FORM MOR-1
2/2008
PAGE 2 OF 12
Atrinsic, Inc. - Debtor in Possession
Case No.
12-12553
Debtor
Reporting Period:
April 2013
April 2013
Amounts reported should be from the debtor’s books and not the bank statement. The beginning cash should be the ending cash from the prior month
or, if this is the first report, the amount should be the balance on the date the petition was filed. The amounts reported in the "CURRENT MONTH -
ACTUAL” column must equal the sum of the four bank account columns. Attach copies of the bank statements and the cash disbursements journal.
The total disbursements listed in the disbursements journal must equal the total disbursements reported on this page. A bank reconciliation must be
attached for each account. [See MOR-1 (CON’T)]
ACCOUNT NUMBER (LAST 4)
OPER
PAYROLL
TAX
OTHER
CURRENT MONTH ACTUAL (TOTAL OF ALL ACCOUNTS)
CASH BEGINNING OF MONTH
763,983.21
0.00
0.00
0.00
763,983.21
RECEIPTS
CASH SALES
0.00
ACCOUNTS RECEIVABLE - PREPETITION
0.00
ACCOUNTS RECEIVABLE - POSTPETITION
0.00
LOANS AND ADVANCES
0.00
SALE OF ASSETS
0.00
OTHER (ATTACH LIST)
235.47
235.47
TRANSFERS (FROM DIP ACCTS)
0.00
TOTAL RECEIPTS
235.47
0.00
0.00
0.00
235.47
DISBURSEMENTS
NET PAYROLL
0.00
PAYROLL TAXES
0.00
SALES, USE, & OTHER TAXES
2,282.33
2,282.33
INVENTORY PURCHASES
0.00
SECURED/ RENTAL/ LEASES
4,000.00
4,000.00
INSURANCE
0.00
ADMINISTRATIVE
0.00
SELLING
0.00
OTHER (ATTACH LIST)
16,827.93
16,827.93
OWNER DRAW *
0.00
TRANSFERS (TO DIP ACCTS)
0.00
PROFESSIONAL FEES
44,820.61
44,820.61
U.S. TRUSTEE QUARTERLY FEES
975.00
975.00
COURT COSTS
0.00
TOTAL DISBURSEMENTS
68,905.87
0.00
0.00
0.00
68,905.87
NET CASH FLOW
(RECEIPTS LESS DISBURSEMENTS)
CASH – END OF MONTH
695,312.81
0.00
0.00
0.00
695,312.81
* COMPENSATION TO SOLE PROPRIETORS FOR SERVICES RENDERED TO BANKRUPTCY ESTATE
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN)
OTHER CASH RECEIPTS
Miscellaneous Revenue - Licensed Data
$235.47
TOTAL - OTHER
$235.47
OTHER CASH DISBURSEMENTS
Monthly Fee to Stock Transfer Agent
$1,050.00
Telephone
$300.00
Internet Service
$200.00
Out of Pocket Expenses - S. Giordano
$70.50
Storage costs (15-mth "catch up" and data retrieval)
$14,525.89
Supplies
$681.54
TOTAL - OTHER
$16,827.93
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
THE FOLLOWING SECTION MUST BE COMPLETED
(68,670.40)
0.00
0.00
0.00
BANK ACCOUNTS
(68,670.40)
0.00
68,905.87
TOTAL DISBURSEMENTS
LESS: TRANSFERS TO OTHER DEBTOR IN POSSESSION ACCOUNTS
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts)
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES
68,905.87
0.00
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Pg 2 of 12
FORM MOR-1 (CONT.)
2/2008
PAGE 3 OF 12
Atrinsic, Inc. - Debtor in Possession
Case No.
12-12553
Debtor
Reporting Period:
April 2013
Continuation Sheet for MOR-1
A bank reconciliation must be included for each bank account. The debtor's bank reconciliation may be substituted for this page.
(Bank account numbers may be redacted to last four numbers.)
Operating
Payroll
Tax
Other
#
#
#
#
BALANCE PER BOOKS
$695,312.81
BANK BALANCE
$703,079.44
(+) DEPOSITS IN TRANSIT (ATTACH LIST)
(-) OUTSTANDING CHECKS (ATTACH LIST):
($7,766.63)
OTHER (ATTACH EXPLANATION)
ADJUSTED BANK BALANCE *
$695,312.81
*"Adjusted Bank Balance" must equal "Balance per Books"
DEPOSITS IN TRANSIT
Date
Amount
Date
Amount
CHECKS OUTSTANDING
Ck. #
Amount
Ck. #
Amount
Robert Half International
1368
$3,240.00
Select Office Suites
1369
$4,526.63
Total
$7,766.63
OTHER
TOTAL - OTHER
$0.00
BANK RECONCILIATIONS
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Pg 3 of 12
FORM MOR-2
2/2008
PAGE 4 OF 12
Atrinsic, Inc - Debtor in Possession
Case No.
12-12553
Debtor
Reporting Period:
April 2013
The Statement of Operations is to be prepared on an accrual basis. The accrual basis of accounting recognizes revenue
when it is realized and expenses when they are incurred, regardless of when cash is actually received or paid.
REVENUES
MONTH
CUMULATIVE -FILING TO DATE
Gross Revenues
0.00
0.00
Less: Returns and Allowances
0.00
0.00
Net Revenue
0.00
0.00
COST OF GOODS SOLD
Beginning Inventory
Add: Purchases
Add: Cost of Labor
Add: Other Costs (attach schedule)
Less: Ending Inventory
Cost of Goods Sold
0.00
0.00
Gross Profit
0.00
0.00
OPERATING EXPENSES
Advertising
Auto and Truck Expense
Bad Debts
Contributions
Employee Benefits Programs
Officer/Insider Compensation*
Insurance
14,379.67
313,005.29
Management Fees/Bonuses
Office Expense
500.00
5,623.73
Pension & Profit-Sharing Plans
Repairs and Maintenance
Rent and Lease Expense
4,000.00
54,090.47
Salaries/Commissions/Fees
11,389.49
Supplies
681.54
1,800.44
Taxes - Payroll
832.42
Taxes - Real Estate
Taxes - Other
2,282.33
2,500.08
Travel and Entertainment
238.92
6,845.62
Utilities
Other (attach schedule)
37,195.89
261,310.04
Total Operating Expenses Before Depreciation
59,278.35
657,397.58
Depreciation/Depletion/Amortization
1,921,907.74
Net Profit (Loss) Before Other Income & Expenses
(59,278.35)
(2,579,305.32)
OTHER INCOME AND EXPENSES
Other Income (attach schedule)
235.47
264,183.98
Interest Expense
Other Expense (attach schedule)
0.00
82,187.48
Net Profit (Loss) Before Reorganization Items
(59,042.88)
(2,397,308.82)
STATEMENT OF OPERATIONS (Income Statement)
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Pg 4 of 12
FORM MOR-2
2/2008
PAGE 5 OF 12
Atrinsic, Inc - Debtor in Possession
Case No.
12-12553
Debtor
Reporting Period:
April 2013
REORGANIZATION ITEMS
Professional Fees
29,446.31
258,027.51
U. S. Trustee Quarterly Fees
4,225.00
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
29,446.31
262,252.51
Income Taxes
Net Profit (Loss)
(88,489.19)
(2,659,561.33)
*"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
$4,504.68
Professional Fees (CRO, Fees for Staff)
$22,420.00
$228,006.05
Consulting - Accounting System Support
$2,143.75
Consulting - Internet Services
$99.99
Miscellaneous Expenses - Other
$1,421.97
Payment to Guardian to close Employee Group Life Insurance
$206.68
Storage Costs
$8,725.89
$8,725.89
Cost relating to appeal against IRS proposed tax liability
$5,000.00
$5,060.00
Fee for Transfer Agent
$1,050.00
$10,775.04
OTHER INCOME
Receipts of customer receivables previously written-off
235.47
$19,654.60
Miscellaneous Revenue - Games
$1,824.07
Miscellaneous Revenue - Content
$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
Miscellaneous Receipt
$5,205.37
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 12
FORM MOR-3
2/2008
PAGE 6 OF 12
Atrinsic, Inc. - Debtor in Possession
Case No.
12-12553
Debtor
Reporting Period:
April 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
695,312.81
763,983.21
(36,639.34)
Restricted Cash and Cash Equivalents (see continuation sheet)
657,395.28
657,395.28
349,395.28
Accounts Receivable (Net)
154,446.05
154,446.05
1,362,952.71
Notes Receivable
Inventories
Prepaid Expenses
423,142.31
424,221.98
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
11,274,023.89
11,343,773.96
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
11,688,359.79
11,758,109.86
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
238.92
1,045.50
0.00
Taxes Payable (refer to FORM MOR-4)
Wages Payable
Notes Payable
Rent / Leases - Building/Equipment
Secured Debt / Adequate Protection Payments
Professional Fees
199,668.64
180,122.94
0.00
Amounts Due to Insiders*
Other Post-petition Liabilities (attach schedule)
TOTAL POST-PETITION LIABILITIES
199,907.56
181,168.44
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
17,172,270.25
17,172,270.25
18,003,186.96
TOTAL PRE-PETITION LIABILITIES
19,792,474.10
19,792,474.10
20,623,390.81
TOTAL LIABILITIES
19,992,381.66
19,973,642.54
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
(2,686,789.42)
(2,598,300.23)
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
(8,304,021.87)
(8,215,532.68)
(5,643,971.84)
TOTAL LIABILITIES AND OWNERS' EQUITY
11,688,359.79
11,758,109.86
14,979,418.97
*"Insider" is defined in 11 U.S.C. Section 101(31).
BALANCE SHEET
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Pg 6 of 12
FORM MOR-3
2/2008
PAGE 7 OF 12
Atrinsic, Inc. - Debtor in Possession
Case No.
12-12553
Debtor
Reporting Period:
April 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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