Reporting Period October 1 - 31, 2024
- Date
- 2024-11-21
Summary
A supplementary exhibit and answers filed as Doc 780-1 on November 21, 2024 in In re: Vyaire Medical, Inc., et al., Case No. 24-11217 (BLS), for the reporting period October 1 - 31, 2024. It answers Part 7 questions on payments on prepetition debt, payments to or on behalf of insiders, and postpetition borrowing, pointing to the interim and final orders authorizing debtor in possession financing at Docket No. 103 and Docket No. 248. A statement of cash receipts and disbursements reports collections of $7,518,835, total operating disbursements of $12,622,102 and an ending book cash balance of $14,614,023. A balance sheet as of October 31, 2024 lists total assets of $4,087,646,351 for the debtor entities, followed by an income statement for the same month. The exhibit runs five pages and closes with an attestation on bank account reconciliations signed by the Chief Restructuring Officer.
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Case 24-11217-BLS Doc 780-1 Filed 11/21/24 Page 1 of 5
In re: Vyaire Medical, Inc., et al. Case No.: 24-11217 (BLS)
Reporting Period October 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 780-1 Filed 11/21/24 Page 2 of 5
In re: Vyaire Medical, Inc., et al.
24-11217 (BLS)
Statement of Cash Receipts and Disbursements
October 1 - 31, 2024 Vyaire Medical,
Inc.
Operating Receipts (Consolidated)
Collections $ 7,518,835
Total Operating Receipts 7,518,835
Operating Disbursements
Trade Vendors (7,171,860)
Payroll & Comissions (5,608,683)
T&E Credit card (561,474)
State and other taxes (227,840)
Insurance (89,262)
Customs Duty (761)
Inter-company transfers 1,037,778
Total Operating Disbursements (12,622,102)
Net Cash Flow from Operations (5,103,267)
Non- Operating Receipts / (Disbursements)
Other Non-Estate Receipts 1,322,374
Other Non-Operational 46,166,774
Total Non- Operating Receipts / (Disbursements) 47,489,148
Total Net Cash Flow 42,385,881
Restructuring Receipts/(Disbursements)
DIP Draw (13,750,000)
Professional Fees (15,974,897)
D&O, Critical Vendor, and Other Contingency (133,750)
Total Restructuring Receipts/(Disbursements) (29,858,647)
Liquidity
Book Cash Balance - Start 2,222,871
Net Cash Flow (+/-) 12,527,234
Change in Outstanding ACH/Wire/Check Balance (136,083)
Book Cash Balance - End 14,614,023
Case 24-11217-BLS Doc 780-1 Filed 11/21/24 Page 3 of 5
In re: Vyaire Medical, Inc., et al.
24-11217 (BLS)
Balance Sheet
October 31, 2024
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
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 14,072,543 - 25,106,177 - - - - - - - (23,941) - - - 3,733,949 (10,634) - 679,124 - - - - - - - - - -
Income Taxes - Current - - - - - - - - - - - - - - - 0 - - - - - - - - - - - -
Intercompany AR 2,981,712,581 - 96,537,016 - - - - - - - 116,046,398 1,422,704,346 91,277 342,691,128 16,420,166 2,372,427 - 183,771,387 - - - 259 - 1,100,777,348 2,409,122,714 - - -
Inventories, Net (1,055) - - - - - - - - - - - - - (1,282,492) - - 156,061 - - - - - - - - - -
Other 80,179,715 - - - - - - - - - - - - - (15,530) - - - - - - - - 0 5,203,556 - - -
Prepaid Expense - Net 2,577,050 - - - - - - - - - - - - - - - - - - - - - - - - - - -
Related Party Receivables 60,507 - - - - - - - - - - - - - - - - - - - - - - - - - - -
Restricted Cash 964,000 - - - - - - - - - - - - - - - - - - - - - - - - - - -
Trade Receivables - Net 6,518,025 - - - - - - - - - - - - - 719,640 0 - 400,766 - - - - - (245) (0) - - -
Total Current Assets 3,086,083,366 - 121,643,193 - - - - - - - 116,022,458 1,422,704,346 91,277 342,691,128 19,575,734 2,361,794 - 185,007,338 - - - 259 - 1,100,777,103 2,414,326,270 - - -
Long Term Assets
Intercompany Assets - LT 985,006,208 (47,150,760) 160,000 - - - 173,847,784 18,621,997 - - 4,753,683 - 1,204,029,413 40,957,152 191,749,446 - - 56,523,340 80,066,929 - - 125,982,033 - - - - - -
Investments in Leases LT - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Fixed Assets, Net 16,436,073 - - - - - - - - - - - - - 29,014 - - 24,390 - - - - - - - - - -
Goodwill - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Intangible Assets - Net - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Right of Use Asset - - - - - - - - - - - - - - 907,103 - - - - - - - - - - - - -
Other LT Assets 120,704 - - - - - - - 5,000,000 - - - - - - - - - - - - - - - - - - -
LT Deferred Taxes (0) - - - - - - - - - - - 0 - - - - - - - - - - - - - - -
Total Long Term Assets 1,001,562,984 (47,150,760) 160,000 - - - 173,847,784 18,621,997 5,000,000 - 4,753,683 - 1,204,029,413 40,957,152 192,685,563 - - 56,547,730 80,066,929 - - 125,982,033 - - - - - -
Total Assets 4,087,646,351 (47,150,760) 121,803,193 - - - 173,847,784 18,621,997 5,000,000 - 120,776,140 1,422,704,346 1,204,120,690 383,648,279 212,261,297 2,361,794 - 241,555,068 80,066,929 - - 125,982,292 - 1,100,777,103 2,414,326,270 - - -
Current Liabilities
Warranty and Product Recall Reserves (2,119) - - - - - - - - - - - - - - - - - - - - - - - - - - -
Accrued Expenses 4,122,465,553 - 121,643,193 - - - 481,096 - 5,000,000 - 3,066,263 1,422,704,346 10,029,455 341,585,808 24,444,508 - - 8,321,857 - - - 259 - 1,095,848,418 1,570,683,124 - - -
Accounts Payable 26,093,573 - - - - - - - - - - - - - 7,644,260 206,731 - 10,034,724 - - - - - - - - - -
Related Party AP - - - - - - - - - - - - - - (0) - - - - - - - - - - - - -
Current Portion of LT Debt 444,060,748 - - - - - - - - - - - - - - - - - - - - - - 1 - - - -
Accrued Compensation & Benefits 3,181,828 - - - - - - - - - - - - - 319,143 - - (0) - - - - - 3,426,511 - - - -
Short-term lease liabilities - - - - - - - - - - - - - - 17 - - - - - - - - - - - - -
Deferred Revenue - ST 867,812 - - - - - - - - - - - - - 3,598,388 - - - - - - - - - - - - -
Other Current Liabilities 83,824,692 - - - - - - - - - (14,752) - 414,775 - 1,313,555 - - 1,963,961 - - - - - 126 - - - -
Total Current Liabilities 4,680,492,087 - 121,643,193 - - - 481,096 - 5,000,000 - 3,051,511 1,422,704,346 10,444,230 341,585,808 37,319,872 206,731 - 20,320,541 - - - 259 - 1,099,275,055 1,570,683,124 - - -
Long Term Liabilities
Long Term Debt - - - - - - - - - - 114,222,497 - - - - - - - - - - - - - - - - -
Accrued pension and postretirement benefits - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Deferred Revenue, less current portion - - - - - - - - - - - - - - 4,235,741 - - - - - - - - - - - - -
Deferred Tax Liabilities - LT - - - - - - - - - - - - - - (0) - - - - - - - - - - - - -
lntercompany Liab - LT - - - - - - - - - - - 850,812,832 - - - - - - - - - - - - - - - -
Long-term lease liabilities - - - - - - - - - - - - - - (14,560) - - - - - - - - - - - - -
Other Long Term Liabilities 50,499,928 0 - - - - 0 (0) - - 2 - (16) (1) (1) (0) (0) 13,813 - - - - (0) (0) - - - -
Total Long-Term Liabilities 50,499,928 0 - - - - 0 (0) - - 114,222,498 850,812,832 (16) (1) 4,221,180 (0) (0) 13,813 - - - - (0) (0) - - - -
Total Liabilities 4,730,992,015 0 121,643,193 - - - 481,096 (0) 5,000,000 - 117,274,010 2,273,517,178 10,444,214 341,585,807 41,541,051 206,731 (0) 20,334,355 - - - 259 (0) 1,099,275,055 1,570,683,124 - - -
Equity
Treasury Stock (253,150,493) - - - - - - - - - - - - - - - - - - - - - - - - - - -
AOCI - - - - - - (241,559) - - - 260,434 - - (26,830,436) - - - - - - - - - - - - - -
Common Stock 298 - - - - - - - - - - - 33,873 672,366,304 66,946,908 - - 0 - - - - - - - - - -
Preferred Stock - - - - - - - - - - - - - - - - - - - - - - - - - - - -
APIC 747,174,641 (48,618,194) 160,000 - - - 175,729,134 18,461,833 - - 4,753,683 (850,812,832) 1,218,239,258 (530,769,008) (29,401,617) (57,102) - 11,569,341 73,858,936 13,588 - 125,982,033 - - 850,812,802 - - -
Retained Earnings (1,137,370,109) 1,467,433 - - - - (2,120,887) 160,164 - - (1,511,985) - (24,596,654) (72,704,388) 133,174,954 2,212,165 0 209,651,372 6,207,993 (13,588) - - 0 1,502,048 (7,169,656) - - -
Total Equity (643,345,664) (47,150,760) 160,000 - - - 173,366,688 18,621,998 - - 3,502,131 (850,812,832) 1,193,676,476 42,062,472 170,720,245 2,155,063 0 221,220,713 80,066,929 - - 125,982,033 0 1,502,048 843,643,146 - - -
Total Liabilities and Equity $4,087,646,351 $(47,150,760) $121,803,193 $– $– $– $173,847,784 $18,621,997 $5,000,000 $– $120,776,140 $1,422,704,346 $1,204,120,690 $383,648,279 $212,261,296 $2,361,794 $– $241,555,068 $80,066,929 $– $– $125,982,292 $– $1,100,777,103 $2,414,326,270 $– $– $–
Case 24-11217-BLS Doc 780-1 Filed 11/21/24 Page 4 of 5
In re: Vyaire Medical, Inc., et al.
24-11217 (BLS)
Income Statement
October 1 - 31, 2024
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28
Revolutionary Vyaire Vyaire Medical Vyaire Medical Vyaire Vyaire
Vyaire Medical, Bird Products Breathe US Breathe US EME Medical, Medical SensorMedics VIASYS VM Finance Vyaire Vyaire Finance Financial Vyaire Holding Vyaire Medical Vyaire Medical Vyaire Medical Vyaire Medical Vyaire Medical Vyaire Medical Vyaire Medical Consumables International Vyaire Medical Vyaire Medical Receivables 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 LLC Diagnostics LLC MidCo, LLC LLC
Revenue
Third Party Revenue $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 1,445,086 $ - $ - $ 665,034 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Intercompany Revenue - - - - - - - - - - - - - - 145,744 - - - - - - - - - - - - -
Total Revenue - - - - - - - - - - - - - - 1,590,830 - - 665,034 - - - - - - - - - -
COGS
Standard COGS - - - - - - - - - - - - - - 566,589 - - 327,620 - - - - - - - - - -
IC COGS - - - - - - - - - - - - - - 129,226 - - - - - - - - - - - - -
OCOS - - - - - - - - - - - - - - 112,558 - - (51,860) - - - - - - - - - -
Total COGS - - - - - - - - - - - - - - 808,373 - - 275,760 - - - - - - - - - -
Operating Expenses
Salaries & Benefits 1,486,855 - - - - - - - - - - - - - 1,040,057 - - - - - - - - - - - - -
Other Operating Expenses 20,974,285 - - - - - - - - - - - - - (1,335,179) - - 13,155 - - - - - - - - - -
Total Operating Expenses 22,461,140 - - - - - - - - - - - - - (295,122) - - 13,155 - - - - - - - - - -
Non-Operating Expenses
Amortizations - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Currency (1,493,806) - - - - - - - - - (113,324) - - - - - - - - - - - - - - - - -
Income Tax Expense - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Net Interest 2,541,427 - - - - - - - - - 24,832 - - - - - - - - - - - - - - - - -
Non-recurring charges - - - - - - - - - - - - - - - - - - - - - - - - - - - -
Other Income Expense (171,628) - - - - - - - - - - - - - - - - (12,587) - - - - - - - - - -
Disposal of Business 26,928,619 - - - - - - - - - - - - - - - - - - - - - - - - - - -
Restructuring 550,998 - - - - - - - - - - - - - (58,955) - - - - - - - - - - - - -
Total Non-Operating Expenses 28,355,610 - - - - - - - - - (88,492) - - - (58,955) - - (12,587) - - - - - - - - - -
Net Income $ (50,816,750) $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 88,492 $ - $ - $ - $ 1,136,535 $ - $ - $ 388,707 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Case 24-11217-BLS Doc 780-1 Filed 11/21/24 Page 5 of 5
In re: Vyaire Medical, Inc., et al. Case No.: 24-11217 (BLS)
Reporting Period 10/1/2024 - 10/31/2024
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 11/21/2024
Signature of Authorized Individual Date
Charles N. Braley Chief Restructuring Officer
Printed Name of Authorized Individual Title of Authorized Individual
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