UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE

Transcription

1 UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE In re Ritz Interactive, LLC Reporting Period: October 1, 2012 to October 31, 2012 MONTHLY OPERATING REPORT File with Court and submit copy to United States Trustee within 20 days after end of month. Submit copy of report to any official committee appointed in the case. Document Explanation REQUIRED DOCUMENTS Form No. Attached Attached Schedule of Cash Receipts and Disbursements MOR-1 NA Bank Reconciliation (or copies of debtor's bank reconciliations) MOR-1a Yes Schedule of Professional Fees Paid MOR-1b NA Copies of bank statements Cash disbursements journals Statement of Operations MOR-2 Yes Balance Sheet MOR-3 Yes Status of Postpetition Taxes MOR-4 Yes Copies of IRS Form 6123 or payment receipt Copies of tax returns filed during reporting period Summary of Unpaid Postpetition Debts MOR-4 Yes Listing of aged accounts payable MOR-4 Yes Accounts Receivable Reconciliation and Aging MOR-5 Yes Debtor Questionnaire MOR-5 Yes Yes I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief. Signature of Debtor Date Signature of Joint Debtor Date /s/ Marc Weinsweig 12/19/2012 Signature of Authorized Individual* Date Marc Weinsweig Printed Name of Authorized Individual Chief Restructuring Officer Title of Authorized Individual *Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company. MOR

2 BANK RECONCILIATIONS Form MOR-1a Balance Bank Account September 30, 2012 CITY NATL DEPOSIT $ (0) CITY NATL CHECKING 23,374 CITY NATL WIRES - PNC RI DEPOSIT PNC RI AP DISB (17,625) PNC RI FUNDING ,062,069 Reclass Outstanding Checks 17,625 TOTAL CASH $ 1,085,443 FORM MOR-1a

3 STATEMENT OF OPERATIONS (Income Statement) FY 2012 YTD 2012 OCTOBER POST PETITION TOTAL SALES ($1,731) $1,477,171 TOTAL COGS (1,681) 1,192,146 GROSS PROFIT (49.89) 285, SALARIES / COMMISSIONS 17, ,616 BENEFITS / PAYROLL TAXES 9,908 79,957 OCCUPANCY 35,364 91,536 ADVERTISING / PROMOTION 2,656 84,847 TELEPHONE 19,602 55,038 HARDWARE / SOFTWARE - 62,284 CREDIT / COLLECTION 4,109 48,521 DEPRECIATION / AMORTIZATION - 79,791 OTHER OPERATING EXPENSES 20, ,193 TOTAL SELLING /GENERAL/ADMIN EXPENSES 109,604 1,014,783 INCOME / (LOSS) BEFORE OTHER INC & EXPENSES (109,653) (729,758) NON OPERATING EXPENSES (INCOME) (13) 16,111 INCOME / (LOSS) BEFORE INTEREST & TAXES (109,640) (745,869) INTEREST EXPENSE (0) 477 INCOME / (LOSS) BEFORE TAXES (109,640) (746,346) NET INCOME / (LOSS) ($109,640) ($746,346) FORM MOR-2

4 BALANCE SHEET ASSETS Month Ended Petition Date OCT Jun-12 CASH AND CASH EQUIVALENTS $1,085,443 $28,489 ACCOUNTS RECEIVABLE 12,699 20,812 INVENTORIES ( end of month in transit order shipped, but not received by customer) 139, ,252 PREPAID EXPENSES 4 119,356 RESTRICTED CASH CURRENT - - OTHER RECEIVABLES (includes various pay type providers) 27,238 (44,498) OTHER CURRENT ASSETS - - $1,265,335 $353,411 LAND - - BUILDINGS - - FIXTURES, VEHICLES, EQUIPMENT AND LEASEHOLD IMPROVEMENTS 0 31,109 ACCUMULATED DEPRECIATION AND AMORTIZATION (0) (6,300) (0) 24,809 INTANGIBLE ASSETS 577, ,096 INVESTMENTS - - DEPOSITS 27,790 27,790 OTHER LONG-TERM ASSETS - - RESTRICTED CASH - - $1,870,221 $983,106 LIABILITIES ACCOUNTS PAYABLE (pre petition trade account) $1,247,324 $1,270,838 OUTSTANDING CHECKS (reclass from Cash to A/P) 17,625 - ACCOUNTS PAYABLE -OTHER ACCRUALS (prepetition mainly vendor credits accrued) 40, ,349 ACCOUNTS PAYABLE TRADE POST PETITION 280,646 - ACCOUNTS PAYABLE ACCRUALS POST PETITION 170,157 - INTERCOMPANY AP 1,127,522 (403,154) ACCRUED EXPENSES 34, ,932 INCOME TAX PAYABLE 8,037 8,037 CURRENT PORTION OF LONG-TERM DEBT - - CURRENT PORTION - DEFERRED REVENUE AND UNEARNED DISCOUNTS - - LINE-OF-CREDIT - - TOTAL LIABILITIES $2,926,712 $1,201,002 LONG-TERM DEBT - - LONG-TERM OBLIGATIONS - - DEFERRED REVENUE AND UNEARNED DISCOUNTS 41, ,309 DEFERRED RENT , ,309 EQUITY STOCKHOLDER'S EQUITY (1,097,531) (441,205) $1,870,221 $983,106 FORM MOR-3

5 STATUS OF POSTPETITION TAXES The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero. Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes. Attach photocopies of any tax returns filed during the reporting period. Beginning Amount Ending Tax Withheld or Amount Date Check No. Tax Liability Accrued Paid Paid or EFT Liability Federal Withholding $ - $ - $ - $ - $ - $ - FICA-Employee FICA-Employer Unemployment Income Other Total Federal Taxes $ - $ - $ - $ - $ - $ - State and Local Withholding $ - $ - $ - $ - $ - $ - Sales 32,814-28,604 4,210 Excise Unemployment - - Real Property Personal Property 2,521-2,521 Other: Garnishments & Misc Tax various various - Total State and Local 35,335-28, ,731 Total Taxes $ 35,335 $ - $ 28,604 $ - $ - $ 6,731 Attach aged listing of accounts payable. SUMMARY OF UNPAID POSTPETITION DEBTS Number of Days Past Due Current Over 90 Total Accounts Payable $ 13,480 $ 52,721 $ 95,620 $ 74,653 $ 44,172 $ 280,646 Wages Payable Taxes Payable Rent/Leases-Building Rent/Leases-Equipment Secured Debt/Adequate Protection Payments Professional Fees Amounts Due to Insiders* Other Other Total Postpetition Debts $ 13,480 $ 52,721 $ 95,620 $ 74,653 $ 44,172 $ 280,646 Explain how and when the Debtor intends to pay any past-due postpetition debts. The Debtor intends to pay the past-due postpetition debts through its DIP Facility, litigation settlements and the sale of assets. *"Insider" is defined in 11 U.S.C. Section 101(31). FORM MOR-4

6 AP Aging Vendor Name Current 0 To 30 Days 31 to 60 Days 61 to 90 Days 91+ ONCE $ - $ 14,368 $ - $ - $ 270 $ 14,638 AAFES ACCERTIFY INC - 12,350 5,000 12,350 19,700 49,400 AKAMAI TECHNOLOGIES INC - 2,800-1,400-4,200 ALMO CORPORATION (733) (2,254) 510 (1,745) ARIZONA DEPT. OF REVENUE AT&T DATA 7,594-7,484 7,902-22,979 B E A R DCA BLOOMREACH INC 2, ,935 13,668 BOARD OF EQUALIZATION CARDINAL COMMERCE ,475 CATCH MARKETING SERVICES CELL BUSINESS EQUIPMENT CHANNEL INTELIGENCE CHANNELADVISOR - - 9,800 9,800 2,940 22,540 COMMISSIONER OF REVENUE SERVS CORODATA SHREDDING INC CRITEO CORP CSC CORPORATE DOMAINS INC D & H DISTRIBUTING CO - (2,545) 88 (82) (111) (2,650) DAN GREEN DAYMEN US INC DYNAMIC NETWORK SERVICES INC ,753 EKARIA LLP - - (42) ETILIZE INC ,000 4,000 FEDERAL EXPRESS CORPORATION FIFTY ONE INC GOOGLE ,952 2,591 8,543 IBM CORPORATION - 15,571 15,571-31,142 62,284 INGRAM MICRO INC - - (82) (46) (84) (213) KEN ROCKWELL INC ,308 LAURA V FINAZZO LINK CONNECTOR CORPORATION MINDEYE - - 6,911 4,260 (24,667) (13,496) N.E.W CUSTOMER SERVICE ,169 NEVADA DEPT OF TAXATION NOTIONS MARKETING CORPORATION ,247 19,796 (35) 53,008 OFFICE OF STATE TAX COMM OFFICE OF THE US TRUSTEE - 5, ,201 ORACLE AMERICA INC - 1,830 1, ,660 ORANGE COUNTY TAX COLLECTOR ,521-2,521 PARKING CONCEPTS INC - (68) ,213 PETRA INDUSTRIES INC ,406 (3,309) (463) 7,633 POWER REVIEWS INC ,000 3,042 PROMARK INTERNATIONAL INC (2,009) - - (1,603) SAVVIS INC - (3,179) - 3, SEAWIDE MARINE DISTRIBUTION SHOP LOCAL LLC 1,000 1,000 1,000-1,000 4,000 SHOPPING.COM 55-1, ,042 SYNNEX CORPORATION ,179 (9,587) (6,494) TIME WARNER TELECOM - 1, ,564 UPS WEBSITES UTAH STATE TAX COMMISSION VCOMMERCE ,128 1,102 4,454 WATER TECHNIQUES WYNIT INC - (112) - (93) YAHOO INC , ,785 Totals $ 13,480 $ 52,721 $ 95,620 $ 74,653 $ 44,172 $ 280,646 FORM MOR - 4CONT

7 ACCOUNTS RECEIVABLE RECONCILIATION AND AGING Accounts Receivable Reconciliation Amount Total Accounts Receivable at the beginning of the reporting period $8,465 Net Change in Accounts Receivable (2,047) Total Accounts Receivable at the end of the reporting period $6,418 Accounts Receivable Aging Amount 0-30 days old ($2,047) days old days old days old 7,765 Total Accounts Receivable 6,418 Amount considered uncollectible (Bad Debt) 0 Accounts Receivable (Net) 6,418 Miscellaneous Receivables 6,281 Accounts Receivable per Balance Sheet $12,699 DEBTOR QUESTIONNAIRE Must be completed each month Yes No 1. Have any assets been sold or transferred outside the normal course of business X this reporting period? If yes, provide an explanation below.* 2. Have any funds been disbursed from any account other than a debtor in possession X account this reporting period? If yes, provide an explanation below.* 3. Have all postpetition tax returns been timely filed? If no, provide an explanation X below. 4. Are workers compensation, general liability and other necessary insurance X coverages in effect? If no, provide an explanation below. 5. Has any bank account been opened during the reporting period? If yes, provide X documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule *Refer to following page for explanations to questionnaire. FORM MOR-5

8 Debtor Questionnaire Question 3 The Debtor filed all returns but after the general filing dates.