Case: jtg Doc #:681 Filed: 01/20/17 Page 1 of 10

Transcription

1 Case: jtg Doc #:681 Filed: 01/20/17 Page 1 of 10

2 Case: jtg Doc #:681 Filed: 01/20/17 Page 2 of 10 OPERATING STATEMENT (P&L) NOTE: Allocation of Costs between Entities still to be Analyzed. Current Month Total Since Filing Total Revenue / Sales 5,229,278 Cost of Sales 563,092 GROSS PROFIT 4,666,186 EXPENSES: Officer Compensation 3, ,402 Salary Expenses other Employees 0 955,153 Employee Benefits & Pensions 0 112,504 Payroll Taxes 44 56,940 Other Taxes 0 63,119 Interim Personnel and Purchased Services ,793 Interest Expense Insurance 0 0 Automobile and Truck Expense 0 19,301 Utilities (gas, electric, phone) 0 25,545 Depreciation 0 672,104 Travel and Entertainment 0 37,717 Repairs and Maintenance 0 97,396 Rent Expense 0 81,073 Supplies, Office Expense, etc. 0 49,655 Other: Miscellaneous Expenses ,435 Other Specify 0 0 TOTAL EXPENSES 4,075 3,008,835 NET OPERATING PROFIT / (LOSS) (4,075) 1,657,351 Add: Non Operating Income: Interest Income 0 0 Other Income 0 0 Less: Non Operating Expenses: Professional Fees (A) 0 0 Gain (Loss) on Sale of Assets (B) 0 (8,202,976) NET INCOME / (LOSS) (4,075) (6,545,626) (A) All Restructuring Professional Fees recorded and paid by Great Lakes Comnet. (B) Includes Loss on Sale of Assets and Changes to Claim and Account Balances. All Proceeds from Sale of Assets to Everstream were recorded on Great Lakes Comnet books. FORM 2

3 Case: jtg Doc #:681 Filed: 01/20/17 Page 3 of 10 BALANCE SHEET Current Month Prior Month At Filing ASSETS (A): Cash 1,593,922 1,590,521 67,595 Inventory 0 0 1,595 Accounts Receivables 0 0 1,155,259 Insider Receivables Land and Buildings Network and Equipment ,605,156 Accumulated Depreciation 0 0 (5,789,592) Other: Other Current Assets 135, , ,959 Other: Other Long Term Assets TOTAL ASSETS 1,729,427 1,730,793 11,446,972 LIABILIITIES (A): Postpetition Liabilities: Accounts Payable 9,843 10,178 0 Rent and Lease Payable Wages and Salaries Taxes Payable Other: Other Current Liabs Other: Deferred Revenue ,767 Other: Deferred Income Taxes 0 0 1,675,126 Other: Intercompany Balances (A) 14,146,674 14,143,630 14,905,611 TOTAL Postpetition Liab. 14,156,517 14,153,808 17,029,503 Secured Liabilities: Subject to Postpetition Collateral or Financing Order All Other Secured Liab ,797 TOTAL Secured Liab ,797 Prepetition Liabilities: Taxes & Other Priority Liab. 264, , ,579 Unsecured Liabilities 2,861,385 2,861,385 3,120,522 Other: Intercompany Balances (A) TOTAL Prepetition Liab. 3,125,964 3,125,964 3,385,101 Equity (A): Owners Capital Retained Earnings Pre Pet. (9,007,429) (9,007,429) (9,007,429) Retained Earnings Post Pet. (6,545,626) (6,541,551) 0 TOTAL Equity (15,553,055) (15,548,980) (9,007,429) TOTAL LIABILITIES AND EQUITY 1,729,427 1,730,793 11,446,972 (A) Intercompany Transactions and Allocation of Costs between Entities not Analyzed. FORM 3

4 Case: jtg Doc #:681 Filed: 01/20/17 Page 4 of 10 SUMMARY OF OPERATIONS Schedule of Postpetition Taxes Payable Income Taxes Withheld: Federal State Local FICA Withheld Employers FICA Beginning Balance Accrued / Withheld Payments / Deposits All Payroll Related Taxes Paid by Parent Company, Great Lakes Comnet, Inc. Ending Balance Unemployment Tax: Federal State Property Taxes Workers' Compensation Other TOTALS AGING OF ACCOUNTS RECEIVABLE AND POSTPETITION ACCOUNTS PAYABLE Age in Days Over 60 Post Petition Accounts Payable 9,843 Accounts Receivable Accounts Payable represents amounts due to Everstream for cash their customers have paid into GLC's bank account. Describe events or factors occurring during this reporting period materially affecting operations and formulation of a Plan of Reorganization: FORM 4

5 Case: jtg Doc #:681 Filed: 01/20/17 Page 5 of 10 MONTHLY CASH STATEMENT Cash Activity Analysis (Cash Basis Only): Comerica Checking Account Bank of America Checking A. Beginning Balance 1,561,595 28,926 B. Receipts 4,767 (Attach separate schedule) C. Transfers In (from other accounts) D. Balance Available 1,561,595 33,693 (A + B + C) E. Less Disbursements (491) (875) (Attach separate schedule) F. Transfers Out (to other accounts) G. ENDING BALANCE 1,561,104 32,818 (D E F) (PLEASE ATTACH COPIES OF MOST RECENT RECONCILED BANK STATEMENTS FROM EACH ACCOUNT) Comerica Checking Account: 1. Depository Name & Location Comerica Bank, 2615 Lake Lansing Rd, East Lansing, MI 2. Account Number xxxx 9049 Bank of America Checking: 1. Depository Name & Location Bank of America, 1390 Lake Lansing Rd, East Lansing, MI 2. Account Number xxxx 6226 Other monies on hand (specify type and location) i.e., CD's, bonds, etc.): None Date: January 19, 2017 Comlink, LLC. Debtor In Possession FORM 5

6 Case: jtg Doc #:681 Filed: 01/20/17 Page 6 of 10 BANK RECONCILIATION Cash Activity Analysis (Book Basis Ties to G/L): Comerica Checking Account Bank of America Checking A. Ending Balance per Book 1,561,104 32,818 B. Outstanding Checks 738 C. Deposits in Transit D. Ending Balance per Bank 1,561,842 32,818 NOTE: Bank Statement Information Available Upon Request.

7 Case: jtg Doc #:681 Filed: 01/20/17 Page 7 of 10 Comerica Account: Cash Book Basis Disbursements and Receipts Cash Activity Analysis (Book Basis Ties to G/L): Date Vendor/Customer Code Journal Source Amount Disbursements: 12/9/2016 Merchant Services Billing BR G/L /13/2016 Service Fee BR G/L Total Disbursements

8 Case: jtg Doc #:681 Filed: 01/20/17 Page 8 of 10 Bank of America Checking Account: Cash Book Basis Disbursements and Receipts Cash Activity Analysis (Book Basis Ties to G/L): Date Vendor/Customer Code Journal Source Amount Disbursements: 12/22/2016 SingleHop, LLC CD A/P Total Disbursements Receipts: 12/14/2016 Earthlink CHK: BATCH:0 CR CR 4, Total Receipts 4,766.94

9 Case: jtg Doc #:681 Filed: 01/20/17 Page 9 of 10 MONTHLY STATEMENT OF INSIDER COMPENSATION / PAYMENTS The following information is to be provided for each shareholder, officer, director, manager, insider or owner that is employed by the debtor in possession. Attach additional pages if necessary. Name: See Form 6 pages for Great Lakes Comnet, Inc Shareholder Officer Director Insider Detailed Description of Duties: Current Compensation Paid: Weekly or Monthly (A) Current Benefits Paid: Health Insurance Life Insurance Retirement Company Vehicle Entertainment Travel Other Benefits Total Benefits Current Other Payments Paid: Rent Paid Loans Other (Describe) Other (Gas Cards) (B) Other (Describe) Total Other Payments CURRENT TOAL OF ALL PAYMENTS Date: January 19, 2017 FORM 6

10 Case: jtg Doc #:681 Filed: 01/20/17 Page 10 of 10 SCHEDULE OF IN FORCE INSURANCE INSURANCE TYPE CARRIER EXPIRATION DATE Commercial Umbrella Insurance Directors, Officers and Managers Insurance All Risk Blanket Insurance Workers Comp Insurance Federated Rural Electric Insurance Exchange Federated Rural Electric Insurance Exchange Federated Rural Electric Insurance Exchange Federated Rural Electric Insurance Exchange November 18, 2016 November 18, 2016 November 18, 2016 November 18, 2016 NOTE: Policies are maintained by Great Lakes, Comnet and cover all subsidiaries including Comlink, LLC. See note regarding policy expiration in Great Lakes Comnet November 2016 Monthly Operating Report. FORM 7