UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 29, 2016 (January 20, 2016)
AXION INTERNATIONAL HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Colorado (State or other jurisdiction of incorporation) |
0-13111 (Commission File Number) |
84-0846389 (IRS Employer Identification No.) |
4005 All American
Way, Zanesville, Ohio |
43701 (Zip Code) |
Registrant’s telephone number, including area code: (740) 452-2500
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 8.01 Other Events
On December 8, 2015, Axion International Holdings, Inc. (the “Company”) filed an 8-K with the U.S. Securities and Exchange Commission to disclose its Chapter 11 bankruptcy filing in Delaware on December 2, 2015 (the “Bankruptcy Filing”). On January 15, 2016, the Company filed an 8-K with the U.S. Securities and Exchange Commission to disclose as a result of the Bankruptcy Filing, the Company would no longer file periodic reports under the Securities Exchange Act of 1934 and its shares will no longer be eligible for legend removal under Rule 144 for failure to continue to meet the current reporting requirement under Rule 144.
Pursuant to the rules and requirements under its Bankruptcy Filing, the Company files monthly financial reports with the U.S. Trustees with the U.S. Bankruptcy Court District of Delaware (the “Monthly Operating Reports”). The Monthly Operating Reports for December 2015 were prepared and filed for (i) the Company, (ii) its wholly-owned operating subsidiary Axion International, Inc. and (iii) its dormant wholly-owned subsidiary Axion Recycled Plastics Incorporated on January 20, 2016. Copies of these Monthly Operating Reports are included herewith as Exhibits to this Form 8-K.
Item 9.01 | Exhibits | ||
(d) | Exhibits | ||
Exhibit | |||
Number | Description of Exhibit | ||
99.1 | Monthly Operating Report – Axion International Holdings, Inc. | ||
99.2 | Monthly Operating Report – Axion International, Inc. | ||
99.3 | Monthly Operating Report – Axion Recycled Plastics Incorporated |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: January 29, 2016 | AXION INTERNATIONAL HOLDINGS, INC. | |
By: | /s/ Donald W. Fallon | |
Donald W. Fallon Chief Financial Officer |
Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: Axion International Holdings, Inc. | Case No.: 15—12416 |
Reporting Period: December 2 to 31, 2015 |
MONTHLY OPERATING REPORT (NO ACTIVITY DURING THE REPORTING PERIOD)
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.
REQUIRED DOCUMENTS | Form No. |
Document Attached |
Explanation Attached |
Affidavit/Supplement Attached | ||||
Schedule of Cash Receipts and Disbursements | MOR-1 | Y | ||||||
Bank Reconciliation (or copies of debtor's bank reconciliations) | MOR-1a | Y | ||||||
Schedule of Professional Fees Paid | MOR-1b | Y | ||||||
Copies of bank statements | n/a | |||||||
Cash disbursements journals | n/a | |||||||
Statement of Operations | MOR-2 | Y | ||||||
Balance Sheet | MOR-3 | Y | ||||||
Status of Postpetition Taxes | MOR-4 | Y | ||||||
Copies of IRS Form 6123 or payment receipt | N | |||||||
Copies of tax returns filed during reporting period | N | |||||||
Summary of Unpaid Postpetition Debts | MOR-4 | Y | ||||||
Listing of aged accounts payable | MOR-4 | Y | ||||||
Accounts Receivable Reconciliation and Aging | MOR-5 | Y | ||||||
Debtor Questionnaire | MOR-5 | Y |
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.
/s/ Donald W. Fallon | January 20, 2016 | ||
Signature of Debtor | Date | ||
/s/ Donald W. Fallon | January 20, 2016 | ||
Signature of Joint Debtor | Date | ||
/s/ Donald W. Fallon | January 20, 2016 | ||
Signature of Authorized Individual* | Date | ||
'Donald W. Fallon | CFO & Treasurer | ||
Printed Name of Authorized Individual | 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
(04/07)
In re: Axion International Holdings, Inc. | Case No.: 15-12416 |
Debtor | Reporting Period: December 2 to 31, 2015 |
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
Amounts reported should be per the debtor's books, not the bank statement. The beginning cash should be the ending cash from the prior month or, if this is the first report, the amount should be the balance on the date the petition was filed. The amounts reported in the "CURRENT MONTH - ACTUAL" column must equal the sum of the four bank account columns. The amounts reported in the "PROJECTED" columns should be taken from the SMALL BUSINESS INITIAL REPORT (FORM IR-1) . Attach copies of the bank statements and the cash disbursements journal. The total disbursements listed in the disbursements journal must equal the total disbursements reported on this page. A bank reconciliation must be attached for each account. [See MOR-1 (CON'T)]
BANK ACCOUNTS | CURRENT MONTH | CUMULATIVE FILING TO DATE | ||||||||||||||||||||||||||||||
OPER. | PAYROLL | TAX | OTHER | ACTUAL | PROJECTED | ACTUAL | PROJECTED | |||||||||||||||||||||||||
CASH BEGINNING OF MONTH | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
RECEIPTS | ||||||||||||||||||||||||||||||||
CASH SALES | ||||||||||||||||||||||||||||||||
ACCOUNTS RECEIVABLE | ||||||||||||||||||||||||||||||||
LOANS AND ADVANCES | ||||||||||||||||||||||||||||||||
SALE OF ASSETS | ||||||||||||||||||||||||||||||||
OTHER (ATTACH LIST) | ||||||||||||||||||||||||||||||||
TRANSFERS (FROM DIP ACCTS) | ||||||||||||||||||||||||||||||||
TOTAL RECEIPTS | ||||||||||||||||||||||||||||||||
DISBURSEMENTS | ||||||||||||||||||||||||||||||||
NET PAYROLL | ||||||||||||||||||||||||||||||||
PAYROLL TAXES | ||||||||||||||||||||||||||||||||
SALES, USE, & OTHER TAXES | ||||||||||||||||||||||||||||||||
INVENTORY PURCHASES | ||||||||||||||||||||||||||||||||
SECURED/ RENTAL/ LEASES | NO ACTIVITY | |||||||||||||||||||||||||||||||
INSURANCE | ||||||||||||||||||||||||||||||||
ADMINISTRATIVE | ||||||||||||||||||||||||||||||||
SELLING | ||||||||||||||||||||||||||||||||
OTHER (ATTACH LIST) | ||||||||||||||||||||||||||||||||
OWNER DRAW * | ||||||||||||||||||||||||||||||||
TRANSFERS (TO DIP ACCTS) | ||||||||||||||||||||||||||||||||
PROFESSIONAL FEES | ||||||||||||||||||||||||||||||||
U.S. TRUSTEE QUARTERLY FEES | ||||||||||||||||||||||||||||||||
COURT COSTS | ||||||||||||||||||||||||||||||||
TOTAL DISBURSEMENTS | ||||||||||||||||||||||||||||||||
NET CASH FLOW | ||||||||||||||||||||||||||||||||
(RECEIPTS LESS DISBURSEMENTS) | ||||||||||||||||||||||||||||||||
CASH - END OF MONTH | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
* COMPENSATION TO SOLE PROPRIETORS FOR SERVICES RENDERED TO BANKRUPTCY ESTATE
THE FOLLOWING SECTION MUST BE COMPLETED
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN) | ||||
TOTAL DISBURSEMENTS | $ | - | ||
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS | $ | |||
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts) | $ | |||
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES | $ | - |
FORM MOR-1
(04/07)
In re: Axion International Holdings, Inc. | Case No.: 15-12416 |
Debtor | Reporting Period: December 2 to 31, 2015 |
BANK RECONCILIATIONS
Continuation Sheet for MOR-1
A bank reconciliation must be included for each bank account. The debtor's bank reconciliation may be substituted for this page.
Operating | Payroll | Tax | Other | |||||||||||||
# | # | # | # | |||||||||||||
BALANCE PER BOOKS | ||||||||||||||||
BANK BALANCE | ||||||||||||||||
(+) DEPOSITS IN TRANSIT (ATTACH LIST) | ||||||||||||||||
(-) OUTSTANDING CHECKS (ATTACH LIST) | ||||||||||||||||
OTHER (ATTACH EXPLANATION) | ||||||||||||||||
ADJUSTED BANK BALANCE * | ||||||||||||||||
* Adjusted bank balance must equal balance per books | ||||||||||||||||
DEPOSITS IN TRANSIT | Date | Amount | Date | Amount | Date | Amount | Date | Amount | ||||||||
CHECKS OUTSTANDING | Ck. # | Amount | Ch. # | Amount | Ck. # | Amount | Ck. # | Amount | ||||||||
NO ACTIVITY | ||||||||||||||||
OTHER | ||||||||||||||||
FORM MOR-1a
(04/07)
In re: Axion International Holdings, Inc. | Case No.: 15-12416 |
Debtor | Reporting Period: December 2 to 31, 2015 |
SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID
This schedule is to include all retained professional payments from case inception to current month
Amount | Check | Amount Paid | Year-To-Date | |||||||||||||||
Payee | Period Covered | Approved | Payor | Number | Date | Fees | Expenses | Fees | Expenses | |||||||||
NO ACTIVITY | ||||||||||||||||||
FORM MOR-1b
(04/07)
In re: Axion International Holdings, Inc. | Case No.: 15-12416 |
Debtor | Reporting Period.: December 2 to 31, 2015 |
STATEMENT OF OPERATIONS
(Income Statement)
The Statement of Operations is to be prepared on an accrual basis. The accrual basis of accounting recognizes revenue when it is realized and expenses when they are incurred, regardless of when cash is actually received or paid.
Cumulative | ||||||||
REVENUES | Month | Filing to Date | ||||||
Gross Revenues | $ | - | $ | - | ||||
Less: Returns and Allowances | ||||||||
Net Revenue | $ | $ | ||||||
COST OF GOODS SOLD | ||||||||
Beginning Inventory | ||||||||
Add: Purchases | ||||||||
Add: Cost of Labor | ||||||||
Add: Other Costs (attach schedule) | ||||||||
Less: Ending Inventory | ||||||||
Cost of Goods Sold | ||||||||
Gross Profit | ||||||||
OPERATING EXPENSES | ||||||||
Advertising | ||||||||
Auto and Truck Expense | ||||||||
Bad Debts | ||||||||
Contributions | ||||||||
Employee Benefits Programs | ||||||||
Insider Compensation* | ||||||||
Insurance | ||||||||
Management Fees/Bonuses | ||||||||
Office Expense | NO ACTIVITY | |||||||
Pension & Profit-Sharing Plans | ||||||||
Repairs and Maintenance | ||||||||
Rent and Lease Expense | ||||||||
Salaries/Commissions/Fees | ||||||||
Supplies | ||||||||
Taxes - Payroll | ||||||||
Taxes - Real Estate | ||||||||
Taxes - Other | ||||||||
Travel and Entertainment | ||||||||
Utilities | ||||||||
Other (attach schedule) | ||||||||
Total Operating Expenses Before Depreciation | ||||||||
Depreciation/Depletion/Amortization | ||||||||
Net Profit (Loss) Before Other Income & Expenses | ||||||||
OTHER INCOME AND EXPENSES | ||||||||
Other Income (attach schedule) | ||||||||
Interest Expense | ||||||||
Other Expense (attach schedule) | ||||||||
Net Profit (Loss) Before Reorganization Items | ||||||||
REORGANIZATION ITEMS | ||||||||
Professional Fees | ||||||||
U. S. Trustee Quarterly Fees | ||||||||
Interest Earned on Accumulated Cash from Chapter 11 (see continuation sheet) | ||||||||
Gain (Loss) from Sale of Equipment | ||||||||
Other Reorganization Expenses (attach schedule) | ||||||||
Total Reorganization Expenses | ||||||||
Income Taxes | ||||||||
Net Profit (Loss) | $ | - | $ | - |
*"Insider" is defined in 11 U.S.C. Section 101(31).
FORM MOR-2
(04/07)
In re: Axion International Holdings, Inc. | Case No.: 15-12416 |
Debtor | Reporting Period: December 2 to 31, 2015 |
STATEMENT OF OPERATIONS - continuation sheet
Cumulative | ||||
BREAKDOWN OF "OTHER" CATEGORY | Month | Filing to Date | ||
Other Costs | ||||
Other Operational Expenses | ||||
NO ACTIVITY | ||||
Other Income | ||||
Other Expenses | ||||
Other Reorganization Expenses | ||||
Reorganization Items - Interest Earned on Accumulated Cash from Chapter 11:
Interest earned on cash accumulated during the chapter 11 case, which would not have been earned but for the bankruptcy proceeding, should be reported as a reorganization item.
FORM MOR-2 CONT'D
(04/07)
In re: Axion International Holdings, Inc. | Case No.: 15-12416 |
Debtor | Reporting Period: December 2 to 31, 2015 |
BALANCE SHEET
The Balance Sheet is to be completed on an accrual basis only. Pre-petition liabilities must be classified separately from postpetition obligations.
BOOK VALUE AT END OF | BOOK VALUE ON | |||||||
ASSETS | CURRENT REPORTING MONTH | PETITION DATE | ||||||
CURRENT ASSETS | ||||||||
Unrestricted Cash and Equivalents | $ | - | $ | - | ||||
Restricted Cash and Cash Equivalents (see continuation sheet) | ||||||||
Accounts Receivable (Net) | ||||||||
Notes Receivable | ||||||||
Inventories | NO ACTIVITY | |||||||
Prepaid Expenses | ||||||||
Professional Retainers | ||||||||
Other Current Assets (attach schedule) | ||||||||
TOTAL CURRENT ASSETS | $ | $ | ||||||
PROPERTY AND EQUIPMENT | ||||||||
Real Property and Improvements | ||||||||
Machinery and Equipment | ||||||||
Furniture, Fixtures and Office Equipment | ||||||||
Leasehold Improvements | ||||||||
Vehicles | ||||||||
Less Accumulated Depreciation | ||||||||
TOTAL PROPERTY & EQUIPMENT | $ | $ | ||||||
OTHER ASSETS | ||||||||
Loans to Insiders* | ||||||||
Other Assets (attach schedule) | ||||||||
TOTAL OTHER ASSETS | $ | $ | ||||||
TOTAL ASSETS | $ | $ |
BOOK VALUE AT END OF | BOOK VALUE ON | |||||||
LIABILITIES AND OWNER EQUITY | CURRENT REPORTING MONTH | PETITION DATE | ||||||
LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition) | ||||||||
Accounts Payable | ||||||||
Taxes Payable (refer to FORM MOR-4) | ||||||||
Wages Payable | ||||||||
Notes Payable | ||||||||
Rent / Leases - Building/Equipment | ||||||||
Secured Debt / Adequate Protection Payments | ||||||||
Professional Fees | ||||||||
Amounts Due to Insiders* | ||||||||
Other Postpetition Liabilities (attach schedule) | ||||||||
TOTAL POSTPETITION LIABILITIES | $ | $ | ||||||
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition) | ||||||||
Secured Debt | ||||||||
Priority Debt | ||||||||
Unsecured Debt | ||||||||
TOTAL PRE-PETITION LIABILITIES | $ | $ | ||||||
TOTAL LIABILITIES | $ | $ | ||||||
OWNER EQUITY | ||||||||
Capital Stock | ||||||||
Additional Paid-In Capital | ||||||||
Partners' Capital Account | ||||||||
Owner's Equity Account | ||||||||
Retained Earnings - Pre-Petition | ||||||||
Retained Earnings - Postpetition | ||||||||
Adjustments to Owner Equity (attach schedule) | ||||||||
Postpetition Contributions (Distributions) (Draws) (attach schedule) | ||||||||
NET OWNER EQUITY | $ | $ | ||||||
TOTAL LIABILITIES AND OWNERS' EQUITY | $ | $ |
*"Insider" is defined in 11 U.S.C. Section 101(31).
FORM MOR-3
(04/07)
In re: Axion International Holdings, Inc. | Case No.: 15-12416 |
Debtor | Reporting Period: December 2 to 31, 2015 |
BALANCE SHEET - continuation sheet
BOOK VALUE AT END OF | BOOK VALUE ON | |||
ASSETS | CURRENT REPORTING MONTH | PETITION DATE | ||
Other Current Assets | ||||
NO ACTIVITY | ||||
Other Assets | ||||
BOOK VALUE AT END OF | BOOK VALUE ON | |||
LIABILITIES AND OWNER EQUITY | CURRENT REPORTING MONTH | PETITION DATE | ||
Other Postpetition Liabilities | ||||
Adjustments to Owner Equity | ||||
Postpetition Contributions (Distributions) (Draws) | ||||
Restricted Cash is cash that is restricted for a specific use and not available to fund operations. Typically, restricted cash is segregated into a separate account, such as an escrow account.
FORM MOR-3 CONT'D
(04/07)
In re: Axion International Holdings, Inc. | Case No.: 15-12416 |
Debtor | Reporting Period: December 2 to 31, 2015 |
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 | NO ACTIVITY | |||||||||||
Other:_________________ | ||||||||||||
Total Federal Taxes | ||||||||||||
State and Local | ||||||||||||
Withholding | ||||||||||||
Sales | ||||||||||||
Excise | ||||||||||||
Unemployment | ||||||||||||
Real Property | ||||||||||||
Personal Property | ||||||||||||
Other:_________________ | ||||||||||||
Total State and Local | ||||||||||||
Total Taxes |
SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable.
Number of Days Past Due | ||||||||||||||||||||||||
Current | 0-30 | 31-60 | 61-90 | Over 90 | Total | |||||||||||||||||||
Accounts Payable | $ | - | ||||||||||||||||||||||
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 | $ | - |
Explain how and when the Debtor intends to pay any past-due postpetition debts.
*"Insider" is defined in 11 U.S.C. Section 101(31).
FORM MOR-4
(04/07)
In re: Axion International Holdings, Inc. | Case No.: 15-12416 |
Debtor | Reporting Period: December 2 to 31, 2015 |
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
Accounts Receivable Reconciliation | Amount | |||||||||||
Total Accounts Receivable at the beginning of the reporting period | $ | - | ||||||||||
+ Amounts billed during the period | $ | - | ||||||||||
- Amounts collected during the period | NO ACTIVITY | |||||||||||
Total Accounts Receivable at the end of the reporting period | $ | - | ||||||||||
Accounts Receivable Aging | Amount | |||||||||||
0 - 30 days old | $ | - | ||||||||||
31 - 60 days old | $ | - | ||||||||||
61 - 90 days old | $ | - | ||||||||||
91+ days old | $ | - | ||||||||||
Total Accounts Receivable | $ | - | ||||||||||
Amount considered uncollectible (Bad Debt) | $ | - | ||||||||||
Accounts Receivable (Net) | $ | - |
DEBTOR QUESTIONNAIRE
Must be completed each month | Yes | No | ||
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. | No | |||
2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. | No | |||
3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. | Yes | |||
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. | Yes (a) | |||
5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3. | No |
(a) - no employees employed under this debtor, but all employees for related debtor have all coverages in place.
FORM MOR-5
(04/07)
Exhibit 99.2
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: Axion International, Inc. | Case No.: 15-12415 |
Reporting Period: December 2 to 31, 2015 |
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 | Affidavit/Supplement | ||||||
REQUIRED DOCUMENTS | Form No. | Attached | Attached | Attached | ||||
Schedule of Cash Receipts and Disbursements | MOR-1 | Y | Y | |||||
Bank Reconciliation (or copies of debtor's bank reconciliations) | MOR-1a | Y | ||||||
Schedule of Professional Fees Paid | MOR-1b | Y | ||||||
Copies of bank statements | Y | |||||||
Cash disbursements journals | Y | |||||||
Statement of Operations | MOR-2 | Y | ||||||
Balance Sheet | MOR-3 | Y | ||||||
Status of Postpetition Taxes | MOR-4 | Y | ||||||
Copies of IRS Form 6123 or payment receipt | N | |||||||
Copies of tax returns filed during reporting period | N | |||||||
Summary of Unpaid Postpetition Debts | MOR-4 | Y | ||||||
Listing of aged accounts payable | MOR-4 | Y | ||||||
Accounts Receivable Reconciliation and Aging | MOR-5 | Y | ||||||
Debtor Questionnaire | MOR-5 | Y | Y |
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.
/s/ Donald W. Fallon | January 20, 2016 | |
Signature of Debtor | Date | |
/s/ Donald W. Fallon | January 20, 2016 | |
Signature of Joint Debtor | Date | |
/s/ Donald W. Fallon | January 20, 2016 | |
Signature of Authorized Individual* | Date | |
Donald W. Fallon | CFO & Treasurer | |
Printed Name of Authorized Individual | 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
(04/07)
In re Axion International, Inc. | Case No. 15-12415 (15-12416 & 15-12417) |
Debtor | Reporting Period: December 2, 2015 to December 31, 2015 |
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
Amounts reported should be per the debtor's books, not the bank statement. The beginning cash should be the ending cash from the prior month or, if this is the first report, the amount should be the balance on the date the petition was filed. The amounts reported in the "CURRENT MONTH - ACTUAL" column must equal the sum of the four bank account columns. The amounts reported in the "PROJECTED" columns should be taken from the SMALL BUSINESS INITIAL REPORT (FORM IR-1) . Attach copies of the bank statements and the cash disbursements journal. The total disbursements listed in the disbursements journal must equal the total disbursements reported on this page. A bank reconciliation must be attached for each account. [See MOR-1 (CON'T)]
BANK ACCOUNTS | CURRENT MONTH | CUMULATIVE FILING TO DATE | ||||||||||||||||||||||||||||||
OPER. | PAYROLL | TAX | Utility Dep | ACTUAL | PROJECTED | ACTUAL | PROJECTED | |||||||||||||||||||||||||
CASH BEGINNING OF MONTH | $ | 35,883 | $ | 569 | $ | - | $ | - | $ | 36,452 | $ | 3,050 | $ | 36,452 | $ | 3,050 | ||||||||||||||||
RECEIPTS | ||||||||||||||||||||||||||||||||
CASH SALES | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||||
ACCOUNTS RECEIVABLE | $ | 2,141,648 | $ | 2,141,648 | $ | 2,146,261 | $ | 2,141,648 | $ | 2,146,261 | ||||||||||||||||||||||
LOANS AND ADVANCES | $ | 650,000 | $ | - | $ | - | $ | - | $ | 650,000 | $ | 650,000 | $ | 650,000 | $ | 650,000 | ||||||||||||||||
SALE OF ASSETS | $ | 4,750 | $ | 4,750 | $ | 4,750 | $ | - | ||||||||||||||||||||||||
OTHER (ATTACH LIST) | $ | (5,727 | ) | $ | (5,727 | ) | $ | (5,727 | ) | $ | - | |||||||||||||||||||||
TRANSFERS (FROM DIP ACCTS) | $ | 304,500 | $ | 304,500 | $ | 304,500 | $ | - | ||||||||||||||||||||||||
TOTAL RECEIPTS | $ | 2,790,671 | $ | 304,500 | $ | - | $ | - | $ | 3,095,171 | $ | 2,796,261 | $ | 3,095,171 | $ | 2,796,261 | ||||||||||||||||
DISBURSEMENTS | ||||||||||||||||||||||||||||||||
NET PAYROLL | $ | 96,688 | $ | 230,227 | $ | 326,915 | $ | 480,358 | $ | 326,915 | $ | 480,358 | ||||||||||||||||||||
PAYROLL TAXES | $ | 34,603 | $ | 76,045 | $ | 110,648 | $ | 110,648 | $ | - | ||||||||||||||||||||||
EMPLOYEE BENEFITS | $ | 43,623 | $ | - | $ | 43,623 | $ | 20,816 | $ | 43,623 | $ | 20,816 | ||||||||||||||||||||
SALES, USE, & OTHER TAXES | $ | - | $ | - | $ | - | ||||||||||||||||||||||||||
INVENTORY PURCHASES | $ | 349,920 | $ | 349,920 | $ | 593,372 | $ | 349,920 | $ | 593,372 | ||||||||||||||||||||||
SECURED/ RENTAL/ LEASES | $ | 48,896 | $ | 48,896 | $ | 50,525 | $ | 48,896 | $ | 50,525 | ||||||||||||||||||||||
INSURANCE | $ | 148,922 | $ | 148,922 | $ | 148,346 | $ | 148,922 | $ | 148,346 | ||||||||||||||||||||||
ADMINISTRATIVE | $ | 7,736 | $ | 7,736 | $ | 17,727 | $ | 7,736 | $ | 17,727 | ||||||||||||||||||||||
SELLING | $ | - | $ | - | $ | - | ||||||||||||||||||||||||||
OTHER (ATTACH LIST) | $ | 130,583 | $ | 130,583 | $ | 736,321 | $ | 130,583 | $ | 736,321 | ||||||||||||||||||||||
$ | - | $ | - | $ | - | |||||||||||||||||||||||||||
OWNER DRAW * | $ | - | $ | - | $ | - | ||||||||||||||||||||||||||
TRANSFERS (TO DIP ACCTS) | $ | 304,500 | $ | 304,500 | $ | - | $ | 304,500 | $ | - | ||||||||||||||||||||||
$ | - | $ | - | $ | - | |||||||||||||||||||||||||||
PROFESSIONAL FEES | $ | 120,000 | $ | 120,000 | $ | 160,000 | $ | 120,000 | $ | 160,000 | ||||||||||||||||||||||
U.S. TRUSTEE QUARTERLY FEES | $ | - | $ | 25,000 | $ | - | $ | 25,000 | ||||||||||||||||||||||||
COURT COSTS | $ | - | $ | - | $ | - | ||||||||||||||||||||||||||
TOTAL DISBURSEMENTS | $ | 1,285,471 | $ | 306,272 | $ | - | $ | - | $ | 1,591,743 | $ | 2,232,465 | $ | 1,591,743 | $ | 2,232,465 | ||||||||||||||||
NET CASH FLOW | $ | 1,505,200 | $ | (1,772 | ) | $ | - | $ | - | $ | 1,503,428 | $ | 563,796 | $ | 1,503,428 | $ | 563,796 | |||||||||||||||
(RECEIPTS LESS DISBURSEMENTS) | ||||||||||||||||||||||||||||||||
CASH - END OF MONTH | $ | 1,541,083 | $ | (1,203 | ) | $ | - | $ | - | $ | 1,539,880 | $ | 566,846 | $ | 1,539,880 | $ | 566,846 |
* COMPENSATION TO SOLE PROPRIETORS FOR SERVICES RENDERED TO BANKRUPTCY ESTATE
THE FOLLOWING SECTION MUST BE COMPLETED
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN) | ||||
TOTAL DISBURSEMENTS | $ | 1,591,743 | ||
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS | $ | (304,500 | ) | |
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts) | $ | |||
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES | $ | 1,287,243 |
FORM MOR-1
(04/07)
In re Axion International, Inc. | Case No. 15-12415 (15-12416 & 15-12417) |
Debtor | Reporting Period: December 2, 2015 to December 31, 2015 |
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
ATTACHED LISTS TO MOR-1 |
CASH BEGINNING OF MONTH - 11/30/15 vs 12/2/15 | ||||||||
OPER | PAYROLL | |||||||
Balance at 11/30/15 per Bank Reconciliation | 133,852 | 569 | ||||||
12/1/2015 transactions (prepetition) | (97,969 | ) | ||||||
Cash Beginning of Month, per this Schedule | 35,883 | 569 |
Other Receipts List: | ||||
AR Terms Discounts | (5,727 | ) |
Other Disbursements List: | ||||||||
Description | Actual | Projected | ||||||
Utility Deposits | 26,453 | 40,000 | ||||||
Freight | 46,169 | 141,000 | ||||||
Operating Expenses - Texas Facility | 18,035 | 80,254 | ||||||
Operating Expenses - Ohio Facility | 11,917 | 25,876 | ||||||
Emergency Repairs - Texas facility | 22,810 | 57,146 | ||||||
Restart Extruder #1 - Texas Facility | 5,199 | 80,000 | ||||||
Legal - commercial/corporate counsel | 90,000 | |||||||
Audit & Tax Professional | 50,000 | |||||||
Interest - State of Ohio laon | 7,970 | |||||||
Interest - DiP Loan | 8,633 | |||||||
Budget Variance @ 10% | - | 155,442 | ||||||
TOTAL | 130,583 | 736,321 |
PAYROLLS | ||||||||||||||||||||||||||||
Description | Actual | Projected | ||||||||||||||||||||||||||
12/4/15 | 12/18/15 | 12/31/15 | Total | Operating | Payroll | |||||||||||||||||||||||
Net | $ | 108,346 | $ | 96,628 | $ | 96,688 | $ | 301,662 | 96,688 | 204,974 | ||||||||||||||||||
Fee | 1,247 | 1,221 | 1,221 | 3,688 | 3,688 | |||||||||||||||||||||||
401(k) | 3,017 | 2,419 | 2,463 | 7,898 | 7,898 | |||||||||||||||||||||||
Garnishments | 3,700 | 3,601 | 3,614 | 10,915 | 10,915 | |||||||||||||||||||||||
Taxes | 42,353 | 33,692 | 34,603 | 110,648 | 34,603 | 76,045 | ||||||||||||||||||||||
AFLAC | 328 | 219 | 547 | 547 | ||||||||||||||||||||||||
Health | 25,498 | 25,498 | 25,498 | |||||||||||||||||||||||||
Dental | 1,566 | 1,566 | 1,566 | |||||||||||||||||||||||||
Life | 243 | 243 | 243 | |||||||||||||||||||||||||
HSA Reimb | 253 | 2,500 | 2,753 | 2,753 | ||||||||||||||||||||||||
TX workers comp | 4,389 | 4,389 | 4,389 | |||||||||||||||||||||||||
OH workers comp | 11,380 | 11,380 | 11,380 | |||||||||||||||||||||||||
TOTAL | $ | 159,243 | $ | 137,561 | $ | 184,383 | $ | 481,186 | $ | 174,914 | $ | 306,272 | ||||||||||||||||
Net Payroll | 116,562 | 103,868 | 106,485 | 326,915 | 96,688 | 230,227 | 480,358 | |||||||||||||||||||||
Payroll Taxes | 42,353 | 33,692 | 34,603 | 110,648 | 34,603 | 76,045 | - | |||||||||||||||||||||
Employee Benefits | 328 | - | 43,295 | 43,623 | 43,623 | - | 20,816 | |||||||||||||||||||||
TOTAL | $ | 159,243 | $ | 137,561 | $ | 184,383 | $ | 481,186 | $ | 174,914 | $ | 306,272 | $ | 501,174 |
FORM MOR-1
(04/07)
In re Axion International, Inc. | Case No. 15-12415 |
Debtor | Reporting Period: December 2 to 31, 2015 |
BANK RECONCILIATIONS - OPERATING ACCOUNT |
Continuation Sheet for MOR-1 |
A bank reconciliation must be included for each bank account. The debtor's bank reconciliation may be substituted for this page. |
Month: | December 31, 2015 | GL Account # | CZ1060 |
General Ledger Reconciliation | Per the Bank | |||||||||||||
Balance per GL- Begin of Period | $ | 133,851.76 | Ending Balance per Bank Statement | $ | 1,619,209.38 | |||||||||
Plus: | 2,791,220.89 | Plus: Outstanding Deposits | ||||||||||||
Deposits | 2,791,220.89 | |||||||||||||
Transfer from Payroll Acct | ||||||||||||||
Less: | (1,383,933.16 | ) | Less: Outstanding Disbursements | (78,069.89 | ) | |||||||||
Disbursements | 947,877.57 | |||||||||||||
Bank Charges | 265.00 | 1231PNCOA | ||||||||||||
Transfer to Other Acct - AXI PNC PR | 435,790.59 | 1231PNCOA | ||||||||||||
Balance per GL - End of Period | $ | 1,541,139.49 | Reconciled Balance per the Bank | $ | 1,541,139.49 | |||||||||
Difference | - |
Outstanding Disbursements: | ||||||
AP CK# | AP Amount | |||||
11422 | CENTRAL TEXAS SECURITY & FIRE | 16,648.85 | ||||
11432 | AEP ENERGY, INC. | 17,952.87 | ||||
DEBIT 122215 | FALCON INDUSTRIES INC | 161.60 | ||||
11440 | ANTHEM BCBS OH GROUP | 25,498.45 | ||||
11441 | ANTHEM DENTAL | 1,566.04 | ||||
11442 | ANTHEM LIFE | 243.00 | ||||
11443 | OHIO BUREAU OF WORKERS' COMPEN | 11,380.48 | ||||
11444 | CHEM-AQUA, INC. | 583.00 | ||||
11445 | CITY OF WACO WATER OFFICE | 1,280.18 | ||||
11447 | RING CENTRAL | 1,081.58 | ||||
11448 | SUNBRIGHT DISPOSAL SERVICES | 202.64 | ||||
11449 | SUNBELT RENTALS | 1,274.67 | ||||
11450 | COMDOC | 196.53 | ||||
78,069.89 |
FORM MOR-1a
In re Axion International, Inc. | Case No. 15-12415 |
Debtor | Reporting Period: December 2 to 31, 2015 |
BANK RECONCILIATIONS - PAYROLL ACCOUNT
Continuation Sheet for MOR-1
A bank reconciliation must be included for each bank account. The debtor's bank reconciliation may be substituted for this page.
Month: | December 31, 2015 | GL Account # | CZ1070 |
General Ledger Reconciliation | Per the Bank | |||||||||||||
Balance per GL- Begin of Period | $ | 568.88 | Ending Balance per Bank Statement | $ | 915.94 | |||||||||
Plus: | 304,500.00 | Plus: Outstanding Deposits | - | |||||||||||
Deposits | 304,500.00 | |||||||||||||
Less: | (306,272.13 | ) | Less: Outstanding Disbursements | |||||||||||
Disbursements | 303,519.42 | Disbursements (Column 1) | (2,119.19 | ) | ||||||||||
Paychex Fee | ||||||||||||||
FSA Reimbursement | 2,578.71 | |||||||||||||
FSA Reimbursement | 174.00 | |||||||||||||
Balance per GL - End of Period | $ | (1,203.25 | ) | Reconciled Balance per the Bank | $ | (1,203.25 | ) | |||||||
Difference | - | |||||||||||||
Outstanding Deposits: | FSA balance in account | 1,846.26 | ||||||||||||
Diff in 401K w/h 1/16/15 & 3/13/15 pay | 272.93 | |||||||||||||
Total Outstanding Checks: | 2119.19 |
FORM MOR-1a
In re Axion International, Inc. | Case No. 15-12415 (15-12416 & 15-12417) |
Debtor | Reporting Period: December 2 to 31, 2015 |
SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID
This schedule is to include all retained professional payments from case inception to current month
Amount | Check | Amount Paid | Year-To-Date | |||||||||||||||
Payee | Period Covered | Approved |
Payor | Number | Date | Fees | Expenses | Fees | Expenses | |||||||||
NONE | ||||||||||||||||||
Professional fees listed on MOR-1 is based on estimated fees and was transferred to Bayard’s trust account in anticipation of payment of these fees. MOR-1b will be updated with actual payments when they are disbursed from the trust account.
FORM MOR-1b
(04/07)
In re: Axion International, Inc. | Case No.: 15-12415 |
Debtor | Reporting Period: December 2 to 31, 2015 |
STATEMENT OF OPERATIONS
(Income Statement)
The Statement of Operations is to be prepared on an accrual basis. The accrual basis of accounting recognizes revenue when it is realized and expenses when they are incurred, regardless of when cash is actually received or paid.
Cumulative | ||||||||
REVENUES | Month | Filing to Date | ||||||
Gross Revenues | $ | 661,714 | $ | 661,714 | ||||
Less: Returns and Allowances | $ | - | $ | - | ||||
Net Revenue | $ | 661,714 | $ | 661,714 | ||||
COST OF GOODS SOLD | ||||||||
Beginning Inventory | $ | 1,802,493 | $ | 1,802,493 | ||||
Add: Purchases | $ | 324,819 | $ | 324,819 | ||||
Add: Cost of Labor & Production Costs | $ | 446,694 | $ | 446,694 | ||||
Add: Other Costs (attach schedule) | $ | 81,565 | $ | 81,565 | ||||
Less: Ending Inventory | $ | (1,493,482 | ) | $ | (1,493,482 | ) | ||
Cost of Goods Sold | $ | 1,162,087 | $ | 1,162,087 | ||||
Gross Profit | $ | (500,374 | ) | $ | (500,374 | ) | ||
OPERATING EXPENSES | ||||||||
Personnel Costs - Sales & Marketing | $ | 37,909 | $ | 37,909 | ||||
Personnel Costs - General & Administrative | $ | 86,989 | $ | 86,989 | ||||
Travel & Meals | $ | 18,734 | $ | 18,734 | ||||
Advertising & Trade Shows | $ | 4,694 | $ | 4,694 | ||||
Office Expenses | $ | 4,094 | $ | 4,094 | ||||
Board of Directors | $ | (12,074 | ) | $ | (12,074 | ) | ||
Investor Relations & Shareholders Services | $ | 1,440 | $ | 1,440 | ||||
Insurance | $ | 31,259 | $ | 31,259 | ||||
Legal & Other Professional Fees | $ | 498 | $ | 498 | ||||
Other (attach schedule) | ||||||||
Total Operating Expenses Before Depreciation | $ | 173,543 | $ | 173,543 | ||||
Depreciation/Depletion/Amortization | $ | 10,196 | $ | 10,196 | ||||
Net Profit (Loss) Before Other Income & Expenses | $ | (684,112 | ) | $ | (684,112 | ) | ||
OTHER INCOME AND EXPENSES | ||||||||
Other Income (attach schedule) | ||||||||
Interest Expense | $ | (21,229 | ) | $ | (21,229 | ) | ||
Other Expense (attach schedule) | ||||||||
Net Profit (Loss) Before Reorganization Items | $ | (662,884 | ) | $ | (662,884 | ) | ||
REORGANIZATION ITEMS | ||||||||
Professional Fees | $ | 120,000 | $ | 120,000 | ||||
U. S. Trustee Quarterly Fees | ||||||||
Interest Earned on Accumulated Cash from Chapter 11 (see continuation sheet) | ||||||||
Gain (Loss) from Sale of Equipment | ||||||||
Other Reorganization Expenses (attach schedule) | ||||||||
Total Reorganization Expenses | ||||||||
Income Taxes | ||||||||
Net Profit (Loss) | $ | (782,884 | ) | $ | (782,884 | ) |
*"Insider" is defined in 11 U.S.C. Section 101(31).
FORM MOR-2
(04/07)
In re: Axion International, Inc. | Case No.: 15-12415 |
Debtor | Reporting Period: December 2 to 31, 2015 |
STATEMENT OF OPERATIONS - continuation sheet
Cumulative | ||||||||
BREAKDOWN OF "OTHER" CATEGORY | Month | Filing to Date | ||||||
Other Costs | ||||||||
Freight costs to customers | $ | 30,214 | $ | 30,214 | ||||
Royalties Under License | $ | 9,154 | $ | 9,154 | ||||
Purchasing & Product Development departments | $ | 42,196 | $ | 42,196 | ||||
Other Operational Expenses | ||||||||
Other Income | ||||||||
Other Expenses | ||||||||
Other Reorganization Expenses | ||||||||
Reorganization Items - Interest Earned on Accumulated Cash from Chapter 11:
Interest earned on cash accumulated during the chapter 11 case, which would not have been earned but for the bankruptcy proceeding, should be reported as a reorganization item.
FORM MOR-2 CONT'D
(04/07)
In re Axion International, Inc. | Case No. 15-12415 |
Debtor | Reporting Period: December 2 to 31, 2015 |
BALANCE SHEET
The Balance Sheet is to be completed on an accrual basis only. Pre-petition liabilities must be classified separately from postpetition obligations.
BOOK VALUE AT END OF | BOOK VALUE ON | |||||||
CURRENT REPORTING MONTH | PETITION DATE | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Unrestricted Cash and Equivalents | $ | 1,539,936 | $ | 134,421 | ||||
Restricted Cash and Cash Equivalents (see continuation sheet) | $ | - | $ | - | ||||
Accounts Receivable (Net) | $ | 559,964 | $ | 2,034,172 | ||||
Notes Receivable | $ | - | $ | - | ||||
Inventories | $ | 1,493,482 | $ | 1,803,405 | ||||
Prepaid Expenses | $ | 341,036 | $ | 114,429 | ||||
Professional Retainers | $ | - | $ | - | ||||
Other Current Assets (attach schedule) | $ | - | $ | - | ||||
TOTAL CURRENT ASSETS | $ | 3,934,419 | $ | 4,086,426 | ||||
PROPERTY AND EQUIPMENT | ||||||||
Real Property and Improvements | $ | - | ||||||
Machinery and Equipment | $ | 11,489,380 | $ | 11,484,181 | ||||
Furniture, Fixtures and Office Equipment | $ | 259,596 | $ | 259,596 | ||||
Leasehold Improvements | $ | 36,467 | $ | 19,818 | ||||
Vehicles | $ | - | $ | - | ||||
Less Accumulated Depreciation | $ | (3,428,608 | ) | $ | (3,320,092 | ) | ||
TOTAL PROPERTY & EQUIPMENT | $ | 8,356,835 | $ | 8,443,503 | ||||
OTHER ASSETS | ||||||||
Loans to Insiders* | $ | - | $ | - | ||||
Other Assets (attach schedule) | $ | - | $ | - | ||||
TOTAL OTHER ASSETS | $ | - | $ | - | ||||
TOTAL ASSETS | $ | 12,291,254 | $ | 12,529,929 | ||||
BOOK VALUE AT END OF | BOOK VALUE ON | |||||||
CURRENT REPORTING MONTH | PETITION DATE | |||||||
LIABILITIES AND OWNER EQUITY | ||||||||
LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition) | ||||||||
Accounts Payable | $ | 55,451 | $ | - | ||||
Taxes Payable (refer to FORM MOR-4) | $ | 102,185 | $ | 73,275 | ||||
Wages Payable | $ | 79,270 | $ | 202,788 | ||||
Notes Payable | $ | - | $ | - | ||||
Rent / Leases - Building/Equipment | $ | 573,985 | $ | 554,793 | ||||
Secured Debt / Adequate Protection Payments | $ | 850,000 | $ | 200,000 | ||||
Professional Fees | $ | - | $ | - | ||||
Amounts Due to Insiders* | $ | - | $ | - | ||||
Other Postpetition Liabilities (attach schedule) | $ | 792,602 | $ | 673,980 | ||||
TOTAL POSTPETITION LIABILITIES | $ | 2,453,492 | $ | 1,704,837 | ||||
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition) | ||||||||
Secured Debt | $ | 9,404,946 | $ | 9,386,118 | ||||
Priority Debt | $ | - | $ | - | ||||
Unsecured Debt | $ | 6,871,971 | $ | 7,083,172 | ||||
TOTAL PRE-PETITION LIABILITIES | $ | 16,276,917 | $ | 16,469,290 | ||||
TOTAL LIABILITIES | $ | 18,730,409 | $ | 18,174,127 | ||||
OWNER EQUITY | ||||||||
Capital Stock | $ | 54,725,760 | $ | 54,737,834 | ||||
Additional Paid-In Capital | $ | - | $ | - | ||||
Preferred Stock | $ | 4,079,980 | $ | 4,079,980 | ||||
Owner's Equity Account | $ | - | $ | - | ||||
Retained Earnings - Pre-Petition | $ | (64,462,011 | ) | $ | (64,462,011 | ) | ||
Retained Earnings - Postpetition | $ | (782,884 | ) | $ | - | |||
Adjustments to Owner Equity (attach schedule) | $ | - | $ | - | ||||
Postpetition Contributions (Distributions) (Draws) (attach schedule) | $ | - | $ | - | ||||
NET OWNER EQUITY | $ | (6,439,155 | ) | $ | (5,644,197 | ) | ||
TOTAL LIABILITIES AND OWNERS' EQUITY | $ | 12,291,254 | $ | 12,529,929 |
*"Insider" is defined in 11 U.S.C. Section 101(31).
FORM MOR-3
(04/07)
In re: Axion International, Inc. | Case No.: 15-12415 |
Debtor | Reporting Period: December 2 to 31, 2015 |
BALANCE SHEET - continuation sheet
BOOK VALUE AT END OF | BOOK VALUE ON | |||||||
ASSETS | CURRENT REPORTING MONTH | PETITION DATE | ||||||
Other Current Assets | ||||||||
Other Assets | ||||||||
BOOK VALUE AT END OF | BOOK VALUE ON | |||||||
LIABILITIES AND OWNER EQUITY | CURRENT REPORTING MONTH | PETITION DATE | ||||||
Other Postpetition Liabilities | ||||||||
Customer deposit | $ | 172,050 | $ | 167,300 | ||||
Sales tax payable | $ | 45,141 | $ | 45,141 | ||||
Ford credit truck loan | $ | 20,873 | $ | 21,261 | ||||
Bureau of Workers Comp - Ohio | $ | 22,102 | $ | 16,577 | ||||
Royalties payable | $ | 158,515 | $ | 147,503 | ||||
Accrued interest | $ | 336,024 | $ | 276,198 | ||||
Miscellaneous month-end cutoff invoices | $ | 37,897 | ||||||
Adjustments to Owner Equity | ||||||||
Postpetition Contributions (Distributions) (Draws) | ||||||||
Restricted Cash is cash that is restricted for a specific use and not available to fund operations. Typically, restricted cash is segregated into a separate account, such as an escrow account.
FORM MOR-3 CONT'D
(04/07)
In re: Axion International, Inc. | Case No. 15-12415 |
Debtor | Reporting Period: December 2 to 31, 2015 |
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 | |||||||
Federal | Liability | Accrued | Paid | Paid | or EFT | Liability | ||||||
Withholding | ||||||||||||
FICA-Employee | ||||||||||||
FICA-Employer | Through our payroll processor, Paychex, we have remitted and filed our tax returns when due. | |||||||||||
Unemployment | ||||||||||||
Income | ||||||||||||
Other:_________________ | ||||||||||||
Total Federal Taxes | ||||||||||||
State and Local | ||||||||||||
Withholding | ||||||||||||
Sales | ||||||||||||
Excise | Through our payroll processor, Paychex, we have remitted and filed our tax returns when due. | |||||||||||
Unemployment | ||||||||||||
Real Property | ||||||||||||
Personal Property | ||||||||||||
Other:_________________ | ||||||||||||
Total State and Local | ||||||||||||
Total Taxes |
SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable.
Number of Days Past Due | ||||||||||||||||||||||||
Current | 0-30 | 31-60 | 61-90 | Over 90 | Total | |||||||||||||||||||
Accounts Payable | $ | 55,451 | $ | - | $ | - | $ | - | $ | - | $ | 55,451 | ||||||||||||
Wages Payable | $ | 79,270 | $ | - | $ | - | $ | - | $ | - | $ | 79,270 | ||||||||||||
Taxes Payable | $ | 102,185 | $ | - | $ | - | $ | - | $ | - | $ | 102,185 | ||||||||||||
Rent/Leases-Building | $ | 573,985 | $ | - | $ | - | $ | - | $ | - | $ | 573,985 | ||||||||||||
Rent/Leases-Equipment | $ | - | ||||||||||||||||||||||
Secured Debt/Adequate Protection Payments | $ | 850,000 | $ | - | $ | - | $ | - | $ | - | $ | 850,000 | ||||||||||||
Professional Fees | $ | - | ||||||||||||||||||||||
Amounts Due to Insiders* | $ | - | ||||||||||||||||||||||
Other:__________________________ | $ | - | ||||||||||||||||||||||
Other:__________________________ | $ | - | ||||||||||||||||||||||
Total Postpetition Debts | $ | 1,660,890 | $ | - | $ | - | $ | - | $ | - | $ | 1,660,890 |
Explain how and when the Debtor intends to pay any past-due postpetition debts.
*"Insider" is defined in 11 U.S.C. Section 101(31).
FORM MOR-4
(04/07)
AXION INTERNATIONAL INC
Aged Payables
As of Dec 31, 2015
Filter Criteria includes: 1) Includes Drop Shipments. Report order is by ID. Report is printed in Detail Format.
Vendor ID | Vendor | Date | Date Due | Invoice/CM # | 0 - 30 | 31 - 60 | 61 - 90 | Over 90 days | Amount Due | Vendor Type | |||||||||||||||||||||
ADVA01 | ADVANCED POLYMERS SUPPLY INC. | 12/22/15 | 1/1/16 | 1555 | 1,938.00 | 1,938.00 | RAW | ||||||||||||||||||||||||
ADVA01 | ADVANCED POLYMERS SUPPLY INC. | 1,938.00 | 1,938.00 | ||||||||||||||||||||||||||||
AFLA01 | AFLAC | 12/13/15 | 1/1/16 | 173626 | 218.76 | 218.76 | INSURANC | ||||||||||||||||||||||||
AFLA01 | AFLAC | 218.76 | 218.76 | ||||||||||||||||||||||||||||
AMER02 | AMERIGAS | 12/9/15 | 2/7/16 | 3046870588 | 355.51 | 355.51 | MRO | ||||||||||||||||||||||||
AMER02 | AMERIGAS | 12/11/15 | 2/9/16 | 3046950912 | 136.90 | 136.90 | MRO | ||||||||||||||||||||||||
AMER02 | AMERIGAS | 12/19/15 | 1/17/16 | 3047191005 | 256.28 | 256.28 | MRO | ||||||||||||||||||||||||
AMER02 | AMERIGAS | 12/31/15 | 2/29/16 | 3047548113 | 328.47 | 328.47 | MRO | ||||||||||||||||||||||||
AMER02 | AMERIGAS | 1,077.16 | 1,077.16 | ||||||||||||||||||||||||||||
ATMO01 | ATMOS ENERGY | 12/23/15 | 1/7/16 | 4006695809DEC | 261.19 | 261.19 | UTILITY | ||||||||||||||||||||||||
ATMO01 | ATMOS ENERGY | 261.19 | 261.19 | ||||||||||||||||||||||||||||
ATMO02 | ATMOS ENERGY | 12/29/15 | 1/13/16 | 3046665508DEC | 111.35 | 111.35 | UTILITY | ||||||||||||||||||||||||
ATMO02 | ATMOS ENERGY | 111.35 | 111.35 | ||||||||||||||||||||||||||||
CINT01 | CINTAS CORPORATION | 12/9/15 | 1/10/16 | 637450097 | 180.62 | 180.62 | MRO | ||||||||||||||||||||||||
CINT01 | CINTAS CORPORATION | 12/16/15 | 1/10/16 | 637450466 | 180.62 | 180.62 | MRO | ||||||||||||||||||||||||
CINT01 | CINTAS CORPORATION | 12/25/15 | 1/4/16 | 8402545910 | 141.04 | 141.04 | MRO | ||||||||||||||||||||||||
CINT01 | CINTAS CORPORATION | 12/30/15 | 1/10/16 | 637451213 | 315.67 | 315.67 | MRO | ||||||||||||||||||||||||
CINT01 | CINTAS CORPORATION | 817.95 | 817.95 | ||||||||||||||||||||||||||||
CITY03 | CITY OF ZANESVILLE | 12/14/15 | 1/13/16 | 11762 | 111.60 | 111.60 | UTILITY | ||||||||||||||||||||||||
CITY03 | CITY OF ZANESVILLE | 111.60 | 111.60 | ||||||||||||||||||||||||||||
COAS01 | COASTAL COMPOUNDED RESINS | 12/30/15 | 12/30/15 | 4790 | 3,899.20 | 3,899.20 | RAW | ||||||||||||||||||||||||
COAS01 | COASTAL COMPOUNDED RESINS | 3,899.20 | 3,899.20 | ||||||||||||||||||||||||||||
COSH01 | COSHOCTON ENVIRONMENTAL TESTING LLC | 12/10/15 | 1/9/16 | 632-38187 | 60.00 | 60.00 | MRO | ||||||||||||||||||||||||
COSH01 | COSHOCTON ENVIRONMENTAL TESTING LLC | 12/21/15 | 1/20/16 | 632-38232 | 60.00 | 60.00 | MRO | ||||||||||||||||||||||||
COSH01 | COSHOCTON ENVIRONMENTAL TESTING LLC | 12/31/15 | 1/30/16 | 632-38288 | 60.00 | 60.00 | MRO | ||||||||||||||||||||||||
COSH01 | COSHOCTON ENVIRONMENTAL TESTING LLC | 180.00 | 180.00 | ||||||||||||||||||||||||||||
DIRE01 | DIRECT ENERGY BUSINESS | 12/30/15 | 1/29/16 | 153640026299016 | 4,193.01 | 4,193.01 | UTILITY | ||||||||||||||||||||||||
DIRE01 | DIRECT ENERGY BUSINESS | 4,193.01 | 4,193.01 | ||||||||||||||||||||||||||||
DUPU01 | DUPUY OXYGEN & SUPPLY | 12/16/15 | 1/15/16 | 372524 | 20.19 | 20.19 | MRO | ||||||||||||||||||||||||
DUPU01 | DUPUY OXYGEN & SUPPLY | 20.19 | 20.19 | ||||||||||||||||||||||||||||
FEDE02 | FEDEX | 12/21/15 | 1/5/16 | 5-262-69401 | 32.53 | 32.53 | FREIGHT |
Page:12
Vendor ID | Vendor | Date | Date Due | Invoice/CM # | 0 - 30 | 31 - 60 | 61 - 90 | Over 90 days | Amount Due | Vendor Type | |||||||||||||||||||||
FEDE02 | FEDEX | 12/28/15 | 1/12/16 | 5-270-58089 | 95.50 | 95.50 | FREIGHT | ||||||||||||||||||||||||
FEDE02 | FEDEX | 128.03 | 128.03 | ||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||
GILB01 | GILBERT + TOBIN | 12/10/15 | 1/9/16 | 312076 | 497.79 | 497.79 | PROF | ||||||||||||||||||||||||
GILB01 | GILBERT + TOBIN | 497.79 | 497.79 | ||||||||||||||||||||||||||||
GPHA01 | GP HARMON RECYCLING LLC | 12/18/15 | 12/18/15 | 451000869594 | 14,785.23 | 14,785.23 | RAW | ||||||||||||||||||||||||
GPHA01 | GP HARMON RECYCLING LLC | 12/23/15 | 12/23/15 | 451000869593 | 18,850.65 | 18,850.65 | RAW | ||||||||||||||||||||||||
GPHA01 | GP HARMON RECYCLING LLC | 33,635.88 | 33,635.88 | ||||||||||||||||||||||||||||
KERR01 | KERRY D. IRONS, M.D., P.A. | 12/30/15 | 1/29/16 | 58408 | 28.00 | 28.00 | HR | ||||||||||||||||||||||||
KERR01 | KERRY D. IRONS, M.D., P.A. | 28.00 | 28.00 | ||||||||||||||||||||||||||||
MUSK02 | MUSKINGUM COUNTY UTILITIES | 12/16/15 | 1/15/16 | 201-01270-02OCT | 4,401.31 | 4,401.31 | UTILITY | ||||||||||||||||||||||||
MUSK02 | MUSKINGUM COUNTY UTILITIES | 4,401.31 | 4,401.31 | ||||||||||||||||||||||||||||
PURC01 | PITNEY BOWES POSTAGE BY PHONE | 12/13/15 | 1/10/16 | STMT121315 | 3.29 | 3.29 | LEASE | ||||||||||||||||||||||||
PURC01 | PITNEY BOWES POSTAGE BY PHONE | 3.29 | 3.29 | ||||||||||||||||||||||||||||
SAGE01 | SAGE SOFTWARE INC | 12/28/15 | 1/27/16 | 1002993008 | 2,465.68 | 2,465.68 | IT | ||||||||||||||||||||||||
SAGE01 | SAGE SOFTWARE INC | 2,465.68 | 2,465.68 | ||||||||||||||||||||||||||||
SPOO01 | SPOONER INC. | 12/29/15 | 1/28/16 | 74-123015 | 175.00 | 175.00 | INSURANC | ||||||||||||||||||||||||
SPOO01 | SPOONER INC. | 175.00 | 175.00 | ||||||||||||||||||||||||||||
SUNB02 | SUNBRIGHT DISPOSAL SERVICES | 12/8/15 | 1/7/16 | 78113 | 400.36 | 400.36 | DISPOSAL | ||||||||||||||||||||||||
SUNB02 | SUNBRIGHT DISPOSAL SERVICES | 12/11/15 | 1/10/16 | 78329 | 577.86 | 577.86 | DISPOSAL | ||||||||||||||||||||||||
SUNB02 | SUNBRIGHT DISPOSAL SERVICES | 978.22 | 978.22 | ||||||||||||||||||||||||||||
TCEQ01 | TEXAS COMMISSION ON ENVIRONMENTAL QUAL | 12/31/15 | 1/30/16 | GPS0196489 | 200.00 | 200.00 | PROF | ||||||||||||||||||||||||
TCEQ01 | TEXAS COMMISSION ON ENVIRONMENTAL QUAL | 200.00 | 200.00 | ||||||||||||||||||||||||||||
TERM01 | TERMINIX | 12/16/15 | 1/4/16 | 350972175 | 48.26 | 48.26 | MRO | ||||||||||||||||||||||||
TERM01 | TERMINIX | 48.26 | 48.26 | ||||||||||||||||||||||||||||
UPS01 | UPS | 12/26/15 | 1/25/16 | 00011YA17525 | 60.94 | 60.94 | FREIGHT | ||||||||||||||||||||||||
UPS01 | UPS | 60.94 | 60.94 | ||||||||||||||||||||||||||||
Report Total | 55,450.81 | 55,450.81 |
Page:13
In re: Axion International, Inc. | Case No.: 15-12415 |
Debtor | Reporting Period: December 2 to 31, 2015 |
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
Accounts Receivable Reconciliation | Amount | |||
Total Accounts Receivable at the beginning of the reporting period | $ | 2,103,379 | ||
+ Amounts billed during the period | $ | 667,441 | ||
- Amounts collected during the period | $ | (2,141,648 | ) | |
Total Accounts Receivable at the end of the reporting period | $ | 629,172 |
Accounts Receivable Aging | Amount | |||
0 - 30 days old | $ | 564,182 | ||
31 - 60 days old | $ | 469 | ||
61 - 90 days old | $ | - | ||
91+ days old | $ | 64,521 | ||
Total Accounts Receivable | $ | 629,172 | ||
Amount considered uncollectible (Bad Debt) | $ | (69,208 | ) | |
Accounts Receivable (Net) | $ | 559,964 |
DEBTOR QUESTIONNAIRE
Must be completed each month | Yes | No | |||
1. | Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. | No | |||
2. | Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. | No | |||
3. | Have all postpetition tax returns been timely filed? If no, provide an explanation below. | Yes | |||
4. | Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. | Yes | |||
5. | Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3. | Yes, Utility Deposit Account on 12/30/15 |
FORM MOR-5
(04/07)
Exhibit 99.3
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re: Axion Recycled Plastics Incorporated | Case No.: 15—12417 | |
Reporting Period: December 2 to 31, 2015 |
MONTHLY OPERATING REPORT (NO ACTIVITY DURING THE REPORTING PERIOD)
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 | Affidavit/Supplement | ||||||
REQUIRED DOCUMENTS | Form No. | Attached | Attached | Attached | ||||
Schedule of Cash Receipts and Disbursements | MOR-1 | Y | ||||||
Bank Reconciliation (or copies of debtor's bank reconciliations) | MOR-1a | Y | ||||||
Schedule of Professional Fees Paid | MOR-1b | Y | ||||||
Copies of bank statements | n/a | |||||||
Cash disbursements journals | n/a | |||||||
Statement of Operations | MOR-2 | Y | ||||||
Balance Sheet | MOR-3 | Y | ||||||
Status of Postpetition Taxes | MOR-4 | Y | ||||||
Copies of IRS Form 6123 or payment receipt | N | |||||||
Copies of tax returns filed during reporting period | N | |||||||
Summary of Unpaid Postpetition Debts | MOR-4 | Y | ||||||
Listing of aged accounts payable | MOR-4 | Y | ||||||
Accounts Receivable Reconciliation and Aging | MOR-5 | Y | ||||||
Debtor Questionnaire | MOR-5 | Y |
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.
/s/ Donald W. Fallon | January 20, 2016 | |||
Signature of Debtor | Date | |||
/s/ Donald W. Fallon | January 20, 2016 | |||
Signature of Joint Debtor | Date | |||
/s/ Donald W. Fallon | January 20, 2016 | |||
Signature of Authorized Individual* | Date | |||
Donald W. Fallon | CFO & Treasurer | |||
Printed Name of Authorized Individual | 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
(04/07)
In re: Axion Recycled Plastics Incorporated | Case No.: 15-12417 | |
Debtor | Reporting Period: December 2 to 31, 2015 |
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
Amounts reported should be per the debtor's books, not the bank statement. The beginning cash should be the ending cash from the prior month or, if this is the first report, the amount should be the balance on the date the petition was filed. The amounts reported in the "CURRENT MONTH - ACTUAL" column must equal the sum of the four bank account columns. The amounts reported in the "PROJECTED" columns should be taken from the SMALL BUSINESS INITIAL REPORT (FORM IR-1) . Attach copies of the bank statements and the cash disbursements journal. The total disbursements listed in the disbursements journal must equal the total disbursements reported on this page. A bank reconciliation must be attached for each account. [See MOR-1 (CON'T)]
BANK ACCOUNTS | CURRENT MONTH | CUMULATIVE FILING TO DATE | ||||||||||||||||||||||||||||||
OPER. | PAYROLL | TAX | OTHER | ACTUAL | PROJECTED | ACTUAL | PROJECTED | |||||||||||||||||||||||||
CASH BEGINNING OF MONTH | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||||
RECEIPTS | ||||||||||||||||||||||||||||||||
CASH SALES | ||||||||||||||||||||||||||||||||
ACCOUNTS RECEIVABLE | ||||||||||||||||||||||||||||||||
LOANS AND ADVANCES | ||||||||||||||||||||||||||||||||
SALE OF ASSETS | ||||||||||||||||||||||||||||||||
OTHER (ATTACH LIST) | ||||||||||||||||||||||||||||||||
TRANSFERS (FROM DIP ACCTS) | ||||||||||||||||||||||||||||||||
TOTAL RECEIPTS | ||||||||||||||||||||||||||||||||
DISBURSEMENTS | ||||||||||||||||||||||||||||||||
NET PAYROLL | ||||||||||||||||||||||||||||||||
PAYROLL TAXES | ||||||||||||||||||||||||||||||||
SALES, USE, & OTHER TAXES | ||||||||||||||||||||||||||||||||
INVENTORY PURCHASES | NO ACTIVITY | |||||||||||||||||||||||||||||||
SECURED/ RENTAL/ LEASES | ||||||||||||||||||||||||||||||||
INSURANCE | ||||||||||||||||||||||||||||||||
ADMINISTRATIVE | ||||||||||||||||||||||||||||||||
SELLING | ||||||||||||||||||||||||||||||||
OTHER (ATTACH LIST) | ||||||||||||||||||||||||||||||||
OWNER DRAW * | ||||||||||||||||||||||||||||||||
TRANSFERS (TO DIP ACCTS) | ||||||||||||||||||||||||||||||||
PROFESSIONAL FEES | ||||||||||||||||||||||||||||||||
U.S. TRUSTEE QUARTERLY FEES | ||||||||||||||||||||||||||||||||
COURT COSTS | ||||||||||||||||||||||||||||||||
TOTAL DISBURSEMENTS | ||||||||||||||||||||||||||||||||
NET CASH FLOW | ||||||||||||||||||||||||||||||||
(RECEIPTS LESS DISBURSEMENTS) | ||||||||||||||||||||||||||||||||
CASH - END OF MONTH | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - |
* COMPENSATION TO SOLE PROPRIETORS FOR SERVICES RENDERED TO BANKRUPTCY ESTATE
THE FOLLOWING SECTION MUST BE COMPLETED
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN) | ||||
TOTAL DISBURSEMENTS | $ | - | ||
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS | $ | |||
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts) | $ | |||
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES | $ | - |
FORM MOR-1
(04/07)
In re: Axion Recycled Plastics Incorporated | Case No.: 15-12417 | |
Debtor | Reporting Period: December 2 to 31, 2015 |
BANK RECONCILIATIONS
Continuation Sheet for MOR-1
A bank reconciliation must be included for each bank account. The debtor's bank reconciliation may be substituted for this page.
Operating | Payroll | Tax | Other | |||||||||||||||
# | # | # | # | |||||||||||||||
BALANCE PER BOOKS | ||||||||||||||||||
BANK BALANCE | ||||||||||||||||||
(+) DEPOSITS IN TRANSIT (ATTACH LIST) | ||||||||||||||||||
(-) OUTSTANDING CHECKS (ATTACH LIST) | ||||||||||||||||||
OTHER (ATTACH EXPLANATION) | ||||||||||||||||||
ADJUSTED BANK BALANCE * | NO ACTIVITY | |||||||||||||||||
* Adjusted bank balance must equal balance per books | ||||||||||||||||||
DEPOSITS IN TRANSIT | Date | Amount | Date | Amount | Date | Amount | Date | Amount | ||||||||||
CHECKS OUTSTANDING | Ck. # | Amount | Ch. # | Amount | Ck. # | Amount | Ck. # | Amount | ||||||||||
OTHER | ||||||||||||||||||
FORM MOR-1a
(04/07)
In re: Axion Recycled Plastics Incorporated | Case No.: 15-12417 | |
Debtor | Reporting Period: December 2 to 31, 2015 |
SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID
This schedule is to include all retained professional payments from case inception to current month
Amount | Check | Amount Paid | Year-To-Date | |||||||||||||||
Payee | Period Covered | Approved | Payor | Number | Date | Fees | Expenses | Fees | Expenses | |||||||||
NO ACTIVITY | ||||||||||||||||||
FORM MOR-1b
(04/07)
In re: Axion Recycled Plastics Incorporated | Case No.: 15-12417 | |
Debtor | Reporting Period.: December 2 to 31, 2015 |
STATEMENT OF OPERATIONS
(Income Statement)
The Statement of Operations is to be prepared on an accrual basis. The accrual basis of accounting recognizes revenue when it is realized and expenses when they are incurred, regardless of when cash is actually received or paid.
Cumulative | ||||||||
REVENUES | Month | Filing to Date | ||||||
Gross Revenues | $ | - | $ | - | ||||
Less: Returns and Allowances | ||||||||
Net Revenue | $ | $ | ||||||
COST OF GOODS SOLD | ||||||||
Beginning Inventory | ||||||||
Add: Purchases | ||||||||
Add: Cost of Labor | ||||||||
Add: Other Costs (attach schedule) | NO ACTIVITY | |||||||
Less: Ending Inventory | ||||||||
Cost of Goods Sold | ||||||||
Gross Profit | ||||||||
OPERATING EXPENSES | ||||||||
Advertising | ||||||||
Auto and Truck Expense | ||||||||
Bad Debts | ||||||||
Contributions | ||||||||
Employee Benefits Programs | ||||||||
Insider Compensation* | ||||||||
Insurance | ||||||||
Management Fees/Bonuses | ||||||||
Office Expense | ||||||||
Pension & Profit-Sharing Plans | ||||||||
Repairs and Maintenance | ||||||||
Rent and Lease Expense | ||||||||
Salaries/Commissions/Fees | ||||||||
Supplies | ||||||||
Taxes - Payroll | ||||||||
Taxes - Real Estate | ||||||||
Taxes - Other | ||||||||
Travel and Entertainment | ||||||||
Utilities | ||||||||
Other (attach schedule) | ||||||||
Total Operating Expenses Before Depreciation | ||||||||
Depreciation/Depletion/Amortization | ||||||||
Net Profit (Loss) Before Other Income & Expenses | ||||||||
OTHER INCOME AND EXPENSES | ||||||||
Other Income (attach schedule) | ||||||||
Interest Expense | ||||||||
Other Expense (attach schedule) | ||||||||
Net Profit (Loss) Before Reorganization Items | ||||||||
REORGANIZATION ITEMS | ||||||||
Professional Fees | ||||||||
U. S. Trustee Quarterly Fees | ||||||||
Interest Earned on Accumulated Cash from Chapter 11 (see continuation sheet) | ||||||||
Gain (Loss) from Sale of Equipment | ||||||||
Other Reorganization Expenses (attach schedule) | ||||||||
Total Reorganization Expenses | ||||||||
Income Taxes | ||||||||
Net Profit (Loss) | $ | - | $ | - |
*"Insider" is defined in 11 U.S.C. Section 101(31).
FORM MOR-2
(04/07)
In re: Axion Recycled Plastics Incorporated | Case No.: 15-12417 | |
Debtor | Reporting Period: December 2 to 31, 2015 |
STATEMENT OF OPERATIONS - continuation sheet
Cumulative | ||||
BREAKDOWN OF "OTHER" CATEGORY | Month | Filing to Date | ||
Other Costs | ||||
Other Operational Expenses | ||||
NO ACTIVITY | ||||
Other Income | ||||
Other Expenses | ||||
Other Reorganization Expenses | ||||
Reorganization Items - Interest Earned on Accumulated Cash from Chapter 11:
Interest earned on cash accumulated during the chapter 11 case, which would not have been earned but for the bankruptcy proceeding, should be reported as a reorganization item.
FORM MOR-2 CONT'D
(04/07)
In re: Axion Recycled Plastics Incorporated | Case No.: 15-12417 | |
Debtor | Reporting Period: December 2 to 31, 2015 |
BALANCE SHEET
The Balance Sheet is to be completed on an accrual basis only. Pre-petition liabilities must be classified separately from postpetition obligations.
BOOK VALUE AT END OF | BOOK VALUE ON | |||||||
ASSETS | CURRENT REPORTING MONTH | PETITION DATE | ||||||
CURRENT ASSETS | ||||||||
Unrestricted Cash and Equivalents | $ | - | $ | - | ||||
Restricted Cash and Cash Equivalents (see continuation sheet) | ||||||||
Accounts Receivable (Net) | ||||||||
Notes Receivable | ||||||||
Inventories | ||||||||
Prepaid Expenses | NO ACTIVITY | |||||||
Professional Retainers | ||||||||
Other Current Assets (attach schedule) | ||||||||
TOTAL CURRENT ASSETS | $ | $ | ||||||
PROPERTY AND EQUIPMENT | ||||||||
Real Property and Improvements | ||||||||
Machinery and Equipment | ||||||||
Furniture, Fixtures and Office Equipment | ||||||||
Leasehold Improvements | ||||||||
Vehicles | ||||||||
Less Accumulated Depreciation | ||||||||
TOTAL PROPERTY & EQUIPMENT | $ | $ | ||||||
OTHER ASSETS | ||||||||
Loans to Insiders* | ||||||||
Other Assets (attach schedule) | ||||||||
TOTAL OTHER ASSETS | $ | $ | ||||||
TOTAL ASSETS | $ | $ |
BOOK VALUE AT END OF | BOOK VALUE ON | |||||||
LIABILITIES AND OWNER EQUITY | CURRENT REPORTING MONTH | PETITION DATE | ||||||
LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition) | ||||||||
Accounts Payable | ||||||||
Taxes Payable (refer to FORM MOR-4) | ||||||||
Wages Payable | ||||||||
Notes Payable | ||||||||
Rent / Leases - Building/Equipment | ||||||||
Secured Debt / Adequate Protection Payments | ||||||||
Professional Fees | ||||||||
Amounts Due to Insiders* | ||||||||
Other Postpetition Liabilities (attach schedule) | ||||||||
TOTAL POSTPETITION LIABILITIES | $ | $ | ||||||
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition) | ||||||||
Secured Debt | ||||||||
Priority Debt | ||||||||
Unsecured Debt | ||||||||
TOTAL PRE-PETITION LIABILITIES | $ | $ | ||||||
TOTAL LIABILITIES | $ | $ | ||||||
OWNER EQUITY | ||||||||
Capital Stock | ||||||||
Additional Paid-In Capital | ||||||||
Partners' Capital Account | ||||||||
Owner's Equity Account | ||||||||
Retained Earnings - Pre-Petition | ||||||||
Retained Earnings - Postpetition | ||||||||
Adjustments to Owner Equity (attach schedule) | ||||||||
Postpetition Contributions (Distributions) (Draws) (attach schedule) | ||||||||
NET OWNER EQUITY | $ | $ | ||||||
TOTAL LIABILITIES AND OWNERS' EQUITY | $ | $ |
*"Insider" is defined in 11 U.S.C. Section 101(31).
FORM MOR-3
(04/07)
In re: Axion Recycled Plastics Incorporated | Case No.: 15-12417 | |
Debtor | Reporting Period: December 2 to 31, 2015 |
BALANCE SHEET - continuation sheet
BOOK VALUE AT END OF | BOOK VALUE ON | |||
ASSETS | CURRENT REPORTING MONTH | PETITION DATE | ||
Other Current Assets | ||||
NO ACTIVITY | ||||
Other Assets | ||||
BOOK VALUE AT END OF | BOOK VALUE ON | |||
LIABILITIES AND OWNER EQUITY | CURRENT REPORTING MONTH | PETITION DATE | ||
Other Postpetition Liabilities | ||||
Adjustments to Owner Equity | ||||
Postpetition Contributions (Distributions) (Draws) | ||||
Restricted Cash is cash that is restricted for a specific use and not available to fund operations. Typically, restricted cash is segregated into a separate account, such as an escrow account.
FORM MOR-3 CONT'D
(04/07)
In re: Axion Recycled Plastics Incorporated | Case No.: 15-12417 | |
Debtor | Reporting Period: December 2 to 31, 2015 |
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 | NO ACTIVITY | |||||||||||
Income | ||||||||||||
Other: ____________ | ||||||||||||
Total Federal Taxes | ||||||||||||
State and Local | ||||||||||||
Withholding | ||||||||||||
Sales | ||||||||||||
Excise | ||||||||||||
Unemployment | ||||||||||||
Real Property | ||||||||||||
Personal Property | ||||||||||||
Other:____________ | ||||||||||||
Total State and Local | ||||||||||||
Total Taxes |
SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable.
Number of Days Past Due | ||||||||||||||||||||||||
Current | 0-30 | 31-60 | 61-90 | Over 90 | Total | |||||||||||||||||||
Accounts Payable | $ | - | ||||||||||||||||||||||
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 | $ | - |
Explain how and when the Debtor intends to pay any past-due postpetition debts.
*"Insider" is defined in 11 U.S.C. Section 101(31).
FORM MOR-4
(04/07)
In re: Axion Recycled Plastics Incorporated | Case No.: 15-12417 | |
Debtor | Reporting Period: December 2 to 31, 2015 |
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
Accounts Receivable Reconciliation | Amount | ||||||
Total Accounts Receivable at the beginning of the reporting period | $ | - | |||||
+ Amounts billed during the period | $ | - | |||||
- Amounts collected during the period | NO ACTIVITY | ||||||
Total Accounts Receivable at the end of the reporting period | $ | - | |||||
Accounts Receivable Aging | Amount | ||||||
0 - 30 days old | $ | - | |||||
31 - 60 days old | $ | - | |||||
61 - 90 days old | $ | - | |||||
91+ days old | $ | - | |||||
Total Accounts Receivable | $ | - | |||||
Amount considered uncollectible (Bad Debt) | $ | - | |||||
Accounts Receivable (Net) | $ | - |
DEBTOR QUESTIONNAIRE |
Must be completed each month | Yes | No | ||||
1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below. | No | |||||
2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below. | No | |||||
3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. | Yes | |||||
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. | Yes (a) | |||||
5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3. | No |
(a) - no employees employed under this debtor, but all employees for related debtor have all coverages in place.
FORM MOR-5
(04/07)