Case:16-00290-jtg
Doc #:665 Filed: 01/05/17
Page 1 of 10 Date Filed: 01/05/2017 Docket #0665
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Case:16-00290-jtg
Debtor: Comlink, LLC.
Doc #:665 Filed: 01/05/17
Page 2 of 10
OPERATING STATEMENT (P&L) Period Ending: November 30, 2016 Case No.:
NOTE: Allocation of Costs between Entities still to be Analyzed.
GL 16‐00292‐jtg
Total Revenue / Sales Cost of Sales
Current Month ‐ ‐
Total Since Filing 5,229,278 563,092
GROSS PROFIT
‐
4,666,186
EXPENSES: Officer Compensation Salary Expenses other Employees Employee Benefits & Pensions Payroll Taxes Other Taxes Interim Personnel and Purchased Services Interest Expense Insurance Automobile and Truck Expense Utilities (gas, electric, phone) Depreciation Travel and Entertainment Repairs and Maintenance Rent Expense Supplies, Office Expense, etc. Other: Miscellaneous Expenses Other Specify
9,000 0 0 118 0 0 0 0 0 0 0 0 0 0 875 (1,010) 0
394,402 955,153 112,504 56,897 63,119 93,818 700 0 19,301 25,545 672,104 37,717 97,396 81,073 49,655 345,378 0
TOTAL EXPENSES
8,983
3,004,760
NET OPERATING PROFIT / (LOSS)
(8,983)
1,661,426
Add: Non‐Operating Income: Interest Income Other Income
0 0
0 0
Less: Non‐Operating Expenses: Professional Fees (A) Gain (Loss) on Sale of Assets (B)
0 0
0 (8,202,976)
(8,983)
(6,541,551)
NET INCOME / (LOSS)
(A) ‐ All Restructuring Professional Fees recorded and paid by Great Lakes Comnet. (B) ‐ Includes Loss on Sale of Assets and Changes to Claim and Account Balances. All Proceeds from Sale of Assets to Everstream were recorded on Great Lakes Comnet books.
FORM 2
Case:16-00290-jtg
Debtor: Comlink, LLC.
ASSETS (A): Cash Inventory Accounts Receivables Insider Receivables Land and Buildings Network and Equipment Accumulated Depreciation Other: Other Current Assets Other: Other Long‐Term Assets TOTAL ASSETS LIABILIITIES (A): Postpetition Liabilities: Accounts Payable Rent and Lease Payable Wages and Salaries Taxes Payable Other: Other Current Liabs Other: Deferred Revenue Other: Deferred Income Taxes Other: Intercompany Balances (A) TOTAL Postpetition Liab. Secured Liabilities: Subject to Postpetition Collateral or Financing Order All Other Secured Liab. TOTAL Secured Liab. Prepetition Liabilities: Taxes & Other Priority Liab. Unsecured Liabilities Other: Intercompany Balances (A) TOTAL Prepetition Liab. Equity (A): Owners Capital Retained Earnings ‐ Pre Pet. Retained Earnings ‐ Post Pet. TOTAL Equity TOTAL LIABILITIES AND EQUITY
Doc #:665 Filed: 01/05/17
Page 3 of 10
BALANCE SHEET Period Ending: November 30, 2016 Case No.:
GL 16‐00292‐jtg
Current Month
Prior Month
1,590,521 0 0 0 0 0 0 140,272 0 1,730,793
1,614,235 0 0 0 0 0 0 139,170 0 1,753,404
67,595 1,595 1,155,259 0 0 15,605,156 (5,789,592) 406,959 0 11,446,972
10,178 0 0 0 0 0 0 14,143,630 14,153,808
19,929 0 0 0 0 0 0 14,134,513 14,154,442
0 0 0 0 0 448,767 1,675,126 14,905,611 17,029,503
0 0 0
0 0 0
0 39,797 39,797
264,579 2,861,385 0 3,125,964
264,579 2,874,380 0 3,138,959
264,579 3,120,522 0 3,385,101
0 (9,007,429) (6,541,551) (15,548,980)
0 (9,007,429) (6,532,568) (15,539,997)
0 (9,007,429) 0 (9,007,429)
1,730,793
1,753,404
11,446,972
(A) ‐ Intercompany Transactions and Allocation of Costs between Entities not Analyzed.
At Filing
FORM 3
Case:16-00290-jtg
Debtor: Comlink, LLC.
Doc #:665 Filed: 01/05/17
Page 4 of 10
SUMMARY OF OPERATIONS Period Ending: November 30, 2016 Case No.:
GL 16‐00292‐jtg
Schedule of Postpetition Taxes Payable Beginning Balance
Accrued / Withheld
Payments / Deposits
Ending Balance
Income Taxes Withheld: Federal State Local FICA Withheld Employers FICA
All Payroll Related Taxes Paid by Parent Company, Great Lakes Comnet, Inc.
Unemployment Tax: Federal State Property Taxes Workers' Compensation Other
‐
TOTALS
‐
Age in Days Post Petition Accounts Payable Accounts Receivable
‐ ‐
‐
‐
AGING OF ACCOUNTS RECEIVABLE AND POSTPETITION ACCOUNTS PAYABLE 0‐30 30‐60 Over 60 10,178
‐
‐
‐
‐
Accounts Payable represents amounts due to Everstream for cash their customers have paid into GLC's bank account.
Describe events or factors occurring during this reporting period materially affecting operations and formulation of a Plan of Reorganization:
FORM 4
Case:16-00290-jtg
Debtor: Comlink, LLC. Cash Activity Analysis (Cash Basis Only):
Doc #:665 Filed: 01/05/17
Page 5 of 10
MONTHLY CASH STATEMENT Period Ending: November 30, 2016 Case No.:
GL 16‐00292‐jtg
Comerica Checking Account 1,582,683
Bank of America Checking 31,551
A.
Beginning Balance
B.
Receipts (Attach separate schedule)
‐
‐
C.
Transfers In (from other accounts)
‐
‐
D.
Balance Available (A + B + C)
1,582,683
31,551
E.
Less Disbursements (Attach separate schedule)
(21,088)
(2,625)
F.
Transfers Out (to other accounts)
‐
‐
G.
ENDING BALANCE (D ‐ E ‐ F)
1,561,595
28,926
(PLEASE ATTACH COPIES OF MOST RECENT RECONCILED BANK STATEMENTS FROM EACH ACCOUNT) Comerica Checking Account: 1. Depository Name & Location 2. Account Number
Comerica Bank, 2615 Lake Lansing Rd, East Lansing, MI xxxx 9049
Bank of America Checking: 1. Depository Name & Location 2. Account Number
Bank of America, 1390 Lake Lansing Rd, East Lansing, MI xxxx 6226
Other monies on hand (specify type and location) i.e., CD's, bonds, etc.): None Date: December 29, 2016
Comlink, LLC. Debtor In Possession FORM 5
Case:16-00290-jtg
Doc #:665 Filed: 01/05/17
Page 6 of 10
BANK RECONCILIATION Period Ending: November 30, 2016 Debtor: Comlink, LLC. Case No.: Cash Activity Analysis (Book Basis ‐ Ties to G/L): Comerica Checking Account A. Ending Balance per Book 1,561,595 B.
Outstanding Checks
C.
Deposits in Transit
D.
Ending Balance per Bank
GL 16‐00292‐jtg Bank of America Checking 28,926
21,638
‐
1,583,233
28,926
NOTE: Bank Statement Information Available Upon Request.
Case:16-00290-jtg
Doc #:665 Filed: 01/05/17
Page 7 of 10
Comerica Account: Cash Book Basis Disbursements and Receipts
Period Ending: November 30, 2016 Debtor: Comlink, LLC. Cash Activity Analysis (Book Basis ‐ Ties to G/L): Date Disbursements: 11/9/2016 11/14/2016 11/30/2016 Total Disbursements
Vendor/Customer Code Merch Services Billing 110816 0m3793 Service Charge Reimbursement to Everstream for Cash Collected
Case No.: GL 16‐00292‐jtg
Journal BR-000057 BR-000058 CD-000423
Source
Amount
G/L G/L A/P
96.41 92.22 20,899.86 21,088.49
Case:16-00290-jtg
Doc #:665 Filed: 01/05/17
Page 8 of 10
Bank of America Checking Account: Cash Book Basis Disbursements and Receipts
Period Ending: November 30, 2016 Debtor: Comlink, LLC. Cash Activity Analysis (Book Basis ‐ Ties to G/L): Date Disbursements: 11/16/2016
Vendor/Customer Code
Total Disbursements
SingleHop, LLC 022218
Case No.: GL 16‐00292‐jtg
Journal
Source
Amount
CD-000422
A/P
2,625.00 2,625.00
Case:16-00290-jtg
Doc #:665 Filed: 01/05/17
Page 9 of 10
MONTHLY STATEMENT OF INSIDER COMPENSATION / PAYMENTS Period Ending: November 30, 2016 Debtor: Comlink, LLC. Case No.: GL 16‐00292‐jtg The following information is to be provided for each shareholder, officer, director, manager, insider or owner that is employed by the debtor in possession. Attach additional pages if necessary. Name:
See Form 6 pages for Great Lakes Comnet, Inc
Shareholder Officer Director Insider
Detailed Description of Duties: Current Compensation Paid:
Weekly
or
Monthly (A)
Current Benefits Paid: Health Insurance Life Insurance Retirement Company Vehicle Entertainment Travel Other Benefits Total Benefits Current Other Payments Paid: Rent Paid Loans Other (Describe) Other (Gas Cards) (B) Other (Describe) Total Other Payments CURRENT TOAL OF ALL PAYMENTS
Date: December 29, 2016
FORM 6
Case:16-00290-jtg
Debtor: Comlink, LLC.
Doc #:665 Filed: 01/05/17
SCHEDULE OF IN‐FORCE INSURANCE Period Ending: November 30, 2016 Case No.:
INSURANCE TYPE
CARRIER
Commercial Umbrella Insurance Directors, Officers and Managers Insurance
Federated Rural Electric Insurance Exchange Federated Rural Electric Insurance Exchange Federated Rural Electric Insurance Exchange Federated Rural Electric Insurance Exchange
All Risk Blanket Insurance Workers Comp Insurance
Page 10 of 10
GL 16‐00292‐jtg
EXPIRATION DATE November 18, 2016 November 18, 2016 November 18, 2016 November 18, 2016
NOTE: Policies are maintained by Great Lakes, Comnet and cover all subsidiaries including Comlink, LLC. See note regarding policy expiration in Great Lakes Comnet November 2016 Monthly Operating Report.
FORM 7