0000878726 false TUESDAY MORNING CORP/DE 0000878726 2020-11-20 2020-11-20 iso4217:USD xbrli:shares iso4217:USD xbrli:shares
 

 

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): November 20, 2020

 

 

 

TUESDAY MORNING CORPORATION

(Exact name of registrant as specified in charter)

 

 

 

Delaware 0-19658 75-2398532
(State or other jurisdiction of incorporation) (Commission File Number) (IRS Employer Identification No.)
     

6250 LBJ Freeway

Dallas, Texas

  75240
(Address of principal executive offices)   (Zip Code)
 
(972) 387-3562
(Registrant’s telephone number, including area code)
 
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:

 

  ¨ 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))

 

Securities registered pursuant to Section 12(b) of the Act: None

 

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company       ¨

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ 

 

 

  

 

 

 

Item 7.01.Regulation FD Disclosure.

 

As previously disclosed, on May 27, 2020 (the “Petition Date”), the Company and certain of its direct and indirect subsidiaries (collectively with the Company, the “Debtors”) filed voluntary petitions (the “Chapter 11 Cases”) under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Northern District of Texas, Dallas Division (the “Bankruptcy Court”). The Chapter 11 Cases are being administered jointly under the caption “In re: Tuesday Morning Corporation, et. al., Case No. 20-31476-HDH-11.” The Debtors will continue to operate their businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court.

 

On November 20, 2020, the Debtors filed with the Bankruptcy Court their monthly operating report for the period beginning October 1, 2020 and ending October 31, 2020 (the “Monthly Operating Report”). The Monthly Operating Report is attached hereto as Exhibit 99.1 and is incorporated herein by reference. This Current Report on Form 8-K (including the exhibit hereto) (this “Form 8-K”) will not be deemed an admission as to the materiality of any information disclosed herein.

 

The Monthly Operating Report and other documents filed with the Bankruptcy Court are available for inspection at https://dm.epiq11.com/case/tuesdaymorning/info. Documents and other information available on such website are not part of this Form 8-K and are not deemed to be incorporated by reference in this Form 8-K.

 

The information furnished in this Item 7.01 of this Current Report on Form 8-K and the Monthly Operating Report attached hereto as Exhibit 99.1 shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of such section, and shall not be deemed to be incorporated by reference into the filings of the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

 

Cautionary Statement Regarding the Monthly Operating Report

 

The Company cautions investors and potential investors not to place undue reliance upon the information contained in the Monthly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any of the securities of the Company. The Monthly Operating Report is limited in scope, covers a limited time period and has been prepared solely for the purpose of complying with the monthly reporting requirements of the Bankruptcy Court. The Monthly Operating Report was not audited or reviewed by independent accountants, was not prepared in accordance with generally accepted accounting principles, is in a format prescribed by applicable bankruptcy laws or rules, and is subject to future adjustment and reconciliation. There can be no assurance that, from the perspective of an investor or potential investor in the Company’s securities, the Monthly Operating Report is complete. Results set forth in the Monthly Operating Report should not be viewed as indicative of future results.

 

2

 

 

Cautionary Notice Regarding Forward-Looking Statements

 

This Current Report on Form 8-K contains forward-looking statements within the meaning of the federal securities laws and the Private Securities Litigation Reform Act of 1995, which are based on management’s current expectations, estimates and projections. Forward looking statements also include statements regarding the Company’s plans with respect to the Chapter 11 Cases, the Company’s plan to continue its operations while it works to complete the Chapter 11 process and other statements regarding the Company’s proposed reorganization, strategy, future operations, performance and prospects. These forward-looking statements are subject to risks and uncertainties that could cause the Company’s actual results to differ materially from the expectations expressed in the Company’s forward-looking statements. These risks, uncertainties and events also include, but are not limited to, the following: the Company’s ability to obtain timely approval of the Bankruptcy Court with respect to motions filed in the Chapter 11 Cases; pleadings filed that could protract the Chapter 11 Cases; the Bankruptcy Court’s rulings in the Chapter 11 Cases, and the outcome of the Chapter 11 Cases generally; the Company’s ability to comply with the restrictions imposed by the terms and conditions of the DIP ABL Credit Agreement, including the Company’s ability to maintain certain minimum liquidity requirements and file and obtain approval of a plan of reorganization or sale of all of its assets by agreed upon deadlines; the length of time that the Company will operate under Chapter 11 protection and the continued availability of operating capital during the pendency of the Chapter 11 Cases; the Company’s ability to continue to operate its business during the pendency of the Chapter 11 Cases; employee attrition and the Company’s ability to retain senior management and other key personnel due to the distractions and uncertainties; the effectiveness of the overall restructuring activities pursuant to the Chapter 11 Cases and any additional strategies the Company may employ to address its liquidity and capital resources; the actions and decisions of creditors and other third parties that have an interest in the Chapter 11 Cases; risks associated with third parties seeking and obtaining authority to terminate or shorten the Company’s exclusivity period to propose and confirm one or more plans of reorganization, for the appointment of a Chapter 11 trustee or to convert the Chapter 11 proceeding to a Chapter 7 proceeding; increased legal and other professional costs necessary to execute the Company’s restructuring; the Company’s ability to maintain relationships with suppliers, customers, employees and other third parties as a result of the Chapter 11 Cases; the trading price and volatility of the Company’s common stock and the effects of the delisting from The Nasdaq Stock Market; litigation and other risks inherent in a bankruptcy process; the effects and length of the novel coronavirus pandemic; and the other factors listed in the Company’s filings with the Securities and Exchange Commission.

 

Except as may be required by law, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statements were made or to reflect the occurrence of unanticipated events. Investors are cautioned not to place undue reliance on any forward-looking statements.

 

Item 9.01.Financial Statements and Exhibits.

 

(d)Exhibits.
   
99.1Monthly Operating Report
   
 104Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101)

 

3

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  TUESDAY MORNING CORPORATION
     
Date: November 20, 2020 By: /s/ Bridgett C. Zeterberg
    Bridgett C. Zeterberg
Executive Vice President Human Resources, General Counsel and Corporate Secretary

 

4

 

 

Exhibit 99.1

 

               
            Monthly Operating Report  
            CASH BASIS  
  CASE  NAME: Tuesday Morning Corporation, et al.          
                   
  CASE  NUMBER: 20-31476 (Jointly Administered)          
                   
  JUDGE: Harlin DeWayne Hale          
                   
    UNITED  STATES  BANKRUPTCY  COURT                      
                   
NORTHERN & EASTERN DISTRICTS OF TEXAS
                   
  REGION 6  
                   
MONTHLY  OPERATING  REPORT
                   
      MONTH  ENDING: October   2020 Note 1    
        MONTH   YEAR      
                   
  IN  ACCORDANCE  WITH  TITLE  28,  SECTION  1746,  OF  THE  UNITED  STATES  CODE,  I DECLARE UNDER
  PENALTY  OF  PERJURY  THAT  I  HAVE  EXAMINED  THE  FOLLOWING MONTHLY  OPERATING  REPORT
  (CASH BASIS-1  THROUGH  CASH BASIS-6)  AND THE  ACCOMPANYING  ATTACHMENTS  AND,    
  TO  THE  BEST  OF  MY  KNOWLEDGE,  THESE DOCUMENTS  ARE  TRUE,  CORRECT,  AND  COMPLETE.
  DECLARATION  OF  THE  PREPARER (OTHER  THAN  RESPONSIBLE  PARTY) IS  BASED  ON  ALL    
  INFORMATION  OF  WHICH PREPARER  HAS  ANY  KNOWLEDGE.      
                   
                   
  RESPONSIBLE  PARTY:              

 

 

       
    EVP, Chief Financial Officer  
      TITLE  
         
  STACIE SHIRLEY   November 20, 2020  
  PRINTED NAME OF RESPONSIBLE PARTY   DATE  
       
  PREPARER:      
       
    Director - AlixPartners, LLP  
  ORIGINAL  SIGNATURE  OF  PREPARER   TITLE  
         
  JASON MUSKOVICH   November 20, 2020  
  PRINTED NAME OF PREPARER   DATE  
         
  Note 1:  This report covers the period from October 1 through October 31, 2020 unless otherwise noted.  
         

 

 

 

 

In re: Tuesday Morning Corporation, et al. Case No. (Jointly Administered) 20-31476 (HDH)
  Reporting Period: October 1 to 31, 2020
  Federal Tax I.D. # 75-2398532

 

Notes to the Monthly Operating Report
 
This Monthly Operating Report ("MOR") is unaudited and has been prepared solely for the purpose of complying with the obligations of the above-captioned debtors and debtors in possession (the “Debtors”) to provide monthly operating reports during these Chapter 11 Cases.  The Debtors have prepared this monthly operating report using the best information presently available to them, which has been collected, maintained, and prepared in accordance with their historical accounting practices.  This monthly operating report is, thus, true and accurate to the best of the Debtors’ knowledge, information, and belief based on currently available data.
 
This MOR includes activity from the following Debtors and related Case Numbers:

 

Debtor  Case Number
Tuesday Morning Corporation (LEAD)  20-31476
TMI Holdings, Inc.  20-31477
Tuesday Morning, Inc.  20-31478
Friday Morning, LLC  20-31479
Days of the Week, Inc.  20-31480
Nights of the Week, Inc.  20-31481
Tuesday Morning Partners, Ltd.  20-31482

 

Background:  On May 27, 2020 (the “Petition Date”), each of the Debtors filed with the Court their respective voluntary petitions for relief under chapter 11 of Title 11 of the Bankruptcy Code, commencing the above-captioned chapter 11 cases. The Debtors continue to operate their businesses and manage their properties as debtors-in-possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. On May 28, 2020, the Court entered an order authorizing the joint administration of these chapter 11 cases [Dkt. 66].
 
Notes:
 
The Debtors prepared this MOR relying primarily upon the information set forth in their books and records. Consequently, certain transactions that are not identified in the normal course of business in the Debtors’ books and records may not be included in this MOR.  Nevertheless, in preparing this MOR, the Debtors made best efforts to supplement the information set forth in their books and records with additional information concerning transactions that may not have been included therein.
 
Except as relates to Cash Receipts and Disbursements information presented on Page 1 and Page 1A of the attached MOR, information herein has been prepared on a consolidated basis for the Debtors.
 
The financial information contained herein is unaudited, limited in scope, covers a limited time period, and has been prepared solely for the purpose of complying with the monthly reporting requirements for Chapter 11 debtors as required by the United States Bankruptcy Court for the Northern District of Texas (the “Bankruptcy Court”). The financial information is in a format intended to meet the requirements of the Bankruptcy Court and the Office of the United States Trustee for the Northern District of Texas, Dallas Division (the “U.S. Trustee”).
 
As discussed below, this MOR is not prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). This MOR does not include all of the information and footnotes required by GAAP.
 
The results of operations contained herein are not necessarily indicative of results that may be expected from any other period or for the full year and may not necessarily reflect the consolidated results of operations, financial position and cash flows of the Debtors in the future.
 
No assurance can be given as to the value, if any, that may be ascribed to the Debtors’ various pre- petition liabilities and other securities. Accordingly, the Debtors urge that caution be exercised with respect to existing and future investments in any of these securities or claims against the Debtors.
 
Reservation of Rights:  Given the complexity of the Debtors’ financial affairs, inadvertent errors, omissions or over-inclusions may have occurred.  Accordingly, the Debtors hereby reserve all of their rights to dispute the validity, status, enforceability, or nature of any claim amount, representation, or other statement in this MOR and reserve the right to amend or supplement this MOR, if necessary.
 
Additional Information: For more information related to these Chapter 11 Cases, court filings and claims information please refer to the Restructuring website at https://dm.epiq11.com/case/tuesdaymorning/info.

 

Page 2 of 15

 

 

 

 

Monthly Operating Report

CASH BASIS-1

 

CASE NAME: Tuesday Morning Corporation, et al.
   
CASE NUMBER: 20-31476 (Jointly Administered)

 

   OCT   NOV   DEC     
CASH RECEIPTS AND DISBURSEMENTS  1 to 31   1 to 30   1 to 31   TOTAL 
1.  CASH - BEGINNING OF MONTH  $48,904,040   $-   $-   $48,904,040 
RECEIPTS                    
2.  CASH SALES 1  $47,768,218   $-   $-   $47,768,218 
3.  ACCOUNTS RECEIVABLE COLLECTIONS   -    -    -    - 
4.  LOANS AND ADVANCES 2   87,300,000    -    -    87,300,000 
5.  SALE OF ASSETS   -    -    -    - 
6.  LEASE & RENTAL INCOME   -    -    -    - 
7.  WAGES   -    -    -    - 
8.  OTHER (SEE MONTHLY DETAIL)   17,967,973    -    -    17,967,973 
9.  TOTAL RECEIPTS  $153,036,191   $-   $-   $153,036,191 
DISBURSEMENTS                    
10.  NET PAYROLL  $10,682,262   $-   $-   $10,682,262 
11.  PAYROLL TAXES PAID 3   -    -    -    - 
12.  SALES,USE & OTHER TAXES PAID   4,058,833    -    -    4,058,833 
13.  INVENTORY PURCHASES   37,041,327    -    -    37,041,327 
14.  MORTAGE PAYMENTS   -    -    -    - 
15.  OTHER SECURED NOTE PAYMENTS 2   87,409,345    -    -    87,409,345 
16.  RENTAL & LEASE PAYMENTS   9,837,059    -    -    9,837,059 
17.  UTILITIES   1,295,911    -    -    1,295,911 
18.  INSURANCE   263,066    -    -    263,066 
19.  VEHICLE EXPENSES 4   5,973,169    -    -    5,973,169 
20.  TRAVEL   24,224    -    -    24,224 
21.  ENTERTAINMENT   -    -    -    - 
22.  REPAIRS & MAINTENANCE   1,158,615    -    -    1,158,615 
23.  SUPPLIES   737,769    -    -    737,769 
24.  ADVERTISING   512,060    -    -    512,060 
25.  HOUSEHOLD EXPENSES   -    -    -    - 
26.  CHARITABLE CONTRIBUTIONS   -    -    -    - 
27.  GIFTS   -    -    -    - 
28.  OTHER (ORDINARY COURSE PROFESSIONALS)   497,528    -    -    497,528 
29.  TOTAL ORDINARY DISBURSEMENTS  $159,491,170   $-   $-   $159,491,170 
REORGANIZATION EXPENSES                    
30.  PROFESSIONAL FEES  $2,476,452   $-   $-   $2,476,452 
31.  U.S. TRUSTEE FEES   501,625    -    -    501,625.0 
32.  OTHER (SEE MONTHLY DETAIL)   14,924,467    -    -    14,924,467 
33.  TOTAL REORGANIZATION EXPENSES  $17,902,544   $-   $-   $17,902,544 
34.  TOTAL DISBURSEMENTS  $177,393,714   $-   $-   $177,393,714 
35.  NET CASH FLOW  $(24,357,523)  $-   $-   $(24,357,523)
36.  CASH - END OF MONTH  $24,546,517   $-   $-   $24,546,517 

 

NOTES:

 

1 Includes all cash and credit card in-store sales.

 

2 Includes all borrowings or repayments against Pre-Petition ABL and Post-Petition DIP.  Debtors have repaid the Pre-Petition ABL to the required minimum balance of $100,000.  Furthermore, as of September 30, 2020 the Debtors have no outstanding borrowings against either their Post-Petition ABL DIP or their DIP Term Loan.  

 

3 Included in Net Payroll disbursements item #10

 

4 Represents freight disbursements

 

 

 

Monthly Operating Report
CASE NAME: Tuesday Morning Corporation, et al. CASH BASIS-1
  CALCULATION OF QUARTERLY UST FEES
CASE NUMBER: 20-31476 (Jointly Administered)  

 

           TMI               TMP     
34.  TOTAL DISBURSEMENTS  Tuesday
Morning
Corporation
   TMI Holdings,
Inc.
   Tuesday
Morning, Inc.
   Friday
Morning, LLC
   Days of the
Week, Inc.
   Nights of the
Week, Inc.
   Tuesday
Morning
Partners, Ltd.
   TOTAL 
CYQ4/M1 - OCT 1 - 31, 2020  $-   $-   $120,938,772   $-   $-   $-   $56,454,942   $177,393,714 
CYQ4/M2 - NOV 1 - 30, 2020   -    -    -    -    -    -    -    - 
CYQ4/M3 - DEC 1 - 31, 2020   -    -    -    -    -    -    -    - 
                                         
TOTAL DISBURSEMENTS - CALENDAR Q4 2020  $-   $-   $120,938,772   $-   $-   $-   $56,454,942   $177,393,714 
                                         
QUARTERLY FEES DUE  $325.00   $325.00   $250,000.00   $325.00   $325.00   $325.00   $250,000.00   $501,625.00 

 

Quarterly
Disbursement
Minimum
   Quarterly
Disbursement
Maximum
   Applicable
Quarterly Fee
 
$-   $-   $325.00 
$0.01   $14,999.99   $325.00 
$15,000.00   $74,999.99   $650.00 
$75,000.00   $149,999.99   $975.00 
$150,000.00   $224,999.99   $1,625.00 
$225,000.00   $299,999.99   $1,950.00 
$300,000.00   $999,999.99   $4,875.00 
$1,000,000.00   $24,999,999.99    1%
$25,000,000.00        $250,000.00 

 

 

 

 

    Monthly Operating Report
CASE NAME: Tuesday Morning Corporation, et al. CASH BASIS-1
    CONSOLIDATING DISBURSEMENTS BY LEGAL ENTITY - OCT 1 TO 31, 2020
CASE NUMBER: 20-31476 (Jointly Administered)  

 

   OCTOBER 1 TO 31, 2020 BY LEGAL ENTITY     
           TMI               TMP     
CASH RECEIPTS AND DISBURSEMENTS  Tuesday
Morning
Corporation
   TMI Holdings,
Inc.
   Tuesday
Morning, Inc.
   Friday Morning,
LLC
   Days of the
Week, Inc.
   Nights of the
Week, Inc.
   Tuesday
Morning
Partners, Ltd.
   OCT 1 - 31
TOTAL
 
1.  CASH - BEGINNING OF MONTH  $       -   $       -   $48,904,040   $       -   $       -   $       -   $-   $48,904,040 
RECEIPTS                                        
2.  CASH SALES 1  $-   $-   $47,768,218   $-   $-   $-   $-   $47,768,218 
3.  ACCOUNTS RECEIVABLE COLLECTIONS   -    -    -    -    -    -    -    - 
4.  LOANS AND ADVANCES 2   -    -    87,300,000    -    -    -    -    87,300,000 
5.  SALE OF ASSETS   -    -    -    -    -    -    -    - 
6.  LEASE & RENTAL INCOME   -    -    -    -    -    -    -    - 
7.  WAGES   -    -    -    -    -    -    -    - 
8.  OTHER (SEE BELOW)  $-   $-   $3,467,973   $-   $-   $-   $14,500,000   $17,967,973 
8a.  SALES TAXES COLLECTED   -    -    3,467,973    -    -    -    -    3,467,973 
8b.  GOB SALES PROCEEDS   -    -    -    -    -    -    -    - 
8c.  POR EARNEST MONEY DEPOSITS   -    -    -    -    -    -    14,500,000    14,500,000 
9.  TOTAL RECEIPTS  $-   $-   $138,536,191   $-   $-   $-   $14,500,000   $153,036,191 
DISBURSEMENTS                                        
10.  NET PAYROLL  $-   $-   $8,047,443   $-   $-   $-   $2,634,819   $10,682,262 
11.  PAYROLL TAXES PAID 3   -    -    -    -    -    -    -    - 
12.  SALES,USE & OTHER TAXES PAID   -    -    4,058,833    -    -    -    -    4,058,833 
13.  INVENTORY PURCHASES   -    -    -    -    -    -    37,041,327    37,041,327 
14.  MORTAGE PAYMENTS   -    -    -    -    -    -    -    - 
15.  OTHER SECURED NOTE PAYMENTS 2   -    -    87,409,345    -    -    -    -    87,409,345 
16.  RENTAL & LEASE PAYMENTS   -    -    9,516,293    -    -    -    320,765    9,837,059 
17.  UTILITIES   -    -    1,268,045    -    -    -    27,866    1,295,911 
18.  INSURANCE   -    -    263,066    -    -    -    -    263,066 
19.  VEHICLE EXPENSES 4   -    -    4,920,061    -    -    -    1,053,108    5,973,169 
20.  TRAVEL   -    -    24,224    -    -    -    -    24,224 
21.  ENTERTAINMENT   -    -    -    -    -    -    -    - 
22.  REPAIRS & MAINTENANCE   -    -    1,156,374    -    -    -    2,241    1,158,615 
23.  SUPPLIES   -    -    287,420    -    -    -    450,349    737,769 
24.  ADVERTISING   -    -    512,060    -    -    -    -    512,060 
25.  HOUSEHOLD EXPENSES   -    -    -    -    -    -    -    - 
26.  CHARITABLE CONTRIBUTIONS   -    -    -    -    -    -    -    - 
27.  GIFTS   -    -    -    -    -    -    -    - 
28.  OTHER (ORDINARY COURSE PROFESSIONALS)   -    -    497,528    -    -    -    -    497,528 
29.  TOTAL ORDINARY DISBURSEMENTS  $-   $-   $117,960,695   $-   $-   $-   $41,530,475   $159,491,170 
REORGANIZATION EXPENSES                                        
30.  PROFESSIONAL FEES  $-   $-   $2,476,452   $-   $-   $-   $-   $2,476,452 
31.  U.S. TRUSTEE FEES   -    -    501,625    -    -    -    -    501,625 
32.  OTHER (SEE BELOW)  $-   $-   $-   $-   $-   $-   $14,924,467   $14,924,467 
32a.  PRE-PETITION TRADE ORDER PAYMENTS   -    -    -    -    -    -    -    - 
32b.  UTILITIES ESCROW DEPOSITS   -    -    -    -    -    -    -    - 
32c.  POR EARNEST DEPOSITS RELEASED   -    -    -    -    -    -    14,500,000    14,500,000 
32d. AUTHORIZED KERP PAYMENTS   -    -    -    -    -    -    424,467    424,467 
33.  TOTAL REORGANIZATION EXPENSES  $-   $-   $2,978,077   $-   $-   $-   $14,924,467   $17,902,544 
34.  TOTAL DISBURSEMENTS  $-   $-   $120,938,772   $-   $-   $-   $56,454,942   $177,393,714 
35.  NET CASH FLOW  $-   $-   $17,597,419   $-   $-   $-   $(41,954,942)  $(24,357,523)
36.  CASH - END OF MONTH  $-   $-   $66,501,459   $-   $-   $-   $(41,954,942)  $24,546,517 

 

NOTES:

 

1 Includes all cash and credit card in-store sales.

 

2 Includes all borrowings or repayments against Pre-Petition ABL and Post-Petition DIP.  Debtors have repaid the Pre-Petition ABL to the required minimum balance of $100,000. Furthermore, as of October 31, 2020 the Debtors have no outstanding borrowings against either their Post-Petition ABL DIP or their DIP Term Loan.

 

3 Included in Net Payroll disbursements item #10

 

4 Represents freight disbursements

 

 

 

 

    Monthly Operating Report
CASE NAME: Tuesday Morning Corporation, et al. CASH BASIS-1
    CONSOLIDATING DISBURSEMENTS BY LEGAL ENTITY - NOV 1 TO 30, 2020
CASE NUMBER: 20-31476 (Jointly Administered)  

 

   NOVEMBER 1 - 30, 2020 BY LEGAL ENTITY     
           TMI               TMP     
CASH RECEIPTS AND DISBURSEMENTS  Tuesday
Morning
Corporation
   TMI Holdings,
Inc.
   Tuesday
Morning, Inc.
   Friday Morning,
LLC
   Days of the
Week, Inc.
   Nights of the
Week, Inc.
   Tuesday
Morning
Partners, Ltd.
   NOV 1 - 30
TOTAL
 
1.  CASH - BEGINNING OF MONTH  $       -   $       -   $       -   $       -   $       -   $       -   $       -   $       - 
RECEIPTS                                        
2.  CASH SALES 1  $-   $-   $-   $-   $-   $-   $-   $- 
3.  ACCOUNTS RECEIVABLE COLLECTIONS   -    -    -    -    -    -    -    - 
4.  LOANS AND ADVANCES 2   -    -    -    -    -    -    -    - 
5.  SALE OF ASSETS   -    -    -    -    -    -    -    - 
6.  LEASE & RENTAL INCOME   -    -    -    -    -    -    -    - 
7.  WAGES   -    -    -    -    -    -    -    - 
8.  OTHER (SEE BELOW)  $-   $-   $-   $-   $-   $-   $-   $- 
8a.  SALES TAXES COLLECTED   -    -    -    -    -    -    -    - 
8b.  GOB SALES PROCEEDS   -    -    -    -    -    -    -    - 
8c.  POR EARNEST MONEY DEPOSITS   -    -    -    -    -    -    -    - 
9.  TOTAL RECEIPTS  $-   $-   $-   $-   $-   $-   $-   $- 
DISBURSEMENTS                                        
10.  NET PAYROLL  $-   $-   $-   $-   $-   $-   $-   $- 
11.  PAYROLL TAXES PAID 3   -    -    -    -    -    -    -    - 
12.  SALES,USE & OTHER TAXES PAID   -    -    -    -    -    -    -    - 
13.  INVENTORY PURCHASES   -    -    -    -    -    -    -    - 
14.  MORTAGE PAYMENTS   -    -    -    -    -    -    -    - 
15.  OTHER SECURED NOTE PAYMENTS 2   -    -    -    -    -    -    -    - 
16.  RENTAL & LEASE PAYMENTS   -    -    -    -    -    -    -    - 
17.  UTILITIES   -    -    -    -    -    -    -    - 
18.  INSURANCE   -    -    -    -    -    -    -    - 
19.  VEHICLE EXPENSES 4   -    -    -    -    -    -    -    - 
20.  TRAVEL   -    -    -    -    -    -    -    - 
21.  ENTERTAINMENT   -    -    -    -    -    -    -    - 
22.  REPAIRS & MAINTENANCE   -    -    -    -    -    -    -    - 
23.  SUPPLIES   -    -    -    -    -    -    -    - 
24.  ADVERTISING   -    -    -    -    -    -    -    - 
25.  HOUSEHOLD EXPENSES   -    -    -    -    -    -    -    - 
26.  CHARITABLE CONTRIBUTIONS   -    -    -    -    -    -    -    - 
27.  GIFTS   -    -    -    -    -    -    -    - 
28.  OTHER (ORDINARY COURSE PROFESSIONALS)   -    -    -    -    -    -    -    - 
29.  TOTAL ORDINARY DISBURSEMENTS  $-   $-   $-   $-   $-   $-   $-   $- 
REORGANIZATION EXPENSES                                        
30.  PROFESSIONAL FEES  $-   $-   $-   $-   $-   $-   $-   $- 
31.  U.S. TRUSTEE FEES   -    -    -    -    -    -    -    - 
32.  OTHER (SEE BELOW)  $-   $-   $-   $-   $-   $-   $-   $- 
32a.  PRE-PETITION TRADE ORDER PAYMENTS   -    -    -    -    -    -    -    - 
32b.  UTILITIES ESCROW DEPOSITS   -    -    -    -    -    -    -    - 
32c.  POR EARNEST DEPOSITS RELEASED   -    -    -    -    -    -    -    - 
32d. AUTHORIZED KERP PAYMENTS   -    -    -    -    -    -    -    - 
33.  TOTAL REORGANIZATION EXPENSES  $-   $-   $-   $-   $-   $-   $-   $- 
34.  TOTAL DISBURSEMENTS  $-   $-   $-   $-   $-   $-   $-   $- 
35.  NET CASH FLOW  $-   $-   $-   $-   $-   $-   $-   $- 
36.  CASH - END OF MONTH  $-   $-   $-   $-   $-   $-   $-   $- 

 

NOTES:

 

1 Includes all cash and credit card in-store sales.

 

2 Includes all borrowings or repayments against Pre-Petition ABL and Post-Petition DIP.  Debtors have repaid the Pre-Petition ABL to the required minimum balance of $100,000. Furthermore, as of October 31, 2020 the Debtors have no outstanding borrowings against either their Post-Petition ABL DIP or their DIP Term Loan.

 

3 Included in Net Payroll disbursements item #10

 

4 Represents freight disbursements

 

 

 

 

 

    Monthly Operating Report
CASE NAME: Tuesday Morning Corporation, et al. CASH BASIS-1
    CONSOLIDATING DISBURSEMENTS BY LEGAL ENTITY -DEC 1 TO 31, 2020
CASE NUMBER: 20-31476 (Jointly Administered)  

 

      DECEMBER 1 - 31, 2020 BY LEGAL ENTITY          
                       TMI                                TMP          
CASH RECEIPTS AND DISBURSEMENTS     Tuesday
Morning
Corporation
      TMI Holdings,
Inc.
      Tuesday
Morning, Inc.
      Friday Morning,
LLC
      Days of the
Week, Inc.
      Nights of the
Week, Inc.
      Tuesday
Morning
Partners, Ltd.
      DEC 1 - 31
TOTAL
 
1.  CASH - BEGINNING OF MONTH   $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ -  
RECEIPTS                                                                
2.  CASH SALES 1   $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ -  
3.  ACCOUNTS RECEIVABLE COLLECTIONS     -       -       -       -       -       -       -       -  
4.  LOANS AND ADVANCES 2     -       -       -       -       -       -       -       -  
5.  SALE OF ASSETS     -       -       -       -       -       -       -       -  
6.  LEASE & RENTAL INCOME     -       -       -       -       -       -       -       -  
7.  WAGES     -       -       -       -       -       -       -       -  
8.  OTHER (SEE BELOW)   $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ -  
8a.  SALES TAXES COLLECTED     -       -       -       -       -       -       -       -  
8b.  GOB SALES PROCEEDS     -       -       -       -       -       -       -       -  
8c.  POR EARNEST MONEY DEPOSITS     -       -       -       -       -       -       -       -  
9.  TOTAL RECEIPTS   $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ -  
DISBURSEMENTS                                                                
10.  NET PAYROLL   $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ -  
11.  PAYROLL TAXES PAID 3     -       -       -       -       -       -       -       -  
12.  SALES,USE & OTHER TAXES PAID     -       -       -       -       -       -       -       -  
13.  INVENTORY PURCHASES     -       -       -       -       -       -       -       -  
14.  MORTAGE PAYMENTS     -       -       -       -       -       -       -       -  
15.  OTHER SECURED NOTE PAYMENTS 2     -       -       -       -       -       -       -       -  
16.  RENTAL & LEASE PAYMENTS     -       -       -       -       -       -       -       -  
17.  UTILITIES     -       -       -       -       -       -       -       -  
18.  INSURANCE     -       -       -       -       -       -       -       -  
19.  VEHICLE EXPENSES 4     -       -       -       -       -       -       -       -  
20.  TRAVEL     -       -       -       -       -       -       -       -  
21.  ENTERTAINMENT     -       -       -       -       -       -       -       -  
22.  REPAIRS & MAINTENANCE     -       -       -       -       -       -       -       -  
23.  SUPPLIES     -       -       -       -       -       -       -       -  
24.  ADVERTISING     -       -       -       -       -       -       -       -  
25.  HOUSEHOLD EXPENSES     -       -       -       -       -       -       -       -  
26.  CHARITABLE CONTRIBUTIONS     -       -       -       -       -       -       -       -  
27.  GIFTS     -       -       -       -       -       -       -       -  
28.  OTHER (ORDINARY COURSE PROFESSIONALS)     -       -       -       -       -       -       -       -  
29.  TOTAL ORDINARY DISBURSEMENTS   $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ -  
REORGANIZATION EXPENSES                                                                
30.  PROFESSIONAL FEES   $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ -  
31.  U.S. TRUSTEE FEES     -       -       -       -       -       -       -       -  
32.  OTHER (SEE BELOW)   $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ -  
32a.  PRE-PETITION TRADE ORDER PAYMENTS     -       -       -       -       -       -       -       -  
32b.  UTILITIES ESCROW DEPOSITS     -       -       -       -       -       -       -       -  
32c.  POR EARNEST DEPOSITS RELEASED     -       -       -       -       -       -       -       -  
32d. AUTHORIZED KERP PAYMENTS     -       -       -       -       -       -       -       -  
33.  TOTAL REORGANIZATION EXPENSES   $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ -  
34.  TOTAL DISBURSEMENTS   $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ -  
35.  NET CASH FLOW   $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ -  
36.  CASH - END OF MONTH   $ -     $ -     $ -     $ -     $ -     $ -     $ -     $ -  

 

NOTES: 

 

1 Includes all cash and credit card in-store sales.

 

2 Includes all borrowings or repayments against Pre-Petition ABL and Post-Petition DIP.  Debtors have repaid the Pre-Petition ABL to the required minimum balance of $100,000. Furthermore, as of October 31, 2020 the Debtors have no outstanding borrowings against either their Post-Petition ABL DIP or their DIP Term Loan.

 

3 Included in Net Payroll disbursements item #10

 

4 Represents freight disbursements

 

 

 

 

    Monthly Operating Report
    CASH BASIS-1A
     
    2020
CASE NAME: Tuesday Morning Corporation, et al.  
     
CASE NUMBER: 20-31476 (Jointly Administered)  

 

CASH DISBURSEMENTS DETAIL     MONTH: October
               
CASH DISBURSEMENTS   
  DATE PAYEE PURPOSE AMOUNT
         
         
    SEE NOTE 1 BELOW    
         
         
         
  TOTAL CASH DISBURSEMENTS 1      $ 177,393,714
               
               
BANK ACCOUNT DISBURSEMENTS
CK# DATE PAYEE PURPOSE AMOUNT
         
         
         
    SEE NOTE 2 BELOW    
         
         
         
         
         
         
         
         
         
         
         
         
  TOTAL BANK ACCOUNT DISBURSEMENTS      
               
TOTAL DISBURSEMENTS FOR THE PERIOD        $ 177,393,714

 

1 Aside from immaterial petty cash transactions conducted by the stores which are not individually recorded, the Debtors do not make cash disbursements.

 

2 Debtors process hundreds of individual transactions per week.  In many cases these disbursements relate to confidential pricing agreements with merchandise suppliers or other commercially sensitive information. Due to the voluminous and confidential nature of this information, Debtors have excluded details from this MOR. Individual payment line items are available for review on request by the Office of the US Trustee.

 

 

 

 

 

    Monthly Operating Report
    CASH BASIS-2
     
     
CASE NAME: Tuesday Morning Corporation, et al.  
     
CASE NUMBER: 20-31476 (Jointly Administered)  

 

BANK RECONCILIATIONS    

 

   Acct #1   Acct #2   Acct #3   TOTAL 
A.  BANK:  SEE FOLLOWING SCHEDULE OF ACCOUNTS     
B.  ACCOUNT NUMBER:                
C.  PURPOSE (TYPE):                
1.  BALANCE PER BANK STATEMENT                 $33,256,218 
2.  ADD:  TOTAL DEPOSITS NOT CREDITED                 $- 
3.  SUBTRACT:  OUTSTANDING CHECKS                 $(8,709,701)
4.  OTHER RECONCILING ITEMS                 $- 
5.  MONTH END BALANCE PER BOOKS  $-   $-   $-   $24,546,517 
6.  NUMBER OF LAST CHECK WRITTEN                    
                     
INVESTMENT ACCOUNTS                    

 

    DATE OF    TYPE OF     PURCHASE    CURRENT 
BANK, ACCOUNT NAME & NUMBER   PURCHASE    INSTRUMENT    PRICE    VALUE 
7.                    
8.                    
9.                    
10.                    
11.  TOTAL INVESTMENTS            $-   $- 
                     

 

CASH                    
                     
12.  CURRENCY ON HAND                 $- 
                     
13.  TOTAL CASH - END OF MONTH                 $24,546,517 

 

 

 

 

    Monthly Operating Report
    CASH BASIS-2A
    SCHEDULE OF DEBTOR BANK ACCOUNTS
     
CASE NAME: Tuesday Morning Corporation, et al.  
     
CASE NUMBER: 20-31476 (Jointly Administered)  

 

Bank  GL   Nature of Account   Account Number   Balance as of October 31, 2020 
Wells Fargo   1013    TMI - AP - NACHA ACH    xxx3007   $- 
Wells Fargo   1013    TMP - AP - NACHA ACH    xxx3015    - 
Wells Fargo   1015    TMI - Property Tax    xxx4381    - 
Wells Fargo   1018    TMI - Sale Tax II    xxx3495    265,995 
Wells Fargo   1020    TMI Main Disbursement    xxx7526    2,047,844 
Wells Fargo   1025    Friday Morning, Inc.    xxx1036    - 
Wells Fargo   1025    TMI - Main Cash Concentration    xxx5063    1,463,668 
Wells Fargo   1025    TMP - Main    xxx0097    8,855,850 
Bank of America   1025    TMP - DP Payments    xxx5718    - 
Wells Fargo   1032    TMI - Visa/MC    xxx8307    - 
Wells Fargo   1033    TMI - Discover    xxx8299    - 
Wells Fargo   1034    TMI - American Express    xxx7708    - 
Community First National   1045    Store #863 Depository Account    xxx9812    25 
People Bank   1045    Store #984 Depository Account    xxx1340    44 
Hancock Bank   1045    Store #598 Depository Account    xxx0914    50 
BBVA/Compass Bank   1045    Stores Depository Account    xxx9325    6,118 
Fifth Third Bank   1045    Stores Depository Account    xxx5683    3,654 
Regions Bank   1045    Stores Depository Account    xxx0300    38,450 
Chase Bank   1045    Stores Depository Account    xxx3000    118,634 
PNC Bank   1045    Stores Depository Account    xxx0704    7,240 
Wells Fargo   1045    Stores Depository Account    xxx4140    - 
Wells Fargo   1045    Stores Depository Account    xxx4488    - 
Bank of America   1045    Stores Depository Account    xxx1681    20,148 
BB&T Bank   1045    Stores Depository Account    xxx5675    18,268 
BancFirst Bank   1045    Store #481 Depository Account    xxx6246    1,954 
International Bank of Commerce   1045    Stores #953,#1017, #1077 & #1191 Depository Account    xxx4877    200 
Citizens Bank   1045    Stores Depository Account    xxx5872    5,169 
US Bank   1045    Stores Depository Account    xxx1357    11,909 
Key Bank   1045    Stores Depository Account    xxx4743    5,917 
Wells Fargo   1056    TMI - ADP - PR Tax & Garnishment    xxx5892    494,666 
Wells Fargo   1056    TMP - ADP - PR Tax & Garnishment    xxx5792    19,352 
Wells Fargo   1062    TMI - Postage    xxx2195    96,724 
                     
Wells Fargo   1070    TMI - Workers Comp    xxx3193    1,065 
Wells Fargo   1082    TMI - UHC Medical    xxx0415    32,961 
Wells Fargo   1091    TMI - CIGNA Dental/STD    xxx6906    146,220 
Wells Fargo   1094    TMI - Tax Saver - FSA    xxx1184    - 
JPMorgan Chase Bank   1099    Cash Holding Account    xxx7366    19,594,090 
Wells Fargo   1100    Wells Fargo Brokerage Services    xxx6142    - 
                     
                  $33,256,218 

 

Note 1:  Excludes individual store depository accounts, which are swept into Intermediate Store Depository Accounts included
above.  For more information, see the Debtors' Cash Management Motion [Dkt 10]
 
Note 2: Book to bank reconciliation of each of the Debtors' bank accounts are performed in the ordinary course of business on
a monthly basis.  Additional support for each of these accounts is available for review on request by the Office of the US Trustee.

 

 

 

 

 

Monthly Operating Report

CASH BASIS-3

 

CASE NAME: Tuesday Morning Corporation, et al.
   
CASE NUMBER: 20-31476 (Jointly Administered)

 

                 
ASSETS OF THE ESTATE                    
                     
SCHEDULE "A"
REAL PROPERTY
   SCHEDULE
AMOUNT
    31-Oct-20    30-Nov-20    31-Dec-20 
1.    HQ AND DISTRIBUTION CENTER (AT NBV)  $22,293,977   $19,192,896           
2.                    
3.                    
4.    OTHER (ATTACH LIST)                    
5.    TOTAL REAL PROPERTY ASSETS  $22,293,977   $19,192,896   $-   $- 
SCHEDULE "B"                        
PERSONAL PROPERTY                        
1.    CASH ON HAND  $580,900   $415,900                 
2.    CHECKING, SAVINGS, ETC.  $16,047,077   $24,546,517                 
3.    SECURITY DEPOSITS  $806,583   $892,291                 
4.    HOUSEHOLD GOODS                          
5.    BOOKS, PICTURES, ART                          
6.    WEARING APPAREL                          
7.    FURS AND JEWELRY                          
8.    FIREARMS & SPORTS EQUIPMENT                          
9.    INSURANCE POLICIES                          
10.  ANNUITIES                          
11.  EDUCATION                          
12.  RETIREMENT & PROFIT SHARING                          
13.  STOCKS                          
14.  PARTNERSHIPS & JOINT VENTURES                          
15.  GOVERNMENT & CORPORATE BONDS                          
16.  ACCOUNTS RECEIVABLE  $889,577   $953,266                 
17.  ALIMONY                          
18.  OTHER LIQUIDATED DEBTS                          
19.  EQUITABLE INTERESTS                          
20.  CONTINGENT INTERESTS                          
21.  OTHER CLAIMS  $5,374,800   $11,295,884                 
22.  PATENTS & COPYRIGHTS 1  $-   $-                 
23.  LICENSES & FRANCHISES 1  $-   $-                 
24.  CUSTOMER LISTS 1  $-   $-                 
25.  AUTOS, TRUCKS & OTHER VEHICLES  $23,943   $783                 
26.  BOATS & MOTORS                          
27.  AIRCRAFT                          
28.  OFFICE EQUIPMENT  $15,234,482   $7,890,130                 
29.  MACHINERY, FIXTURES & EQUIPMENT  $65,973,947   $35,905,749                 
30.  INVENTORY  $217,542,264   $127,001,428                 
31.  ANIMALS                          
32.  CROPS                          
33.  FARMING EQUIPMENT                          
34.  FARM SUPPLIES                
35.  OTHER (ATTACH LIST)                
36.  TOTAL PERSONAL PROPERTY ASSETS  $322,473,572   $208,901,948   $-   $- 
37.  TOTAL ASSETS  $344,767,549   $228,094,844   $-   $- 

 

1 Value of intellectual property and intangibles is excluded as Undetermined, 

2 Non Cash Right of Use Assets related to Leased Properties are not included above.

  

 

 

 

Monthly Operating Report

CASH BASIS-4

 

CASE NAME: Tuesday Morning Corporation, et al.
   
CASE NUMBER: 20-31476 (Jointly Administered)

 

  MONTH: October

 

LIABILITIES OF THE ESTATE        
         
PREPETITION
LIABILITIES
  SCHEDULE
AMOUNT
   PAYMENTS 
1.  SECURED 1  $39,210,220   $39,110,220 
2.  PRIORITY 2  $-      
3.  UNSECURED 3, 4  $107,241,762   $3,259,906 
4.  OTHER (ATTACH LIST)          
5.  TOTAL PREPETITION LIABILITIES  $146,451,982   $42,370,126 

 

                     
POSTPETITION  DATE     AMOUNT   DUE     AMOUNT 
LIABILITIES  INCURRED     OWED   DATE     PAST DUE 
1.    FEDERAL INCOME TAXES                    
2.    FICA/MEDICARE                    
3.    STATE TAXES                    
4.    REAL ESTATE TAXES                    
5.    OTHER TAXES (ATTACH LIST)                    
6.    TOTAL TAXES  Various   $ -   Various   $ - 
OTHER POSTPETITION LIABILITIES INCLUDING TRADE CREDITORS (LIST NAMES OF CREDITORS)
7.                    
8.    Total Post-Petition Accounts Payable   Various   $ 20,661,734    Various   $ - 
9.                      
10.                      
11.                      
12.                      
13.                      
14.                      
15.                      
16.                      
17.                      
18.                      
19.  (IF ADDITIONAL ATTACH LIST)                      
20.  TOTAL OF LINES 7 - 19       $ 20,661,734        $ - 
21.  TOTAL POSTPETITION LIABILITIES       $ 20,661,734        $ - 

 

1 Debtors have repaid the Pre-Petition ABL to the required minimum balance of $100,000.  Furthermore, as of October 31, 2020 the Debtors have no outstanding borrowings against either their Post-Petition ABL DIP or their DIP Term Loan.

 

2 The Debtors did not list any Priority liabilities in their Schedules of Assets and Liabilities.  Debtors received authority to make payments on account of Pre-Petition Wages and related employee benefits and certain Pre-Petition Taxes Because the authority granted is sufficient to satisfy all known such liabilities, the Debtors do not believe that they have exposure to Priority Claim Liabilities.

 

3 Payments against unsecured liabilities represent payments made under authority granted in the Debtors' Trade Order to certain foreign vendors, shippers and warehousemen and miscellaneous lien claimants.

 

4 Debtors' negotiations with its Landlords are on-going and, consequently, certain waivers of pre-petition rent obligations are expected but not yet fully quantified.  Debtors will include these reductions as "payments" against corresponding unsecured rents once these amounts are agreed and quantified.

 

 

 

 

    Monthly Operating Report
CASE NAME: Tuesday Morning Corporation, et al. CASH BASIS-4A
   
CASE NUMBER: 20-31476 (Jointly Administered)  

 

    MONTH: October

 

ACCOUNTS RECEIVABLE AGING                    
    SCHEDULE
AMOUNT
    MONTH    MONTH    MONTH 
1.  0 - 30                    
2.  31 - 60    See Note 1 Below  
3.  61 - 90                    
4.  91 +                    
5.  TOTAL ACCOUNTS RECEIVABLE  $-   $-   $-   $- 
6.  AMOUNT CONSIDERED UNCOLLECTIBLE                    
7.  ACCOUNTS RECEIVABLE (NET)  $-   $-   $-   $- 

 

AGING OF POSTPETITION TAXES                
AND PAYABLES                
    0 - 30  31-60   90+   Total 
    DAYS  DAYS   DAYS     
TAXES PAYABLE                   
1.  FEDERAL                $- 
2.  STATE                $- 
3.  LOCAL                $- 
4.  OTHER (ATTACH LIST)                $- 
5.  TOTAL TAXES PAYABLE $ -  $-   $-   $- 
                    
6.  ACCOUNTS PAYABLE $ 20,661,734  $-   $-   $20,661,734 

 

STATUS OF POSTPETITION TAXES                    
    BEGINNING    AMOUNT         ENDING 
    TAX    WITHHELD    AMOUNT    TAX 
FEDERAL    LIABILITY      OR ACCRUED      PAID      LIABILITY  
1.  WITHHOLDING                 $- 
2.  FICA-EMPLOYEE                 $- 
3.  FICA-EMPLOYER                 $- 
4.  UNEMPLOYMENT                 $- 
5.  INCOME                 $- 
6.  OTHER (ATTACH LIST)                 $- 
7.  TOTAL FEDERAL TAXES  $-   $-   $-   $- 
STATE AND LOCAL                 $- 
8.   WITHHOLDING                 $- 
9.    SALES                 $- 
10.  EXCISE                 $- 
11.  UNEMPLOYMENT                 $-