nvtr20200212_8k.htm

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): February 13, 2020

 


 

Nuvectra Corporation

(Exact Name of Registrant as Specified in its Charter)

 


 

Delaware

001-37525

30-0513847

(State or Other Jurisdiction

of Incorporation)

(Commission

File Number)

(I.R.S. Employer

Identification Number)

  

5830 Granite Parkway, Suite 1100,

Plano, Texas 75024

(Address of principal executive offices, including zip code)

 

(214) 474-3107

(Registrant’s telephone number, including area code)

 

(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 obligations 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:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.001

NVTRQ

OTC Markets

 

Indicate by check mark whether the registrant is an emerging growth company 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.

 

Monthly Operating Report

 

As previously disclosed, on November 12, 2019, Nuvectra Corporation (the “Company”) filed a voluntary petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code (the “Chapter 11 Case”) in the U.S. Bankruptcy Court for the Eastern District of Texas (the “Bankruptcy Court”). The Chapter 11 Case is being administered under the caption In re Nuvectra Corporation, Case No. 19-43090.

 

On February 13, 2020, the Company filed with the Bankruptcy Court a monthly operating report for the month ended January 31, 2020 (the “Monthly Operating Report”). The Monthly Operating Report is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 7.01.

 

The information contained in this Item 7.01, including Exhibit 99.1 incorporated by reference herein, is being furnished under Item 7.01 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and regardless of any general incorporation language in such filings, except to the extent expressly set forth by specific reference in such a filing. The filing of this Current Report on Form 8-K shall not be deemed an admission as to the materiality of any information herein that is required to be disclosed solely by reason of Regulation FD.

 

Cautionary Note Regarding the Monthly Operating Report

 

Investors and potential investors should not place undue reliance on 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 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 requirements of the Bankruptcy Court. The Monthly Operating Report was not audited or reviewed by independent accountants, is in a format prescribed by applicable bankruptcy laws, and is subject to future adjustment and reconciliation. The financial information in the Monthly Operating Report was not prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and, therefore, may exclude items required by GAAP, such as certain reclassifications, non-cash items, accruals, valuations and disclosures. The Monthly Operating Report also contains information for a period which is different from the historical periods required in the Company’s reports under the Exchange Act, and such information might not be indicative of the Company’s financial condition or operating results that would be reflected in the Company’s financial statements or its reports under the Exchange Act. 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 and information set forth in the Monthly Operating Report should not be viewed as indicative of future results.

 

Additional Information Regarding the Chapter 11 Case

 

Filings with the Bankruptcy Court related to the Chapter 11 Case are available electronically at http://www.kccllc.net/nuvectra. Information contained on, or that can be accessed through, such website or the Bankruptcy Court is not part of this Current Report on Form 8-K, and the Company disclaims liability for any such information.

 

Item 9.01            Financial Statements and Exhibits.

 

(d) Exhibits
   

99.1

Monthly Operating Report for the month ended January 31, 2020 as filed with the Bankruptcy Court on February 13, 2020

 

 

 

 

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.

 

 

NUVECTRA CORPORATION

 

 

 

 

Date: February 13, 2020

/s/ Jennifer J. Kosharek

 

 

Jennifer J. Kosharek

 

 

Chief Financial Officer

 

 

ex_172305.htm

Exhibit 99.1

 

 

Monthly Operating Report

 

ACCRUAL BASIS

CASE  NAME:

Nuvectra Corporation

       

 

 

 

       

CASE  NUMBER:

19-43090

   

 

 

 

 

 

       

JUDGE:

Honorable Brenda T. Rhoades

       

 

 

 

   

       UNITED  STATES  BANKRUPTCY  COURT

       
               
     

     NORTHERN & EASTERN DISTRICTS OF TEXAS

       
               

 

 

 

REGION 6

       
               
     

MONTHLY  OPERATING  REPORT

       
               

 

 

MONTH  ENDING:

January 31

 

2020

   
     

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 (ACCRUAL BASIS-1  THROUGH  ACCRUAL BASIS-7)  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:

         
               

/s/ Jennifer J. Kosharek

 

Chief Financial Officer

ORIGINAL  SIGNATURE  OF  RESPONSIBLE  PARTY

 

TITLE

               

Jennifer J. Kosharek

 

2/13/2020

PRINTED NAME OF RESPONSIBLE PARTY

 

DATE

               
               
               

PREPARER:

           
               

/s/ Jennifer J. Kosharek

 

Chief Financial Officer

ORIGINAL  SIGNATURE  OF  PREPARER

 

TITLE

               

Jennifer J. Kosharek

 

2/13/2020

PRINTED NAME OF PREPARER

   

DATE

 

 

 

 

 

 

Monthly Operating Report 

ACCRUAL BASIS-1

CASE NAME:

Nuvectra Corporation

 

   

 

 

 

 

     

CASE  NUMBER:

19-43090

 

   

 

 

COMPARATIVE BALANCE SHEET

                               
         

SCHEDULE
AMOUNT
as of Nov. 12

   

NOVEMBER 30

   

DECEMBER 31

   

JANUARY 31

 

ASSETS

                                 
1.  

UNRESTRICTED CASH

  $ 9,769,668     $ 9,565,361     $ 8,286,353     $ 7,292,985  
2.  

RESTRICTED CASH

  $ -     $ -     $ -     $ -  
3.  

TOTAL CASH

  $ 9,769,668     $ 9,565,361     $ 8,286,353     $ 7,292,985  
4.  

ACCOUNTS RECEIVABLE (NET)

  $ 5,616,444     $ 4,270,444     $ 3,025,206     $ 1,811,492  
5.  

INVENTORY

  $ 13,714,792     $ 13,503,589     $ 13,049,987     $ 12,997,714  
6.  

NOTES RECEIVABLE

  $ -     $ -     $ -     $ -  
7.  

PREPAID EXPENSES

  $ 2,075,993     $ 1,971,200     $ 1,696,383     $ 1,457,476  
8.  

OTHER (ATTACH LIST)

  $ -     $ -     $ -     $ -  
9.  

TOTAL CURRENT ASSETS

  $ 31,176,897     $ 29,310,594     $ 26,057,929     $ 23,559,667  
10.  

PROPERTY, PLANT & EQUIPMENT

  $ 5,149,385     $ 11,909,274     $ 11,909,274     $ 11,909,274  
11.  

LESS: ACCUMULATED DEPRECIATION/DEPLETION

          $ (6,815,209 )   $ (6,909,877 )   $ (7,003,191 )
12.  

NET PROPERTY, PLANT & EQUIPMENT

  $ 5,149,385     $ 5,094,064     $ 4,999,397     $ 4,906,083  
13.  

DUE FROM INSIDERS

  $ -     $ -     $ -     $ -  
14.  

OTHER ASSETS - NET OF AMORTIZATION (ATTACH LIST)

  $ -     $ -     $ -     $ -  
15.  

OTHER (ATTACH LIST)

  $ 1,457,176     $ 1,438,411     $ 1,400,555     $ 1,362,368  
16.  

TOTAL ASSETS

  $ 37,783,458     $ 35,843,070     $ 32,457,881     $ 29,828,118  

POSTPETITION LIABILITIES

                               
17.  

ACCOUNTS PAYABLE

          $ 68,036     $ 225,061     $ 46,536  
18.  

TAXES PAYABLE

          $ (14,628 )   $ (20,633 )   $ (24,500 )
19.  

NOTES PAYABLE

          $ -     $ -     $ -  
20.  

PROFESSIONAL FEES

          $ 369,096     $ 984,480     $ 971,804  
21.  

SECURED DEBT

          $ -     $ -     $ -  
22.  

OTHER (ATTACH LIST)

          $ 559,952     $ 836,758     $ 322,953  
23.  

TOTAL POSTPETITION LIABILITIES

          $ 982,457     $ 2,025,665     $ 1,316,793  

PREPETITION LIABILITIES

                                 
24.  

SECURED DEBT

  $ 10,118,505     $ 10,168,789     $ 10,269,356     $ 10,369,923  
25.  

PRIORITY DEBT

  $ 1,751,288     $ 900,091     $ 600,548     $ 450,761  
26.  

UNSECURED DEBT

  $ 9,286,640     $ 9,345,809     $ 8,898,627     $ 8,662,818  
27.  

OTHER (ATTACH LIST)

  $ -     $ -     $ -     $ -  
28.  

TOTAL PREPETITION LIABILITIES

  $ 21,156,433     $ 20,414,689     $ 19,768,531     $ 19,483,501  
29.  

TOTAL LIABILITIES

  $ 21,156,433     $ 21,397,146     $ 21,794,196     $ 20,800,294  

EQUITY

                                 
30.  

PREPETITION OWNERS' EQUITY

  $ 96,444,483     $ 16,627,024     $ 14,445,924     $ 10,663,685  
31.  

POSTPETITION CUMULATIVE PROFIT OR (LOSS)

  $ (79,817,458 )   $ (2,181,101 )   $ (3,782,239 )   $ (1,635,861 )
32.  

DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION)

  $ -     $ -     $ -     $ -  
33.  

TOTAL EQUITY

  $ 16,627,024     $ 14,445,924     $ 10,663,685     $ 9,027,824  
34.  

TOTAL LIABILITIES & OWNERS' EQUITY

  $ 37,783,458     $ 35,843,070     $ 32,457,881     $ 29,828,118  

 

 

 

 

GL Account Name

 

GL Acct #

 

Description

Notes

 

Dec. 31, 2019

   

Jan. 31, 2020

 

ROU Operating Leases - Noncurrent

    16010    

ASC 842 Right of Use Operating Leases Asset

Account reconciliation available upon request

  $ 1,418,198     $ 1,418,198  

ROU Operating Leases - Noncurrent

    16010    

ASC 842 Right of Use Operating Leases Asset

Account reconciliation available upon request

  $ 415,559     $ 415,559  

Operating Leases Noncurrent Amortizati

    16011    

ASC 842 Right of Use Operating Leases Asset Amortization

Account reconciliation available upon request

  $ (349,155 )   $ (379,546 )

Operating Leases Noncurrent Amortizati

    16011    

ASC 842 Right of Use Operating Leases Asset Amortization

Account reconciliation available upon request

  $ (84,047 )   $ (91,842 )
                $ 1,400,555     $ 1,362,368  
           

Per Page 1

  $ 1,400,555     $ 1,362,368  
           

Difference

  $ -     $ -  

 

 

 

 

     

(CR) / DR

Balance

         

(CR) / DR

POST - Petition Portion Only

   

(CR) / DR

Pre-Petition Still Existing at

 

GL Account Name

Notes

 

Jan. 31, 2020

   

GL Acct #

   

Jan. 31, 2020

   

Jan. 31, 2020

 

Manual AP Accrual

Post petition amount per GL reconciliation. Services incurred not yet invoiced.

    (1,524,542 )   20106       (1,231,425 )     (293,117 )

Received, Not Invoiced

    -     20110       -       -  

Accrued Warranty

No update to accrual post petition. No new trials/perms.

    (282,084 )   20250       -       (282,084 )

Other Accrued Expenses

Blaine property taxes & other accruals, if applicable

    (6,969 )   20251       (6,969 )     -  

Deferred Lease Payments

GAAP Straight Line Rent Expense Calculation. Difference in actual rent pymt and straight line amortization (also see ROU accts)

    (17,216 )   20602       (935 )     (16,281 )

Operating Lease Liability- Noncurrent

ASC 842 Right of Use Operating Leases Liability. Note this liability was booked when 842 implemented (along with the asset) and is decreased every month (along with the asset which gets amortized) as we progress through the leases

    (1,714,016 )   20610       -       (1,714,016 )

TOTAL OTHER LIABILITIES

    (3,544,827 )                      
                                 
                                 

Accrued Salaries & Wages

Accrual all post petition

    0     20210       -       -  

Accrued PTO

Employee balances re-set to 80 hours max on 12/31/19. Assuming most accrued pre-petition.

    (204,778 )   20211       -       (204,778 )

Accrued Commissions

Guarantees and earned amounts (plus auto allow) post-petition not yet paid at 12/31

    (41,000 )   20215       (41,000 )     -  

Accrued Medical

All paid / remitted

    -     20225       -       -  

Accrued H.S.A & Flex Benefits

Pay day 1/3/20 not remitted by 12/31/19. All post-petition.

    (1,273 )   20230       (1,273 )     -  

Accrued FSA

Unable to separate pre/post. Assuming most accrued pre-petition.

    (14,446 )   20231       -       (14,446 )

Accrued Vision

All paid / remitted

    -     20232       -       -  

Accrued 401K

Pay day 1/31/20 not remitted by 1/31/20. All post-petition.

    (16,994 )   20235       -       (16,994 )

Accrued Other Payroll

Post-petition amount per GL reconciliation for expense reports not yet paid.
Pre-petition amount per GL reconciliation for claims over cap.

    (259,166 )   20240       (13,155 )     (246,011 )

Accrued Payroll Taxes

Accrual all post petition

    -     20245       -       -  

Accrued Sales Tax

The debit balance is primarily caused by a $30K refund due from the state of Ohio for corrections made in Sept. between customer billings and our remittance to the state. We have requested a refund check but it will take ~ 6 months due to backlog. This account is fully related to pre-petition as we have no post-petition trials/perms generating sales tax (revisions are immaterial).

    31,469     20255       -       31,469  
                                 

Accrued Use Tax

    0     20260       -       -  

Accrued State Taxes

    (15,095 )   20405                  

TOTAL PRIORITY LIABILITIES

    (521,284 )                   (450,761 )
                                 
                                 
                                 

TOTAL TRADE A/P

    (6,364,260 )                      
                                 
                                 

TOTAL THIS TAB

    (10,430,372 )                      

TOTAL PER PAGE 1 TAB (Liabilities w/o Secured Debt)

    (10,430,372 )                      
                                 
                                 
                      (1,294,757 )        
 

Professional Fees Separately Disclosed

    (971,804 )        
 

Total Post Petition Liabilities (Other)

    (322,953 )        

 

 

 

 

Monthly Operating Report

ACCRUAL BASIS-2

CASE  NAME:

Nuvectra Corporation

   

 

 

 

 

   

CASE  NUMBER:

19-43090

   

 

 

INCOME STATEMENT

 

NOVEMBER 13-30

   

DECEMBER 1-31

   

JANUARY 1-31

   

MONTH

 

REVENUES

                               
1.  

GROSS REVENUES

  $ 191,673     $ 314,168     $ 67,344          
2.  

LESS: RETURNS & DISCOUNTS

  $ 188,618     $ 332,378     $ 279,983          
3.  

NET REVENUE

  $ 3,055     $ (18,210 )   $ (212,639 )   $ -  

COST OF GOODS SOLD

                         
4.  

MATERIAL

  $ 211,203     $ 182,556     $ 113,945          
5.  

DIRECT LABOR

  $ -     $ -     $ -     $ -  
6.  

DIRECT OVERHEAD

  $ -     $ -     $ -     $ -  
7.  

TOTAL COST OF GOODS SOLD

  $ 211,203     $ 182,556     $ 113,945     $ -  
8.  

GROSS PROFIT (LOSS)

  $ (208,148 )   $ (200,766 )   $ (326,584 )   $ -  

OPERATING EXPENSES

                         
9.  

OFFICER / INSIDER COMPENSATION

  $ 89,159     $ 114,563     $ 193,941          
10.  

SELLING & MARKETING

  $ 293,728     $ 1,351,157     $ 156,097          
11.  

GENERAL & ADMINISTRATIVE

  $ 1,051,830     $ 1,050,582     $ 343,903          
12.  

RENT & LEASE

  $ 43,580     $ 70,855     $ 69,651          
13.  

OTHER (ATTACH LIST)

  $ -     $ -     $ -     $ -  
14.  

TOTAL OPERATING EXPENSES

  $ 1,478,297     $ 2,587,157     $ 763,592     $ -  
15.  

INCOME (LOSS) BEFORE NON-OPERATING INCOME & EXPENSE

  $ (1,686,444 )   $ (2,787,923 )   $ (1,090,177 )   $ -  

OTHER INCOME & EXPENSES

                         
16.  

NON-OPERATING INCOME (ATTACH LIST)

  $ (2,258 )   $ (99 )   $ (7 )        
17.  

NON-OPERATING EXPENSE (ATTACH LIST)

  $ -     $ -     $ -     $ -  
18.  

INTEREST EXPENSE

  $ 72,498     $ 284,363     $ 132,888          
19.  

DEPRECIATION / DEPLETION

  $ 55,320     $ 94,668     $ 93,314          
20.  

AMORTIZATION

  $ -     $ -     $ -     $ -  
21.  

OTHER (ATTACH LIST)

  $ -     $ -     $ -     $ -  
22.  

NET OTHER (INCOME) & EXPENSES

  $ 125,560     $ 378,932     $ 226,195     $ -  

REORGANIZATION EXPENSES

                         
23.  

PROFESSIONAL FEES

  $ 369,096     $ 615,384     $ 278,272          
24.  

U.S. TRUSTEE FEES

  $ -     $ -     $ 41,217          
25.  

OTHER (ATTACH LIST)

  $ -     $ -     $ -     $ -  
26.  

TOTAL REORGANIZATION EXPENSES

  $ 369,096     $ 615,384     $ 319,489     $ -  
27.  

INCOME TAX

  $ -     $ -     $ -          
28.  

NET PROFIT (LOSS)

  $ (2,181,101 )   $ (3,782,239 )   $ (1,635,861 )   $ -  

 

 

 

 

GL Account Name

 

GL Acct #

   

GL Entries
Jan. 1-31, 2020

 

Description

Other Income/Expense

  80120     $ (7 )

SVB bank account revenue share

 

 

 

 

Monthly Operating Report

ACCRUAL BASIS-3

CASE  NAME:

Nuvectra Corporation

     

 

 

 

 

     

CASE  NUMBER:

19-43090

     

 

 

CASH RECEIPTS AND DISBURSEMENTS

 

NOVEMBER 13-30

   

DECEMBER 1-31

   

JANUARY 1-31

   

QUARTER

 
1.  

CASH - BEGINNING OF MONTH

  $ 9,769,668     $ 9,565,361     $ 8,286,353          

RECEIPTS FROM OPERATIONS

                               
2.  

CASH SALES

  $ -                     $ -  

COLLECTION OF ACCOUNTS RECEIVABLE

                               
3.  

PREPETITION

  $ 1,351,696                     $ 1,351,696  
4.  

POSTPETITION

  $ -     $ 1,235,009     $ 1,140,688     $ 2,375,697  
5.  

TOTAL OPERATING RECEIPTS

  $ 1,351,696     $ 1,235,009     $ 1,140,688     $ 3,727,393  

NON-OPERATING RECEIPTS

                               
6.  

LOANS & ADVANCES (ATTACH LIST)

  $ -                     $ -  
7.  

SALE OF ASSETS

  $ -                     $ -  
8.  

OTHER (ATTACH LIST)

  $ 22,334     $ 29,346     $ 61,644     $ 113,324  
9.  

TOTAL NON-OPERATING RECEIPTS

  $ 22,334     $ 29,346     $ 61,644     $ 113,324  
10.  

TOTAL RECEIPTS

  $ 1,374,030     $ 1,264,354     $ 1,202,333     $ 3,840,717  
11.  

TOTAL CASH AVAILABLE

  $ 11,143,698     $ 10,829,715     $ 9,488,686          

OPERATING DISBURSEMENTS

                               
12.  

NET PAYROLL

  $ 1,086,763     $ 1,676,732     $ 843,551     $ 3,607,046  
13.  

PAYROLL TAXES PAID

  $ 40,237     $ 90,933     $ 77,096     $ 208,266  
14.  

SALES, USE & OTHER TAXES PAID

  $ 18,537     $ 51,457     $ 24,231     $ 94,225  
15.  

SECURED / RENTAL / LEASES

  $ -     $ 318,821     $ 215,652     $ 534,473  
16.  

UTILITIES

  $ -                     $ -  
17.  

INSURANCE

  $ 207,471     $ 176,341     $ 106,402     $ 490,214  
18.  

INVENTORY PURCHASES

  $ -                     $ -  
19.  

VEHICLE EXPENSES

  $ -                     $ -  
20.  

TRAVEL

  $ -                     $ -  
21.  

ENTERTAINMENT

  $ -                     $ -  
22.  

REPAIRS & MAINTENANCE

  $ -                     $ -  
23.  

SUPPLIES

  $ -                     $ -  
24.  

ADVERTISING

  $ -                     $ -  
25.  

OTHER (ATTACH LIST)

  $ 225,330     $ 229,076     $ 596,605     $ 1,051,010  
26.  

TOTAL OPERATING DISBURSEMENTS

  $ 1,578,337     $ 2,543,362     $ 1,863,536     $ 5,985,235  

REORGANIZATION EXPENSES

                               
27.  

PROFESSIONAL FEES

  $ -     $ -     $ 290,948     $ 290,948  
28.  

U.S. TRUSTEE FEES

  $ -     $ -     $ 41,217     $ 41,217  
29.  

OTHER (ATTACH LIST)

  $ -                     $ -  
30.  

TOTAL REORGANIZATION EXPENSES

  $ -     $ -     $ 332,165     $ 332,165  
31.  

TOTAL DISBURSEMENTS

  $ 1,578,337     $ 2,543,362     $ 2,195,701     $ 6,317,400  
32.  

NET CASH FLOW

  $ (204,307 )   $ (1,279,007 )   $ (993,368 )   $ (2,476,682 )
33.  

CASH - END OF MONTH

  $ 9,565,361     $ 8,286,353     $ 7,292,985          

 

 

 

 

NON-OPERATING RECEIPTS

   
  10,846  

Non-Op Receipts - Interest on Asset Management Account Total

  9,702  

Non-Op Receipts Other - SVB Revenue Share

     

Non-Op Receipts Other - Payroll-related: Return of Rejected Child Support Payment Total

  6,800  

Non-Op Receipts Other - Vendor Deposit Refund

  34,297  

Non-Op Receipts Other - Payroll-related: Monthly Wageworks reimbursement (HSA, FSA, HRA, COBRA) Total

       
  61,644  

8. OTHER

       
       

OPERATING DISBURSEMENTS

   
  247  

Op Disbursement - Other - Management Fee on Investment/Wageworks Acct Total

  84,421  

Op Disbursement - Other - Payroll-related: H.S.A./Acensus 401K/ F.S.A

  4,578  

Op Disbursement - Other - Bank Fee

  20,000  

Op Disbursement - Other -BOD payments

  487,360  

Op Disbursement - Other Vendors Total

       
  596,605  

25. OTHER

       
       
       
       
  41,217  

Op Disbursement - Other - US Trustee

  290,948  

Op Disbursement - Other - Legal fees

  332,165  

Total Reorganization Expenses

 

 

 

 

Monthly Operating Report

ACCRUAL BASIS-4

CASE  NAME:

Nuvectra Corporation

 

   

 

 

 

 

     

CASE  NUMBER:

19-43090

     

 

 

ACCOUNTS RECEIVABLE AGING    

SCHEDULE
AMOUNT
as of Nov. 12

   

NOVEMBER 30

   

DECEMBER 31

   

JANUARY 31

 
1.   0-30             $ 5,148,863     $ 3,431,923     $ 1,620,337     $ 80,132  
2.   31-60             $ 251,608     $ 511,331     $ 882,820     $ 810,452  
3.   61-90             $ 76,541     $ 158,661     $ 328,917     $ 529,291  
4.  

91+

            $ 717,900     $ 746,997     $ 766,957     $ 965,442  
5.  

TOTAL ACCOUNTS RECEIVABLE

    $ 6,194,913     $ 4,848,912     $ 3,599,032     $ 2,385,317  
6.  

AMOUNT CONSIDERED UNCOLLECTIBLE

    $ (578,468 )   $ (578,468 )   $ (573,826 )   $ (573,826 )
7.  

ACCOUNTS RECEIVABLE (NET)

    $ 5,616,444     $ 4,270,444     $ 3,025,206     $ 1,811,492  
                                                 
                                                 

AGING OF POSTPETITION TAXES AND PAYABLES

   

MONTH:

   

January 31 2020

 
                                                 
              0-30           31-60           61-90        

91+

         

TAXES PAYABLE

   

DAYS

   

DAYS

   

DAYS

   

DAYS

   

TOTAL

 
1.  

FEDERAL

    $ -     $ -     $ -     $ -     $ -  
2.  

STATE

    $ (24,500 )   $ -     $ -     $ -     $ (24,500 )
3.  

LOCAL

    $ -     $ -     $ -     $ -     $ -  
4.  

OTHER (ATTACH LIST)

    $ -     $ -     $ -     $ -     $ -  
5.  

TOTAL TAXES PAYABLE

    $ (24,500 )   $ -     $ -     $ -     $ (24,500 )
                                                 
6.  

ACCOUNTS PAYABLE

    $ 44,901     $ 1,635     $ 0     $ 0     $ 46,536  
                                                 
                                                 

STATUS OF POSTPETITION TAXES

           

MONTH:

   

January 31 2020

 
                                                 
                   

BEGINNING

   

AMOUNT

           

ENDING

 
                   

TAX

   

WITHHELD AND/

   

AMOUNT

   

TAX

 

FEDERAL

           

LIABILITY

   

0R ACCRUED

   

PAID

   

LIABILITY

 
1.  

WITHHOLDING

   

Payroll

    $ -     $ 133,082     $ 133,082     $ -  
2.  

FICA-EMPLOYEE

   

Payroll

    $ -     $ 65,891     $ 65,891     $ -  
3.  

FICA-EMPLOYER

   

Payroll

    $ -     $ 65,891     $ 65,891     $ -  
4.  

UNEMPLOYMENT

   

Payroll

    $ -     $ -     $ -     $ -  
5.  

INCOME

            $ -     $ -     $ -     $ -  
6.  

OTHER (ATTACH LIST)

            $ -     $ -     $ -     $ -  
7.  

TOTAL FEDERAL TAXES

            $ -     $ 264,865     $ 264,865     $ -  

 

 

STATE AND LOCAL

                                         
8.  

WITHHOLDING

   

Payroll

    $ -     $ 35,465     $ 35,465     $ -  
9.  

SALES

            $ (20,633 )   $ -     $ 10,836     $ (31,469 )
10.  

EXCISE

            $ -     $ -     $ -     $ -  
11.  

UNEMPLOYMENT

   

Payroll

    $ -     $ -     $ -     $ -  
12.  

REAL PROPERTY

            $ -     $ 6,969     $ -     $ 6,969  
13.  

PERSONAL PROPERTY

            $ -     $ -     $ -     $ -  
14.  

OTHER (ATTACH LIST)

            $ -     $ -     $ -     $ -  
15.  

TOTAL STATE & LOCAL

            $ (20,633 )   $ 42,434     $ 46,302     $ (24,500 )
16.  

TOTAL TAXES

            $ (20,633 )   $ 307,299     $ 311,166     $ (24,500 )

 

 

 

 

Monthly Operating Report

ACCRUAL BASIS-5

CASE NAME:

Nuvectra Corporation

       

 

 

 

 

       

CASE NUMBER:

19-43090

       

 

 

                         

MONTH:

   

January 31 2020

 

BANK RECONCILIATIONS

                                       
         

Account #1

   

Account #2

   

Account #3

   

Account #4

         

A. BANK:

   

Silicon Valley Bank

   

Silicon Valley Bank

   

Silicon Valley Bank

   

Silicon Valley Bank

         

B. ACCOUNT NUMBER:

    0826          2403          0906          8007       

TOTAL

 

C. PURPOSE (TYPE):

 

Analysis Checking

   

Sweep Investment

   

Analysis Checking Lockbox

   

Utilities

         
1.  

BALANCE PER BANK STATEMENT

  $ 60,321     $ 4,864,444     $ -     $ 41,533     $ 4,966,299  
2.  

ADD: TOTAL DEPOSITS NOT CREDITED

  $ -     $ 39,575     $ -     $ -     $ 39,575  
3.  

SUBTRACT: OUTSTANDING CHECKS

  $ 294,367     $ -     $ -     $ -     $ 294,367  
4.  

OTHER RECONCILING ITEMS

  $ -     $ -     $ -     $ -     $ -  
5.  

MONTH END BALANCE PER BOOKS

  $ (234,046 )   $ 4,904,019     $ -     $ 41,533     $ 4,711,506  
6.  

NUMBER OF LAST CHECK WRITTEN

    7427       N/A       N/A       N/A          
                                               
                                               
                                               

INVESTMENT ACCOUNTS

                                       
                                               
         

DATE OF

           

TYPE OF

   

PURCHASE

   

CURRENT

 

BANK, ACCOUNT NAME & NUMBER

 

PURCHASE

           

INSTRUMENT

   

PRICE

   

VALUE

 
7.  

Silicon Valley Bank Asset Mgmnt x1350

    N/A               N/A       N/A     $ 2,581,479  
8.                                              
9.                                              
10.                                              
11.    

TOTAL INVESTMENTS

                            $ 2,581,479  
                                               

CASH

                                         
                                               
12.    

CURRENCY ON HAND

                            $ -  
                                               
13.    

TOTAL CASH - END OF MONTH

                            $ 7,292,985  

 

 

 

 

Monthly Operating Report

ACCRUAL BASIS-6

CASE  NAME:

Nuvectra Corporation

 

   

 

 

 

 

     

CASE  NUMBER:

19-43090

     

 

                           

MONTH:

 

January 1-31

2020

                                     

PAYMENTS TO INSIDERS AND PROFESSIONALS

             
                                     

INSIDERS

     
           

TYPE OF

   

AMOUNT

   

TOTAL PAID

     
   

NAME

   

PAYMENT

   

PAID

   

TO DATE

     
1.  

Fred Parks

   

Payroll

    $ 36,799     $ 81,306      
2.  

Jennifer Kosharek

   

Payroll

    $ 27,042     $ 58,816      
3.  

Ben Tranchina

   

Payroll

    $ 26,020     $ 54,373      
4.  

Bonnie Schmidt

   

Payroll

    $ 14,592     $ 35,364      
5.   N/A     N/A     $ -     $ -      
6.  

TOTAL PAYMENTS TO INSIDERS

    $ 104,453     $ 229,859      

 

 

PROFESSIONALS
        DATE OF COURT                             TOTAL  
        ORDER AUTHORIZING     AMOUNT     AMOUNT     TOTAL PAID     INCURRED  
    NAME   PAYMENT     APPROVED     PAID     TO DATE     & UNPAID  
1.  

Norton Rose Fulbright LLP

    N/A     $ -     $ -     $ -     $ 390,341  
2.  

Dorsey & Whitney LLP

    N/A     $ -     $ -     $ -     $ 252,473  
3.  

Alvarez & Marsal LLC

    N/A     $ -     $ -     $ -     $ 258,990  
4.  

Stout

    N/A       N/A     $ 152,336     $ 152,336     $ -  
5.  

KCC

    N/A       N/A     $ 138,611     $ 138,611     $ 70,000  
6.  

Lenders (SVB & Oxford)

    N/A     $ -     $ -     $ -     $ -  
7.  

Unsecured Creditors Committee

    N/A     $ -     $ -     $ -     $ -  
8.   TOTAL PAYMENTS TO PROFESSIONALS                $ 290,948     $ 290,948     $

971,804

 

 

POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE

     

PROTECTION PAYMENTS

     
                                       
           

SCHEDULED

   

AMOUNTS