Reporting Period August 1 - 31, 2024
- Date
- 2024-09-23
Summary
Supplementary exhibit and answers for the reporting period August 1 - 31, 2024 in In re: Vyaire Medical, Inc., et al., Case No. 24-11217 (BLS), Doc 549-1, filed September 23, 2024. The Part 7 answers state that post-petition financing was obtained under an interim order approving debtor in possession financing [Docket No. 103] and a final order authorizing financing and use of cash collateral [Docket No. 248]. They state that insider payments cover only salary and compensation to the CEO, CFO, General Counsel and independent directors. The statement of cash receipts and disbursements reports collections of $9,797,569, a DIP draw of $7,000,000 and an ending book cash balance of $2,223,745. The five-page exhibit also carries a balance sheet as of August 31, 2024, an income statement by debtor entity, and a bank reconciliation attestation signed by the Chief Restructuring Officer.
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Case 24-11217-BLS Doc 549-1 Filed 09/23/24 Page 1 of 5
In re: Vyaire Medical, Inc., et al. Case No.: 24-11217 (BLS)
Reporting Period August 1 - 31, 2024
Supplementary Exhibit & Answers
Part 7, Question a. (Were any payments made on prepetition debt?):
The Debtors obtained post-petition financing consistent with the Interim Order Approving Motion to Approve Debtor In
Possession Financing [Docket No. 103] and the Final Order (I) Authorizing the Debtors to Obtain Postpetition Financing, (II)
Authorizing the Debtors to Use Cash Collateral, (III) Granting Liens and Providing Superpriority Administrative Expense
Claims, (IV) Granting Adequate Protection, (V) Modifying Automatic Stay, and (VI) Granting Related Relief [Docket No. 248].
Part 7, Question c. (Were any payments made to or on behalf of insiders?):
Payments made on behalf of insiders include only regular salary and compensation to the Debtors’ CEO, CFO, General
Counsel, and/or independent directors.
Part 7, Question g. (Was there any postpetition borrowing, other than trade credit?):
The Debtors obtained post-petition financing consistent with the Interim Order Approving Motion to Approve Debtor In
Possession Financing [Docket No. 103].
Case 24-11217-BLS Doc 549-1 Filed 09/23/24 Page 2 of 5
In re: Vyaire Medical, Inc., et al.
24-11217 (BLS)
Statement of Cash Receipts and Disbursements
August 1 - 31, 2024 Vyaire Medical,
Inc.
Operating Receipts (Consolidated)
Collections $ 9,797,569
Total Operating Receipts 9,797,569
Operating Disbursements
Trade Vendors (4,912,001)
Payroll & Comissions (5,059,538)
T&E Credit card (183,007)
State and other taxes (52,226)
Insurance (245,218)
Inter-company transfers (1,827,186)
Total Operating Disbursements (12,279,175)
Net Cash Flow from Operations (2,481,606)
Non- Operating Receipts / (Disbursements)
Other Non-Operational (85,809)
Total Non- Operating Receipts / (Disbursements) (85,809)
Total Net Cash Flow (2,567,415)
Restructuring Receipts/(Disbursements)
DIP Draw 7,000,000
Professional Fees (7,859,734)
D&O, Critical Vendor and Other Contingency (100,000)
Total Restructuring Receipts/(Disbursements) (959,734)
Liquidity
Book Cash Balance - Start 5,798,954
Net Cash Flow (+/-) (3,527,149)
Change in Outstanding ACH/Wire/Check Balance (48,060)
Book Cash Balance - End 2,223,745
Case 24-11217-BLS Doc 549-1 Filed 09/23/24 Page 3 of 5
In re: Vyaire Medical, Inc., et al.
24-11217 (BLS)
Balance Sheet
August 31, 2024
Revolutionary Vyaire
Vyaire Medical, Bird Products Breathe US Breathe US Medical Devices, SensorMedics VIASYS Holdings VM Finance Sub, Vyaire Finance Vyaire Financial Vyaire Holding Vyaire Medical Vyaire Medical Vyaire Medical Vyaire Medical Vyaire Medical Vyaire Medical BR Vyaire Medical Vyaire Medical Vyaire Medical Vyaire Medical Vyaire Medical Vyaire Respiratory Vyaire TSR MidCo, Vyaire TSR Sub,
Inc. Corporation HoldCo, Inc. Holdings LP EME Medical, Inc. Inc. Corporation Inc. LLC Vyaire Company B.V. Holdings LLC Company 202, Inc. 203, Inc. 205, Inc. 206, Inc. 211, Inc. LLC Capital LLC Consumables LLC International LLC LLC Payroll LLC Receivables LLC Diagnostics LLC LLC LLC
Current Assets
Assets Held for Sale $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Cash & Cash Equivalents 4,673,606 - 24,043,558 - - - - - - - (24,579) - - - 219,862 (10,634) - (173,151) - - - - - - - - - -
Income Taxes - Current - - - - - - - - - - - - - - - 0 - - - - - - - - - - - -
Intercompany AR 2,897,338,387 - 80,000,000 - - - 5,061,759 - - - 53,326,876 1,422,704,346 130,770 342,691,128 (36,489,176) 2,372,427 - 166,594,922 281 - - 259 - 1,089,418,788 2,409,122,714 - - -
Inventories, Net (1,055) - - - - - - - - - - - - - 45,325,101 - - 13,062,879 - - - - - - - - - -
Other 80,111,148 - - - - - - - - - - - - - (15,530) - - 19,919 - - - - - 0 5,203,556 - - -
Prepaid Expense - Net 8,396,052 - - - - - - - - - - - - - 2,506,517 - - 2,148,937 - - - - - - - - - -
Related Party Receivables 60,507 - - - - - - - - - - - - - - - - - - - - - - - - - - -
Restricted Cash 964,000 - - - - - - - - - - - - - - - - - - - - - - - - - - -
Trade Receivables - Net 2,447,524 - - - - - - - - - - - - - 14,053,728 0 - 2,413,314 - - - - - (245) (0) - - -
Total Current Assets 2,993,990,169 - 104,043,558 - - - 5,061,759 - - - 53,302,297 1,422,704,346 130,770 342,691,128 25,600,500 2,361,794 - 184,066,818 281 - - 259 - 1,089,418,542 2,414,326,270 - - -
Long Term Assets
Intercompany Assets - LT 841,266,912 (47,150,760) - - - - 91,386,744 (61,378,003) - - 86,266,854 - 1,124,029,413 (39,042,848) 191,749,446 - - 56,523,340 80,066,929 - - 125,982,033 - - - - - -
Investments in Leases LT - - - - - - - - - - - - - - 46,500 - - - - - - - - - - - - -
Fixed Assets, Net 18,179,409 - - - - - - - - - - - - - 1,304,521 - - 541,248 - - - - - - - - - -
Goodwill 694,142 - - - - - - - - - - - - - (114,583) - - 0 - - - - - - - - - -
Intangible Assets - Net - - - - - - - - - - - - - - - - - 1,000,000 - - - - - - - - - -
Right of Use Asset 33,963,039 - - - - - - - - - - - - - 22,614,058 - - - - - - - - - - - - -
Other LT Assets 120,704 - - - - - - - 5,000,000 - - - - - 3,986,386 - - - - - - - - - - - - -
LT Deferred Taxes (0) - - - - - - - - - - - 0 - - - - - - - - - - - - - - -
Total Long Term Assets 894,224,206 (47,150,760) - - - - 91,386,744 (61,378,003) 5,000,000 - 86,266,854 - 1,124,029,413 (39,042,848) 219,586,327 - - 58,064,588 80,066,929 - - 125,982,033 - - - - - -
Total Assets 3,888,214,375 (47,150,760) 104,043,558 - - - 96,448,502 (61,378,003) 5,000,000 - 139,569,151 1,422,704,346 1,124,160,183 303,648,279 245,186,828 2,361,794 - 242,131,407 80,067,210 - - 125,982,292 - 1,089,418,542 2,414,326,270 - - -
Current Liabilities
Warranty and Product Recall Reserves (2,119) - - - - - - - - - - - - - - - - 668,892 - - - - - - - - - -
Accrued Expenses 3,880,979,684 - 24,043,558 - - - 481,096 - 5,000,000 - 18,980,261 1,422,704,346 10,068,948 341,585,808 24,923,200 - - 8,321,857 281 - - 259 - 1,084,279,199 1,570,683,124 - - -
Accounts Payable 25,666,534 - - - - - - - - - - - - - 6,397,020 206,731 - 10,623,765 - - - - - - - - - -
Related Party AP - - - - - - - - - - - - - - (0) - - - - - - - - - - - - -
Current Portion of LT Debt 451,143,156 - - - - - - - - - - - - - - - - - - - - - - 1 - - - -
Accrued Compensation & Benefits 6,599,955 - - - - - - - - - - - - - 3,882,600 - - (0) - - - - - 3,637,295 - - - -
Short-term lease liabilities 9,272,611 - - - - - - - - - - - - - 1,367,488 - - - - - - - - - - - - -
Other Current Liabilities 84,262,578 - - - - - - - - - (15,146) - 414,775 - 1,747,894 - - (4,406) - - - - - - - - - -
Total Current Liabilities 4,458,790,211 - 24,043,558 - - - 481,096 - 5,000,000 - 18,965,115 1,422,704,346 10,483,723 341,585,808 44,831,956 206,731 - 21,249,336 281 - - 259 - 1,087,916,495 1,570,683,124 - - -
Long Term Liabilities
Long Term Debt - - - - - - - - - - 117,218,792 - - - - - - - - - - - - - - - - -
Accrued pension and postretirement benefits - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Deferred Revenue, less current portion - - - - - - - - - - - - - - 10,136,863 - - 204,878 - - - - - - - - - -
Deferred Tax Liabilities - LT - - - - - - - - - - - - - - (0) - - - - - - - - - - - - -
lntercompany Liab - LT 13,209,037 - - - - - - - - - - 850,812,832 - - - - - - - - - - - - - - - -
Long-term lease liabilities 32,518,668 - - - - - - - - - - - - - 21,878,107 - - - - - - - - - - - - -
Other Long Term Liabilities 50,499,926 0 - - - - 0 (0) - - 2 - (16) (1) (1) (0) (0) 4 - - - - (0) (0) - - - -
Total Long-Term Liabilities 96,227,632 0 - - - - 0 (0) - - 117,218,794 850,812,832 (16) (1) 32,014,969 (0) (0) 204,881 - - - - (0) (0) - - - -
Total Liabilities 4,555,017,843 0 24,043,558 - - - 481,096 (0) 5,000,000 - 136,183,909 2,273,517,178 10,483,707 341,585,807 76,846,925 206,731 (0) 21,454,217 281 - - 259 (0) 1,087,916,495 1,570,683,124 - - -
Equity
Treasury Stock (253,150,493) - - - - - - - - - - - - - - - - - - - - - - - - - - -
AOCI - - - - - - (241,559) - - - 225,578 - - (26,830,436) - - - - - - - - - - - - - -
Common Stock 298 - - - - - - - - - - - 33,873 672,366,304 66,946,908 - - 0 - - - - - - - - - -
Preferred Stock - - - - - - - - - - - - - - - - - - - - - - - - - - - -
APIC 667,174,641 (48,618,194) 80,000,000 - - - 98,329,852 (61,538,167) - - 4,753,683 (850,812,832) 1,138,239,258 (610,769,008) (29,401,617) (57,102) - 11,569,341 73,858,936 13,588 - 125,982,033 - - 850,812,802 - - -
Retained Earnings (1,080,827,913) 1,467,433 - - - - (2,120,887) 160,164 - - (1,594,020) - (24,596,654) (72,704,388) 130,794,612 2,212,165 0 209,107,848 6,207,993 (13,588) - - 0 1,502,048 (7,169,656) - - -
Total Equity (666,803,468) (47,150,760) 80,000,000 - - - 95,967,406 (61,378,003) - - 3,385,241 (850,812,832) 1,113,676,476 (37,937,528) 168,339,903 2,155,063 0 220,677,189 80,066,929 - - 125,982,033 0 1,502,048 843,643,146 - - -
Total Liabilities and Equity $3,888,214,375 $(47,150,760) $104,043,558 $– $– $– $96,448,502 $(61,378,003) $5,000,000 $– $139,569,151 $1,422,704,346 $1,124,160,183 $303,648,279 $245,186,828 $2,361,794 $– $242,131,407 $80,067,210 $– $– $125,982,292 $– $1,089,418,542 $2,414,326,270 $– $– $–
Case 24-11217-BLS Doc 549-1 Filed 09/23/24 Page 4 of 5
In re: Vyaire Medical, Inc., et al.
24-11217 (BLS)
Income Statement
August 1 - 31, 2024
Revolutionary Vyaire Medical Vyaire Medical Vyaire
Vyaire Medical, Bird Products Breathe US Breathe US EME Medical, Medical SensorMedics VIASYS VM Finance Vyaire Vyaire Finance Vyaire Financial Vyaire Holding Vyaire Medical Vyaire Medical Vyaire Medical Vyaire Medical Vyaire Medical Vyaire Medical Vyaire Medical Consumables International Vyaire Medical Vyaire Medical Vyaire Respiratory Vyaire TSR Vyaire TSR Sub,
Inc. Corporation HoldCo, Inc. Holdings LP Inc. Devices, Inc. Corporation Holdings Inc. Sub, LLC Company B.V. Holdings LLC Company 202, Inc. 203, Inc. 205, Inc. 206, Inc. 211, Inc. BR LLC Capital LLC LLC LLC LLC Payroll LLC Receivables LLC Diagnostics LLC MidCo, LLC LLC
Revenue
Third Party Revenue $– $– $– $– $– $– $– $– $– $– $– $– $– $– $6,001,784 $– $– $3,077,353 $– $– $– $– $– $– $– $– $– $–
Intercompany Revenue – – – – – – – – – – – – – – 621,634 – – (1,446) – – – – – – – – – –
Total Revenue – – – – – – – – – – – – – – 6,623,418 – – 3,075,908 – – – – – – – – – –
COGS
Standard COGS – – – – – – – – – – – – – – 2,651,674 – – 1,382,586 – – – – – – – – – –
IC COGS – – – – – – – – – – – – – – 473,349 – – (70,729) – – – – – – – – – –
OCOS 8,313 – – – – – – – – – – – – – (271,782) – – (1,444,003) – – – – – – – – – –
Total COGS 8,313 – – – – – – – – – – – – – 2,853,241 – – (132,146) – – – – – – – – – –
Operating Expenses
Salaries & Benefits 2,952,136 – – – – – – – – – – – – – 2,183,537 – – – – – – – – – – – – –
Other Operating Expenses 5,817,844 – – – – – – – – – – – – – 1,480,379 – – (22,183) – – – – – – – – – –
Total Operating Expenses 8,769,980 – – – – – – – – – – – – – 3,663,916 – – (22,183) – – – – – – – – – –
Non-Operating Expenses
Amortizations – – – – – – – – – – – – – – (2,338) – – – – – – – – – – – – –
Currency 849,816 – – – – – – – – – (63,476) – – – 1,438 – – – – – – – – – – – – –
Income Tax Expense – – – – – – – – – – – – – – – – – – – – – – – – – – – –
Net Interest 2,914,919 – – – – – – – – – 215,251 – – – – – – – – – – – – – – – – –
Non-recurring charges 157,761 – – – – – – – – – – – – – (346,138) – – – – – – – – – – – – –
Other Income Expense (80,238) – – – – – – – – – – – – – – – – 9,363 – – – – – – – – – –
Disposal of Business (1,065,436) – – – – – – – – – – – – – – – – – – – – – – – – – – –
Restructuring 600,484 – – – – – – – – – – – – – (27,109) – – – – – – – – – – – – –
Total Non-Operating Expenses 3,377,305 – – – – – – – – – 151,775 – – – (374,148) – – 9,363 – – – – – – – – – –
Net Income $(12,155,597) – – – – – – – – – $(151,775) – – – $480,409 – – $3,220,874 – – – – – – – – – –
Case 24-11217-BLS Doc 549-1 Filed 09/23/24 Page 5 of 5
In re: Vyaire Medical, Inc., et al. Case No.: 24-11217 (BLS)
Reporting Period 8/1/2024 - 8/31/2024
Bank Reconciliations
The Debtors hereby submit this attestation regarding bank account reconciliations in lieu of providing copies of bank
statements, bank reconciliations and journal entries.
The Debtors’ standard practice is to ensure that bank reconciliations are completed before closing the books each reporting
period. I attest that each of the Debtors’ bank accounts has been reconciled in accordance with their standard practices.
/s/ Charles N. Braley 9/23/2024
Signature of Authorized Individual Date
Charles N. Braley Chief Restructuring Officer
Printed Name of Authorized Individual Title of Authorized Individual
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