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8-K
COSI INC filed this Form 8-K on 01/20/2017
Entire Document
 

Exhibit 99.1
 
UNITED STATES BANKRUPTCY COURT
DISTRICT OF MASSACHUSETTS

In re
Cosi, Inc.
Case No.
16-13704-MSH
   
Reporting Period
11/29/16-01/02/17

MONTHLY OPERATING REPORT
Complete and submit to the United States Trustee within 15 days after end of month
 
Submit copy of report to any official committee appointed in the case
REQUIRED DOCUMENTS
Form No.
Document
Attached
Explanation
Attached
Monthly Reporting Questionnaire
MOR-1
YES
 
Schedule of Cash Receipts and Disbursements
MOR-2
YES
 
Copies of Debtor's Bank Reconciliations
 
YES
 
Copies of Debtor's Bank Statements
 
YES
 
Copies of Cash Disbursements Journals
 
YES
 
Statement of Operations
MOR-3
YES
 
Balance Sheet
MOR-4
YES
 
Schedule of Post-Petition Liabilities
MOR-5
YES
 
Copies of IRS Form 6123 or payment receipt
 
N/A
 
Copies of tax returns filed during reporting period
 
YES
 
Detailed listing of aged accounts payables
 
YES
 
Accounts Receivable Reconciliation and Aging
MOR-6
YES
 
 
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and all attachments are true and correct to the best of my knowledge and belief.
 
Signature of Debtor
 
Date
   
         
Signature of Joint Debtor
 
Date
   
         
/s/ Edward P. Schatz
 
1/16/2017
   
Signature of Authorized Individual*
 
Date
   
         
Edward P. Schatz
  Acting Interim CFO    
Printed Name of Authorized Individual
 
Title of Authorized Individual
 
 
*Authorized individual must be an officer, director or shareholder if the debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.
 
COVER PAGE
9/04
 

Cosi, Inc.
Case No.
16-13704-MSH
Debtor
Reporting Period
11/29/16-01/02/17
 
MONTHLY REPORTING 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 any payments been made on pre-petition debt, other than payments in the normal course to secured creditors or lessors? If yes, attach listing including date of payment, amount of payment, and name of payee. - See Note 1. below.
 
X
 
 
4. Have any payments been made to professionals? If yes, attach listing including date of payment, amount of payment, and name of payee. - MOR 1 Question 4 Supplemental tab
 
X
 
 
5. If the answer to question 3 and/or 4 is yes, were all such payments approved by the Court?
 
X
 
 
6. Have any payments been made to officers, insiders, shareholders, or relatives? If yes, attach listing including date of payment, amount and reason for payment, and name of payee.
 
X
 
 
7. Have all postpetition tax returns been timely filed? If no, provide an explanation below.
 
X
 
 
8. Is the estate current on the payment of post-petition taxes?
 
X
 
 
9. Is the estate insured for the replacement cost of assets and for general liability? If no, provide an explanation below.
 
X
 
 
10. Is workers' compensation insurance in effect?
 
X
 
 
11. Have all current insurance payments been made? Attach copies of all new and renewed insurance policies - N/A
 
X
 
 
12. Are a plan and disclosure statement on file?
 
 
X
 
13. Was there any post-petition borrowing during this reporting period?
 
X
 
 
 
Note 1. On September 30, 2016, the Bankruptcy Court entered the Order Granting Debtors’ Motion for an Order Authorizing (I) the Debtors to Remit and Pay Certain Taxes and Fees and (II) Financial Institutions to Process and Cash Related Checks and Transfers (the “Tax Payment Authorization Order”) [Dkt. No. 54].  Consistent with the Tax Payment Authorization Order, the Debtors have paid when due certain taxes and fees, inclusive of those which may have accrued pre-petition. Additionally, on September 30, 2016, the Bankruptcy Court entered the Order Authorizing Debtors to Pay Wages, Compensation, Employee Benefits and Other Related Obligations (the “Wage, Compensation, and Benefit Authorization Order”) [Dkt. No. 46].  Consistent with the Wage, Compensation, and Benefit Authorization Order, the Debtors have paid all wages, salaries and employee benefits when due, inclusive of those which may have accrued pre-petition.
       
 
 
 
 
  MOR-1
  9/04
 

 
Cosi, Inc.
Case No.
16-13704-MSH
Debtor
Reporting Period
11/29/16-01/02/17
 
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
 
Amounts reported should be per the debtor's books, 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.  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.
 
 
BANK ACCOUNTS
 
Operational
Payroll
Tax
Other
Total
CASH BEGINNING OF MONTH
2,207,994
-
                   -
375,477
2,583,471
 
 
 
 
 
 
RECEIPTS
 
 
 
 
 
CASH SALES
3,509,401
-
                   -
1,119,752
4,629,153
ACCOUNTS RECEIVABLE
1,031,428
                   -
                   -
7,948
1,039,376
LOANS AND ADVANCES
2,869,127
                   -
                   -
                            -
2,869,127
APA ADVANCES
-
                   -
                   -
    5,050,000
5,050,000
GIFT CARD SALES
38,648
                   -
                   -
                            -
 38,648
TRANSFERS (FROM DIP ACCTS)
1,316,824
                   -
                   -
2,512,667
3,829,491
           
TOTAL RECEIPTS
8,765,427
                   -
                   -
8,690,367
17,455,794
 
 
 
 
 
 
DISBURSEMENTS
 
 
 
 
 
NET PAYROLL & BENEFITS
1,813,720
                   -
                   -
                            -
1,813,720
PAYROLL TAXES
661,967
                   -
                   -
                            -
661,967
SALES, USE & OTHER TAXES
422,979
                   -
                   -
                            -
422,979
INVENTORY PURCHASES
1,388,646
                   -
                   -
                            -
1,388,646
SECURED/RENTAL/LEASES
948,655
                   -
                   -
                            -
948,655
INSURANCE
-
                   -
                   -
                            -
                             -
ADMINISTRATIVE
1,151,245
                   -
                   -
 6,849
1,158,093
SELLING
 
                   -
                   -
                            -
                             -
VENDOR DEPOSIT
 
                   -
                   -
                            -
                             -
KERP PAYMENTS
72,355
 
 
                            -
72,355
OTHER RESTRUCTURING COSTS
13,389
 
 
                            -
13,389
OWNER DRAW *
 -
                   -
                   -
                            -
                             -
TRANSFERS (TO DIP ACCTS)
2,512,667
                   -
                   -
1,316,824
3,829,491
 
 
 
 
 
 
PROFESSIONAL FEES
532,915
                   -
                   -
                            -
532,915
U.S. TRUSTEE QUARTERLY FEES
-
                   -
                   -
                            -
                             -
COURT COSTS
-
                   -
                   -
                            -
                             -
TOTAL DISBURSEMENTS
9,518,538
                   -
                   -
1,323,672
10,842,210
 
 
 
 
 
 
NET CASH FLOW (RECEIPTS LESS DISBURSEMENTS)
(753,111)
-
-
7,366,695
6,613,584
CASH - END OF MONTH
1,454,883
                   -
                   -
7,742,172
9,197,055
 
*COMPENSATION TO SOLE PROPRIETORS FOR SERVICES RENDERED TO BANKRUPTCY ESTATE
 
THE FOLLOWING SECTION MUST BE COMPLETED
 
DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES:
 
 
TOTAL DISBURSEMENTS
 
 
 
 
10,842,210
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS
 
 
(3,829,491)
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts)
0
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES
 
7,012,720
         
MOR-2
         
9/04
 

Cosi, Inc.
Case No.
16-13704-MSH
Debtor
Reporting Period
11/29/16-01/02/17
 
STATEMENT OF OPERATIONS
(Income Statement)
 
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.
 
 
 
Cumulative
REVENUES
Month
Filing to Date
Gross Revenues
                           4,774,880
                         15,305,358
Less: Discounts
                              163,831
                              564,128
Net Revenue
                           4,611,049
                         14,741,230
COST OF GOODS SOLD
 
 
Cost of Goods Sold
                           1,223,941
                           3,851,344
Resturant Payroll:
 
 
PAYROLL
                           1,391,252
                           4,453,511
PAYROLL TAXES
                              125,241
                              416,351
LIFE AD&D ILTD INSURANCE
                                   5,346
                                 15,947
401K
                                          -
                                 16,884
MEDICAL INSURANCE
                                 75,249
                              279,442
WORKERS COMPENSATION INSURANCE
                                 35,630
                              110,911
Total Payroll
                           1,632,719
                           5,293,047
Restaurant Operating Expenses:
 
                                          -
BANK FEES
                                 10,894
                                 36,798
CATERING
                                 50,057
                              156,625
CREDIT CARD FEES
                                 80,776
                              311,280
DELIVERY
                                 22,548
                                 61,158
DONATIONS
                                          -
                                      460
DUES
                                         81
                                      244
EQUIPMENT RENTAL
                                   2,594
                                   7,374
FINES
                                   3,598
                                   6,073
INSURANCE
                                   5,072
                                 26,476
IT COMPUTERS
                                 63,540
                              223,921
LEGAL
                                          -
                                          -
LICENSES
                                 16,470
                                 22,369
MARKETING
                                 75,609
                              250,345
OTHER
                                 23,264
                                 68,783
PAPER AND SUPPLIES
                              209,415
                              590,189
PERSONAL PROPERTY TAXES
                                 14,978
                                 33,553
REAL ESTATE TAXES
                                 49,596
                              159,261
RENT
                              683,094
                           2,110,188
REPAIRS AND MAINTENANCE
                                 96,901
                              283,640
TRAVEL
                                      384
                                      598
UTILITIES
                              158,148
                              496,522
Total Restaurant Operating Expense
                           1,567,020
                           4,845,855
Gross Profit
                              187,370
                              750,984
GENERAL AND ADMINISTRATIVE EXPENSES
 
 
BAD DEBT
                                          -
                                   5,000
BANK FEES
                                   4,679
                                 23,427
BOARD FEES
                                          -
                                 39,182
CATERING ALLOCATION
                               (49,647)
                             (155,140)
EQUIPMENT LEASES
                                      718
                                   2,284
INSURANCE
                                 29,659
                                 89,634
INVESTOR RELATIONS
                                 24,083
                                 34,994
IT COMPUTER
                                 61,033
                              137,851
LATE FEES
                                 (1,803)
                                 17,480
LEGAL
                                   5,850
                                 17,342
MARKETING ALLOCATION
                               (49,578)
                             (149,322)
MEAL EXPENSE
                                   3,842
                                 13,417
MEDICAL INSURANCE
                                 14,513
                                 32,098
OFFICE SUPPLIES
                                   3,100
                                   7,955
OTHER
                                 26,630
                                 35,681
PAYROLL
                              211,097
                              690,814
PAYROLL - INSIDERS
                                 54,538
                              191,301
PAYROLL TAXES
                                 37,223
                              105,188
POSTAGE
                                   6,558
                                 14,842
PROFESSIONAL FEES
                                          -
                                   9,000
REAL ESTATE TAXES
                                   1,403
                                   3,640
RENT
                                 25,385
                                 76,163
SALES TAX
                                   9,220
                                 13,135
TELEPHONE
                                   3,305
                                   9,105
TEMPORARY HELP
                              180,001
                              252,963
TRAVEL
                                 21,959
                                 59,914
UTILITIES
                                   1,542
                                   4,625
WORKERS COMPENSATION INSURANCE
                                   1,701
                                   5,103
Total General & Administrative
                              627,011
                           1,587,677
Loss from Operations
                             (439,642)
                             (836,693)
 
 
 
OTHER INCOME AND EXPENSES
 
DEPRECIATION AND AMORTIZATION
                             (175,357)
                             (590,524)
INTEREST INCOME
                                         25
                                   1,010
INTEREST EXPENSE
                               (97,787)
                             (273,386)
DEBT ISSUANCE EXPENSE
                               (53,686)
                             (161,059)
FRANCHISEE FEES AND ROYALTY
                              160,132
                              451,822
MISCELLANEOUS INCOME
                                 (5,725)
                              705,805
Total Other Income and Expenses
                             (172,400)
                              133,667
 
 
 
REORGANIZATION ITEMS
 
ASSET IMPAIRMENT AND CLOSED STORE COSTS
7,926
                              517,600
LEASE TERMINATION ACCRUAL
                                 (1,199)
                                     (165)
LOSS ON DISPOSAL OF ASSETS
                                          -
                                          -
PROFESSIONAL FEES
                              423,205
                           1,641,968
U.S. TRUSTEE QUARTERLY FEES
                                          -
                                   1,625
OTHER - PUBLIC RELATIONS
                                          -
                                   5,500
Total Reorganization Expenses
                              429,932
                           2,166,528
Income Taxes
                                          -
                                          -
Net Profit(Loss)
                  (1,041,973)
                         (2,869,554)
* "Insider" is defined in 11 U.S.C. Section 101(31).
 
MOR-3
   
9/04
 

Cosi, Inc.
Case No.
16-13704-MSH
Debtor
Reporting Period
11/29/16-01/02/17
 
STATEMENT OF OPERATIONS - continuation sheet
 
 
Cumulative
BREAKDOWN OF "OTHER" CATEGORY
Month
Filing to Date
 
 
 
Other Costs
 
 
 
 
 
 
 
 
Other Operational Expenses
 
 
 
 
 
 
 
 
Other Income
 
 
 
 
 
 
 
 
Other Expenses
 
 
 
 
 
 
 
 
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.
   
MOR-3
   
9/04
 

Cosi, Inc.
Case No.
16-13704-MSH
Debtor
Reporting Period
11/29/16-01/02/17
 
BALANCE SHEET
The Balance Sheet is to be completed on an accrual basis only.  Pre-petition liabilities must be classified separately from postpetition obligations.
 
 
BOOK VALUE AT END OF
BOOK VALUE ON
ASSETS
CURRENT REPORTING MONTH
PETITION DATE
CURRENT ASSETS
 
 
Unrestricted Cash and Equivalents
                                    939,148
                                    822,201
Restricted Cash and Cash Equivalents
                                    816,583
                                    855,318
Restricted Cash and Cash Equivalents - Segregated Cash
                                 2,458,024
                                             -
Restricted Cash and Cash Equivalents - APA Advance
                                 5,050,000
                                             -
Credit Card Receivable
                                    179,931
                                    274,774
Accounts Receivable (Net)
                                    768,735
                                 1,022,884
Notes Receivable
                                    105,755
                                    103,984
Inventories
                                    549,215
                                    602,459
Prepaid Expenses
                                 1,064,698
                                    205,503
Professional Retainers
                                    346,300
                                    346,300
Other Current Assets (attach schedule)
                                             -
                                             -
TOTAL CURRENT ASSETS
                                12,278,387
                                 4,233,423
PROPERTY AND EQUIPMENT
 
 
Computer and Telephone Equipment
                                10,327,917
                                10,329,053
Restaurant Equipment
                                 8,172,634
                                 8,144,168
Furniture, Fixtures and Office Equipment
                                 4,826,736
                                 4,854,206
Leasehold Improvements
                                18,812,262
                                19,281,722
Vehicles
                                        9,030
                                        9,030
Less Accumulated Depreciation
                               (36,620,693)
                               (36,307,498)
TOTAL PROPERTY & EQUIPMENT
                                 5,527,886
                                 6,310,681
OTHER ASSETS
 
 
Loans to Insiders
 
 
Other Assets - See MOR-4 - p2
                                14,132,481
                                14,422,670
TOTAL OTHER ASSETS
                                14,132,481
                                14,422,670
TOTAL ASSETS
 
 
 
                                31,938,755
                                24,966,774
 
 BOOK VALUE AT END OF
 BOOK VALUE ON
LIABILITIES AND OWNER EQUITY
 CURRENT REPORTING MONTH
 PETITION DATE
LIABILITIES NOT SUBJECT TO COMPROMISE (Post-Petition)
 
 
Accounts Payable
                                    497,794
                                             -
Taxes Payable - See MOR 5
                                    660,018
                                             -
Wages Payable
                                    142,477
                                             -
Accrued Gift Cards
                                      96,845
 
Notes Payable
                                 3,669,127
                                             -
Rent / Leases - Building/Equipment
                                      21,832
                                             -
Secured Debt / Adequate Protection Payments
                                             -
                                             -
Professional Fees
                                    434,585
                                             -
Amounts Due to Insiders
                                        7,115
                                             -
APA Advance Liability
                                 5,050,000
 
Other Postpetition Liabilities (attach schedule)
                                    655,534
                                             -
TOTAL POST-PETITION LIABILITIES
                                11,235,326
                                             -
LIABILITIES SUBJECT TO COMPROMISE (Pre-Petition)
 
 
Secured Debt
                                             -
                                             -
Priority Debt
                                             -
                                 1,248,113
Unsecured Debt
                                19,135,336
                                19,281,012
TOTAL PRE-PETITION LIABILITIES
                                19,135,336
                                20,529,125
 
 
 
TOTAL LIABILITIES
                                30,370,662
                                20,529,125
OWNER EQUITY
 
 
Capital Stock
                                   (716,047)
                                   (716,046)
Additional Paid-In Capital
                              344,547,561
                              344,547,561
Partners' Capital Account
                                             -
                                             -
Owner's Equity Account
                                             -
                                             -
Retained Earnings - Pre-Petition
                             (339,393,867)
                             (339,393,867)
Retained Earnings - Postpetition
                                (2,869,554)
                                             -
Adjustments to Owner Equity (attach schedule)
                                             -
                                             -
Post-Petition Contributions (Distributions) (Draws) (attach schedule)
                                             -
                                             -
Net Owner Equity
                                 1,568,093
                                 4,437,648
 
 
 
TOTAL LIABILITIES AND OWNERS' EQUITY
                                31,938,755
                                24,966,773
Insider is defined in 11 U.S.C. Section 101(31)
 
MOR-4
   
9/04
 
0
(1)

Cosi, Inc.
Case No.
16-13704-MSH
Debtor
Reporting Period
11/29/16-01/02/17
 
BALANCE SHEET - continuation sheet
 
BOOK VALUE AT END OF
BOOK VALUE ON
ASSETS
CURRENT REPORTING MONTH
PETITION DATE
Other Current Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Assets
 
 
 
Landlord and Vendor Deposits
 
                                    494,251
                                    513,467
Trademarks
 
                                    195,000
                                    195,000
Deferred Financing Cost
 
                                      43,845
                                      76,729
Deferred Assets
 
                                        1,248
                                        1,248
Liquor Licenses
 
                                             -
                                      47,464
Intangibles
 
                                 1,765,622
                                 1,956,247
Goodwill
 
                                11,632,515
                                11,632,515
Total Other Assets
 
                                14,132,481
                                14,422,670
 
 BOOK VALUE AT END OF
 BOOK VALUE ON
LIABILITIES AND OWNER EQUITY
 CURRENT REPORTING MONTH
 PETITION DATE
Other Postpetition Liabilities
 
 
Accrued Interest
 
                                    273,386
                                             -
Accrued Utilities
 
                                    311,026
 
Other Liabilities
 
                                      71,122
 
 
 
                                    655,534
 
Adjustments to Owner Equity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Postpetition Contributions (Distributions) (Draws)
 
Restricted Cash: cash that is restricted for a specific use and not available to fund operations.
MOR-4
Typically, restricted cash is segregated into a separate account, such as an escrow account.
9/04
 

Cosi, Inc.
Case No.
16-13704-MSH
     
Debtor
Reporting Period
11/29/16-01/02/17
       
 
STATUS OF POST-PETITION TAXES
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 and all applicable state and local forms and/or all federal, state, and local payment receipts to verify payment of taxes.  Attach photocopies of any tax returns filed during the reporting period.
 
 
Beginning
Amount
 
 
 
Ending
 
Tax
Withheld or
Amount
Date
Check No.
Tax
 
Liability
Accrued
Paid
Paid
or EFT
Liability
 
 
 
 
 
 
 
Federal
 
 
 
 
 
 
Income Tax Withholding
           79,429.02
         208,598.50
        (208,415.91)
 
 
           79,611.61
FICA-Employee
           59,286.28
         163,221.78
        (162,683.86)
 
 
           59,824.19
FICA-Employer
           59,223.60
         163,018.49
        (162,480.57)
 
 
           59,761.52
Unemployment
               735.34
            1,960.96
           (1,950.23)
 
 
               746.07
Income
                      -
 
 
 
 
                      -
Other:
                      -
 
 
 
 
                      -
Total Federal Taxes
         198,674.23
         536,799.73
        (535,530.57)
                      -
                      -
         199,943.39
   State and Local
 
 
 
 
 
 
Income Tax Withholding
           27,380.44
           74,808.66
          (74,624.01)
 
 
           27,565.09
Sales
         346,443.93
         366,617.17
        (393,415.44)
 
 
         319,645.66
Excise
                      -
 
 
 
 
                      -
Unemployment
            8,409.13
           22,937.55
          (22,788.48)
 
 
            8,558.20
Real Property (Real Estate Taxes)
           63,595.00
           11,257.00
                      -
 
 
           74,852.00
Personal Property
           21,011.00
            5,740.08
           (5,890.08)
 
 
           20,861.00
Other: City, County, Local, Misc Taxes
            7,757.47
           20,633.58
          (19,799.28)
 
 
            8,591.77
Other: Commercial Rent Tax
           23,673.66
            7,891.00
          (23,673.66)
 
 
            7,891.00
Total State and Local
         498,270.64
         509,885.04
        (540,190.95)
                      -
                      -
         467,964.73
Withholding for Employee Healthcare
                 65.96
               173.51
              (173.51)
 
 
                 65.96
Premiums, Pensions & Other Benefits
            1,991.93
           12,792.07
           (9,051.05)
 
 
            5,732.95
Total Taxes
         699,002.76
      1,059,650.35
     (1,084,946.08)
                      -
                      -
         673,707.03
 
SUMMARY OF UNPAID POST-PETITION DEBTS
Attach aged listing of accounts payables
 
 
Number of Days Past Due
 
Current
0-30
31-60
61-90
Over 90
Total
Accounts Payable
         201,643.19
           76,980.71
           46,108.74
 
 
 
Wages Payable
         142,477.18
 
 
 
 
 
Taxes Payable
         660,017.78
 
 
 
 
 
Rent/Leases-Building
                      -
 
 
 
 
 
Rent/Leases-Equipment
                      -
 
 
 
 
 
Secured Debt/Adequate Protection Payments
      3,669,127.00
 
 
 
 
 
Professional Fees in AP
           76,426.40
           85,458.80
           11,176.00
 
 
 
Professional Fees in Accruals
         294,584.56
 
 
 
 
 
Amounts Due to Insiders*
            7,115.39
 
 
 
 
 
Gift Cards
           41,839.09
           15,157.16
 
 
 
 
Other: Percentage rent
           21,831.71
 
 
 
 
 
Other:
         680,756.21
 
 
 
 
 
Total Postpetition Debts
      5,795,818.50
         177,596.67
           57,284.74
-
-
-
 
Explain how and when the Debtor intends to pay any past-due post-petition debts.
In due couirse with proceeds from operations supplemented by DIP Financing.
     
 
     
 
     
             
*"Insider" is defined in 11 U.S.C. Section 101(31).
       
MOR-5
           
9/04
 

Cosi, Inc.
Case No.
16-13704-MSH
Debtor
Reporting Period
11/29/16-01/02/17

ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
 
     
ACCOUNTS RECEIVABLE RECONCILIATION
Amount
 
Total Accounts Receivable at the beginning of the reporting period
      1,752,899.88
 
+ Amounts billed during the period
         279,330.73
 
- Amounts collected during the period
     (1,039,375.59)
 
Total Accounts Receivable at the end of the reporting period
         992,855.02
 
     
Accounts Receivable Aging
Amount
 
0 - 30 days old
         212,302.10
 
31 - 60 days old
         129,417.74
 
61 - 90 days old
         170,918.04
 
91+ days old
         480,217.14
 
Total Accounts Receivable
         992,855.02
 
Amount considered uncollectible (Bad Debt)
        (224,120.18)
 
Accounts Receivable (Net)
         768,734.84
 
   
MOR-6
   
9/04
 

Cosi, Inc.
Case No.
16-13704-MSH
Debtor
Reporting Period
11/29/16-01/02/17

MONTHLY REPORTING QUESTIONNAIRE
     
   
Yes
No
4. Have any payments been made to professionals? If yes, attach listing including date of payment, amount of payment, and name of payee.
 
X
 
       
Alliance for Financial Growth
12/12/16
Wire
            7,150
Alliance for Financial Growth
12/02/16
Wire
          19,653
The O'Connor Group, Inc.
12/20/16
ACH
          43,524
Mirick O'Connell
12/20/16
ACH
        288,160
Nixon Peabody LLP
12/19/16
ACH
        174,428
BDO USA, LLP
12/08/16
ACH
          18,000
     
        550,916
       
     
MOR-1
     
9/04
 

Cosi, Inc.
Case No.
16-13704-MSH
Debtor
Reporting Period
11/29/16-01/02/17

MONTHLY REPORTING QUESTIONNAIRE
     
   
Yes
No
6. Have any payments been made to officers, insiders, shareholders, or relatives? If yes, attach listing including date of payment, amount and reason for payment, and name of payee.
 
X
 
       
Baue, Vicki
Payroll
12/05/16
                7,885
Baue, Vicki
Payroll
12/19/16
                7,885
DiSciullo, Tania
Payroll
12/05/16
                9,154
DiSciullo, Tania
Payroll
11/21/16
              16,923
Nicolini, William
Payroll
12/05/16
                6,346
Nicolini, William
Payroll
11/21/16
                6,346
     
54,538
       
     
MOR-1
     
9/04
 

Cosi, Inc.
Case No.
16-13704-MSH
Debtor
Reporting Period
11/29/16-01/02/17
 
SUPPLEMENTAL SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
 
Amounts reported should be per the debtor's books, 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.  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.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Hearthstone
Hearthstone
Xando Cosi of
Xando Cosi of
Xando Cosi of
Cosi Sandwich
Cosi Sandwich
Cosi Sandwich
Cosi Sandwich
Cosi Sandwich
 
 
Cosi, Inc.
Cosi, Inc.
Cosi, Inc.
Cosi, Inc.
Cosi, Inc.
Cosi, Inc.
Cosi, Inc.
Cosi, Inc.
Cosi, Inc.
Cosi, Inc.
Cosi, Inc.
Cosi, Inc.
Cosi, Inc.
Cosi, Inc.
Cosi, Inc.
Cosi, Inc.
Cosi, Inc.
Cosi, Inc.
Cosi, Inc.
Cosi, Inc.
Cosi, Inc.
Cosi, Inc.
Cosi, Inc.
Cosi, Inc.
Cosi, Inc.
Cosi, Inc.
Cosi, Inc.
Associates
Associates
Maryland, Inc.
Maryland, Inc.
Maryland, Inc.
Bar, Inc.
Bar, Inc.
Bar, Inc.
Bar, Inc.
Bar, Inc.
 
 
Bank of
Bank of
Bank of
Bank of
Bank of
Citizens
 
Fifth Third
First Priority
JP Morgan
JP Morgan
JP Morgan
JP Morgan
JP Morgan
JP Morgan
JP Morgan
JP Morgan
JP Morgan
JP Morgan
JP Morgan
 
 
 
 
 
TD
Wells
Bank of
Bank of
Capital
 
 
 
 
 
JP Morgan
JP Morgan
 
 
America
America
America
America
America
Bank
Comerica
Bank
Bank
Chase
Chase
Chase
Chase
Chase
Chase
Chase
Chase
Chase
Chase
Chase
Santander
Santander
Santander
Santander
Santander
Bank
Fargo
America
America
One
Comerica
Huntington
HSBC
HSBC
HSBC
Chase
Chase
 
 
Depository
Depository
Depository
Depository
Depository
Depository
Depository
Depository
Depository
Depository
ZBA
Depository
ZBA
ZBA
ZBA
ZBA
DIP Fund Acct
Purchase Price
Cure Cost
Indemn Acct
Depository
Depository
Depository
Depository
Depository
Depository
Depository
Depository
Depository
Depository
Depository
Depository
Restricted
Restricted
Restricted
Restricted
Restricted
 
 
004640563738
004640563741
004640563796
004640485120
004640546221
1331093373
1851109742
75567079
0201015914
722598562
722598596
722598547
722598554
722598570
722598604
934203373
934203373
934203373
934203373
934203373
10021844617
29804836038
1390157946
3574586418
3574586426
4267877682
2000027027925
004610087435
004640442833
00007774301402
1851305514
01892075064
619-50335-1
619-50150-2
619-50289-4
6373232448
6373237628
Total
CASH BEGINNING OF MONTH
                        -
                        -
                        -
                        -
               77,424
                        -
                        -
                        -
                        -
                 2,353
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                 4,449
                 4,572
               14,497
                 9,007
                 2,302
               50,330
                            -
                 8,138
                 2,977
                 2,499
                        -
                       86
               20,000
               40,002
               35,752
               64,639
                   36,450
                 375,477
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
RECEIPTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
CASH SALES
                        -
                        -
                        -
                        -
             377,976
                        -
                        -
                        -
                        -
                        -
                        -
             294,640
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
               24,296
               21,408
               56,799
               43,335
               14,788
             271,604
                            -
                        -
                        -
               14,906
                        -
                        -
                        -
                        -
                        -
                        -
                            -
              1,119,752
ACCOUNTS RECEIVABLE
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                     244
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                 7,704
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                      7,948
LOANS AND ADVANCES
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                             -
APA ADVANCES
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
         3,050,000
         1,500,000
             500,000
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
              5,050,000
OTHER (ATTACH LIST)
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                             -
TRANSFERS (FROM DIP ACCTS)
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
               54,643
                        -
                        -
                        -
                        -
                        -
                        -
         2,458,024
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
              2,512,667
                                                                             
TOTAL RECEIPTS
                        -
                        -
                        -
                        -
             377,976
                        -
                        -
                        -
                        -
               54,643
                        -
             294,884
                        -
                        -
                        -
                        -
         2,458,024
         3,050,000
         1,500,000
             500,000
               24,296
               21,408
               56,799
               43,335
               14,788
             271,604
                            -
                 7,704
                        -
               14,906
                        -
                        -
                        -
                        -
                        -
                        -
                            -
              8,690,367
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DISBURSEMENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NET PAYROLL
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                             -
PAYROLL TAXES
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                             -
SALES, USE & OTHER TAXES
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                             -
INVENTORY PURCHASES
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                             -
SECURED/RENTAL/LEASES
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                             -
INSURANCE
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                             -
ADMINISTRATIVE
                        -
                        -
                        -
                        -
                 4,873
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                       26
                       22
                     123
                     177
                       29
                 1,535
                            -
                       46
                        -
                       18
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                      6,849
SELLING
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                             -
OTHER
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                             -
 
 
 
 
 
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
 
OWNER DRAW *
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                             -
TRANSFERS (TO DIP ACCTS)
                        -
                        -
                        -
                        -
             420,400
                        -
                        -
                        -
                        -
                        -
                        -
             294,884
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
               27,900
               25,100
               69,000
               47,800
               14,600
             304,500
                            -
                        -
                        -
               16,800
                        -
                       86
               20,000
               40,002
               35,752
                        -
                            -
              1,316,824
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
PROFESSIONAL FEES
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                             -
U.S. TRUSTEE QUARTERLY FEES
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                             -
COURT COSTS
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                            -
                             -
TOTAL DISBURSEMENTS
                        -
                        -
                        -
                        -
             425,273
                        -
                        -
                        -
                        -
                        -
                        -
             294,884
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
               27,926
               25,122
               69,123
               47,977
               14,629
             306,035
                            -
                       46
                        -
               16,818
                        -
                       86
               20,000
               40,002
               35,752
                        -
                            -
              1,323,672
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
NET CASH FLOW
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(RECEIPTS LESS DISBURSEMENTS)
                        -
                        -
                        -
                        -
             (47,297)
                        -
                        -
                        -
                        -
               54,643
                        -
                        -
                        -
                        -
                        -
                        -
         2,458,024
         3,050,000
         1,500,000
             500,000
                (3,630)
                (3,714)
             (12,324)
                (4,642)
                     159
             (34,431)
                            -
                 7,658
                        -
                (1,912)
                        -
                     (86)
             (20,000)
             (40,002)
             (35,752)
                        -
                            -
              7,366,695
CASH - END OF MONTH
                        -
                        -
                        -
                        -
               30,127
                        -
                        -
                        -
                        -
               56,996
                        -
                        -
                        -
                        -
                        -
                        -
         2,458,024
         3,050,000
         1,500,000
             500,000
                     819
                     858
                 2,173
                 4,365
                 2,461
               15,900
                            -
               15,796
                 2,977
                     587
                        -
                         0
                        -
                        -
                        -
               64,639
                   36,450
              7,742,172
CASH BALANCE PER BANK
                        -
                        -
                        -
                        -
               29,881
                        -
                        -
                        -
                        -
               56,996
 
                        -
 
 
 
 
         2,458,024
         3,050,000
         1,500,000
             500,000
                     819
                     948
                 2,173
                 4,365
                 2,461
               15,900
                            -
               19,347
                 2,977
                     587
 
                        -
                        -
                        -
                        -
               64,661
                   36,450
              7,745,588
                                                                             
 Variance
                        -
                        -
                        -
                        -
                     246
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                        -
                     (90)
                        -
                        -
                        -
                        -
                            -
                (3,551)
                        -
                        -
                        -
                         0
                        -
                        -
                        -
                     (22)
                            -
                    (3,416)
 
 SUPPLEMENT TO MOR-2
 9/04
 



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