EX-99.1 2 v429828_ex99-1.htm EXHIBIT 99.1

 

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)