MBRKQ 8k out, MOR
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): September 20, 2010
MIDDLEBROOK PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
Delaware 000-50414 52-2208264
(State or other jurisdiction
of incorporation) (Commission File Number) (IRS Employer Identification No.)
7 Village Circle, Suite 100,
Westlake, Texas
76262
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (817) 837-1200
N/A
(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:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 7.01. Regulation FD Disclosure.
On September 20, 2010, MiddleBrook Pharmaceuticals, Inc. (the “Company”) filed its unaudited monthly operating report (the “Monthly Operating Report”) for the period August 1, 2010 through August 31, 2010 with the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”), case number 10-11485. A copy of the Monthly Operating Report is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
The Monthly Operating Report is limited in scope, covers a limited time period and has been prepared solely for the purpose of complying with reporting requirements of the Bankruptcy Court and the United States Bankruptcy Code, 11 U.S.C. §§ 101-1532 (the “Bankruptcy Code”). The financial information contained in the Monthly Operating Report is preliminary and unaudited and does not purport to show the Company’s financial statements in accordance with generally accepted accounting principles (“GAAP”) and, therefore, may exclude items required by GAAP. The Monthly Operating Report also does not include footnotes that would ordinarily be contained in the financial statements in the Company’s quarterly and annual reports filed pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Monthly Operating Report contains information for periods that may be shorter or otherwise different from those contained in reports required pursuant to the Exchange Act. The financial information has not been reviewed or otherwise verified for accuracy or completeness by the Company’s independent registered public accountants, and there can be no assurance that the Monthly Operating Report is complete. The Company cautions readers not to place undue reliance on the Monthly Operating Report, which may be subject to revision. The Monthly Operating Report is in the format required by the Bankruptcy Court and the Bankruptcy Code and should not be used for investment purposes. The information in the Monthly Operating Report should not be viewed as indicative of future results.
The information furnished pursuant to Item 7.01 and Exhibit 99.1 of this Current Report on Form 8-K shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section. The information in Item 7.01 of this Current Report shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this Current Report, regardless of any general incorporation language in the filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
The following exhibits are furnished with this Current Report on Form 8-K:
Exhibit
Number Description
99.1 Monthly Operating Report for the Period from August 1, 2010 to August 31, 2010
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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.
MIDDLEBROOK PHARMACEUTICALS, INC.
Date: September 20, 2010 By: /s/ Brad Cole
Brad Cole
Senior Vice President, General Counsel and Secretary
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EXHIBIT INDEX
Exhibit
Number Description
99.1 Monthly Operating Report for the Period from August 1, 2010 to August 31, 2010
Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re MiddleBrook Pharmaceuticals, Inc. Case No. 10-11485
Debtor Reporting Period: August 1 — August 31, 2010
MONTHLY OPERATING REPORT
File with Court and submit copy to United States Trustee within 20 days after end of month
Submit copy of report to any official committee appointed in the case.
Document Explanation Affidavit/Supplement
REQUIRED DOCUMENTS Form No. Attached Attached Attached
Certifications
Schedule of Cash Receipts and Disbursements MOR-1 X
Bank Reconciliation (or copies of debtor’s bank reconciliations) see certifications X
Schedule of Professional Fees Paid MOR-1b X
Copies of bank statements see certifications X
Cash disbursements journals X
Statement of Operations MOR-2 X
Balance Sheet MOR-3 X
Status of Postpetition Taxes see certifications X
Copies of IRS Form 6123 or payment receipt
Copies of tax returns filed during reporting period
Summary of Unpaid Postpetition Debts MOR-4 X
Listing of aged accounts payable MOR-4 X
Accounts Receivable Reconciliation and Aging MOR-5 X
Debtor Questionnaire MOR-5 X
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.
Signature of Debtor
Date
Signature of Joint Debtor
Date
/s/ Brad Cole September 20, 2010
Signature of Authorized Individual*
Date
Brad Cole SVP, General Counsel
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)
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UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re MiddleBrook Pharmaceuticals, Inc. Case No. 10-11485
Debtor Reporting Period: August 1 — August 31, 2010
CERTIFICATIONS
A. Bank Reconciliation Certification
The undersigned verifies that, to my knowledge, all of the Debtors’ August 31, 2010 bank balances have been reconciled in an accurate and timely manner.
B. Post-petition Taxes Certification
The undersigned verifies that, to my knowledge, all post-petition tax obligations, including but not limited to payroll, real property, income, franchise and other taxes have been paid to the proper taxing authority when due.
/s/ David Carlson September 20, 2010
Signature of Authorized Individual
Date
David Carlson VP, Finance and Treasurer
Printed Name of Authorized Individual
Title of Authorized Individual
--------------------------------------------------------------------------------
In re: MiddleBrook Pharmaceuticals, Inc. Case No. 10-11485
Debtor Reporting Period: August 1 — 31, 2010
MOR 1
Current Month Cumulative Filing to Date
Actual Forecast Actual Forecast
Beginning Date 1-Aug-10 1-Aug-10 3-May-10 3-May-10
Ending Date 31-Aug-10 31-Aug-10 31-Aug-10 31-Aug-10
Cash — Beginning Balance $ 17,552,575 $ 17,551,015 $ 5,257,718 $ 5,269,539
Receipts
Lockbox $ 285,464 $ 0 $ 601,881 $ 274,859
Misc Deposit $ 1,748,813 $ 1,710,000 $ 17,072,001 $ 18,664,000
Total Receipts $ 2,034,277 $ 1,710,000 $ 17,673,882 $ 18,938,859
Operating Disbursements
Gleacher $ 0 $ 0 $ 0 $ 0
Cardinal Co-Pay Redemptions $ 0 $ 0 $ 0 $ 0
Dr Directory $ 0 $ 0 $ (47,005 ) $ (96,831 )
Legal & Deal fees $ (209,308 ) $ (132,123 ) $ (683,753 ) $ (574,203 )
KCC LLC $ (25,513 ) $ (25,513 ) $ (25,513 ) $ (25,513 )
Creditors Committee Counsel & FA $ (57,373 ) $ (134,557 ) $ (57,373 ) $ (274,702 )
Equity Committee Counsel $ 0 $ 0 $ 0 $ 0
Other Professional Fees $ 0 $ 0 $ 0 $ 0
Payroll $ (387,908 ) $ (423,250 ) $ (1,038,058 ) $ (1,271,216 )
Benefits $ (77,657 ) $ (77,657 ) $ (77,657 ) $ (77,657 )
Severance $ 0 $ 0 $ 0 $ 0
Vacation Payout $ 0 $ 0 $ 0 $ 0
Invoices in A/P Aging $ (84,745 ) $ (109,621 ) $ (1,158,400 ) $ (1,077,993 )
Misc (TX rent, Insurance, ICS) $ (62,194 ) $ (59,036 ) $ (162,313 ) $ (159,436 )
Other $ (2,989 ) $ 0 $ (1,006,502 ) $ (1,164,458 )
voided checks $ 0 $ 0 $ 4,138
Total Operating Disbursements $ (907,687 ) $ (961,758 ) $ (4,252,435 ) $ (4,722,009 )
Net Operating Cash Flow $ 1,126,590 $ 748,242 $ 13,421,447 $ 14,216,850
Non-Operating Disbursements
Capex
Professional Fees
Total Non-Operating Disbursements $ 0 $ 0 $ 0 $ 0
Net Operating Cash Flow Before Financing $ 1,126,590 $ 748,242 $ 13,421,447 $ 14,216,850
Financing Activities
Interest Payments
Financing Activities $ 0 $ 0 $ 0 $ 0
Cash Flow $ 1,126,590 $ 748,242 $ 13,421,447 $ 14,216,850
Ending Cash Balance (per books) $ 18,679,165 $ 18,299,257 $ 18,679,165 $ 19,486,389
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN)
TOTAL DISBURSEMENTS $ (907,687 )
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS 0
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts) 0
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES $ (907,687 )
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In re: MiddleBrook Pharmaceuticals, Inc. Case No. 10-11485
Debtor Reporting Period: August 1 — 31, 2010
Disbursements Journal
Checks cut during period
GL Posting Checkbook CM Trx
Date Source Document Amount Number Voided Paid ToRcvd From
8/5/2010 PMCHK $ 3,286.00 5104 No ExecuSuites I-270, Inc.
8/5/2010 PMCHK $ 1,151.63 5105 No VSP — (AT)
8/9/2010 PMCHK $ 77,657.00 5106 No United Healthcare Insurance Co.
8/12/2010 PMCHK $ 111,459.41 5107 No Alston & Bird LLP
8/12/2010 PMCHK $ 1,050.00 5108 No American Stock Transfer & Trust Co
8/12/2010 PMCHK $ 76.27 5109 No AT Conference
8/12/2010 PMCHK $ 811.71 5110 No AT&T Mobility
8/12/2010 PMCHK $ 839.77 5111 No A T & T 8174909174/8174908790
8/12/2010 PMCHK $ 57.85 5112 No AT&T
8/12/2010 PMCHK $ 718.77 5113 No ATT
8/12/2010 PMCHK $ 991.17 5114 No Avaya, inc.
8/12/2010 PMCHK $ 39.89 5115 No Robin N. Belsaas
8/12/2010 PMCHK $ 2,580.51 5116 No Brad Cole
8/12/2010 PMCHK $ 465.00 5117 No Corporation Service Company
8/12/2010 PMCHK $ 193.27 5118 No Department of Veterans Affairs
8/12/2010 PMCHK $ 88.00 5119 No Excel Micro
8/12/2010 PMCHK $ 1,050.00 5120 No FDA Export Certificate Program
8/12/2010 PMCHK $ 1,093.75 5121 No Lynne B. Marton
8/12/2010 PMCHK $ 974.00 5122 No Pure Compliance
8/12/2010 PMCHK $ 42,568.28 5123 No QPharma Corp
8/12/2010 PMCHK $ 111.12 5124 No New Jersey Wraparound Drug Rebate
8/12/2010 PMCHK $ 195.00 5125 No Cynthia Tirpak
8/12/2010 PMCHK $ 293.43 5126 No Dr. Donald J. Treacy
8/12/2010 PMCHK $ 33.96 5127 No Verizon Business
8/12/2010 PMCHK $ 150.00 5128 No WebEx Communications Inc.
8/12/2010 PMCHK $ 20,663.55 5129 No Young Conaway Stargatt & Taylor LLP
8/17/2010 PMCHK $ 2,626.47 5130 No A T & T 8174909174/8174908790
8/17/2010 PMCHK $ 54,146.66 5131 No Dickstein Shapiro LLP
8/17/2010 PMCHK $ 180.00 5132 No Fisher Clinical Services
8/17/2010 PMCHK $ 200.00 5133 No FlexAmerica, Inc.
8/17/2010 PMCHK $ 1,146.38 5134 No Gary Herman
8/17/2010 PMCHK $ 25,535.52 5135 No Integrated Commercialization Sol.
8/17/2010 PMCHK $ 292.28 5136 No IKON Financial Services Box 650016
8/17/2010 PMCHK $ 156.12 5137 No Iron Mountain
8/17/2010 PMCHK $ 50.00 5138 No Shred-it USA, DBA Shred-it Dallas
8/17/2010 PMCHK $ 80.00 5139 No Amber Tomlinson
8/17/2010 PMCHK $ 500.00 5140 No Transport Solutions Inc
8/17/2010 PMCHK $ 365.13 5141 No WorldWide express
8/17/2010 PMCHK $ 23,038.04 5142 No Bayard, P.A.
8/27/2010 PMCHK $ 79.60 5143 No ADP Commercial Leasing
8/27/2010 PMCHK $ 1.64 5144 No Colorado State Treasurer
8/27/2010 PMCHK $ 13,424.03 5145 No Delaware Secretary of State
8/27/2010 PMCHK $ 3,511.78 5146 No Department of Health Services
8/27/2010 PMCHK $ 60.00 5147 No Excel Micro
8/27/2010 PMCHK $ 305.78 5148 No IKON Financial Services Box 650016
8/27/2010 PMCHK $ 57,372.84 5149 No Invotex, Inc.
8/27/2010 PMCHK $ 25,513.49 5150 No Kurtzman Carson Consultants
8/27/2010 PMCHK $ 223.61 5151 No Nebraska Dept of Revenue
8/27/2010 PMCHK $ 160.60 5152 No NYS EPIC PROGRAM
8/27/2010 PMCHK $ 1,334.00 5153 No Pure Compliance
8/27/2010 PMCHK $ 25.47 5154 No New Jersey Wraparound Drug Rebate
8/27/2010 PMCHK $ 411.12 5155 No State of New Jersey Dept Health/Senior Serv
8/27/2010 PMCHK $ 750.00 5156 No SunTrust
8/27/2010 PMCHK $ 977.50 5157 No Thomson Financial Corporate Group
8/27/2010 PMCHK $ 897.72 5158 No UNUM Life Insurance
8/27/2010 PMCHK $ 213.65 5159 No WorldWide express
8/27/2010 PMCHK $ 748.87 5167 No Brad Cole
8/27/2010 PMCHK $ 489.43 5168 No Gary Herman
$ 483,417.07 Checks Cut
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In re: MiddleBrook Pharmaceuticals, Inc. Case No. 10-11485
Debtor Reporting Period: August 1 — 31, 2010
Debits to bank other than checks
Transaction Customer
Date Description Amount Bank Ref# Ref. # Payee / Description
8/2/2010 ACH DEBIT 3,725.26 401K Contributions
8/5/2010 ACH DEBIT 1,218.91 ADP fees
8/6/2010 ACH DEBIT 355.84 ADP fees
8/9/2010 DEBIT MEMO — SVB 500.00 LOCKBOX CHARGE
8/11/2010 DEBIT MEMO — Cap One 245,051.91 ADP — payroll
8/11/2010 DEBIT MEMO — Cap One 95,211.37 ADP — payroll taxes
8/17/2010 DEBIT MEMO 146.24 BCC PAYMENT #1104568
8/17/2010 ACH Withdrawal 227.37 The Utility Company
8/20/2010 ACH Withdrawal 382.08 ADP — payroll fees
8/25/2010 DEBIT MEMO 88.24 Bank Analysis Service Charge
8/27/2010 Wire 33,372.85 Maguire Partners — Sept rent
8/27/2010 Wire Withdrawal 28,120.77 ADP — Payroll-related
8/27/2010 ACH Withdrawal 70.05 ADP — payroll fees
8/30/2010 ACH Withdrawal 15,798.73 ADP — payroll related
$ 424,269.62 Debits to Bank other than Checks
Voided Checks from Prior Periods $ 0.00
$ 907,686.69 total disbursements
Checks cleared by bank:
8/2/2010 DEBIT MEMO — CapOne 32,230.76 CONTROL DISBURSEMENT/CLEARED CHECKS
8/3/2010 DEBIT MEMO — CapOne 170,771.52 CONTROL DISBURSEMENT/CLEARED CHECKS
8/4/2010 DEBIT MEMO — CapOne 7,717.95 CONTROL DISBURSEMENT/CLEARED CHECKS
8/5/2010 DEBIT MEMO — CapOne 2,995.85 CONTROL DISBURSEMENT/CLEARED CHECKS
8/9/2010 DEBIT MEMO — CapOne 3,688.87 CONTROL DISBURSEMENT/CLEARED CHECKS
8/10/2010 DEBIT MEMO — CapOne 1,252.82 CONTROL DISBURSEMENT/CLEARED CHECKS
8/11/2010 DEBIT MEMO — CapOne 81,078.59 CONTROL DISBURSEMENT/CLEARED CHECKS
8/17/2010 DEBIT MEMO — CapOne 156,863.40 CONTROL DISBURSEMENT/CLEARED CHECKS
8/18/2010 DEBIT MEMO — CapOne 24,892.53 CONTROL DISBURSEMENT/CLEARED CHECKS
8/19/2010 DEBIT MEMO — CapOne 8,778.56 CONTROL DISBURSEMENT/CLEARED CHECKS
8/23/2010 DEBIT MEMO — CapOne 29,575.61 CONTROL DISBURSEMENT/CLEARED CHECKS
8/24/2010 DEBIT MEMO — CapOne 24,253.59 CONTROL DISBURSEMENT/CLEARED CHECKS
8/27/2010 DEBIT MEMO — CapOne 54,511.79 CONTROL DISBURSEMENT/CLEARED CHECKS
8/30/2010 DEBIT MEMO — CapOne 2,860.51 CONTROL DISBURSEMENT/CLEARED CHECKS
8/31/2010 DEBIT MEMO — CapOne 1,334.00 CONTROL DISBURSEMENT/CLEARED CHECKS
$ 602,806.35
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In re: MiddleBrook Pharmaceuticals, Inc. Case No. 10-11485
Debtor Reporting Period: August 1 — 31, 2010
SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID
This schedule is to include all retained professional payments from case inception to current month
Invoice Amount - Invoice Amount - Fees Expenses Objection Check Amount Paid Year-To-Date
Payee Period Covered Fees Expenses Approved Approved Deadline Number Date Fees Expenses Fees Expenses
Alston & Bird LLP 4/30 – 5/31/10 $ 255,194.00 $ 0.00 $ 255,194.00 $ 0.00 7/7/2010 5082 7/21/2010 $ 204,155.20 $ 204,155.20
Alston & Bird LLP 4/30 – 5/31/10 $ 0.00 $ 5,825.95 $ 0.00 $ 5,825.95 7/7/2010 5085 7/22/2010 $ 5,825.95 $ 5,825.95
Alston & Bird LLP 6/1 – 6/30/10 $ 129,621.50 $ 7,762.21 $ 129,621.50 $ 7,762.21 8/5/2010 5107 8/12/2010 $ 103,697.20 $ 7,762.21 $ 103,697.20 $ 7,762.21
Alston & Bird LLP 7/1 – 7/31/10 $ 100,767.00 $ 1,689.29 $ 100,767.00 $ 1,689.29 9/3/2010
Alston & Bird LLP subtotal $ 307,852.40 $ 13,588.16
Bayard, P.A. 5/11 – 5/31/10 $ 35,663.00 $ 212.04 $ 35,663.00 $ 212.04 7/19/2010 5086 7/22/2010 $ 28,530.40 $ 212.04 $ 28,530.40 $ 212.04
Bayard, P.A. 6/1 – 6/30/10 $ 29,506.00 $ 393.24 $ 28,306.00 $ 393.24 8/10/2010 5142 8/17/2010 $ 22,644.80 $ 393.24 $ 22,644.80 $ 393.24
Bayard, P.A. 7/1 – 7/31/10 $ 24,458.00 $ 623.21 $ 24,458.00 $ 623.21 9/7/2010
Bayard, P.A. subtotal $ 51,175.20 $ 605.28
Carella, Byrne, Bain annuity services $ 450.00 $ 6,993.00 $ 450.00 $ 6,993.00 N/A 5044 7/2/2010 $ 450.00 $ 6,993.00 $ 450.00 $ 6,993.00
Carella, Byrne, Bain patent maintenance $ 50.00 $ 516.00 $ 50.00 $ 516.00 N/A 2588 6/21/2010 $ 50.00 $ 516.00 $ 50.00 $ 516.00
Carella, Byrne, Bain subtotal $ 500.00 $ 7,509.00
Dickstein Shapiro LLP 5/11 – 5/31/10 $ 134,068.50 $ 4,147.20 $ 134,068.50 $ 4,147.20 7/19/2010 5087 7/22/2010 $ 107,254.80 $ 4,147.20 $ 107,254.80 $ 4,147.20
Dickstein Shapiro LLP 6/1 – 6/30/10 $ 63,546.50 $ 3,309.16 $ 63,546.50 $ 3,309.16 8/10/2010 5131 8/17/2010 $ 50,837.50 $ 3,309.16 $ 50,837.50 $ 3,309.16
Dickstein Shapiro LLP 7/1 – 7/31/10 $ 63,076.25 $ 2,223.29 9/3/2010
Dickstein Shapiro LLP subtotal $ 158,092.30 $ 7,456.36
Gleacher & Company 4/30 – 7/31/10 $ 660,000.00 $ 52,514.48 $ 660,000.00 $ 52,514.48 9/7/2010
Gleacher & Company subtotal $ 0.00 $ 0.00
Invotex, Inc. 5/26 – 6/30/10 $ 71,248.50 $ 374.04 $ 71,248.50 $ 374.04 8/12/2010 5149 8/27/2010 $ 56,998.80 $ 374.04 $ 56,998.80 $ 374.04
Invotex, Inc. 7/1 – 7/30/10 $ 14,514.25 $ 79.24 $ 14,514.25 $ 79.24 9/7/2010
Invotex, Inc. subtotal $ 56,998.80 $ 374.04
Kurtzman Carson Consultants 4/30/2010 $ 2,232.00 $ 78.20 $ 2,232.00 $ 78.20 N/A 5029 7/1/2010 $ 2,232.00 $ 78.20 $ 2,232.00 $ 78.20
Kurtzman Carson Consultants NYTIMES (July) $ 0.00 $ 3,680.00 $ 0.00 $ 3,680.00 N/A wire 7/9/2010 0 3,680.00 $ 0.00 $ 3,680.00
Kurtzman Carson Consultants 5/1 – 5/31/10 $ 44,420.50 $ 13,040.83 $ 44,420.50 $ 13,040.83 N/A 5080 7/21/2010 $ 44,420.50 $ 13,040.83 $ 44,420.50 $ 13,040.83
Kurtzman Carson Consultants 6/1 – 6/30/10 $ 25,815.50 $ 2,752.13 $ 25,815.50 $ 2,752.13 N/A 5096 7/27/2010 $ 25,815.50 $ 2,752.13 $ 25,815.50 $ 2,752.13
Kurtzman Carson Consultants 7/1 –7/31/10 $ 20,333.00 $ 5,180.49 $ 20,333.00 $ 5,180.49 N/A 5150 8/27/2010 $ 20,333.00 $ 5,180.49 $ 20,333.00 $ 5,180.49
Kurtzman Carson Consultants subtotal $ 92,801.00 $ 24,731.65
Young Conaway Stargatt & Taylor LLP 4/30 – 5/31/10 $ 41,889.00 $ 0.00 $ 41,889.00 $ 0.00 7/16/2010 5083 7/21/2010 $ 33,511.20 $ 33,511.20
Young Conaway Stargatt & Taylor LLP 4/30 – 5/31/10 $ 0.00 $ 1,099.45 $ 0.00 $ 1,099.45 7/16/2010 5088 7/22/2010 $ 1,099.45 $ 1,099.45
Young Conaway Stargatt & Taylor LLP 6/1 – 6/30/10 $ 25,033.50 $ 636.75 $ 25,033.50 $ 636.75 8/9/2010 5129 8/12/2010 $ 20,026.80 $ 636.75 $ 20,026.80 $ 636.75
Young Conaway Stargatt & Taylor LLP 7/1 – 7/31/10 $ 19,341.00 $ 1,717.81 8/31/2010
Young Conaway Stargatt & Taylor LLP subtotal $ 53,538.00 $ 1,736.20
Total $ 720,957.70 $ 56,000.69
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In re: MiddleBrook Pharmaceuticals, Inc. Case No. 10-11485
Debtor Reporting Period: August 1 — 31, 2010
August Cumulative
2010 Filing to Date
Gross Sales — 438,100
Sales Reserves and Allowances (26,382 ) (3,179,953 )
Net Revenue (26,382 ) (2,741,852 )
Cost of Goods Sold — 860,166
Salaries, Bonus & Temp Labor 183,314 3,126,127
Benefits, Payroll Taxes, Recruiting & Relocation 32,328 68,288
Subtotal: Salaries & Benefits 215,642 3,194,415
Stock-Based Compensation — 408,171
Marketing & Advertising (2,499 ) 4,011
Travel & Entertainment 2,318 48,505
Facilities and Equipment Related 49,888 219,871
Insurance 79,675 325,442
Distribution Expense 54,754 346,370
Office & General Lab Supplies 790 5,730
Consulting & Legal Fees 804,747 2,532,144
Patents & Licensing 4,108 254,719
Audit, IR & Financial Fees 9,431 (62,240 )
Non-Income Taxes 13,214 14,703
Depreciation and Amortization — 974,542
Director and SAB Fees 2,296 63,689
Subtotal: FTE Expenses 1,234,363 8,330,072
Marketing Costs (157 ) 169,576
Direct Project Costs — 53,114
Total Expenses 1,234,206 9,412,927
Income (Loss) from Operations (1,260,588 ) (12,154,780 )
Interest Income — 357
Other income (expense) 725 3,630
Net Income (Loss) Before Taxes (1,259,863 ) (12,150,793 )
Net Income (Loss) (1,255,763 ) (8,478,380 )
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In re: MiddleBrook Pharmaceuticals, Inc. Case No. 10-11485
Debtor Reporting Period: August 1 — 31, 2010
Current Petition
Month Date
Cash & Cash Equivalents 18,679,165 5,257,718
Accounts Receivable, net 205,100 (490,487 )
Inventory (0 ) 2,213,158
Prepaid and Other Current Assets 1,019,247 3,397,106
Property and Equipment — 14,341,773
Accumulated Depreciation — (12,460,925 )
Property and Equipment, net — 1,880,848
Deposits and Other Assets 525,714 680,580
Intangible Assets — 11,877,529
Accum. Amort — Intangibles — (2,643,218 )
Intangible Assets, net — 9,234,311
Total Assets 20,429,226 22,173,234
20000 — Accounts Payable — post-petition (440,236 ) —
21201 — Accrued Payable to Lilly — —
21210 — Accrued Professional Fees (1,255,013 ) —
21250 — Accrued R&D Costs — —
21275 — Accrued Keflex Copay Assistance — —
21276 — Accrued Moxatag Copay Assistance — —
21281 — Accrued Medicaid Rebates Payable — —
21282 — Accrued Returns — —
21290 — Other Accrued Expenses (65,420 ) —
23200 — Wages Payable (23,677 ) —
23620 — Employee Benefits Pay-401k — —
23650 — Employee Benefits — Flex Spending — —
Accounts Payable and Accrued Expenses — Post-Petition (1,784,346 ) —
20000 — Accounts Payable — pre-petion (840,661 ) (1,214,588 )
21110 — Accrued Severance (2,483,074 ) (281,258 )
21201 — Accrued Payable to Lilly — (5,252 )
21210 — Accrued Professional Fees (29,917 ) (199,917 )
21250 — Accrued R&D Costs — (136,067 )
21275 — Accrued Keflex Copay Assistance — (9,276 )
21276 — Accrued Moxatag Copay Assistance — (3,705,035 )
21281 — Accrued Medicaid Rebates Payable (45,780 ) (563,001 )
21282 — Accrued Returns — (1,945,797 )
21290 — Other Accrued Expenses — (292,773 )
23200 — Wages Payable (97,344 ) (306,521 )
23620 — Employee Benefits Pay-401k — (33,339 )
23650 — Employee Benefits — Flex Spending — (3,899 )
25000 — Other Current Liabilities (4,865,617 ) (4,810,772 )
Accounts Payable and Accrued Expenses — Pre-Petition (8,362,392 ) (13,507,496 )
Deferred Contract Revenue — non-current (pre-petition) (11,625,000 ) (11,625,000 )
Deferred Lease Expense (20,835 ) (18,340 )
Common Stock (865,119 ) (865,119 )
Additional Paid in Capital (322,373,995 ) (312,281,358 )
Retained Earnings 299,240,744 299,240,744
YTD P&L 25,361,717 16,883,336
Accumulated Deficit 324,602,460 316,124,080
Stockholders’ Equity 1,363,347 2,977,602
Liabilities & Stockholders’ Equity (20,429,226 ) (22,173,234 )
--------------------------------------------------------------------------------
In re: MiddleBrook Pharmaceuticals, Inc. Case No. 10-11485
Debtor Reporting Period: August 1 — 31, 2010
Other Post-petition liabilities
Professional bankruptcy fees estimates — creditors’ committee cousel & FA 100,000
Professional bankruptcy fees estimates — equity committee counsel 225,000
Professional bankruptcy fees estimates — corporate and local counsel 116,582
Professional bankruptcy fees — KCC estimate 21,000
Professional legal fees (July) 56,000
Investment Banker — Gleacher 712,514
Integrated Commercialization Solutions — August 46,433
Other miscellaneous May — August accruals — no invoices yet 42,904
Total of Accrued Professional Fees (acct 21210) & Other Accrued Expenses (acct 21290) $ 1,320,433
--------------------------------------------------------------------------------
In re: MiddleBrook Pharmaceuticals, Inc. Case No. 10-11485
Debtor Reporting Period: August 1 — 31, 2010
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 42,561 698 — (145 ) — 43,114
Wages Payable (401k contributions) — — — — — —
Taxes Payable (payroll-related taxes) — — — — — —
Rent/Leases-Building — — — — — —
Rent/Leases-Equipment — — — — — —
Secured Debt/Adequate Protection Payments — — — — — —
Professional Fees 39,675 288,292 68,955 — — 396,922
Amounts Due to Insiders* — — — — — —
Other: — — — — — —
Other: — — — — — —
Total Postpetition Debts 82,236 288,990 68,955 (145 ) — 440,036
Explain how and when the Debtor intends to pay any past-due postpetition debts.
Accounts Payable amounts in 0-30 days were paid in September. Professional fees are awaiting court approval or include remaining 20% of fees.
* “Insider” is defined in 11 U.S.C. Section 101(31).
FORM MOR-4
(04/07)
--------------------------------------------------------------------------------
In re: MiddleBrook Pharmaceuticals, Inc. Case No. 10-11485
Debtor Reporting Period: August 1 — 31, 2010
SUMMARY OF UNPAID POSTPETITION DEBTS
Voucher Document Current Trx Document
Vendor ID Vendor Name Number Date Amount Document Number Type Paid Date
ADP001 ADP 038551 8/13/2010 $ 2,995.85 516178 Invoice 9/8/2010
ALS002 Alston & Bird LLP 038531 7/31/2010 $ 20,153.40 JULY 20% Invoice
ALS002 Alston & Bird LLP 038421 6/30/2010 $ 25,924.30 06302010 20% Invoice
ALS002 Alston & Bird LLP 038358 7/14/2010 $ 51,038.80 MAY 2010 20% Invoice
ALS002 Alston & Bird LLP 038530 7/31/2010 $ 80,613.60 JULY 80% Invoice 9/8/2010
ALS002 Alston & Bird LLP 038532 7/31/2010 $ 1,689.29 JULY EXP Invoice 9/8/2010
BAY002 Bayard, P.A. 038540 8/18/2010 $ 4,891.60 JULY 2010 20% Invoice
BAY002 Bayard, P.A. 038461 6/30/2010 $ 5,661.20 JUNE 2010 20% Invoice
BAY002 Bayard, P.A. 038348 7/14/2010 $ 7,132.60 MAY 2010 20% Invoice
BAY002 Bayard, P.A. 038539 8/18/2010 $ 19,566.40 JULY 2010 80% Invoice 9/14/2010
BAY002 Bayard, P.A. 038541 8/18/2010 $ 623.21 JULY 2010 EXP Invoice 9/14/2010
DIC002 Dickstein Shapiro LLP 038528 7/31/2010 $ 12,615.25 JULY 20% Invoice
DIC002 Dickstein Shapiro LLP 038458 6/30/2010 $ 12,709.00 JUNE 2010 20% Invoice
DIC002 Dickstein Shapiro LLP 038351 7/14/2010 $ 26,813.70 MAY 2010 20% Invoice
DIC002 Dickstein Shapiro LLP 038527 7/31/2010 $ 50,461.00 JULY 80% Invoice 9/8/2010
DIC002 Dickstein Shapiro LLP 038529 7/31/2010 $ 2,223.29 JULY EXP Invoice 9/8/2010
DOC002 DoctorDirectory.Com, Inc. 038535 8/24/2010 $ 30,943.00 4931 Invoice 9/8/2010
GRA005 Gray Robinson 038463 7/31/2010 $ 23.82 10097780 Invoice
GRA005 Gray Robinson 038389 7/9/2010 $ 25.08 10094694 Invoice
GRA005 Gray Robinson 038391 7/9/2010 $ 168.60 10094696 Invoice
GRA005 Gray Robinson 038390 7/9/2010 $ 236.37 10094695 Invoice
GRA005 Gray Robinson 038274 6/9/2010 $ 252.00 10088120 Invoice
GRA005 Gray Robinson 038392 7/9/2010 $ 252.00 10094697 Invoice
GRA005 Gray Robinson 038465 7/31/2010 $ 252.00 10097784 Invoice
GRA005 Gray Robinson 038273 6/9/2010 $ 356.40 10088119 Invoice
GRA005 Gray Robinson 038393 7/9/2010 $ 378.00 10094699 Invoice
GRA005 Gray Robinson 038276 6/9/2010 $ 558.11 10088127 Invoice
GRA005 Gray Robinson 038464 7/31/2010 $ 567.00 10097781 Invoice
GRA005 Gray Robinson 038275 6/9/2010 $ 646.65 10088126 Invoice
GRA005 Gray Robinson 038388 7/9/2010 $ 1,433.00 10094691 Invoice
GRA005 Gray Robinson 038466 7/31/2010 $ 2,779.00 10097778 Invoice
GRA005 Gray Robinson 038272 6/9/2010 $ 3,591.00 10088115 Invoice
HDS001 H D Smith 038468 7/2/2010 $ 697.83 Q210034 Invoice 9/14/2010
HEA012 Healthcare & Family Services 037619 3/9/2010 $ (145.27 ) 1104220094 Credit Memo
INV003 Invotex, Inc. 038543 8/18/2010 $ 2,902.85 JULY 2010 20% Invoice
INV003 Invotex, Inc. 038455 6/30/2010 $ 14,249.70 JUNE 2010 20% Invoice
INV003 Invotex, Inc. 038542 8/18/2010 $ 11,611.40 JULY 2010 80% Invoice 9/14/2010
INV003 Invotex, Inc. 038544 8/18/2010 $ 79.24 JULY 2010 EXP Invoice 9/14/2010
IRO001 Iron Mountain 038589 8/31/2010 $ 1,547.53 RETRIEVAL Invoice 9/8/2010
UNI017 Unified TelData, Inc. 038546 8/24/2010 $ 2,455.00 417139 Invoice
UNI017 Unified TelData, Inc. 038545 8/24/2010 $ 4,620.00 417129 Invoice
YOU005 Young Conaway Stargatt & Taylor LLP 038519 7/31/2010 $ 3,868.20 JULY 2010 20% Invoice
YOU005 Young Conaway Stargatt & Taylor LLP 038452 6/30/2010 $ 5,006.70 JUNE 2010 20% Invoice
YOU005 Young Conaway Stargatt & Taylor LLP 038354 7/14/2010 $ 8,377.80 MAY 2010 20% Invoice
YOU005 Young Conaway Stargatt & Taylor LLP 038518 7/31/2010 $ 15,472.80 JULY 2010 80% Invoice 9/8/2010
YOU005 Young Conaway Stargatt & Taylor LLP 038520 7/31/2010 $ 1,717.81 JULY 2010 EXP Invoice 9/8/2010
$ 440,036.11
--------------------------------------------------------------------------------
In re: MiddleBrook Pharmaceuticals, Inc. Case No. 10-11485
Debtor Reporting Period: August 1 — 31, 2010
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
Accounts Receivable Reconciliation Amount
Total Accounts Receivable at the beginning of the reporting period 531,384.87
+ Amounts billed during the period —
- Amounts collected during the period (285,463.94 )
- Other adjustments during period (24,900.00 )
Total Accounts Receivable at the end of the reporting period 221,020.93
Accounts Receivable Aging Amount
0 - 30 days old —
31 - 60 days old 19,509.08
61 - 90 days old 9,787.62
91 + days old 191,549.88
Total Accounts Receivable 220,846.58
Amount considered uncollectible (Bad Debt) —
Accounts Receivable (Net) 220,846.58 174.35
reconciling item
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. X
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. X
3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. X
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. X
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. X
Money Market account has been opened at Capital One Bank. Details have been provided to U.S. Trustee’s Office.
FORM MOR-5
(04/07)
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): September 20, 2010
MIDDLEBROOK PHARMACEUTICALS, INC.
(Exact name of registrant as specified in its charter)
Delaware 000-50414 52-2208264
(State or other jurisdiction
of incorporation) (Commission File Number) (IRS Employer Identification No.)
7 Village Circle, Suite 100,
Westlake, Texas
76262
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: (817) 837-1200
N/A
(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:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
--------------------------------------------------------------------------------
Item 7.01. Regulation FD Disclosure.
On September 20, 2010, MiddleBrook Pharmaceuticals, Inc. (the “Company”) filed its unaudited monthly operating report (the “Monthly Operating Report”) for the period August 1, 2010 through August 31, 2010 with the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”), case number 10-11485. A copy of the Monthly Operating Report is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
The Monthly Operating Report is limited in scope, covers a limited time period and has been prepared solely for the purpose of complying with reporting requirements of the Bankruptcy Court and the United States Bankruptcy Code, 11 U.S.C. §§ 101-1532 (the “Bankruptcy Code”). The financial information contained in the Monthly Operating Report is preliminary and unaudited and does not purport to show the Company’s financial statements in accordance with generally accepted accounting principles (“GAAP”) and, therefore, may exclude items required by GAAP. The Monthly Operating Report also does not include footnotes that would ordinarily be contained in the financial statements in the Company’s quarterly and annual reports filed pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Monthly Operating Report contains information for periods that may be shorter or otherwise different from those contained in reports required pursuant to the Exchange Act. The financial information has not been reviewed or otherwise verified for accuracy or completeness by the Company’s independent registered public accountants, and there can be no assurance that the Monthly Operating Report is complete. The Company cautions readers not to place undue reliance on the Monthly Operating Report, which may be subject to revision. The Monthly Operating Report is in the format required by the Bankruptcy Court and the Bankruptcy Code and should not be used for investment purposes. The information in the Monthly Operating Report should not be viewed as indicative of future results.
The information furnished pursuant to Item 7.01 and Exhibit 99.1 of this Current Report on Form 8-K shall not be deemed to be “filed” for the purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section. The information in Item 7.01 of this Current Report shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date of this Current Report, regardless of any general incorporation language in the filing.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
The following exhibits are furnished with this Current Report on Form 8-K:
Exhibit
Number Description
99.1 Monthly Operating Report for the Period from August 1, 2010 to August 31, 2010
--------------------------------------------------------------------------------
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.
MIDDLEBROOK PHARMACEUTICALS, INC.
Date: September 20, 2010 By: /s/ Brad Cole
Brad Cole
Senior Vice President, General Counsel and Secretary
--------------------------------------------------------------------------------
EXHIBIT INDEX
Exhibit
Number Description
99.1 Monthly Operating Report for the Period from August 1, 2010 to August 31, 2010
Exhibit 99.1
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re MiddleBrook Pharmaceuticals, Inc. Case No. 10-11485
Debtor Reporting Period: August 1 — August 31, 2010
MONTHLY OPERATING REPORT
File with Court and submit copy to United States Trustee within 20 days after end of month
Submit copy of report to any official committee appointed in the case.
Document Explanation Affidavit/Supplement
REQUIRED DOCUMENTS Form No. Attached Attached Attached
Certifications
Schedule of Cash Receipts and Disbursements MOR-1 X
Bank Reconciliation (or copies of debtor’s bank reconciliations) see certifications X
Schedule of Professional Fees Paid MOR-1b X
Copies of bank statements see certifications X
Cash disbursements journals X
Statement of Operations MOR-2 X
Balance Sheet MOR-3 X
Status of Postpetition Taxes see certifications X
Copies of IRS Form 6123 or payment receipt
Copies of tax returns filed during reporting period
Summary of Unpaid Postpetition Debts MOR-4 X
Listing of aged accounts payable MOR-4 X
Accounts Receivable Reconciliation and Aging MOR-5 X
Debtor Questionnaire MOR-5 X
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.
Signature of Debtor
Date
Signature of Joint Debtor
Date
/s/ Brad Cole September 20, 2010
Signature of Authorized Individual*
Date
Brad Cole SVP, General Counsel
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)
--------------------------------------------------------------------------------
UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In re MiddleBrook Pharmaceuticals, Inc. Case No. 10-11485
Debtor Reporting Period: August 1 — August 31, 2010
CERTIFICATIONS
A. Bank Reconciliation Certification
The undersigned verifies that, to my knowledge, all of the Debtors’ August 31, 2010 bank balances have been reconciled in an accurate and timely manner.
B. Post-petition Taxes Certification
The undersigned verifies that, to my knowledge, all post-petition tax obligations, including but not limited to payroll, real property, income, franchise and other taxes have been paid to the proper taxing authority when due.
/s/ David Carlson September 20, 2010
Signature of Authorized Individual
Date
David Carlson VP, Finance and Treasurer
Printed Name of Authorized Individual
Title of Authorized Individual
--------------------------------------------------------------------------------
In re: MiddleBrook Pharmaceuticals, Inc. Case No. 10-11485
Debtor Reporting Period: August 1 — 31, 2010
MOR 1
Current Month Cumulative Filing to Date
Actual Forecast Actual Forecast
Beginning Date 1-Aug-10 1-Aug-10 3-May-10 3-May-10
Ending Date 31-Aug-10 31-Aug-10 31-Aug-10 31-Aug-10
Cash — Beginning Balance $ 17,552,575 $ 17,551,015 $ 5,257,718 $ 5,269,539
Receipts
Lockbox $ 285,464 $ 0 $ 601,881 $ 274,859
Misc Deposit $ 1,748,813 $ 1,710,000 $ 17,072,001 $ 18,664,000
Total Receipts $ 2,034,277 $ 1,710,000 $ 17,673,882 $ 18,938,859
Operating Disbursements
Gleacher $ 0 $ 0 $ 0 $ 0
Cardinal Co-Pay Redemptions $ 0 $ 0 $ 0 $ 0
Dr Directory $ 0 $ 0 $ (47,005 ) $ (96,831 )
Legal & Deal fees $ (209,308 ) $ (132,123 ) $ (683,753 ) $ (574,203 )
KCC LLC $ (25,513 ) $ (25,513 ) $ (25,513 ) $ (25,513 )
Creditors Committee Counsel & FA $ (57,373 ) $ (134,557 ) $ (57,373 ) $ (274,702 )
Equity Committee Counsel $ 0 $ 0 $ 0 $ 0
Other Professional Fees $ 0 $ 0 $ 0 $ 0
Payroll $ (387,908 ) $ (423,250 ) $ (1,038,058 ) $ (1,271,216 )
Benefits $ (77,657 ) $ (77,657 ) $ (77,657 ) $ (77,657 )
Severance $ 0 $ 0 $ 0 $ 0
Vacation Payout $ 0 $ 0 $ 0 $ 0
Invoices in A/P Aging $ (84,745 ) $ (109,621 ) $ (1,158,400 ) $ (1,077,993 )
Misc (TX rent, Insurance, ICS) $ (62,194 ) $ (59,036 ) $ (162,313 ) $ (159,436 )
Other $ (2,989 ) $ 0 $ (1,006,502 ) $ (1,164,458 )
voided checks $ 0 $ 0 $ 4,138
Total Operating Disbursements $ (907,687 ) $ (961,758 ) $ (4,252,435 ) $ (4,722,009 )
Net Operating Cash Flow $ 1,126,590 $ 748,242 $ 13,421,447 $ 14,216,850
Non-Operating Disbursements
Capex
Professional Fees
Total Non-Operating Disbursements $ 0 $ 0 $ 0 $ 0
Net Operating Cash Flow Before Financing $ 1,126,590 $ 748,242 $ 13,421,447 $ 14,216,850
Financing Activities
Interest Payments
Financing Activities $ 0 $ 0 $ 0 $ 0
Cash Flow $ 1,126,590 $ 748,242 $ 13,421,447 $ 14,216,850
Ending Cash Balance (per books) $ 18,679,165 $ 18,299,257 $ 18,679,165 $ 19,486,389
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN)
TOTAL DISBURSEMENTS $ (907,687 )
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS 0
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts) 0
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES $ (907,687 )
--------------------------------------------------------------------------------
In re: MiddleBrook Pharmaceuticals, Inc. Case No. 10-11485
Debtor Reporting Period: August 1 — 31, 2010
Disbursements Journal
Checks cut during period
GL Posting Checkbook CM Trx
Date Source Document Amount Number Voided Paid ToRcvd From
8/5/2010 PMCHK $ 3,286.00 5104 No ExecuSuites I-270, Inc.
8/5/2010 PMCHK $ 1,151.63 5105 No VSP — (AT)
8/9/2010 PMCHK $ 77,657.00 5106 No United Healthcare Insurance Co.
8/12/2010 PMCHK $ 111,459.41 5107 No Alston & Bird LLP
8/12/2010 PMCHK $ 1,050.00 5108 No American Stock Transfer & Trust Co
8/12/2010 PMCHK $ 76.27 5109 No AT Conference
8/12/2010 PMCHK $ 811.71 5110 No AT&T Mobility
8/12/2010 PMCHK $ 839.77 5111 No A T & T 8174909174/8174908790
8/12/2010 PMCHK $ 57.85 5112 No AT&T
8/12/2010 PMCHK $ 718.77 5113 No ATT
8/12/2010 PMCHK $ 991.17 5114 No Avaya, inc.
8/12/2010 PMCHK $ 39.89 5115 No Robin N. Belsaas
8/12/2010 PMCHK $ 2,580.51 5116 No Brad Cole
8/12/2010 PMCHK $ 465.00 5117 No Corporation Service Company
8/12/2010 PMCHK $ 193.27 5118 No Department of Veterans Affairs
8/12/2010 PMCHK $ 88.00 5119 No Excel Micro
8/12/2010 PMCHK $ 1,050.00 5120 No FDA Export Certificate Program
8/12/2010 PMCHK $ 1,093.75 5121 No Lynne B. Marton
8/12/2010 PMCHK $ 974.00 5122 No Pure Compliance
8/12/2010 PMCHK $ 42,568.28 5123 No QPharma Corp
8/12/2010 PMCHK $ 111.12 5124 No New Jersey Wraparound Drug Rebate
8/12/2010 PMCHK $ 195.00 5125 No Cynthia Tirpak
8/12/2010 PMCHK $ 293.43 5126 No Dr. Donald J. Treacy
8/12/2010 PMCHK $ 33.96 5127 No Verizon Business
8/12/2010 PMCHK $ 150.00 5128 No WebEx Communications Inc.
8/12/2010 PMCHK $ 20,663.55 5129 No Young Conaway Stargatt & Taylor LLP
8/17/2010 PMCHK $ 2,626.47 5130 No A T & T 8174909174/8174908790
8/17/2010 PMCHK $ 54,146.66 5131 No Dickstein Shapiro LLP
8/17/2010 PMCHK $ 180.00 5132 No Fisher Clinical Services
8/17/2010 PMCHK $ 200.00 5133 No FlexAmerica, Inc.
8/17/2010 PMCHK $ 1,146.38 5134 No Gary Herman
8/17/2010 PMCHK $ 25,535.52 5135 No Integrated Commercialization Sol.
8/17/2010 PMCHK $ 292.28 5136 No IKON Financial Services Box 650016
8/17/2010 PMCHK $ 156.12 5137 No Iron Mountain
8/17/2010 PMCHK $ 50.00 5138 No Shred-it USA, DBA Shred-it Dallas
8/17/2010 PMCHK $ 80.00 5139 No Amber Tomlinson
8/17/2010 PMCHK $ 500.00 5140 No Transport Solutions Inc
8/17/2010 PMCHK $ 365.13 5141 No WorldWide express
8/17/2010 PMCHK $ 23,038.04 5142 No Bayard, P.A.
8/27/2010 PMCHK $ 79.60 5143 No ADP Commercial Leasing
8/27/2010 PMCHK $ 1.64 5144 No Colorado State Treasurer
8/27/2010 PMCHK $ 13,424.03 5145 No Delaware Secretary of State
8/27/2010 PMCHK $ 3,511.78 5146 No Department of Health Services
8/27/2010 PMCHK $ 60.00 5147 No Excel Micro
8/27/2010 PMCHK $ 305.78 5148 No IKON Financial Services Box 650016
8/27/2010 PMCHK $ 57,372.84 5149 No Invotex, Inc.
8/27/2010 PMCHK $ 25,513.49 5150 No Kurtzman Carson Consultants
8/27/2010 PMCHK $ 223.61 5151 No Nebraska Dept of Revenue
8/27/2010 PMCHK $ 160.60 5152 No NYS EPIC PROGRAM
8/27/2010 PMCHK $ 1,334.00 5153 No Pure Compliance
8/27/2010 PMCHK $ 25.47 5154 No New Jersey Wraparound Drug Rebate
8/27/2010 PMCHK $ 411.12 5155 No State of New Jersey Dept Health/Senior Serv
8/27/2010 PMCHK $ 750.00 5156 No SunTrust
8/27/2010 PMCHK $ 977.50 5157 No Thomson Financial Corporate Group
8/27/2010 PMCHK $ 897.72 5158 No UNUM Life Insurance
8/27/2010 PMCHK $ 213.65 5159 No WorldWide express
8/27/2010 PMCHK $ 748.87 5167 No Brad Cole
8/27/2010 PMCHK $ 489.43 5168 No Gary Herman
$ 483,417.07 Checks Cut
--------------------------------------------------------------------------------
In re: MiddleBrook Pharmaceuticals, Inc. Case No. 10-11485
Debtor Reporting Period: August 1 — 31, 2010
Debits to bank other than checks
Transaction Customer
Date Description Amount Bank Ref# Ref. # Payee / Description
8/2/2010 ACH DEBIT 3,725.26 401K Contributions
8/5/2010 ACH DEBIT 1,218.91 ADP fees
8/6/2010 ACH DEBIT 355.84 ADP fees
8/9/2010 DEBIT MEMO — SVB 500.00 LOCKBOX CHARGE
8/11/2010 DEBIT MEMO — Cap One 245,051.91 ADP — payroll
8/11/2010 DEBIT MEMO — Cap One 95,211.37 ADP — payroll taxes
8/17/2010 DEBIT MEMO 146.24 BCC PAYMENT #1104568
8/17/2010 ACH Withdrawal 227.37 The Utility Company
8/20/2010 ACH Withdrawal 382.08 ADP — payroll fees
8/25/2010 DEBIT MEMO 88.24 Bank Analysis Service Charge
8/27/2010 Wire 33,372.85 Maguire Partners — Sept rent
8/27/2010 Wire Withdrawal 28,120.77 ADP — Payroll-related
8/27/2010 ACH Withdrawal 70.05 ADP — payroll fees
8/30/2010 ACH Withdrawal 15,798.73 ADP — payroll related
$ 424,269.62 Debits to Bank other than Checks
Voided Checks from Prior Periods $ 0.00
$ 907,686.69 total disbursements
Checks cleared by bank:
8/2/2010 DEBIT MEMO — CapOne 32,230.76 CONTROL DISBURSEMENT/CLEARED CHECKS
8/3/2010 DEBIT MEMO — CapOne 170,771.52 CONTROL DISBURSEMENT/CLEARED CHECKS
8/4/2010 DEBIT MEMO — CapOne 7,717.95 CONTROL DISBURSEMENT/CLEARED CHECKS
8/5/2010 DEBIT MEMO — CapOne 2,995.85 CONTROL DISBURSEMENT/CLEARED CHECKS
8/9/2010 DEBIT MEMO — CapOne 3,688.87 CONTROL DISBURSEMENT/CLEARED CHECKS
8/10/2010 DEBIT MEMO — CapOne 1,252.82 CONTROL DISBURSEMENT/CLEARED CHECKS
8/11/2010 DEBIT MEMO — CapOne 81,078.59 CONTROL DISBURSEMENT/CLEARED CHECKS
8/17/2010 DEBIT MEMO — CapOne 156,863.40 CONTROL DISBURSEMENT/CLEARED CHECKS
8/18/2010 DEBIT MEMO — CapOne 24,892.53 CONTROL DISBURSEMENT/CLEARED CHECKS
8/19/2010 DEBIT MEMO — CapOne 8,778.56 CONTROL DISBURSEMENT/CLEARED CHECKS
8/23/2010 DEBIT MEMO — CapOne 29,575.61 CONTROL DISBURSEMENT/CLEARED CHECKS
8/24/2010 DEBIT MEMO — CapOne 24,253.59 CONTROL DISBURSEMENT/CLEARED CHECKS
8/27/2010 DEBIT MEMO — CapOne 54,511.79 CONTROL DISBURSEMENT/CLEARED CHECKS
8/30/2010 DEBIT MEMO — CapOne 2,860.51 CONTROL DISBURSEMENT/CLEARED CHECKS
8/31/2010 DEBIT MEMO — CapOne 1,334.00 CONTROL DISBURSEMENT/CLEARED CHECKS
$ 602,806.35
--------------------------------------------------------------------------------
In re: MiddleBrook Pharmaceuticals, Inc. Case No. 10-11485
Debtor Reporting Period: August 1 — 31, 2010
SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID
This schedule is to include all retained professional payments from case inception to current month
Invoice Amount - Invoice Amount - Fees Expenses Objection Check Amount Paid Year-To-Date
Payee Period Covered Fees Expenses Approved Approved Deadline Number Date Fees Expenses Fees Expenses
Alston & Bird LLP 4/30 – 5/31/10 $ 255,194.00 $ 0.00 $ 255,194.00 $ 0.00 7/7/2010 5082 7/21/2010 $ 204,155.20 $ 204,155.20
Alston & Bird LLP 4/30 – 5/31/10 $ 0.00 $ 5,825.95 $ 0.00 $ 5,825.95 7/7/2010 5085 7/22/2010 $ 5,825.95 $ 5,825.95
Alston & Bird LLP 6/1 – 6/30/10 $ 129,621.50 $ 7,762.21 $ 129,621.50 $ 7,762.21 8/5/2010 5107 8/12/2010 $ 103,697.20 $ 7,762.21 $ 103,697.20 $ 7,762.21
Alston & Bird LLP 7/1 – 7/31/10 $ 100,767.00 $ 1,689.29 $ 100,767.00 $ 1,689.29 9/3/2010
Alston & Bird LLP subtotal $ 307,852.40 $ 13,588.16
Bayard, P.A. 5/11 – 5/31/10 $ 35,663.00 $ 212.04 $ 35,663.00 $ 212.04 7/19/2010 5086 7/22/2010 $ 28,530.40 $ 212.04 $ 28,530.40 $ 212.04
Bayard, P.A. 6/1 – 6/30/10 $ 29,506.00 $ 393.24 $ 28,306.00 $ 393.24 8/10/2010 5142 8/17/2010 $ 22,644.80 $ 393.24 $ 22,644.80 $ 393.24
Bayard, P.A. 7/1 – 7/31/10 $ 24,458.00 $ 623.21 $ 24,458.00 $ 623.21 9/7/2010
Bayard, P.A. subtotal $ 51,175.20 $ 605.28
Carella, Byrne, Bain annuity services $ 450.00 $ 6,993.00 $ 450.00 $ 6,993.00 N/A 5044 7/2/2010 $ 450.00 $ 6,993.00 $ 450.00 $ 6,993.00
Carella, Byrne, Bain patent maintenance $ 50.00 $ 516.00 $ 50.00 $ 516.00 N/A 2588 6/21/2010 $ 50.00 $ 516.00 $ 50.00 $ 516.00
Carella, Byrne, Bain subtotal $ 500.00 $ 7,509.00
Dickstein Shapiro LLP 5/11 – 5/31/10 $ 134,068.50 $ 4,147.20 $ 134,068.50 $ 4,147.20 7/19/2010 5087 7/22/2010 $ 107,254.80 $ 4,147.20 $ 107,254.80 $ 4,147.20
Dickstein Shapiro LLP 6/1 – 6/30/10 $ 63,546.50 $ 3,309.16 $ 63,546.50 $ 3,309.16 8/10/2010 5131 8/17/2010 $ 50,837.50 $ 3,309.16 $ 50,837.50 $ 3,309.16
Dickstein Shapiro LLP 7/1 – 7/31/10 $ 63,076.25 $ 2,223.29 9/3/2010
Dickstein Shapiro LLP subtotal $ 158,092.30 $ 7,456.36
Gleacher & Company 4/30 – 7/31/10 $ 660,000.00 $ 52,514.48 $ 660,000.00 $ 52,514.48 9/7/2010
Gleacher & Company subtotal $ 0.00 $ 0.00
Invotex, Inc. 5/26 – 6/30/10 $ 71,248.50 $ 374.04 $ 71,248.50 $ 374.04 8/12/2010 5149 8/27/2010 $ 56,998.80 $ 374.04 $ 56,998.80 $ 374.04
Invotex, Inc. 7/1 – 7/30/10 $ 14,514.25 $ 79.24 $ 14,514.25 $ 79.24 9/7/2010
Invotex, Inc. subtotal $ 56,998.80 $ 374.04
Kurtzman Carson Consultants 4/30/2010 $ 2,232.00 $ 78.20 $ 2,232.00 $ 78.20 N/A 5029 7/1/2010 $ 2,232.00 $ 78.20 $ 2,232.00 $ 78.20
Kurtzman Carson Consultants NYTIMES (July) $ 0.00 $ 3,680.00 $ 0.00 $ 3,680.00 N/A wire 7/9/2010 0 3,680.00 $ 0.00 $ 3,680.00
Kurtzman Carson Consultants 5/1 – 5/31/10 $ 44,420.50 $ 13,040.83 $ 44,420.50 $ 13,040.83 N/A 5080 7/21/2010 $ 44,420.50 $ 13,040.83 $ 44,420.50 $ 13,040.83
Kurtzman Carson Consultants 6/1 – 6/30/10 $ 25,815.50 $ 2,752.13 $ 25,815.50 $ 2,752.13 N/A 5096 7/27/2010 $ 25,815.50 $ 2,752.13 $ 25,815.50 $ 2,752.13
Kurtzman Carson Consultants 7/1 –7/31/10 $ 20,333.00 $ 5,180.49 $ 20,333.00 $ 5,180.49 N/A 5150 8/27/2010 $ 20,333.00 $ 5,180.49 $ 20,333.00 $ 5,180.49
Kurtzman Carson Consultants subtotal $ 92,801.00 $ 24,731.65
Young Conaway Stargatt & Taylor LLP 4/30 – 5/31/10 $ 41,889.00 $ 0.00 $ 41,889.00 $ 0.00 7/16/2010 5083 7/21/2010 $ 33,511.20 $ 33,511.20
Young Conaway Stargatt & Taylor LLP 4/30 – 5/31/10 $ 0.00 $ 1,099.45 $ 0.00 $ 1,099.45 7/16/2010 5088 7/22/2010 $ 1,099.45 $ 1,099.45
Young Conaway Stargatt & Taylor LLP 6/1 – 6/30/10 $ 25,033.50 $ 636.75 $ 25,033.50 $ 636.75 8/9/2010 5129 8/12/2010 $ 20,026.80 $ 636.75 $ 20,026.80 $ 636.75
Young Conaway Stargatt & Taylor LLP 7/1 – 7/31/10 $ 19,341.00 $ 1,717.81 8/31/2010
Young Conaway Stargatt & Taylor LLP subtotal $ 53,538.00 $ 1,736.20
Total $ 720,957.70 $ 56,000.69
--------------------------------------------------------------------------------
In re: MiddleBrook Pharmaceuticals, Inc. Case No. 10-11485
Debtor Reporting Period: August 1 — 31, 2010
August Cumulative
2010 Filing to Date
Gross Sales — 438,100
Sales Reserves and Allowances (26,382 ) (3,179,953 )
Net Revenue (26,382 ) (2,741,852 )
Cost of Goods Sold — 860,166
Salaries, Bonus & Temp Labor 183,314 3,126,127
Benefits, Payroll Taxes, Recruiting & Relocation 32,328 68,288
Subtotal: Salaries & Benefits 215,642 3,194,415
Stock-Based Compensation — 408,171
Marketing & Advertising (2,499 ) 4,011
Travel & Entertainment 2,318 48,505
Facilities and Equipment Related 49,888 219,871
Insurance 79,675 325,442
Distribution Expense 54,754 346,370
Office & General Lab Supplies 790 5,730
Consulting & Legal Fees 804,747 2,532,144
Patents & Licensing 4,108 254,719
Audit, IR & Financial Fees 9,431 (62,240 )
Non-Income Taxes 13,214 14,703
Depreciation and Amortization — 974,542
Director and SAB Fees 2,296 63,689
Subtotal: FTE Expenses 1,234,363 8,330,072
Marketing Costs (157 ) 169,576
Direct Project Costs — 53,114
Total Expenses 1,234,206 9,412,927
Income (Loss) from Operations (1,260,588 ) (12,154,780 )
Interest Income — 357
Other income (expense) 725 3,630
Net Income (Loss) Before Taxes (1,259,863 ) (12,150,793 )
Net Income (Loss) (1,255,763 ) (8,478,380 )
--------------------------------------------------------------------------------
In re: MiddleBrook Pharmaceuticals, Inc. Case No. 10-11485
Debtor Reporting Period: August 1 — 31, 2010
Current Petition
Month Date
Cash & Cash Equivalents 18,679,165 5,257,718
Accounts Receivable, net 205,100 (490,487 )
Inventory (0 ) 2,213,158
Prepaid and Other Current Assets 1,019,247 3,397,106
Property and Equipment — 14,341,773
Accumulated Depreciation — (12,460,925 )
Property and Equipment, net — 1,880,848
Deposits and Other Assets 525,714 680,580
Intangible Assets — 11,877,529
Accum. Amort — Intangibles — (2,643,218 )
Intangible Assets, net — 9,234,311
Total Assets 20,429,226 22,173,234
20000 — Accounts Payable — post-petition (440,236 ) —
21201 — Accrued Payable to Lilly — —
21210 — Accrued Professional Fees (1,255,013 ) —
21250 — Accrued R&D Costs — —
21275 — Accrued Keflex Copay Assistance — —
21276 — Accrued Moxatag Copay Assistance — —
21281 — Accrued Medicaid Rebates Payable — —
21282 — Accrued Returns — —
21290 — Other Accrued Expenses (65,420 ) —
23200 — Wages Payable (23,677 ) —
23620 — Employee Benefits Pay-401k — —
23650 — Employee Benefits — Flex Spending — —
Accounts Payable and Accrued Expenses — Post-Petition (1,784,346 ) —
20000 — Accounts Payable — pre-petion (840,661 ) (1,214,588 )
21110 — Accrued Severance (2,483,074 ) (281,258 )
21201 — Accrued Payable to Lilly — (5,252 )
21210 — Accrued Professional Fees (29,917 ) (199,917 )
21250 — Accrued R&D Costs — (136,067 )
21275 — Accrued Keflex Copay Assistance — (9,276 )
21276 — Accrued Moxatag Copay Assistance — (3,705,035 )
21281 — Accrued Medicaid Rebates Payable (45,780 ) (563,001 )
21282 — Accrued Returns — (1,945,797 )
21290 — Other Accrued Expenses — (292,773 )
23200 — Wages Payable (97,344 ) (306,521 )
23620 — Employee Benefits Pay-401k — (33,339 )
23650 — Employee Benefits — Flex Spending — (3,899 )
25000 — Other Current Liabilities (4,865,617 ) (4,810,772 )
Accounts Payable and Accrued Expenses — Pre-Petition (8,362,392 ) (13,507,496 )
Deferred Contract Revenue — non-current (pre-petition) (11,625,000 ) (11,625,000 )
Deferred Lease Expense (20,835 ) (18,340 )
Common Stock (865,119 ) (865,119 )
Additional Paid in Capital (322,373,995 ) (312,281,358 )
Retained Earnings 299,240,744 299,240,744
YTD P&L 25,361,717 16,883,336
Accumulated Deficit 324,602,460 316,124,080
Stockholders’ Equity 1,363,347 2,977,602
Liabilities & Stockholders’ Equity (20,429,226 ) (22,173,234 )
--------------------------------------------------------------------------------
In re: MiddleBrook Pharmaceuticals, Inc. Case No. 10-11485
Debtor Reporting Period: August 1 — 31, 2010
Other Post-petition liabilities
Professional bankruptcy fees estimates — creditors’ committee cousel & FA 100,000
Professional bankruptcy fees estimates — equity committee counsel 225,000
Professional bankruptcy fees estimates — corporate and local counsel 116,582
Professional bankruptcy fees — KCC estimate 21,000
Professional legal fees (July) 56,000
Investment Banker — Gleacher 712,514
Integrated Commercialization Solutions — August 46,433
Other miscellaneous May — August accruals — no invoices yet 42,904
Total of Accrued Professional Fees (acct 21210) & Other Accrued Expenses (acct 21290) $ 1,320,433
--------------------------------------------------------------------------------
In re: MiddleBrook Pharmaceuticals, Inc. Case No. 10-11485
Debtor Reporting Period: August 1 — 31, 2010
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 42,561 698 — (145 ) — 43,114
Wages Payable (401k contributions) — — — — — —
Taxes Payable (payroll-related taxes) — — — — — —
Rent/Leases-Building — — — — — —
Rent/Leases-Equipment — — — — — —
Secured Debt/Adequate Protection Payments — — — — — —
Professional Fees 39,675 288,292 68,955 — — 396,922
Amounts Due to Insiders* — — — — — —
Other: — — — — — —
Other: — — — — — —
Total Postpetition Debts 82,236 288,990 68,955 (145 ) — 440,036
Explain how and when the Debtor intends to pay any past-due postpetition debts.
Accounts Payable amounts in 0-30 days were paid in September. Professional fees are awaiting court approval or include remaining 20% of fees.
* “Insider” is defined in 11 U.S.C. Section 101(31).
FORM MOR-4
(04/07)
--------------------------------------------------------------------------------
In re: MiddleBrook Pharmaceuticals, Inc. Case No. 10-11485
Debtor Reporting Period: August 1 — 31, 2010
SUMMARY OF UNPAID POSTPETITION DEBTS
Voucher Document Current Trx Document
Vendor ID Vendor Name Number Date Amount Document Number Type Paid Date
ADP001 ADP 038551 8/13/2010 $ 2,995.85 516178 Invoice 9/8/2010
ALS002 Alston & Bird LLP 038531 7/31/2010 $ 20,153.40 JULY 20% Invoice
ALS002 Alston & Bird LLP 038421 6/30/2010 $ 25,924.30 06302010 20% Invoice
ALS002 Alston & Bird LLP 038358 7/14/2010 $ 51,038.80 MAY 2010 20% Invoice
ALS002 Alston & Bird LLP 038530 7/31/2010 $ 80,613.60 JULY 80% Invoice 9/8/2010
ALS002 Alston & Bird LLP 038532 7/31/2010 $ 1,689.29 JULY EXP Invoice 9/8/2010
BAY002 Bayard, P.A. 038540 8/18/2010 $ 4,891.60 JULY 2010 20% Invoice
BAY002 Bayard, P.A. 038461 6/30/2010 $ 5,661.20 JUNE 2010 20% Invoice
BAY002 Bayard, P.A. 038348 7/14/2010 $ 7,132.60 MAY 2010 20% Invoice
BAY002 Bayard, P.A. 038539 8/18/2010 $ 19,566.40 JULY 2010 80% Invoice 9/14/2010
BAY002 Bayard, P.A. 038541 8/18/2010 $ 623.21 JULY 2010 EXP Invoice 9/14/2010
DIC002 Dickstein Shapiro LLP 038528 7/31/2010 $ 12,615.25 JULY 20% Invoice
DIC002 Dickstein Shapiro LLP 038458 6/30/2010 $ 12,709.00 JUNE 2010 20% Invoice
DIC002 Dickstein Shapiro LLP 038351 7/14/2010 $ 26,813.70 MAY 2010 20% Invoice
DIC002 Dickstein Shapiro LLP 038527 7/31/2010 $ 50,461.00 JULY 80% Invoice 9/8/2010
DIC002 Dickstein Shapiro LLP 038529 7/31/2010 $ 2,223.29 JULY EXP Invoice 9/8/2010
DOC002 DoctorDirectory.Com, Inc. 038535 8/24/2010 $ 30,943.00 4931 Invoice 9/8/2010
GRA005 Gray Robinson 038463 7/31/2010 $ 23.82 10097780 Invoice
GRA005 Gray Robinson 038389 7/9/2010 $ 25.08 10094694 Invoice
GRA005 Gray Robinson 038391 7/9/2010 $ 168.60 10094696 Invoice
GRA005 Gray Robinson 038390 7/9/2010 $ 236.37 10094695 Invoice
GRA005 Gray Robinson 038274 6/9/2010 $ 252.00 10088120 Invoice
GRA005 Gray Robinson 038392 7/9/2010 $ 252.00 10094697 Invoice
GRA005 Gray Robinson 038465 7/31/2010 $ 252.00 10097784 Invoice
GRA005 Gray Robinson 038273 6/9/2010 $ 356.40 10088119 Invoice
GRA005 Gray Robinson 038393 7/9/2010 $ 378.00 10094699 Invoice
GRA005 Gray Robinson 038276 6/9/2010 $ 558.11 10088127 Invoice
GRA005 Gray Robinson 038464 7/31/2010 $ 567.00 10097781 Invoice
GRA005 Gray Robinson 038275 6/9/2010 $ 646.65 10088126 Invoice
GRA005 Gray Robinson 038388 7/9/2010 $ 1,433.00 10094691 Invoice
GRA005 Gray Robinson 038466 7/31/2010 $ 2,779.00 10097778 Invoice
GRA005 Gray Robinson 038272 6/9/2010 $ 3,591.00 10088115 Invoice
HDS001 H D Smith 038468 7/2/2010 $ 697.83 Q210034 Invoice 9/14/2010
HEA012 Healthcare & Family Services 037619 3/9/2010 $ (145.27 ) 1104220094 Credit Memo
INV003 Invotex, Inc. 038543 8/18/2010 $ 2,902.85 JULY 2010 20% Invoice
INV003 Invotex, Inc. 038455 6/30/2010 $ 14,249.70 JUNE 2010 20% Invoice
INV003 Invotex, Inc. 038542 8/18/2010 $ 11,611.40 JULY 2010 80% Invoice 9/14/2010
INV003 Invotex, Inc. 038544 8/18/2010 $ 79.24 JULY 2010 EXP Invoice 9/14/2010
IRO001 Iron Mountain 038589 8/31/2010 $ 1,547.53 RETRIEVAL Invoice 9/8/2010
UNI017 Unified TelData, Inc. 038546 8/24/2010 $ 2,455.00 417139 Invoice
UNI017 Unified TelData, Inc. 038545 8/24/2010 $ 4,620.00 417129 Invoice
YOU005 Young Conaway Stargatt & Taylor LLP 038519 7/31/2010 $ 3,868.20 JULY 2010 20% Invoice
YOU005 Young Conaway Stargatt & Taylor LLP 038452 6/30/2010 $ 5,006.70 JUNE 2010 20% Invoice
YOU005 Young Conaway Stargatt & Taylor LLP 038354 7/14/2010 $ 8,377.80 MAY 2010 20% Invoice
YOU005 Young Conaway Stargatt & Taylor LLP 038518 7/31/2010 $ 15,472.80 JULY 2010 80% Invoice 9/8/2010
YOU005 Young Conaway Stargatt & Taylor LLP 038520 7/31/2010 $ 1,717.81 JULY 2010 EXP Invoice 9/8/2010
$ 440,036.11
--------------------------------------------------------------------------------
In re: MiddleBrook Pharmaceuticals, Inc. Case No. 10-11485
Debtor Reporting Period: August 1 — 31, 2010
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
Accounts Receivable Reconciliation Amount
Total Accounts Receivable at the beginning of the reporting period 531,384.87
+ Amounts billed during the period —
- Amounts collected during the period (285,463.94 )
- Other adjustments during period (24,900.00 )
Total Accounts Receivable at the end of the reporting period 221,020.93
Accounts Receivable Aging Amount
0 - 30 days old —
31 - 60 days old 19,509.08
61 - 90 days old 9,787.62
91 + days old 191,549.88
Total Accounts Receivable 220,846.58
Amount considered uncollectible (Bad Debt) —
Accounts Receivable (Net) 220,846.58 174.35
reconciling item
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. X
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. X
3. Have all postpetition tax returns been timely filed? If no, provide an explanation below. X
4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below. X
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. X
Money Market account has been opened at Capital One Bank. Details have been provided to U.S. Trustee’s Office.
FORM MOR-5
(04/07)
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