course of business (a-b)
$0
$0
Part 4: Income Statement (Statement of Operations)
Current Month
Cumulative
(Not generally applicable to Individual Debtors. See Instructions.)
a.
Gross income/sales (net of returns and allowances)
$0
b.
Cost of goods sold (inclusive of depreciation, if applicable)
$0
c.
Gross profit (a-b)
$0
d.
Selling expenses
$0
e.
General and administrative expenses
$0
f.
Other expenses
$0
g.
Depreciation and/or amortization (not included in 4b)
$0
h.
Interest
$0
i.
Taxes (local, state, and federal)
$0
j.
Reorganization items
$0
k.
Profit (loss)
$0
$0
Case 22-10951-CTG Doc 552 Filed 02/21/23 Page 2 of 20
UST Form 11-MOR (12/01/2021)
3
Debtor's Name Kabbage Canada Holdings, LLC
Case No. 22-10952
Part 5: Professional Fees and Expenses
Approved
Current Month
Approved
Cumulative
Paid Current
Month
Paid
Cumulative
a.
Debtor's professional fees & expenses (bankruptcy) Aggregate Total
Itemized Breakdown by Firm
Firm Name
Role
i
ii
iii
iv
v
vi
vii
viii
ix
x
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Case 22-10951-CTG Doc 552 Filed 02/21/23 Page 3 of 20
UST Form 11-MOR (12/01/2021)
4
Debtor's Name Kabbage Canada Holdings, LLC
Case No. 22-10952
xxxvii
xxxvii
xxxix
xl
xli
xlii
xliii
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l
li
lii
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lxxvi
lxxvii
lxxvii
Case 22-10951-CTG Doc 552 Filed 02/21/23 Page 4 of 20
UST Form 11-MOR (12/01/2021)
5
Debtor's Name Kabbage Canada Holdings, LLC
Case No. 22-10952
lxxix
lxxx
lxxxi
lxxxii
lxxxii
lxxxiv
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lxxxvi
lxxxix
xc
xci
xcii
xciii
xciv
xcv
xcvi
xcvii
xcviii
xcix
c
ci
Approved
Current Month
Approved
Cumulative
Paid Current
Month
Paid
Cumulative
b.
Debtor's professional fees & expenses (nonbankruptcy) Aggregate Total
Itemized Breakdown by Firm
Firm Name
Role
i
ii
iii
iv
v
vi
vii
viii
ix
x
xi
xii
xiii
xiv
Case 22-10951-CTG Doc 552 Filed 02/21/23 Page 5 of 20
UST Form 11-MOR (12/01/2021)
6
Debtor's Name Kabbage Canada Holdings, LLC
Case No. 22-10952
xv
xvi
xvii
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li
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Case 22-10951-CTG Doc 552 Filed 02/21/23 Page 6 of 20
UST Form 11-MOR (12/01/2021)
7
Debtor's Name Kabbage Canada Holdings, LLC
Case No. 22-10952
lvii
lviii
lix
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lxi
lxii
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lxxxii
lxxxii
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Case 22-10951-CTG Doc 552 Filed 02/21/23 Page 7 of 20
UST Form 11-MOR (12/01/2021)
8
Debtor's Name Kabbage Canada Holdings, LLC
Case No. 22-10952
xcix
c
c.
All professional fees and expenses (debtor & committees)
$0
$0
$0
$0
Part 6: Postpetition Taxes
Current Month
Cumulative
a.
Postpetition income taxes accrued (local, state, and federal)
$0
$0
b.
Postpetition income taxes paid (local, state, and federal)
$0
$0
c.
Postpetition employer payroll taxes accrued
$0
$0
d.
Postpetition employer payroll taxes paid
$0
$0
e.
Postpetition property taxes paid
$0
$0
f.
Postpetition other taxes accrued (local, state, and federal)
$0
$0
g.
Postpetition other taxes paid (local, state, and federal)
$0
$0
Part 7: Questionnaire - During this reporting period:
a.
Were any payments made on prepetition debt? (if yes, see Instructions)
Yes
No
b.
Yes
No
Were any payments made outside the ordinary course of business
without court approval? (if yes, see Instructions)
c.
Yes
No
Were any payments made to or on behalf of insiders?
d.
Yes
No
Are you current on postpetition tax return filings?
e.
Yes
No
Are you current on postpetition estimated tax payments?
f.
Were all trust fund taxes remitted on a current basis?
Yes
No
g.
Yes
No
Was there any postpetition borrowing, other than trade credit?
(if yes, see Instructions)
h.
Were all payments made to or on behalf of professionals approved by
the court?
Yes
No
N/A
i.
Do you have:
Worker's compensation insurance?
Yes
No
If yes, are your premiums current?
Yes
No
N/A
(if no, see Instructions)
Casualty/property insurance?
Yes
No
If yes, are your premiums current?
Yes
No
N/A
(if no, see Instructions)
General liability insurance?
Yes
No
If yes, are your premiums current?
Yes
No
N/A
(if no, see Instructions)
j.
Has a plan of reorganization been filed with the court?
Yes
No
k.
Has a disclosure statement been filed with the court?
Yes
No
l.
Are you current with quarterly U.S. Trustee fees as
set forth under 28 U.S.C. § 1930?
Yes
No
Case 22-10951-CTG Doc 552 Filed 02/21/23 Page 8 of 20
UST Form 11-MOR (12/01/2021)
9
Debtor's Name Kabbage Canada Holdings, LLC
Case No. 22-10952
Part 8: Individual Chapter 11 Debtors (Only)
a.
Gross income (receipts) from salary and wages
$0
b.
Gross income (receipts) from self-employment
$0
c.
Gross income from all other sources
$0
d.
Total income in the reporting period (a+b+c)
$0
e.
Payroll deductions
$0
f.
Self-employment related expenses
$0
g.
Living expenses
$0
h.
All other expenses
$0
i.
Total expenses in the reporting period (e+f+g+h)
$0
j.
Difference between total income and total expenses (d-i)
$0
k.
List the total amount of all postpetition debts that are past due
$0
l.
Are you required to pay any Domestic Support Obligations as defined by 11
U.S.C § 101(14A)?
Yes
No
m.
Yes
No
N/A
If yes, have you made all Domestic Support Obligation payments?
Privacy Act Statement
28 U.S.C. § 589b authorizes the collection of this information, and provision of this information is mandatory under 11 U.S.C.
§§ 704, 1106, and 1107. The United States Trustee will use this information to calculate statutory fee assessments under 28
U.S.C. § 1930(a)(6). The United States Trustee will also use this information to evaluate a chapter 11 debtor's progress
through the bankruptcy system, including the likelihood of a plan of reorganization being confirmed and whether the case is
being prosecuted in good faith. This information may be disclosed to a bankruptcy trustee or examiner when the information
is needed to perform the trustee's or examiner's duties or to the appropriate federal, state, local, regulatory, tribal, or foreign
law enforcement agency when the information indicates a violation or potential violation of law. Other disclosures may be
made for routine purposes. For a discussion of the types of routine disclosures that may be made, you may consult the
Executive Office for United States Trustee's systems of records notice, UST-001, "Bankruptcy Case Files and Associated
Records." See 71 Fed. Reg. 59,818 et seq. (Oct. 11, 2006). A copy of the notice may be obtained at the following link: http://
www.justice.gov/ust/eo/rules_regulations/index.htm. Failure to provide this information could result in the dismissal or
conversion of your bankruptcy case or other action by the United States Trustee. 11 U.S.C. § 1112(b)(4)(F).
I declare under penalty of perjury that the foregoing Monthly Operating Report and its supporting
documentation are true and correct and that I have been authorized to sign this report on behalf of the
estate.
/s/ Tamica Williams
Signature of Responsible Party
Corporate Controller
Printed Name of Responsible Party
02/21/2023
Date
Title
Tamica Williams
Case 22-10951-CTG Doc 552 Filed 02/21/23 Page 9 of 20
UST Form 11-MOR (12/01/2021)
10
Debtor's Name Kabbage Canada Holdings, LLC
Case No. 22-10952
PageOnePartOne
PageOnePartTwo
PageTwoPartOne
PageTwoPartTwo
Case 22-10951-CTG Doc 552 Filed 02/21/23 Page 10 of 20
UST Form 11-MOR (12/01/2021)
11
Debtor's Name Kabbage Canada Holdings, LLC
Case No. 22-10952
Bankruptcy51to100
NonBankruptcy1to50
NonBankruptcy51to100
Bankruptcy1to50
Case 22-10951-CTG Doc 552 Filed 02/21/23 Page 11 of 20
UST Form 11-MOR (12/01/2021)
12
Debtor's Name Kabbage Canada Holdings, LLC
Case No. 22-10952
PageFour
PageThree
Case 22-10951-CTG Doc 552 Filed 02/21/23 Page 12 of 20
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
---------------------------------------------------------------
)
In re
)
Chapter 11
)
KABBAGE, INC. d/b/a KSERVICING, et al.,
)
Case No. 22-10951 (CTG)
)
Debtors.1
)
(Jointly Administered)
)
---------------------------------------------------------------
GLOBAL NOTES AND STATEMENTS OF LIMITATIONS,
METHODOLOGY, AND DISCLAIMERS REGARDING
MONTHLY OPERATING REPORT FOR THE PERIOD
FROM JANUARY 1, 2023 THROUGH JANUARY 31, 2023
The debtors and debtors in possession (the “Debtors”) in the above-captioned jointly
administered chapter 11 cases (the “Chapter 11 Cases”) have prepared and filed the attached
Monthly Operating Report for the period January 1, 2023 through January 31, 2023 (the “MOR”)
in the United States Bankruptcy Court for the District of Delaware (the “Court”). The Debtors
have prepared the MOR with the assistance of their advisors and professionals solely for the
purpose of complying with the reporting requirements applicable in the Chapter 11 Cases. The
financial and supplemental information contained herein is unaudited, limited in scope, and is not
prepared in accordance with accounting principles generally accepted in the United States of
America (“U.S. GAAP”) nor in accordance with federal or state securities laws or other applicable
non-bankruptcy law or in lieu of complying with any periodic reporting requirements thereunder,
nor is it intended to fully reconcile to the consolidated financial statements prepared by the
Debtors.
1
The Debtors in these chapter 11 cases, along with the last four digits of each Debtor’s federal tax
identification number, as applicable are: Kabbage, Inc. d/b/a KServicing (3937); Kabbage Canada Holdings,
LLC (N/A); Kabbage Asset Securitization LLC (1377); Kabbage Asset Funding 2017-A LLC (4803);
Kabbage Asset Funding 2019-A LLC (8973); and Kabbage Diameter, LLC (N/A). Kabbage is a trademark
of American Express used under license; Kabbage, Inc. d/b/a KServicing is not affiliated with American
Express. The Debtors’ mailing and service address is 925B Peachtree Street NE, Suite 383, Atlanta, GA
30309.
Case 22-10951-CTG Doc 552 Filed 02/21/23 Page 13 of 20
In preparing the MOR, the Debtors relied on financial data available from the books and
records available to them at the time of such preparation, but the MOR and financial data do not
reflect in all circumstances presentation for U.S. GAAP. Although the Debtors made commercially
reasonable efforts to ensure the accuracy and completeness of the MOR, inadvertent errors or
omissions may exist. For the avoidance of doubt, the Debtors hereby reserve all rights to amend
and supplement the MOR in all respects, as may be necessary or appropriate. Nothing contained
in this MOR shall constitute a waiver of any of the Debtors’ rights or an admission with respect to
their Chapter 11 Cases. The results of operations contained herein are not necessarily indicative
of results which may be expected from any other period or for the full year and may not necessarily
reflect the results of operations, financial position and cash flows of the Debtors in the future.
Each signatory to the MOR has necessarily relied upon the efforts, statements, advice, and
representations of personnel of the Debtors and their advisors and professionals. Each signatory
has not (and could not have) personally verified the accuracy of each such statement,
representation, or answer contained in the MOR.
MOR Form
The Debtors have noted in the MOR that Kabbage, Inc. d/b/a/ KServicing (“KServicing”)
maintains a workforce of twenty (20) employees (19 full-time employees and 1 part-time
employee) as of the Petition Date, October 3, 2022, and also as of the date hereof. While
KServicing’s payroll provider has listed Kabbage Asset Funding 2017-A LLC as the employer of
record, the twenty (20) employees noted on the MOR are compensated by KServicing and their
related work functions are performed for on behalf of KServicing.
Attachment MOR-1
Cash is received and disbursed by the Debtors as described in the Motion of Debtors for
Entry of Interim and Final Orders (I) Authorizing Debtors to (A) Continue Using Existing Cash
Management System, Bank Accounts, and Business Forms, (B) Implement Changes to Cash
Management in the Ordinary Course of Business; and (II) Granting Related Relief [Docket No.
12] (the “Cash Management Motion”), which was granted on a final basis pursuant to an order
Case 22-10951-CTG Doc 552 Filed 02/21/23 Page 14 of 20
entered by the Court on January 17, 2023 [Docket 445], and is consistent with the Debtors’
historical cash management practices, except as described therein.
Beginning with this MOR for the period January 1, 2023 through January 31, 2023,
borrower payments collected and held for the benefit of Cross River Bank and Customer Bank
(each a “Partner Bank” and together the “Partner Banks”) and remitted to the applicable Partner
Bank or refunded to the applicable borrower or passed onto the U.S. Small Business
Administration (“SBA”) are not included in disbursements in Part 1 of the MOR or MOR-1
because all amounts are held for the benefit of the Partner Banks, the SBA or the borrowers and
such amounts are not part of the Debtors’ estates (collectively, “Pass-Through Payments”).
Attachments MOR-2 and MOR-3
The financial information contained herein is unaudited, limited in scope, covers a limited
time period, and has been prepared solely for the purpose of complying with the monthly reporting
requirements for chapter 11 debtors as required by the Chapter 11 Cases.
The MOR-2 includes the balance sheet as of January 31, 2023 (the “Balance Sheet”). The
MOR-3 Statement of Operations includes activity for the calendar month of January. As previously
noted, the MOR was not prepared in accordance with U.S. GAAP and does not include all the
information and disclosures required by U.S. GAAP. Therefore, there can be no assurance that the
financial information presented in the MOR is complete (although the Debtors have made
commercially reasonable efforts to ensure the completeness of the MOR).
Liabilities Subject to Compromise (“LSTC”): LSTC represent the Debtors’ estimate of
prepetition claims. The estimate excludes any unliquidated claims related to current investigations
and/or pending litigations. The determination of how liabilities will ultimately be settled or treated
will not be made until the Bankruptcy Court approves a chapter 11 plan.
Case 22-10951-CTG Doc 552 Filed 02/21/23 Page 15 of 20
Part 1: Cash Receipts and Disbursements
The MOR presents the Debtors’ receipts and disbursements for the month of January 2023.
Reported cash receipts and disbursements are based on bank activity excluding any transfers of
funds among the Bank Accounts as defined in the Cash Management Motion. Consistent with the
note to MOR-1 above, disbursements in Part 1 exclude Pass-Through Payments.
Part 2: Asset and Liability Status
The amounts identified in Part 2 of the MOR are derived from the Debtors’ unaudited and
estimated Balance Sheets as of January 31, 2023. Please refer to the notes above for information
about presentation and limitations that may exist in the MOR.
Part 3: Assets Sold or Transferred
No such transactions or activities occurred during the month of January 2023.
Part 4: Income Statement (Statement of Operations)
This MOR presents the Debtors’ best estimates of their Statements of Operations for the
month of January. Please refer to the notes above for information about presentation and
limitations that may exist in the MOR.
Part 5: Professional Fees and Expenses
The Debtors’ payments to any restructuring and non-restructuring professionals and other
ordinary course professionals are reflected in Part 5.
Part 6: Postpetition Taxes
In the ordinary course of business, the Debtors are obligated to pay certain taxes and
governmental fees, which generally fall into the following categories: (i) franchise taxes, (ii)
personal property taxes, (iii) income taxes, and (iv) other business licenses and permits
(collectively, the “Taxes and Fees”). On October 21, 2022, the Court entered a final order [Docket
No. 133] authorizing, but not directing, the Debtors to, among other things, pay Taxes and Fees
Case 22-10951-CTG Doc 552 Filed 02/21/23 Page 16 of 20
that arise or accrue in the ordinary course of business on a postpetition basis consistent with
prepetition practices. The Debtors believe that they are current with respect to any post-petition
Taxes and Fees that have come due.
Case 22-10951-CTG Doc 552 Filed 02/21/23 Page 17 of 20
MOR-1
In re: KABBAGE, INC. d/b/a KSERVICING, et al.
Lead Case No: 22-10951
Statement of Cash Receipts and Disbursements - (Unaudited)
Reporting Period: Jan 1 - Jan 31, 2023
USD Actuals
Kabbage Inc.
Kabbage Canada
Holdings, LLC
Kabbage Asset
Securitization, LLC
Kabbage Assets Funding
2017-A LLC
Kabbage Assets Funding
2019-A LLC
Kabbage Diameter, LLC
1/1/23 to 1/31/23
1/1/23 to 1/31/23
1/1/23 to 1/31/23
1/1/23 to 1/31/23
1/1/23 to 1/31/23
1/1/23 to 1/31/23
Receipts
7,148,029
–
–
–
–
–
Pass-through - Partner Banks
(2,945,030)
–
–
–
–
–
Pass-through - Borrower Refunds/Returns
(179,651)
–
–
–
–
–
Net Receipts
4,023,348
–
–
–
–
–
Disbursements
Payments on Secured Debt - Federal Reserve
633,845
–
–
–
–
–
Payroll & Benefits
316,092
–
–
–
–
–
Contract Workforce
1,390,091
–
–
–
–
–
Restructuring Items
2,472,725
–
–
–
–
–
Taxes
31,434
–
–
–
–
–
Other
288,881
–
–
–
–
–
Total Disbursements
5,133,067
–
–
–
–
–
Net Cash Flow
(1,109,718)
–
–
–
–
–
Beginning Bank Cash
36,976,299
–
–
–
–
–
Net Cash Flow
(1,109,718)
Ending Bank Cash
35,866,581
–
–
–
–
–
Case 22-10951-CTG Doc 552 Filed 02/21/23 Page 18 of 20
MOR-2
In re: KABBAGE, INC. d/b/a KSERVICING, et al.
Lead Case No: 22-10951
Balance Sheet as of January 31, 2023 - (Unaudited)
Reporting Period: Jan 1 - Jan 31, 2023
Kabbage Inc.
Kabbage Canada
Holdings, LLC
Kabbage Asset
Securitization, LLC
Kabbage Assets
Funding 2017-A
LLC
Kabbage Assets
Funding 2019-A
LLC
Kabbage Diameter,
LLC
Assets
Current Assets
Cash and Cash Equivalents1
34,959,674
$
-
$
-
$
-
$
-
$
-
$
Restricted Cash
2,088,364
-
-
-
-
-
Loans Outstanding
SMB Loans
10,366,922
-
-
-
-
-
PPP Loans
439,550,691
-
-
-
-
-
Other Trade Receivables
4,008,662
-
-
-
-
-
Reserve for Uncollectible Receivables
(10,685,585)
-
-
-
-
-
Net Loans and Receivables
443,240,690
-
-
-
-
-
Other Assets
879,898
-
-
-
-
-
Total Assets
481,168,626
$
-
$
-
$
-
$
-
$
-
$
Liabilities
ABS Debt
PPPLF Debt
-
$
-
$
-
$
-
$
-
$
-
$
Deferred Revenue
8,570,354
-
-
-
-
-
Accounts Payable & Accrued Expenses
10,842,942
-
-
-
-
-
Accrued Interest
-
-
-
-
-
-
Payable to Bank Partners
4,182,618
-
-
-
-
-
Total Liabilities
23,595,914
-
-
-
-
-
Liabilities subject to compromise (LSTC)
435,686,851
Equity
21,885,861
-
-
-
-
-
Total Liabilities and Equity
481,168,626
$
-
$
-
$
-
$
-
$
-
$
Notes
1. Variance between Cash Balance on the Balance Sheet and the Bank Cash Balance per MOR Part 1 is due to timing necessary to process activity by the Company and/or the Bank.
As of January 31, 2023, total cash on hand is $35.0 million of which $18.3 million in unencumbered cash. The remaining $16.7 million is comprised of cash in a professional
fee carve out account and funds that are to be remitted to Federal Reserve, CRB, CUBI and borrowers
Case 22-10951-CTG Doc 552 Filed 02/21/23 Page 19 of 20
MOR-3
In re: KABBAGE, INC. d/b/a KSERVICING, et al.
Lead Case No: 22-10951
Statement of Operations for the month of January 2023 - (Unaudited)
Reporting Period: Jan 1 - Jan 31, 2023
Kabbage Inc.
Kabbage
Canada
Holdings,
LLC
Kabbage
Asset
Securitization,
LLC
Kabbage
Asset
Funding
2017-A LLC
Kabbage
Asset
Funding
2019-A LLC
Kabbage
Diameter,
LLC
Revenue
Revenue - Lending
12,189
$
-
$
-
$
-
$
-
$
-
$
Revenue - PPP
1,793,435
-
-
-
-
-
Total Revenue
1,805,624
-
-
-
-
-
Expenses
Payroll and Staffing
858,928
-
-
-
-
-
Legal Fees and Settlement
323,490
-
-
-
-
-
Consulting and other Professional
344,485
-
-
-
-
-
Software/Platform
336,404
-
-
-
-
-
Marketing/PR
20,800
-
-
-
-
-
Bad Debt Expense (Recovery)
(900,426)
-
-
-
-
-
Other operating expenses
198,168
-
-
-
-
-
Interest and Financing
26,431
-
-
-
-
-
Reorganization Items
3,322,754
Total Expenses
4,531,035
-
-
-
-
-
Income Tax Expense
-
-
-
-
-
-
Other Income (Expense)
(93,683)
-
-
-
-
-
Net Income (Loss)
(2,819,094)
$
-
$
-
$
-
$
-
$
-
$
Case 22-10951-CTG Doc 552 Filed 02/21/23 Page 20 of 20File and source
- File
- gov.uscourts.deb.188293.552.0.pdf
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- SHA-256
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- Original
- archive.org