FORM MOR-2
2/2008
PAGE 5 OF 11
Atrinsic, Inc - Debtor in Possession
Case No.
12-12553
Debtor
Reporting Period:
January 2013
REORGANIZATION ITEMS
Professional Fees
6,165.63
171,720.40
U. S. Trustee Quarterly Fees
3,250.00
Interest Earned on Accumulated Cash from Chapter 11 (see continuation sheet)
Gain (Loss) from Sale of Equipment
Other Reorganization Expenses (attach schedule)
Total Reorganization Expenses
6,165.63
174,970.40
Income Taxes
Net Profit (Loss)
171,245.65
(2,410,840.44)
*"Insider" is defined in 11 U.S.C. Section 101(31).
BREAKDOWN OF “OTHER” CATEGORY
OTHER COSTS
OTHER OPERATIONAL EXPENSES
Wire Transfer Fees
$196.00
Bank Fees - Other
$169.99
Moving Expenses
$4,407.78
Professional Fees (CRO, Fees for Staff)
$24,198.60
$163,503.15
Consulting - Accounting System Support
$2,143.75
Consulting - Internet Services
$99.99
Miscellaneous Expenses - Other
$1,391.97
$1,421.97
Payment to Guardian to close Employee Group Life Insurance
$206.68
Fee for Transfer Agent
$1,050.00
$7,618.56
OTHER INCOME
Receipts of customer receivables previously written-off
236.23
$18,733.05
Miscellaneous Revenue - Games
$1,824.07
Miscellaneous Revenue - Content
$17.76
$47.92
Refund of credit balance from vendor (W.B. Mason)
$1,710.27
Write-off of Immaterial Account Balances
$0.21
Realized Gain on Termination of Investment in TBR
$235,741.54
$235,741.54
Miscellaneous Receipt
$42.00
OTHER EXPENSES
Share of Net Loss on Investment in TBR
$82,187.48
OTHER REORGANIZATION EXPENSES
Reorganization Items - Interest Earned on Accumulated Cash from Chapter 11:
Interest earned on cash accumulated during the chapter 11 case, which would not have been earned but for the
bankruptcy proceeding, should be reported as a reorganization item.
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Pg 5 of 11
FORM MOR-3
2/2008
PAGE 6 OF 11
Atrinsic, Inc. - Debtor in Possession
Case No.
12-12553
Debtor
Reporting Period:
January 2013
The Balance Sheet is to be completed on an accrual basis only. Pre-petition liabilities must be classified separately from post-petition obligations.
ASSETS
BOOK VALUE AT END OF CURRENT REPORTING MONTH
BOOK VALUE AT END OF PRIOR REPORTING MONTH
BOOK VALUE ON PETITION DATE OR SCHEDULED
CURRENT ASSETS
Unrestricted Cash and Equivalents
833,288.02
872,943.60
(36,639.34)
Restricted Cash and Cash Equivalents (see continuation sheet)
657,395.28
349,395.28
349,395.28
Accounts Receivable (Net)
154,446.05
462,446.05
1,362,952.71
Notes Receivable
Inventories
Prepaid Expenses
463,691.58
483,426.38
600,060.06
Professional Retainers
Other Current Assets (attach schedule)
9,343,727.44
9,343,727.44
10,218,995.98
TOTAL CURRENT ASSETS
11,452,548.37
11,511,938.75
12,494,764.69
PROPERTY & EQUIPMENT
Real Property and Improvements
Machinery and Equipment
Furniture, Fixtures and Office Equipment
0.00
0.00
1,759,113.53
Leasehold Improvements
0.00
0.00
1,711,232.38
Vehicles
Less: Accumulated Depreciation
0.00
0.00
1,533,742.17
TOTAL PROPERTY & EQUIPMENT
0.00
0.00
1,936,603.74
OTHER ASSETS
Amounts due from Insiders*
Other Assets (attach schedule)
414,335.90
414,335.90
548,050.54
TOTAL OTHER ASSETS
414,335.90
414,335.90
548,050.54
TOTAL ASSETS
11,866,884.27
11,926,274.65
14,979,418.97
LIABILITIES AND OWNER EQUITY
BOOK VALUE AT END OF CURRENT REPORTING MONTH
BOOK VALUE AT END OF PRIOR REPORTING MONTH
BOOK VALUE ON PETITION DATE
LIABILITIES NOT SUBJECT TO COMPROMISE (Postpetition)
Accounts Payable
Taxes Payable (refer to FORM MOR-4)
Wages Payable
Notes Payable
Rent / Leases - Building/Equipment
Secured Debt / Adequate Protection Payments
Professional Fees
127,542.08
120,869.96
0.00
Amounts Due to Insiders*
Other Post-petition Liabilities (attach schedule)
TOTAL POST-PETITION LIABILITIES
127,542.08
120,869.96
0.00
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
Secured Debt
2,613,675.00
2,613,675.00
2,613,675.00
Priority Debt
6,528.85
6,528.85
6,528.85
Unsecured Debt
17,174,439.32
17,410,697.47
18,003,186.96
TOTAL PRE-PETITION LIABILITIES
19,794,643.17
20,030,901.32
20,623,390.81
TOTAL LIABILITIES
19,922,185.25
20,151,771.28
20,623,390.81
OWNERS' EQUITY
Capital Stock
976,858.37
976,858.37
976,858.37
Additional Paid-In Capital
182,305,035.48
182,305,035.48
182,278,296.09
Partners' Capital Account
Owner's Equity Account
Retained Earnings - Pre-Petition
(183,918,324.58)
(183,918,324.58)
(183,918,324.58)
Retained Earnings - Post-petition
(2,438,068.53)
(2,608,264.18)
0.00
Adjustments to Owner Equity (attach schedule)
(4,980,801.72)
(4,980,801.72)
(4,980,801.72)
Post-petition Contributions (attach schedule)
NET OWNERS’ EQUITY
(8,055,300.98)
(8,225,496.63)
(5,643,971.84)
TOTAL LIABILITIES AND OWNERS' EQUITY
11,866,884.27
11,926,274.65
14,979,418.97
*"Insider" is defined in 11 U.S.C. Section 101(31).
BALANCE SHEET
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FORM MOR-3
2/2008
PAGE 7 OF 11
Atrinsic, Inc. - Debtor in Possession
Case No.
12-12553
Debtor
Reporting Period:
January 2013
BALANCE SHEET - continuation section
ASSETS
BOOK VALUE AT END OF CURRENT REPORTING MONTH
BOOK VALUE AT END OF PRIOR REPORTING MONTH
BOOK VALUE ON PETITION DATE
Other Current Assets
Related Party Receivables
9,303,223.50
9,303,223.50
9,303,223.50
Receivable - Funds Due from Escrow Account
0.00
0.00
860,000.00
Unamortized Debt Issue
35,688.45
35,688.45
35,688.45
Receivable - COBRA Clearing
(1,407.11)
(1,407.11)
18,361.43
Deferred Income Taxes - Current
(2,685.85)
(2,685.85)
(2,685.85)
Security Deposit for 116 W.23 Street
4,500.00
4,500.00
0.00
Other Miscellaneous Receivables
4,408.45
4,408.45
4,408.45
Other Assets
Intangible Assets - Net
74,043.97
74,043.97
74,043.99
Investment in TBR
(0.00)
(0.00)
133,714.62
Deferred Income Taxes - Non Current
340,291.93
340,291.93
340,291.93
LIABILITIES AND OWNER EQUITY
BOOK VALUE AT END OF CURRENT REPORTING MONTH
BOOK VALUE ON PETITION DATE
Other Post-petition Liabilities
Adjustments to Owner’s Equity
Treasury Stock
4,980,801.72
4,980,801.72
4,980,801.73
Post-Petition Contributions
Restricted Cash: Cash that is restricted for a specific use and not available to fund operations.
Typically, restricted cash is segregated into a separate account, such as an escrow account.
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FORM MOR-4
2/2008
PAGE 8 OF 11
Atrinsic - Debtor in Possession
Case No.
12-12553
Debtor
Reporting Period:
January 2013
The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the
amount should be zero.
Attach photocopies of IRS Form 6123 or payment receipt to verify payment or deposit of federal payroll taxes.
Attach photocopies of any tax returns filed during the reporting period.
Federal
Beginning Tax
Amount Withheld and/or Accrued
Amount Paid
Date Paid
Check # or EFT
Ending Tax
Withholding
FICA-Employee
FICA-Employer
Unemployment
Income
Other:_____________
Total Federal Taxes
0.00
0.00
0.00
State and Local
Withholding
Sales
Excise
Unemployment
Real Property
Personal Property
Other:_____________
Total State and Local
0.00
0.00
0.00
Total Taxes
0.00
0.00
0.00
Attach aged listing of accounts payable.
Current
31-60
61-90
91-120
Over 120
Total
Accounts Payable
0.00
Wages Payable
0.00
Taxes Payable
0.00
Rent/Leases-Building
0.00
Rent/Leases-Equipment
0.00
Secured Debt/Adequate Protection Payments
0.00
Professional Fees
9,739.93
11,044.89
5,949.04
13,176.46
87,631.76
127,542.08
Amounts Due to Insiders
0.00
Other:______________
0.00
Total Post-petition Debts
9,739.93
11,044.89
5,949.04
13,176.46
87,631.76
127,542.08
Explain how and when the Debtor intends to pay any past due post-petition debts.
Legal Fees account for $123,698.91 of the total. Debtor has budgeted for the payment of
legal fees. These fees will be paid at the end of the project. The remainder consists of
the following: $2,484 for services performed by the Financial Consultant during the period
1/29-1/31 (pd on 2/6/13); $148.87 to Donlin, Recano & Company for services relating to
Atrinsic's bankruptcy (pd on 2/6/13); and $1,210.30 for HR-related services performed by
Atrinsic's former HR Director, Amy Johnson (pd on 2/13/13).
Number of Days Past Due
STATUS OF POST-PETITION TAXES
SUMMARY OF UNPAID POST-PETITION DEBTS
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Pg 8 of 11
FORM MOR-5
2/2008
PAGE 9 OF 11
Atrinsic, Inc. - Debtor in Possession
Case No.
12-12553
Debtor
Reporting Period:
January 2013
Amount
462,446.05
0.00
308,000.00
154,446.05
Accounts Receivable Aging
0-30 Days
31-60 Days
61-90 Days
91+ Days
Total
0 - 30 days old
0.00
0.00
31 - 60 days old
0.00
0.00
61 - 90 days old
0.00
0.00
91+ days old
154,446.05
154,446.05
Total Accounts Receivable
0.00
0.00
0.00
154,446.05
154,446.05
Less: Bad Debts (Amount considered uncollectible)
Net Accounts Receivable
0.00
0.00
0.00
154,446.05
154,446.05
Taxes Payable
0-30 Days
31-60 Days
61-90 Days
91+ Days
Total
0 - 30 days old
0.00
31 - 60 days old
0.00
61 - 90 days old
0.00
91+ days old
0.00
Total Taxes Payable
0.00
0.00
0.00
0.00
0.00
Total Accounts Payable
9,809.00
11,044.89
5,949.04
19,895,382.32
19,922,185.25
** Settlement of disputed receivable from The Business Resources Group (TBR).
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
TAXES RECONCILIATION AND AGING
Accounts Receivable Reconciliation
Total Accounts Receivable at the beginning of the reporting period
Plus: Amounts billed during the period
Less: Amounts collected during the period**
Total Accounts Receivable at the end of the reporting period
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FORM MOR-6
2/2008
PAGE 10 OF 11
Atrinsic, Inc. - Debtor in Possession
Case No.
12-12553
Debtor
Reporting Period:
January 2013
Of the total disbursements shown on the Cash Receipts and Disbursements Report (MOR-1) list the amount paid to insiders (as defined in
Section 101(31) (A)-(F) of the U.S. Bankruptcy Code) and to professionals. For payments to insiders, identify the type of compensation paid
(e.g. Salary, Bonus, Commissions, Insurance, Housing Allowance, Travel, Car Allowance, Etc.). Attach additional sheets if necessary.
NAME
TYPE OF PAYMENT
AMOUNT PAID
TOTAL PAID TO DATE
0.00
0.00
NAME
DATE OF COURT ORDER AUTHORIZING PAYMENT
AMOUNT APPROVED
AMOUNT PAID
TOTAL PAID TO DATE
TOTAL INCURRED & UNPAID*
0.00
0.00
0.00
0.00
* INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED
NAME OF CREDITOR
SCHEDULED MONTHLY PAYMENT DUE
AMOUNT PAID DURING MONTH
TOTAL UNPAID POST-PETITION
Hudson Bay Master Fund Ltd
0.00
1,338,650.50
Iroquois Master Fund Ltd
0.00
1,275,024.50
0.00
2,613,675.00
PAYMENTS TO INSIDERS AND PROFESSIONALS
POST-PETITION STATUS OF SECURED NOTES, LEASES PAYABLE
AND ADEQUATE PROTECTION PAYMENTS
TOTAL PAYMENTS
INSIDERS
TOTAL PAYMENTS TO INSIDERS
TOTAL PAYMENTS TO PROFESSIONALS
PROFESSIONALS
12-12553-jmp Doc 86 Filed 02/21/13 Entered 02/21/13 09:19:36 Main Document
FORM MOR-7
2/2008
PAGE 11 OF 11
Atrinsic, Inc. - Debtor in Possession
Case No.
12-12553
Debtor
Reporting Period:
January 2013
Must be completed each month. If the answer to any of the questions is “Yes”, provide a detailed explanation of each item. Attach additional sheets if necessary.
Yes
No
Have any assets been sold or transferred outside the normal course of business this reporting period?
X
Have any funds been disbursed from any account other than a debtor in possession account this reporting period?
X
Is the Debtor delinquent in the timely filing of any post-petition tax returns?
X
Are workers compensation, general liability or other necessary insurance coverages expired or cancelled, or has the debtor received notice of expiration or cancellation of such policies?
X
Is the Debtor delinquent in paying any insurance premium payment?
X
Have any payments been made on pre-petition liabilities this reporting period?
X
Are any post petition receivables (accounts, notes or loans) due from related parties?
X
Are any post petition payroll taxes past due?
X
Are any post petition State or Federal income taxes past due?
X
Are any post petition real estate taxes past due?
X
Are any other post petition taxes past due?
X
Have any pre-petition taxes been paid during this reporting period?
X
Are any amounts owed to post petition creditors delinquent?
X
Are any wage payments past due?
X
Have any post petition loans been been received by the Debtor from any party?
X
Is the Debtor delinquent in paying any U.S. Trustee fees?
X
Is the Debtor delinquent with any court ordered payments to attorneys or other professionals?
X
Have the owners or shareholders received any compensation outside of the normal course of business?
X
DEBTOR QUESTIONNAIRE
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