Attachment 5 - Monthly Operating Report

Summary

Official Form 425C, Monthly Operating Report for Small Business Under Chapter 11, for Panthera Enterprises LLC, Case number 2:19-bk-00787, in the United States Bankruptcy Court, for the month of Jan 2020 with the date report filed given as 02/24/2020. It is Doc 98, filed February 28, 2020. The form lists the line of business as Professional Training and James V. Punelli as the responsible party. The attached Exhibit C lists total cash receipts of $168,000.00 and Exhibit D lists total disbursements of $199,739.00, while Exhibit E lists payables as None. Exhibit F lists a receivables total of 692,357.11, and the attachments include a bank statement.

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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?
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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?
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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?
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‰ 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
Jan 2020
 02/24/2020
Professional Training
  611430
James V. Punelli
James V. Punelli
✔
✔
✔
✔
✔
✔
✔
✔
✔
✔
✔
✔
✔
✔
✔
✔
No. 2:19-bk-00787    Doc 98    Filed 02/28/20    Entered 02/28/20 12:58:42    Page 1 of 13

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?
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18. Have you allowed any checks to clear the bank that were issued before you filed bankruptcy?
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‰

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
✔
✔

199,739.00
$168,000.00
__________
$87,981.74
-31,739.00
56,242.74
- 0 -
No. 2:19-bk-00787    Doc 98    Filed 02/28/20    Entered 02/28/20 12:58:42    Page 2 of 13

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
  - 0 -
- 0 -
- 0 -
- 0 -
- 0 -
- 0 -
692,357.11
202,000.00
169,450.00
32,550.00
168,000.00
199,739.00
-31,739.00
34,000.00
-30,289.00
64,289.00
34,160.00
31,650.00
2,510.00
No. 2:19-bk-00787    Doc 98    Filed 02/28/20    Entered 02/28/20 12:58:42    Page 3 of 13

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
✔
✔
✔
✔
No. 2:19-bk-00787    Doc 98    Filed 02/28/20    Entered 02/28/20 12:58:42    Page 4 of 13

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:  Jan 2020
No. 2:19-bk-00787    Doc 98    Filed 02/28/20    Entered 02/28/20 12:58:42    Page 5 of 13

Amount
Source
Reason
168,000.00
$
DEA
Payment for Dec Training
$168,000.00
Total
Exhibit C: Section 2, Cash Receipts
Panthera Enterprises LLC
Case 2:19-bk-00787
Reporting Period:  Jan 2020
No. 2:19-bk-00787    Doc 98    Filed 02/28/20    Entered 02/28/20 12:58:42    Page 6 of 13

Amount
Date Paid
Payee
Purpose
$199.00
2-Jan-20
Leesburg Junction
$450.00
2-Jan-20
ARB Investments
$800.00
2-Jan-20
James Punelli
$30,200.00
2-Jan-20
Panthera Training LLC
$168,000.00
14-Jan-20
Panthera Training LLC
$90.00
22-Jan-20
SunTrust Bank
Leesburg Office Fee
ERP Cloud Fee
Misc Fees - Travel and Expenses
Payment for Sept 19, 2019 DEA Train
Payment for December, 2019 DEA Train
Bank Fees
$199,739.00
Total
Exhibit D: Section 2, Disbursements
Panthera Enterprises LLC
Case 2:19-bk-00787
Reporting Period:  Jan 2020
No. 2:19-bk-00787    Doc 98    Filed 02/28/20    Entered 02/28/20 12:58:42    Page 7 of 13

Amount
Date Incurred
Date Due
Debtor
Purpose
None
Exhibit E: Section 3, Payables
Panthera Enterprises LLC
Case 2:19-bk-00787
Reporting Period:  Jan 2020
No. 2:19-bk-00787    Doc 98    Filed 02/28/20    Entered 02/28/20 12:58:42    Page 8 of 13

Pre-filing
Post-filing
Due Date
Customer
Notes
Unknown
31-Jan-20
Panthera Training
Additional Rents (PT refuses to report)
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 due under lease
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
260,000.00
$
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
692,357.11
$
Total
Exhibit F: Section 4, Receivables
Panthera Enterprises LLC
Case 2:19-bk-00787
Reporting Period:  Jan 2020
No. 2:19-bk-00787    Doc 98    Filed 02/28/20    Entered 02/28/20 12:58:42    Page 9 of 13

SUNTRUST BANK
PO BOX 305183
NASHVILLE TN 37230-5183
Member FDIC
PRIMARY BUSINESS CHECKING
1616
01/01/2020 - 01/31/2020
Beginning Balance
$87,981.74
Deposits/Credits
$168,000.00
Checks
$.00
Withdrawals/Debits
$199,739.00
Ending Balance
$56,242.74
Average Balance
$57,324.64
Average Collected Balance
$57,324.64
Number of Days in Statement Period
31
1616
Not enrolled
For more information about SunTrust's Overdraft Services, visit www.suntrust.com/overdraft.
01/14
168,000.00
015 TREAS 310 MISC PAY 453814238151100
Deposits/Credits:
1
Total Items Deposited: 0
01/02
30,200.00
OUTGOING FEDWIRE DR TRN #017897
01/02
1,449.00
PANTHERA ENTERPR ACH PRFUND -SETT-A.S1PREM
01/14
168,000.00
OUTGOING FEDWIRE DR TRN #009667
01/22
90.00
ACCOUNT ANALYSIS FEE
Withdrawals/Debits:
4
01/01
01/02
87,981.74
56,332.74
87,981.74
56,332.74
01/14
01/22
56,332.74
56,242.74
56,332.74
56,242.74
The Ending Daily Balances provided do not reflect pending transactions or holds that may have been outstanding when your transactions posted
that day. If your available balance wasn't sufficient when transactions posted, fees may have been assessed.
673794
66/E00/0175/0/72
1616
01/31/2020
Page 1 of 1
PANTHERA ENTERPRISES, LLC
215 DEPOT CT SE
LEESBURG VA 20175-3017
Questions? Please call
1-800-786-8787
SunTrust and BB&T have merged to become Truist.
Until our separate operating systems are fully integrated, we'll continue to use the SunTrust name.
For now, keep banking as you always have.
Find details about SunTrust now Truist, your account(s), and the Truist Disclosure at any
SunTrust branch, suntrust.com/truist or 800.SUNTRUST.
As of January 2, 2020 changes will be made to Rules and Regulations for Deposit Accounts and Funds Availability
Policy. The changes will be reflected in the 12/2019 versions and can be viewed or obtained online at
www.suntrust.com/disclosures, by requesting a copy at 800.SUNTRUST or by visiting a SunTrust branch.
Account Type
Account Number
Statement Period
Description
Amount
Description
Amount
Account Number
Protected By
Date
Amount
Serial #
Description
Date
Paid
Amount
Serial #
Description
Date
Balance
Collected
Balance
Date
Balance
Collected
Balance
Account
Summary
Overdraft
Protection
Deposits/
Credits
Withdrawals/
Debits
Balance
Activity
History
Account
Statement
ELECTRONIC/ACH CREDIT
ACH PREFUNDING SETTLEMENT
No. 2:19-bk-00787    Doc 98    Filed 02/28/20    Entered 02/28/20 12:58:42    Page 10 of
13

Report Date & Time : 02/24/2020
12:34:04PM
Page 1 of 1
Panthera Enterprises, LLC
Reconciled Report forSunTrust
For the Period From 1/1/2020 To 1/31/2020
 Voucher Date
Voucher Type
Voucher ID
 Check No
Deposit
Withdrawal
Recon. Date
Paid To/Received From
01/02/2020
General Journal
4
 0.00
 30,200.00
01/31/2020
DEA payment to PT (Sept Class)
01/03/2020
Payment
JAN/3/1/2020
0103202003
 0.00
 450.00
01/31/2020
ARB Inv / Global Systems Technologies Inc.
01/03/2020
Payment
JAN/3/2/2020
0103202002
 0.00
 800.00
01/31/2020
James Punelli
01/03/2020
Payment
JAN/3/3/2020
0103202001
 0.00
 199.00
01/31/2020
Leesburgjunction.com
01/14/2020
Cash Receipt
JAN/1
 168,000.00
 0.00
01/31/2020
DEA
01/14/2020
General Journal
1
 0.00
 168,000.00
01/31/2020
DEA Payment to PT for PREP 12
01/22/2020
Manual Check
JAN/22/2/2020
0122202001
 0.00
 90.00
01/31/2020
SunTrust Bank
 168,000.00
 199,739.00
Total
No. 2:19-bk-00787    Doc 98    Filed 02/28/20    Entered 02/28/20 12:58:42    Page 11 of
13

Panthera Enterprises, LLC
Statement of Income
For the Period Ending 01/31/2020
01/01/2020
01/31/2020
CONTRACT REVENUES
 168,000.00
09     Government Revenue
Total CONTRACT REVENUES
 168,000.00
DIRECT COSTS
 198,200.00
17     Subcontractors
Total DIRECT COSTS
 198,200.00
COST OF OPERATIONS
 199.00
16     Facilities - Indirect
 1,250.00
52     Professional Fees
 90.00
53     General Operating Expenses
Total COST OF OPERATIONS
 1,539.00
UNALLOWABLE EXPENSES
 16,455.20
19     Non- Reimbursable
Total UNALLOWABLE EXPENSES
 16,455.20
Net Income
-48,194.20
No. 2:19-bk-00787    Doc 98    Filed 02/28/20    Entered 02/28/20 12:58:42    Page 12 of
13

Panthera Enterprises, LLC
Balance Sheet
As of date 01/31/2020
ASSETS
CURRENT ASSETS
Cash
 56,242.74
Accounts Receivable
 860,357.11
 916,599.85
FIXED ASSETS
Furniture & Fixtures
 30,698.84
Software
 2,185.87
Accumulated Depreciation
-1,064,425.41
Buildings and Structures
 9,102,140.80
Land
 4,024,308.81
Equipment
 9,212.53
Intangibles / Other
 150,474.78
Accumulated Amortization
-30,714.04
 12,223,882.18
OTHER ASSETS
Investment - Subsidiary Companies
 80,000.00
 80,000.00
 13,220,482.03
TOTAL ASSETS
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Accounts Payable
 3,264,474.94
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
 11,156,327.11
LONG-TERM  LIABILITIES
PTC Facility
 10,773,730.82
Long Term Debt
 529,199.00
 11,302,929.82
STOCKHOLDER'S EQUITY
Prior Years' Retained Earnings
-9,190,580.70
Current Years Profit & Loss
-48,194.20
-9,238,774.90
 13,220,482.03
TOTAL LIABILITIES AND EQUITY
No. 2:19-bk-00787    Doc 98    Filed 02/28/20    Entered 02/28/20 12:58:42    Page 13 of
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