Attachment 5 - Monthly Operating Report — U.S. Bankruptcy Court, Northern District of West Virginia

Summary

Official Form 425C, Monthly Operating Report for Small Business Under Chapter 11, for Panthera Enterprises LLC, case number 2:19-bk-00787, Northern District of West Virginia, covering Dec 2019, filed January 21, 2020 as Doc 93. The form lists the line of business as Professional Training and names James V. Punelli as responsible party. Attached exhibits list cash receipts totaling $100,016.43 (Exhibit C), disbursements totaling $46,081.01 (Exhibit D), a payable of $168,000.00 to Panthera Training LLC for a DEA training course (Exhibit E), and receivables (Exhibit F). The filing also contains SunTrust bank statement pages and a reconciled report for the period from 12/1/2019 to 1/31/2020.

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

Official Form 425C
Monthly Operating Report for Small Business Under Chapter 11
page 1

Official Form 425C
Monthly Operating Report for Small Business Under Chapter 11
12/17
Month:
___________
Date report filed:
___
______
MM / DD / YYYY
Line of business:  ________________________
NAISC code:
___________
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:
____________________________________________
Original signature of responsible party
____________________________________________
Printed name of responsible party
____________________________________________
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?
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‰
‰
3.
Have you paid all of your bills on time?
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‰
4.
Did you pay your employees on time?
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‰
5.
Have you deposited all the receipts for your business into debtor in possession (DIP) accounts?
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6.
Have you timely filed your tax returns and paid all of your taxes?
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7.
Have you timely filed all other required government filings?
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8.
Are you current on your quarterly fee payments to the U.S. Trustee or Bankruptcy Administrator?
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‰
‰
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?
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11. Have you sold any assets other than inventory?
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12. Have you sold or transferred any assets or provided services to anyone related to the DIP in any way?
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13. Did any insurance company cancel your policy?
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‰
14. Did you have any unusual or significant unanticipated expenses?
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15. Have you borrowed money from anyone or has anyone made any payments on your behalf?
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‰
‰
16. Has anyone made an investment in your business?
‰
‰
‰
‰ Check if this is an
amended filing
Debtor Name __________________________________________________________________
United States Bankruptcy Court for the: _______ District of ________
Case number: _________________________
  Fill in this information to identify the case:
   Panthera Enterprises LLC

Northern District of West V
irginia
  2:19-bk-00787
Dec 2019
01/
/2020
Professional Training
  611430
James V. Punelli
✔
✔
✔
✔
✔
✔
✔
✔
✔
✔
✔
✔
✔
✔
✔
✔
James V. Punelli
21
No. 2:19-bk-00787    Doc 93    Filed 01/21/20    Entered 01/21/20 11:00:16    Page 1 of 15

Debtor Name
_______________________________________________________
Case number_____________________________________

Official Form 425C
Monthly Operating Report for Small Business Under Chapter 11
page 2

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
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.

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.
Report the total from Exhibit D here.

- $ __________

22. Net cash flow
Subtract line 21 from line 20 and report the result here.
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.
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
$ ____________
(Exhibit E)

  Panthera Enterprises LLC
  2:19-bk-00787
✔
✔
34,046.32
46,081.01
53,935.42
87,981.74
168,000.00
 100,016.43
$ __________
No. 2:19-bk-00787    Doc 93    Filed 01/21/20    Entered 01/21/20 11:00:16    Page 2 of 15

Debtor Name
_______________________________________________________
Case number_____________________________________

Official Form 425C
Monthly Operating Report for Small Business Under Chapter 11
page 3

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
$ ____________
(Exhibit F)

5. Employees
26. What was the number of employees when the case was filed?
 ____________
27. What is the number of employees as of the date of this monthly report?
 ____________

6. Professional Fees
28. How much have you paid this month in professional fees related to this bankruptcy case?
$ ____________
29. How much have you paid in professional fees related to this bankruptcy case since the case was filed?
$ ____________
30. How much have you paid this month in other professional fees?
$ ____________
31. How much have you paid in total other professional fees since filing the case?
$ ____________

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
the previous month’s
report.

Copy lines 20-22 of
this report.

Subtract Column B
from Column A.

32. Cash receipts

$ ____________
–
$ ____________
=
$ ____________

33. Cash disbursements

$ ____________
–
$ ____________
=
$ ____________

34. Net cash flow

$ ____________
–
$ ____________
=
$ ____________

35. Total projected cash receipts for the next month:
 $ ____________
36. Total projected cash disbursements for the next month:
- $ ____________
37. Total projected net cash flow for the next month:
= $ ____________

  Panthera Enterprises LLC
  2:19-bk-00787
912,357.11
  - 0 -
- 0 -
- 0 -
- 0 -
- 0 -
- 0 -
168,000.00
100,016.43
67,983.57
169,450.00
46,081.01
123,368.99
-1,450.000
56,935.42
55,385.42
202,000.00
169,450.00
32,550.00
No. 2:19-bk-00787    Doc 93    Filed 01/21/20    Entered 01/21/20 11:00:16    Page 3 of 15

Debtor Name
_______________________________________________________
Case number_____________________________________

Official Form 425C
Monthly Operating Report for Small Business Under Chapter 11
page 4

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.

  Panthera Enterprises LLC
  2:19-bk-00787
✔
✔
✔
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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.
Exhibit A: Section 1, Questions 1-9
Panthera Enterprises LLC
Case 2:19-bk-00787
Reporting Period:  Dec 2019
No. 2:19-bk-00787    Doc 93    Filed 01/21/20    Entered 01/21/20 11:00:16    Page 5 of 15

10.
11.
12.
13.
14.
15.
16.
17.
18.
Exhibit B: Section 1, Questions 10-18
Panthera Enterprises LLC
Case 2:19-bk-00787
Reporting Period:  Dec 2019
No. 2:19-bk-00787    Doc 93    Filed 01/21/20    Entered 01/21/20 11:00:16    Page 6 of 15

Amount
Source
Reason
11.14
$
SprinHill Suites - Wheeling, WV
Refund
5.29
SprinHill Suites - Wheeling, WV
Refund
50,000.00
$
Panthera Training Center LLC
Moving funds back from Oct Payment
50,000.00
$
Panthera Training Center LLC
Moving funds back from Oct Payment
$100,016.43
Total
Exhibit C: Section 2, Cash Receipts
Panthera Enterprises LLC
Case 2:19-bk-00787
Reporting Period:  Dec 2019
*
* Please note that the remaining $34,160.00 that was paid to Panthera Training Center, LLC will
be refunded and reflected on the January operating report
No. 2:19-bk-00787    Doc 93    Filed 01/21/20    Entered 01/21/20 11:00:16    Page 7 of 15

Amount
Date Paid
Payee
Purpose
$199.00
2-Dec-19
Leesburg Junction
Leesburg Office Fee
$450.00
2-Dec-19
ARB Investments
ERP Cloud Fee
$800.00
2-Dec-19
James Punelli
Misc Fees - Travel and Expenses
$44,464.80
6-Dec-19
Panthera Training LLC
Payment for Sept 19, 2019 DEA Trai
$132.21
18-Dec-19
SpringHill Suites - Wheeling
Hotel for Court Hearing
$35.00
19-Dec-20
SunTrust Bank
Bank Fees
$46,081.01
Total
Exhibit D: Section 2, Disbursements
Panthera Enterprises LLC
Case 2:19-bk-00787
Reporting Period:  Dec 2019
No. 2:19-bk-00787    Doc 93    Filed 01/21/20    Entered 01/21/20 11:00:16    Page 8 of 15

Amount
Date Incurred
Date Due
Debtor
Purpose
168,000.00
$
23-Dec-19
20-Jan-20
Panthera Training LLC
DEA Training Course 12/14 - 12/19/19
Exhibit E: Section 3, Payables
Panthera Enterprises LLC
Case 2:19-bk-00787
Reporting Period:  Dec 2019
No. 2:19-bk-00787    Doc 93    Filed 01/21/20    Entered 01/21/20 11:00:16    Page 9 of 15

Pre-filing
Post-filing
Due Date
Customer
Notes
168,000.00
$
12/20/200
DEA
Training Class Concluded 12/19/19
Unknown
31-Dec-19
Panthera Training
Additional Rents (PT refuses to report)
Unknown
30-Nov-19
Panthera Training
Additional Rents (PT refuses to report)
3,216.00
$
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
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
312,000.00
$
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
(73,640.00)
$
Various
Panthera Training (credits - pre-filing)
Advanced payments made against A/R
912,357.11
$
Total
Exhibit F: Section 4, Receivables
Panthera Enterprises LLC
Case 2:19-bk-00787
Reporting Period:  Nov 2019
No. 2:19-bk-00787    Doc 93    Filed 01/21/20    Entered 01/21/20 11:00:16    Page 10 of
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Report Date & Time : 01/14/2020
10:33:53AM
Page 1 of 1
Panthera Enterprises, LLC
Reconciled Report forSunTrust
For the Period From 12/1/2019 To 1/31/2020
 Voucher Date
Voucher Type
Voucher ID
 Check No
Deposit
Withdrawal
Recon. Date
Paid To/Received From
12/02/2019
Misc Receipt
1/DEC/2/2019
12021901
 11.14
 0.00
12/31/2019
12/04/2019
Payment
DEC/4/24/2019
12041901
 0.00
 450.00
12/31/2019
ARB Inv / Global Systems Technologies Inc.
12/04/2019
Payment
DEC/4/25/2019
12041902
 0.00
 800.00
12/31/2019
James Punelli
12/04/2019
Payment
DEC/4/26/2019
12041903
 0.00
 199.00
12/31/2019
Leesburgjunction.com
12/06/2019
General Journal
78
 50,000.00
 0.00
12/31/2019
DEA payment refund from PTC (Sept Class)
12/06/2019
General Journal
79
 0.00
 44,464.80
12/31/2019
DEA payment to PT (Sept Class)
12/18/2019
General Journal
83
 50,000.00
 0.00
12/31/2019
DEA payment refund from PTC (Sept Class)
12/18/2019
Misc Payment
DEC/18/10/2019
1218201901
 0.00
 132.21
12/31/2019
12/19/2019
Manual Check
DEC/19/45/2019
1219201901
 0.00
 35.00
12/31/2019
SunTrust Bank
12/23/2019
Misc Receipt
2/DEC/23/2019
12232019
 5.29
 0.00
12/31/2019
 100,016.43
 46,081.01
Total
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