Official Form 425C Monthly Operating Report for Small Business Under Chapter 11 p a g e 1
- Date
- 2019-10-21
Summary
An Official Form 425C Monthly Operating Report for Small Business Under Chapter 11 filed by debtor Panthera Enterprises LLC, Case No. 2:19-bk-00787, in the U.S. Bankruptcy Court for the Southern District of West Virginia, filed October 21, 2019 as Doc 37. It covers Sept. 13-30, 2019, is signed by the debtor's managing member, and gives the line of business as professional training. The report lists cash on hand of -81.32 at month end, total payables of $140,000.00 and total receivables of $903,664.11, with no employees and no professional fees paid. Attached exhibits explain questionnaire answers and itemize cash receipts, disbursements, payables and receivables. The filing also attaches bank reconciliation reports, a statement of income and a balance sheet as of 09/30/2019.
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
Fill in this information to identify the case:
No. 2:19-bk-00787 Doc 37 Filed 10/21/19 Entered 10/21/19 15:11:42 Page 1 of 17
Debtor Name Panthera Enterprises LLC
__________________________________________________________________
United States Bankruptcy Court for the: _______
SouthernDistrict ________
Districtofof West Virginia
2:19-bk-00787 Check if this is an
Case number: _________________________
amended filing
Official Form 425C
Monthly Operating Report for Small Business Under Chapter 11 12/17
Month: Sept. 13-30, 2019
___________ Date report filed: 10/21/2019
___________
MM / DD / YYYY
Line of business: Professional Training
________________________ NAISC code: 611430
___________
In accordance with title 28, section 1746, of the United States Code, I declare under penalty of perjury
that I have examined the following small business monthly operating report and the accompanying
attachments and, to the best of my knowledge, these documents are true, correct, and complete.
Responsible party: James V. Punelli, Managing Member
____________________________________________
Original signature of responsible party ____________________________________________
Printed name of responsible party James V. Punelli
____________________________________________
1. Questionnaire
Answer all questions on behalf of the debtor for the period covered by this report, unless otherwise indicated.
Yes No N/A
If you answer No to any of the questions in lines 1-9, attach an explanation and label it Exhibit A.
1. Did the business operate during the entire reporting period? ✔
2. Do you plan to continue to operate the business next month? ✔
3. Have you paid all of your bills on time? ✔
4. Did you pay your employees on time? ✔
5. Have you deposited all the receipts for your business into debtor in possession (DIP) accounts? ✔
6. Have you timely filed your tax returns and paid all of your taxes? ✔
7. Have you timely filed all other required government filings?
✔
8. Are you current on your quarterly fee payments to the U.S. Trustee or Bankruptcy Administrator?
✔
9. Have you timely paid all of your insurance premiums? ✔
If you answer Yes to any of the questions in lines 10-18, attach an explanation and label it Exhibit B.
10. Do you have any bank accounts open other than the DIP accounts? ✔
11. Have you sold any assets other than inventory?
✔
12. Have you sold or transferred any assets or provided services to anyone related to the DIP in any way? ✔
13. Did any insurance company cancel your policy? ✔
14. Did you have any unusual or significant unanticipated expenses? ✔
15. Have you borrowed money from anyone or has anyone made any payments on your behalf? ✔
16. Has anyone made an investment in your business? ✔
Official Form 425C Monthly Operating Report for Small Business Under Chapter 11 page 1
No. 2:19-bk-00787 Doc 37 Filed 10/21/19 Entered 10/21/19 15:11:42 Page 2 of 17
Debtor Name Panthera Enterprises LLC
_______________________________________________________ Case 2:19-bk-00787
number_____________________________________
17. Have you paid any bills you owed before you filed bankruptcy? ✔
18. Have you allowed any checks to clear the bank that were issued before you filed bankruptcy?
✔
2. Summary of Cash Activity for All Accounts
19. Total opening balance of all accounts
-57.32
$ __________
This amount must equal what you reported as the cash on hand at the end of the month in the previous
month. If this is your first report, report the total cash on hand as of the date of the filing of this case.
20. Total cash receipts
Attach a listing of all cash received for the month and label it Exhibit C. Include all
cash received even if you have not deposited it at the bank, collections on
receivables, credit card deposits, cash received from other parties, or loans, gifts, or
payments made by other parties on your behalf. Do not attach bank statements in
lieu of Exhibit C.
Report the total from Exhibit C here. -0-
$ __________
21. Total cash disbursements
Attach a listing of all payments you made in the month and label it Exhibit D. List the
date paid, payee, purpose, and amount. Include all cash payments, debit card
transactions, checks issued even if they have not cleared the bank, outstanding
checks issued before the bankruptcy was filed that were allowed to clear this month,
and payments made by other parties on your behalf. Do not attach bank statements
in lieu of Exhibit D.
- $ __________
24.00
Report the total from Exhibit D here.
22. Net cash flow
Subtract line 21 from line 20 and report the result here. + $ __________
-24.00
This amount may be different from what you may have calculated as net profit.
23. Cash on hand at the end of the month
Add line 22 + line 19. Report the result here.
-81.32
Report this figure as the cash on hand at the beginning of the month on your next operating report. = $ __________
This amount may not match your bank account balance because you may have outstanding checks that
have not cleared the bank or deposits in transit.
3. Unpaid Bills
Attach a list of all debts (including taxes) which you have incurred since the date you filed bankruptcy but
have not paid. Label it Exhibit E. Include the date the debt was incurred, who is owed the money, the
purpose of the debt, and when the debt is due. Report the total from Exhibit E here.
24. Total payables $ 140,000.00
____________
(Exhibit E)
Official Form 425C Monthly Operating Report for Small Business Under Chapter 11 page 2
No. 2:19-bk-00787 Doc 37 Filed 10/21/19 Entered 10/21/19 15:11:42 Page 3 of 17
Debtor Name Panthera Enterprises LLC
_______________________________________________________ Case 2:19-bk-00787
number_____________________________________
4. Money Owed to You
Attach a list of all amounts owed to you by your customers for work you have done or merchandise you
have sold. Include amounts owed to you both before, and after you filed bankruptcy. Label it Exhibit F.
Identify who owes you money, how much is owed, and when payment is due. Report the total from
Exhibit F here.
25. Total receivables 903,664.11
$ ____________
(Exhibit F)
5. Employees
26. What was the number of employees when the case was filed?
-0-
____________
27. What is the number of employees as of the date of this monthly report?
-0-
____________
6. Professional Fees
28. How much have you paid this month in professional fees related to this bankruptcy case?
-0-
$ ____________
29. How much have you paid in professional fees related to this bankruptcy case since the case was filed? -0-
$ ____________
30. How much have you paid this month in other professional fees? -0-
$ ____________
31. How much have you paid in total other professional fees since filing the case? -0-
$ ____________
7. Projections
Compare your actual cash receipts and disbursements to what you projected in the previous month.
Projected figures in the first month should match those provided at the initial debtor interview, if any.
Column A Column B Column C
Projected – Actual = Difference
Copy lines 35-37 from Copy lines 20-22 of Subtract Column B
the previous month’s this report. from Column A.
report.
0.00
$ ____________ – 0.00
$ ____________
= 0.00
$ ____________
32. Cash receipts
0.00 0.00 = 0.00
33. Cash disbursements $ ____________ – $ ____________ $ ____________
0.00 – 0.00 = 0.00
34. Net cash flow $ ____________ $ ____________ $ ____________
35. Total projected cash receipts for the next month: 229,833.00
$ ____________
36. Total projected cash disbursements for the next month: - $ ____________
192,000.00
37. Total projected net cash flow for the next month:
= $ ____________
37,833.00
Official Form 425C Monthly Operating Report for Small Business Under Chapter 11 page 3
No. 2:19-bk-00787 Doc 37 Filed 10/21/19 Entered 10/21/19 15:11:42 Page 4 of 17
Debtor Name Panthera Enterprises LLC
_______________________________________________________ Case 2:19-bk-00787
number_____________________________________
8. Additional Information
If available, check the box to the left and attach copies of the following documents.
✔ 38. Bank statements for each open account (redact all but the last 4 digits of account numbers).
✔ 39. Bank reconciliation reports for each account.
✔ 40. Financial reports such as an income statement (profit & loss) and/or balance sheet.
41. Budget, projection, or forecast reports.
42. Project, job costing, or work-in-progress reports.
Official Form 425C Monthly Operating Report for Small Business Under Chapter 11 page 4
No. 2:19-bk-00787 Doc 37 Filed 10/21/19 Entered 10/21/19 15:11:42 Page 5 of 17
Exhibit A: Section 1, Questions 1-9
Panthera Enterprises LLC
Case 2:19-bk-00787
Reporting Period: Sept 2019
1. ---
2. ---
3. ---
4. No Employees.
5. ---
6. No tax filings or payments due during reporting period.
7. ---
8. ---
9. No insurance or premiums due during reporting period.
No. 2:19-bk-00787 Doc 37 Filed 10/21/19 Entered 10/21/19 15:11:42 Page 6 of 17
Exhibit B: Section 1, Questions 10-18
Panthera Enterprises LLC
Case 2:19-bk-00787
Reporting Period: Sept 2019
10. Pre-filing accounts with Atlantic Union were left open until
current receivables clear. The Federal Governments has
those accounts on file at the time of the billing and they
may or may not switch to the new accounts for this cycle.
We will transfer the funds to the DIP account as soon as
the payments arrive, then we will close the old accounts.
11. --- *** Additionally, the SunTrust Bank Account was opening on
October 5, 2019 and will be shown on the October report
12. ---
13. ---
14. ---
15. ---
16. ---
17. ---
18. ---
No. 2:19-bk-00787 Doc 37 Filed 10/21/19 Entered 10/21/19 15:11:42 Page 7 of 17
Exhibit C: Section 2, Cash Receipts
Panthera Enterprises LLC
Case 2:19-bk-00787
Reporting Period: Sept 2019
Amount Source Reason
None.
No. 2:19-bk-00787 Doc 37 Filed 10/21/19 Entered 10/21/19 15:11:42 Page 8 of 17
Exhibit D: Section 2, Disbursements
Panthera Enterprises LLC
Case 2:19-bk-00787
Reporting Period: Sept 2019
Amount Date Paid Payee Purpose
$12.00 9/30/2019 Atlantic Union Bank #7398 Minimum Balance Fee
$12.00 9/30/2019 Atlantic Union Bank #7372 Minimum Balance Fee
No. 2:19-bk-00787 Doc 37 Filed 10/21/19 Entered 10/21/19 15:11:42 Page 9 of 17
Exhibit E: Section 3, Payables
Panthera Enterprises LLC
Case 2:19-bk-00787
Reporting Period: Sept 2019
Amount Date Incurred Date Due Debtor Purpose
$ 800.00 15-Sep-19 15-Oct-19 James Punelli Travel and other expenses
$ 450.00 16-Sep-19 15-Oct-19 ARB / Global Invoice Technologies ERP System
$138,750.00 30-Sep-19 30-Oct-19 Panthera Training Center Training COGS
$140,000.00 Total
No. 2:19-bk-00787 Doc 37 Filed 10/21/19 Entered 10/21/19 15:11:42 Page 10 of
17
Exhibit F: Section 4, Receivables
Panthera Enterprises LLC
Case 2:19-bk-00787
Reporting Period: Sept 2019
Pre-filing Post-filing Due Date Customer Notes
$ 177,883.00 23-Oct-19 Drug Enforcement Administration (DEA) Training Class
Unknown 30-Sep-19 Panthera Training Additional Rents (PT refuses to report)
Unknown 31-Aug-19 Panthera Training Additional Rents (PT refuses to report)
$ 6,821.22 1-Aug-19 Panthera Training Pers. Property Taxes - 2019
$ 22,849.04 1-Aug-19 Panthera Training Real Estate Taxes - 2019
Unknown 31-Jul-19 Panthera Training Additional Rents (PT refuses to report)
$ 29,100.00 30-Jun-19 Panthera Training Additional Rents due under lease
$ 9,485.00 31-May-19 Panthera Training Additional Rents due under lease
$ 468,000.00 1-Jun-19 Panthera Training Future rents due on lease (monthly)
$ 58,637.00 30-Apr-19 Panthera Training Additional Rents due under lease
$ 52,418.00 31-Dec-18 Panthera Training Additional Rents due under lease
$ 4,155.00 30-Nov-18 Panthera Training Additional Rents due under lease
$ 64,674.00 31-Oct-18 Panthera Training Additional Rents due under lease
$ 174,879.04 1-Oct-18 Panthera Training Liability Ins. due under lease
$ 6,853.67 1-Sep-18 Panthera Training Pers. Property Taxes - 2018 prorated
$ 14,604.57 1-Sep-18 Panthera Training Real Estate Taxes - 2018 prorated
$ 58,304.57 1-Jun-18 Panthera Training Liability Ins. due under lease
$ (245,000.00) Various Panthera Training (credits - pre-filing) Advanced payments made against A/R
$ 725,781.11 $ 177,883.00 Subotals
$ 903,664.11 Grand Total
No. 2:19-bk-00787 Doc 37 Filed 10/21/19 Entered 10/21/19 15:11:42 Page 11 of
17
No. 2:19-bk-00787 Doc 37 Filed 10/21/19 Entered 10/21/19 15:11:42 Page 12 of
17
No. 2:19-bk-00787 Doc 37 Filed 10/21/19 Entered 10/21/19 15:11:42 Page 13 of
17
Report Date & Time : 10/08/2019 11:55:50AM Panthera Enterprises, LLC Page 1 of 1
Reconciled Report forAccess National Bank - Op
No. 2:19-bk-00787 Doc 37 Filed
For 10/21/19
the Period Entered
From 9/13/2019 10/21/19 15:11:42
To 9/30/2019 Page 14 of
17
Voucher Date Voucher ID Voucher Type Check No Paid To/Received From Deposit Withdrawal Recon. Date
09/05/2019 SEP/5/37/2019 Manual Check 09051901 Vonage 0.00 198.26 09/30/2019
09/12/2019 64 General Journal Transfer from Main to Op (9/3) 0.00 10.00 09/30/2019
09/12/2019 64 General Journal Payment to PW (9/3) 0.00 20.00 09/30/2019
09/12/2019 64 General Journal OD Fee (9/5) 0.00 36.00 09/30/2019
09/30/2019 65 General Journal Bank Fee (9/30) 0.00 12.00 09/30/2019
Total 0.00 276.26
Report Date & Time : 10/08/2019 11:55:11AM Panthera Enterprises, LLC Page 1 of 1
Reconciled Report forAccess National Bank - M
No. 2:19-bk-00787 Doc 37 Filed
For 10/21/19
the Period Entered
From 9/13/2019 10/21/19 15:11:42
To 9/30/2019 Page 15 of
17
Voucher Date Voucher ID Voucher Type Check No Paid To/Received From Deposit Withdrawal Recon. Date
09/12/2019 64 General Journal Transfer from Main to Op (9/3) 10.00 0.00 09/30/2019
09/30/2019 65 General Journal Sept Bank Charges (9/30) 0.00 12.00 09/30/2019
Total 10.00 12.00
No. 2:19-bk-00787 Doc 37 Filed 10/21/19 Entered 10/21/19 15:11:42 Page 16 of
17
Panthera Enterprises LLC
Statement of Income
For the Period 09/13/2019 - 09/30/2019
09/13/2019 Percent of
09/30/2019 Revenue
CONTRACT REVENUES
09 Government Revenue 177,883.00 100.00
10 Commercial Sales 0.00 0.70
Total CONTRACT REVENUES 177,883.00 100.00
DIRECT COSTS
17 Subcontractors 138,750.00 78.00
Total DIRECT COSTS 138,750.00 78.00
COST OF OPERATIONS
12 Labor - Indirect 0.00 0.00
16 Facilities - Indirect 0.00 0.00
52 Professional Fees 0.00 0.00
53 General Operating Expenses 1,250.00 0.70
57 Taxes 0.00 0.00
Total COST OF OPERATIONS 1,250.00 23.70
UNALLOWABLE EXPENSES
19 Non- Reimbursable 0.00 0.00
Total UNALLOWABLE EXPENSES 0.00 0.00
Net Income 37,833.00
No. 2:19-bk-00787 Doc 37 Filed Panthera
10/21/19Enterprises
Entered LLC
10/21/19 15:11:42 Page 17 of
Balance Sheet
17
As of 09/30/2019
CURRENT ASSETS
Cash -81.32
Accounts Receivable 903,664.11
903,582.79
FIXED ASSETS
Furniture & Fixtures 30,698.84
Software 2,185.87
Accumulated Depreciation -1,066,265.05
Buildings and Structures 9,102,140.80
Land 4,024,308.81
Equipment 9,212.53
Intangibles / Other 150,474.78
Accumulated Amortization -28,874.40
12,223,882.18
OTHER ASSETS
Investment - Subsidiary Companies 80,000.00
80,000.00
TOTAL ASSETS 13,207,464.97
CURRENT LIABILITIES
Accounts Payable 3,230,507.84
Accrued Salaries/Wages 123,304.57
Accrued Expenses 1,130.98
Other Current Liabilities 7,753,416.62
Inter-company Loan Payable 14,000.00
11,122,360.01
LONG-TERM LIABILITIES
PTC Facility 10,915,845.55
Long Term Debt 529,199.00
11,445,044.55
STOCKHOLDER'S EQUITY
Prior Years' Retained Earnings -9,367,556.55
Current Years Profit & Loss 7,616.96
-9,359,939.59
TOTAL LIABILITIES AND EQUITY 13,207,464.97
File and source
- File
- gov.uscourts.wvnb.75953.37.0.pdf
- Size
- 5,855,255 bytes
- SHA-256
- e633b764ca14892cae2f17407fda21f617b4dda240ddac48b164565577ec8a7f
- Our copy
- gov.uscourts.wvnb.75953.37.0.pdf
- Original
- PACER (login required)