In re Glostation USA, Inc., No. 1:20-bk-11435 (Bankr. C.D. Cal.), Dkt. 248, monthly operating report for October 2020 (filed November 16, 2020)
Summary
This is Operating Report Number 3 of Glostation USA, Inc., a Chapter 11 debtor, for the month ending 31-Oct-20, in Case Number 1:20-bk-11435-MB, on the Office of the United States Trustee form for the Central District of California (Doc 248, filed November 16, 2020). The general account shows a beginning balance of $105,063.41, receipts this period of $140,001.56, disbursements of $191,050.36 and an ending balance of $54,014.61. The report lists net income/(loss) of (371,138.70) and total assets of 11,110,358.52. The questionnaire states that the Debtors filed a first amended disclosure statement and plan of reorganization on October 14, 2020, and that the confirmation hearing is set for November 24, 2020. A declaration dated November 13, 2020, names Steven Zhao, President and CEO, and bank statements follow.
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
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“In re Glostation USA, Inc., No. 1:20-bk-11435 (Bankr. C.D. Cal.), Dkt. 248, monthly operating report for October 2020 (filed November 16, 2020).”
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Case 1:20-bk-11435-MB Doc 248 Filed 11/16/20 Entered 11/16/20 14:45:26
UNITED STATES DEPARTMENT OF JUSTICE
Desc
Main Document Page 1 of 27
OFFICE OF THE UNITED STATES TRUSTEE
CENTRAL DISTRICT OF CALIFORNIA
In Re: CHAPTER 11 (BUSINESS)
Glostation USA, Inc.
Case Number: 1:20-bk-11435-MB
Operating Report Number: 3
Debtor(s). For the Month Ending: 31-Oct-20
I. CASH RECEIPTS AND DISBURSEMENTS
A. (GENERAL ACCOUNT*)
1. TOTAL RECEIPTS PER ALL PRIOR GENERAL ACCOUNT REPORTS $ 428,235.30
2. LESS: TOTAL DISBURSEMENTS PER ALL PRIOR GENERAL $ 323,171.89
ACCOUNT REPORTS
3. BEGINNING BALANCE: $ 105,063.41
4. RECEIPTS DURING CURRENT PERIOD:
Accounts Receivable - Post-filing
Accounts Receivable - Pre-filing
General Sales
Book Transfer Credit From
Other (Specify) Account Ending 9840 $ 50,000.00
Book Transfer Credit From
Other (Specify) Account Ending 2977 $ 90,000.000
Other (Specify) Guideline test transactions $ 1.56
Other (Specify)
Other (Specify)
**Other (Specify)
TOTAL RECEIPTS THIS PERIOD: $ 140,001.56
5. BALANCE: $ 245,064.97
6. LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD
Transfers to Other DIP Accounts (from page 2) $ 65,000.00
Disbursements (from page 2) $ 126,050.36
TOTAL DISBURSEMENTS THIS PERIOD:*** $ 191,050.36
7. ENDING BALANCE: $ 54,014.61
8. General Account Number(s): xxxxxx5632
Silicon Valley Bank
Depository Name & Location: 3003 Tasman Drive
Santa Clara, CA 95054
* All receipts must be deposited into the general account.
** Include receipts from the sale of any real or personal property out of the ordinary course of business; attach an exhibit
specifying what was sold, to whom, terms, and date of Court Order or Report of Sale.
***This amount should be the same as the total from page 2.
Page 1 of 16
Case 1:20-bk-11435-MB Doc 248 Filed 11/16/20 Entered 11/16/20 14:45:26
TOTAL DISBURSEMENTS FROM GENERAL ACCOUNT FOR CURRENT PERIOD
Desc
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Date Check Payee or DIP *Amount **Amount
mm/dd/yyyy Number account Purpose Transfered Disbursed Amount
Wire Out
201001L1B77D1C00212820202
7509384;BNF SulmeyerKupetz
10/1/2020 12087 Truste Account; Glostation 18,667.00 18,667.00
Book Transfer Debit to Account
10/6/2020 9079521 Ending 7546 50,000.00 50,000.00
Book Transfer Debit to Account
10/6/2020 9079522 Ending 7778 10,000.00 10,000.00
Book Transfer Debit to Account
10/6/2020 9080291 Ending 5670 5,000.00 5,000.00
Wire Out
201008L1B77D1C00072920202
8203411;BNF SulmeyerKupetz
10/8/2020 4859 Trust Account;OBI Glostation 18,667.00 18,667.00
Rippling Gsuite_RES
0MEGKKV3W49PK80
10/13/2020 127 Glostation USA, Inc. 1,116.00 1,116.00
Rippling Bill
PEBRJVXKXOKJVBD
10/13/2020 147 Glostation USA, INC 1,147.20 1,147.20
Kaiser Group Due Telephone
043000099632796
10/14/2020 92745 1400310000033694290846 881.46 881.46
WIRE OUT
201015L1B77D1C00158720202
8907775;BNF
SULMEYERKUPETZ TRUST
10/15/2020 10965 ACCOUNT;OBI GLOSTATION 18,667.00 18,667.00
SSBTRUSTOPS P/R Contr
10/16/2020 47422 Glostation USA Inc 1,030.78 1,030.78
Quarterly Fee Payment 0000
10/19/2020 54629 Glostation USA INC. 650.00 650.00
Quarterly Fee Payment 0000
10/19/2020 54628 Glostation USA INC. 5,525.00 5,525.00
SSBTRUSTOPS P/R Contr
10/20/2020 30631 GLOSTATION USA I 1,233.86 1,233.86
Guideline Retire AMTS:95,61 ST-
B2K5Y3S3V0S2 Glostation USA
10/21/2020 29623 INC 1.56 1.56
Cloudinary INC. Busbillpay
10/21/2020 1769 Tran#5 Sandbox VR, Inc. 1,500.00 1,500.00
Cloudinary INC. Busbillpay
10/21/2020 1770 Tran#6 Sandbox VR, Inc. 1,500.00 1,500.00
Wire Out
201022L1B77D1C00073320202
9603669;BNF SulmeyerKupetz
10/22/2020 5369 Trust Account;OBI Glostation 18,667.00 18,667.00
Blue Sheild CA BlueShield
W01001791000 Glostation USA
10/26/2020 8013 INC 18,129.50 18,129.50
Wire Out
201030L1B77D1C00225120203
0411209;BNF SulmeyerKupetz
Page 2 of 16
10/30/2020 15763 Trust Account;OBI Glostation 18,667.00 18,667.00
Case 1:20-bk-11435-MB Doc 248 Filed 11/16/20 Entered 11/16/20 14:45:26 Desc
0.00
Main Document Page 3 of 27
0.00
0.00
0.00
0.00
0.00
TOTAL DISBURSEMENTS
THIS PERIOD: 65,000.00 126,050.36 $191,050.36
* Fill in amounts in this column if they are TRANSFERS to another DIP account (e.g. Payroll or Tax); the "amount" column will
be filled in for you.
** Fill in amounts in this column if they are DISBURSEMENTS to outside payees; the "amount" column will be filled in for you.
Page 2 of 16
Case 1:20-bk-11435-MB Doc 248 Filed 11/16/20 Entered 11/16/20 14:45:26
GENERAL ACCOUNT
Desc
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BANK RECONCILIATION
Bank statement Date: 10/31/2020 Balance on Statement: $54,014.61
Plus deposits in transit (a):
Deposit Date Deposit Amount
TOTAL DEPOSITS IN TRANSIT 0.00
Less Outstanding Checks (a):
Check Number Check Date Check Amount
TOTAL OUTSTANDING CHECKS: 0.00
Bank statement Adjustments:
Explanation of Adjustments-
ADJUSTED BANK BALANCE: $54,014.61
* It is acceptable to replace this form with a similar form
** Please attach a detailed explanation of any bank statement adjustment
Page 3 of 16
Case 1:20-bk-11435-MB Doc 248 Filed 11/16/20 Entered 11/16/20 14:45:26
I. CASH RECEIPTS AND DISBURSEMENTS
Desc
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B. (PAYROLL ACCOUNT)
1. TOTAL RECEIPTS PER ALL PRIOR PAYROLL ACCOUNT REPORTS 100,000.00
2. LESS: TOTAL DISBURSEMENTS PER ALL PRIOR PAYROLL 25,404.48
ACCOUNT REPORTS
3. BEGINNING BALANCE: 74,595.52
4. RECEIPTS DURING CURRENT PERIOD:
(Transferred from General Account)
5. BALANCE: 74,595.52
6. LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD
TOTAL DISBURSEMENTS THIS PERIOD:*** 69,951.21
7. ENDING BALANCE: 4,644.31
8. PAYROLL Account Number(s): xxxxxx5647
Silicon Valley Bank
Depository Name & Location: 3003 Tasman Drive
Santa Clara, CA 95054
Page 4 of 16
Case TOTAL
1:20-bk-11435-MB Doc 248 Filed 11/16/20 Entered 11/16/20 14:45:26
DISBURSEMENTS FROM PAYROLL ACCOUNT FOR CURRENT PERIOD
Desc
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Date Check
mm/dd/yyyy Number Payee Purpose Amount
APIntego ACHTRANS 67501652 Glostation
10/5/2020 58285 USA, Inc 258.46
Rippling Qeadjustme 6LM2ZBMVAE50ZX7
10/14/2020 108 Sandbox VR INC 112.35
Rippling TAX Withdrawal
10/14/2020 65 KNX99R2EBE6WNG0 Sandbox VR INC 9,152.30
Rippling Payroll ORZLAMQAMXDK9AO
10/14/2020 144 Sandbox VR INC 22,661.31
APIntego ACHTRANS 68079558 Glostation
10/19/2020 67000 USA, Inc 295.77
Rippling Tax Withdrawal
10/28/2020 502 APJVG8LQMP3N8MP Sandbox VR INC 9,785.44
Rippling Payroll 4OWOB739ZVBXVY4
10/28/2020 443 Sandbox VR INC 23,703.09
Rippling Tax Withdrawal
10/30/2020 38 3VYQWRP57LO9A8Q Sandbox 331.07
Rippling Tax Withdrawal
10/30/2020 25 VR0XG1NJKMJXYNW Sandbox VR INC 691.13
Rippling Payroll BQ7DQOPLZJV4JXV Sandbox
10/30/2020 39 VR INC 1,253.64
Rippling Payroll 16EAG3OOPWKNLQB
10/30/2020 45 Sandbox VR INC 1,706.65
TOTAL DISBURSEMENTS THIS PERIOD: 69,951.21
Page 5 of 16
Case 1:20-bk-11435-MB Doc 248 Filed 11/16/20 Entered 11/16/20 14:45:26
PAYROLL ACCOUNT
Desc
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BANK RECONCILIATION
Bank statement Date: 10/31/2020 Balance on Statement: $4,644.31
Plus deposits in transit (a):
Deposit Date Deposit Amount
TOTAL DEPOSITS IN TRANSIT 0.00
Less Outstanding Checks (a):
Check Number Check Date Check Amount
TOTAL OUTSTANDING CHECKS: 0.00
Bank statement Adjustments:
Explanation of Adjustments-
ADJUSTED BANK BALANCE: $4,644.31
* It is acceptable to replace this form with a similar form
** Please attach a detailed explanation of any bank statement adjustment
Page 6 of 16
Case 1:20-bk-11435-MB Doc 248 Filed 11/16/20 Entered 11/16/20 14:45:26
I. CASH RECEIPTS AND DISBURSEMENTS
Desc
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C. (TAX ACCOUNT)
1. TOTAL RECEIPTS PER ALL PRIOR TAX ACCOUNT REPORTS 0.00
2. LESS: TOTAL DISBURSEMENTS PER ALL PRIOR TAX 0.00
ACCOUNT REPORTS
3. BEGINNING BALANCE: 0
4. RECEIPTS DURING CURRENT PERIOD:
(Transferred from General Account)
5. BALANCE: 0.00
6. LESS: TOTAL DISBURSEMENTS DURING CURRENT PERIOD
TOTAL DISBURSEMENTS THIS PERIOD:*** 0.00
7. ENDING BALANCE: 0.00
8. TAX Account Number(s): xxxxxx5651
Silicon Valley Bank
Depository Name & Location: 3003 Tasman Drive
Santa Clara, CA 95054
Page 7 of 16
Case 1:20-bk-11435-MB Doc 248 Filed 11/16/20 Entered 11/16/20 14:45:26
TOTAL DISBURSEMENTS FROM TAX ACCOUNT FOR CURRENT PERIOD
Desc
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Date Check
mm/dd/yyyy Number Payee Purpose Amount
TOTAL DISBURSEMENTS THIS PERIOD: 0.00
Page 8 of 16
Case 1:20-bk-11435-MB Doc 248 TAX
Filed 11/16/20 Entered 11/16/20 14:45:26
ACCOUNT
Desc
Main Document Page 10 of 27
BANK RECONCILIATION
Bank statement Date: 10/31/2020 Balance on Statement: $0.00
Plus deposits in transit (a):
Deposit Date Deposit Amount
TOTAL DEPOSITS IN TRANSIT 0.00
Less Outstanding Checks (a):
Check Number Check Date Check Amount
TOTAL OUTSTANDING CHECKS: 0.00
Bank statement Adjustments:
Explanation of Adjustments-
ADJUSTED BANK BALANCE: $0.00
* It is acceptable to replace this form with a similar form
** Please attach a detailed explanation of any bank statement adjustment
Page 9 of 16
Case 1:20-bk-11435-MB Doc 248 Filed 11/16/20 Entered 11/16/20 14:45:26
I. D SUMMARY SCHEDULE OF CASH
Desc
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ENDING BALANCES FOR THE PERIOD:
(Provide a copy of monthly account statements for each of the below)
General Account: 54,014.61
Payroll Account: 4,644.31
Tax Account: 0.00
*Other Accounts:
*Other Monies:
**Petty Cash (from below): 0.00
TOTAL CASH AVAILABLE: 58,658.92
Petty Cash Transactions:
Date Purpose Amount
TOTAL PETTY CASH TRANSACTIONS: 0.00
* Specify the Type of holding (e.g. CD, Savings Account, Investment Security), and the depository name, location & account#
** Attach Exhibit Itemizing all petty cash transactions
Page 10 of 16
Case 1:20-bk-11435-MB Doc 248 Filed 11/16/20 Entered 11/16/20 14:45:26
II. STATUS OF PAYMENTS TO SECURED CREDITORS, LESSORS
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AND OTHER PARTIES TO EXECUTORY CONTRACTS
Frequency of Payments Post-Petition payments
Creditor, Lessor, Etc. (Mo/Qtr) Amount of Payment not made (Number) Total Due
TOTAL DUE: 0.00
III. TAX LIABILITIES
FOR THE REPORTING PERIOD:
Gross Sales Subject to Sales Tax:
Total Wages Paid:
Total Post-Petition Date Delinquent
Amounts Owing Amount Delinquent Amount Due
Federal Withholding
State Withholding
FICA- Employer's Share
FICA- Employee's Share
Federal Unemployment
Sales and Use
Real Property
Other:
TOTAL: 0.00 0.00
Page 11 of 16
Case 1:20-bk-11435-MB Doc 248 Filed 11/16/20 Entered 11/16/20 14:45:26
IV. AGING OF ACCOUNTS PAYABLE AND RECEIVABLE
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*Accounts Payable Accounts Receivable
Post-Petition Pre-Petition Post-Petition
30 days or less 647.50
31 - 60 days
61 - 90 days
91 - 120 days
Over 120 days
TOTAL: 647.50 0.00 0.00
V. INSURANCE COVERAGE
Policy Expiration Premium Paid
Name of Carrier Amount of Coverage Date Through (Date)
General Liability Alive Risk 2000000.00 5/25/2021 **10/31/2020
Worker's Compensation AmTrust 1000000.00 5/1/2021 ***pay as you go
Casualty
Vehicle
Others:
VI. UNITED STATES TRUSTEE QUARTERLY FEES
(TOTAL PAYMENTS)
Quarterly Period Quarterly Fees Still
Ending (Date) Total Disbursements Quarterly Fees Date Paid Amount Paid Owing
30-Sep-2020 ****15,175.82 650.00 19-Oct-2020 650.00 0.00
30-Sep-2020 *****332686.75 5,525.00 19-Oct-2020 5,525.00 0.00
0.00
0.00
0.00
0.00
6,175.00 6,175.00 0.00
* Post-Petition Accounts Payable SHOULD NOT include professionals' fees and expenses which have been incurred but not yet awarded by
the court. Post-Petition Accounts Payable SHOULD include professionals' fees and expenses authorized by Court Order but which remain
unpaid as of the close of the period report
**premium paid monthly from Core or USA account
***paid every payroll pay period
****quarterly fee for Sandbox VR Mission Valley, LLC for 3rd quarter 2020
*****quarterly fees for :
Debtor Quarter Total Fee
Glostation USA $205,311.48 $1,625.00
Glostation Core $0.00 $325.00
Sandbox Austin $0.00 $325.00
Sandbox Cerritos $0.00 $325.00
Sandbox Colony $0.00 $325.00
Sandbox Pop-Up $21,150.99 $650.00
Sandbox Oakbrook $103,319.06 $975.00
Sandbox Ridge Hill $0.00 $325.00
Sandbox San Mateo $2,425.21 $325.00
Sandbox Topanga $480.01 $325.00
Page 12 of 16
Case 1:20-bk-11435-MB Doc 248 Filed 11/16/20 Entered 11/16/20 14:45:26
VII SCHEDULE OF COMPENSATION PAID TO INSIDERS
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Date of Order Authorizing Gross Compensation
Name of Insider Compensation *Authorized Gross Compensation Paid During the Month
VIII. SCHEDULE OF OTHER AMOUNTS PAID TO INSIDERS
Date of Order Authorizing Amount Paid During the
Name of Insider Compensation Description Month
* Please indicate how compensation was identified in the order (e.g. $1,000/week, $2,500/month)
Page 13 of 16
Case 1:20-bk-11435-MB Doc 248 Filed 11/16/20 Entered 11/16/20 14:45:26
IX. PROFIT AND LOSS STATEMENT
Desc
Main Document Page 15 of 27
(ACCRUAL BASIS ONLY)
Current Month Cumulative Post-Petition
Sales/Revenue: 31-Oct-20
Gross Sales/Revenue
Less: Returns/Discounts
Net Sales/Revenue 0.00 0.00
Cost of Goods Sold:
Beginning Inventory at cost
Purchases
Less: Ending Inventory at cost
Cost of Goods Sold (COGS) 0.00 0.00
Gross Profit 0.00 0.00
Other Operating Income (Itemize)
Operating Expenses:
Payroll - Insiders
Payroll - Other Employees 57,934.38 57,934.38
Payroll Taxes 22,850.18 22,850.18
Tax (Refund) 0.00
Depreciation and Amortization 0.00
Rent Expense - Real Property 0.00
Lease Expense - Personal Property 0.00
Health/benefits Insurance 10,034.01 10,034.01
Real Property Taxes 0.00
Telephone and Utilities 1,643.77 1,643.77
Research and Development 141.94 141.94
Travel and Entertainment (Itemize) 0.00
Contractors/consulting 258,809.22 258,809.22
Non-Captal (expensed) equipment 2,185.00 2,185.00
Office Supplies 6.00 6.00
T&D 5,939.82 5,939.82
Dues and Subscriptions 817.00 817.00
Software Expense 6,961.20 6,961.20
Courier and Freight 3,830.33 3,830.33
Total Operating Expenses 371,152.85 371,152.85
Net Gain/(Loss) from Operations (371,152.85) (371,152.85)
Non-Operating Income:
Interest Income
Net Gain on Sale of Assets (Itemize)
Unrealized FX gain (loss) 14.15 14.15
Total Non-Operating income 14.15 14.15
Non-Operating Expenses:
Interest Expense 0.00
Legal and Professional (Itemize) 0.00
Other (Itemize) 0.00
Total Non-Operating Expenses 0.00 0.00
NET INCOME/(LOSS) (371,138.70) (371,138.70)
(Attach exhibit listing all itemizations required above)
Page 14 of 16
Case 1:20-bk-11435-MB Doc 248 Filed 11/16/20 Entered 11/16/20 14:45:26
X. BALANCE SHEET
Desc
Main Document Page 16 of 27
(ACCRUAL BASIS ONLY)
ASSETS Current Month End
Current Assets:
Unrestricted Cash 58,658.92
Restricted Cash
Accounts Receivable
Inventory 475,150.00
Notes Receivable
Prepaid Expenses 10,000.00
Intercompany AR 10,477,669.68
Total Current Assets 11,021,478.60
Property, Plant, and Equipment 87,373.07
Accumulated Depreciation/Depletion (1,285.65)
Net Property, Plant, and Equipment 86,087.42
Other Assets (Net of Amortization):
Due from Insiders
Deposits 2,792.50
Total Other Assets 2,792.50
TOTAL ASSETS 11,110,358.52
LIABILITIES
Post-petition Liabilities:
Accounts Payable 647.50
Taxes Payable
Notes Payable - ATEL Debt 1,464,850.45
Professional fees
Secured Debt
Company Credit Card (intercompany AP) (26,496.32)
Payroll Accrual 16,744.30
Intercompany AP 17,949,713.78
Total Post-petition Liabilities 19,405,459.71
Pre-petition Liabilities:
Secured Liabilities
Priority Liabilities
Unsecured Liabilities
Accounts Payable 257,745.42
Other (Itemize)
Total Pre-petition Liabilities 257,745.42
TOTAL LIABILITIES 19,663,205.13
EQUITY:
Pre-petition Owners’ Equity - retained earnings (5,613,185.17)
Post-petition Profit/(Loss) (2,938,236.98)
Direct Charges to Equity
TOTAL EQUITY (8,551,422.15)
TOTAL LIABILITIES & EQUITY 11,111,782.98
Page 15 of 16
Case 1:20-bk-11435-MB Doc 248XI. Filed 11/16/20 Entered 11/16/20 14:45:26
QUESTIONNAIRE
Desc
Main Document Page 17 of 27
No Yes
1. Has the debtor-in-possession made any payments on its pre-petition unsecured debt, except as have been authorized by
the court? If "Yes", explain below: X
No Yes
2. Has the debtor-in-possession during this reporting period provided compensation or remuneration to any officers,
directors, principals, or other insiders without appropriate authorization? If "Yes", explain below: X
3. State what progress was made during the reporting period toward filing a plan of reorganization
The Debtors filed their original disclosure statement and plan of reorganization on September 15, 2020, and filed a
first amended disclosure statement and first amended plan of reorganization on October 14, 2020. The hearing on
confirmation of the plan is set for November 24, 2020.
4. Describe potential future developments which may have a significant impact on the case:
5. Attach copies of all Orders granting relief from the automatic stay that were entered during the reporting period.
No Yes
6. Did you receive any exempt income this month, which is not set forth in the operating report? If "Yes", please set
forth the amounts and sources of the income below. X
I, Steven Zhao
declare under penalty of perjury that I have fully read and understood the foregoing debtor-in-possession operating
report and that the information contained herein is true and complete to the best of my knowledge.
Dated: November 13, 2020 _______________________________
Steven Zhao, President and CEO
Case 1:20-bk-11435-MB Doc 248 Filed 11/16/20 Entered 11/16/20 14:45:26 Desc
Main Document Page 18 of 27
October 2020
Reporting Activity 10/01 - 10/31 Page 1 of 4
ADDRESS SERVICE REQUESTED Managing Your Accounts
Phone: (408) 654-4636
>002033 5265999 0001 092196 1OZ
GLOSTATION USA, INC. Toll-Free: (800) 774-7390
DEBTOR-IN-POSSESSION
4695 CHABOT DR, 200 Email: clientservice@svb.com
PLEASANTON CA 94588
Online: www.svb.com
Summary of Accounts
Account Type Account Number Ending Balance
Analysis Checking XXXXXX5632 $54,014.61
Total Balance $54,014.61
Analysis Checking - XXXXXX5632
Account Summary
Date Description
10/01/2020 Beginning Balance $105,063.41
10/31/2020 Ending Balance $54,014.61
Total debits this period $191,050.36
Total credits this period $140,001.56
Service Charge $0.00
Account Activity
Transaction Date Description Debits Credits Balance
10/01/2020 Beginning Balance $105,063.41
10/01/2020 WIRE OUT 201001L1B77D1C002128 -$18,667.00 $0.00 $86,396.41
202027509384;BNF SULMEYERKUPET
02033 5265999 003268 006535 0001/0002
Z TRUST ACCOUNT;OBI GLOSTATION
10/02/2020 BOOK TRANSFER CREDIT $0.00 $50,000.00 $136,396.41
FROM ACCOUNT 9840
10/06/2020 BOOK TRANSFER DEBIT -$50,000.00 $0.00 $86,396.41
TO ACCOUNT 7546
10/06/2020 BOOK TRANSFER DEBIT -$10,000.00 $0.00 $76,396.41
TO ACCOUNT 7778
10/06/2020 BOOK TRANSFER DEBIT -$5,000.00 $0.00 $71,396.41
TO ACCOUNT 5670
b28e198f-9f4c-4046-b940-4bf7d5010e79
Case 1:20-bk-11435-MB Doc 248 Filed 11/16/20 Entered 11/16/20 14:45:26 Desc
CHECKS OUTSTANDING
Main Document Page 19 of 27 CHECKBOOK RECONCILIATION
DATE AMOUNT DATE AMOUNT DATE AMOUNT
OR # OR # OR #
ENTER
BALANCE THIS $
STATEMENT
ADD
RECENT DEPOSITS
(NOT CREDITED ON
THIS STATEMENT)
$
SUBTOTAL $
SUBTRACT TOTAL
ITEMS OUTSTANDING $
BALANCE should agree with your checkbook balance after deducting charges and adding credits not shown in your
checkbook but included on this statement as follows: BALANCE $
Interest-ADD Overdraft-DEDUCT Automatic Payment-DEDUCT Automatic Advance-ADD Service Charge-DEDUCT
PLEASE REPORT ANY ERRORS OR OMISSIONS PROMPTLY TO US. ERRORS OR OMISSIONS THAT ARE REPORTED WITHIN
THE FIRST 30 DAYS FROM THE DATE OF THE LAST STATEMENT CYCLE ARE USUALLY RESOLVED MUCH MORE QUICKLY
THAN DATED REQUESTS. As a fraud prevention measure, you need to review your statements and report unauthorized use or errors
to us, as explained in more detail below.
If your checkbook and statement do not balance have you:
Accounted for Verified additions and sub- Compared canceled Compared deposit amounts on
bank charges? tractions in your checkbook? checks to check stub? statement to your checkbook?
Any charges for imprinted checks include state sales tax computed at the current rate, when applicable. You can call (800) 774-7390 to
request an item or substitute check, or a legible copy. We will without charge provide at least two items (or substitute checks or legible
copies) upon request, with respect to each statement.
___________________________________________________________________________________________________________
IN CASE OF ERRORS OR QUESTIONS CONCERNING YOUR ELECTRONIC TRANSFERS
(For Consumer Clients)
Telephone Silicon Valley Bank at (800) 774-7390 or write us at: Silicon Valley Bank, Attn: Client Services, 3003 Tasman Drive, Santa
Clara, CA 95054, as soon as you can, if you think your statement or your receipt is wrong or if you need more information about a
transfer on the statement or receipt. We must hear from you no later than 60 days after we sent you the FIRST statement on which the
error or problem appeared.
• Tell us your name and account number (if any).
• Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe this is an error or
why you need more information.
• Tell us the dollar amount of the suspected error.
We will investigate your complaint and will correct any error promptly. If we take more than 10 business days to do this, we will credit
your account for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our
investigation.
For questions about preauthorized transfers, please contact us at (800) 774-7390.
________________________________________________________________________________________________________
IN CASE OF UNAUTHORIZED USE OF YOUR CHECKS OR ACCOUNTS
You agree to review your statement and to report unauthorized use (checks or other charges that are forged, altered or other
unauthorized use) or error immediately. Your deposit agreement sets specific times within which you must report unauthorized use or
errors to us. In summary (and subject to special rules that may apply to consumers), if you fail to report unauthorized use or errors to
us within 30 days after your statement is available, you may be liable for subsequent unauthorized use by the same wrongdoer. If you
fail to report within 60 days, you may also be precluded from asserting the unauthorized use or other error against us. Your statement
is deemed “available” when made available in paper or electronic form. Your deposit agreement or Related Agreements may set
shorter reporting requirements, such as for ACH services.
___________________________________________________________________________________________________________
FAIR CREDIT REPORTING ACT
We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account
may be reflected in your credit report.
___________________________________________________________________________________________________________
©2020 SVB Financial Group. All rights reserved. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is
the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB). SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT
HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license. Rev. 04/06/2020
b28e198f-9f4c-4046-b940-4bf7d5010e79
Case 1:20-bk-11435-MB Doc 248 Filed 11/16/20 Entered 11/16/20 14:45:26 Desc
Main Document Page 20 of 27
October 2020
Reporting Activity 10/01 - 10/31 Page 3 of 4
Analysis Checking - XXXXXX5632 (continued)
Account Activity (continued)
Transaction Date Description Debits Credits Balance
10/08/2020 WIRE OUT 201008L1B77D1C000729 -$18,667.00 $0.00 $52,729.41
202028203411;BNF SULMEYERKUPET
Z TRUST ACCOUNT;OBI GLOSTATION
10/13/2020 RIPPLING GSUITE_RES -$1,116.00 $0.00 $51,613.41
0MEGKKV3W49PK80
GLOSTATION USA, INC
10/13/2020 RIPPLING BILL -$1,147.20 $0.00 $50,466.21
PEBRJVXKXOKJVBD
GLOSTATION USA, INC
10/14/2020 KAISER GROUP DUE TELEPHONE -$881.46 $0.00 $49,584.75
043000099632796
1400310000033694290846
10/15/2020 Guideline Retire AMTS:95,61 $0.00 $0.61 $49,585.36
ST-S5E1U7P4Y9L4
GLOSTATION USA INC
10/15/2020 Guideline Retire AMTS:95,61 $0.00 $0.95 $49,586.31
ST-Q7F9D6D9F8V6
GLOSTATION USA INC
10/15/2020 WIRE OUT 201015L1B77D1C001587 -$18,667.00 $0.00 $30,919.31
202028907775;BNF SULMEYERKUPET
Z TRUST ACCOUNT;OBI GLOSTATION
10/16/2020 SSBTRUSTOPS P/R Contr -$1,030.78 $0.00 $29,888.53
GLOSTATION USA I
10/19/2020 QUARTERLY FEE PAYMENT -$650.00 $0.00 $29,238.53
0000
02033 5265999 003269 006537 0002/0002
GLOSTATION USA INC.
10/19/2020 QUARTERLY FEE PAYMENT -$5,525.00 $0.00 $23,713.53
0000
GLOSTATION USA INC.
10/20/2020 SSBTRUSTOPS P/R Contr -$1,233.86 $0.00 $22,479.67
GLOSTATION USA I
10/21/2020 BOOK TRANSFER CREDIT $0.00 $90,000.00 $112,479.67
FROM ACCOUNT 3303052977
10/21/2020 Guideline Retire AMTS:95,61 -$1.56 $0.00 $112,478.11
ST-B2K5Y3S3V0S2
GLOSTATION USA INC
b28e198f-9f4c-4046-b940-4bf7d5010e79
Case 1:20-bk-11435-MB Doc 248 Filed 11/16/20 Entered 11/16/20 14:45:26 Desc
Main Document Page 21 of 27
October 2020
Reporting Activity 10/01 - 10/31 Page 4 of 4
Analysis Checking - XXXXXX5632 (continued)
Account Activity (continued)
Transaction Date Description Debits Credits Balance
10/21/2020 CLOUDINARY INC. BUSBILLPAY -$1,500.00 $0.00 $110,978.11
TRAN#5
Sandbox VR, Inc.
10/21/2020 CLOUDINARY INC. BUSBILLPAY -$1,500.00 $0.00 $109,478.11
TRAN#6
Sandbox VR, Inc.
10/22/2020 WIRE OUT 201022L1B77D1C000733 -$18,667.00 $0.00 $90,811.11
202029603669;BNF SULMEYERKUPET
Z TRUST ACCOUNT;OBI GLOSTATION
10/26/2020 BLUE SHIELD CA BlueShield -$18,129.50 $0.00 $72,681.61
W01001791000
GLOSTATION USA INC
10/30/2020 WIRE OUT 201030L1B77D1C002251 -$18,667.00 $0.00 $54,014.61
202030411209;BNF SULMEYERKUPET
Z TRUST ACCOUNT;OBI GLOSTATION
10/31/2020 Ending Balance $54,014.61
b28e198f-9f4c-4046-b940-4bf7d5010e79
Case 1:20-bk-11435-MB Doc 248 Filed 11/16/20 Entered 11/16/20 14:45:26 Desc
Main Document Page 22 of 27
October 2020
Reporting Activity 10/01 - 10/31 Page 1 of 4
ADDRESS SERVICE REQUESTED Managing Your Accounts
Phone: (408) 654-4636
>002032 5265999 0001 092196 1OZ
GLOSTATION USA, INC. Toll-Free: (800) 774-7390
DEBTOR-IN-POSSESSION PAYROLL
4695 CHABOT DR, 200 Email: clientservice@svb.com
PLEASANTON CA 94588
Online: www.svb.com
Summary of Accounts
Account Type Account Number Ending Balance
Analysis Checking XXXXXX5647 $4,644.31
Total Balance $4,644.31
Analysis Checking - XXXXXX5647
Account Summary
Date Description
10/01/2020 Beginning Balance $74,595.52
10/31/2020 Ending Balance $4,644.31
Total debits this period $69,951.21
Total credits this period $0.00
Service Charge $0.00
Account Activity
Transaction Date Description Debits Credits Balance
10/01/2020 Beginning Balance $74,595.52
10/05/2020 APIntego ACHTRANS -$258.46 $0.00 $74,337.06
67501652
02032 5265999 003266 006531 0001/0002
Glostation USA, Inc
10/14/2020 RIPPLING QEADJUSTME -$112.35 $0.00 $74,224.71
6LM2ZBMVAE50ZX7
SANDBOX VR INC
10/14/2020 RIPPLING TAXWITHDRA -$9,152.30 $0.00 $65,072.41
KNX99R2EBE6WNG0
SANDBOX VR INC
10/14/2020 RIPPLING PAYROLL -$22,661.31 $0.00 $42,411.10
ORZLAMQAMXDK9AO
SANDBOX VR INC
29461bae-4ab8-4dad-8f41-605efe4338e2
Case 1:20-bk-11435-MB Doc 248 Filed 11/16/20 Entered 11/16/20 14:45:26 Desc
CHECKS OUTSTANDING
Main Document Page 23 of 27 CHECKBOOK RECONCILIATION
DATE AMOUNT DATE AMOUNT DATE AMOUNT
OR # OR # OR #
ENTER
BALANCE THIS $
STATEMENT
ADD
RECENT DEPOSITS
(NOT CREDITED ON
THIS STATEMENT)
$
SUBTOTAL $
SUBTRACT TOTAL
ITEMS OUTSTANDING $
BALANCE should agree with your checkbook balance after deducting charges and adding credits not shown in your
checkbook but included on this statement as follows: BALANCE $
Interest-ADD Overdraft-DEDUCT Automatic Payment-DEDUCT Automatic Advance-ADD Service Charge-DEDUCT
PLEASE REPORT ANY ERRORS OR OMISSIONS PROMPTLY TO US. ERRORS OR OMISSIONS THAT ARE REPORTED WITHIN
THE FIRST 30 DAYS FROM THE DATE OF THE LAST STATEMENT CYCLE ARE USUALLY RESOLVED MUCH MORE QUICKLY
THAN DATED REQUESTS. As a fraud prevention measure, you need to review your statements and report unauthorized use or errors
to us, as explained in more detail below.
If your checkbook and statement do not balance have you:
Accounted for Verified additions and sub- Compared canceled Compared deposit amounts on
bank charges? tractions in your checkbook? checks to check stub? statement to your checkbook?
Any charges for imprinted checks include state sales tax computed at the current rate, when applicable. You can call (800) 774-7390 to
request an item or substitute check, or a legible copy. We will without charge provide at least two items (or substitute checks or legible
copies) upon request, with respect to each statement.
___________________________________________________________________________________________________________
IN CASE OF ERRORS OR QUESTIONS CONCERNING YOUR ELECTRONIC TRANSFERS
(For Consumer Clients)
Telephone Silicon Valley Bank at (800) 774-7390 or write us at: Silicon Valley Bank, Attn: Client Services, 3003 Tasman Drive, Santa
Clara, CA 95054, as soon as you can, if you think your statement or your receipt is wrong or if you need more information about a
transfer on the statement or receipt. We must hear from you no later than 60 days after we sent you the FIRST statement on which the
error or problem appeared.
• Tell us your name and account number (if any).
• Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe this is an error or
why you need more information.
• Tell us the dollar amount of the suspected error.
We will investigate your complaint and will correct any error promptly. If we take more than 10 business days to do this, we will credit
your account for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our
investigation.
For questions about preauthorized transfers, please contact us at (800) 774-7390.
________________________________________________________________________________________________________
IN CASE OF UNAUTHORIZED USE OF YOUR CHECKS OR ACCOUNTS
You agree to review your statement and to report unauthorized use (checks or other charges that are forged, altered or other
unauthorized use) or error immediately. Your deposit agreement sets specific times within which you must report unauthorized use or
errors to us. In summary (and subject to special rules that may apply to consumers), if you fail to report unauthorized use or errors to
us within 30 days after your statement is available, you may be liable for subsequent unauthorized use by the same wrongdoer. If you
fail to report within 60 days, you may also be precluded from asserting the unauthorized use or other error against us. Your statement
is deemed “available” when made available in paper or electronic form. Your deposit agreement or Related Agreements may set
shorter reporting requirements, such as for ACH services.
___________________________________________________________________________________________________________
FAIR CREDIT REPORTING ACT
We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account
may be reflected in your credit report.
___________________________________________________________________________________________________________
©2020 SVB Financial Group. All rights reserved. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is
the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB). SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT
HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license. Rev. 04/06/2020
29461bae-4ab8-4dad-8f41-605efe4338e2
Case 1:20-bk-11435-MB Doc 248 Filed 11/16/20 Entered 11/16/20 14:45:26 Desc
Main Document Page 24 of 27
October 2020
Reporting Activity 10/01 - 10/31 Page 3 of 4
Analysis Checking - XXXXXX5647 (continued)
Account Activity (continued)
Transaction Date Description Debits Credits Balance
10/19/2020 APIntego ACHTRANS -$295.77 $0.00 $42,115.33
68079558
Glostation USA, Inc
10/28/2020 RIPPLING TAXWITHDRA -$9,785.44 $0.00 $32,329.89
APJVG8LQMP3N8MP
SANDBOX VR INC
10/28/2020 RIPPLING PAYROLL -$23,703.09 $0.00 $8,626.80
4OWOB739ZVBXVY4
SANDBOX VR INC
10/30/2020 RIPPLING TAXWITHDRA -$331.07 $0.00 $8,295.73
3VYQWRP57LO9A8Q
SANDBOX VR INC
10/30/2020 RIPPLING TAXWITHDRA -$691.13 $0.00 $7,604.60
VR0XG1NJKMJXYNW
SANDBOX VR INC
10/30/2020 RIPPLING PAYROLL -$1,253.64 $0.00 $6,350.96
BQ7DQOPLZJV4JXV
SANDBOX VR INC
10/30/2020 RIPPLING PAYROLL -$1,706.65 $0.00 $4,644.31
16EAG3OOPWKNLQB
SANDBOX VR INC
10/31/2020 Ending Balance $4,644.31
02032 5265999 003267 006533 0002/0002
29461bae-4ab8-4dad-8f41-605efe4338e2
Case 1:20-bk-11435-MB Doc 248 Filed 11/16/20 Entered 11/16/20 14:45:26 Desc
Main Document Page 25 of 27
October 2020
Reporting Activity 10/01 - 10/31 Page 4 of 4
THIS PAGE LEFT INTENTIONALLY BLANK
29461bae-4ab8-4dad-8f41-605efe4338e2
Case 1:20-bk-11435-MB Doc 248 Filed 11/16/20 Entered 11/16/20 14:45:26 Desc
Main Document Page 26 of 27
October 2020
Reporting Activity 10/01 - 10/31 Page 1 of 2
ADDRESS SERVICE REQUESTED Managing Your Accounts
Phone: (408) 654-4636
>050627 5265999 0001 092196 1OZ
GLOSTATION USA, INC. Toll-Free: (800) 774-7390
DEBTOR-IN-POSSESSION TAX
4695 CHABOT DR, 200 Email: clientservice@svb.com
PLEASANTON CA 94588
Online: www.svb.com
Summary of Accounts
Account Type Account Number Ending Balance
Analysis Checking XXXXXX5651 $0.00
Total Balance $0.00
Analysis Checking - XXXXXX5651
Account Summary
Date Description
10/01/2020 Beginning Balance $0.00
10/31/2020 Ending Balance $0.00
Total debits this period $0.00
Total credits this period $0.00
Service Charge $0.00
Account Activity
Transaction Date Description Debits Credits Balance
10/01/2020 Beginning Balance $0.00
No activity this statement period
10/31/2020 Ending Balance $0.00
50627 5265999 119738 239475 0001/0001
fe39cd01-76c3-480d-82a2-b3f09dad4af7
Case 1:20-bk-11435-MB Doc 248 Filed 11/16/20 Entered 11/16/20 14:45:26 Desc
CHECKS OUTSTANDING
Main Document Page 27 of 27 CHECKBOOK RECONCILIATION
DATE AMOUNT DATE AMOUNT DATE AMOUNT
OR # OR # OR #
ENTER
BALANCE THIS $
STATEMENT
ADD
RECENT DEPOSITS
(NOT CREDITED ON
THIS STATEMENT)
$
SUBTOTAL $
SUBTRACT TOTAL
ITEMS OUTSTANDING $
BALANCE should agree with your checkbook balance after deducting charges and adding credits not shown in your
checkbook but included on this statement as follows: BALANCE $
Interest-ADD Overdraft-DEDUCT Automatic Payment-DEDUCT Automatic Advance-ADD Service Charge-DEDUCT
PLEASE REPORT ANY ERRORS OR OMISSIONS PROMPTLY TO US. ERRORS OR OMISSIONS THAT ARE REPORTED WITHIN
THE FIRST 30 DAYS FROM THE DATE OF THE LAST STATEMENT CYCLE ARE USUALLY RESOLVED MUCH MORE QUICKLY
THAN DATED REQUESTS. As a fraud prevention measure, you need to review your statements and report unauthorized use or errors
to us, as explained in more detail below.
If your checkbook and statement do not balance have you:
Accounted for Verified additions and sub- Compared canceled Compared deposit amounts on
bank charges? tractions in your checkbook? checks to check stub? statement to your checkbook?
Any charges for imprinted checks include state sales tax computed at the current rate, when applicable. You can call (800) 774-7390 to
request an item or substitute check, or a legible copy. We will without charge provide at least two items (or substitute checks or legible
copies) upon request, with respect to each statement.
___________________________________________________________________________________________________________
IN CASE OF ERRORS OR QUESTIONS CONCERNING YOUR ELECTRONIC TRANSFERS
(For Consumer Clients)
Telephone Silicon Valley Bank at (800) 774-7390 or write us at: Silicon Valley Bank, Attn: Client Services, 3003 Tasman Drive, Santa
Clara, CA 95054, as soon as you can, if you think your statement or your receipt is wrong or if you need more information about a
transfer on the statement or receipt. We must hear from you no later than 60 days after we sent you the FIRST statement on which the
error or problem appeared.
• Tell us your name and account number (if any).
• Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe this is an error or
why you need more information.
• Tell us the dollar amount of the suspected error.
We will investigate your complaint and will correct any error promptly. If we take more than 10 business days to do this, we will credit
your account for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our
investigation.
For questions about preauthorized transfers, please contact us at (800) 774-7390.
________________________________________________________________________________________________________
IN CASE OF UNAUTHORIZED USE OF YOUR CHECKS OR ACCOUNTS
You agree to review your statement and to report unauthorized use (checks or other charges that are forged, altered or other
unauthorized use) or error immediately. Your deposit agreement sets specific times within which you must report unauthorized use or
errors to us. In summary (and subject to special rules that may apply to consumers), if you fail to report unauthorized use or errors to
us within 30 days after your statement is available, you may be liable for subsequent unauthorized use by the same wrongdoer. If you
fail to report within 60 days, you may also be precluded from asserting the unauthorized use or other error against us. Your statement
is deemed “available” when made available in paper or electronic form. Your deposit agreement or Related Agreements may set
shorter reporting requirements, such as for ACH services.
___________________________________________________________________________________________________________
FAIR CREDIT REPORTING ACT
We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account
may be reflected in your credit report.
___________________________________________________________________________________________________________
©2020 SVB Financial Group. All rights reserved. Silicon Valley Bank is a member of the FDIC and the Federal Reserve System. Silicon Valley Bank is
the California bank subsidiary of SVB Financial Group (Nasdaq: SIVB). SVB, SVB FINANCIAL GROUP, SILICON VALLEY BANK, MAKE NEXT
HAPPEN NOW and the chevron device are trademarks of SVB Financial Group, used under license. Rev. 04/06/2020
fe39cd01-76c3-480d-82a2-b3f09dad4af7
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