/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/171128.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, November 28, 2017, Vol. 21, No. 331 Headlines 315 FRANKLIN: Can Continue Using Cash Collateral Through Feb. 6 ACER THERAPEUTICS: Amends $100M Securities Prospectus ACER THERAPEUTICS: May Issue 470,000 Shares Under 2010 Stock Plan ALPHATEC HOLDINGS: Reports $3.1 Million Net Loss for Third Quarter AMERICAN FUEL: Case Summary & 20 Largest Unsecured Creditors BIOSTAGE INC: Needs Additional Time to Complete Its Form 10-Q BLACKRIDGE TECHNOLOGY: Incurs $5.1M Net Loss in Third Quarter BOONE COUNTY: T. Eckerle Not Defendant in AP-128, Ct. Rules BRAZIL MINERALS: Incurs $569,000 Net Loss in Third Quarter BRIAN A. HANSEN: Plan Discharged Worker's Compensation Insurance CALDEL HOLDINGS: U.S. Trustee Unable to Appoint Committee CARE FOR YOU: Unsecureds to be Paid $25,000 in Five Years CHINA COMMERCIAL: Incurs US$2.5 Million Net Loss in Third Quarter CLEVELAND BIOLABS: Reports $1.3 Million Net Loss for Third Quarter CM EBAR: Conditional OK of Disclosures & Bid Procedures Sought CORNBREAD VENTURES: Allowed to Use Cash Collateral Until January 7 CREASY GEOTHERMAL: Asks Court to Approve Disclosure Statement CREATIVE REALITIES: Reports $4.4M Net Loss for Third Quarter CYTORI THERAPEUTICS: Reports $4.8M Net Loss for Third Quarter CYTOSORBENTS CORP: Incurs $2 Million Net Loss in Third Quarter DELCATH SYSTEMS: Incurs $12.6 Million Net Loss in Third Quarter DEXTERA SURGICAL: Mulls Possible Bankruptcy Filing ECLIPSE RESOURCES: Cuts Third Quarter Net Loss to $16.7 Million EMMAUS LIFE: Incurs $17.3 Million Net Loss in Third Quarter ERNEST VICKNAIR: Bollinger Buying 4 Louisiana Properties for $1.7MM ESSEX CONSTRUCTION: Trustee May Use Cash Collateral Until Dec. 29 FAMILY CHIROPRACTIC: Jan. 11 Plan Confirmation Hearing FANSTEEL INC: Seeks Access to Cash Collateral Through Jan. 26 FBI WIND DOWN: Trustee Selling Conover Property to KAMCP for $20K FC GLOBAL: Incurs $3.1 Million Net Loss in Third Quarter FEDERAL BUSINESS: Fulton Bank Opposes Approval of Plan Outline FEDERATION EMPLOYMENT: Amends Liquidation Plan to Add PBGC's Claims FIELDPOINT PETROLEUM: Posts $901,000 Net Income in Third Quarter FINTUBE LLC: Proposes Bidding Procedures for Remaining Assets GEK REALTY: Depays Buying Pearsall Property for $700,000 GRAND CANYON RANCH: FCI Files First Amended Liquidation Plan GREENVILLE DOUGH: Taps Greg Williams as Accountant HELIOS AND MATHESON: Guarantees MoviePass Payment Obligations HELIOS AND MATHESON: Reports $43.5M Net Loss for 3rd Quarter HOOPER HOLMES: Incurs $5.4 Million Net Loss in Third Quarter HOPE-WELL PILOT: Unsecured to Get Payment from Lawsuit Proceeds ICAGEN INC: Incurs $1.7 Million Net Loss in Third Quarter INTERNATIONAL RENTALS: Hearing on Disclosures Set for Jan. 9 J&S AUTO: Can Use Cash Collateral Through Dec. 22 JC FITS: Stipulates with Pacific City Bank for Cash Collateral Use JC FITS: Stipulates with Prime Business for Cash Collateral Access JONES PRINTING: Selling 1998 Komori 628 Printing Press for $90K L & E RANCH: Taps Kessner Umebayashi as Legal Counsel LAKE LOTAWANA: Files Chapter 9 Plan of Adjustment of Debts M & J ENERGY: Taps as DJE's Paul Daryl Schouest as CRO MANUEL MEDIAVILLA: Unsecureds to Get Nothing Under Latest Plan MARINA BIOTECH: Will Issue $500,000 Note to Isaac Blech Trust MUSCLEPHARM CORP: CEO Drexler Has 59.8% Equity Stake NEONODE INC: Reports $1.1 Million Net Loss for Third Quarter NEOVASC INC: Incurs US$4.7 Million Net Loss in Third Quarter NEPHROS INC: Reports Net Loss of $632,000 in Third Quarter NET ELEMENT: Incurs $1.7 Million Net Loss in Third Quarter NETWEST INC: Dec. 13 Hearing on Plan and Disclosure Statement NEW GETHSEMANE: Taps DelBello Donnellan as Legal Counsel NORTHERN OIL: Robert Rowling Reports 18.6% Equity Stake OCALA PETROLEUM: Seeks Authorization to Use Cash Collateral OCEAN CLUB: Wants To Use Cash Collateral to Fund Operations OL FRESH: Obtains Access to Cash Collateral Thru Jan. 18 OMNICOMM SYSTEMS: Accelerates Vesting of 581,670 Restricted Shares ONE HORIZON: Incurs $772,000 Net Loss in Third Quarter PELICAN BAY: Seeks to Sell Sea Esta Village to Patel for $2.1MM PEN INC: Reports $125,000 Net Loss for Third Quarter PERSONAL SUPPORT: Seeks Court Approval of Disclosure Statement PETROLIA ENERGY: Incurs $1.1 Million Net Loss in Third Quarter PIONEER NURSERY: Hires Lewis Brisbois as Special Counsel PKC ENTERPRISES: Voluntary Chapter 11 Case Summary PROFLO INDUSTRIES: Can Continue Using Cash Collateral Until Dec. 20 QUADRANT 4: KERP for 3 Stratitude Non-Insider Employees Approved QUEST PATENT: Incurs $138,000 Net Loss in Third Quarter RCR INTERNATIONAL: Gets Initial Order to Restructure Under CCAA REX ENERGY: Reports $47.1 Million Net Loss for Third Quarter RFI MANAGEMENT: Discloses Creation of PR Unit, Future Projects RINA DIMONTELLA: Taps Ciardi Ciardi & Astin as Legal Counsel ROCKY MOUNTAIN: Posts $685,272 Net Income in First Quarter ROYAL FLUSH: To Assume Executory Contracts With Essential Vendors SALON MEDIA: Reports Second Quarter Net Losses of $800,000 SEANERGY MARITIME: Amends 20 Million Shares Prospectus SEANERGY MARITIME: Files Amended F-1 to 6M Shares Prospectus SILO NAIL: Wants To Use U.S. Small Business' Cash Collateral SOLAT LLC: Can Use Cash Collateral Until January 4 SOLBRIGHT GROUP: L2 Capital Reports 9.9% Equity Stake SOUTH COAST: Taps Crain Caton as Legal Counsel SOUTH COAST: Taps J. Patrick Magill as CRO SPECIALTY VEHICLE: 6th Cir. Dismisses C. Cox's 2nd PI Suit STEVE'S FROZEN: Seeks Authorization to Use Cash Collateral SUNSET PARTNERS: Trustee Can Access Cash Through Dec. 19 TAEUS CORPORATION: PenOne Agreement to Remain Property of Estate TOWERSTREAM CORP: Amends Prospectus on $24.5M Stock Offering TOWERSTREAM CORP: Incurs $3.1 Million Net Loss in Third Quarter TRANS-LUX CORP: Incurs $123,000 Net Loss in Third Quarter UMATRIN HOLDING: Reports $173,000 Net Loss for Third Quarter VENOCO LLC: Seeks to Sell Lang Tule Ranch to Pacific Gas for $1.5MM VENOCO LLC: Selling Oil County Tubular Goods to JD Rush for $548K VERN'S AUTO: Wants to Use Cash to Continue Daily Operations VIM + VIGOR: Ch. 11 Trustee Taps Demeo as Legal Counsel VIM + VIGOR: Ch. 11 Trustee Taps Matrix Financial as Accountant WELLMAN DYNAMICS: Seeks Cash Collateral Access Through Jan. 26 ZEKE'S WORLD: Jan. 23 Hearing on Disclosure Statement Approval [^] Large Companies with Insolvent Balance Sheet ********* 315 FRANKLIN: Can Continue Using Cash Collateral Through Feb. 6 --------------------------------------------------------------- Judge S. Martin Teel, Jr. of the U.S. Bankruptcy Court for the District of Columbia authorized 315 Franklin, LLC's use of cash collateral on a continued interim basis through and including February 6, 2018. The Debtor may utilize amounts for miscellaneous items set forth in a prepared budget for any budgeted expense. The Debtor is also authorized to pay all ad valorem property taxes, sales taxes, if any, and other taxes or assessments when due to the appropriate governmental entity during the pendency of its bankruptcy case. Pursuant to various loan documents, Federal National Mortgage Association ("Fannie Mae") holds perfected first and second priority liens on substantially all of the Debtor's assets, including the Property located at 315-325 Franklin Street NE, Washington DC 20002 and the rents generated by the Property. Fannie Mae has filed Claim No. 4 asserting that it was owed $5,787,583.49 as of the Petition Date. Upon request, the Debtor will provide Fannie Mae with notice of the payment of all such taxes and/or assessments. As adequate protection for the use and/or diminution of the interests of Fannie Mae in the cash collateral, the Debtor will make monthly payments of $36,205 to Fannie Mae on or before the 10th day of each month until further order of the Court. Fannie Mae will also be granted: (a) superpriority administrative claims against the Debtor, which superpriority administrative claims will be limited solely to any diminution in value of the cash collateral from and after the Petition Date, having priority in right of payment over any and all other obligations, liabilities, and indebtedness of Debtor, whether now in existence or hereafter incurred by Debtor, and over any and all administrative expenses; (b) replacement liens on all of the Debtor's post-petition assets and the proceeds thereof, which replacement liens will be limited solely to any diminution in value of the cash collateral from and after the Petition Date which will be first and senior in priority to all other interests and liens of every kind, nature and description, whether created consensually, by an order of the Court or otherwise. In addition, the Debtor is required, among other things, to: (a) file a monthly operating report with the Court and will send a copy of each such report to Fannie Mae or its counsel; (b) maintain appropriate insurance coverage on the Property with the same coverage amount as it existed prior to the Petition Date and naming Fannie Mae as an additional insured; (c) maintain the Property in its present condition (ordinary wear and tear excepted) and not permit or commit any waste thereof and make all necessary replacements thereof and operate the same properly; (d) provide Fannie Mae with access to its books and records, including pre-petition books and records; and (e) provide Fannie Mae with copies of all communications with any governmental agency that relate to the condition of the Property, including any notices of violation, liens, or other communications. As additional adequate protection, the Debtor will cause certain repairs to the Property to be made, as follows: (a) on or before noon on Friday, November 17, 2017, the Debtor will provide Fannie Mae with written proposals from one or more reasonably qualified contractors for the repair of (i) the locks and any broken or unusable glass panels of the Property's street-front entry doors, and (ii) the removal of any loose bricks from the Property's chimneys so that the remaining portion of the chimneys will be stable and without any immediate risk of falling bricks; (b) Fannie Mae will approve or reject the Door Proposal, the Chimney Proposal, or both, within three business days of their receipt from the Debtor; (c) if Fannie Mae approves either or both of the Proposals, the Debtor will cause the work described in the approved Proposal(s) to be completed within 30 calendar days of Fannie Mae's approval; (d) if Fannie Mae rejects either or both of the Proposals, the parties will promptly confer in good faith to resolve any issues or disputes and the Debtor will cause any work described in a mutually approved Proposal to be completed within 30 calendar days of joint approval; (e) if the parties cannot resolve a dispute over a Proposal, the parties will submit the matter to the Court for resolution. The Court will conduct a hearing on November 28, 2017 at 2:00 p.m. to consider any unresolved disputes relating to the Proposals. However, the hearing on November 28 will not be held if no notice is filed by November 27 that the hearing is needed. A full-text copy of the Order, dated November 21, 2017, is available for free at https://is.gd/i5gwcS The United States Trustee is represented by: Bradley D. Jones, Esq. Office of the United States Trustee 115 South Union Street, Suite 210 Alexandria, Virginia 22314 Fannie Mae is represented by: J. David Folds, Esq. Baker Donelson Bearman Caldwell & Berkowitz, P.C. 901 K Street NW, Suite 900 Washington, DC 20001 About 315 Franklin 315 Franklin, LLC, based in Bethesda, Maryland, and its affiliates, filed a Chapter 11 petition (Bankr. D. D.C. Lead Case No. 17-00512) on Sept. 13, 2017. The Debtors estimated 1 million to 10 million in both assets and liabilities. The petition was signed by Carter A. Nowell, manager. The Hon. Martin S. Teel, Jr., presides over the case. Stephen E. Leach, Esq., at Hirschler Fleischer PC, serves as the Debtor's bankruptcy counsel. ACER THERAPEUTICS: Amends $100M Securities Prospectus ----------------------------------------------------- Acer Therapeutics Inc. has filed with the Securities and Exchange Commission a post-effective amendment to its Form S-3 registration statement relating to the offer and sale of debt securities, preferred stock, either separately or represented by depositary shares, common stock, warrants or rights, either separately or together in any combination, in one or more offerings. The debt securities, preferred stock and warrants may be convertible into or exercisable or exchangeable for common or preferred stock or debt securities. The rights may be exercisable for common or preferred stock. The aggregate initial offering price of all securities sold under the prospectus will not exceed $100,000,000. The Company will specify in an accompanying prospectus supplement more specific information about any such offering. This prospectus may not be used to sell any of these securities unless accompanied by the applicable prospectus supplement. The Company may offer and sell the securities directly to investors or through underwriters, dealers or agents. The Company will set forth the names of any underwriters, dealers or agents and their compensation in the accompanying prospectus supplement. Acer's common stock is listed on The NASDAQ Capital Market under the symbol "ACER." On Oct. 16, 2017, the last reported sale price of our common stock on The NASDAQ Capital Market was $19.35 per share. The aggregate market value of the Company's outstanding common equity held by non-affiliates on Oct. 16, 2017 was $46,322,604 based on 6,450,766 shares of common stock outstanding, of which 2,393,933 are held by non-affiliates, and a closing sale price on such date of $17.89. During the 12 calendar months prior to and including Nov. 14, 2017, the Company has sold securities with aggregate market value of $490,098 pursuant to General Instruction I.B.6. of Form S-3. A full-text copy of the Form S-3/A is available for free at: https://is.gd/E23Qj2 About Acer Therapeutics Acer Therapeutics, headquartered in Cambridge, MA -- http://www.acertx.com/-- is a pharmaceutical company focused on the acquisition, development and commercialization of therapies for patients with serious rare and ultra-rare diseases with critical unmet medical need. Acer's late-stage clinical pipeline includes two candidates for severe genetic disorders for which there are few or no FDA-approved treatments: EDSIVO (celiprolol) for vEDS, and ACER-001 (a fully taste-masked, immediate release formulation of sodium phenylbutyrate) for urea cycle disorders (UCD) and Maple Syrup Urine Disease (MSUD). There are no FDA-approved drugs for vEDS and MSUD and limited options for UCD, which collectively impact more than 4,000 patients in the United States. Acer's product candidates have clinical proof-of-concept and mechanistic differentiation, and Acer intends to seek approval for them in the U.S. by using the regulatory pathway established under section 505(b)(2) of the Federal Food, Drug, and Cosmetic Act, or FFDCA, that allows an applicant to rely for approval at least in part on third-party data, which is expected to expedite the preparation, submission, and potential approval of a marketing application. On Sept. 19, 2017, Acer Therapeutics Inc. completed the merger with Opexa Therapeutics, Inc., under which the stockholders of Acer (including investors in a financing that closed concurrently with the merger) become holders of 88.8% of combined company's outstanding common stock, with Opexa shareholders retaining 11.2%. Opexa incurred a net loss of $7.98 million for the year ended Dec. 31, 2016, compared to a net loss of $12.01 million for the year ended Dec. 31, 2015. As of Sept. 30, 2017, the Company had $17.01 million in total assets, $2.25 million in total liabilities and $14.76 million in total stockholders' equity. Malonebailey, LLP -- http://www.malonebailey.com/-- in Houston, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has incurred recurring losses, negative operating cash flows and an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. Acer Therapeutics said in its quarterly report for the period ended Sept. 30, 2017, that the Company has experienced recurring losses since inception. "The Company plans to raise capital through equity and/or debt financings. There is no assurance, however, that the Company will be able to raise sufficient capital to fund its operations on terms that are acceptable, or that its operations will ever be profitable. "There is substantial doubt about the Company's ability to continue as a going concern within one year after the date that the accompanying financial statements are available to be issued and these financial statements do not include any adjustments relating to the recoverability of recorded asset amounts that might be necessary as a result of the above uncertainty. Based on available resources, the Company believes that its cash and cash equivalents currently on hand are sufficient to fund its anticipated operating and capital requirements through the first half of 2018." ACER THERAPEUTICS: May Issue 470,000 Shares Under 2010 Stock Plan ----------------------------------------------------------------- Acer Therapeutics Inc. filed a Form S-8 registration statement with the Securities and Exchange Commission for the purpose of registering an additional 470,000 shares of common stock issuable to eligible persons under the Acer Therapeutics Inc. 2010 Amended and Restated Stock Incentive Plan, as amended. A full-text copy of the Form S-8 prospectus is available at https://is.gd/QkXwA0 About Acer Therapeutics Acer Therapeutics, headquartered in Cambridge, MA -- http://www.acertx.com/-- is a pharmaceutical company focused on the acquisition, development and commercialization of therapies for patients with serious rare and ultra-rare diseases with critical unmet medical need. Acer's late-stage clinical pipeline includes two candidates for severe genetic disorders for which there are few or no FDA-approved treatments: EDSIVO (celiprolol) for vEDS, and ACER-001 (a fully taste-masked, immediate release formulation of sodium phenylbutyrate) for urea cycle disorders (UCD) and Maple Syrup Urine Disease (MSUD). There are no FDA-approved drugs for vEDS and MSUD and limited options for UCD, which collectively impact more than 4,000 patients in the United States. Acer's product candidates have clinical proof-of-concept and mechanistic differentiation, and Acer intends to seek approval for them in the U.S. by using the regulatory pathway established under section 505(b)(2) of the Federal Food, Drug, and Cosmetic Act, or FFDCA, that allows an applicant to rely for approval at least in part on third-party data, which is expected to expedite the preparation, submission, and potential approval of a marketing application. On Sept. 19, 2017, Acer Therapeutics Inc. completed the merger with Opexa Therapeutics, Inc., under which the stockholders of Acer (including investors in a financing that closed concurrently with the merger) become holders of 88.8% of combined company's outstanding common stock, with Opexa shareholders retaining 11.2%. Opexa incurred a net loss of $7.98 million for the year ended Dec. 31, 2016, compared to a net loss of $12.01 million for the year ended Dec. 31, 2015. As of Sept. 30, 2017, the Company had $17.01 million in total assets, $2.25 million in total liabilities and $14.76 million in total stockholders' equity. Malonebailey, LLP -- http://www.malonebailey.com/-- in Houston, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has incurred recurring losses, negative operating cash flows and an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. Acer Therapeutics said in its quarterly report for the period ended Sept. 30, 2017, that the Company has experienced recurring losses since inception. "The Company plans to raise capital through equity and/or debt financings. There is no assurance, however, that the Company will be able to raise sufficient capital to fund its operations on terms that are acceptable, or that its operations will ever be profitable. "There is substantial doubt about the Company's ability to continue as a going concern within one year after the date that the accompanying financial statements are available to be issued and these financial statements do not include any adjustments relating to the recoverability of recorded asset amounts that might be necessary as a result of the above uncertainty. Based on available resources, the Company believes that its cash and cash equivalents currently on hand are sufficient to fund its anticipated operating and capital requirements through the first half of 2018." ALPHATEC HOLDINGS: Reports $3.1 Million Net Loss for Third Quarter ------------------------------------------------------------------ Alphatec Holdings, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $3.13 million on $23.09 million of revenues for the three months ended Sept. 30, 2017, compared to a net loss of $13.72 million on $26.71 million of revenues for the three months ended Sept. 30, 2016. For the nine months ended Sept. 30, 2017, Alphatec reported a net loss of $11.34 million on $75.45 million of revenues compared to a net loss of $25.57 million on $93.15 million of revenues for the same period in 2016. Alphatec reported a net loss of $29.92 million in 2016, a net loss of $178.7 million in 2015 and a net loss of $12.88 million in 2014. Revenue decreased on a year-over-year basis as a result of the Company’s execution of its sales organization transition and the impact of lost revenue related to the financial and operational challenges the Company faced in 2016 prior to the sale of its international business. The year-over-year improvement in operating expenses is the result of a comprehensive initiative to reduce costs and drive operational efficiencies. As of Sept. 30, 2017, Alphatec had $79.77 million in total assets, $89.68 million in total liabilities, $23.60 million in redeemable preferred stock, and a total stockholders' deficit of $33.51 million. Current and long-term debt includes $33.0 million in term debt and $9.2 million outstanding under the Company's revolving credit facility at Sept. 30, 2017. This compares to $33.6 million in term debt and $8.9 million outstanding under the Company's revolving credit facility at June 30, 2017. Cash and cash equivalents were $15.4 million at Sept. 30, 2017, compared to $19.1 million reported at June 30, 2017. In October 2017, the Company secured a commitment for additional equity investments of $3.5 million to $4.0 million, payable on or before Jan. 1, 2018, and generated cash proceeds of $1.7 million from the exercise of warrants. "I am pleased with the execution of our team during the third quarter. Our financial results were in-line with our pre-announced ranges. In spite of the revenue challenges presented by weather and the sequential loss of two selling days in the quarter, we successfully managed operating expenses and improved cash burn," said Terry Rich, CEO. "We also drove momentum in the transition of our sales channel and made excellent progress on the initiatives that remain priorities as we reimagine Alphatec, keeping us on track to grow revenue sequentially in the fourth quarter." "I am especially excited to welcome Pat Miles, one of the spine industry's most respected leaders, to our team," added Rich. "Under his leadership, and with his passionate contribution to Alphatec's product development, marketing, and surgeon engagement, we will lead the industry in terms of spine experience, driving innovation that improves the surgical experience and patient outcomes. We are exceptionally well-positioned to take market share in the U.S. spine segment." A full-text copy of the Form 10-Q is available for free at: https://is.gd/nLk413 About Alphatec Holdings Alphatec Holdings, Inc., through its wholly owned subsidiary Alphatec Spine, Inc. -- http://www.alphatecspine.com/-- is a medical device company that designs, develops, and markets spinal fusion technology products and solutions for the treatment of spinal disorders associated with disease and degeneration, congenital deformities, and trauma. The Company's mission is to improve lives by providing innovative spine surgery solutions through the relentless pursuit of superior outcomes. The Company markets its products in the U.S. via independent sales agents and a direct sales force. AMERICAN FUEL: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: American Fuel Cell and Coated Fabrics Company 8600 Central Expressway North Wichita Falls, TX 76305 Business Description: Based in Wichita Falls, Texas, American Fuel Cell and Coated Fabrics Company is engaged in the manufacturing of rubber products supplying fuel cells and flexible liquid storage equipment for the defense and commercial industries. In 1917, American Fuel Cells and Coated Fabrics Company, formerly known as Firestone Tire & Rubber Company, began as a supplier of fuel cells to the U.S. Signal Corp. for aviation needs. Amfuel is located on 71 acres, with 310,000 square feet of operation area, and employs approximately 300 employees. Visit http://amfuel.comfor additional information. Chapter 11 Petition Date: November 26, 2017 Case No.: 17-44766 Court: United States Bankruptcy Court Northern District of Texas (Ft. Worth) Judge: Hon. Mark X. Mullin Debtor's Counsel: Robert J. Forshey, Esq. FORSHEY & PROSTOK, LLP 777 Main St., Suite 1290 Ft. Worth, TX 76102 Tel: 817-877-8855 Email: jrf@forsheyprostok.com bforshey@forsheyprostok.com - and - Matthias Kleinsasser, Esq. FORSHEY & PROSTOK, LLP 777 Main Street, Suite 1290 Fort Worth, TX 76102 Tel: (817) 877-0135 Fax: (817) 878-4151 Email: mkleinsasser@forsheyprostok.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Leonard J. Annaloro, CEO and president. A list of the Debtor's 20 largest unsecured creditors is available for free at: http://bankrupt.com/misc/txnb17-44766_creditors.pdf A full-text copy of the petition is available for free at: http://bankrupt.com/misc/txnb17-44766.pdf BIOSTAGE INC: Needs Additional Time to Complete Its Form 10-Q ------------------------------------------------------------- Biostage, Inc. notified the Securities and Exchange Commission that it will be unable to complete the necessary analysis and disclosures to timely file its Form 10-Q for the quarter ended Sept. 30, 2017. On Oct. 10, 2017, Biostage completed a reduction in headcount of 17 of its employees, which represents 71% of its employees prior to such reduction. The reduction was made with the objective of conserving the Company's remaining cash on hand. The Company is facing significant capital issues, as its current financial obligations exceed its cash on hand, and is exploring financing and other strategic alternatives. The Company is in discussions with its advisors regarding these alternatives. The Company said it has diligently pursued appropriate reporting and disclosures with respect to its Form 10-Q filing. Due to the additional time required by the Company to complete these activities, it was unable to file the Form 10-Q within the prescribed time period without unreasonable effort or expense. About Biostage Biostage, Inc., formerly Harvard Apparatus Regenerative Technology, Inc. -- http://www.biostage.com/-- is a biotechnology company developing bio-engineered organ implants based on the Company's new Cellframe technology which combines a proprietary biocompatible scaffold with a patient's own stem cells to create Cellspan organ implants. Cellspan implants are being developed to treat life-threatening conditions of the esophagus, bronchus or trachea with the hope of dramatically improving the treatment paradigm for patients. Based on its preclinical data, Biostage has selected life-threatening conditions of the esophagus as the initial clinical application of its technology. Biostage reported a net loss of $11.57 million on $82,000 of revenues for the year ended Dec. 31, 2016, compared to a net loss of $11.70 million on $118,000 of revenues for the year ended Dec. 31, 2015. As of June 30, 2017, Biostage had $4.65 million in total assets, $3.37 million in total liabilities and $1.28 million in total stockholders' equity. KPMG LLP, in Cambridge, Massachusetts, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has suffered recurring losses from operations and will require additional financing to fund future operations which raise substantial doubt about its ability to continue as a going concern. BLACKRIDGE TECHNOLOGY: Incurs $5.1M Net Loss in Third Quarter ------------------------------------------------------------- Blackridge Technology International, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $5.15 million on $4,304 of revenues for the three months ended Sept. 30, 2017, compared to a net loss of $1.99 million on $26,550 of revenues for the three months ended Sept. 30, 2016. For the nine months ended Sept. 30, 2017, BlackRidge Technology reported a net loss of $11.18 million on $42,006 of revenues compared to a net loss of $5.38 million on $84,128 of revenues for the nine months ended Sept. 30, 2016. As of Sept. 30, 2017, the Company had $9.25 million in total assets, $11.82 million in total liabilities and a total stockholders' deficit of $2.57 million. At Sept. 30, 2017, the Company had total current assets of $2,551,004, including cash of $2,228,448, and current liabilities of $11,317,114, resulting in working capital deficit of $8,766,110. The Company's current assets and working capital included inventory of $26,068 and prepaid expenses of $296,488. For the nine months ended Sept. 30, 2017, net cash used in operating activities was $5,268,597, as a result of our net loss from continued operations of $11,185,150 and increases in inventory of $26,068, prepaid expenses of $195,534, and decreases in deferred revenue of $9,197, accounts payable and accrued expenses -- related party of $325,058, partially offset by non-cash expenses totaling $643,499, and increases in accounts payable and accrued expenses of $251,492, accrued interest of $1,035, accrued interest -- related party of $509,792, wages payable of $4,527,900, loss from discontinued operation of $493,664 and cash flows from discontinued operations of $45,028. By comparison, for the nine months ended Sept. 30, 2016, net cash used in operating activities was $1,555,406, as a result of the Company's net loss of $5,389,921 and a decrease in deferred revenue of $4,237, partially offset by non-cash expenses of $238,307, decreases in receivable of $20,450, and increases in prepaid expense of 89,937, accounts payable and accrued expenses of $610,592, accounts payable -- related party of $115,740, accrued interest of $1,352,335, accrued interest -- related party of $489,966 and wages payable of $921,425. Cash used in investing activities for the nine months ended Sept. 30, 2017 was $925,373 compared to $408,172 for the nine months ended Sept. 30, 2016. The increase of 517,201 in the current period is due primarily to an increase in capitalized engineering costs related to the Company's technology development. For the nine months ended Sept. 30, 2017, net cash provided by financing activities was $8,365,385, comprised of proceeds from the sale of common stock of $8,392,451, preferred stock of $275,000 and warrants exercised of $10,000, proceeds from short term notes of $100,000 and advances -- related party of $115,000, partially offset by the repayment of short-term notes of $38,989, repayments of short-term convertible notes of $100,000, repayments of long-term notes of $333,342 and cash outflows from discontinued operations of $54,735. For the nine months ended Sept. 30, 2016, net cash provided by financing activities was $2,337,000, comprised of proceeds from the sale of preferred stock of $1,152,000 and proceeds from subscriptions payable of $1,185,000. Based on the Company's current business plan, it anticipates that our operating activities will use approximately $500,000 in cash per month over the next twelve months, or $6 million. Currently the Company does not have enough cash on hand to fully implement our business plan, and will require additional funds within the next year. The Company believes that its operations will not begin to generate significant cash flows until the fourth quarter of 2017 when it expects to begin new product contracts. "In order to remedy this liquidity deficiency, we are actively seeking to raise additional funds through the sale of equity and debt securities, and ultimately plan to generate substantial positive operating cash flows. Our internal sources of funds will consist of cash flows from operations, but not until we begin to realize substantial revenues from sales. If we are unable to raise additional funds in the near term, we may not be able to fully implement our business plan, and it is unlikely that we will be able to continue as a going concern," said the Company in the filing. A full-text copy of the Form 10-Q is available for free at: https://is.gd/WGHn8x About BlackRidge Technology BlackRidge Technology (OTCQB: BRTI) -- http://www.blackridge.us/ -- provides next generation cyber defense solutions that stop cyber-attacks and block unauthenticated access. BlackRidge's patented First Packet Authentication technology was developed for the military to cloak and protect servers and segment networks. BlackRidge Transport Access Control authenticates user and device identity and enforces security policy on the first packet of network sessions. This new level of real-time protection blocks or redirects unidentified and unauthorized traffic to stop attacks and unauthorized access, isolates systems and segments networks, and provides identity attribution. BlackRidge was founded in 2010 to commercialize its military grade and patented network security technology. On Sept. 6, 2016, Grote Molen, Inc., entered into an agreement and plan of reorganization with BlackRidge Technology International, Inc., a Delaware corporation, and Grote Merger Co., a Delaware corporation providing for the Company's acquisition of BlackRidge in exchange for a controlling number of shares of the Company's preferred and common stock pursuant to the merger of Grote Merger Co. with and into BlackRidge, with BlackRidge continuing as the surviving corporation. The transaction contemplated in the agreement closed on Feb. 22, 2017. On July 2, 2017, the Company filed a Certificate to Accompany Restated Articles or Amended and Restated Articles with the Secretary of State of Nevada to, among other things, change the Company's name to BlackRidge Technology International, Inc. Grote Molen reported a net loss of $259,447 for the year ended Dec. 31, 2016, compared to a net loss of $52,120 for the year ended Dec. 31, 2015. Pritchett, Siler & Hardy, P.C., in Farmington, Utah, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, noting that Grote Molen, Inc. has incurred losses and negative cash flows from operations. These factors raise substantial doubt about the ability of the Company to continue as a going concern. BOONE COUNTY: T. Eckerle Not Defendant in AP-128, Ct. Rules ----------------------------------------------------------- Attorney Thomas N. Eckerle, pro se, appeals the trial court's grant of summary judgment in favor of Katz & Korin, P.C., and attorney Michael W. Hile on Eckerle's claim for abuse of process, as well as the denial of his cross-motion for summary judgment on that claim. Because Eckerle was not a party to the process at issue, the Indiana Court of Appeals affirms. In 1995, Newland Resources, LLC, and The Branham Corporation "entered into a contract whereby Branham agreed to assist Newland with negotiating contracts and obtaining certifications needed to operate a wastewater and water supply utility[,]" Boone County Utilities, LLC, which was wholly owned by Newland. "In return, Newland agreed to pay Branham a 'success fee' based upon the sale price ultimately paid for the utility." BCU was investigated by the Indiana Utility Regulatory Commission. In March 2003, the IURC ordered BCU to cease all payments to Newland. Later that year, BCU filed for Chapter 11 bankruptcy. In February 2004, the IURC issued an order staying all proceedings and recognizing the bankruptcy court's "full power and exclusive jurisdiction" to sell BCU's assets. The bankruptcy court directed the sale of BCU's assets and confirmed BCU's liquidation plan, which called for the distribution of approximately $3,000,000 to Newland per its allowed equity interest. Those proceeds were distributed to Newland's shareholders and members, leaving Newland and BCU with joint assets of less than $10,000. Pursuant to a bankruptcy court order, Eckerle was authorized to represent Newland during the bankruptcy proceeding and receive compensation for his services. Newland did not pay Branham its success fee. In 2011, Branham, represented by Stewart & Irwin, sued Newland and other defendants, including Eckerle, in Boone Circuit Court, alleging criminal offenses and seeking treble damages related to the distribution of BCU-related funds in the bankruptcy proceeding. Branham also sought to collect from the defendants in Cause 517 via a proceedings supplemental and named Eckerle as a garnishee defendant. Beginning in June 2013, Katz represented Branham in both proceedings. Ultimately, Eckerle was dismissed from Cause 517. In April 2012, BCU reopened its bankruptcy proceeding and filed a complaint against Branham and S&I, asking the bankruptcy court to declare that all distributions made under the confirmed plan were legal and to impose sanctions against Branham and S&I for suing BCU in state court ("AP-128"). On Oct. 26, 2015, Eckerle filed a 123-page complaint against Appellees alleging ten counts of defamation, one count of invasion of privacy, and one count of abuse of process, which is based solely on Appellees' actions in AP-128. In affirming the trial court's decision, the Court of Appeals holds that Eckerle was not a defendant in AP-128, and the mere threat of him being named as a defendant in future litigation is insufficient to support an abuse of process claim. Citing State v. Rendelman, the Court notes that "the mere threat of the initiation of meritless or frivolous litigation" does not constitute abuse of process, which requires "the actual pursuit of litigation to be applicable." The appeals case is in re: Thomas N. Eckerle, Appellant-Plaintiff, v. Katz & Korin, P.C., and Michael W. Hile, Appellees-Defendants, No. 49A02-1704-CT-735 (Ind. App.). A full-text copy of the Court's Memorandum Decision dated Nov. 14, 2017, is available at https://is.gd/hYgEkZ from Leagle.com. Thomas N. Eckerle, Carmel, Indiana, Appellant Pro Se. Douglas D. Church -- dchurch@cchalaw.com -- Alexander P. Pinegar -- apinegar@cchalaw.com -- Kevin S. Smith -- ksmith@cchalaw.com -- Church Church Hittle & Antrim, Noblesville, Indiana, Attorneys for Appellees. BRAZIL MINERALS: Incurs $569,000 Net Loss in Third Quarter ---------------------------------------------------------- Brazil Minerals, Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $569,041 on $17,933 of revenue for the three months ended Sept. 30, 2017, compared to a net loss of $483,489 on $7,752 of revenue for the three months ended Sept. 30, 2016. For the nine months ended Sept. 30, 2017, the Company reported a net loss of $1.21 million on $30,387 of revenue compared to a net loss of $1.06 million on $11,821 of revenue for the same period during the prior year. As of Sept. 30, 2017, Brazil Minerals had $1.32 million in total assets, $1.63 million in total liabilities and a total stockholders' deficit of $314,149. As of Sept. 30, 2017, the Company had total current assets of $260,288 compared to total current liabilities of $1,434,466 for a current ratio of 0.18 to 1 and working capital of ($1,174,178). By comparison, on Sept. 30, 2016, the Company had total current assets of $121,572 compared to current liabilities of $992,704 for a current ratio of 0.12 to 1 and working capital of ($871,132). In the third quarter of 2017, the Company's sources of liquidity were revenues and the issuance of its debt securities and the issuance of equity in its subsidiary, JGC. In the third quarter of 2016, its sources of liquidity had also been revenues and issuances of equity and debt securities. "We believe that financial resources and funds generated from revenues, and equity and debt sales will provide cash flow for operations. We have no plans for any significant cash acquisitions for the remainder of 2017 or in the foreseeable future," said the Company in the Report. A full-text copy of the Form 10-Q is available for free at: https://is.gd/22WzDs About Brazil Minerals Based in Pasadena, California, Brazil Minerals, Inc. -- http://www.brazil-minerals.com/-- mines and sells diamonds, gold, sand and mortar in Brazil. The Company, through subsidiaries, outright or jointly owns 11 mining concessions and 20 other mineral rights in Brazil, almost all for diamonds and gold. The Company, through subsidiaries, owns a large alluvial diamond and gold processing and recovery plant, a sand processing and mortar plant, and several pieces of earth-moving capital equipment used for mining as well as machines for sand processing and preparation of mortar. Brazil Minerals reported a net loss of $1.73 million on $13,323 of revenue for the year ended Dec. 31, 2016, compared to a net loss of $1.87 million on $63,610 of revenue for the year ended Dec. 31, 2015. B F Borgers CPA PC, in Lakewood, CO, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has suffered recurring losses from operations and has a significant accumulated deficit. In addition, the Company continues to experience negative cash flows from operations. These factors raise substantial doubt about the Company's ability to continue as a going concern. BRIAN A. HANSEN: Plan Discharged Worker's Compensation Insurance ---------------------------------------------------------------- In the bankruptcy case captioned In re Brian A. Hansen and Amie R. Hansen, Chapter 11, Debtors, Case No. 15-29453-svk (Bankr. E.D. Wis.), Judge Susan V. Kelley of the U.S. Bankruptcy Court for the District of Wisconsin denied the motion for relief from injunction filed by Wisconsin's Department of Workforce Development, Worker's Compensation Division. This case addressed whether obligations owed to the State of Wisconsin for failure to maintain worker's compensation insurance dischargeable in bankruptcy. DWD has asked for a determination that such a claim survived the confirmation of Brian Hansen's Chapter 11 plan. DWD assessed a penalty against H&S Landscape Products, Inc. for a lapse in required worker's compensation coverage. Mr. Hansen was the sole stockholder, president and operating officer of H&S, and as such he is personally liable as a responsible person under Wis. Stat. section 102.83(8). DWD asserts that the debt is nondischargeable and the confirmation order does not prevent its collection. On May 12, 2017, DWD filed the instant motion for relief from injunction. DWD argues that the injunction anticipated in the plan is ineffective, and any injunction contained in the plan is void. Bankruptcy Rule 3020(c)(1) states that if a plan "provides for an injunction against conduct not otherwise enjoined under the Code, the order of confirmation shall (1) describe in reasonable detail all acts enjoined; (2) be specific in its terms regarding the injunction; and (3) identify the entities subject to the injunction." The confirmation order in this case contains no such language. If the injunction is valid, DWD alternatively seeks relief from the injunction, claiming that it violates the Bankruptcy Code in essentially discharging nondischargeable debts by permanently enjoining their collection. The Debtors argue that the debt owed to DWD based on H&S's failure to maintain worker's compensation insurance is dischargeable and that another division of DWD filed a proof of claim. According to the Debtors, the only way for DWD to pursue the claim is by amending the proof of claim filed by the Unemployment Insurance Division or filing a new claim, which it cannot do following confirmation and substantial consummation of the plan. Upon analysis, the Court finds that DWD received notice of the claims bar date in the Debtors' Chapter 11 case, and one of its divisions responded by filing a proof of claim. The Worker's Compensation Division did not file a claim, and ran the risk that its claim would be determined to be dischargeable. By virtue of section 1141(a) and (d)(2), collection of a nondischargeable debt does not violate a confirmed plan. But the only two potentially applicable discharge exceptions, for excise taxes and noncompensatory penalties, do not apply. Accordingly, DWD is bound by the terms of the confirmed plan, and cannot pursue collection from Mr. Hansen. Assuming the Debtors complete the payments under the Chapter 11 plan or qualify for a hardship discharge, they will receive a discharge under section 1141(d)(5) that will include Mr. Hansen's personal liability for H&S's unpaid worker's compensation penalties. A full-text copy of Judge Kelley's Decision and Order dated Nov. 14, 2017, is available at https://is.gd/n1dcVE from Leagle.com. Brian A Hansen, Debtor, represented by David J. Espin, Kerkman & Dunn, Gregory M. Schrieber, Kerkman Wagner & Dunn, Jerome R. Kerkman, Kerkman Wagner & Dunn. Office of the U. S. Trustee, U.S. Trustee, represented by Michelle S. Y. Cramer -- michelle.cramer@usdoj.gov -- U.S. Trustee. Brian A. Hansen and Amie R. Hansen filed for Chapter 11 bankruptcy protection (Bankr. E.D. Wis. Case No. 15-29453) on August 18, 2015. CALDEL HOLDINGS: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The Office of the U.S. Trustee on Nov. 24 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of CalDel Holdings LLC. About CalDel Holdings LLC CalDel Holdings LLC is a semiconductor manufacturer headquartered in Vancouver, Washington. The company's principal assets are located at 26 - 15th Avenue, San Francisco, California. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 17-12266) on October 24, 2017. Peter R. Chernik, manager, signed the petition. At the time of the filing, the Debtor disclosed that it had estimated assets of $1 million to $10 million and liabilities of less than $1 million. Judge Mary F. Walrath presides over the case. Wilks Lukoff & Bracegirdle LLC represents the Debtor as bankruptcy counsel. CARE FOR YOU: Unsecureds to be Paid $25,000 in Five Years --------------------------------------------------------- Care For You Home Medical Equipment, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Pennsylvania a disclosure statement dated Nov. 13, 2017, referring to the Debtor's fourth amended plan of reorganization. Class 1 unsecured claims are impaired by the Plan. The Debtor proposes to pay $25,000 to the holders of allowed general unsecured claims, by distributing $5,000 on a pro rata basis, annually, for five years commencing on the Effective Date. The treatment and consideration to be received by the holders of Class 1 allowed claims will be in full settlement, satisfaction, release and discharge of their respective claims and liens. This class includes all deficiency claims and the portion of any claims of any priority unsecured creditor which is not entitled to priority. The Plan will be funded by ongoing operations of the Debtor, carried out by existing management, and the continued efforts of the Debtor and its management to maximize the Debtor's presence in its marketplace while striving to reduce overhead. The Plan will also be funded by a sale. A copy of the Disclosure Statement is available at: http://bankrupt.com/misc/paeb17-12836-129.pdf About Care For You Home Medical Equipment, LLC Personal Support Medical Suppliers, Inc., and Care for You Home Medical Equipment, LLC, doing business as Community Care partners, are both home medical equipment organizations operating in the greater Philadelphia Region and New York with offices in Philadelphia and Seneca, Pennsylvania. PSMS and CCP filed Chapter 11 petitions (Bankr. E.D. Pa. Case Nos. 17-12833 and 17-12836) on April 24, 2017. David Halooka, president, signed the petitions. The Hon. Ashely M. Chan is the case judge. Albert A. Ciardi, III, Esq., at Ciardi Ciardi & Astin, P.C., serves as counsel to the Debtor. At the time of filing, the Debtors each estimated assets and liabilities at $1 million to $10 million. To date, no trustee or examiner or creditors' committee has been appointed in the Debtor's Chapter 11 case. CHINA COMMERCIAL: Incurs US$2.5 Million Net Loss in Third Quarter ----------------------------------------------------------------- China Commercial Credit, Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of US$2.51 million on US$132,502 of total interest and fee income for the three months ended Sept. 30, 2017, compared to a net loss of US$624,445 on US$722,380 of total interest and fee income for the three months ended Sept. 30, 2016. For the nine months ended Sept. 30, 2017, China Commercial reported a net loss of US$8.53 million on US$295,294 of total interest and fee income compared to a net loss of US$1.20 million on US$1.20 million of total interest and fee income for the same period a year ago. The Company's balance sheet as of Sept. 30, 2017, showed US$7.71 million in total assets, US$8.48 million in total liabilities and a total shareholders' deficit of US$774,251. China Commercial stated that, "While management believes that the measures in the liquidity plan will be adequate to satisfy its liquidity and cash flow requirements for the twelve months after the financial statements are available to be issued, there is no assurance that the liquidity plan will be successfully implemented. Failure to successfully implement the liquidity plan will have a material adverse effect on the Company's business, results of operations and financial position, and may materially adversely affect its ability to continue as a going concern." A full-text copy of the Form 10-Q is available for free at: https://is.gd/MEJEqF About China Commercial Credit Founded in 2008, China Commercial Credit -- http://www.chinacommercialcredit.com/-- provides business loans and loan guarantee services to small-to-medium enterprises, farmers and individuals in China's Jiangsu Province. Due to recent legislation and banking reform in China, these SMEs, farmers and individuals -- which historically had been excluded from borrowing funds from State-owned and commercial banks -- are now able to borrow money at competitive rates from microfinance lenders. China Commercial's independent accounting firm Marcum Bernstein & Pinchuk LLP, in Shanghai, China, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has accumulated deficit that raises substantial doubt about its ability to continue as a going concern. China Commercial reported a net loss of US$1.98 million on US$1.29 million of total interest and fee income for the year ended Dec. 31, 2016, compared with a net loss of US$61.26 million on US$2.98 million of total interest income for the year ended Dec. 31, 2015. CLEVELAND BIOLABS: Reports $1.3 Million Net Loss for Third Quarter ------------------------------------------------------------------ Cleveland Biolabs, Inc. reported a net loss of $1.3 million, excluding minority interests, for the third quarter of 2017, or $(0.11) per share, compared to net income, excluding minority interests, of $1.1 million, or $0.10 per share, for the same period in 2016. The increase in net loss was primarily due to an increase in the downward non-cash adjustment to its warrant liabilities and decreased revenues and expenses due to the completion of the Company development contracts with the Russian Federation Ministry of Industry and Trade, which was partially offset by reduced operating costs aligned with its streamlined focus primarily on pursuing a pre- Emergency Use Authorization with the U.S. Food and Drug Administration and a Marketing Authorization Application with the European Medicines Agency for entolimod as a medical radiation countermeasure. Revenue for the third quarter of 2017 decreased to $0.3 million compared to $1.1 million for the third quarter of 2016. The net decrease was primarily attributable to reduced revenue from the Company's development contracts with MPT which completed in 2016 and reduced revenue due to completion of manufacturing activities from its Joint Warfighter Medical Research Program contract from the Department of Defense for the continued development of the entolimod as a medical radiation countermeasure. Research and development costs for the third quarter of 2017 decreased to $0.9 million compared to $1.1 million for the third quarter of 2016. The reduction in research and development costs is due to completion of a clinical study of the safety and tolerability of entolimod as a neo-adjuvant therapy in treatment-naïve patients with primary colorectal cancer and completion of associated preparatory research studies, offset by an increase in entolimod for biodefense applications for continued preclinical development along with drug manufacturing activities associated with its JWMRP contract and expenses associated with its regulatory activities in support of filing a MAA with EMA. General and administrative costs for the third quarter of 2017 decreased to $0.6 million compared to $0.8 million for the third quarter of 2016. This decrease was primarily attributable to reductions in personnel and other operating costs in connection with cost savings efforts to streamline operations. For the nine months ended Sept. 30, 2017, the Company reported a net loss of $8.64 million on $1.07 million of revenues compared to a net loss of $1.41 million on $2.52 million of revenues for the same period in 2016. Cleveland Biolabs reported a net loss of $2.59 million for the year ended Dec. 31, 2016, following a net loss of $13.04 million in 2015. According to Cleveland Biolabs, "We have incurred cumulative net losses and expect to incur additional losses related to our R&D activities. We do not have commercial products and have limited capital resources. At September 30, 2017, we had cash, cash equivalents and short-term investments of $10.1 million which, along with the active government contracts ... are expected to fund our projected operating requirements for at least 12 months beyond the filing date of this Quarterly Report on Form 10-Q. However, until we are able to commercialize our product candidates at a level that covers our cash expenses, we will need to raise substantial additional capital, which we may be unable to raise in sufficient amounts, when needed and at acceptable terms. Our plans with regard to these matters may include seeking additional capital through debt or equity financing, the sale or license of drug candidates, or obtaining additional government research funding. There can be no assurance that we will be able to obtain future financing on acceptable terms, or that we can obtain additional government financing for our operations. If we are unable to raise adequate capital and/or achieve profitable operations, future operations might need to be scaled back or discontinued. The financial statements do not include any adjustments relating to the recoverability of the carrying amount of recorded assets and liabilities that might result from the outcome of these uncertainties." As of Sept. 30, 2017, Cleveland Biolabs had $10.87 million in total assets, $2.27 million in total liabilities and $8.59 million in total stockholders' equity. As of Sept. 30, 2017, the Company had $10.1 million in cash, cash equivalents and short-term investments, which, based on the Company's current operational plan, is expected to fund operations for at least one year beyond the filing date of its Form 10-Q. Yakov Kogan, Ph.D., MBA, chief executive officer, stated, "The pursuit of approval by the FDA and EMA and commercialization for entolimod as a medical radiation countermeasure are continuing to be the company's most important priorities and goals. Per FDA's request during the past quarter, we collated and submitted manufacturing information (Module 3) to the agency. We also initiated the in vivo biocomparability study in non-human primates that had been previously requested by the agency as part of its review of our pre-EUA application; this study is ongoing. Following completion of this study and discussion of the study results with the FDA, we expect the agency to resume review of our pre-EUA dossier." "We are also pleased to announce submission in the European Union of a MAA for use of entolimod as a MRC. Our application was recently validated by the EMA and will now undergo agency review. Filing of the MAA represents a significant milestone for the company and another major step toward making entolimod available worldwide as a life-saving treatment of acute radiation syndrome ("ARS")," continued Dr. Kogan. "I am proud of the dedicated team at CBLI that prepared the MAA and shares the company's commitment to developing an effective and practical ARS therapy for mass-casualty radiation and nuclear disaster scenarios." A full-text copy of the Form 10-Q is available for free at: https://is.gd/Nog44T About Cleveland BioLabs Cleveland BioLabs, Inc. -- http://www.cbiolabs.com/-- is a biopharmaceutical company developing novel approaches to activate the immune system and address serious medical needs. The Company's proprietary platform of Toll-like immune receptor activators has applications in radiation mitigation, immuno-oncology, and vaccines. The Company's most advanced product candidate is entolimod, which is being developed as a medical radiation countermeasure for the prevention of death from acute radiation syndrome, an immunotherapy for oncology and other indications. The Company conducts business in the United States and in the Russian Federation through a wholly-owned subsidiary, BioLab 612, LLC, and a joint venture with Joint Stock Company RUSNANO, Panacela Labs, Inc. The company maintains strategic relationships with the Cleveland Clinic and Roswell Park Cancer Institute. CM EBAR: Conditional OK of Disclosures & Bid Procedures Sought -------------------------------------------------------------- CM Ebar, LLC filed a motion with the U.S. Bankruptcy Court for the District of Nevada seeking (a) conditional approval of the proposed Disclosure Statement explaining its Plan of Reorganization dated Nov. 20, 2017; and (b) approval of bid procedures with respect to the sale of its restaurant assets. Disclosure Statement The Debtor specifically asks that the Court: a. conditionally approve the form and content of the Disclosure Statement; b. terminate the Debtor's exclusivity in filing a Chapter 11 plan of reorganization; c. approve the proposed voting procedures, including (i) establishing, for voting purposes only, a record holder date for the holders of claims, (ii) approving the forms of ballots and balloting instructions, (iii) establishing procedures for the solicitation of votes on the Plan, (iv) establishing a voting deadline, and (v) establishing procedures for tabulating votes on the Plan; d. schedule the hearing to consider final approval of the Disclosure Statement and confirmation of the Plan and fixing the last date for filing objections to confirmation of the Plan; and e. appoint Larson, Zirzow and Kaplan, LLC (LZK) as the Solicitation and Tabulation Agent. Bid Procedures The Plan contemplates the sale of the Debtor's Restaurant Assets to Coast to Coast (or the highest bidder) pursuant to an Asset Purchase Agreement that contemplates a closing date of February 23, 2018. Accordingly, the Debtor proposes to follow and be bound by certain bid procedures in relation to the Sale, which include these terms: a. Only qualified bidders may submit bids for the Restaurant Assets or otherwise participate in the auction and sale. Qualified Bidders are those entities who: (i) deliver to the Debtor the potential bidder's financial disclosures, acceptable to, and requested by, the Debtor, which information shall demonstrate the financial capability of the potential bidder to purchase the Assets; (ii) provide evidence that the bidder has the necessary internal authorizations and approvals necessary to engage in the transaction without the consent of any entity that has not already been obtained; and (iii) deliver a cashier's check made payable to LZK, or cash in the amount of $100,000. b. The deadline by which all Qualified Bidders must submit bids so as to be actually received by the parties specified in the Bid Procedures is at least fourteen (14) days prior to the sale hearing. c. The Debtor also requests that the Sale Hearing take place before the Bankruptcy Court the same time as the Confirmation Hearing. At the Sale Hearing, the Debtor will auction off its Restaurant Assets and request entry of the Sale Order authorizing and approving the sale of the Restaurant Assets to the Winning Bidder. Copies of the proposed Ballots, Notices and Bid Procedures are available at: http://bankrupt.com/misc/CM_EBAR_127_Sales.pdf About CM Ebar LLC CM Ebar, LLC, is a casual-dining operator with various locations in Nevada, California, and New Mexico. Its principal place of business is located at 2270 Village Walk Drive, in Henderson, Nevada. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 17-15530) on Oct. 17, 2017. Barry L. Kasoff, manager, signed the petition. Judge August B. Landis presides over the case. At the time of the filing, the Debtor disclosed estimated assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. Zachariah Larson, Esq., Matthew C. Zirzow, Esq., and Shara L. Larson, Esq., at Larson & Zirzow, LLC, serve as the Debtor's bankruptcy counsel. On Nov. 7, 2017, the Office of the United States Trustee appointed an Official Committee of Unsecured Creditors in the Debtor's case. Clark Hill represents the Committee. On Nov. 20, 2017, the Debtor filed its proposed Disclosure Statement and Plan of Reorganization. CORNBREAD VENTURES: Allowed to Use Cash Collateral Until January 7 ------------------------------------------------------------------ Judge Brenda K. Martin of the U.S. Bankruptcy Court for the District of Arizona, with the consent of JPMorgan Chase Bank, N.A., authorized Cornbread Ventures LP to use the cash collateral only to pay its post-petition operating expenses as set forth in a prepared budget. Unless extended further with the written consent of JPMorgan and confirmed by further order of the Court, the authorization granted to the Debtor to use cash collateral will terminate upon the earlier of: (a) end of business on January 7, 2018; (b) any later date JPMorgan agrees upon in writing; (c) the date upon which a chapter 11 or chapter 7 trustee is appointed in the Bankruptcy Case; and (d) the Debtor's default under any term or provision of the Order. As of the Petition Date, the Debtor's indebtedness to JPMorgan may be summarized as follows: (a) Term Loan Indebtedness: Principal in the amount of $1,374,999.95, accrued and accruing interest, and additional fees and costs. (b) RLC Loan Indebtedness: Principal in the amount of $461,000, accrued and accruing interest, and additional fees and costs. (c) Credit Card Indebtedness: Principal in the amount of $69,506, accrued and accruing interest, and additional fees and costs. The Debtor admits that, as security for repayment of the Prepetition Indebtedness, JPMorgan holds a valid, perfected, first and prior lien on: (a) all or substantially all of the personal property owned by the Debtor, and (b) the Debtor's ground leasehold interest in the real property, buildings, structures and improvements located at the property commonly known as 7221 West Ray Road, Chandler, Arizona 85226. The Prepetition Indebtedness is guaranteed by Gary Manley, Michael Pottorff, and Michael Stone. As adequate protection for any diminution in value of JPMorgan's interest in the property of the Debtor's estate as a result of the Debtor's use of cash collateral, the Debtor will timely make all monthly payments of interest only in accordance with the Budget. Subject to the Budget, the Debtor is authorized to pay JPMorgan $20,000 per month toward Business Credit Cards. To the extent the $20,000 monthly payment exceeds the postpetition ordinary course charges incurred by the Debtor, any excess will be applied to the prepetition balance on the Business Credit Cards. JPMorgan is granted a replacement lien on assets acquired by the Debtor after the post-petition, of the same type as the assets on which JPMorgan held a lien on the Petition Date. Such replacement lien will have the same validity, priority, and enforceability as JPMorgan's liens on the Debtor's assets on the Petition Date. To the extent the adequate protection payments and replacement liens granted to JPMorgan in the Order do not provide JPMorgan with adequate protection of its interests in the cash collateral, JPMorgan will have a super-priority administrative expense claim necessary to fully compensate JPMorgan for the use of its cash collateral by the Debtor. The replacement liens and super-priority claims granted to JPMorgan will be subject only to the following carve-out: (a) the aggregate allowed unpaid fees and expenses payable under Bankruptcy Code to professionals retained under an order of the Court by the Debtor or the Committee in an aggregate amount as set forth in the Budget; (b) quarterly fees required to be paid pursuant to 28 U.S.C. Section 1930(a)(6); and (c) the payment of fees and expenses up to $10,000 for a trustee appointed under Chapter 7 or 11 of the Code. A full-text copy of the Order, dated November 21, 2017, is available for free at https://is.gd/I3Z2HJ Attorneys for JPMorgan Chase Bank: Robert J. Miller, Esq. Two North Central Avenue, Suite 2100 Phoenix, AZ 85004-4406 Telephone: 602 364 7000 Facsimile: 602 364 7070 Email: rjmiller@bryancave.com About Cornbread Ventures Cornbread Ventures, LP, is the owner and operator of Z'Tejas Southwestern Grill. The company was founded in 2015 and is based in Austin, Texas. Cornbread Ventures filed a Chapter 11 petition (Bankr. D. Ariz. Case No. 17-12877) on Oct. 30, 2017. The petition was signed by Michael Stone, its president and general partner. At the time of filing, the Debtor estimated $1 million to $10 million in both assets and liabilities. Judge Brenda K. Martin presides over the case. The Debtor is represented by Jordan A Kroop, Esq., at Perkins Coie LLP, as counsel. CREASY GEOTHERMAL: Asks Court to Approve Disclosure Statement ------------------------------------------------------------- Creasy Geothermal & Well Drilling, Inc. d/b/a Creasy Drilling, LLC, filed an ex parte application asking the U.S. Bankruptcy Court for the Middle District of Georgia for the entry of an order conditionally approving its small business disclosure statement to accompany its plan of reorganization. The Debtor also asks the Court to fix a deadline for the acceptances or rejections of the Debtor's Plan; fix a date for objections, if any, to the disclosure statement; fix a hearing date if objections to the disclosure statement are filed; and fix a date for the hearing on the confirmation of the Plan. About Creasy Geothermal Creasy Geothermal & Well Drilling, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Ga. Case No. 17-70043) on January 15, 2017. The case is assigned to Judge John T. Laney, III. At the time of the filing, the Debtor estimated assets and liabilities of less than $1 million. CREATIVE REALITIES: Reports $4.4M Net Loss for Third Quarter ------------------------------------------------------------ Creative Realities, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss attributable to common shareholders of $4.37 million on $3.57 million of total sales for the three months ended Sept. 30, 2017, compared to a net loss attributable to common shareholders of $2.32 million on $2.70 million of total sales for the same period in 2016. For the nine months ended Sept. 30, 2017, Creative Realities reported a net loss attributable to common shareholders of $5.84 million on $13.56 million of total sales compared to a net loss attributable to common shareholders of $4.28 million on $8.17 million of total sales for the nine months ended Sept. 30, 2016. As of Sept. 30, 2017, the Company had $28.23 million in total assets, $21.52 million in total liabilities, $1.90 million in convertible preferred stock, and $4.80 million in total shareholders' equity. In November 2017, the Company received notification from Slipstream Communications, LLC, a related party, of their intent to extend the maturity date of its term loan to Aug. 17, 2019 and to extend the maturity date of its promissory notes on a rolling quarter addition basis which is now Jan. 15, 2019. Management believes that due to the expected extension of these debt maturity dates, its current cash balance and our operational forecast and liquidity projection for 2017 and 2018, the Company can continue to meet its obligations and operate as a going concern through at least the next twelve months. As of Sept. 30, 2017 and Dec. 31, 2016, the Company had an accumulated deficit of $(24,793,000) and $(19,281,000), respectively. The cash flows provided/(used in) operating activities was $1,989,000 and $(3,738,000) for the nine months ended Sept 30, 2017 and 2016, respectively. The cash provided by operating activities was mainly due to increase in deferred revenue recognized of $5,881,000 the increase in deposits of $1,236,000 the increase in accounts receivables of $613 and the decrease in accounts payable of $(237,000) offset by the increase in inventories of $642,000 and the net loss of $(5,512,000) during the period, and the cash used in operating activities was attributed to its net losses of $(3,943,000), the decrease in accounts payable of $733,000 offset by the increase in accrued expenses of $810,000 for the nine months ended Sept. 30, 2017 and 2016, respectively. Net cash used in investing activities during the nine months ended Sept. 30, 2017 was $(1,530,000) compared to $(314,000) during 2016. The increase in cash used in investing activities is mainly due to the additional common stock issued for the purchase of ConeXus of $1,971,000. The Company currently does not have any material commitments for capital expenditures as of Sept. 30, 2017, nor does it anticipate any significant expenditures in 2017. Net cash (used in)/provided by financing activities during the nine months ended Sept. 30, 2017 was $(286,000) compared to $3,667,000 in 2016. The decrease was related to prior year's new debt of ($3,263,000) in 2016. A full-text copy of the Form 10-Q is available for free at: https://is.gd/06c7u2 About Creative Realities Creative Realities, Inc., is a Minnesota corporation that provides innovative shopper marketing and digital marketing technology and solutions to retail companies, individual retail brands, enterprises and organizations throughout the United States and in certain international markets. Creative Realities have expertise in a broad range of existing and emerging shopper and digital marketing technologies, as well as the related media management and distribution software platforms and networks, device management, product management, customized software service layers, systems, experiences, workflows, and integrated solutions. Its technology and solutions include: digital merchandising systems and omni-channel customer engagement systems, interactive digital shopping assistants, advisors and kiosks, and other interactive marketing technologies such as mobile, social media, point-of-sale transactions, beaconing and web-based media that enable its customers to transform how they engage with consumers. Creative Realities reported a net loss attributable to common shareholders of $6.37 million in 2016, a net attributable to common shareholders of $8.31 million in 2015, and a net loss attributable to common shareholders of $5.01 million in 2014. CYTORI THERAPEUTICS: Reports $4.8M Net Loss for Third Quarter ------------------------------------------------------------- Cytori Therapeutics, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $4.80 million on $467,000 of product revenues for the three months ended Sept. 30, 2017, compared to a net loss of $5.38 million on $731,000 of product revenues for the three months ended Sept. 30, 2016. For the nine months ended Sept. 30, 2017, the Company reported a net loss of $18.39 million on $2.02 million of product revenues compared to a net loss of $17.12 million on $3.19 million of product revenues for the same period in 2016. As of Sept. 30, 2017, Cytori had $26.44 million in total assets, $18.62 million in total liabilities and $7.81 million in total stockholders' equity. The Company has an accumulated deficit of $397.5 million as of Sept. 30, 2017. Additionally, the Company has used net cash of $13.9 million and $15.4 million to fund its operating activities for the nine months ended Sept. 30, 2017 and 2016, respectively. "Based on the completed analysis of our STAR trial data, including the strong safety profile, clinically meaningful improvements in the diffuse scleroderma subgroup and the lack of approved treatments with this orphan condition, we intend to meet with the U.S. FDA as soon as possible to chart next steps," said Dr. Marc Hedrick, president and CEO of Cytori. "Simultaneously, manufacturing validation for our recently acquired liposomal doxorubicin chemotherapy drug candidate, ATI-0918, a generic version of Caelyx, is ongoing and on track for submitting an application to the European Medicines Agency next year while other key cell therapy trials, specifically SCLERADEC-II and ADRESU for scleroderma and stress urinary incontinence, respectively, march toward full enrollment." Selected Key Near-Term Milestones: * Pursue meeting with U.S. FDA to determine next steps required to obtain Habeo Cell Therapy regulatory approval for scleroderma-associated hand dysfunction. * Begin enrollment of BARDA's funded U.S. RELIEF burn clinical trial. * Complete ATI-0918 manufacturing and regulatory activities required to prepare an application for the EMA. * Complete enrollment of SCLERADEC-II and ADRESU clinical trials in France and Japan, respectively. The Company expects full year 2017 operating cash burn to be lower than 2016, primarily due to the restructuring announced in September 2017. Updated operating cash burn forecasted to be within a range of $17 million to $19 million, a reduction from previously guided range of $20 million to $23 million. A full-text copy of the Form 10-Q is available for free at: https://is.gd/tL3v0K About Cytori Cytori -- http://www.cytori.com/-- is a therapeutics company developing regenerative and oncologic therapies from its proprietary cell therapy and nanoparticle platforms for a variety of medical conditions. Data from preclinical studies and clinical trials suggest that Cytori Cell Therapy acts principally by improving blood flow, modulating the immune system, and facilitating wound repair. As a result, Cytori Cell Therapy may provide benefits across multiple disease states and can be made available to the physician and patient at the point-of-care through Cytori's proprietary technologies and products. Cytori Nanomedicine is developing encapsulated therapies for regenerative medicine and oncologic indications using technology that allows Cytori to use the benefits of its encapsulation platform to develop novel therapeutic strategies and reformulate other drugs to optimize their clinical properties. BDO USA, LLP, in San Diego, California, Cytori's independent accounting firm, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, stating that the Company has suffered recurring losses and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. Cytori reported a net loss of $22.04 million for the year ended Dec. 31, 2016, compared to a net loss of $18.74 million for the year ended Dec. 31, 2015. CYTOSORBENTS CORP: Incurs $2 Million Net Loss in Third Quarter -------------------------------------------------------------- Cytosorbents Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $2.05 million on $3.82 million of total revenue for the three months ended Sept. 30, 2017, compared to a net loss of $2.18 million on $2.41 million of total revenue for the three months ended Sept. 30, 2016. For the nine months ended Sept. 30, 2017, the Company reported a net loss of $5.31 million on $10.50 million of total revenue compared to a net loss of $6.85 million on $6.44 million of total revenue for the same period in 2016. As of Sept. 30, 2017, Cytosorbents had $22.21 million in total assets, $12.74 million in total liabilities and $9.47 million in total stockholders' equity. At Sept. 30, 2017, it had current assets of approximately $19,386,000 including cash on hand of approximately $15,400,000 and current liabilities of approximately $5,778,000. The Company has experienced substantial operating losses since inception. As of Sept. 30, 2017, the Company had an accumulated deficit of approximately $149,166,000, which included losses of approximately $5,314,000 and $6,857,000 for the nine month periods ended Sept. 30, 2017 and 2016, respectively. Historically, losses have resulted principally from costs incurred in the research and development of its polymer technology, clinical studies, and general and administrative expenses. During the three months ended Sept. 30, 2017, the Company sold 282,394 shares of its Common Stock, generating net proceeds of approximately $1.7 million under the terms of its existing Controlled Equity OfferingSM Sales Agreement with Cantor Fitzgerald and Co. From Oct. 1, 2017 through Nov. 7, 2017, the Company sold an additional 157,398 shares of its Common Stock, generating net proceeds of approximately $1.0 million under the terms of the Sales Agreement. Total net proceeds generated from these sales during 2017 amounted to approximately $2.6 million. "We believe that we have adequate cash for more than the next 12 months of operations, however, we may need have to raise additional capital to support clinical trials in the U.S. and/or elsewhere," the Company stated in the Report. "We will be better able to address this need once the specific protocols of these trials are finalized." A full-text copy of the Form 10-Q is available for free at: https://is.gd/9pyfj5 About CytoSorbents CytoSorbents Corporation is engaged in critical care immunotherapy commercializing its CytoSorb blood purification technology to reduce deadly uncontrolled inflammation in hospitalized patients around the world, with the goal of preventing or treating multiple organ failure in life-threatening illnesses. The Company, through its subsidiary CytoSorbents Medical Inc. (formerly known as CytoSorbents, Inc.), is engaged in the research, development and commercialization of medical devices with its blood purification technology platform which incorporates a proprietary adsorbent, porous polymer technology. The Company, through its European subsidiary, conducts sales and marketing related operations for the CytoSorb device. CytoSorb, the Company's flagship product, is approved in the European Union and marketed in and distributed in thirty-two countries around the world, as a safe and effective extracorporeal cytokine absorber, designed to reduce the "cytokine storm" that could otherwise cause massive inflammation, organ failure and death in common critical illnesses such as sepsis, burn injury, trauma, lung injury, and pancreatitis. CytoSorb is also being used during and after cardiac surgery to remove inflammatory mediators, such as cytokines and free hemoglobin, which can lead to post-operative complications, including multiple organ failure. In March 2011, the Company received CE Mark approval for its CytoSorb device. CytoSorbents recognized a net loss of $11.93 million on $9.52 million of total revenue for the year ended Dec. 31, 2016, compared to a net loss of $8.13 million on $4.79 million of total revenue for the year ended Dec. 31, 2015. WithumSmith+Brown, PC, in New Brunswick, New Jersey, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, noting that the Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. DELCATH SYSTEMS: Incurs $12.6 Million Net Loss in Third Quarter --------------------------------------------------------------- Delcath Systems, Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $12.59 million on $684,000 of revenue for the three months ended Sept. 30, 2017, compared to a net loss of $1 million on $435,000 of revenue for the three months ended Sept. 30, 2016. For the nine months ended Sept. 30, 2017, the Company reported a net loss of $25.87 million on $2.01 million of revenue compared to a net loss of $9.48 million on $1.31 million of revenue for the same period in 2016. As of Sept. 30, 2017, Delcath Systems had $14.48 million in total assets, $16.33 million in total liabilities and a total stockholders' deficit of $1.85 million. The Company has incurred losses since inception and has an accumulated deficit of $305.6 million at Sept. 30, 2017. During the nine months ended Sept. 30, 2017 used $11.7 million of cash for its operating activities. The Company said these factors among others raise substantial doubt about its ability to continue as a going concern for a reasonable period of time. Grant Thornton LLP, in New York, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has incurred recurring losses from operations and as of Dec. 31, 2016, has an accumulated deficit of $279.2 million. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. "The Company's existence is dependent upon management's ability to obtain additional funding sources or to enter into strategic alliances. There can be no assurance that the Company's efforts will result in the resolution of the Company's liquidity needs. The accompanying statements do not include any adjustments that might result should the Company be unable to continue as a going concern," Delcath Systems stated in the Report. A full-text copy of the Form 10-Q is available for free at: https://is.gd/XBdCc6 About Delcath Systems Delcath Systems, Inc. -- http://www.delcath.com/-- is an interventional oncology Company focused on the treatment of primary and metastatic liver cancers. The Company's investigational product -- Melphalan Hydrochloride for Injection for use with the Delcath Hepatic Delivery System (Melphalan/HDS) -- is designed to administer high-dose chemotherapy to the liver while controlling systemic exposure and associated side effects. In Europe, the Company's system is in commercial development under the trade name Delcath Hepatic CHEMOSAT Delivery System for Melphalan (CHEMOSAT), where it has been used at major medical centers to treat a wide range of cancers of the liver. DEXTERA SURGICAL: Mulls Possible Bankruptcy Filing -------------------------------------------------- Dextera Surgical Inc. announced financial results for its fiscal first quarter ended Sept. 30, 2017. Dextera said that its management's key objectives in the near term are to: (a) begin shipping MicroCutter 5/80 reloads by the end of calendar 2017; (b) execute corporate agreement, asset sales, strategic partnership or possibly file for bankruptcy; and, (c) evaluate and execute initiatives to reduce cost structure and improve long-term gross margins. "We are making progress toward resolving our component and raw material supply challenges and expect to begin shipping reloads in December and to resolving our current backorder of $225,000 and returning to production," said Julian Nikolchev, president and CEO of Dextera Surgical Inc. "In addition, Intuitive Surgical informed us that it plans to pursue development of robotic staplers based on conventional staple technology and will not continue development of the MicroCutter technology at this time." "In light of the state of our business, we continue to pursue strategic options including the sale of some or all of our assets, raising adequate additional capital, cost containment initiatives and a potential filing for bankruptcy." Total product sales were approximately $0.6 million for the fiscal 2018 first quarter compared with $0.4 million for the same quarter of fiscal 2017. MicroCutter sales were approximately $203,000 in the fiscal 2018 first quarter with approximately $180,000 in backorders compared to $359,000 of sales and $75,000 in backorders in the fourth quarter of fiscal 2017. The sequential decrease in MicroCutter product sales is due to production constraints for the blue and white reloads from both unanticipated variability in raw materials and implementation of improved design changes taking longer than plan. Total revenue was approximately $0.7 million for the fiscal 2018 first quarter compared with approximately $0.5 million for the fiscal 2017 first quarter. Total operating costs and expenses for the fiscal 2018 first quarter were $4.5 million, compared with $4.3 million for the same period of fiscal 2017. Cost of product sales was approximately $1.0 million for the first quarter of fiscal 2018 compared with $0.5 million for the same period of 2017. Research and development expenses were $1.7 million for the fiscal 2018 first quarter, compared with $1.8 million for the fiscal 2017 first quarter. Selling, general and administrative expenses were $1.8 million for the fiscal 2018 first quarter compared with $2.0 million for the comparable period of fiscal 2017. The net loss for the fiscal 2018 first quarter before the deemed preferred stock dividend was approximately $3.5 million. Additionally, net loss applicable to common stockholders included a deemed (non-cash) preferred stock dividend of $0.1 million, representing the value of beneficial conversion rights embedded in the preferred shares issued in the company's recently completed convertible preferred stock public offering. This amount was determined as the difference between fair value of common stock into which preferred shares are convertible and the proceeds of the financing allocated to the preferred shares. The total net loss attributable to common stockholders for the fiscal 2018 first quarter was $3.6 million, or $0.09 per share. Net loss attributable to common stockholders for the fiscal 2017 first quarter was approximately $4.0 million, or $0.44 per share. Cash and cash equivalents, as of Sept. 30, 2017, were approximately $4.2 million, compared with approximately $6.0 million at June 30, 2017. As of Sept. 30, 2017, there were approximately 48.2 million shares of common stock outstanding, which includes the conversion of all previously outstanding Series A convertible preferred stock and all but 172 shares of Series B convertible preferred stock. As of Sept. 30, 2017, Dextera had $6.53 million in total assets, $14.82 million in total liabilities and a total stockholders' deficit of $8.29 million. A full-text copy of the Form 10-Q is available for free at: https://is.gd/A7kugb About Dextera Surgical Redwood City, California-based Dextera Surgical (Nasdaq:DXTR) designs and manufactures proprietary stapling devices for minimally invasive surgical procedures. Dextera Surgical also markets automated anastomosis devices for coronary artery bypass graft (CABG) surgery on the market today: the C-Port Distal Anastomosis Systems and PAS-Port Proximal Anastomosis System. These products are sold by Dextera Surgical under the Cardica brand name. Visit www.dexterasurgical.com for more information. Dextera Surgical reported a net loss allocable to common stockholders of $25.93 million on $3.42 million of total net revenue for the fiscal year ended June 30, 2017, compared to a net loss allocable to common stockholders of $15.98 million on $4.05 million of total net revenue for the fiscal year ended June 30, 2016. BDO USA, LLP, in San Jose, California, issued a "going concern" qualification on the consolidated financial statements for the fiscal year ended June 30,2017, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. ECLIPSE RESOURCES: Cuts Third Quarter Net Loss to $16.7 Million --------------------------------------------------------------- Eclipse Resources Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $16.69 million on $91.54 million of total revenues for the three months ended Sept. 30, 2017, compared to a net loss of $25.94 million on $54.47 million of total revenues for the same period in 2016. For the nine months ended Sept. 30, 2017, the Company reported net income of $21.64 million on $279.60 million of total revenues compared to a net loss of $144.64 million on $151.15 million of total revenues for the nine months ended Sept. 30, 2016. As of Sept. 30, 2017, Eclipse Resources had $1.21 billion in total assets, $627.21 million in total liabilities and $583.03 million in total stockholders' equity. Cash flows from operations are primarily affected by production volumes and commodity prices. The Company's cash flows from operations also are impacted by changes in working capital. Short-term liquidity needs are satisfied by its operating cash flow, proceeds from asset sales, borrowings under its revolving credit facility, proceeds from the potential drilling joint venture, and proceeds from issuances of debt and equity securities. Net cash provided by (used in) operations in the nine months ended Sept. 30, 2017 was $87.2 million compared to ($28.5) million in the nine months ended Sept. 30, 2016. The increase in cash provided from operating activities reflects the increase in its production and commodity prices during the year-over-year comparative periods, working capital changes, and the timing of cash receipts and disbursements. Net cash used in investing activities in the nine months ended Sept. 30, 2017 was $255.7 million compared to $78.2 million in the nine months ended Sept. 30, 2016. Exclipse Resources said, "Our main sources of liquidity and capital resources are internally generated cash flow from operations, asset sales, borrowings under our revolving credit facility and access to the debt and equity capital markets. We must find new and develop existing reserves to maintain and grow our production and cash flows. We accomplish this primarily through successful drilling programs which require substantial capital expenditures. We periodically review capital expenditures and adjust our budget based on liquidity, drilling results, leasehold acquisition opportunities, and commodity prices. We believe that our existing cash on hand, operating cash flow and available borrowings under our revolving credit facility will be adequate to meet our capital and operating requirements for 2017. "Future success in growing reserves and production will be highly dependent on capital resources available and the success of finding or acquiring additional reserves. We will continue using net cash on hand, cash flows from operations, and borrowings under our revolving credit facility to satisfy near-term financial obligations and liquidity needs, and as necessary, we will seek additional sources of debt or equity to fund these requirements. Longer-term cash flows are subject to a number of variables including the level of production and prices we receive for our production as well as various economic conditions that have historically affected the natural gas and oil business. Our ability to expand our reserve base is, in part, dependent on obtaining sufficient capital through internal cash flow, bank borrowings, asset sales or the issuance of debt or equity securities. There can be no assurance that internal cash flow and other capital sources will provide sufficient funds to maintain capital expenditures that we believe are necessary to offset inherent declines in production and proven reserves. "As of September 30, 2017, we were in compliance with all of our debt covenants under the credit agreement governing our revolving credit facility and the indenture governing our 8.875% senior unsecured notes due 2023. Further, based on our current forecast and activity levels, we expect to remain in compliance with all such debt covenants for the next twelve months. However, if oil and natural gas prices decrease to lower levels, we are likely to generate lower operating cash flows, which would make it more difficult for us to remain in compliance with all of our debt covenants, including requirements with respect to working capital and interest coverage ratios. This could negatively impact our ability to maintain sufficient liquidity and access to capital resources." A full-text copy of the Form 10-Q is available for free at: https://is.gd/6aCZPt About Eclipse Resources State College, Pa.-based Eclipse Resources Corporation is an independent exploration and production company engaged in the acquisition and development of oil and natural gas properties in the Appalachian Basin. As of Dec. 31, 2015, the Company had assembled an acreage position approximating 220,000 net acres in Eastern Ohio. Eclipse Resources reported a net loss of $203.8 million on $235.0 million of total revenues for the year ended Dec. 31, 2016, compared to a net loss of $971.4 million on $255.3 million of total revenues for the year ended Dec. 31, 2015. * * * In June 2017, S&P Global Ratings raised its corporate credit rating on Eclipse Resources Inc. to 'B-' from 'CCC+'. The rating outlook is stable. "The rating action reflects our opinion that Eclipse's leverage is now sustainable due to our increased production and cash flow projections," said S&P Global Ratings credit analyst Christine Besset. In August 2017, Moody's Investors Service upgraded Eclipse Resources Corp.'s Corporate Family Rating to 'B3' from 'Caa1'. "The upgrade to B3 reflects Eclipse's reduced leverage resulting from improved cash flow tied to strong production growth. Eclipse's robust drilling program through 2018, supported by strong commodity price hedging and willingness to periodically access equity markets to term out debt, should allow Eclipse to remain on a strong growth trajectory without stressing its balance sheet," noted John Thieroff, Moody's VP-senior analyst. EMMAUS LIFE: Incurs $17.3 Million Net Loss in Third Quarter ----------------------------------------------------------- Emmaus Life Sciences, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $17.26 million on $140,314 of net revenues for the three months ended Sept. 30, 2017, compared to a net loss of $6.25 million on $61,828 of net revenues for the three months ended Sept. 30, 2016. For the nine months ended Sept. 30, 2017, the Company reported a net loss of $35.53 million on $366,432 of net revenues compared to a net loss of $13.86 million on $313,908 of net revenues for the same period in 2016. As of Sept. 30, 2017, Emmaus Life had $33.60 million in total assets, $89.48 million in total liabilities and a total stockholders' deficit of $55.88 million. According to Emmaus Life, "Based on our losses to date, anticipated future revenue and operating expenses, debt repayment obligations and cash and cash equivalents balance of $4.4 million as of September 30, 2017, we do not have sufficient operating capital for our business without raising additional capital. We incurred a net loss of $35.5 million for the nine months ended September 30, 2017 and had an accumulated deficit at September 30, 2017 of $142.3 million. We anticipate that we will continue to incur net losses for the foreseeable future as we incur expenses for the commercialization of Endari in the U.S., NDA submission activities for Endari outside the U.S., research costs for the corneal cell sheets using Cultured Autologous Oral Mucosal Epithelial Cell Sheet ("CAOMECS") technology and the expansion of corporate infrastructure, including costs associated with being a public reporting company and additional expenses that may be associated with pursuing a possible initial public offering. We have previously relied on unregistered equity offerings, debt financings and loans, including loans from related parties. As part of this effort, we have received various loans from officers, stockholders and other investors as discussed below. As of September 30, 2017, we had outstanding notes payable in an aggregate principal amount of $24.3 million, consisting of $10.3 million of non-convertible promissory notes and $14.0 million of convertible notes. Of the $24.3 million aggregate principal amount of notes outstanding as of September 30, 2017, approximately $23.6 million is either due on demand or will become due and payable within the next twelve months. Our failure to raise capital as and when needed would have a negative impact on our financial condition and our ability to pursue our business strategies, including the commercialization of Endari and the development in the United States of CAOMECS-based cell sheet technology. "We have had recurring operating losses, have a significant amount of notes payable and other obligations due within the next years and projected operating losses including the expected costs relating to the commercialization of Endari that exceed both the existing cash balances and cash expected to be generated from operations for at least the next year. In order to meet our expected obligations, management intends to raise additional funds through equity or debt financings. In addition, we may seek to raise additional funds through collaborations with other companies and financing from other sources and a possible initial public offering. Additional funding may not be available in amounts or on terms which are acceptable to us, if at all. Due to the uncertainty of our ability to meet our current operating and capital expenses, there is substantial doubt about our ability to continue as a going concern. "Our cash burn rate for the first nine months ended September 30, 2017 was approximately $0.4 million per month. "Our cash flow from operations is not adequate and our future capital requirements will be substantial and may increase beyond our current expectations depending on many factors including, but not limited to: our success in commercializing Endari in the U.S.; the number, duration and results of the clinical trials for our other product candidates; unexpected delays or developments in seeking regulatory approvals; the time and cost in preparing, filing, prosecuting, maintaining and enforcing patent claims; other unexpected developments encountered in implementing our business and commercialization strategies; the outcome of any future litigation; and further arrangements, if any, with collaborators. We will rely, in part, on sales of AminoPure and NutreStore. Revenues from both products are currently not significant and we are unsure whether sales of these products will increase. Until we can generate a sufficient amount of product revenue, future cash needs are expected to be financed through public or private equity offerings, debt financings, loans, including loans from related parties, or other sources, such as strategic partnership agreements and corporate collaboration and licensing arrangements. Until we can generate a sufficient amount of product revenue, there can be no assurance of the availability of such capital on terms acceptable to us or at all." A full-text copy of the Form 10-Q is available for free at: https://is.gd/kAGRIh About Emmaus Life Headquartered in Torrance, California, Emmaus Life Sciences, Inc., is engaged in the discovery, development, and commercialization of treatments and therapies primarily for rare and orphan diseases. Emmaus Life Sciences reported a net loss of $21.17 million for the year ended Dec. 31, 2016, compared to a net loss of $13.50 million for the year ended Dec. 31, 2015. SingerLewak LLP, in Los Angeles, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has suffered recurring losses from operations, its total liabilities exceed its total assets and it has an accumulated stockholders' deficit. This raises substantial doubt about the Company's ability to continue as a going concern. ERNEST VICKNAIR: Bollinger Buying 4 Louisiana Properties for $1.7MM ------------------------------------------------------------------- Ernest Vicknair asks the U.S. Bankruptcy Court for the Eastern District of Louisiana to authorize the private sale of real estate properties and improvements bearing the municipal addresses: (i) 441 Highway 308, Thibodaux, Louisiana ("Residence") for $392,000; (ii) 131.21 Acres and House located at 9877 Austin Road, Jackson, Louisiana ("Austin Road") for $612,000; (iii) 154.54 acres located near 9515 Peterson Road, St. Francisville, Louisiana ("Vacant Land on Peterson Rd.") for $556,000; and (iv) 5 acres and a house located at 9515 Peterson Road, St. Francisville, Louisiana ("Peterson Rd. House") for $132,000 to Donald T. Bollinger, subject to higher and better offers. Mississippi River Bank, on May 31, 2017, filed a claim for $2,684,194. Its claim is partially secured by a first mortgage on the Vacant Land on Peterson Rd. In addition, its claim is partially secured by the Peterson Rd. House, which is owned by Vicknair Cos., LLC. There are no other known encumbrances on the Properties. Donald T. Bollinger hired Murphy Appraisal Services, LLC to appraise the Properties and the Peterson Rd. House, which it did, on Oct. 12, 2017. The results of the appraisals are: Property Description Market Value Liquidation Value -------------------- ------------ ----------------- Residence $490,000 $392,000 Austin Road $765,000 $612,000 Vacant Land on Peterson Rd. $695,000 $556,000 Peterson Rd. House $165,000 $132,000 The Appraiser applied a 20% discount to the Market Value to calculate the Liquidation Value/Distressed Market Value. The Appraisals state that the 20% reduction from the fair market value includes real estate commissions, cost of sales, and seller's motivation. The Buyer has offered to buy the Properties $1,692,000, free and clear of any and all encumbrances, which is the Liquidation Value stated in the appraisals. The Debtor proposes to accept the offer. The sale will be "as is" with no warranty, whatsoever, accept as to title. The Act of Sale is to be executed before a Notary Public to be chosen by the purchaser within 30 days from expiration of the appeal delays following the approval of the sale by the Court. There are no contingencies based on inspections, surveys, appraisals, financing or otherwise. Mr. Bollinger has sufficient cash to purchase the Properties and the Peterson Rd. House and move quickly toward an Act of Sale. There's no real estate agent commission is due in connection with the sale and the Debtor anticipates the bankruptcy estate will net the full purchase price less ordinary seller's fees at closing, which are expected to be less than a few thousand dollars. It is anticipated that the proceeds of the sale from each property will be distributed at closing as follows: a. Residence Sales Price: $392,000 Debtor's Closing Costs: $1,000 Debtor's Homestead Exemption $35,000 Net to Disbursement Account: $356,000 b. Austin Road Sales Price: $612,000 Debtor's Closing Costs: $1,000 Net to Disbursement Account $611,000 c. Vacant Land on Peterson Rd. Sales Price: $556,000 Debtor's Closing Costs: $1,000 Payment to MS River Bank: $555,000 Net to Disbursement Account $0 d. Peterson Rd. House owned by Vicknair Cos., LLC Sales Price: $132,000 Vicknair Cos. Closing Costs: $1,000 Vicknair Cos.: $30,000 Payment to MS River Bank: $101,000 Net to Disbursement Account: $0 If the Act of Sale takes place prior to the effective date of a confirmed Plan of Reorganization, the Debtor will deposit the Net Amounts to Disbursement Account in the DIP account at Mississippi River Bank. He will not use any of the funds deposited in the Mississippi River Bank DIP account without approval of the Court. If the Act of Sale takes place after the effective date of a confirmed plan of reorganization, the net amounts due to the Disbursement Account will be deposited in the Disbursement Account or as set forth in the confirmed plan of reorganization. Mississippi River Bank consents to the sale and distribution of funds. Said offer represents a reasonable price in light of the fair market value of the Properties and constitutes the highest and best offer received by the Debtor to date. A copy of the Appraisals and Purchase Agreement is available at: http://bankrupt.com/misc/Ernest_Vicknair_195_Sales.pdf The Purchaser: Donald T. Bollinger 400 Poydras Street, Suite 2480 New Orleans, LA 70130 The Appraiser: Neal S. Meyer Sergio A. Mesa MURPHY APPRAISAL SERVICES, LLC 19411 Helenberg Road, Suite 204 Covington, LA 70433 Telephone: (985) 626-4115 Facsimile: (985) 626-4116 Ernest A. Vicknair, Jr., sought Chapter 11 protection (Bankr. E.D. La. Case No. 17-11059) on April 27, 2017. The Debtor tapped Eric J. Derbes, Esq., at The Derbes Law Firm, LLC, as counsel. ESSEX CONSTRUCTION: Trustee May Use Cash Collateral Until Dec. 29 ----------------------------------------------------------------- The Hon. Thomas J. Catliota of the U.S. Bankruptcy Court for the District of Maryland has entered a seventh interim order authorizing Bradford F. Englander, Trustee for Essex Construction, LLC, to continue using cash collateral for the period commencing from November 11, 2017, through December 29, 2017. The Trustee is authorized to use cash collateral solely in an amount not to exceed the aggregate authorized amounts for expenses identified in the budget. The cash collateral may not be used to make any payments or any transfers to any insiders of the Debtor, including without limitation Jonathan Blunt. In addition, the cash collateral may not be used to pay any attorneys, accountants, auctioneers or other professionals until such time each such professional person's employment has been approved by the Court. The 8-week cash flow forecast shows contract expenses amounting to $665,468; total payroll in the aggregate amount of $72,941; employment taxes in the amount of $25,504; general and administrative expenses of approximately $38,565, and U.S. Trustee Fees of $4,875. Industrial Bank and Firstrust Bank are granted superpriority administrative claims against the Debtor, which superpriority administrative claims will be limited solely to any diminution in value of the cash collateral from and after the Petition Date, having priority in right of payment over any and all other obligations, liabilities and indebtedness of the Debtor. Industrial Bank and Firstrust Bank are also granted replacement liens on all of the Debtor's postpetition assets, which replacement liens will be limited solely to any diminution in value of the cash collateral. The replacement liens granted to Industrial Bank will be first and senior in priority, while the replacement liens granted to Firstrust Bank will be second and senior in priority to all other interests and liens of every kind. The Trustee has agreed not to create, permit, assume or suffer to exist any lien or security interest in favor of any person or entity on any property of the Estate, except any liens or security interests that existed prior to the Petition Date or any liens or security interests expressly consented to. Industrial Bank or Firstrust Bank will be permitted to inspect, examine and copy any and all books and records of the Debtor. The Trustee is directed to provide to Industrial Bank or Firstrust Bank such information and documents relating to cash collateral as Industrial Bank or Firstrust Bank will reasonably request. A full-text copy of the Seventh Interim Order, dated November 21, 2017, is available at https://is.gd/R9uDaV About Essex Construction, LLC Essex Construction, LLC, filed a Chapter 11 petition (Bankr. D. Md. Case No. 16-24661) on Nov. 4, 2016. The petition was signed by Roger R. Blunt, president and chief executive officer. The case is assigned to Judge Thomas J. Catliota. At the time of filing, the Debtor estimated assets to be less than $50,000 and liabilities at $1 million to $10 million. The Debtor hired Kim Y. Johnson, Esq., at the Law Offices of Kim Y. Johnson, and N. William Jarvis, Esq., as legal counsel. The Debtor has Robert Wrightson as executive vice president; Marc Hunter as executive assistant to the President and CEO; Mr. Curtis Bowers as marketing director; and BradyRenner and Company, LLC as accountant. The Office of the U.S. Trustee appointed Bradford F. Englander, Esq., as Chapter 11 trustee on March 17, 2017. The court confirmed the appointment on March 21, 2017. The Chapter 11 trustee is represented by Bradford F. Englander, Esq. at Whiteford, Taylor & Preston, LLP. The Trustee hires Protiviti Inc., as financial advisor. FAMILY CHIROPRACTIC: Jan. 11 Plan Confirmation Hearing ------------------------------------------------------ Judge Catherine Peek McEwen of the U.S. Bankruptcy Court for the Middle District of Florida conditionally approved Family Chiropractic Health Centers, Corp.'s disclosure statement in support of its plan of reorganization. Any written objections to the Disclosure Statement must be filed and served no later than seven days prior to the date of the hearing on confirmation. The Court will conduct a hearing on confirmation of the Plan on Jan. 11, 2018 at 1:45 p.m. in Tampa, FL - Courtroom 8B, Sam M. Gibbons United States Courthouse, 801 N. Florida Avenue. Parties of interest must submit their written ballot accepting or rejecting the Plan no later than eight days before the date of the Confirmation Hearing. Objections to confirmation must be filed with the Court and served no later than seven days before the date of the Confirmation Hearing. On May 18, the Court issued an order denying confirmation of the Debtor's Chapter 11 Plan, according to court documents. About Family Chiropractic Family Chiropractic Health Centers, Corp., filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 16-08291) on Sept. 26, 2016, disclosing under $1 million in both assets and liabilities. The Debtor is represented by David W. Steen, Esq., at David W. Steen, P.A. No official committee of unsecured creditors has been appointed in the case. FANSTEEL INC: Seeks Access to Cash Collateral Through Jan. 26 ------------------------------------------------------------- Fansteel, Inc., seeks permission from the U.S. Bankruptcy Court for the Southern District of Iowa for continued access to cash collateral starting on Dec. 2, 2017, through and including Jan. 26, 2018. The Debtor asserted that because of the sale hearings scheduled on Dec. 12, 2017 and the upcoming holidays, it is necessary to have flexibility to use cash collateral through Jan. 26, 2018. A copy of the Debtor's request is available at: http://bankrupt.com/misc/iasb16-01823-1149.pdf About Fansteel and Affiliates Headquartered in Creston, Iowa, Fansteel, Inc., manufactures aluminum and magnesium castings for the aerospace and defense industries. Fansteel has four locations in the USA and one in Mexico and has a workforce of more than 600 employees. Fansteel generated $87.4 million in revenue in 2015 on a consolidated basis. Wellman Dynamics Corporation contributed 67% of Fansteel's sales. The rest of the sales are generated from Intercast, a division of Fansteel, and other non-debtor subsidiaries. Fansteel, Wellman Dynamics, and Wellman Dynamics Machinery & Assembly, Inc., filed Chapter 11 petitions (Bankr. S.D. Iowa Case Nos. 16-01823, 16-01825 and 16-01827) on Sept. 13, 2016. The petitions were signed by Jim Mahoney, CEO. The cases are assigned to Judge Anita L. Shodeen. The Debtors disclosed total assets of $32.9 million and total debt of $41.97 million. The companies tapped Jeffrey D. Goetz, Esq., and Krystal R. Mikkilineni, Esq., at Bradshaw, Fowler, Proctor & Fairgrave, P.C., as counsel; RSM US LLP as tax advisor; Jeffrey Sands and Dorset Partners, LLC as business broker; and Mark J. Steger, Esq., at the Clark Hill Law Firm, as Environmental Counsel. The companies filed motions to jointly administer the cases pursuant to Bankruptcy Rule 1015(b), and the court ordered the joint administration on Oct. 17, 2016. The court subsequently entered an order on May 24, 2017, vacating its Oct. 17 order and discontinuing the joint administration of the cases under the lead case of Fansteel. On Sept. 23, 2016, the U.S. Trustee for Region 12 appointed an official committee of unsecured creditors in Fansteel's bankruptcy case. The committee retained Morris Anderson & Associates, Ltd., as financial advisor; and Archer & Greiner, P.C. and Nyemaster Goode, P.C., as counsel. In March 2017, the U.S. trustee announced that the unsecured creditors' committee of Fansteel would no longer serve as the official committee in its case and that it would be reconstituted as the official committee of unsecured creditors in the Chapter 11 cases of Wellman Dynamics and Wellman Dynamics Machinery. As of March 22, 2017, a new creditors' committee has not yet been appointed in Fansteel's bankruptcy case. Wellman Dynamics filed a Chapter 11 plan of reorganization and disclosure statement on Jan. 11, 2017. On May 8, 2017, the creditors' committee of Wellman Dynamics filed a rival Chapter 11 plan of liquidation for the company. FBI WIND DOWN: Trustee Selling Conover Property to KAMCP for $20K ----------------------------------------------------------------- Alan D. Halperin, Liquidating Trustee of FBI Wind Down, Inc., formerly known as Furniture Brands International, Inc., and affiliates, filed with the U.S. Bankruptcy Court for the District of Delaware a notice of his proposed sale of the real property located at 1511 Deborah Herman Road, S.W., Conover, North Carolina to K.A.M.C.P., LLC for $20,000, free and clear of all liens, claims, interests, and encumbrances. Each party will pay a commission to its own broker, if any, at closing. Objections, if any, to the Proposed Transaction must be filed no later than Dec. 1, 2017, at 4:00 p.m. (ET). About Furniture Brands Furniture Brands International (NYSE:FBN) -- http://www.furniturebrands.com-- engaged in the designing, manufacturing, sourcing and retailing home furnishings. Furniture Brands markets products through a wide range of channels, including company owned Thomasville retail stores and through interior designers, multi-line/ independent retailers and mass merchant stores. Its brands include Thomasville, Broyhill, Lane, Drexel Heritage, Henredon, Pearson, Hickory Chair, Lane Venture, Maitland-Smith and LaBarge. The balance sheet at June 29, 2013, showed $546.73 million in total assets against $550.13 million in total liabilities. On Sept. 9, 2013, Furniture Brands International, Inc. and 18 affiliated companies sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 13-12329). Attorneys at Paul Hastings LLP and Young Conaway Stargatt & Taylor, LLP, serve as counsel to the Debtors. Alvarez and Marsal North America, LLC, is the restructuring advisors. Miller Buckfire & Co., LLC is the investment Banker. Epiq Systems Inc. dba Epiq Bankruptcy Solutions is the claims and notice agent. The official creditor's committee is comprised of the Pension Benefit Guaranty Corp., Milberg Factors Inc. and five suppliers. The Committee tapped Blank Rome LLP as co-counsel, Hahn & Hessen LLP as lead counsel, BDO Consulting as financial advisor, and Houlihan Lokey Capital, Inc., as investment banker. In November 2013, Furniture Brands won bankruptcy court approval to sell the business to KPS Capital Partners LP for $280 million. Private-equity investor KPS formed a new company named Heritage Home Group LLC to operate the business. Furniture Brands changed its name to FBI Wind Down, Inc., following the sale. The Debtors on July 14, 2014, won confirmation of their Second Amended Joint Plan of Liquidation as filed on July 9, 2014. on Aug. 1, 2014, the Plan became effective and, pursuant to the Confirmation Order, the FBI Wind Down, Inc. Liquidating Trust was established and Alan D. Halperin was appointed as Liquidating Trustee f the Liquidating Trust. FC GLOBAL: Incurs $3.1 Million Net Loss in Third Quarter -------------------------------------------------------- FC Global Realty Incorporated filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $3.15 million on $0 of revenues for the three months ended Sept. 30, 2017, compared to a net loss of $7.41 million on $7.25 million of revenues for the three months ended Sept. 30, 2016. For the nine months ended Sept. 30, 2017, the Company reported a net loss of $3.86 million on $3.53 million of revenues compared to a net loss of $14.65 million on $29.73 million of revenues for the same period in 2016. As of Sept. 30, 2017, FC Global had $14.06 million in total assets, $9.03 million in total liabilities and $5.03 million in total stockholders' equity. As of Sept. 30, 2017, the Company had an accumulated deficit of $119,501,000. To date, and subsequent to the recent sale of the Company's last significant business unit, the Company has dedicated most of its financial resources to general and administrative expenses. At present, the Company is not generating any revenues from operating activities. Cash and cash equivalents as of Sept. 30, 2017 were $1,256,000 including restricted cash of $250,000. The Company has historically financed its activities with cash from operations, the private placement of equity and debt securities, borrowings under lines of credit and, in the most recent periods with sales of certain assets and business units. The Company will be required to obtain additional liquidity resources in order to support its operations. On Jan. 23, 2017, the Company sold its consumer products division to ICTV Brands, Inc., for a total selling price of $9.5 million. The Company has collected $5 million of that purchase price; the remaining amount of up to $4.5 million was to be payable through a contingent royalty on the sale of consumer products by ICTV Brands. A full-text copy of the Form 10-Q is available for free at: https://is.gd/D5vYlf About FC Global Willow Grove, Pennsylvania-based FC Global Realty Incorporated (formerly PhotoMedex, Inc.) is a global health products and services company providing integrated disease management and aesthetic solutions to dermatologists, professional aestheticians, ophthalmologists, optometrists, consumers and patients. The Company provides proprietary products and services that address skin conditions including psoriasis, vitiligo, acne, actinic keratosis, photo damage and unwanted hair, as well as fixed-site laser vision correction services at its LasikPlus(R) vision centers. PhotoMedex reported a loss of $13.26 million in 2016, following a loss of $34.55 million in 2015. Fahn Kanne & Co. Grant Thornton Israel, in Tel-Aviv, Israel, issued a "going concern" opinion on the consolidated financial statements for the year ended Dec. 31, 2016, citing that as of Dec. 31, 2016, the Company had an accumulated deficit of $115.6 million and shareholders' deficit of $1.408 million. Also, during the most recent periods the Company has incurred losses and negative cash flows from continuing operations and was forced to sell certain assets and business units to obtain additional liquidity resources to support its operations. In addition, on Jan. 23, 2017, the Company completed the sale of its consumer products division which represented the sale of substantially all of the remaining operations and assets of the Company. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. FEDERAL BUSINESS: Fulton Bank Opposes Approval of Plan Outline -------------------------------------------------------------- Secured creditor Fulton Bank, N.A., objects to the adequacy of the disclosures in the Disclosure Statement of Federal Business Systems Corporation Government Division. The Disclosure Statement provides that the Debtor will implement its Plan of Reorganization by (i) selling its real property; (ii) selling or surrendering its vehicles; (iii) selling its equipment; (iv) collecting its prepetition accounts receivable; and (v) having Catherine Prosser pay to the Debtor the sale proceeds ($25,000) of her stock in the Debtor. The bank complains that Plan and the Disclosure Statement are deficient because they do not set forth deadlines for the Debtor to implement the Plan. The Plan and the Disclosure Statement do not set a deadline for the Debtor to sell its real property or to achieve any milestones (including engaging a real estate broker and entering into a purchase agreement) concerning those sales. It also does not set target sale prices or provide any other details concerning the sales of the Debtor’s real property. In addition, the Disclosure Statement contains false, incomplete or misleading statements. It mischaracterizes the genesis of the cash collateral orders, stating that the "Debtor and Debtor's counsel relied largely on financial statements prepared by an accountant who worked closely with [the Bank]". This statement is irrelevant and overlooks the fact that the Debtor’s initial pleadings grossly misrepresented its cash on hand. Fulton Bank, thus, requests that the Court deny approval of the Debtor's Disclosure Statement and grant such other and further relief as may be just and proper. The Troubled Company Reporter previously reported that the Funds from the sale of Suite 120, after payment of United Bank will be used to pay unsecured or undersecured creditors under the plan. Funds from the sale of the Fairfax Properties, after payment of any amount due to Fulton Bank and payment of Fairfax real estate taxes, will also be used to pay unsecured or undersecured creditors. Any funds received from sale of equipment, collection on pre-filing accounts receivable, and from the purchase of the stock in the company will go to pay the secured Class 4 and Class 5 claims of Tech Data and Fulton Bank. A copy of the Disclosure Statement is available at: http://bankrupt.com/misc/vaeb17-12128-91.pdf Attorneys for Fulton Bank, N.A.: David S. Musgrave (VSB #35327) Gordon Feinblatt LLC 233 East Redwood Street Baltimore, Maryland 21202 (410) 576-4194 (410) 576-4196 (fax) Email: dmusgrave@gfrlaw.com About Federal Business Systems Federal Business Systems Corporation Government Division -- http://www.fbscgov.us.com/-- provides information technology solutions to federal, state and local governments, as well as commercial sector entities. FBSCGOV is headquartered in Wilmington, Delaware with offices in Loudoun County, Virginia, and Centreville, Virginia. Federal Business Systems filed a Chapter 11 petition (Bankr. E.D. Va. Case No. 17-12128) on June 21, 2017. The petition was signed by Geoff Prosser, director. The case is assigned to Judge Brian F. Kenney. The Debtor is represented by David Charles Masselli, Esq., at David Charles Masselli PC. At the time of filing, the Debtor estimated $1 million to $10 million in assets and liabilities. FEDERATION EMPLOYMENT: Amends Liquidation Plan to Add PBGC's Claims ------------------------------------------------------------------- Federation Employment and Guidance Service, Inc., doing business as FEGS, filed with the U.S. Bankruptcy Court for the Eastern District of New York a disclosure statement describing its first amended plan of liquidation dated Nov. 14, 2017. This latest filing adds the claims of the Pension Benefit Guaranty Corporation, a wholly owned US government corporation and agency that administers the pension plan termination insurance program under Title IV of the Employee Retirement Income Security Act of 1974 ("ERISA"). PBGC guarantees the payment of certain pension benefits upon the termination of single-employer plans covered by Title IV of ERISA. The PBGC asserts that the Debtor withdrew from the Pension Plan during these proceedings, and has filed the following claims against the Debtor in connection with the Pension Plan: * A claim in the estimated amount of $65,796,851 alleging that, upon withdrawal, the requirements of 29 U.S.C. section 1363 were satisfied, and the Debtor and all members of its controlled group are jointly and severally liable for the portion of the Pension Plan's unfunded liabilities, as of the withdrawal date, that is allocable to the Debtor and its controlled-group members under 29 U.S.C. section 1363(b). The PBGC claim further provides that if the Pension Plan is not terminated within five years from the withdrawal date, then the Debtor's liability will abate and PBGC shall refund any payments of this liability to Debtor's estate. If the Pension Plan is terminated within five years from the withdrawal date, the PBGC claim provides that PBGC will treat any payments of the Debtor's liability as assets of the terminated Pension Plan in accordance with ERISA. * An unliquidated claim against the Debtor alleging that the Debtor and each member of its controlled group are jointly and severally liable to PBGC for any unpaid insurance premiums, interest, and penalties with respect to the Pension Plan. * A contingent, unliquidated claim against the Debtor alleging that, if the Pension Plan terminates and its assets are insufficient to cover all of its benefit liabilities, then the Debtor and each member of its controlled group are jointly and severally liable to PBGC for the Debtor's allocable share of the total amount of the Pension Plan's unfunded benefit liabilities. The Debtor has not taken a position on PBGC's claims at this time and reserves all rights, claims, and defenses with respect thereto. A full-text copy of the Disclosure Statement is available at: http://bankrupt.com/misc/nyeb8-15-71074-962.pdf About FEGS Established in 1934 amidst the Great Depression, Federation Employment & Guidance Service, Inc. ("FEGS") is a not-for-profit provider of various health and social services to more than 120,000 individuals annually in the areas of behavioral health, disabilities, housing, home care, employment/workforce, education, youth and family services. At its peak, FEGs' network of programs operated over 350 locations throughout metropolitan New York and Long Island and employed 2,217 highly skilled professionals. FEGS sought Chapter 11 bankruptcy protection (Bankr. E.D.N.Y. Case No. 15-71074) in Central Islip, New York on March 18, 2015. The Debtor disclosed $86,697,814 in assets and $45,572,524 in liabilities as of the Chapter 11 filing. The Debtor filed applications to hire Garfunkel, Wild, P.C., as general bankruptcy counsel; Togut, Segal & Segal, LLP, as co-counsel; JL Consulting LLC as Restructuring Advisor, as restructuring advisor; Crowe Horwath, LLP as accountants; and Rust Consulting/Omni Bankruptcy as claims and noticing agent. On March 31, 2015, the U.S. Trustee appointed the Creditors' Committee. The U.S. Trustee for Region 2 appointed three members to the Official Committee of Unsecured Creditors. The Committee tapped Pachulski Stang Ziehl & Jones LLP as its counsel. FEGS, in July 2017, sold substantially all of its remaining residential estate portfolio to the State of New York, New York State Office of Mental Health ("OMH"), and the New York State Office for People With Developmental Disabilities ("OPWDD") for $25,213,667. FIELDPOINT PETROLEUM: Posts $901,000 Net Income in Third Quarter ---------------------------------------------------------------- FieldPoint Petroleum Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting net income of $901,105 on $701,141 of total revenue for the three months ended Sept. 30, 2017, compared to a net loss of $630,299 on $661,632 of total revenue for the same period in 2016. For the nine months ended Sept. 30, 2017, the Company reported net income of $2.23 million on $2.43 million of total revenue compared to a net loss of $2.07 million on $2.02 million of total revenue for the same period in 2016. The Company had net income for the three and nine months ended Sept. 30, 2017, due to the sale of non-producing and non-economic assets in New Mexico, but continue to have negative operating cash flow. As of Sept. 30, 2017, FieldPoint had $7.97 million in total assets, $6.59 million in total liabilities and $1.37 million in total stockholders' equity. As of Sept. 30, 2017, and Dec. 31, 2016, the Company has a working capital deficit of approximately $3,666,000 and $6,629,000, respectively, primarily due to the classification of its line of credit as a current liability. The line of credit provides for certain financial covenants and ratios measured quarterly which include a current ratio, leverage ratio, and interest coverage ratio requirements. The Company is out of compliance with all three ratios as of Sept. 30, 2017, and the Company does not expect to regain compliance in 2017. A Forbearance Agreement was executed in October 2016. Cash flow used in operating activities was $462,104 for the nine months ended Sept. 30, 2017, as compared to $862,342 of cash flow used in operating activities in the comparable 2016 period. The decrease in cash flows used in operating activities was primarily due to the increase in oil and natural gas revenue during the nine months ended 2017. Cash flow provided by investing activities was $2,995,931 for the nine months ended Sept. 30, 2017, which included proceeds of $3,345,000 from the sale of oil and natural gas properties, offset by $349,069 in additions to oil and natural gas properties and equipment. Cash flow used in investing activities was $96,618 for the nine months ended Sept. 30, 2016, due to additions to oil and natural gas properties and equipment. Cash flow used in financing activities was $2,927,780 primarily due to payments of $3,115,000 principal on the long term debt that was partially offset by proceeds of $187,220 from the sale of common stock during the nine months ended Sept. 30, 2017. No cash flow was provided by or used in financing activities for the nine months ended Sept. 30, 2016. "We are out of compliance with the current ratio, leverage ratio, and interest coverage ratio required by our line of credit as of September 30, 2017, and are in technical default of the agreement. In October 2016, we executed a sixth amendment to the original loan agreement, which provides for Citibank's forbearance from exercising remedies relating to the current defaults including the principal payment deficiencies. The Forbearance Agreement runs through January 1, 2018, and requires that we make a $500,000 loan principal pay down by September 30, 2017, and adhere to other requirements including weekly cash balance reports, quarterly operating reports, monthly accounts payable reports and pay all associated legal expenses. Furthermore, under the agreement Citibank may sweep any excess cash balances exceeding a net amount of $800,000 less equity offering proceeds, which will be applied towards the outstanding principal balance. The Company paid $3,115,000 toward the principal balance during the nine months ended September 2017." A full-text copy of the Form 10-Q is available for free at: https://is.gd/Orq01s About FieldPoint Petroleum FieldPoint Petroleum Corporation (NYSE:FFP) acquires, operates and develops oil and gas properties. Its principal properties include Block A-49, Spraberry Trend, Giddings Field, and Serbin Field, Texas; Flying M Field, Sulimar Field, North Bilbrey Field, Lusk Field, and Loving North Morrow Field, New Mexico; Apache Field, Chickasha Field, and West Allen Field, Oklahoma; Longwood Field, Louisiana; and Big Muddy Field, Wyoming. As of Dec. 31, 2015, the Company had varying ownership interests in 472 gross wells (113.26 net). FieldPoint Petroleum Corporation was founded in 1980 and is based in Austin, Texas. Hein & Associates LLP, in Dallas, Texas, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has suffered recurring losses, and has a working capital deficit. This, the auditors said, raises substantial doubt about the Company's ability to continue as a going concern. FieldPoint incurred a net loss of $2.47 million in 2016 and a net loss of $10.98 million in 2015. FINTUBE LLC: Proposes Bidding Procedures for Remaining Assets ------------------------------------------------------------- Fintube, LLC asks the U.S. Bankruptcy Court for the Northern District of Oklahoma to approve proposed procedures in connection with the sale of its remaining assets by auction. Pursuant to its engagement, ClearRidge, LLC is in the process of obtaining offers, letters of interest or letters of intent to purchase substantially all of the Sale Assets of the Estate. At such time as an asset purchase agreement or equivalent is received by the Debtor, the Debtor will file a motion to approve the sale to the prospective purchaser and request that the Court set the sale approval for a hearing and to receive higher and better offers by auction at the hearing and at the conclusion of the sale hearing to approve a sale to the highest and best bidder. The Final DIP Financing Order contemplates and requires that a sales procedure Order be procured and that essentially all of the assets of Debtor be sold by Dec. 31, 2017. Accordingly, the Debtor believes marketing its assets for sale through an auction will create a competitive bidding environment which will generate increased interest in the proposed sale and elicit higher and better offers for the Sale Assets. The salient terms of the Bidding Procedures are: a. Offers must exceed the Initial Offer by at least the amount of any breakup fee and cost reimbursement provided in the Initial Offer, plus $10,000. b. Offers to be accompanied by an earnest money deposit in current funds equal to the same percent of earnest money deposit as provided in the Initial Offer. c. Offers must be received no later than two business days prior to the Sale Hearing. d. Auction: At the Sale Hearing, the Debtor may (i) modify the bid procedures or add additional terms and conditions, subject to Court approval; or (ii) reject, at any time before the entry of an Order of the Court approving the Sale Motion, any bid. e. Bid Increments: $10,000 A copy of the Bidding Procedures attached to the Motion is available at: http://bankrupt.com/misc/Fintube_LLC_151_Sales.pdf Because of the impending expiration of the Debtor's authority to use cash collateral and availability of post-petition financing, as provided by the DIP Financing Order, any substantial delay of the approval of procedures to obtain a sale of the Sale Assets would be detrimental to the Estate and the creditors. For that reason, and considering the approval of BOKF, N.A. and the Committee's shortened and limited notice, the Debtor asks that if notice of the Procedures Motion is not waived as requested, that the Court sets the Procedures Motion for hearing in seven days, the Court's calendar permitting, and that notice of the Procedures Motion and the hearing thereon be limited to BOKF, the Committee, the Office of the Assistant U.S. Trustee, the 20 largest unsecured creditors and parties having entered an appearance and requested notice in the case. The Marketing Agent: CLEARRIDGE, LLC 427 S. Boston Ave. Tulsa, OK 74103 About Fintube LLC Fintube, LLC, is a Delaware limited liability company engaged in the business of engineering and manufacturing welded, extended surface tubing and designing and fabricating heat recovery systems for a worldwide market. The Company has been in business for over 50 years. Its primary facilities are located in Tulsa, Oklahoma. Fintube filed a Chapter 11 petition (Bankr. N.D. Okla. Case No. 17-11274) on June 27, 2017. The Debtor hired Doerner, Saunders, Daniel & Anderson, L.L.P. as legal counsel; ClearRidge LLC as financial advisor; and Bruce Jones, managing director of ClearRidge, as chief restructuring officer. On July 10, 2017, the Office of the U.S. Trustee appointed an official committee of unsecured creditors. No trustee or examiner has been appointed. The committee hired Crowe & Dunlevy, PC, as counsel. On Aug. 18, 2017, the Court approved ClearRidge, LLC to serve as the Debtor's Marketing Agent. GEK REALTY: Depays Buying Pearsall Property for $700,000 -------------------------------------------------------- GEK Realty and Home Improvement, LLC asks the U.S. Bankruptcy Court for the Eastern District of New York to authorize the sale of real property located at 2750 Pearsall Avenue, in Bronx, New York (Block 4525; Lot 20) to Stephan Depay and Carmen Depay for $700,000, subject to higher and better offers. The Debtor is the fee owner of the Pearsall Property which consists of a one family residential building. Said Property (along with the Jefferson Property) is presently encumbered by, at a minimum, a mortgage lien in favor of BHMPW Funding, LLC securing amounts which the Secured Creditor has asserted will total not less than $916,752 as of Nov.30, 2017. On Jan. 28, 2016, the Secured Creditor commenced an action in the Supreme Court of the State of New York, Bronx County, titled BHMPW Funding, LLC v. GEK Realty and Home Improvement, LLC, et al., seeking to foreclose its mortgage liens against the Pearsall Property and the Jefferson Property. As a result of the Debtor's Chapter 11 filing, further proceedings in the Foreclosure Action, including the entry of any judgment of foreclosure and sale, were stayed. The Debtor will shortly be filing a proposed chapter 11 plan of reorganization (possibly on a joint basis with the Secured Creditor) and a corresponding proposed Disclosure Statement. Briefly, the Plan will provide for the full payment of all of the Debtor's pre and post-Petition Date obligations, with applicable interest. It will further provide for the Debtor's existing ownership to retain their respective equity interests in the Debtor. The Plan will be implemented and funded by way of a post-confirmation sale of the Pearsall Property and, to the extent necessary to fully fund the distributions contemplated under the Plan, with the proceeds of non-recourse contributions from non-debtor third parties. Both prior to and after the Petition Date, the Debtor, with the assistance of its professionals, including Century 21 Metro Star which the Debtor will be seeking authority to retain as its real estate broker in the case, has been working to find a suitable purchaser for the Pearsall Property in the hopes of obtaining a purchase offer which would generate amounts sufficient to, at a minimum, fund substantially all of the distributions under a chapter 11 plan. As a result of those efforts, it was introduced to the Proposed Purchasers by Century 21 and extensive arms-length negotiations with the assistance of independent counsel ensued as to mutually agreeable terms of a sale of the Pearsall Property. The Debtor and the Proposed Purchaser subsequently entered into the Residential Contract of Sale. The material terms of the Contract are: a. The Proposed Purchaser will pay the sum of $700,000 in consideration of the Debtor's conveyance of its interests in the Pearsall Property free and clear of all liens and encumbrances; b. The proposed sale is subject to the Proposed Purchaser obtaining a mortgage from an institutional lender of $560,000 for a term of 30 years within 45 days of the Contract being fully executed; c. The proposed sale is not subject to any further conditions other than good and marketable title; d. The Pearsall Property is being sold "As Is"; e. The Proposed Purchaser has remitted a good faith deposit in the amount of $70,000 which is currently being held in escrow by the Debtor's counsel and will be applied to the amounts payable at closing; f. The closing will take place within 10 days of the entry of an Order by the Court approving the sale; and g. A brokerage commission equal to 4% of the purchase price is proposed to be paid by the Debtor in connection with the sale. A copy of the Contract attached to the Motion is available for free at: http://bankrupt.com/misc/GEK_Realty_45_Sales.pdf The Proposed Purchasers' $700,000-offer for the Pearsall Property remains subject to any higher or better offers. As such, simultaneously with its filing of the Motion, the Debtor is filing the Bid Procedures Motion with the Court seeking the entry of an Order establishing bidding and noticing procedures, and scheduling auction and hearing dates, in connection with the Debtor's proposed sale of the Pearsall Property. About GEK Realty and Home Improvement GEK Realty and Home Improvement LLC, based in Saint Albans, N.Y., filed a Chapter 11 petition (Bankr. E.D. N.Y. Case No. 17-40228) on Jan. 19, 2017. The Hon. Nancy Hershey Lord presides over the case. Arlene Gordon-Oliver, Esq., serves as bankruptcy counsel. In its petition, the Debtor estimates $1 million to $10 million in both assets and liabilities. The petition was signed by Gregory Carmichael, managing member. GRAND CANYON RANCH: FCI Files First Amended Liquidation Plan ------------------------------------------------------------ Creditor Fann Contracting, Inc., filed with the U.S. Bankruptcy Court for the District of Nevada an amended disclosure statement to accompany its first amended plan of liquidation for Grand Canyon Ranch, LLC dated Nov. 8, 2017. The Plan proposes to use proceeds received by the Estate pursuant to the Settlement Agreement entered into by the Canyon Rock Parties, the Mared Parties and the Trustee which consists of the sale of the Frontier Property to Mared for a $1.75 million payment and the Canyon Rock Parties receiving a payment of $900,000 with the Estate receiving $850,000. This new plan asserts that Prior to the settlement order being entered, the Bankruptcy Court previously ruled that part of the Frontier was not property of the Estate. Although there has been no specific finding by the Court to which parts of the Frontier are property of the Estate. There has not been a specific finding as to the allocation of value between the southern and northern portions of the Frontier, although the representation from other parties and the Trustee have been that the value of the southeastern part of the Frontier is negligible. In addition, within 30 days after the Effective Date, Liberty Mutual and Gallagher Basset are to each pay $100,000 into the Estate, for a total contribution of $200,000, in order to fully and finally settle all issues in the Fann Litigation and in exchange for full releases of Liberty Mutual, Gallagher Basset, and Fann by the Estate. The Trustee will be discharged no later than Confirmation, and Fann will serve as disbursing agent and agent for the winding up of the Estate. The Unsecured Creditors will receive a pro-rata distribution of the Estate’s cash on hand the consummation the Settlement Agreement and the payment received from Liberty Mutual and Gallagher Basset and a distribution of specified Estate funds to Fann. A full-text copy of the Amended Disclosure Statement is available at: http://bankrupt.com/misc/nvb15-14145-582.pdf About Grand Canyon Ranch Headquartered in Las Vegas, Nevada, Grand Canyon Ranch, LLC, filed for Chapter 11 bankruptcy protection (Bankr. D. Nev. Case No. 15-14145) on July 20, 2015, estimating its assets at between $1 million and $10 million and its liabilities at between $10 million and $50 million. The petition was signed by Nigel Turner, manager. Judge August B. Landis presides over the case. Matthew L. Johnson, Esq., at Johnson & Gubler, P.C., serves as the Debtor's bankruptcy counsel. GREENVILLE DOUGH: Taps Greg Williams as Accountant -------------------------------------------------- Greenville Dough, LLC, seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Greg Williams as accountant, bookkeeper and tax service provider. Mr. Williams will, among other things, assist the company and its affiliates, Melkinney LLC and Quality Franchise Restaurants LLC, in preparing their franchise tax returns; analyze the Debtors' financial position, assets and liabilities; prepare their monthly operating reports; and provide bookkeeping services. Mr. Williams estimates the fee for the preparation of the franchise tax returns is $437.50 In a court filing, Mr. Williams disclosed that he is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. About Greenville Dough Dallas, Texas-based Greenville Dough, LLC and its affiliates own and operate Mellow Mushroom franchise restaurants. On May 5, 2017, Chapter 11 petitions were filed by Greenville Dough, LLC (Bankr. N.D. Tex. Case No. 17-31858) and affiliates McKinney, Texas-based Melkinney, LLC (Bankr. N.D. Tex. Case No. 17-31859) and Frisco, Texas-based Quality Franchise Restaurants (Bankr. N.D. Tex. Case No. 17-31860). The petitions were signed by Monte Jensen, managing member of Greenville Dough. The cases are jointly administered under Case No. 17-31858. Greenville Dough and Quality Franchise each estimated assets at between $100,000, and $500,000 and liabilities at between $1 million and $10 million. Melkinney, LLC, estimated assets at between $500,000 and $1 million and liabilities at between $1 million and $10 million. Judge Barbara J. Houser presides over the cases. Robert Thomas DeMarco, Esq., at DeMarco-Mitchell, PLLC, serves as the Debtors' bankruptcy counsel. HELIOS AND MATHESON: Guarantees MoviePass Payment Obligations ------------------------------------------------------------- Helios and Matheson Analytics Inc. ("HMNY") entered into a commercial guaranty in favor of PayPal, Inc. pursuant to which HMNY agreed to guarantee the payment obligations of MoviePass Inc. to PayPal under a payment services agreement by and between PayPal and MoviePass. In accordance with the terms of the Guaranty, PayPal can enforce the Guaranty against HMNY even when PayPal has not exhausted its remedies against anyone else obligated to pay MoviePass' payment obligations or against any collateral securing such obligations. HMNY may terminate the Guaranty on 180 days written notice; provided, however, that the Guaranty will continue in full force until all of MoviePass' payment obligations incurred or contracted before and during such 180 day period have been fully paid. HMNY and MoviePass have entered into an acquisition agreement pursuant to which HMNY will acquire a majority stake in MoviePass. The issuance of shares of common stock of HMNY to MoviePass in connection with the MoviePass Transaction remains subject to approval by HMNY's stockholders in accordance with Nasdaq Listing Rule 5635. On Nov. 21, 2017, as an inducement for HMNY to enter into the Guaranty, MoviePass entered into a security and pledge agreement with HMNY, pursuant to which MoviePass granted HMNY a first priority security interest in and lien upon all of MoviePass' assets now owned or subsequently acquired in order to secure MoviePass' repayment obligations under the subordinated convertible promissory notes issued by MoviePass to HMNY in the aggregate principal amount of $19.05 million, representing funds loaned by HMNY to MoviePass as of that date, under any additional subordinated convertible promissory notes pursuant to which HMNY may loan additional funds to MoviePass, and MoviePass' obligation to indemnify HMNY against any losses arising from the Guaranty. In addition, in connection with the execution of the Security and Pledge Agreement, MoviePass entered into an intellectual property security agreement, dated Nov. 21, 2017, in favor of HMNY pursuant to which MoviePass granted HMNY a first priority security interest in and lien upon the registered intellectual property of MoviePass to secure the MoviePass Obligations. Waiver Agreement with Institutional Investors As previously reported, on Aug. 16, 2017 and Nov. 7, 2017, HMNY issued convertible promissory notes to institutional investors pursuant to securities purchase agreements dated Aug. 15, 2017 and Nov. 6, 2017, respectively. Absent a waiver by requisite Holders, the Purchase Agreements and the Notes would restrict HMNY from entering into the Guaranty. On Nov. 22, 2017, each of the Holders entered into a separate waiver agreement with HMNY pursuant to which, in consideration of the issuance by HMNY to the Holders of an aggregate of 275,000 unregistered shares of common stock allocated among the Holders on a pro rata basis (or, at each Holder's election, rights to acquire such Holder's pro rata portion of that number of shares of Common Stock), the Holders waived the Indebtedness Restriction and certain ancillary restrictions related to the issuance of the Waiver Shares. Additional Investment in MoviePass As previously disclosed, on Oct. 11, 2017, HMNY and MoviePass entered into an Investment Option Agreement, pursuant to which MoviePass granted HMNY an option to purchase additional shares of MoviePass common stock in an amount up to $20 million based on a pre-money valuation of MoviePass of $210 million amounting to an additional investment of up to 8.7% of the Currently Outstanding Shares of Common Stock (as defined in the MoviePass Option Agreement) of MoviePass, giving effect to the closing of the MoviePass Transaction. The issuance of HMNY's shares of common stock to MoviePass in connection with the MoviePass Transaction remains subject to approval by HMNY's stockholders in accordance with Nasdaq Listing Rule 5635. On Nov. 21, 2017, HMNY used $1.8 million of the cash proceeds received from the mandatory prepayments under those certain investor secured promissory notes issued by certain institutional investors to HMNY on Nov. 7, 2017 in order to exercise an additional $1.8 million of the MoviePass Option. In connection with the MoviePass Option Exercise, MoviePass issued HMNY a subordinated convertible promissory note in the principal amount of $1.8 million. Assuming the closing of the MoviePass Transaction occurs, MoviePass will issue the amount of shares of its common stock to HMNY underlying the MoviePass Option Note, and upon such issuance the MoviePass Option Note will be deemed satisfied in full. Completion of Permitted Sale Under HMIT Lockup Agreements On Nov. 21, 2017, Muralikrishna Gadiyaram, a director of HMNY, filed a Form 4 with the Commission with respect to the sale on Nov. 17, 2017 of 170,000 shares of HMNY common stock by Helios & Matheson Information Technology Ltd. and its wholly-owned subsidiary, Helios & Matheson Inc., which was the maximum number of shares permitted to be sold by HMIT under the previously reported lockup agreements executed by HMIT in connection with HMNY's sale of convertible notes to institutional investors in August and November 2017. Mr. Gadiyaram is an officer of Helios & Matheson Information Technology Ltd. and Helios & Matheson Inc. and a shareholder of Helios & Matheson Information Technology Ltd. All remaining shares of HMNY common stock owned by HMIT are subject to the transfer and sale restrictions of the Lockup Agreements. About Helios and Matheson Helios and Matheson Analytics Inc. (NASDAQ: HMNY) -- http://www.hmny.com/-- is a provider of information technology services and solutions, offering a range of technology platforms focusing on big data, artificial intelligence, business intelligence, social listening, and consumer-centric technology. Its holdings include RedZone Map, a safety and navigation app for iOS and Android users, and a community-based ecosystem that features a socially empowered safety map app that enhances mobile GPS navigation using advanced proprietary technology. Through TrendIt, HMNY has acquired technology addressing crowd and migration patterns and consumer behavior in real-time. The patented technology predicts population behavior, along with a crowd's population size, origin and destination. HMNY is headquartered in New York, NY and listed on the Nasdaq Capital Market under the symbol HMNY. Helios and Matheson reported a net loss of $7.38 million for the year ended Dec. 31, 2016, compared to a net loss of $2.11 million for the year ended Dec. 31, 2015. As of Sept. 30,2017, Helios and Matheson had $17.46 million in total assets, $41.54 million in total liabilities, $2.09 million in redeemable common stock and a $26.17 million total shareholders' deficit. HELIOS AND MATHESON: Reports $43.5M Net Loss for 3rd Quarter ------------------------------------------------------------ Helios and Matheson Analytics Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $43.46 million on $1.17 million of revenue for the three months ended Sept. 30, 2017, compared to a net loss of $923,670 on $1.72 million of revenue for the three months ended Sept. 30, 2016. For the nine months ended Sept. 30, 2017, the Company reported a net loss of $55.17 million on $3.67 million of revenue compared to a net loss of $1.19 million on $5.60 million of revenue for the nine months ended Sept. 30, 2016. Helios and Matheson reported a net loss of $7.38 million for the year ended Dec. 31, 2016, following a net loss of $2.11 million for the year ended Dec. 31, 2015. As of Sept. 30, 2017, Helios and Matheson had $17.46 million in total assets, $41.54 million in total liabilities, $2.09 million in redeemable common stock, and a total shareholders' deficit of $26.17 million. During the nine months ended Sept. 30, 2017 the Company's revenue declined by approximately 35% from the previous period and the Company incurred a net loss of approximately ($55.2) million as compared to a net loss of approximately ($1.2) million during the nine months ended Sept. 30, 2016. The net losses are primarily driven by a decrease in gross profit margin of approximately $1.0 million, an expense of approximately $2.2 million related to shares issued for services, an increase in amortization of approximately $1.3 million related to intangible assets acquired in conjunction with the Zone acquisition, and interest expense of approximately $16.8 million related to accretion and interest expense incurred from derivative instruments, and a loss of ($27.5) million from the change in market value from derivative and warrant liabilities. The Company's cash balances were approximately $1.7 million at Sept. 30, 2017 and approximately $2.7 million at Dec. 31, 2016. Net cash used in operating activities for the nine months ended Sept. 30, 2017 was approximately $7.6 million compared to net cash provided by operating activities of $39,578 for the nine months ended Sept. 30, 2016. Net cash used by operating activities primarily relates to a net loss of approximately ($55.2) million offset by non-cash adjustments of approximately $12.9 million related to accretion of debt discount, $27.5 million from the change in the Company's derivative securities, approximately $2.2 million related to shares issued in exchange for services, and approximately $1.3 million related to depreciation and amortization expense. The Company's accounts receivable, less allowance for doubtful accounts, at Sept. 30, 2017 and at Dec. 31, 2016 were approximately $0.3 million and $0.4 million, respectively, representing 52 days and 52 days of sales outstanding respectively. The Company has provided an allowance for doubtful accounts at the end of each of the periods presented. After giving effect to this allowance, the Company does not anticipate any difficulty in collecting amounts due. For the nine months ended Sept. 30, 2017, net cash used in investing activities was $5.3 million as compared to net cash used of $0.7 million for the nine months Sept. 30, 2016. The increase in cash outflows relating to investing activities was driven by a $5.0 million loan to MoviePass as part of the acquisition of a majority stake in MoviePass. For the nine months ended Sept. 30, 2017, net cash provided by financing activities was $12.0 million as compared to $1.0 million for the nine months ended Sept. 30, 2016. A full-text copy of the Form 10-Q is available for free at: https://is.gd/ZAI1bu About Helios and Matheson Helios and Matheson Analytics Inc. (NASDAQ: HMNY) -- http://www.hmny.com/-- is a provider of information technology services and solutions, offering a range of technology platforms focusing on big data, artificial intelligence, business intelligence, social listening, and consumer-centric technology. Its holdings include RedZone Map, a safety and navigation app for iOS and Android users, and a community-based ecosystem that features a socially empowered safety map app that enhances mobile GPS navigation using advanced proprietary technology. Through TrendIt, HMNY has acquired technology addressing crowd and migration patterns and consumer behavior in real-time. The patented technology predicts population behavior, along with a crowd's population size, origin and destination. HMNY is headquartered in New York, NY and listed on the Nasdaq Capital Market under the symbol HMNY. HOOPER HOLMES: Incurs $5.4 Million Net Loss in Third Quarter ------------------------------------------------------------ Hooper Holmes, Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $5.41 million on $14.01 million of revenues for the three months ended Sept. 30, 2017, compared to a net loss of $2.05 million on $9.75 million of revenues for the three months ended Sept. 30, 2016. For the nine months ended Sept. 30, 2017, the Company reported a net loss of $13.81 million on $30.50 million of revenues compared to a net loss of $7.94 million on $24.63 million of revenues for the nine months ended Sept. 30, 2016. As of Sept. 30, 2017, Hooper Holmes had $37.20 million in total assets, $42.11 million in total liabilities and a total stockholders' deficit of $4.91 million. The Company's primary sources of liquidity are cash and cash equivalents as well as availability under a Credit and Security Agreement with SCM Specialty Finance Opportunities Fund, L.P., as amended through the Omnibus Joinder to Loan Documents and Third Amendment to Credit and Security Agreement and Limited Waiver dated as of May 11, 2017 and the Waiver and Fourth Amendment to Credit and Security Agreement dated as of Nov. 14, 2017. In addition, the Company entered into the Amended and Restated Credit Agreement dated as of May 11, 2017, with SWK Funding, LLC, as amended by the First Amendment to the A&R Credit Agreement dated as of Aug. 8, 2017, and the Second Amendment to the A&R Credit Agreement dated as of Nov. 14, 2017. The A&R Credit Agreement provides both a term loan of $6.5 million and a $2.0 million revolving credit facility that the Company can use between June 1 and November 30, for both 2017 and 2018. The First Amendment provides an additional $2.0 million term loan. The Company has historically used availability under a revolving credit facility to fund operations due to a lag between the payment of certain operating expenses and the subsequent billing and collection of the associated revenue based on customer payment terms. To illustrate, in order to conduct successful screenings, the Company must expend cash to deliver the equipment and supplies required for the screenings. The Company must also expend cash to pay the health professionals and site management conducting the screenings. All of these expenditures are incurred in advance of the customer invoicing process and ultimate cash receipts for services performed. Given the seasonal nature of the Company's operations, management expects to continue using a revolving credit facility in 2017 and beyond. A full-text copy of the Form 10-Q is available for free at: https://is.gd/uuqfs8 About Hooper Holmes Founded in 1899, Hooper Holmes, Inc. -- http://www.hooperholmes.com/-- is a publicly-traded New York corporation that provides health risk assessment services. With the acquisition of Accountable Health Solutions, Inc. in 2015, the Company has expanded to also provide corporate wellness and health improvement services. This uniquely positions the Company to transform and capitalize on the large and growing health and wellness market as one of the only publicly-traded, end-to-end health and wellness companies. Mayer Hoffman McCann P.C., in Kansas City, Missouri, the Company's independent accounting firm, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has suffered recurring losses from operations, negative cash flows from operations and other related liquidity concerns, which raises substantial doubt about the Company's ability to continue as a going concern. Hooper Holmes reported a net loss of $10.32 million in 2016, compared to a net loss of $10.87 million in 2015. HOPE-WELL PILOT: Unsecured to Get Payment from Lawsuit Proceeds --------------------------------------------------------------- Hopewell-Pilot Project, L.L.C., and Title Rover, L.L.C., filed with the U.S. Bankruptcy Court for the District of Texas a joint disclosure statement and plan of reorganization. The Debtors will utilize funds from operations and also distribute the proceeds that they receive from their lawsuits against Ensource Investments, LLC and Ensource's principals (the "Lawsuit Proceeds") to creditors. Class 4 under the plan consists of the general unsecured claims. The Debtors estimate that the total amount of claims in this class is $270,000. The Debtors will pay a total of 100% on the allowed claims. The Debtors will pay to Class 4 an amount equal to 50% of the net Lawsuit Proceeds that remain after payment to Class 2, up to the full amount of claims in Class 4. Payment of the 50% interest in the Lawsuit Proceeds will occur within 30 days after the Debtors receive any Lawsuit Proceeds. The Debtor will also use operating revenues to make such payments. The Debtors believe that if they obtain favorable judgments in the lawsuits against Ensource and Ensource's principals, the proceeds will significantly decrease the amount of the claims against them. In addition, they believe that they will be able to resume operations with the elimination of the California Lawsuit. If the Debtors are able to resume operations, they will be able to pay the debts in accordance with the proposed Plan. The Debtors believe that their positions in the litigation pending in Houston are meritorious, however, the feasibility of the plan is not dependent on a successful outcome of the claims against Ensource. A full-text copy of the Disclosure Statement is available for free at: http://bankrupt.com/misc/txsb17-32880-33.pdf About Hopewell-Pilot Project, LLC Hopewell-Pilot Project, LLC, filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 17-32880) on May 4, 2017. The Hon. David Jones presides over the case. Baker & Associates represents the Debtor as counsel. In its petition, the Debtor estimated $100,000 to $500,000 in both assets and liabilities. The petition was signed by Mark Willis, president. ICAGEN INC: Incurs $1.7 Million Net Loss in Third Quarter --------------------------------------------------------- Icagen, Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $1.73 million on $5.42 million of sales for the three months ended Sept. 30, 2017, compared to a net loss of $2.08 million on $4.30 million of sales for the three months ended Sept. 30, 2016. For the nine months ended Sept. 30, 2017, the Company reported a net loss of $4.45 million on $17.01 million of sales compared to a net loss of $4.37 million on $6.36 million of sales for the nine months ended Sept. 30, 2016. As of Sept. 30, 2017, Icagen had $18.52 million in total assets, $25.69 million in total liabilities and a total stockholders' deficit of $7.17 million. According to Icagen, "We have a history of annual losses from operations since inception and we have primarily funded our operations through sales of our unregistered equity securities and cash flows generated from government contracts and grants, settlement of lawsuits and more recently from bridge note funding and debt funding, commercial customers and subsidy income. Although, we are generating funds from commercial customers and government grants, we continue to experience losses and may need to raise additional funds in the future to meet our working capital requirements. To date, we have never generated sufficient cash from operations to pay our operating expenses. We have received $16.5 million from Sanofi and despite the $10.125 million we expect to derive from Icagen-T for services provided to and operating expense contributions to be paid by Sanofi over the next four years, we expect our expenses to increase as our operations expand and our expenses may continue to exceed such revenue. As of December 31, 2016, we had not generated sufficient additional revenue from operations to pursue our business strategy, to respond to new competitive pressures or to take advantage of opportunities that may arise. These factors raised substantial doubt about our ability to continue as a going concern." As of Sept. 30, 2017, the Company had cash totaling $6,025,263, other current assets totaling $2,519,006 and total assets of $18,524,340. The Company had total current liabilities of $7,427,543 and a net working capital of $1,116,726, which includes deferred subsidy and deferred revenue received of $2,670,746, which will have no impact on cash flow. After eliminating these items, the working capital is $3,787,472. Total liabilities were $25,698,836, including deferred purchase consideration of $8,406,738. The deferred purchase consideration includes a net present value discount of $1,293,262 (made up of a gross present value discount of $2,468,700 less imputed interest movements of $1,175,438), the gross amount still due in terms of the acquisition agreement is $9,900,000 after the payment of $100,000 during the current period based on a potential earn out charge of the greater of (i)10% of gross revenues commencing in January 2017 per quarter and (ii) $250,000 per quarter, up to a maximum of $10,000,000 of which amounts in excess of $50,000 can be deferred and $200,000 was deferred for the quarters ended June 30, 2017 and Sept. 30, 2017. The deferred amount bears interest at a rate of 12.5% per annum. A full-text copy of the Form 10-Q is available for free at: https://is.gd/qxWvz6 About Icagen Durham, North Carolina-based Icagen, Inc., formerly known as XRpro Sciences, Inc. -- http://www.icagen.com/-- is a biopharmaceutical company, focusing on the discovery, development, and commercialization of orally-administered small molecule drugs that modulate ion channel targets. Its drug candidates include ICA-105665, a small molecule compound that targets specific KCNQ ion channels for the treatment of epilepsy and pain, which is in Phase II clinical trial stage; and a compound that targets the sodium channel Nav1.7 for the treatment of pain, which is in Phase I clinical trial stage. Icagen reported a net loss of $5.50 million in 2016 following a net loss of $8.67 million in 2015. RBSM LLP, in New York, issued a "going concern" opinion on the consolidated financial statements for the year ended Dec. 31, 2016, stating that the Company has incurred recurring operating losses, which has resulted in an accumulated deficit of approximately $27.6 million at Dec. 31, 2016. These conditions, among others, raise substantial doubt about the Company's ability to continue as a going concern. INTERNATIONAL RENTALS: Hearing on Disclosures Set for Jan. 9 ------------------------------------------------------------ Judge Lori S. Simpson of the U.S. Bankruptcy Court for the District of Maryland will convene a hearing on Jan. 9, 2018, at 10:00 a.m. to consider approval of International Rentals Corporation's disclosure statement. Dec. 19, 2017, is fixed as the last day for filing and serving written objections to the Disclosure Statement. The Troubled Company Reporter previously reported that the funds necessary to implement the plan will be generated from the sale of the Rockville, Maryland property. A full-text copy of the Disclosure Statement is available at: http://bankrupt.com/misc/mdb17-15505-41.pdf About International Rentals Corp International Rentals Corporation, a single asset real estate, filed a Chapter 11 petition (Bankr. D. Md. Case No. 17-15505) on April 20, 2017. Jose A. Reig, president, signed the petition. The case is assigned to Judge Lori S. Simpson. The Debtor is represented by Steven H. Greenfeld, Esq., at Cohen, Baldinger & Greenfeld, LLC. At the time of filing, the Debtor estimated assets and liabilities between $1 million and $10 million. J&S AUTO: Can Use Cash Collateral Through Dec. 22 ------------------------------------------------- The Hon. Melvin S. Hoffman of the U.S. Bankruptcy Court for the District of Massachusetts has entered an interim order permitting J&S Auto Inc. to use cash collateral through December 22, 2017. A further hearing on the matter is scheduled for December 19 at 10:15 a.m. About J&S Auto Inc. Based in Revere, Massachusetts, J&S Auto Inc. filed a Chapter 11 petition (Bankr. D. Mass. Case No. 17-13911) on Oct. 20, 2017. The Petition was signed by Sami Morsy, president. The Debtor is represented by George J. Nader, Esq., at Riley & Dever, P.C., as counsel. At the time of filing, the Debtor had $50,001 to $100,000 in estimated assets, and $100,001 to $500,000 in estimated liabilities. JC FITS: Stipulates with Pacific City Bank for Cash Collateral Use ------------------------------------------------------------------ JC Fits, Inc. asks the U.S. Bankruptcy Court for the Central District of California to approve a Cash Collateral Stipulation it reached with Pacific City Bank. Before filing for bankruptcy, the Debtor had two loans from Pacific City Bank, having balances of approximately $499,247 and $391,490, respectively. Those balances are secured by all of the Debtor's assets, including inventory and sales income. The Stipulation provides that Pacific City Bank has a blanket lien on all of the Debtor's assets, including cash. The Stipulation further provides that Pacific City Bank consents to the Debtor's use of cash collateral, solely for the purposes and in the total amounts set forth in a prepared budget for the period from the date of the Stipulation through March 31, 2018. As adequate protection of Pacific City Bank's interest in and consent to use of the cash collateral and as security for the Debtor's performance under the Stipulation, the Debtor will make regular monthly payments under the terms of the Loan Agreements. The Debtor agrees to pay Pacific City Bank: (1) upon the Court's approval of the Stipulation, the sum of $3,000 to be applied towards the Second Loan; (2) on the first day of each month, the regularly scheduled monthly installment for the First Loan, commencing on the first day of December 2017; and (3) interest only monthly payment for the Second Loan on the first day of each month commencing on the first day of December 2017. As further adequate protection of Pacific City Bank's interests and in consideration of consent to the Debtor's use of the cash collateral, as set forth in the Stipulation: (a) Pacific City Bank is granted a replacement lien on the rents, proceeds and profits of the pre-petition collateral, with such replacement lien being a perfected security interest in and to the post-petition collateral, having the same extent, validity and priority Pacific City Bank had in the prepetition collateral on the Petition Date. (b) If the proposed protection is insufficient to satisfy in full the claims of Pacific City Bank, Pacific City Bank will be granted an allowed claim in the amount of any such insufficiency. Such claim will have the super-priority provided by Section 507(b) of the Bankruptcy Code. (c) The Debtor will permit Pacific City Bank and its agents access to inspect the pre-petition collateral and will keep the pre-petition collateral insured as required by the lease with its landlord, the Loan Agreements, and the U.S. Trustee Guidelines. A full-text copy of the Debtor's Motion is available for free at https://is.gd/zd0oGL Counsel for Pacific City Bank is: Heesok Park, Esq. PARK & LIM 3530 Wilshire Blvd., Suite 1300 Los Angeles, CA 90010 About JC Fits JC Fits Inc. is in the business of selling wholesale garments and its assets consist primarily of garment inventory, which the Debtor sells to its wholesale customers. The sales revenue from this sale business is the sole source of the Company's income. JC Fits, Inc., filed a Chapter 11 bankruptcy petition (Bankr. C.D.CA. Case No. 17-21123) on September 12, 2017. The Hon. Robert N. Kwan presides over the case. Joon M. Khang, Esq. of Khang & Khang, LLP represents the Debtor as counsel. The Debtor disclosed total assets of $588,530 and total liabilities of $1.56 million. The petition was signed by Jeong H. Choi, president. JC FITS: Stipulates with Prime Business for Cash Collateral Access ------------------------------------------------------------------ JC Fits, Inc. asks the U.S. Bankruptcy Court for the Central District of California to approve the Cash Collateral Stipulation it reached with Prime Business Credit, Inc. Before filing for bankruptcy, the Debtor had a secured loan with Prime Business Credit, Inc., with a current balance of approximately $199,962. The loan is secured by all of the Debtor's assets, including inventory and sales income. Under the Stipulation, Prime Business consents to the Debtor's use of cash collateral, solely for the purposes and in the total amounts set forth in a prepared budget from the date of the Stipulation through March 31, 2018. The Debtor intends to use Prime Business' cash collateral to continue operating its business, paying ordinary business expenses. As adequate protection of Prime Business' interest in and consent to use of the cash collateral, and as security for the Debtor's performance under the Stipulation, the Debtor will allow Prime Business to continue to collect regular monthly interest payments. As further adequate protection of Prime Business' interests, and in consideration to the Debtor's use of the cash collateral as set forth in the Stipulation: (a) Prime Business will be granted a replacement lien on the rents, proceeds and profits of the pre-petition collateral, with such replacement lien being a perfected security interest in and to the post-petition collateral, having the same extent, validity and priority Prime Business had in the pre-petition collateral on the Petition Date. (b) If the replacement lien granted to Prime Business is insufficient to satisfy in full the claims of Prime Business, Prime Business will be granted an allowed claim in the amount of any such insufficiency. Such claim will have the super-priority provided by Section 507(b) of the Bankruptcy Code. (c) The Debtor will permit Prime Business and its agent to inspect the pre-petition collateral and will keep the pre-petition collateral insured as required by the Lease Agreements and the U.S. Trustee Guidelines. A full-text copy of the Debtor's Motion is available for free at https://is.gd/PSZcnL Counsel for Prime Business Credit, Inc. is: Scott Lee, Esq. LEWIS BRISBOIS, et al. 633 West 5th St., Suite 4000 Los Angeles, CA 90071 About JC Fits JC Fits Inc. is in the business of selling wholesale garments and its assets consist primarily of garment inventory, which the Debtor sells to its wholesale customers. The sales revenue from this sale business is the sole source of the Company's income. JC Fits, Inc., filed a Chapter 11 bankruptcy petition (Bankr. C.D.CA. Case No. 17-21123) on September 12, 2017. The petition was signed by Jeong H. Choi, president. The Debtor disclosed total assets of $588,530 and total liabilities of $1.56 million. The Hon. Robert N. Kwan presides over the case. Joon M. Khang, Esq. of Khang & Khang, LLP represents the Debtor as counsel. JONES PRINTING: Selling 1998 Komori 628 Printing Press for $90K --------------------------------------------------------------- Jones Printing, LLC asks the U.S. Bankruptcy Court for the Eastern District of Tennessee to authorize the sale of a 1998 Komori 628 printing press to Anand Printing Machinery, Inc. for $90,000. A hearing on the Motion is set for Dec. 14, 2017, at 11:00 a.m. The Debtor asserts that the property is burdensome to the estate and is not necessary for its effective reorganization. Celtic Capital Corp. is the first lienholder of the property in the estimated amount of $850,000. The Debtor proposes to sell the property free and clear of all interests. The Purchaser: ANAND PRINTING MACHINERY, INC. 188 West 16th Street Deer Park, NY 11729 Telephone: (609) 851-1499 E-mail: anandmachinery74@gmail.com About Jones Printing LLC Jones Printing, LLC -- http://jonesprinter.com-- is a printing company founded in 1941 in Chattanooga, Tennessee. For more than 75 years, it has produced creative communications solutions for Fortune 500 companies in insurance, manufacturing, healthcare, pharma, software, retail, gaming and entertainment industries. Beginning in 2011, Jones Printing has maintained "GMI Certification." The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tenn. Case No. 17-15187) on November 10, 2017. Richard Dale Ford, its president, signed the petition. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $50,000 and liabilities of less than $1 million to $10 million. Judge Shelley D. Rucker presides over the case. The Debtor tapped David Fulton, Esq., at Scarborough & Fulton as legal counsel. L & E RANCH: Taps Kessner Umebayashi as Legal Counsel ----------------------------------------------------- L & E Ranch LLC seeks approval from the U.S. Bankruptcy Court for the District of Hawaii to hire Kessner Umebayashi Bain & Matsunaga as its legal counsel. The firm will advise the Debtor regarding its duties under the Bankruptcy Code and will provide other legal services related to its Chapter 11 case. Within one year prior to the petition date, Kessner received $18,000 for pre-bankruptcy services and for services to be provided in connection with the Debtor's case. Steven Guttman, Esq., disclosed in a court filing that he and other employees of the firm do not have any interest adverse to the Debtor's estate, creditors and equity security holders. The firm can be reached through: Steven Guttman, Esq. Kessner Umebayashi Bain & Matsunaga 220 South King Street, Suite 1900 Honolulu, HI 96801 Phone: 1-808-536-1900 About L & E Ranch LLC L & E Ranch LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Hawaii Case No. 17-01184) on November 10, 2017. Judge Robert J. Faris presides over the case. LAKE LOTAWANA: Files Chapter 9 Plan of Adjustment of Debts ---------------------------------------------------------- Lake Lotawana Community Improvement District filed with the U.S. Bankruptcy Court for the Western District of Missouri a disclosure statement regarding its plan of adjustment of debts dated Nov. 14, 2017. The District's purpose in seeking relief under Chapter 9 and in proposing a Plan of Adjustment is to pay its secured, priority, and unsecured creditors in a timely fashion. The District proposes to retain its existing property and continue the operation of its Wastewater Treatment Plant. The District will pay for the benefit of holders of bond anticipation bonds over time through the Plan and the Allowed Claims of unsecured creditors, using the revenues the District earns after confirmation to fund Plan payments and funds on hand on the Effective Date of the Plan. The holders of secured Allowed Claims are classified separately within Class 1. Holders of unsecured Allowed Claims are classified as Class 2. Class 1 will be paid over a period of 40 years, with any remaining amounts due at the end of such period forgiven; Class 2 will be paid in full without interest within 90 days. A full-text copy of the Disclosure Statement is available at: http://bankrupt.com/misc/mowb16-42357-9-154.pdf About Lake Lotawana Community Improvement District Lake Lotawana Community Improvement District, based in Lees Summit, MO, filed a Chapter 9 petition (Bankr. W.D. Mo. Case No. 16-42357) on August 26, 2016. Andrew J. Nazar, Esq., at POLSINELLI PC, served as bankruptcy counsel. In its petition, the Debtor estimated $1 million to $10 million in both assets and liabilities. The petition was signed by Julie Jackson, president. M & J ENERGY: Taps as DJE's Paul Daryl Schouest as CRO ------------------------------------------------------ M & J Energy Group, LLC, seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to hire Paul Daryl Schouest of Don Juan Enterprises LLC as its chief restructuring officer. Mr. Schouest will supervise the Debtor's financial activities, including a review of its current operations, policies and procedures, and financial practices. He will also assist the Debtor in the formulation and implementation of its plan of reorganization. The Debtor will pay Mr. Schouest an hourly fee of $125. In a court filing, Mr. Schouest disclosed that he does not have any conflict of interest with the Debtor. Mr. Schouest's office address is: Paul Daryl Schouest Don Juan Enterprises LLC P.O. Box 390 Leonville, LA 70551 Phone: 337-418-9290 About M & J Energy Group Founded in 2006, M & J Energy Group, LLC -- https://www.mjenergygroup.com/ -- is an oil and natural gas company in Broussard, Louisiana. M & J Energy Group provides hydrostatic testing, torquing, bolting and construction services. It is currently working in Texas, Louisiana, Gulf of Mexico and Florida, and had done work in Pennsylvania, West Virginia, Wyoming, Oklahoma, Ohio, and Mississippi. M & J Energy's corporate office is in Scott, Louisiana, while its two satellite offices are in Houma, Louisiana and Ingelside, Texas. The Company is ISNetworld certified and also DISA certified. M & J Energy Group sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. La. Case No. 17-51115) on August 24, 2017. Slade Sanders, its owner, signed the petition. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $50,000 and liabilities of $1 million to $10 million. Judge Robert Summerhays presides over the case. John A. Mouton, III, Attorney at Law, serves as Chapter 11 counsel to the Debtor. The Debtor hired Payroll & Business Solutions, Inc. and Pitts & Matte as its accountant. MANUEL MEDIAVILLA: Unsecureds to Get Nothing Under Latest Plan -------------------------------------------------------------- Manuel Mediavilla, Inc., filed with the U.S. Bankruptcy Court for the District of Puerto Rico a third amended joint plan of reorganization. Class 6A under the plan consists of all other general unsecured creditors of the corporate Debtor. This class includes the allowed unsecured claim of PRLP. As provided for in Classes 4A and 4B, even when PRLP is agreeing that pursuant to the Settlement Agreement it will receive the Transfer Payment in full satisfaction of its Allowed Claims, PRLP, or its designee, will continue to hold an unsecured claim in Class 6A in the amount in the amount of $566,842.48 for voting purposes. Pursuant to the Settlement Agreement executed by the Debtor and PRLP, PRLP as Class 6A claimholder will retain its right to vote under the Plan, but will not receive any distribution under this Class in addition to the benefits arising from the Settlement Agreement This class is impaired. Class 6B consists of all general unsecured creditors of the individual Debtors including those obligations incurred by Mr. Manuel Mediavilla and Ms. Maydin Melendez in order to update and maintain the collateral of the secured creditor PRLP. This class includes the general unsecured creditors listed in the Schedules, those who filed a proof of claim, as well as the unsecured deficiency claim of PRLP. After reconciling these amounts and claims, and accounting for post-petition adequate protection payments received in both cases by PRLP as a secured creditor, the total liability under this class is $2,396,432.50. This class includes the allowed unsecured claim of PRLP in the amount of $2,301,810.56. As provided for in Classes 4A and 4B, even when PRLP is agreeing that pursuant to the Settlement Agreement it will receive the Transfer Payment in full satisfaction of its Allowed Claims, PRLP, or its designee, will continue to hold an unsecured claim in Class 6B in the amount of $566,842.48 for voting purposes. This amount was agreed upon by the parties in the Settlement Agreement. Pursuant to the Settlement Agreement executed by the Debtor and PRLP, PRLP as Class 6B claimholder shall retain its right to vote under the Plan and will cast a favorable vote. PRLP will not receive any distribution under this Class in addition to the benefits arising from the Settlement Agreement. The Debtor will pay 5% of all allowed general unsecured claims, other than PRLP, under this Class in 60 months from the Effective Date. This class is impaired. On the Effective Date of the Plan, the distribution, administration and management of corporation's affairs, collection of moneys, sale or transfer of properties and distribution to creditors will be under the control and supervision of the current officers, who will assume the same roles they have assumed throughout this reorganization process under the confirmed plan. Payment in full of PRLP's Claims No. 1 and 9 will be made in accordance to the terms and conditions of the Settlement Agreement. Other means of funding the plan will be from the proceeds from the sale of a lot of land currently unencumbered (Lot of land with an area of 454.50 square meters located at Lot #22, Urb. El Recreo, Tejas Ward, Humacao). The sale of this lot is expected to occur on or before 60 months from the Effective Date. In the event the lot is sold prior to the 60 month period, the Debtors will accelerate payment to the unsecured and priority creditors. A full-text copy of the Third Amended Joint Plan of Reorganization is available at: http://bankrupt.com/misc/prb13-02800-11-571.pdf About Manuel Mediavilla, Inc. Manuel Mediavilla, Inc., aka Muebleria Mediavill, sought protection under Chapter 11 of the Bankruptcy Code on April 11, 2013 (Bankr. D.P.R., Case No. 13-02800). The case is assigned to Judge Mildred Caban Flores. The Debtor's counsel is Carmen D. Conde Torres, Esq., at C. Conde & Assoc., in San Juan, Puerto Rico. The Debtor's scheduled assets is $2,191,098, while the scheduled liabilities is $2,484,529. The petition was signed by Manuel Mediavilla Garcia, president. MARINA BIOTECH: Will Issue $500,000 Note to Isaac Blech Trust ------------------------------------------------------------- Marina Biotech, Inc., entered into a note purchase agreement with a trust affiliated with Mr. Isaac Blech on Nov. 22, 2017, pursuant to which the Company will issue to the purchaser a secured convertible promissory note in the aggregate principal amount of $500,000, according to a Form 8-K report filed with the Securities and Exchange Commission. The Note will become due and payable on March 31, 2018. Interest will be paid on a monthly basis in cash or in shares of the common stock of the Company, at the option of the Company. The unpaid principal amount of the Note, together with any interest accrued but unpaid thereon, will, in general, automatically be converted into the securities of the Company to be issued and sold at the closing of any financing transaction involving the sale by the Company of its equity securities (or securities exercisable for or convertible into the equity securities of the Company) yielding aggregate gross proceeds to the Company of not less than $5,000,000. The Note is secured by the assets of the Company and certain of its wholly-owned subsidiaries pursuant to a Security Agreement by the Company and such subsidiaries in favor of the Purchaser dated as of Nov. 22, 2017, and an Intellectual Property Security Agreement by the Company and such subsidiaries in favor of the Purchaser dated as of Nov. 22, 2017. The Security Agreement provides the Purchaser with a security interest in, but not limited to, all of the property, equipment and fixtures, accounts, negotiable collateral, cash, and cash equivalents of the Company and certain of its wholly-owned subsidiaries, subject to certain exceptions. The security interest created in the collateral will be first priority, subject to the permitted encumbrances provided in the Security Agreement, and will be perfected to the extent such security interest can be perfected by the filing of a financing statement and filings with the U.S. Patent and Trademark Office. The security interest created in the collateral will be removed at such time as the Note is paid in full. Isaac Blech Elected as Director In connection with the transactions contemplated by the Purchase Agreement, the Board of Directors of the Company elected Isaac Blech as a member of the Board, which election became effective Nov. 22, 2017. Mr. Blech currently serves on the Board of Directors of Contrafect Corporation, a biotech company specializing in novel methods to treat infectious disease. Mr. Blech also serves as vice chairman of Cerecor, Inc., a company focused on pediatrics and rare diseases, as vice chairman of Edge Therapeutics, Inc., a CNS company developing new treatments for conditions such as brain trauma, and as vice chairman of Diffusion Pharmaceuticals, Inc., an oncology company. Mr. Blech was a founder of some of the world's leading biotechnology companies, such as Celgene Corporation, ICOS Corporation, Pathogenesis Corporation, Nova Pharmaceutical Corporation and Genetic Systems Corporation. These companies are responsible for major advances in oncology, infectious disease and cystic fibrosis. Mr. Blech received a B.A. in Medicine from Baruch College. The Company believes that Mr. Blech's experience as a director of numerous public biotechnology companies gives him the qualifications, skills and financial expertise to serve on the Company's Board of Directors. In connection with the appointment of Mr. Blech as a director of the Company, the Company granted to Mr. Blech options to purchase up to 473,457 shares of the common stock of the Company under the Company's 2014 Long-Term Incentive Plan. The options have an exercise price of $1.80 per share of common stock, and shall vest and become exercisable in 20 equal (or as nearly equal as possible) installments on the last calendar day of each calendar quarter over a five-year period beginning on Dec. 31, 2017. The options were issued pursuant to a Stock Option Agreement between the Company and Mr. Blech. About Marina Biotech Headquartered in Bothell, Washington, Marina Biotech, Inc. -- http://www.marinabio.com/-- is a biopharmaceutical company engaged in the discovery, acquisition, development and commercialization of proprietary drug therapeutics for addressing significant unmet medical needs in the U.S., Europe and additional international markets. The Company's primary therapeutic focus is the disease intersection of hypertension, arthritis, pain, and oncology allowing for innovative combination therapies of the plethora of already approved drugs and the proprietary novel oligotherapeutics of Marina Biotech, Inc. The Company's approach is meant to reduce the risk associated with developing a new drug de novo and also accelerate time to market by shortening the clinical development program through leveraging what is already known or can be learned in its proprietary Patient Level Database (PLD). Squar Milner LLP, in Los Angeles, California, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has suffered recurring losses and negative cash flows from operations and has had recurring negative working capital. This raises substantial doubt about the Company's ability to continue as a going concern. Marina Biotech reported a net loss of $837,143 in 2016 following a a net loss of $1.11 million in 2015. As of Sept. 30, 2017, Marina Biotech had $6.24 million in total assets, $4.61 million in total liabilities, all current, and $1.63 million in total stockholders' equity. MUSCLEPHARM CORP: CEO Drexler Has 59.8% Equity Stake ---------------------------------------------------- Ryan Charles Drexler reported in a Schedule 13D/A filed with the Securities and Exchange Commission that as of Nov. 3, 2017, he beneficially owned 18,417,740 shares of common stock of MusclePharm Corp., constituting 59.8 percent of the shares outstanding. The percentage of shares of Common Stock reported as being beneficially owned by Mr. Drexler, assuming the Restructured Note is converted immediately and all options are exercised immediately, is based upon 14,481,771 shares outstanding as of Aug. 1, 2017, as set forth in the Issuer's Quarterly Report on Form 10-Q for the quarter ended June 30, 2017, filed with the SEC on Aug. 14, 2017. Mr. Drexler is the chief executive officer of Consac, LLC and the president, chief executive officer and executive chairman of the Board of Directors of MusclePharm. His business address is 4721 Ironton Street, Building A, Denver, CO 80239. As disclosed on a Current Report on Form 8-K filed by the Issuer on Nov. 8, 2017, pursuant to a restructuring agreement dated as of Nov. 3, 2017, between the Issuer and Mr. Drexler, the Issuer restructured the following three secured promissory notes of the Issuer held by Mr. Drexler: (i) that certain convertible secured promissory note dated as of Dec. 7, 2015 and amended as of Jan. 14, 2017, in the original principal amount of $6,000,000, (ii) that certain convertible secured promissory note dated as of Nov. 8, 2016, in the original principal amount of $11,000,000 and (iii) that certain secured demand promissory note dated as of July 27, 2017, in the original principal amount of $1,000,000. Pursuant to the Restructuring, the Issuer issued to the Reporting Person an amended and restated convertible secured promissory note dated as of Nov. 8, 2017, in the original principal amount of $18,000,000, which amended, restated and replaced the Prior Notes in their entirety. The terms of the Restructured Note include the following: (a) the maturity date of all Prior Notes was extended from Nov. 8, 2017 (or, in the case of the Demand Note, upon demand by the Reporting Person) to Dec. 31, 2019; (b) interest will accrue on all principal and capitalized interest under the Restructured Note at a rate per annum equal to 12% (as compared to 10% per annum under the First Convertible Note and the Second Convertible Note, and 15% per annum under the Demand Note) and will compound annually; (c) interest will be payable quarterly in cash, provided that the Issuer may irrevocably elect to pay up to one-sixth of the interest payable on any such interest payment date either in kind by increasing the principal amount of the Restructured Note, or in shares of Common Stock at the closing price per share on the last business day of the calendar quarter immediately preceding such interest payment date (rounded down to the nearest whole share); (d) the Reporting Person has the right, but is not obligated, to convert all or any part of the obligations under the Restructured Note into Common Stock, at a conversion price equal to $1.11 (as compared to $1.83 under the First Convertible Note and Second Convertible Note); (e) following an event of default under the Restructured Note, the otherwise applicable interest rate will be increased by a default rate of 2%; and (f) following an event of default under the Restructured Note, any conversion, redemption, payment or prepayment of the Restructured Note under any circumstances will be in an amount equal to 105% of any outstanding fees, expenses and other amounts owing in connection with the Restructured Note. All accrued but unpaid interest in respect of the Prior Notes as of the Effective Date was paid in cash. Mr. Drexler proposed the Restructuring of the Prior Notes in order to provide the Company additional time to attain the financial position and liquidity to repay the obligations under the Prior Notes when due. A full-text copy of the regulatory filing is available at: https://is.gd/RBxgXG About MusclePharm Headquartered in Denver, Colorado, MusclePharm Corporation (OTCQB:MSLP) -- http://www.muslepharm.com/-- develops and manufactures a full line of National Science Foundation approved nutritional supplements that are 100 percent free of banned substances. MusclePharm is sold in over 120 countries and available in over 5,000 U.S. retail outlets, including GNC and Vitamin Shoppe. MusclePharm products are also sold in over 100 online stores, including bodybuilding.com, Amazon.com and Vitacost.com. MusclePharm reported a net loss of $3.47 million on $132.5 million of net revenue for the year ended Dec. 31, 2016, compared to a net loss of $51.85 million on $166.9 million of net revenue for the year ended Dec. 31, 2015. As of Sept. 30, 2017, MusclePharm had $30.11 million in total assets, $41.57 million in total liabilities and a total stockholders' deficit of $11.45 million. NEONODE INC: Reports $1.1 Million Net Loss for Third Quarter ------------------------------------------------------------ Neonode Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $1.11 million on $2.30 million of total revenues for the three months ended Sept. 30, 2017, compared to a net loss of $2.16 million on $1.63 million of total revenues for the three months ended Sept. 30, 2016. The 41% increase in total net revenues for the third quarter of 2017 as compared to the same period in 2016 is primarily related to continued growth in license fees and sales revenues from AirBar. For the nine months ended Sept. 30, 2017, the Company reported a net loss of $2.98 million on $6.96 million of total revenues compared to a net loss of $4.86 million on $7.34 million of total revenues for the same period during the prior year. As of Sept. 30, 2017, Neonode had $15.70 million in total assets, $5.70 million in total liabilities and $10 million in total stockholders' equity. The Company has incurred significant operating losses and negative cash flows from operations since its inception. The Company had an accumulated deficit of approximately $182.0 million and $179.0 million as of Sept. 30, 2017 and Dec. 31, 2016, respectively. In addition, operating activities used cash of approximately $4.7 million and $3.7 million for the nine months ended Sept. 30, 2017 and 2016, respectively. Neonode expects its revenues from license fees, non-recurring engineering fees and embedded sensor components sales will enable it to reduce its operating losses going forward. In addition, the Company has improved the overall cost efficiency of its operations, as a result of the transition from providing its customers a full custom design solution to providing standardized sensor components which require limited to no custom design work. The Company intends to continue to implement various measures to improve its operational efficiencies. No assurances can be given that management will be successful in meeting its revenue targets and reducing its operating loss. "I am happy to report that we have taken the initial step to deliver on our strategy with the first sales in the sensor component business. We manufactured and sold our first touch sensor components to twelve customers, who are in the process of designing new products that use our standardized components. We are now selling and actively marketing our sensors through various sales channels; direct to OEM customers, through Tier 1s and partner networks as well as together with distributors, such as Digi-Key. Our sales strategy opens up a significantly larger addressable market, from customers with small volume products to high volume products with the largest global OEMs. Although, we are able to supply the broader market with sensor components, in the short and mid-term our focus is on selected key markets," said Thomas Eriksson, CEO. "To conclude, we will continue to support our customers in our solid and profitable licensing business while increasing our marketing efforts to capitalize on our investments and expand the markets for our hardware sensor components. The solid base from our licensing business provides a stepping stone for the expansion, into larger and more lucrative markets for our sensor components. We believe the combination of licensing and hardware provides a solid foundation for the future growth of the company, and we look forward to working together with the new Board of Directors to continue to position Neonode as a leading supplier of advanced sensor technology," concluded Mr. Eriksson. During the quarter the Company improved its financial position through a $9.1 million, net of selling expenses, private placement. The Company also added four members to its Board of Directors in order to oversee the company's future growth and add new capabilities. Ulf Rosberg has been elected to serve as the Chairman of the Board and Asa Hedin, Per Eriksson and Andreas Bunge joined the Board and have been appointed to serve on various committees. All four new members of the Company's Board bring broad experience and knowledge from different backgrounds in the technology sector. A full-text copy of the Form 10-Q is available for free at: https://is.gd/U247rO About Neonode Neonode Inc. (NASDAQ:NEON) develops and licenses optical interactive sensing technologies. Neonode's patented optical interactive sensing technology is developed for a wide range of devices like automotive systems, printers, PC devices, monitors, mobile phones, tablets and e-readers. NEONODE and the NEONODE Logo are trademarks of Neonode Inc. registered in the United States and other countries. AIRBAR is a trademark of Neonode Inc. All other trademarks are the property of their respective owners. Visit http://www.neonode.comfor more information. Neonode incurred a net loss attributable to the Company of $5.29 million for the year ended Dec. 31, 2016, a net loss attributable to the Company of $7.82 million for the year ended Dec. 31, 2015, and a net loss attributable to the Company of $14.23 million for the year ended Dec. 31, 2014. NEOVASC INC: Incurs US$4.7 Million Net Loss in Third Quarter ------------------------------------------------------------ Neovasc Inc. reported a net loss of US$4.69 million on US$1.37 million of revenue for the three months ended Sept. 30, 2017, compared to a net loss of US$29.13 million on US$3.03 million of revenue for the three months ended Sept. 30, 2016. For the nine months ended Sept. 30, 2017, the Company reported a net loss of US$17.88 million on US$4.16 million of revenue compared to a net loss of US$123.70 million on US$6.75 million of revenue for the same period in 2016. As of Sept. 30, 2017, Neovasc had US$81.75 million in total assets, US$114.73 million in total liabilities and a total deficit of US$32.98 million. "From a product perspective, our two lead devices continue to perform well, quarter after quarter; patient after patient," commented Neovasc CEO, Alexei Marko. "Tiara has been implanted in 17 patients so far this year and 39 in total, and continues to show very encouraging results in terms of technical success and patient outcomes. For Reducer, this quarter marks a high-water mark in its commercial success in Europe and it recently was approved by the FDA to begin a pivotal study in the United States." "With the U.S. appeals process completed and the funding expected to be in place to advance our clinical priorities, our chief focus now is to advance our European pivotal trial for Tiara," added Marko. "This 115-person study is currently screening patients at 10 clinics across the U.K., Germany and Italy. With the success the product is already achieving in compassionate use cases and in other early feasibility trials, our expectation is enrolment will proceed in a timely fashion." Implantation of the Company's proprietary product for treating mitral valve disease, Tiara, is completed through a short trans-apical procedure and typically results in complete resolution of the patient's mitral regurgitation without significant residual leaks or obstruction of the ventricular outflow tract. To date, 39 patients have been implanted with Tiara. The 30-day survival rate for the first 37 patients (those treated more than 30 days ago) is 33 of 37, or 89%. There have been 17 cases performed in 2017, each was a technical success (100%), and of the 15 patients treated more than 30 days ago, 14 or 93% survived past 30 days. The Neovasc Reducer continues to show good commercial progress in Europe with a steadily growing number of implants and positive patient outcomes. The Company is currently exploring options for initiating the COSIRA-II IDE study, a 385 patient to be conducted at up to 35 centers in the United States and which was recently approved by the FDA. Cash used in operating activities for the three months ended Sept. 30, 2017, was US$4,041,228, compared to US$11,117,648 for the same period in 2016. For the three months ended Sept. 30, 2017, operating expenses were US$3,787,729, compared to US$7,364,783 for the same period in 2016, a decrease of US$3,577,054. This can substantially be explained by a decrease in litigation expenses of US$1,345,033. Net cash applied to investing activities for the three months ended Sept. 30, 2017, was US$186,847 compared to US$15,174 in 2016. Net cash provided by financing activities for the three months ended Sept. 30, 2017, was US$10,486, compared to $nil for the same period in 2016 from the proceeds of options. Neovasc finances its operations and capital expenditures with cash generated from operations and equity financings. As at Sept. 30, 2017 the Company had cash and cash equivalents of US$6,268,113 compared to cash and cash equivalents of US$22,954,571 as at Dec. 31, 2016. The Company's working capital deficit is US$35,234,565 as at Sept. 30, 2017 compared to a working capital deficit of US$17,497,931 as at Dec. 31, 2016. The Company said it will require significant additional financing in order to continue to operate its business. There can be no assurance that such financing will be available on favorable terms, or at all. The Company also said it is facing significant monetary damages and interest awards that exceeds its resources and could have a material adverse effect on the Company and its financial condition. These circumstances indicate the existence of material uncertainty and cast substantial doubt about the Company's ability to continue as a going concern. A full-text copy of the Quarterly Report is available at: https://is.gd/qOUxt7 About Neovasc Inc. Neovasc is a specialty medical device company that develops, manufactures and markets products for the rapidly growing cardiovascular marketplace. Its products include the Neovasc Reducer, for the treatment of refractory angina which is not currently available in the United States and has been available in Europe since 2015 and the Tiara, for the transcatheter treatment of mitral valve disease, which is currently under investigation in the United States, Canada and Europe. The Company also sells a line of advanced biological tissue products that are used as key components in third-party medical products including transcatheter heart valves. For more information, visit: www.neovasc.com. Neovasc reported a loss of US$86.49 million for the year ended Dec. 31, 2016, following a loss of US$26.73 million for the year ended Dec. 31, 2015. Grant Thornton LLP, in Vancouver, Canada, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, emphasizing that the Company was named in a litigation and that the court awarded $112 million in damages against it. This condition, along with other matters, indicate the existence of a material uncertainty that may cast significant doubt about the Company's ability to continue as a going concern, the auditors said. NEPHROS INC: Reports Net Loss of $632,000 in Third Quarter ---------------------------------------------------------- Nephros, Inc., reported a net loss of $632,000 on $916,000 of total net revenues for the three months ended Sept. 30, 2017, compared to a net loss of $706,000 on $475,000 of total net revenues for the three months ended Sept. 30, 2016. For the nine months ended Sept. 30, 2017, the Company reported a net loss of $2.09 million on $2.51 million of total net revenues compared to a net loss of $2.37 million on $1.57 million in total net revenues for the same period in 2016. As of Sept. 30, 2017, Nephros Inc. had $2.82 million in total assets, $2.55 million in total liabilities and $265,000 in total stockholders' equity. At Sept. 30, 2017, the Company had an accumulated deficit of approximately $122,395,000 and the Company expects to incur additional operating losses in the foreseeable future at least until such time, if ever, that it isable to increase product sales or license revenue. The Company has financed its operations since inception primarily through the private placements of equity and debt securities, its initial public offering, license revenue, and rights offerings. At Sept. 30, 2017, the Company had cash totaling approximately $150,000 and total assets of approximately $1,719,000, excluding other intangible assets (related to the License and Supply Agreement with Medica S.p.A.) of approximately $1,105,000. According to Nephros, "We have pursued two different sources of additional, non-dilutive financing. First, we entered into a $1,000,000 secured revolving credit facility with Tech Capital, LLC (the "Credit Facility"). As of September 30, 2017, the principal balance of the Credit Facility was approximately $563,000 and we are using these proceeds for working capital and general corporate purposes. "Second, we have received approval to sell a portion of our New Jersey net operating losses and research and development tax credits through a program administered by the New Jersey Economic Development Authority ("NJEDA"), which we anticipate will result in cash proceeds of over $1.75 million during the fourth quarter of 2017. "Based on our existing cash balances, our current cash flow projections, including projected increases in product sales from the launch of new products, and the anticipated proceeds from the NJEDA tax credit program, we believe that we will have sufficient cash resources to fund our operations at least through the first half of 2018, if not longer. However, our financial projections are subject to a number of uncertainties, including the timing and market acceptance of our new products and our ability to obtain the planned proceeds from the NJEDA tax credit program. There can be no assurance that any of such events will occur or that our future cash flow will be sufficient to meet our obligations and commitments. If we are unable to generate sufficient cash flow from our operations in the future to meet our operating requirements and other commitments or obtain the anticipated proceeds from the NJEDA tax credit program, we will be required to adopt alternatives, such as seeking to raise debt or equity capital, curtailing our planned activities, or ceasing our operations. There can be no assurance that any such actions could be effected on a timely basis or on satisfactory terms or at all or that these actions would enable us to continue to satisfy our capital requirements." Net cash used in operating activities was approximately $1,871,000 for the nine months ended Sept. 30, 2017 compared to approximately $1,584,000 for the nine months ended Sept. 30, 2016. There was no cash used in investing activities for the nine months ended Sept. 30, 2017. Net cash used in investing activities was approximately $45,000 for the nine months ended Sept. 30, 2016 as a result of the purchase of property, plant and equipment. Net cash provided by financing activities for the nine months ended Sept. 30, 2017 was approximately $1,742,000 resulting from the net proceeds from the issuance of common stock of approximately $1,179,000 and net proceeds from our revolving credit facility of approximately $563,000. Net cash provided by financing activities for the nine months ended Sept. 30, 2016 of $1,188,000 resulted from net proceeds of approximately $1,187,000 resulting from the issuance of unsecured promissory notes and approximately $1,000 of proceeds resulting from the exercise of warrants. A full-text copy of the Form 10-Q is available for free at: https://is.gd/pwcA1b About Nephros, Inc. River Edge, N.J.-based Nephros, Inc. -- http://www.nephros.com/-- is a commercial stage medical device company that develops and sells liquid purification filters. Its filters, which it calls ultrafilters, are primarily used in dialysis centers and healthcare facilities for the production of ultrapure water and bicarbonate. Moody, Famiglietti & Andronico, LLP, in Tewksbury, MA, issued a "going concern" qualification in its report on the consolidated financial statements for the year ended Dec. 31, 2016. It said, "[T]he Company has incurred negative cash flow from operations and recurring net losses. These conditions, among others, raise substantial doubt about its ability to continue as a going concern." Nephros reported a net loss of $3.03 million on $2.32 million of total net revenues for the year ended Dec. 31, 2016, compared with a net loss of $3.08 million on $1.94 million of total net revenue for the year ended Dec. 31, 2015. NET ELEMENT: Incurs $1.7 Million Net Loss in Third Quarter ---------------------------------------------------------- Net Element, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $1.66 million on $14.90 million of total revenues for the three months ended Sept. 30, 2017, compared to a net loss of $3.50 million on $14 million of total revenues for the same period in 2016. Revenues increased in the third quarter primarily due to organic revenue growth in the North America Transaction Solutions segment, which experienced 17.3% growth over the prior year. US accounted for 88% of Revenue, while international revenues were 12%. For the nine months ended Sept. 30, 2017, Net Element reported a net loss of $5.92 million on $44.6 million of total revenues compared to a net loss of $10.77 million on $38.96 million of total revenues for the nine months ended Sept. 30, 2016. As of Sept. 30, 2017, Net Element had $20.43 million in total assets, $18.45 million in total liabilities and $1.98 million in total stockholders' equity. "Third quarter was an important period for the Company as we streamlined international operations to build a more profitable and less capital intensive Mobile and Online Solutions business. Additionally, we regained compliance with the Nasdaq continued listing requirements," commented Oleg Firer, CEO of Net Element. "In the United States we continue to grow organically with the focus on value-added solutions." Cost of revenues for the three months ended Sept. 30, 2017 were $12,756,627 as compared to $11,695,168 for the three months ended Sept. 30, 2016. The $1,061,459 increase in cost of revenues was primarily due to a $1,693,145 increase in our North American Transaction Solutions segment due to the corresponding increase in sales volume. There also was a $414,149 increase in cost of revenues resulting from the Company's Online Solutions segment operations primarily due the costs associated with onboarding additional merchants. This was partially offset by a $1,045,836 decrease in its Mobile Solutions segment cost of revenues, which resulted from the corresponding decrease in revenues for its Mobile Solutions segment for the three months ended Sept. 30, 2017. Gross margin or the three months ended Sept. 30, 2017 was $2,144,504, or 14% of net revenue, as compared to $2,314,484, or 17% of net revenue, for the three months ended Sept. 30, 2016. The $169,980 decrease in gross margin was primarily due to a decrease of $180,405 in Mobile Solutions margin caused by a decrease in business and a $233,346 decrease in Online Solutions offset by $243,771 increase in gross margin in North American Transaction Solutions caused by continued growth of merchants with emphasis on value-added offerings. Total operating expenses were $3,418,716 for the three months ended Sept. 30, 2017, which consisted of general and administrative expenses of $2,357,729, non-cash compensation expenses of $111,277, provision for bad debts of $319,690, and depreciation and amortization of $630,020. Total operating expenses were $4,083,494 for the three months ended September 30, 2016, which consisted of general and administrative expenses of $2,284,737, non-cash compensation expenses of $732,701, provision for bad debts of $301,170, and depreciation and amortization of $764,886. Professional fees decreased by $11,042 mainly due to a decrease in general legal fees because of decreases in litigation and tax compliance fees partially offset by an increases in SEC compliance and consulting fees due to increased public market transactions. Non-cash compensation expense from share-based compensation was $111,277 for the three months ended Sept. 30, 2017, compared to $732,701 for the three months ended Sept. 30, 2016. The majority of these expenses were for employee and consultant equity incentives for both periods. The Company recorded bad debt expense of $319,690 for the three months ended Sept. 30, 2017 as compared to $301,170 for the three months ended Sept. 30, 2016. For the three months ended Sept. 30, 2017, the Company recorded a loss which was primarily comprised of $227,281 in ACH rejects and a $92,409 provision from our Russian operations. Of the $678,143 of gross ACH rejects, $111,174 were passed through to independent sales organizations via a reduction in commissions. For the three months ended Sept. 30, 2016, the Company recorded a loss which was primarily comprised of $301,132 in net ach rejects. Of the $301,132 of net ACH rejects, $117,794 were passed through to independent sales organizations via a reduction in commissions. Depreciation and amortization expense consists primarily of the amortization of merchant portfolios plus depreciation expense on fixed assets, client acquisition costs, capitalized software expenses, trademarks, domain names and employee non-compete agreements. Depreciation and amortization expense was $630,020 for the three months ended Sept. 30, 2017 as compared to $764,886 for the three months ended Sept. 30, 2016. The decrease was due to the full amortization of certain software and merchant portfolio assets during 2016. A full-text copy of the Form 10-Q is available for free at: https://is.gd/6zJtVD About Net Element North Miami, Florida-based Net Element, Inc. (NASDAQ:NETE) -- http://www.netelement.com/-- operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise in the US and selected emerging markets. In the U.S. it aims to grow transactional revenue by innovating SME productivity services such as its cloud based, restaurant and retail point-of-sale solution Aptito. Internationally, Net Element's strategy is to leverage its omni-channel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions such as UAE, Kazakhstan, Kyrgyzstan and Azerbaijan where initiatives have been recently launched. Net Element was named in 2016 by South Florida Business Journal as one of the fastest growing technology companies. Net Element reported a net loss of $13.61 million on $54.28 million of total revenues for the 12 months ended Dec. 31, 2016, compared to a net loss of $13.32 million on $40.23 million of total revenues for the 12 months ended Dec. 31, 2015. Daszkal Bolton LLP's report on the Company's consolidated financial statements for the year ended Dec. 31, 2016, contains an explanatory paragraph expressing substantial doubt as to the Company's ability to continue as a going concern. The independent auditors stated that the Company's recurring losses from operations and working capital and accumulated deficits raise substantial doubt about its ability to continue as a going concern. NETWEST INC: Dec. 13 Hearing on Plan and Disclosure Statement ------------------------------------------------------------- Judge Russell F. Nelms of the U.S. Bankruptcy Court for the Northern District of Texas issued an order conditionally approving Netwest, Inc.'s disclosure statement referring to its plan of reorganization dated Nov. 10, 2017. Dec. 11, 2017, is fixed as the last day for filing and serving written acceptances or rejections of the Plan in the form of a ballot. Dec. 13, 2017, at 1:30 p.m. is fixed for the hearing on Confirmation of the Plan and Final Approval of the Disclosure Statement in the Courtroom of the Honorable Russell F. Nelms, 501 Tenth Street, 2nd Floor, Fort Worth, Texas. Dec. 11, 2017, is fixed as the last day for filing and serving written objections to confirmation of the Plan or the Disclosure Statement. About Netwest Headquartered at Stephensville, Texas, NetWest filed for Chapter 11 bankruptcy (Bankr. N.D. Tex. Case No. 17-43103) on July 31, 2017. The case is assigned to Judge Russell F Nelms. Eric Liepins, Esq., at Eric Liepins, P.C. represents the Debtor. As of the time of the filing, the Debtor estimated less than $1 million in assets and liabilities. NEW GETHSEMANE: Taps DelBello Donnellan as Legal Counsel -------------------------------------------------------- The New Gethsemane Baptist Church seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire DelBello Donnellan Weingarten Wise & Wiederkehr, LLP, as its legal counsel. The firm will advise the Debtor regarding its duties under the Bankruptcy Code; negotiate with creditors; give advice regarding any potential refinancing of secured debt or sale of its business; assist in the preparation of a plan of reorganization; and provide other legal services related to the Debtor's Chapter 11 case. The firm's hourly rates for its attorneys range from $620 to $375. Paraprofessionals charge $150 per hour. It received a retainer from the Debtor in the sum of $5,000. DelBello is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Jonathan S. Pasternak, Esq. Julie Cvek Curley, Esq. DelBello Donnellan Weingarten Wise & Wiederkehr, LLP One North Lexington Avenue White Plains, NY 10601 Phone: (914) 681-0200 About The New Gethsemane Baptist Church The New Gethsemane Baptist Church, a not-for-profit religious corporation organized under Section 501(c) of the Internal Revenue Code and licensed in New York, operates a church and owns improved real property located at 203-209 Rochester Avenue, Brooklyn, New York. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 17-46048) on November 14, 2017. Jason McCants, chief executive officer, signed the petition. At the time of the filing, the Debtor disclosed $3.90 million in assets and $860,000 in liabilities. Judge Elizabeth S. Stong presides over the case. NORTHERN OIL: Robert Rowling Reports 18.6% Equity Stake ------------------------------------------------------- In an amended Schedule 13D filed with the Securities and Exchange Commission, these reporting persons reported beneficial ownership of shares of common stock of Northern Oil and Gas, Inc., as of Nov. 13, 2017: Shares Percentage Beneficially of Reporting Persons Owned Class ----------------- ------------ ---------- TRT Holdings, Inc. 7,169,741 10.7% Cresta Investments, LLC 3,947,921 5.9% Cresta Greenwood, LLC 1,344,223 2.0% Robert B. Rowling 12,461,885 18.6% The percentages are based on 66,822,028 shares of Common Stock issued and outstanding as of Nov. 1, 2017, as set forth in the Issuer's Quarterly Report on Form 10-Q, filed with the SEC on Nov. 9, 2017. On Nov. 13, 2017, certain of the reporting persons and certain other holders of the Issuer's 8.00% senior notes due June 1, 2020 entered into a cooperation agreement. Collectively, the Cooperating Noteholders hold more than 69% of the aggregate outstanding principal amount of the Notes. Pursuant to the Cooperation Agreement, the Cooperating Noteholders agreed, among other things, not to pursue, enter into, support or vote in favor of any potential financing, recapitalization, debt exchange, debt buyback, asset sale, reorganization and/or restructuring transaction involving the Company and the Notes that is not supported by the Cooperating Noteholders. The Cooperation Agreement also prohibits each Cooperating Noteholder from, directly or indirectly, transferring any of its Notes to the Issuer or any of the Issuer's affiliates. Notwithstanding the Cooperation Agreement, the Reporting Persons do not have, and it is the intent of the Reporting Persons that the Cooperation Agreement will not constitute, an agreement, arrangement, understanding or relationship with any other person for purposes of acquiring, holding, voting, or disposing of any securities issued by the Issuer or any affiliate of the Issuer, other than the Notes, including the Common Stock or other equity securities or taking derivative positions relating to any Other Securities. A full-text copy of the regulatory filing is available at: https://is.gd/i9ZCog About Northern Oil Minnetonka, Minnesota-based Northern Oil and Gas, Inc. -- http://www.NorthernOil.com/-- is an exploration and production company with a core area of focus in the Williston Basin Bakken and Three Forks play in North Dakota and Montana. Northern Oil reported a net loss of $293.5 million in 2016 following a net loss of $975.4 million in 2015. As of Sept. 30, 2017, Northern Oil had $494.36 million in total assets, $964.97 million in total liabilities and a total stockholders' deficit of $470.60 million. * * * In March 2017, Moody's Investors Service affirmed Northern Oil and Gas' 'Caa2' Corporate Family Rating (CFR), the 'Caa2-PD' Probability of Default Rating (PDR), the 'Caa3' senior unsecured notes rating, and the SGL-4 Speculative Grade Liquidity (SGL) rating. The ratings outlook is negative. "The affirmation reflects Moody's expectations that Northern Oil & Gas will continue to have elevated leverage as it increases capital spending in 2017 to keep production volumes flat," commented James Wilkins, Moody's Vice President-Senior Analyst. "The negative outlook reflects the likelihood that the company's earnings will not recover sufficiently to meet its financial covenants in the second quarter 2018." As reported by the TCR on Nov. 16, 2017, S&P Global Ratings raised its corporate credit rating on U.S.-based oil and gas E&P company Northern Oil and Gas Inc. to 'CCC+' from 'CCC-'. "The upgrade reflects our assessment of the company's improving, but still weak financial measures and liquidity following the capital raised from the new term loans, and the repayment and termination of the revolving credit facility, which was due in 2018 ($155 million outstanding as of Sept. 30, 2017). OCALA PETROLEUM: Seeks Authorization to Use Cash Collateral ----------------------------------------------------------- Ocala Petroleum, Inc. requests the U.S. Bankruptcy Court for the Middle District of Florida for authority to use cash collateral, in which Apex Bank, the U.S. Small Business Administration, and M&A Brothers Realty No. 8, Inc. and other disputed lien-holders may assert liens and security interests. The Debtor specifically intends to use the rental income derived from the investment real property it owns located at 2711 W. Silver Springs Blvd., in Ocala, Florida 34475-5657. The Debtor proposes to utilize the cash collateral during the pre-confirmation period in accordance with a prepared budget. The Debtor seeks approval of its cash collateral use within a 10% variance from the Budget. Pursuant to the Budget, the Debtor anticipates expending total monthly expenses of approximately $13,306, and will be operating the Property on a positive cash-flow basis during the pendency of its Chapter 11 case and beyond. The Debtor proposes to provide adequate protection by making pre-confirmation period interest only payments to all secured creditors. More specifically: (a) the First Mortgage held by Apex Bank will be paid a 5.25% interest only payment of $7,544.44; (b) the Second Mortgage held by Small Business Administration will be paid a 5.35% interest only payment of $4,083.10; and (c) the Third Mortgage held by M&A Brothers No. 8, Inc. will not be paid an interest only payment, as the Third Mortgage held by M&A Brothers No. 8, Inc. is unsecured. The Debtor will maintain all applicable policies of insurance. The Debtor also agrees to produce any reports necessary to demonstrate the Debtor's financial operations, insurance coverage, and use of cash collateral. No other replacement lien or additional insurance is required to adequately protect the applicable Secured Creditor's interest in the cash collateral. A full-text copy of the Debtor's Motion is available at https://is.gd/aq5r8p About Ocala Petroleum, Inc. Ocala Petroleum, Inc. is a privately held company engaged in the real estate rental business. It is the fee simple owner of a real property located at 2711 W. Silver Springs Blvd. Ocala FL 34475. The market value of the total property (consisting of retail store, site improvements, land, fuel equipment, off-site improvements, and indirect expenses) is $1.8 million. The company's gross revenue from rents in 2016 amounted to $144,000 and $122,000 in 2015. Ocala Petroleum, Inc. filed a Chapter 11 petition (Bankr. M. D. Fla. Case No. 17-04039) on November 21, 2017. The petition was signed by Scott Mark Sherman, president. The Debtor is represented by Seldon J Childers, Esq. at ChildersLaw LLC. At the time of filing, the Debtor had $1.8 million in total assets and $3.14 million in total liabilities. The Hon. Jerry A. Funk presides over the case. OCEAN CLUB: Wants To Use Cash Collateral to Fund Operations ----------------------------------------------------------- Ocean Club of Walton County, Inc., asks for authorization from the U.S. Bankruptcy Court for the Northern District of Florida to use cash collateral to fund its operating expenses and the costs of administering its Chapter 11 case to avoid immediate and irreparable harm to the estate pending a final hearing and the entry of a final court order. Specifically, the Debtor intends to use cash collateral for: a. payroll; b. insurance, including worker's compensation, health insurance, and general liability insurance; c. purchase of food and alcohol inventory; d. purchase of supplies; e. payment of utilities; f. other payments necessary to sustain continued business operations; g. care, maintenance, and preservation of the Debtor's assets; and h. costs of administration in this Chapter 11 case. Except as specifically authorized by law or court order, the Debtor will not use Cash Collateral to pay prepetition obligations. The Debtor's primary secured lender is Hancock Bank, which is owed approximately $1 million in connection with a prepetition loan secured by a mortgage on the Debtor's restaurant in Miramar Beach, Florida. The Lender may also assert liens on and security interests in the Debtor's accounts, deposit accounts, inventory, and all cash and non-cash proceeds of the foregoing. Accordingly, the Lenders may have an interest in the Debtor's cash collateral. In exchange for the Debtor's ability to use cash collateral in the operation of its business, the Debtor proposes to grant to the Lender, as adequate protection, a replacement lien to the same extent, validity, and priority as existed on the Petition Date. In other words, the Debtor proposes that the Lender's floating lien on the assets continue to float to the same extent, validity, and priority as existed on the Petition Date, notwithstanding Section 552 of the U.S. Bankruptcy Code. The Debtor asserts that the interests of the Lender will be adequately protected by the replacement lien. To continue its business activities in an effort to achieve a successful reorganization, the Debtor must use Cash Collateral in the ordinary course of business. The inability of the Debtor to meet its ordinary business expenses will require the Debtor to discontinue normal operations, which will result in irreparable injury to the Debtor and its chances for reorganization. Any discontinuation would also materially and adversely impact the value of the collateral. A copy of the Debtor's request is available at: http://bankrupt.com/misc/flnb17-31019-12.pdf About Ocean Club Headquartered in Miramar Beach, Florida, Ocean Club of Walton County, Inc. -- http://theoceanclubdestin.com/-- operates the Ocean Club seafood restaurant located at the entrance to Tops'l Beach & Racquet Resort and across the street from Sandestin Golf and Beach Resort in Destin. The restaurant's menu includes Smoked Scottish Salmon, Steamed Prince Edward Island Mussels Provencale, Buttermilk Fried Calamari, and Shrimp Cocktail. The Ocean Club prides itself on providing live entertainment from the Emerald Coast artists. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. N.D. Fla. Case No. 17-31019) on Nov. 14, 2017, estimating its assets at between $500,000 and $1 million and liabilities at between $1 million and $10 million. The petition was signed by Cary Shahid, president. Judge Jerry C. Oldshue Jr. presides over the case. Jodi Daniel Cooke, Esq., at Stichter, Riedel, Blain & Postler, P.A., serves as the Debtor's bankruptcy counsel. OL FRESH: Obtains Access to Cash Collateral Thru Jan. 18 -------------------------------------------------------- The Hon. Joan N. Feeney of the U.S. Bankruptcy Court for the District of Massachusetts has entered an order authorizing OL Fresh, LLC's continued interim use of the cash collateral through the continued hearing which will be held on January 18, 2017 at 11:00 a.m. The Debtor is required to file a reconciliation of income and expenses to budget by January 16. Any objections to further use of cash collateral should be filed no later than January 17. A full-text copy of the Order, dated November 21, 2017, is available at https://is.gd/4FPRIn About OL Fresh OL Fresh, LLC, filed a Chapter 11 petition (Bankr. D. Mass. Case No. 17-10994) on March 23, 2017. The petition was signed by James W. Amatucci, managing member. At the time of filing, the Debtor disclosed $30,400 in total assets and $298,003 in total liabilities. The case is assigned to Judge Joan N. Feeney. The Debtor is represented by Timothy M. Mauser, Esq. OMNICOMM SYSTEMS: Accelerates Vesting of 581,670 Restricted Shares ------------------------------------------------------------------ The holders of an aggregate of 581,670 shares of restricted stock of OmniComm Systems, Inc., which were all of the outstanding restricted stock granted by the Company under the Company's 2009 Equity Incentive Plan, entered into agreements with the Company on Nov. 7 and 8, 2017, agreeing to the removal of restrictions on and to accelerate vesting of all outstanding restricted stock granted to them by the Company effective Aug. 3, 2017, the date of the Company's third quarter Board Meeting. The Board of Directors of the Company approved the removal of the restrictions on and to accelerate the vesting of these shares of restricted stock on, and to be effective as of, Aug. 3, 2017 pending and conditioned upon the written approval of the holders of the restricted stock. As a result of the Board of Director's actions the shares of restricted stock became vested as of the close of business on Aug. 3, 2017 rather than the later dates when such restricted stock would have vested in the normal course. Restricted stock granted under the 2009 EIP typically vest in increments of one-third per year on each of the first three anniversary dates of the grant conditioned on continued employment/service of the holder of the restricted stock, and in the normal course assuming continued employment/service of the holder of the restricted stock, 461,670 shares would have vested in 2018 and 120,000 shares would have vested in 2019. The accelerated restricted stock included 58,334 shares held by the Company's executive chairman, 91,668 shares held by its executive vice chairman, 38,334 shares held by its chief executive officer, 33,334 shares held by its chief financial officer, and 360,000 shares held by its three non-employee directors. The estimated aggregate value of the restricted stock awards being accelerated is approximately $139,601, which amount is based upon the closing price of the Company's common stock on Aug. 3, 2017 of $0.24 per share. The decision to remove the restrictions on and accelerate the vesting of these shares of restricted stock was made primarily to reduce cash and non-cash stock-based compensation expense in the Company's income statement that otherwise likely would be recorded in future periods. About OmniComm Systems, Inc. OmniComm Systems, Inc., is a strategic software solutions provider to the life sciences industry. OmniComm is dedicated to helping the world's pharmaceutical, biotechnology, contract research organizations (CROs), diagnostic and device firms, and academic medical centers maximize the value of their clinical research investments. Through the use of innovative and progressive technologies, these organizations drive efficiency in clinical development, better manage risks, ensure regulatory compliance and manage their clinical operations performance. OmniComm provides comprehensive solutions for clinical research with an extensive global experience from more than 5,000 clinical trials. Please visit www.omnicomm.com for more information. OmniComm reported net income of $101,880 on $25.41 million of total revenues for the year ended Dec. 31, 2016, compared with net income of $2.58 million on $20.71 million of total revenues for the year ended Dec. 31, 2015. As of Sept. 30, 2017, OmniComm had $7.76 million in total assets, $25.78 million in total liabilities and a total shareholders' deficit of $18.02 million. ONE HORIZON: Incurs $772,000 Net Loss in Third Quarter ------------------------------------------------------ One Horizon Group, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $772,000 on $397,000 of revenue for the three months ended Sep. 30, 2017, compared to a net loss of $1.49 million on $1,000 of revenue for the three months ended Sept. 30, 2016. For the nine months ended Sept. 30, 2017, One Horizon recorded a net loss of $3.82 million on $514,000 of revenue compared to a net loss of $4.16 million on $32,000 of revenue for the same period in 2016. As of Sept. 30, 2017, One Horizon had $8.67 million in total assets, $4.25 million in total liabilities and $4.42 million in total stockholders' equity. "As a result of the Reorganization in August 2017 ... the Company will pursue its revised operations and business plan. The Company expects to incur further non cash losses in 2017 which, when combined with any costs incurred in pursuing acquisition of new businesses, may generate negative cash flows. As of September 30, 2017, the Company did not have any available credit facilities. As a result, it is in the process of seeking new financing by way of sale of either convertible debt or equities. While it has been successful in the past in obtaining the necessary capital to support its investment and operations, there is no assurance that it will be able to obtain additional financing under acceptable terms and conditions, or at all. In the event that the Company is unable to obtain sufficient additional funding when needed in order to fund operations, it would not be able to continue as a going concern and may be forced to severely curtail or cease operations and liquidate the Company," One Horizon stated in the Report. Net cash generated from continuing operating activities was approximately $10,000 for the nine months ended Sept. 30, 2017 as compared to net cash used in continuing operating activities of approximately $994,000 for the same period in 2016. The increase in cash generated from operations was primarily due to the increase in Revenue and significant reduction in operating expenses as compared to the same period in 2016. There was no significant cash used for investing activities for the nine months ended Sept. 30, 2017 and 2016, respectively. Net cash generated from financing activities was $511,000 for the nine months ended Sept. 30, 2017 as compared to net cash generated from financing activities of $64,000 for the nine months ended Sept. 30, 2016. Cash raised by financing activities in 2017 was primarily due to the exercise of warrants and sale of common stock. In October 2017 the Company entered into agreements with the holder of the $3,500,000 principal amount of convertible debentures currently outstanding and the holder of the 555,555 outstanding shares of its Series A-1 Preferred Stock pursuant to which it agreed to issue to the holder of the Debentures upon conversion of $3,000,000 principal amount of the Debentures together with all interest accrued thereon, 13,000,000 shares of common stock, and, upon cancellation of the remaining balance due on the Debenture a $500,000 promissory note bearing interest at the rate of 7% per annum payable Aug. 31, 2019 and agreed to issue to the holder of the Preferred Shares, in exchange for the Preferred Shares, and the accrued but unpaid dividends thereon, 4,000,000 shares of common stock, together with a $500,000 promissory note bearing interest at the rate of 7% per annum. The Company has agreed to issue 1,600,000 shares of its common stock to Mark White as an inducement to his employment as the Company's president and chief executive officer. Consummation of each of the Debenture Exchange and the Preferred Exchange, and the issuance of the Inducement Grant requires approval of the Company's stockholders under applicable rules of the NASDAQ Capital Market, since each transaction involves the issuance of in excess of 20% of its outstanding shares of common stock. On Nov. 6, 2017, the Company distributed an Information Statement to its stockholders noting that the Exchange Transactions and Inducement Grant were approved by written consent of the holders of a majority of its outstanding shares without giving effect to the shares granted to Mr. White as a result of the Inducement Grant. As the Company pursues its continuing operations and new business plan, it expects to be cash flow positive for the continuing business but may initially use cash for acquisition costs related to any new business it will acquire. As of Sept. 30, 2017, the Company did not have any available credit facilities. As a result, it is in the process of seeking new financing by way of sale of either convertible debt or equities. A full-text copy of the Form 10-Q is available for free at: https://is.gd/Qlphro About One Horizon Ireland-based One Horizon Group, Inc. (NASDAQ: OHGI) -- http://www.onehorizongroup.com/-- is a reseller of secure messaging software for the growing gaming, security and education markets primarily in China and Hong Kong. The Company's independent accountants Cherry Bekaert LLP, in Tampa, Fla., issued a "going concern" opinion in its report on the Company's consolidated financial statements for the year ended Dec. 31, 2016, stating that the Company has recurring losses and negative cash flows from operations that raise substantial doubt about its ability to continue as a going concern. One Horizon reported a net loss of $5.54 million on $1.61 million of revenue for the year ended Dec. 31, 2016, compared to a net loss of $6.30 million on $1.53 million of revenue for the year ended in 2015. PELICAN BAY: Seeks to Sell Sea Esta Village to Patel for $2.1MM --------------------------------------------------------------- Pelican Bay Group, Inc. asks the U.S. Bankruptcy Court for the District of Delaware to authorize the sale of (i) all lots or pieces of ground, together with the buildings, structures, and other improvements erected thereon, known as Sea Esta Village, 100 Rudder Road, Millsboro, Delaware, further identified as tax parcel 2.34-24.00-310.00; and (ii) all fixtures, supplies of every nature and description attached or pertaining to, or otherwise used in connection with all or any part of the motel, to Sanjay Patel or his permitted assigns for $2,100,000. WSFS Bank holds 3 mortgages on the Property. The Reorganized Debtor has paid WSFS and all its other creditors, except one, all of the required payments under its Plan except the November 15th Plan payments which will be paid shortly. On Oct. 24, 2017, the Reorganized Debtor executed an Agreement of Sale for $2,100,000 to sell the Property. The Debt due to WSFS Bank is approximately $1,940,000 and a 4% commission of $88,000 will be due to DSM Commercial as broker. The Buyer is conducting its due diligence and has indicated that it may want to close in 2017. A copy of the Contract attached to the Motion is available for free at: http://bankrupt.com/misc/Pelican_Bay_201_Sales.pdf If the sale is completed under the terms of the Plan, no transfer tax will be due and payable saving $88,000 which, after expenses of the sale and payment of WSFS and certain unpaid administrative expenses, may leave funds for a small final dividend to creditors. A hearing on the Motion is set for Dec. 21, 2017 at 2:00 p.m. The objection deadline is Dec. 14, 2017 at 4:00 p.m. The Purchaser: Sanjay Patel 17 Watson Lane Middleton, DE 19709 E-mail: sapatel166@gmail.com Counsel for Debtor: Stephen W. Spence, Esq. BAIRD MANDALAS BROCKSTEDT, LLC 1413 Savannah Road, Suite 1 Lewes, DE 19958 Telephone: (302) 645-2262 About Pelican Bay Group, Inc. Pelican Bay Group, Inc. sought Chapter 11 protection (D. Del. Case No. 14-11706) on July 14, 2014. The petition was signed by George A. Metz, III, president. The case is assigned to Kevin J. Carey. The Debtor estimated assets and liabilities in the range of $1 million to $10 million. The Debtor tapped Stephen W. Spence, Esq., at Phillips, Goldman & Spence, P.A. as counsel. On Sept. 23, 2015, the Court entered the Order confirming the Third Amended Chapter 11 Plan of Reorganization of Pelican Bay Group, Inc. dated Sept. 18, 2015 with final modifications. The Plan became effective on Oct. 12, 2015. The Debtor can be reached at: PELICAN BAY GROUP, INC. dba Sea Esta Motel II 100 Rudder Road Millsboro, DE 19966 PEN INC: Reports $125,000 Net Loss for Third Quarter ---------------------------------------------------- PEN Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $124,730 on $2.02 million of total revenues for the three months ended Sept. 30, 2017, compared to a net loss of $210,902 on $2 million of total revenues for the same period in 2016. For the nine months ended Sept. 30, 2017, the Company recorded a net loss of $351,508 on $6.24 million of total revenues compared to a net loss of $456,528 on $6.19 million of total revenues for the same period during the prior year. As of Sept. 30, 2017, Pen Inc. had $2.57 million in total assets, $3.34 million in total liabilities and a total stockholders' deficit of $770,444. Penn Inc. had working capital deficit of $1,033,150 and $73,927 of cash as of Sept. 30, 2017 and working capital deficit of $1,072,691and $189,128 of cash as of Dec. 31, 2016. Net cash provided by operating activities was $283,581 for the nine months ended Sept. 30, 2017 as compared to $188,459 for the nine months ended Sept. 30, 2016, an improvement of $95,122 or 50%. Net cash provided by operating activities for the nine months ended Sept. 30, 2017 primarily reflected a net loss of ($351,508) adjusted for add-backs of $417,744 and changes in operating assets of $217,345. The Company expects its cash used in operating activities to increase slightly due to the following: (a) additional working capital to support increased sales; and (b) an increase in advertising, commissions and sales promotions for existing and new brands as the Company expands within existing markets or enter new markets. Net cash flow provided by investing activities was $87,000 for the nine months ended Sept. 30, 2017 as compared to $17,866 for the nine months ended Sept. 30, 2016. For the 2017 period, the increase was due to proceeds from the sale of property and equipment with no offsetting purchases. The 2016 period included proceeds from the sale of property and equipment of $21,866, partially offset by the purchase of property and equipment of $4,000. Net cash used in financing activities of $(485,782) was related to the pay down in obligations on a net basis for the nine months ended Sept. 30, 2017 as compared to $(342,130) in the same period in 2016. During the nine months ended Sept. 30, 2017, the Company paid down the bank line of credit with proceeds of equipment sales, paid down an equipment loan by $56,138 and paid down $10,470 on a third-party note. A full-text copy of the Form 10-Q is available for free at: https://is.gd/Cll6ZE About PEN Inc. Headquartered in Miami, Florida, PEN develops, commercializes and markets consumer and industrial products enabled by nanotechnology that solve everyday problems for customers in the optical, transportation, military, sports and safety industries. The Company's primary business is the formulation, marketing and sale of products enabled by nanotechnology including the ULTRA CLARITY brand eyeglass cleaner, CLARITY DEFOGIT brand defogging products and CLARITY ULTRASEAL nanocoating products for glass and ceramics. The Company also sells an environmentally friendly surface protector, fortifier, and cleaner. The Company's design center conducts product development services for government and private customers and develops and sells printable inks and pastes, thermal management materials, and graphene foils and windows. PEN was formed in 2014, and is the successor to Applied Nanotech Holdings Inc. that had been formed in 1989. In the combination that created PEN, Nanofilm, Ltd. acquired Applied Nanotech Holdings, Inc. The Company's principal operating segments coincide with its different business activities and types of products sold. This is consistent with the Company's internal reporting structure. Salberg & Company, P.A., in Boca Raton, Florida, issued a "going concern" qualification on the financial statements for the year ended Dec. 31, 2016, citing that the Company has a net loss in 2016 of $556,001, and has an accumulated deficit, stockholders' deficit and working capital deficit of $5,900,167, $578,096 and $1,072,691, respectively, at Dec. 31, 2016. These matters raise substantial doubt about the Company's ability to continue as a going concern. PERSONAL SUPPORT: Seeks Court Approval of Disclosure Statement -------------------------------------------------------------- Personal Support Medical Suppliers, Inc. filed a motion asking the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to approve its disclosure statement regarding its proposed plan of reorganization. The Debtor also asks the Court to fix the last day for the acceptance or rejection of the Plan and the filing of objections to said Plan and to fix a date for a hearing on the confirmation of the proposed Plan. About Personal Support Medical Suppliers Personal Support Medical Suppliers, Inc., and Care for You Home Medical Equipment, LLC, doing business as Community Care Partners, are both home medical equipment organizations operating in the greater Philadelphia Region and New York with offices in Philadelphia and Seneca, Pennsylvania. The Debtors filed Chapter 11 petitions (Bankr. E.D. Pa. Case Nos. 17-12833 and 17-12836) on April 24, 2017. David Halooka, president, signed the petitions. On May 10, 2017, the Court entered an order granting the joint administration of the Debtors' cases. At the time of filing, the Debtors each estimated assets and liabilities at $1 million to $10 million. The Hon. Ashely M. Chan is the case judge. Albert A. Ciardi, III, Esq., at Ciardi Ciardi & Astin, P.C., serves as counsel to the Debtors, and David A Applebaum, Esq., at Friedman, Schuman, Applebaum & Nemeroff, PC, as their special counsel. The Debtors hired Momentum Advisors Services, LLC, Inc., as their financial advisor; and Gitomer & Berenholz P.C. as their accountant. No trustee, examiner or creditors' committee has been appointed in the Debtors' cases. PETROLIA ENERGY: Incurs $1.1 Million Net Loss in Third Quarter -------------------------------------------------------------- Petrolia Energy Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $1.06 million on $40,632 of total revenue for the three months ended Sept. 30, 2017, compared to a net loss of $596,550 on $21,863 of total revenue for the three months ended Sept. 30, 2016. For the nine months ended Sept. 30, 2017, the Company reported a net loss of $2.78 million on $116,024 of total revenue compared to a net loss of $1.30 million on $277,156 of total revenue for the same period in 2016. As of Sept. 30, 2017, Petrolia Energy had $13.49 million in total assets, $1.89 million in total liabilities and $11.59 million in total stockholders' equity. The Company's increased revenue for the quarter ended Sept. 30, 2017 as compared with the prior year's quarter is due to increased production at the Noack field. Operating expenses increased to $1,096,224 for the quarter ended Sept. 30, 2017 from $580,987 for the quarter ended Sept. 30, 2016. The Company's major expenses for the quarter ended Sept. 30, 2017 were professional services of $23,597 and stock based compensation (directors) of $652,570 and deferred salary of $60,000, all included in general and administrative expenses. In comparison, major operating expenses for the quarter ended Sept. 30, 2016 were professional services of $57,571, stock based compensation (directors) of $241,529 and salaries and wages of $113,348, all included in general and administrative expenses. Additionally, lease operating expenses increased $29,947 to $77,568 for the quarter ended Sept. 30, 2017, compared to $47,621 for the quarter ended Sept. 30, 2016, due to numerous workovers at SUDS and TLSAU and additional labor hired and contracted to maintain the TLSAU and SUDS fields. Total other expense was $7,783 for the quarter ended Sept. 30, 2017 compared to total other expense of $37,425 for the quarter ended Sept. 30, 2016. The decrease was from decreased interest expense due to the conversion of the Jovian debt. Net cash used by operating activities was $681,299 for the nine months ended Sept. 30, 2017 and net cash used in operating activities was $315,048 for the nine months ended Sept. 30, 2016. The increase was due primarily to the increase in net loss, an increase in working capital requirements and newly acquired fields with higher cumulative lease operating expenses. This was partially offset by a delay in the accounts payable cycle (increased days outstanding) and deferred interest on short term debt. Net cash used by investing activities for the nine months ended Sept. 30, 2017 was $9,256 compared to net cash provided by investing activities of $63,362 for the nine months ended Sept. 30, 2016. The decrease was primarily due to assets purchased offset by proceeds received from the sale of equipment in the previous period. Net cash provided by financing activities was $631,328 and $387,390 for the nine months ended Sept. 30, 2017 and 2016, respectively. The increase from 2016 to 2017 was due to a year-over-year increase in advances from affiliates and proceeds from the sale of Preferred Stock. As of Sept. 30, 2017, the Company had total current assets of $36,587 and total assets in the amount of $13,491,030. The Company's total current liabilities as of Sept. 30, 2017 were $1,410,172. The Company had negative working capital of $1,373,585 as of Sept. 30, 2017. Its material asset balances are made up of oil & gas properties and related equipment. The Company's most significant liabilities include related party notes, ARO and accruals for professional services. One note totaling $2,000,000 which was outstanding with Jovian was converted into Preferred Stock. Unregistered Sales of Equity Securities and Use of Proceeds and another related party note in the amount of $550,000 was outstanding with Rick Wilber, however, on July 6, 2017, Mr. Rick Wilber agreed to convert his cumulative outstanding debt of $550,000 into 55,000 shares of Preferred Stock. Additionally, there is $212,100 of shareholder advances outstanding and other short term debts that are temporarily funding working capital shortfalls. The Company continues to operate at a negative cash flow of approximately $50,000 per month and its Auditors have raised a going concern issue in their latest audit report. Management is pursuing several initiatives to secure funding to increase production at both the SUDS and Twin Lakes fields which together with anticipated increases in the price of crude oil may reduce Company's monthly cash shortfall. The total amount required by the Company to accomplish this objective is approximately $250,000, which funding may not be available on favorable terms, if at all. A full-text copy of the Form 10-Q is available for free at: https://is.gd/6eMpfT About Petrolia Energy Petrolia Energy Corporation -- http://www.petroliaenergy.com/-- formerly known as Rockdale Resources Corporation, is an oil and gas exploration, development, and production company. With operations in Texas, Oklahoma and New Mexico, the Company focuses on redeveloping existing oil fields in well-established oil rich regions of the U.S., employing industry-leading technologies to create added value. Petrolia Energy reported a net loss of $1.87 million on $321,000 of total revenue for the year ended Dec. 31, 2016, compared with a net loss of $1.85 million on $188,000 of total revenue for the year ended Dec. 31, 2015. MaloneBailey, LLP, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that Petrolia Energy has incurred losses from operation since inception and has a net working capital deficiency. These factors raise substantial doubt about the Company's ability to continue as a going concern. PIONEER NURSERY: Hires Lewis Brisbois as Special Counsel -------------------------------------------------------- Pioneer Nursery, LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire Lewis Brisbois (Insurance Defense Counsel) as special counsel to represent the Debtor regarding defense from claims of growers with infected trees and settlements regarding same. Debtor is a nursery, which grows pistachio trees, and then sells pistachio trees that it grows itself and purchases from other growers. During 2015 and 2016 some of the pistachio trees that Debtor purchased from other growers and then sold were infected with the Rhodococcus bacteria. These bacteria caused purchasers of the trees damages. The source of compensation for professional services to be rendered on behalf of Debtor will be the Debtor's insurer pursuant to insurer's duty to defend. Debtor is not required to pay any portion of Insurance Defense Counsel's fees or costs. Duane Musfelt, Esq., partner of Lewis Brisbois, attests he has no connection with the creditors, or any other parties in interest in this case or their respective attorneys and accountants, or the United States Trustee, or any person employed in the United States Trustee's Office. The firm can be reached through: Duane Musfelt, Esq. LEWIS BRISBOIS 333 Bush Street, Suite 1100 San Francisco, CA 94104 Tel: 415-362-2580 Fax: 415-434-0882 Email: Duane.Musfelt@lewisbrisbois.com About Pioneer Nursery LLC Founded in 1968, Pioneer Nursery Inc. is in the retail nurseries and garden stores industry. It owns crops -- either planted or harvested -- of approximately 440,000 pistacio trees worth $7 per tree having a total retail value of $3.08 million. The Debtor posted gross revenue of $4.55 million in 2016 and gross revenue of $7.78 million in 2015. The Debtor sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Calif. Case No. 17-13112) on August 11, 2017. Brian Blackwell, member, signed the petition. At the time of the filing, the Debtor disclosed $5.42 million in assets and $245,701 in liabilities. Judge Fredrick E. Clement presides over the case. Fear Waddell, P.C. represents the Debtor as bankruptcy counsel. PKC ENTERPRISES: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: PKC Enterprises, Inc. dba Diamond Brooks Water P.O. Box 2753 Yuma, AZ 85366 Business Description: Based in Yuma, Arizona, Diamond Brooks Water is a family-owned company that has been providing drinking water to homes and businesses for over 28 years. Diamond Brooks has 23 water vending kiosks and a fleet of delivery trucks and employees that help produce and deliver over 38,000 gallons of water each day. Visit http://diamondbrooks.comfor more information. Chapter 11 Petition Date: November 25, 2017 Case No.: 17-13961 Court: United States Bankruptcy Court District of Arizona (Yuma) Judge: Hon. Brenda Moody Whinery Debtor's Counsel: Thomas H. Allen, Esq. ALLEN BARNES & JONES, PLC 1850 N. Central Ave., Suite #1150 Phoenix, AZ 85004 Tel: 602-256-6000 Fax: 602-252-4712 Email: tallen@allenbarneslaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Philip Clark, president. The Debtor failed to include a list of the names and addresses of its 20 largest unsecured creditors together with the petition. A full-text copy of the petition is available for free at: http://bankrupt.com/misc/azb17-13961.pdf PROFLO INDUSTRIES: Can Continue Using Cash Collateral Until Dec. 20 ------------------------------------------------------------------- Judge Mary Ann Whipple of the U.S. Bankruptcy Court for the Northern District of Ohio entered a second interim order authorizing ProFlo Industries, LLC, access to cash collaterael through December 20, 2017. Such cash collateral consists of bank balance, accounts receivable of the estate and gross sales of goods and services, which The Huntington National Bank claims to have a valid and perfected security interest. The Debtor is prohibited from drawing from any line of credit with The Huntington National Bank, and that said line of credit account can remain frozen by The Huntington National Bank, at the Bank's discretion. The Debtor is required to make adequate protection payments for the use of cash collateral in the amount of the regular monthly payment on the line of credit to The Huntington National Bank. The security interest of Huntington Bank in bank balance, accounts receivable and fees of the Debtor's estate has been extended to all post-petition receivables and gross retail sales created by the Debtor in the operation of the Debtor's business with the same force and effect as said security interest attached to the Debtor's prepetition accounts receivables. In addition, the Debtor will prepare and serve upon counsel for Huntington Bank not less frequently than once per month an operating report in similar form to that required by the Office of the U.S. Trustee's guidelines setting forth the total receipts and disbursements. A continued hearing on the cash collateral use will be held on December 14, 2017 at 1:30 p.m. A full-text copy of the Second Interim Order, dated November 21, 2017, is available at https://tinyurl.com/y9ocen2j About ProFlo Industries Headquartered in Alvada, Ohio, ProFlo Industries, LLC, is an Ohio Limited Liability Company engaged in the airline refueling business. The principal customers of the business are multi-national companies providing goods, services and advice in the global aviation industry. ProFlo consists of one shareholder: Terry N. Bosserman who owns 100% of the shares. ProFlo Industries filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ohio Case No. 17-33184) on Oct. 8, 2017, estimating its assets at between $500,001 and $1 million and liabilities between $100,001 and $500,000. The petition was signed by Terry N. Bosserman, president. The Debtor is represented by Patricia A. Kovacs, Esq. QUADRANT 4: KERP for 3 Stratitude Non-Insider Employees Approved ---------------------------------------------------------------- BankruptcyData.com reported that the U.S. Bankruptcy Court approved the motion of Quadrant 4 System's wholly-owned subsidiary, Stratitude, for entry of an order authorizing the Debtor to pay retention bonuses to three key non-insider employees and granting shortened notice in connection therewith. As previously reported, "By this Motion, the Debtor requests the entry of an order authorizing it to pay Retention Bonuses to the Key Employees. In order to insure the Key Employees' willingness to remain under the employ of the Debtor, the Debtor proposes to pay the Retention Bonuses on the earlier of either: (a) the closing of a sale of substantially all assets of the Debtor; or (b) the 90th day after the entry of an order approving this Motion. [E]ach of the Key Employees played an integral role in the Debtor's maintenance and operation prior to the Petition Date and throughout the pendency of the Chapter 11 Case. It is in the Debtor's judgment that the work performed by each of the Key Employees was necessary to preserve the Debtor's going concern value and for the successful solicitation of the Stalking Horse Offer." About Quadrant 4 System Quadrant 4 System Corporation (OTC:QFOR) -- http://www.qfor.com/-- sells IT products and services. Its revenues are primarily generated from the placement of staffing or solution consultants, and the sale and licensing of its proprietary cloud-based Software as a Service (SaaS) systems, as well as a wide range of technology oriented services and solutions. The company's principal executive offices are located in Schaumburg Illinois. It also operates its business from various offices located in Naples, Florida; Alpharetta, Georgia; Bingham Farms, Michigan; Cranbury, New Jersey; Pleasanton, California; and Ann Arbor, Michigan. Quadrant 4 is the 100% owner of the issued and outstanding common stock of Stratitude, Inc., a California corporation, which it acquired on or about Nov. 3, 2016. Concurrently with the Stratitude Acquisition, Stratitude acquired certain of the assets of Agama Solutions, Inc., a California corporation. Both Stratitude and Agama are located in Pleasanton and Fremont, California and are engaged in the IT business. Quadrant 4 disclosed total assets of $47.05 million and total liabilities of $31.39 million as of Sept. 30, 2016. Quadrant 4 filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 17-19689) on June 29, 2017. CEO Robert H. Steele signed the petition. Stratitude, Inc. filed a Chapter 11 petition (Bankr. N.D. Ill. Case No. 17-30724) on October 13, 2017. The case is jointly administered with that of Quadrant 4. The Debtors' cases are assigned to Judge Jack B. Schmetterer. Quadrant 4, which was subject to a securities fraud probe that led to the arrest and resignation of its top two executives seven months ago, sought Chapter 11 protection after reaching a settlement with the U.S. Securities and Exchange Commission and signing deals to sell four business segments for at least $6.9 million. The Debtors are represented by Adelman & Gettleman Ltd as bankruptcy counsel. Nixon Peabody LLP acts as special counsel to the Debtors for matters concerning taxes, labor, ERISA, securities compliance, international law, and related matters while Faegre Baker Daniels LLP acts as special counsel for securities litigation. The Debtors hired Silverman Consulting Inc. as financial consultant, and Livingstone Partners, LLC, as investment banker. On July 10, 2017, an official committee of unsecured creditors was appointed in the Debtor's case. The committee hired Sugar Felsenthal Grais & Hammer LLP as its legal counsel, and Amherst Partners, LLC as its financial advisor. QUEST PATENT: Incurs $138,000 Net Loss in Third Quarter ------------------------------------------------------- Quest Patent Research Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $137,958 on $577,846 of revenues for the three months ended Sept. 30, 2017, compared to a net loss of $5,030 on $705,768 of revenues for the same period in 2016. For the nine months ended Sept. 30, 2017, the Company reported a net loss of $707,618 on $1.22 million of revenues compared to a net loss of $807,725 on $1.19 million of revenues for the nine months ended Sept. 30, 2016. As of Sept. 30, 2017, Quest Patent had $2.72 million in total assets, $4.77 million in total liabilities and a total stockholders' deficit of $2.04 million. At Sept. 30, 2017, the Company had current assets of approximately $161,000, and current liabilities of approximately $4,090,000. Its current liabilities include $1,000,000 and $100,000 due to Intellectual Ventures on account of the purchase price of the patent portfolios we purchased from Intellectual Ventures in October 2015 and July 2017, respectively, and loans payable of $163,000 and accrued interest of approximately $261,000 due to former directors and minority stockholders. The Company's agreement with United Wireless requires United Wireless to lend it the funds to make the $1,000,000 payment to Intellectual Ventures. As of Sept. 30, 2017, the Company has an accumulated deficit of approximately $16,090,000 and a negative working capital of approximately $3,929,000. Other than salary to the Company's chief executive officer, the Company does not contemplate any other material operating expense in the near future other than normal general and administrative expenses, including expenses relating to its status as a public company filing reports with the SEC. According to Quest Patent, "We cannot assure you that we will be successful in generating future revenues, in obtaining additional debt or equity financing or that such additional debt or equity financing will be available on terms acceptable to us, if at all, or that we will be able to obtain any third-party funding in connection with any of our intellectual property portfolios. We have no credit facilities. "We have an agreement with a funding source which is providing litigation financing in connection with our pending litigation relating to our mobile data portfolio, and we have two agreements with a second funding source which is providing litigation financing in connection with our pending litigation relating to our power management/bus control and anchor structure portfolios. We cannot predict the success of any pending or future litigation. Our obligations to United Wireless are not contingent upon the success of any litigation. If we fail to generate a sufficient recovery in these actions (net of any portion of any recovery payable to the funding source or our legal counsel) in a timely manner to enable us to pay United Wireless on the present loans and the additional loans which United Wireless has agreed to make to us, we would be in default under our agreements with United Wireless which could result in United Wireless obtaining ownership of the three subsidiaries which own the patent rights we acquired from Intellectual Ventures. Our agreements with the funding sources provide that the funding sources will participate in any recovery which is generated. We believe that our financial condition, our history of losses and negative cash flow from operations, and our low stock price make it difficult for us to raise funds in the debt or equity markets." A full-text copy of the Form 10-Q is available for free at: https://is.gd/E4rgNk About Quest Patent Quest Patent Research Corporation is an intellectual property asset management company. The Company's principal operations include the development, acquisition, licensing and enforcement of intellectual property rights that are either owned or controlled by the Company or one of its wholly owned subsidiaries. The Company currently owns, control or manage eight intellectual property portfolios, which principally consist of patent rights. The Company's eight intellectual property portfolios include the three portfolios which the Company acquired in October 2015 from Intellectual Ventures Assets 16, LLC. Quest Patent reported a net loss of $956,092 on $1.26 million revenues for the year ended Dec. 31, 2016, compared with a net loss of $327,270 on $498,395 of revenue for the year ended Dec. 31, 2015. MaloneBailey, LLP, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has incurred a series of net losses resulting in negative working capital as of Dec. 31, 2016. These conditions raise substantial doubt as to the Company's ability to continue as a going concern. RCR INTERNATIONAL: Gets Initial Order to Restructure Under CCAA --------------------------------------------------------------- The Hon. Michel A. Pinsonnault of Cour Superieure (Chambre Commerciale) District de Montreal issued an initial order approving the request of Ernst & Young seeking, inter alia, a stay of the proceedings against RCR International Inc and W. J. Dennis & Company, and appointed E&Y as monitor and various other relief while the Companies continue a sale and investment solicitation process that was commenced in September 2017 within the Companies' Creditors Arrangement Act. According to court documents, the Companies are experiencing a liquidating crisis and financial difficulties, which are attributed by the Companies' management primarily to these factors: (a) decrease in net sales from $56.1 million in 2015, to $44.3 million in 2016 to $26.4 million in 2017 (for the 9 months ended Sept. 30, 2017); (b) lower product demand and increased cash requirements due to one-time deposits required to secured new supply relationships; (c) decrease in gross margin; (d) increase in operating expenses; (e) net loss of $2.4 million in 2015, $12.8 million and $10.2 million in 2017 (for the 9 months ended September 30, 2017; and (f) high level of indebtedness. E&Y said the losses accumulated to date are putting a strain on the Companies' cash flow. The negotiations with the Bank of Montreal have resulted in the execution of temporary forbearance agreements. The forbearance agreements have been extended from time to time, and are now scheduled to expire on Jan. 31, 2018. Based in Boucherville, Quebec, RCR International Inc., a wholly-owned subsidiary of RCR Home Improvement Holdings Inc., makes and distributes home improvement products including door, window insulated products, carpets and mouldings. W. J. Dennis & Company distributes home improvement products to U.S. customers. REX ENERGY: Reports $47.1 Million Net Loss for Third Quarter ------------------------------------------------------------ Rex Energy filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss attributable to common shareholders of $47.13 million on $47.97 million of total operating revenue for the three months ended Sept. 30, 2017, compared to net income attributable to common shareholders of $4.80 million on $34.03 million of total operating revenue for the same period in 2016. For the nine months ended Sept. 30, 2017, the Company reported a net loss attributable to common shareholders of $55.24 million on $147.50 million of total operating revenue compared to a net loss attributable to common shareholders of $41.44 million on $90.99 million of total operating revenue for the nine months ended Sept. 30, 2016. As of Sept. 30, 2017, Rex Energy had $896.84 million in total assets, $939.87 million in total liabilities and a total stockholders' deficit of $43.03 million. "The third quarter of 2017 was a very busy quarter for Rex Energy, as we are nearing an inflection point for our projected production and EBITDAX growth going into 4Q17," said Tom Stabley, president and chief executive officer. "During the quarter, we saw full utilization of our Gulf Coast transportation and improved liquids pricing, leading to strong realizations for both natural gas and C3+ production streams, a trend we see continuing. Finally, with the continued high level of operational activity during the fourth quarter, we anticipate that production in our Butler Operated Area will continue to grow and allow us to reach our targeted exit rates." Commodity revenues, including settlements from derivatives, for the three and nine months ended Sept. 30, 2017 were $46.6 million and $140.6 million, respectively, which represents an increase of 29% and 14% over the same periods in 2016. Commodity revenues from natural gas liquids (NGLs) and condensate, including settlements from derivatives, represented 41% of total commodity revenues for the three months ended September 30, 2017. Lease operating expense (LOE) from continuing operations was $30.6 million, or $1.83 per Mcfe for the third quarter. For the nine months ended Sept. 30, 2017, LOE was approximately $88.9 million, or $1.83 per Mcfe. General and administrative (G&A) expenses from continuing operations were $4.6 million for the third quarter of 2017, or $0.28 per Mcfe. For the nine months ended Sept. 30, 2017, G&A expenses from continuing operations were $13.4 million, or $0.28 per Mcfe. Cash G&A expenses from continuing operations (a non-GAAP measure) for the three months ended Sept. 30, 2017 were $4.2 million, or $0.25 per Mcfe. For the nine months ended Sept. 30, 2017, cash G&A expenses from continuing operations (a non-GAAP measure) were $12.5 million, or $0.26 per Mcfe. The company expects substantial reductions, on a per unit basis, for LOE in the fourth quarter of 2017. EBITDAX from continuing operations, a non-GAAP measure, was $11.9 million for the third quarter of 2017 and $39.9 million for the nine months ended Sept. 30, 2017, representing increases of 163% and 25% over the same periods in 2016, respectively. For the third quarter of 2017, net operational capital investments were approximately $25.1 million. The company expects to be reimbursed by joint development partners for approximately $5.9 million of previously incurred costs that were not billed until the fourth quarter of 2017. Capital investments in the third quarter of 2017 funded the drilling of seven gross (seven net) wells, fracture stimulation of six gross (3.4 net) wells and other projects related to drilling and completing wells in the Appalachian Basin. Net operated capital expenditures for the full-year 2017 are still expected to be within the range of the company's previously issued guidance of $115.0 million - $130.0 million. As of Sept. 30, 2017, the company had approximately $3.2 million of cash on hand and outstanding borrowings under its term loan credit agreement of approximately $155.5 million with an additional $32.2 of undrawn letters of credit outstanding. As of Sept. 30, 2017, the company had approximately $112.3 million of undrawn availability under its tern loan credit agreement. Operational Update Legacy Butler Operated Area In the Legacy Butler Operated Area, the company placed into sales the four-well Wilson pad. The four wells were drilled to an average lateral length of approximately 9,300 feet and were completed in an average of 51 stages. The four wells produced at an initial 24-hour average sales rate per well of 10.9 MMcfe/d, consisting of 6.9 MMcf/d of natural gas and 721 bbls/d of NGLs. The four wells have a lower BTU rate than other areas of the Legacy Butler Operated Area, but the timing of these wells being placed into sales and the extended lateral lengths are expected to yield strong returns in the current natural gas price environment. Moraine East Area In the Moraine East Area, the company drilled four gross (four net) wells, completed six gross (3.4 net) wells and placed into sales twelve gross (6.5 net) wells in the third quarter of 2017. In addition, the company had seven gross (5.5 net) wells awaiting completion at the end of the third quarter. As previously reported, the company placed the two-well Frye pad into sales during the third quarter. The two wells produced at an average 24-hour sales rate per well, assuming full ethane recovery, of 9.4 MMcfe/d. The two wells have gone on to produce at an average 30-day sales rate per well of 8.5 MMcfe/d, consisting of 3.7 MMcf/d of natural gas, 747 bbls/d of NGLs and 48 bbls/d of condensate. The two Frye wells were completed using the company's optimized completion design, continue their strong performance to date. Comparing the two Frye wells to their expected type curve, both wells are currently outperforming their respective type curves. The company finished completing the three-well Manuel pad, which was drilled to an average lateral length of approximately 6,750 feet and completed in an average of 41 stages. The three wells are expected to be placed into sales in early December 2017. Warrior North Area In the Warrior North Area, the company has begun completing the three-well Jenkins pad. The three wells were drilled to an average lateral length of approximately 6,500 feet. The wells are expected to be completed at the end of the fourth quarter of 2017 and placed into sales in January 2018. The three existing wells on the Jenkins pad, which account for approximately 2.6 MMcfe/d of production, will be shut in during the completion and initial flow back of the three new Jenkins wells. In addition, the company began drilling the seven-well Goebeler pad and is currently drilling the fifth of seven wells on the pad. The seven wells are expected to be drilled to an average lateral length of approximately 7,500 feet and placed into sales in the second quarter of 2018. The combination of the three-well Jenkins pad and seven-well Goebeler pad will be the primary driver for the company's 2018 condensate growth rate of 150% - 175%. A full-text copy of the Form 10-Q is available for free at: https://is.gd/Q8D4hR About Rex Energy Corporation Headquartered in State College, Pennsylvania, Rex Energy is an independent oil and gas exploration and production company with its core operations in the Appalachian Basin. The company's strategy is to pursue its higher potential exploration drilling prospects while acquiring oil and natural gas properties complementary to its portfolio. Rex Energy reported a net loss of $176.7 million for the year ended Dec. 31, 2016, a net loss of $361.0 million for the year ended Dec. 31, 2015, and a net loss of $42.65 million for the year ended Dec. 31, 2014. * * * As reported by the TCR on April 6, 2016, Standard & Poor's Ratings Services said that it lowered its corporate credit rating on Rex Energy Corp. to 'SD' from 'CC'. "The downgrade follows Rex's announcement that it has closed an exchange offer to existing holders of its 8.875% and 6.25% senior unsecured notes for a new issue of 8% senior secured second-lien notes due 2020 (not rated) and shares of common equity," said Standard & Poor's credit analyst Aaron McLean. REX Energy Corporation carries a Ca Corporate Family Rating from Moody's Investors Service. "The downgrade reflects the poor overall recovery prospects as indicated by REXX's PV-10 value. The negative outlook is driven by the weak commodity price environment, specifically in natural gas pricing, which could further erode REXX's recovery value," commented Sreedhar Kona, Moody's senior analyst, as reported by the TCR on April 5, 2016. RFI MANAGEMENT: Discloses Creation of PR Unit, Future Projects --------------------------------------------------------------- RFI Management, Inc., files with the U.S. Bankruptcy Court for the Middle District of North Carolina its first amended disclosure statement, which describes the Chapter 11 Plan filed by the Debtor on October 17, 2017. The First Amended Disclosure Statement include additional disclosures relating to the formation of RFI Management PR, Inc., a Puerto Rico-based company owned by Edward Rosa, president and 100% shareholder of the Debtor. RFI PR was created for the main purpose of managing the PR Hampton Inn Project. The Debtor contends that RFI PR does not meet the statutory definition of an entity in which the estate has substantial or controlling interest under Rule 2015.3. The First Amended Disclosure Statement also disclosed the Debtor's projected future projects. General unsecured creditors are classified in Classes 2 and 3, and will receive a distribution of 100% of their allowed claims, to be distributed in 8 quarterly payments, beginning with the 6th quarterly payment that becomes due under the Plan in the amount of $8,551.98. Quarterly payments in the amount of $20,400 will continue from the 7th payment through the 12th payment, and the final 13th payment will be in the amount of $17,011.68. Payments and distributions under the Plan will be funded by cash flow from operations. A full-text copy of the First Amended Disclosure Statement, dated November 8, 2017, is available at https://is.gd/oxRsgP About RFI Management RFI Management, Inc., works as a subcontractor installing flooring products and wall materials, principally in hotel properties across the United States and in Puerto Rico. RFI Management filed a Chapter 11 bankruptcy petition (Bankr. M.D.N.C. Case No. 17-80247) on March 29, 2017. Edward Rosa, President, signed the petition. At the time of filing, the Debtor estimated assets and liabilities between $100,000 and $500,000. James C. White, Esq., and Michelle M. Walker, Esq., at Parry Tyndall White, serve as counsel to the Debtor. Padgett Business Services of NC is the Debtor's accountant. No official committee of unsecured creditors has been appointed in the Chapter 11 case. RINA DIMONTELLA: Taps Ciardi Ciardi & Astin as Legal Counsel ------------------------------------------------------------ Rina diMontella Fashions, LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to hire Ciardi Ciardi & Astin as its legal counsel. The firm will advise the Debtor regarding its duties under the Bankruptcy Code and provide other legal services related to its Chapter 11 case. The firm's hourly rates are: Albert Ciardi III, Esq. $515 Jennifer McEntee, Esq. $350 Daniel Siedman, Esq. $300 Stephanie Frizlen, Esq. $120 Albert Ciardi III, Esq., disclosed in a court filing that his firm is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Albert Ciardi III, Esq. Ciardi Ciardi & Astin One Commerce Square, Suite 3500 2005 Market Street Philadelphia, PA 19103 About Rina diMontella Fashions LLC Rina diMontella Fashions, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 17-17747) on November 14, 2017. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $500,000 and liabilities of less than $1 million. Judge Jean K. Fitzsimon presides over the case. ROCKY MOUNTAIN: Posts $685,272 Net Income in First Quarter ---------------------------------------------------------- Rocky Mountain High Brands, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting net income of $685,272 on $41,002 of sales for the three months ended Sept. 30, 2017, compared to a net loss of $730,277 on $295,587 of sales for the three months ended Sept. 30, 2016. As of Sept. 30, 2017, Rocky Mountain had $1.04 million in total assets, $7.49 million in total liabilities, all current, and a total shareholders' deficit of $6.44 million. As of Sept. 30, 2017, the Company had current assets of $898,721, consisting of cash of $19,266, accounts receivable (net) of $1,657, inventory of $195,363, and prepaid expenses and other current assets of $682,435. As of Sept. 30, 2017, the Company had current liabilities of $7,490,931, consisting of accounts payable and accrued liabilities of $547,137, related party convertible notes payable (net) of $438,832, convertible notes payable (net) of $782,099, other notes payable of $23,164, redemption value of Series C Preferred Stock of $1,661,424, accrued interest of $447,974, and derivative liability of $3,590,301. During the three months ended Sept. 30, 2017, the Company received proceeds of $8,500 related to private offering stock sales of 500,000 shares of common stock. Net cash used in operating activities during the three months ended Sept. 30, 2017 was $396,930 compared to $566,056 during the three months ended Sept. 30, 2016. The change was principally driven by management's efforts to conserve cash during 2017. Net cash used in investing activities during the three months ended Sept. 30, 2017 was $1,013 compared to $41,409 during the three months ended Sept. 30, 2016. In 2017 the Company made equipment acquisitions of $1,013 compared to 2016 when the Company made investments in Rocky Mountain High Water Company of $39,774 and net equipment acquisitions of $1,635. Net cash provided by financing activities during the three months ended Sept. 30, 2017 was $325,534 compared to $505,210 during the three months ended Sept. 30, 2016. In 2017, proceeds of $220,000 were from the issuance of convertible notes payable compared to $220,000 in 2016. The Company also issued $100,000 in related party notes payable in the three months ended Sept. 30, 2017 compared to $35,000 in 2016. In 2016 the Company issued a note payable for $35,960 related to the purchase of office furniture and equipment. Repayments on that note were $2,966 during the three months ended Sept. 30, 2017. In 2017 there were proceeds of $8,500 from the issuance of stock compared to $214,250 in 2016. According to Rocky Mountain, "We have experienced recurring losses from operations and to date, we have not been able to produce sufficient sales to become cash flow positive and profitable on a consistent basis. The success of our business plan during the next 12 months and beyond will be contingent upon generating sufficient revenue to cover our costs of operations and/or upon obtaining additional financing. For these reasons, our auditor has raised substantial doubt about our ability to continue as a going concern." A full-text copy of the Form 10-Q is available for free at: https://is.gd/8AFDGN About Rocky Mountain Dallas, Texas-based Rocky Mountain High Brands, Inc. (OTCMKTS:RMHB) is a consumer goods brand development company specializing in developing, manufacturing, marketing, and distributing hemp-infused food and beverage products and spring water. The Company currently markets a lineup of five hemp-infused beverages. RMHB is also researching the development of a lineup of products containing Cannabidiol (CBD). The Company's intention is to be on the cutting edge of the use of CBD in consumer products while complying with all state and federal laws and regulations. Rocky Mountain reported a net loss of $9.27 million on $401,974 of sales for the year ended June 30, 2017, following net income of $2.32 million on $1.07 million of sales for the year ended June 30, 2016. Paritz & Company, P.A., in Hackensack, New Jersey, issued a "going concern" qualification in its report on the consolidated financial statements for the year ended June 30, 2017, noting that the Company has a shareholders' deficit of $7.304 million, an accumulated deficit of $26.15 million at June 30, 2017, and has generated operating losses since inception. These factors, among others, raise substantial doubt about the ability of the Company to continue as a going concern. ROYAL FLUSH: To Assume Executory Contracts With Essential Vendors ----------------------------------------------------------------- Royal Flush, Inc., filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a fourth amended disclosure statement dated Nov. 13, 2017, to accompany its fourth amended plan dated Nov. 13, 2017. Class 7 consists of the unsecured creditors who have continued to provide goods and services to the Debtor and who will continue to provide goods and services to the Reorganized Debtor and who will give the Reorganized Debtor post-confirmation credit terms and preferred pricing. This list sets forth the members in Class 7: -- Guttmann Oil - POC #18 -- Jacobs Petroleum Products, Inc. POC #41 -- Hunter's Truck Sales & Service, Inc. - POC #43 The Debtor is assuming any executory contracts with holders of claims in Class 7. The Debtor will cure all pre-bankruptcy obligations, less any amounts already paid to a holder of a claim in Class 7 during the bankruptcy case on account of their Pre-Petition Claim and pursuant to order entered by the Court, to each Class 7 member in monthly payments over a 24-month period. As part of the agreement to assume the contracts with holders of Class 7 Claims, the members in Class 7 agree to extend the Debtor their premium wholesale pricing and credit terms available to premium customers. This arrangement will continue for the life of the Plan provided the Debtor adheres to the payment terms for post-petition purchases and the Debtor pays the cure payments as required by the Plan. Upon the occurrence of any default, any Class 7 member will provide notice to the Debtor. After notice, the Debtor will have five business days to cure any default. If no cure is timely made, then that Class 7 member will be permitted to terminate the preferred pricing and preferred credit terms. The Class 7 member who has declared a default will nonetheless be entitled to receive the balance of the cure payments and it will be entitled to assert any claims or damages for any failure to pay the Class 7 member for any unpaid post-petition charges. These parties have contracts with the Debtor and the Plan assumes these contacts under the Plan. The Assumption will be effective on the Date of the Confirmation of the Plan. Guttmann Oil is a party to an executory contract with the Debtor. The Court previously assumed the assumption of that contract and this plan treatment is in accordance with the prior Order approving that assumption. Prior to the hearing on confirmation of the Plan, any Class 7 member may opt out of Class 7 treatment and the assumption of its agreement by providing the Debtor and its counsel with a written letter indicating that the creditor will opt out of the Class 7 treatment. If the letter is received by the Debtor prior to the hearing on confirmation of the Plan, then the creditor's ballot, if cast, will be tabulated and treated in accordance with holders of claims in Class 8. This class may vote upon on the plan because they are impaired under the Plan and they have a right of adequate assurance of the future performance of their contracts. Class 8 General Unsecured Creditors will be paid the full amount of their claim, without interest, over seven years. The Plan breaks this class into two subclasses. Small Claims less than $2,500 and claims that exceed $2,500. Holders of Allowed Small Claims will be paid in full in 12 monthly installments with the first payment due on the Effective Date and then every month thereafter for the next 11 months starting on the 15th day of the month immediately following the month in which the Effective Date occurs. Holders of Allowed Claims in Class 8 that are in excess of the Small Claim amount will be paid in full over 7 years in 28 quarterly installments. On the Effective Date, the Debtor will pay to the Disbursing Agent the first quarterly installment of $30,580.02. The Debtor will then make 27 quarterly installment payments to the Disbursing Agent with the first quarterly installment to be made on the 1st business day of the month following the first full quarter computed on a calendar year basis after the Class 8 First Quarterly Installment has been made. The Debtor will then make another 26 quarterly payments to the Disbursing Agent computed on a calendar year basis on the 1st business day of each month following the end of a quarter. By way of example, if the Class 8 First Quarterly Installment is made on Nov. 15, 2017, the first full quarter computed on a calendar year basis following the Class 8 First Quarterly Installment would be the 1st quarter of 2018. The first of the 27 quarterly installments would be paid on April 2, 2018, and then on the 1st business day of the month following the next 26 quarters computed on a calendar year basis. The amount of the quarterly installments necessary to pay in full Allowed Class 8 Claims and to make the appropriate payment into a reserve for holders of Disputed Claims in Class 8, will be determined at or prior to the hearing on confirmation of the Plan. After receiving a quarterly installment payment, the Disbursing Agent will as soon as practicable make pro rata distributions to holders of Allowed Claims in Class 8 and make payment into the Disputed Claim Reserve, as necessary and applicable. The Disbursing Agents will escrow in his IOLTA trust account any funds due to a holder of a Disputed Class 8 Claim until the claim has become an allowed claim, at which time the Disbursing Agent will then release the pro rata amount held in the Disputed Claim Reserve to the holder of Class 8 Claim in an amount consistent with the provisions of the treatment of holders of Allowed Class 8 Claims under the Plan. The Debtor may prepay holders of Allowed Class 8 Claims at any time after the Effective Date provided that: (i) FNB's Class 2 Allowed Secured Claim is paid in full; and (ii) provided the payment is to the entire Class 8. The Debtor will be entitled to a discount when creditors in class 8 are paid sooner than is required by this Plan. The Debtor will be entitled to deduct 0.5% from the remaining amount owed to a particular holder of an Allowed Class 8 Claim for each month that said holder is paid ahead of schedule. The Debtor, through the Disbursing Agent, will notify holders of Allowed Class 8 Claims in writing prior to exercising the option to pay in full the Allowed Class 8 Claims at a discount. The Prepayment Option Letter will afford holders of Allowed Class 8 Claims the option to accept the prepayment (at a discount) or continue to receive their respective quarterly payments as provided under the Plan. The Prepayment Option Letter will contain a form to be returned to the Disbursing Agent within 10 business from the holder's receipt of the Prepayment Option Letter requesting that the holder of a Class 8 Allowed Claim indicate whether it will opt-in or opt-out of the prepayment option. The Prepayment Option Letter will also provide the amount the holder of the Allowed Class 8 Claim will receive in full satisfaction of its Allowed Class 8 Claim (less the appropriate discount) if selecting the prepayment option. Failure of a holder of an Allowed Class 8 Claim to respond to the Prepayment Option Letter will be treated as if the holder of the Allowed Class 8 Claim opted-out of the prepayment option. Excess Funds after the Payment of FNB's Allowed Secured Claim. At least 15 days prior to the end of any three-month period following the Effective Date and continuing until the allowed secured claim of FNB and the Allowed Claims in Class 8 are paid in full, the Debtor will prepare a budget setting forth the necessary reserves to protect against any instability in its cash flow, a capital reserve for future repairs and maintenance of its equipment and an appropriate reserve for future capital acquisitions, income taxes and payment of administrative claims of Professionals which it intends to retain for each three-month period. This budget will be provided to FNB and counsel for the Official Committee of Unsecured Creditors, John M. Steiner. In the event there are excess funds available at the end of the subject three-month period in excess of the budgeted amounts for the reserves, the Reorganized Debtor will use all such cash reserves to pre-pay the class 2 claims of First National Bank of Pennsylvania, and once the Class 2 Claim is paid in full, to pay the Allowed Claims in Class 8. Other than those salaries set forth in Section 5.4 of the Plan to which Brian and Carol Swank are entitled, the Debtor will not make any distributions, declare any dividends and/or make loans to its shareholders, members and/or equity Interest holders until all obligations and payments under the Plan have been fully paid and satisfied. A copy of the Fourth Amended Disclosure Statement is available at: http://bankrupt.com/misc/pawb16-23458-320.pdf As reported by the Troubled Company Reporter on Oct. 19, 2017, the Debtor filed with the Court a third amended disclosure statement to accompany its third amended plan dated Oct. 10, 2017, which provided that holders of Allowed General Unsecured Claims in Class 8 would be paid the full amount of their claim, without interest, over seven years. About Royal Flush Headquartered in Spring Church, Pennsylvania, Royal Flush, Inc., filed for Chapter 11 bankruptcy protection (Bankr. W.D. Pa. Case No. 16-23458) on Sept. 15, 2016, estimating its assets and liabilities at between $1 million and $10 million each. The petition was signed by Carol A. Swank, secretary/treasurer. Judge Jeffery A. Deller presides over the case. Donald R. Calaiaro, Esq., at Calaiaro Valencik serves as the Debtor's bankruptcy counsel. The Debtor hired C&H Accounting, LLC, as its accountant. Andrew R. Vara, Acting U.S. Trustee for Region 3, on Oct. 20, 2016, appointed five creditors of Royal Flush, Inc., to serve on the official committee of unsecured creditors. The committee is represented by Leech Tishman Fuscaldo & Lampl, LLC. SALON MEDIA: Reports Second Quarter Net Losses of $800,000 ---------------------------------------------------------- Salon Media Group, Inc., reported its financial results for the three and six months ended Sept. 30, 2017. Revenue for the quarter ended Sept. 30, 2017, was $1.2 million, an increase of 20% from $1.0 million for the quarter ended Sept. 30, 2016. Revenue for the six months ended Sept. 30, 2017 was $2.6 million, an increase of 13% from $2.3 million for the six months ended Sept. 30, 2016. The increase in revenue was a result of a continued significant industry shift in online advertising from advertising sold by a direct sales team to advertising increasingly being sold through software-based "programmatic" technology. Net losses for the quarter ended Sept. 30, 2017, decreased to $0.8 million as compared to $0.9 million for the quarter ended Sept. 30, 2016. Net losses for the six months ended Sept. 30, 2017 decreased to $1.4 million as compared to $1.7 million for the six months ended Sept. 30, 2016. The decreased losses resulted from an increase in revenues and steady operating expense at $1.9 million for both the quarters ended Sept. 30, 2017 and Sept. 30, 2016. Operating expense reduced to $3.7 million for the six months ended Sept. 30, 2017 compared to $4.0 million for the six months ended Sept. 30, 2016. The net losses included several non-recurring items, including $0.3 million non-cash interest expense recorded for the beneficial conversion feature of capital raising transactions during the quarter ended June 30, 2017, as well as the reversal of accrued bonuses for prior employees. As of Sept. 30, 2017, Salon Media had $1.19 million in total assets, $3.55 million in total liabilities and a total stockholders' deficit of $2.35 million. The Company has been making changes to its advertising footprint to capture the greater programmatic opportunity for its display and video advertising inventory, allowing the Company to improve its CPMs from its programmatic advertising by 56% in the quarter ended Sept. 30, 2017 as compared to the quarter ended Sept. 30, 2016. The higher programmatic CPMs were offset, however, by a decline in traffic from the same period last year, which led to a smaller inventory of ad products to sell, and consequently, a smaller relative increase in revenues. Salon has continued to roll out a strategy to produce original video content focused on news, politics, and entertainment under the banner of Salon Talks and Salon Stage, with a goal to add high quality, diversified content to Salon's Website and to attract video advertising that commands higher CPMs as compared to display advertising. Popular recent interviews on Salon Talks included Senator Al Franken, scientist Bill Nye, and actors Niecy Nash and Jay Ellis, while Salon Stage hosted acoustic sets by, among others, the Revivalists, Lukas Nelson, and Wyclef Jean. Salon has seen growth in its video views, reaching over 35 million video views during the quarter ended Sept. 30, 2017, compared to about 12.8 million views during the quarter ended Sept. 30, 2016. In September 2017, Salon launched a new mobile-first website to provide users with a faster and better experience. The redesign intends to capitalize on mobile user behavior, allow for flexibility to deploy future technologies and features, and increase revenue opportunities for the Company. The website also was built to increase user engagement and optimize for pick up by social media websites. In September 2017, Salon.com surpassed 980,000 Facebook "likes" and one million Twitter followers. "Salon is starting to see consistent performance in our revenue growth and cost containment," said Jordan Hoffner, chief executive officer of Salon. "The combination of our technology upgrade, brand extension into video, global reach and powerful editorial voice is beginning to show our true potential as a strong player in the digital media landscape." A full-text copy of the Form 10-Q is available for free at: https://is.gd/nGsYiS About Salon Media San Francisco, Calif.-based Salon Media Group (OTC BB: SLNM.OB) -- http://www.Salon.com/-- is a technology-based advertising media business that wholly owns and operates an online news website called salon.com. Salon was originally incorporated in July 1995 in the State of California and reincorporated in Delaware in June 1999. I n 1999, the Company had its initial public offering. In 2001, the Company adopted the name Salon Media Group, Inc. Its common stock is traded in the over-the-counter market and its stock symbol is SLNM.PK. Salon Media reported a net loss attributable to common stockholders of $10.43 million on $4.57 million of net revenue for the year ended March 31, 2017, compared to a net loss attributable to common stockholders of $1.96 million on $6.95 million of net revenue for the year ended March 31, 2016. BPM LLP, in San Francisco, California, issued a "going concern" qualification on the consolidated financial statements for the year ended March 31, 2017, noting that the Company has suffered recurring losses and negative cash flows from operations and has an accumulated deficit of $135.0 million as of March 31, 2017. These conditions raise substantial doubt about its ability to continue as a going concern. SEANERGY MARITIME: Amends 20 Million Shares Prospectus ------------------------------------------------------ Seanergy Maritime Holdings Corp. filed with the Securities and Exchange Commission an amended Form F-1 registration statement relating to the offering of 20,000,000 of its common stock. On Nov. 13, 2017, the last reported sale price per share of the Company's common shares on the Nasdaq Capital Market was $1.06. The Company's common shares are listed on the Nasdaq Capital Market under the symbol "SHIP". A full-text copy of the prospectus is available for free at: https://is.gd/PaoScf About Seanergy Maritime Greece-based Seanergy Maritime Holdings Corp. -- http://www.seanergymaritime.com/-- is an international shipping company that provides marine dry bulk transportation services through the ownership and operation of dry bulk vessels. Founded in 2008, the Company currently owns a modern fleet of eleven dry bulk carriers, consisting of nine Capesizes and two Supramaxes, with a combined cargo-carrying capacity of approximately 1,682,582 dwt and an average fleet age of about 8.4 years. The Company is incorporated in the Marshall Islands with executive offices in Athens, Greece and an office in Hong Kong. The Company's common shares and class A warrants trade on the Nasdaq Capital Market under the symbols "SHIP" and "SHIPW", respectively. Seanergy incurred a net loss of US$24.62 million in 2016 following a net loss of US$8.95 million in 2015. For the three months ended March 31, 2017, Seanergy reported a net loss of US$6.28 million. As of Sept. 30, 2017, Seanergy had US$276.6 million in total assets, US$235.2 million in total liabilities and US$41.36 million in stockholders' equity. SEANERGY MARITIME: Files Amended F-1 to 6M Shares Prospectus ------------------------------------------------------------ Seanergy Maritime Holdings Corp. has filed an amended Form F-1 registration statement in connection with the proposed offering of 6,000,000 of its common shares. On Nov. 14, 2017, the last reported sale price per share of the Company's common shares on the Nasdaq Capital Market was $0.9714. Seanergy's common shares are listed on the Nasdaq Capital Market under the symbol "SHIP". A full-text copy of the amended prospectus is available for free at https://is.gd/oFG8Zg About Seanergy Maritime Greece-based Seanergy Maritime Holdings Corp. -- http://www.seanergymaritime.com/-- is an international shipping company that provides marine dry bulk transportation services through the ownership and operation of dry bulk vessels. Founded in 2008, the Company currently owns a modern fleet of eleven dry bulk carriers, consisting of nine Capesizes and two Supramaxes, with a combined cargo-carrying capacity of approximately 1,682,582 dwt and an average fleet age of about 8.4 years. The Company is incorporated in the Marshall Islands with executive offices in Athens, Greece and an office in Hong Kong. The Company's common shares and class A warrants trade on the Nasdaq Capital Market under the symbols "SHIP" and "SHIPW", respectively. Seanergy incurred a net loss of US$24.62 million in 2016 following a net loss of US$8.95 million in 2015. For the three months ended March 31, 2017, Seanergy reported a net loss of US$6.28 million. As of Sept. 30, 2017, Seanergy had US$276.6 million in total assets, US$235.2 million in total liabilities and US$41.36 million in stockholders' equity. As of Sept. 30, 2017, cash and cash equivalents, including restricted cash, was $10.9 million. SILO NAIL: Wants To Use U.S. Small Business' Cash Collateral ------------------------------------------------------------ Silo Nail LLC seeks permission from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral of U.S. Small Business Administration and determine the extent of lien of ZB, National Association, with respect to cash collateral, nunc pro tunc to the Petition Date. ZB holds a first mortgage lien and assignment of rents. SBA filed a continuation statement on April 15, 2013. The Debtor does not generate any rental income. The income generated by operation of the nail salon business is not encumbered by the assignment of rents and therefore ZB does not hold a security interest in cash collateral. The Debtor utilizes its pledged cash collateral in order to meet postpetition obligations related to its nail salon business. The Debtor employs approximately five employees as 1099 independent contractors. Without the ability to use the cash collateral and pay necessary expenses like payroll, the Debtor's business operations will cease and the Debtor will be prevented from effectively reorganizing debts through the Chapter 11 case. The Debtor is willing to enter into an agreement with the secured creditor(s) to provide a postpetition replacement lien, in the same priority and extent of any pre-petition lien. The Debtor requests authority to pay U.S. Trustee fees, any court filing fees that may arise, adequate protection payments or any other payments ordered or authorized by the Court, and expenses necessary for continued operation of the nail salon in the ordinary course of business. To the extent the Debtor uses cash collateral, the secured creditor is granted a replacement lien pursuant to 11 U.S.C. Section 361(2) on all cash, rents, and accounts receivable, and the proceeds thereof, acquired after the Petition Date of equal priority to the liens which creditors had on the Petition Date, if any. The Debtor proposes to make this adequate protection payment to SBA: $100 per month (4% interest only based on value of personal property). The payment must actually be received by the lender on or before the 15th of each month or the payment will be considered late. A copy of the Debtor's request is available at: http://bankrupt.com/misc/flmb17-03970-4.pdf About Silo Nail LLC Silo Nail LLC owns and operates a nail salon. Debtor owns the business premises located at 2219 County Road 220, Suite 314, Middleburg, Florida 32068. The Debtor filed for Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Case No. 17-03970) on NOv. 15, 2017, estimating its assets and liabilities at between $100,001 and $500,000 each. Taylor J. King, Esq., at the Law Offices of Mickler & Mickler serves as the Debtor's bankruptcy counsel. SOLAT LLC: Can Use Cash Collateral Until January 4 -------------------------------------------------- The Hon. Craig A. Gargotta of the U.S. Bankruptcy Court for the Western District of Texas authorized SoLat, LLC and LuLAT, LLC to use cash collateral strictly in accordance with the terms of the Order and will be limited to paying expenses listed on the Debtors' budget with a 10% line item variance. The Debtors are authorized to use cash collateral for the period from November 7, 2017 through the date of the final hearing on the Motion. A final hearing on Debtors' Motion has been set for January 4, 2018, at 9:30 a.m. The Debtors is required to maintain a debtor in possession account, which will receive and contain any and all sources of cash constituting Texas Champion Bank's cash collateral, which is generated by and is attributable to the Chevron gas station located at 5115 Thousand Oaks, in San Antonio, Texas 78233. All cash generated from the collateral during the pendency of the Debtors' bankruptcy cases, including any cash held in any of the Debtors' prepetition accounts, will be placed and held in the DIP Account. The Debtors will account to Texas Champion Bank for all of the cash collateral that the Debtors possess, have deposited in the DIP Account, or that they have permitted to be transferred, if any, into the possession of others or to accounts other than the DIP Account that are being held by those in privity with the Debtors, or which the Debtors might hereafter obtain. The Debtors will pay Texas Champion Bank adequate assurance payments in the amount of $6,750 with the first payment due 30 days from date of entry of the Court's order, the second payment due 60 days from date of entry of the Court's order and continuing monthly on the first day of each following month until the case is dismissed, converted to chapter 7, or confirmed. As partial adequate protection for the cash collateral permitted to be used by the Debtors, Texas Champion Bank is granted, effective as of the Petition Date, valid, binding, enforceable, and automatically perfected replacement liens that will be co-extensive with Texas Champion Bank's pre-petition liens, of which Texas Champion Bank's lien is a secured, valid, binding, and enforceable lien on the Property and Collateral and limited to the diminution of the value of Texas Champion Bank's collateral. Said liens and security interests will continue to attach to all Property and Collateral, including but not limited to Debtors' postpetition receivables. However, nothing in the Order will be construed to prime or subordinate the tax liens of the ad valorem taxing entities. The Debtors will provide to Texas Champion Bank year-to-date financial information, in raw form as discussed at the hearing on the Motion, no later than December 1, 2017. In addition, the Debtors will also provide to Texas Champion Bank the following financial documents, for each Debtor entity, no later than December 20, 2017: (a) June 30, 2017 year-to-date profit and loss statement; (b) October 31, 2017 year-to-date profit and loss statement; (c) June 30, 2017 year-to-date balance sheet; (d) October 31, 2017 year-to-date balance sheet; (e) gasoline volume by month reports for the months June 2017 through November 2017; and (f) the Debtors' most recent inventory report. The Debtors will permit representatives, agents, and/or employees of Texas Champion Bank to visit, inspect, have reasonable access to, and consult with, as the case may be: (a) the Debtors' books and records, including any held by a third party; (b) the personnel and/or agents of the Debtors who are familiar with the Debtors' books and records or the information set forth therein; and (c) such other information as Texas Champion Bank may reasonably request. Finally, the Debtors will remain current in all postpetition tax payments and reporting obligations including but not limited to state sales tax. A full-text copy of the Agreed Interim Order, dated November 21, 2017, is available for free at https://tinyurl.com/yd947p76 About SoLat, LLC and LuLAT, LLC Solat, LLC, d/b/a Chevron, filed as a Domestic Limited Liability Company in the State of Texas on Jan. 27, 2012, according to public records filed with Texas Secretary of State. The company's principal assets are located at 5115 Thousand Oaks San Antonio, TX 78233. SoLAT, LLC was formed with the intent of owning a commercial real property to be used in housing a Chevron gas station and convenience store, while LuLAT, LLC was formed with the intent of operating the Chevron gas station. The ownership of both companies is made up of A.D. Ismail, Nada Ismail Taha, and Hakim Taha. A.D. Ismail owns 2% of each Debtor, Nada Ismail Taha owns 50% of each Debtor, and Hakim Taha owns 48% of each Debtor. SoLat, LLC and its affiliate LuLAT, LLC, filed Chapter 11 petitions (Bankr. W.D. Tex. Case Nos. 17-52594 and 17-52595, respectively) on Nov. 6, 2017. The petition was signed by Nada L. Ismail, manager. In its petition, SoLat, LLC estimated at least $50,000 in assets and $1 million to $10 million in liabilities. Ronald J. Smeberg, Esq., at the Smeberg Law Firm, PLLC, serves as counsel the Debtors. The Hon. Craig A. Gargotta presides over the case. SOLBRIGHT GROUP: L2 Capital Reports 9.9% Equity Stake ----------------------------------------------------- L2 Capital, LLC, disclosed in a Schedule 13G filed with the Securities and Exchange Commission that it beneficially owned 2,145,666 shares of common stock of Solbright Group constituting 9.99 percent based on approximately 21,673,403 shares of common stock outstanding as of Oct. 21, 2017. As of Oct. 21, 2017, L2 Capital, LLC was deemed to have beneficially owned 9.99% of the common stock of Solbright Group as a result of L2's ownership of that certain convertible promissory note, which gives L2 the rights to own an aggregate number of shares of the Company's common stock in an amount not to exceed 9.99% of shares of common stock then outstanding. A full-text copy of the regulatory filing is available at https://is.gd/hRhvXl About Solbright Group Solbright Group, Inc., formerly known as Arkados Group, Inc., is an industrial automation and energy management company providing Industrial Internet of Things (IoT) solutions that help commercial and industrial facilities increase efficiency and reduce cost. The Company delivers technology solutions for building and machine automation and energy conservation that complement its energy conservation services such as LED lighting retrofits, HVAC system retrofits and solar engineering, procurement and construction services. The company's focus is towards the development and commercialization of an Internet of Things software platform that supports Big Data applications that complement its energy management services. More information is available at www.arkadosgroup.com. On Oct. 30, 2017, Arkados Group filed its Certificate of Amendment of the Certificate of Incorporation with the Secretary of State of the State of Delaware changing the name of the Company to "Solbright Group, Inc." The holders of a majority of the votes entitled to be cast by all the Company's outstanding shares adopted resolutions by written consent, in lieu of a meeting of stockholders, to amend the Company's Certificate of Incorporation to change its name to Solbright Group, Inc. to better reflect the business of the Company. On Nov. 3, 2017, the Company received notification from FINRA that as of Nov. 6, 2017, the new symbol of the Company will be "SBRT". The report from the Company's independent registered public accounting firm for the year ended May 31, 2017, includes an explanatory paragraph stating that the Company has incurred recurring operating losses and will have to obtain additional capital to sustain operations. RBSM LLP, in New York, said these conditions raise substantial doubt about the Company's ability to continue as a going concern. Arkados incurred a net loss of $3.34 million for the year ended May 31, 2017, following a net loss of $3.11 million for the year ended May 31, 2016. As of Aug. 31, 2017, Arkados had $19.17 million in total assets, $15.32 million in total liabilities and $3.84 million in total stockholders' equity. SOUTH COAST: Taps Crain Caton as Legal Counsel ---------------------------------------------- South Coast Supply Company seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Crain, Caton & James, P.C., as its legal counsel. The firm will prepare the Debtor's plan of reorganization; assist in negotiations; resolve claims; and provide other legal services related to the Debtor's Chapter 11 case. The firm's hourly rates are: H. Miles Cohn, Esq. Attorney $400 Michelle Friery, Esq. Attorney $325 Maria Carlson, Esq. Paralegal $125 Prior to the petition date, Crain was paid $10,737 for legal fees and expenses accrued in preparing for the filing of the case. The firm holds a retainer in the sum of $14,263 received from the Debtor. Neither Mr. Cohn nor any other Crain attorney has connection with the Debtor or its creditors, according to court filings. The firm can be reached through: H. Miles Cohn, Esq. Crain, Caton & James, P.C. 1401 McKinney Street, 17th Floor Five Houston Center Tel: (713) 752-8668 Fax: (713) 658-1921 Email: mcohn@craincaton.com About South Coast Supply Founded in 1972 and headquartered in Houston, Texas, South Coast Supply Company -- http://www.southcoastsupply.com-- is a distributor of industrial equipment including flanges, weld fittings, long weld necks, OD & ID heads, pipe, valves, pressure fittings and piping accessories. South Coast is a dependable supply source for engineering/construction, vessel fabricators, heat exchanger industry, original equipment manufacturers (OEM), industrial contractors, gas transmission companies, mechanical contractors, water/wastewater industry and companies in oil and gas exploration/processing industries in the U.S. and export market. South Coast Supply Company filed for Chapter 11 bankruptcy protection (Bankr. S.D. Tex. Case No. 17-35898) on Oct. 20, 2017, estimating its assets and liabilities at between $1 million and $10 million. The petition was signed by Steven Mark Gray, CEO. Judge Karen K. Brown presides over the case. Miles H. Cohn, Esq., at Crain, Caton & James, P.C., serves as the Debtor's bankruptcy counsel. SOUTH COAST: Taps J. Patrick Magill as CRO ------------------------------------------ South Coast Supply Company received approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire J. Patrick Magill of Magill P.C. as its chief restructuring officer. Mr. Magill, a principal of Magill P.C., and his firm will provide these services in connection with the Debtor's Chapter 11 case: (a) manage the day to day operation and business of the Debtor; (b) hire and terminate professionals; (c) borrow money and grant security interests on the assets of the Debtor; (d) sell all or part of the assets of the Debtor, terminate its operations and liquidate, surrender or abandon its assets; (e) supervise the banking relationships, cash management and budgeting process of the Debtor and act as a signatory to all bank accounts; (f) supervise management and employees of the Debtor; (g) hire and terminate personnel of the Debtor; (h) develop and implement restructuring plans, including plans contemplating restructuring of debts, sales of assets, divestitures, liquidations or dispositions of assets of the Debtor; (i) formulate all strategic direction and alternatives of the Debtor. The firm will be paid a flat fee of $25,000 per month and a retainer in the sum of $15,000. Mr. Magill disclosed in a court filing that he and his firm do not hold any interest adverse to the Debtor or its estate. The firm can be reached through: J. Patrick Magill Magill P.C. 4615 Southwest Freeway, Suite 436 Houston, TX 77027 About South Coast Supply Founded in 1972 and headquartered in Houston, Texas, South Coast Supply Company -- http://www.southcoastsupply.com-- is a distributor of industrial equipment including flanges, weld fittings, long weld necks, OD & ID heads, pipe, valves, pressure fittings and piping accessories. South Coast is a dependable supply source for engineering/construction, vessel fabricators, heat exchanger industry, original equipment manufacturers (OEM), industrial contractors, gas transmission companies, mechanical contractors, water/wastewater industry and companies in oil and gas exploration/processing industries in the U.S. and export market. South Coast Supply Company filed for Chapter 11 bankruptcy protection (Bankr. S.D. Tex. Case No. 17-35898) on Oct. 20, 2017, estimating its assets and liabilities at between $1 million and $10 million. The petition was signed by Steven Mark Gray, CEO. Judge Karen K. Brown presides over the case. Miles H. Cohn, Esq., at Crain, Caton & James, P.C., serves as the Debtor's bankruptcy counsel. SPECIALTY VEHICLE: 6th Cir. Dismisses C. Cox's 2nd PI Suit ---------------------------------------------------------- In the appeals cases captioned COY G. COX, JR., Plaintiff-Appellant, v. SPECIALTY VEHICLE SOLUTIONS, LLC, Defendant-Appellee, Nos. 16-5289, 16-5290 (6th Cir.), the U.S. Court of Appeals for the Sixth Circuit vacates the dismissal of the Plaintiff's first suit and remand for further proceedings. The Court affirms the dismissal of Cox's second suit. Plaintiff Coy G. Cox, Jr., filed two successive personal-injury actions against Specialty Vehicle Solutions, LLC, which was in bankruptcy proceedings at the time. The district court dismissed the first suit as invalidly filed in violation of the bankruptcy automatic stay and dismissed the second suit--filed after the bankruptcy court granted relief from the stay--as untimely under the applicable Kentucky statute of limitations. Cox was a police officer assigned to an IRS task force. On Feb. 28, 2014, Cox was conducting surveillance in a specially modified van sold to the IRS by SVS. Cox alleges that a battery powering the van's electronic equipment was negligently installed and released toxic liquid and gaseous chemicals into the van, causing him unspecified severe and permanent injuries. On March 5, 2014, Cox's attorney wrote to SVS, stating that Cox intended to assert a claim against SVS related to the Feb. 28 incident. On Sept. 26, 2014, Cox's attorney and SVS employees inspected the van. There is no contemporaneous documentation of the results of the inspection in the record. But a March 9, 2015, email from SVS's president (sent after receiving notice of Cox's lawsuit), states that the batteries were intact at the time of the inspection. In dismissing Cox I, the district court found the equitable exception inapplicable (Cox did not dispute this point), and cited Easley for the proposition that "[b]ecause the equitable exception does not apply, [Cox I] is void as a matter of law." This was an error. Easley offers two paths for validating an action taken in violation of the automatic stay. In Easley, the bankruptcy court declined to grant any form of relief from the stay, so the absence of equitable circumstances justifying relief was determinative. Here, however, the bankruptcy court did grant relief from the stay. The district court thus erred in dismissing Cox I without addressing whether that stay relief was intended to be retroactive, or merely prospective. While the validity of Cox I remains an open question, the Court sees no reason to delay the resolution of Cox II. Cox alleges his injuries occurred on Feb. 28, 2014. Under Kentucky law, "[a]n action for an injury to the person of the plaintiff" "shall be commenced within one (1) year after the cause of action accrued." "Kentucky law is clear that, absent a latent injury, the statute of limitations begins to run on the date the injury is inflicted. . . ." Cox does not contend he suffered a latent injury, so looking only at Kentucky law, the statute of limitations ran on Feb. 27, 2015, and Cox II, filed on Sept. 11, 2015 was untimely. A full-text copy of the Sixth Circuit's Decision dated Nov. 14, 2017, is available at https://is.gd/TzWCHU from Leagle.com. Specialty Vehicle Solutions, LLC filed for Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 14-31329-CMG) on Oct. 20, 2014. STEVE'S FROZEN: Seeks Authorization to Use Cash Collateral ---------------------------------------------------------- Steve's Frozen Chillers, Inc. seeks authorization from the U.S. Bankruptcy Court for the Southern District of Florida to use cash collateral nunc pro tunc to the date of the expiration of the last signed cash collateral order without waiving its rights to challenge the validity, priority and extent of any lien held by BFG Investments Inc. The Debtor has an immediate need to use cash collateral, in order to permit, among other things, the orderly continuation of the operation of its business; to pay employees; to maintain business relationships with vendors and suppliers; and to satisfy other working capital needs. The Debtor asserts that the use of cash collateral is necessary to prevent the immediate and irreparable harm to it and its estate. The Debtor relates that it maintains leases on two automobiles used by officers with sales responsibility for the business. The total amount of the leases, paid through the Debtor, is approximately $770 per month. The Debtor also maintains a staff of approximately 10 employees, as well as various contractors that carry out the ongoing operations of the business. Payroll, commission and contractor expenses are approximately $33,000 per month paid through payroll service and check. The Debtor claims that it is current with its landlord, and requests permission to continue to pay approximately $10,000 on a monthly basis for office and warehouse space. Moreover, the Debtor claims that it is current with its vendor -- Ascentium/ProdoPak Equipment Vendor -- for a secured lease/purchase arrangement on specialty packaging equipment necessary to produce the Debtor's product line. The monthly cost of this item is approximately $3,500. The Debtor is in default on a note payable to BFG Investments. The total amount of the default will be liquidated within a final judgment, pending relief by the Court and application by BFG Investments of approximately $1.35 million. The Debtor has not made any payments upon this note in several years prior to its bankruptcy filing. Now, the Debtor proposes to continue the payments of $13,000 per month sourced from ongoing operations as adequate protection. A full-text copy of the Debtor's Motion is available for free at https://is.gd/wWx2Bh About Steve's Frozen Chillers Founded in 2001, Steve's Frozen Chillers, Inc. -- http://stevesfrozenchillers.com/-- offers more than 20 flavors of frozen drink mixes, both for alcoholic drinks and non-alcoholic, including frozen cappuccinos, frozen energy drinks and skinny iced coffee. In 2016, the Debtor recorded gross revenue of $2.56 million compared to gross revenue of $3.09 million in 2015. The Debtor filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 17-13690) on March 27, 2017. The petition was signed by Steven D. Schoenberg, CEO. At the time of filing, the Debtor had $744,658 in assets and $1.94 million in liabilities. The case is assigned to Judge Erik P. Kimball. Angelo A. Gasparri, Esq., at the Law Office of Angelo A. Gasparri, is the Debtor's bankruptcy counsel. The Debtor hired Boca Accounting LLC as its accountant and Faraci and Faraci, P.A., as its litigation counsel. SUNSET PARTNERS: Trustee Can Access Cash Through Dec. 19 -------------------------------------------------------- Judge Joan N. Feeney of the U.S. Bankruptcy Court for the District of Massachusetts has approved continued cash collateral access for the Chapter 11 Trustee for the bankruptcy estate of Sunset Partners, Inc.'s and Bema Restaurant Corporation through the continued hearing which will be held on December 19, 2017 at 11:45 a.m. A full-text copy of the Order, dated November 21, 2017, is available at https://is.gd/kzw5Nl About Sunset Partners Inc. Sunset Partners, Inc., is a Massachusetts corporation that owns and operates two Boston area restaurants: the Sunset Grill & Tap located at 130 Brighton Avenue, Allston, MA; and, the Sunset Cantina located at 916 Commonwealth Avenue, Brookline, MA. Affiliate Bema Restaurant Corporation, d/b/a Patron's, is a Massachusetts corporation that owns and operates a Boston area restaurant called Patrons, which is located at 138 Brighton Avenue, Allston, Massachusetts. Sunset Partners filed for Chapter 11 bankruptcy protection (Bankr. D. Mass. Case No. 17-12178) on June 7, 2017, disclosing $1.05 million in total assets and $5.67 million in total liabilities. Bema Restaurant Corporation filed a Chapter 11 petition (Bankr. D. Mass. Case No. 17-12434) on June 29, 2017, disclosing $1.12 million in assets and $4.45 million in liabilities. The petitions were signed by Marc Berkowitz, president. The cases are jointly administered and assigned to Judge Joan N. Feeney. David B. Madoff, Esq., and Steffani Pelton Nicholson, Esq., at Madoff & Khoury LLP, served as bankruptcy counsel to the Debtors. Verdolino & Lowey, P.C., served as the Debtors' accountant. On Sept. 25, 2017, Lynee F. Riley was appointed as the Chapter 11 trustee to the Debtors. The Trustee retained Casner & Edwards LLP as counsel. TAEUS CORPORATION: PenOne Agreement to Remain Property of Estate ---------------------------------------------------------------- TAEUS Corporation filed with the U.S. Bankruptcy Court for the District of Colorado a third amended disclosure statement in support of its chapter 11 plan of reorganization dated Oct. 17, 2017. This latest filing discloses that the initial patent case filing against Apple Inc. and Samsung Electronics Co., Ltd was dismissed pursuant to a Joint Stipulation of Dismissal without Prejudice due to the holding in TC Heartland v. Kraft Foods Group Brands, which held that patent cases could only be filed in the venue where the Defendants were located. This effectively turned patent venue choice on its ear and now cases are adjusting accordingly. Hence, the Apple case and the Samsung case was dismissed and will be refiled in the appropriate venue. The Agreement with PenOne resulted from the work performed by the Debtor on the PenOne patent portfolio and that the agreement is not an executory contract which needs to be assumed. The Third Amended Disclosure Statement emphasized that if the case were converted the Agreement with PenOne would still be property of the estate. The Debtor will receive 25% of any proceeds resulting from settlement, judgment or licensing. If the case goes to trial, and PenOne prevails, that would produce a judgment. It is also possible that a settlement could be reached within the context of the litigation or that the litigation would be dismissed and a licensing agreement entered into. The Debtor would receive its percentage from any of these events from the two defendants after the payment of attorneys' fees. The initial amounts owed upon confirmation would be attorneys fees in the approximate amount of $65,000, which would be owed for fees for the attorney for the Debtor and Counsel for the Creditors' Committee. A full-text copy of the Third Amended Disclosure Statement is available at: http://bankrupt.com/misc/cob15-23313-154.pdf About TAEUS Corporation Headquartered in Colorado Springs, Colorado, TAEUS Corporation filed for Chapter 11 bankruptcy protection (Bankr. D. Colo. Case No. 15-23313) on Dec. 2, 2015, with estimated assets of $0 to $50,000 and estimated liabilities at $1 million to $10 million. The petition was signed by Art Nutter, president. TOWERSTREAM CORP: Amends Prospectus on $24.5M Stock Offering ------------------------------------------------------------ Towerstream Corporation filed with the Securities and Exchange Commission an amended Form S-1 registration statement relating to the offering of up to 5,337,691 units, assuming a public offering price of $4.59, the closing price of its common stock on the OTCQB on Nov. 10, 2017, with each unit consisting of one share of the Company's common stock, $0.001 par value per share, and one warrant to purchase one share of its common stock. The Class A units will not be issued or certificated. Purchasers will receive only shares of common stock and warrants. The shares of common stock and warrants may be transferred separately, immediately upon issuance. The offering also includes the shares of common stock issuable from time to time upon exercise of the warrants. The Company is also offering to those purchasers, whose purchase of Class A units in this offering would result in the purchaser, together with its affiliates and certain related parties, beneficially owning more than 4.99% (or, at the election of the purchaser, 9.99%) of its outstanding common stock following the consummation of this offering, the opportunity to purchase, in lieu of the number of Class A units that would result in ownership in excess of 4.99% (or, at the election of the purchaser, 9.99%) of our outstanding common stock, a unit consisting of (i) one share of Series I convertible preferred stock, par value $.001 per share, convertible at any time at the holder's option into shares of common stock equal to $1,000 divided by $_____, the public offering price per Class A unit and (ii) warrants to purchase a number of shares of common stock equal to the number of shares of common stock issuable upon conversion of one share of Series I Preferred Stock. The warrants included in the Class B units will have the same terms as the warrants included in the Class A units. The Class B units will not be issued or certificated. Purchasers will receive only shares of Series I Preferred Stock and warrants. The shares of Series I Preferred Stock and warrants may be transferred separately, immediately upon issuance. Towerstream's common stock is presently quoted on the OTCQB tier of the OTC Markets Group, Inc. under the symbol "TWER". The Company's common stock and warrants are approved for listing on the NASDAQ Capital Market under the symbols "TWER" and "TWERW," respectively, subject only to successful pricing of this offering. In connection with the listing of the Company's shares of common stock and warrants on the NASDAQ Capital Market, the Company implemented a 1 for 75 reverse split of our issued and outstanding common stock on Sept. 29, 2017. All share and per share data in this prospectus have been retroactively restated to reflect the reverse stock split. A full-text copy of the amended prospectus is available at: https://is.gd/p6HcMY About Towerstream Towerstream Corporation (OTCQB:TWER) -- http://www.towerstream.com/ -- is a fixed-wireless fiber alternative company delivering Internet access to businesses. The Company offers broadband services in twelve urban markets including New York City, Boston, Los Angeles, Chicago, Philadelphia, the San Francisco Bay area, Miami, Seattle, Dallas-Fort Worth, Houston, Las Vegas-Reno, and the greater Providence area. Towerstream reported a net loss attributable to common stockholders of $22.15 million on $26.89 million of revenues for the year ended Dec. 31, 2016, compared to a net loss attributable to common stockholders of $40.48 million on $27.90 million of revenues for the year ended Dec. 31, 2015. As of Sept. 30, 2017, Towertream had $26.65 million in total assets, $39.04 million in total liabilities and a total stockholders' deficit of $12.39 million. Marcum LLP, in New York, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. TOWERSTREAM CORP: Incurs $3.1 Million Net Loss in Third Quarter --------------------------------------------------------------- Towerstream Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $3.13 million on $6.55 million of revenues for the three months ended Sept. 30, 2017, compared to a net loss of $5.19 million on $6.66 million of revenues for the three months ended Sept. 30, 2016. For the nine months ended Sept. 30, 2017, the Company reported a net loss of $10.41 million on $19.64 million of revenues compared to a net loss of $16.91 million on $20.27 million of revenues for the same period in 2016. As of Sept. 30, 2017, Towerstream had $26.65 million in total assets, $39.04 million in total liabilities and a total stockholders' deficit of $12.39 million. "The sequential improvement in many of our key financial and operational metrics reflects the progress we are making on our initiatives to position Towerstream for the future," said Ernest Ortega, chief executive officer of Towerstream. "Third quarter 2017 sales of $148,000 decreased 9% from sales of $163,000 in the second quarter of 2017, but were up 14% from third quarter 2016 sales of $130,000. Reported sales represent the monthly recurring revenue value of contracts signed with customers during the period. "The sequential decrease in third quarter sales was anticipated as we work to re- build and upgrade our sales force. During the quarter, a significant portion of our sales force was comprised of new sales personnel added during the period. In addition, we opened a new sales office in Virginia which we believe will enable us to increase our sales candidate pool. Amidst all of these changes, the productivity levels among our remaining tenured sales personnel continued to improve year over year, and were up 75% from the third quarter of 2016," said Ortega. The average revenue per user (ARPU) for new sales contracts signed during the third quarter was $579, a 4% increase from $556 in the second quarter of 2017 and a 32% increase from ARPU of $439 in the third quarter of 2016. Ortega said, "Our ARPU continues to increase and we believe there is room for further growth as we leverage our competitive advantages. These include the speed-to-market benefits of fixed wireless, the reliability of our network and our ability to provide a carrier-class internet connection at very competitive rates." Churn - Churn, which is the monthly percent of revenue lost from customers terminating their service, was 1.26% in the third quarter of 2017, down from 1.48% in the second quarter of 2017, and 2.02% in the third quarter of 2016. "Churn has continued to improve throughout 2017 as a result of our renewed focus on retaining our customers and building longer term relationships. This approach, which we implemented earlier this year, has started to pay dividends and we believe will be an important driver of our future growth," added Ortega. Earnings before interest, taxes, depreciation, and amortization (EBITDA) for continuing operations and excluding non-cash charges for stock-based compensation increased 38% to $340,000 for the third quarter of 2017, from $247,000 for the second quarter of 2017. Third quarter 2017 adjusted EBITDA was up substantially from $45,000 in the third quarter of 2016. "We have achieved positive adjusted EBITDA in five of the last six quarters, with steady improvement throughout 2017. This progress is the result of our initiatives to streamline the business, increase revenues and improve efficiency. We believe we are on track for continued improvement," said Ortega. "We believe the fast-growing demand for increasing bandwidth provides attractive growth opportunities for Towerstream. We are working to scale our existing, proven network to serve more of the approximately 400,000 commercial buildings and their tenants in our 12 major markets. To achieve that goal, we are building a highly motivated sales force to expand our reach and during the third quarter, we established a wholesale division to provide last-mile service to telecommunications carriers. As indicated by our key performance metrics, we believe we are making good progress on our overall plan to create a sustainable business model centered on strategic growth and improved financial performance," said Ortega. A full-text copy of the Form 10-Q is available for free at: https://is.gd/kDoaMQ About Towerstream Towerstream Corporation (OTCQB:TWERD) (www.towerstream.com) is a fixed-wireless fiber alternative company delivering Internet access to businesses. The company offers broadband services in 12 urban markets including New York City, Boston, Los Angeles, Chicago, Philadelphia, the San Francisco Bay area, Miami, Seattle, Dallas-Fort Worth, Houston, Las Vegas-Reno, and the greater Providence area. Towerstream reported a net loss attributable to common stockholders of $22.15 million on $26.89 million of revenues for the year ended Dec. 31, 2016, compared to a net loss attributable to common stockholders of $40.48 million on $27.90 million of revenues for the year ended Dec. 31, 2015. Marcum LLP, in New York, issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. TRANS-LUX CORP: Incurs $123,000 Net Loss in Third Quarter --------------------------------------------------------- Trans-Lux Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $123,000 on $10.32 million of total revenues for the three months ended Sept. 30, 2017, compared to net income of $140,000 on $5.85 million of total revenues for the three months ended Sept. 30, 2016. For the nine months ended Sept. 30, 2017, the Company reported a net loss of $2.63 million on $17.38 million of total revenues compared to a net loss of $895,000 on $15.46 million of total revenues for the same period in 2016. As of Sept. 30, 2017, Trans-Lux had $15.23 million in total assets, $19.05 million in total liabilities and a total stockholders' deficit of $3.82 million. According to Trans-Lux, "We do not have adequate liquidity, including access to the debt and equity capital markets, to operate our business. The Company incurred a net loss of $2.6 million in the nine months ended September 30, 2017 and had a working capital deficiency of $5.6 million as of September 30, 2017. As a result, our short-term business focus continues to be to preserve our liquidity position. Unless we are successful in obtaining additional liquidity, we believe that we will not have sufficient cash and liquid assets to fund normal operations for the next 12 months from the date of issuance of this Form 10-Q. In addition to the recently consummated $500,000 loan from Carlisle, the Company is seeking additional financing in order to provide enough cash to cover our remaining current fixed cash obligations as well as providing working capital. However, there can be no assurance as to the amounts, if any, the Company will receive in any additional financings or the terms thereof and the Company has no agreements, commitments or understandings with respect to any such additional financing. To the extent the Company issues additional equity securities, it could be dilutive to existing shareholders. In addition, the Company’s current outstanding debt and other obligations could limit its ability to incur more debt. The report from the Company's independent accounting firm Marcum LLP, in Hartford, CT, on the consolidated financial statements for the year ended Dec. 31, 2016, includes an explanatory paragraph stating that the Company has suffered recurring losses from operations and has a significant working capital deficiency that raise substantial doubt about its ability to continue as a going concern. Further, the Company is in default of the indenture agreements governing its outstanding 9 1/2% subordinated debentures which were due in 2012 and its 8 1/4% limited convertible senior subordinated notes which were due in 2012 so that the trustees or holders of 25% of the outstanding Debentures and Notes have the right to demand payment immediately. Additionally, the auditors noted, the Company has a significant amount due to their pension plan over the next 12 months. Trans-Lux reported a net loss of $611,000 for the year ended Dec. 31, 2016, following a net loss of $1.74 million for the year ended Dec. 31, 2015. A full-text copy of the Form 10-Q is available for free at: https://is.gd/NfWIDp About Trans-Lux Headquartered in New York, Trans-Lux Corporation designs and makes digital display solutions, fixed digit scoreboards and LED lighting fixtures and lamps. UMATRIN HOLDING: Reports $173,000 Net Loss for Third Quarter ------------------------------------------------------------ Umatrin Holding Limited filed with the Securities and Exchange Commission its quarterly report on Form 10-Q reporting a net loss of $172,595 on $324,668 of sales for the three months ended Sept. 30, 2017, compared to a net loss of $170,685 on $303,173 of sales for the three months ended Sept. 30, 2016. For the nine months ended Sept. 30, 2017, the Company reported a net loss of $331,916 on $835,300 of sales compared to a net loss of $140,962 on $1.37 million of sales for the same period in 2016. As of Sept. 30, 2017, Umatrin had $1.80 million in total assets, $1.45 million in total liabilities and $355,179 in total equity. The Company had cash and cash equivalent of $31,881 and $133,269 as of Sept. 30, 2017 and Dec. 31, 2016, respectively. According to Umatrin, "Our company's operations have been funded through an equity financing and a series of debt transactions, primarily with shareholders, directors, and officers of our company and affiliated entities. These related party debt transactions such as sales purchases of inventory and advances have operated as informal lines of credit since the inception of our company, and related parties have extended credit as needed which our company has repaid at its convenience. We anticipate that we will incur operating losses in the foreseeable future and we believe we will need additional cash to support our daily operations while we are attempting to execute our business plan and produce revenues. If our related parties are unable or unwilling to provide additional capital, we would likely require financing from third parties. There can be no assurance that any additional financing will be available to us, on terms we believe to be favorable or at all. The inability to obtain additional capital would have a material adverse effect on our operations and financial condition and could force us to curtail or discontinue operations entirely and/or file for protection under bankruptcy laws." For the nine months ended Sept. 30, 2017 the Company used $206,599 in operating activities as compared to using $144,943 in operating activities during the nine months ended Sept. 30, 2016. The movement in net cash used in operating activities resulted from the movement in inventory, prepaid tax, other receivables and deposits, accounts payable and accrued expenses and other payables. During the nine months ended Sept. 30, 2017 the Company used $32,262 in investing activities as compared to using $103,459 in investing activities during the nine months ended Sept. 30, 2016. The movement in net cash used in investing activity resulted from the movement in purchase of property and equipment as the Company expanded its operation and advances made to related parties. During the nine months ended Sept. 30, 2017, the Company generated $138,198 in financing activities as compared to generating $111,952 in financing activities during the nine months ended Sept. 30, 2016. During the nine months ended Sept. 30, 2017, the net cash provided by financing activities resulted from proceeds from common stock issued and to be issued of $265,727, net repayment to related party of $114,719 and net repayment to term loan of $12,810. During the nine months ended Sept. 30, 2016, the net cash provided by financing activities resulted from net proceeds from related party of $133,812 and net repayment to term loan of $21,860. A full-text copy of the Form 10-Q is available for free at: https://is.gd/4NyRS8 About Umatrin Umatrin Holding Limited (formerly known as Golden Opportunities Corporation) was incorporated in the state of Delaware on Feb. 2, 2005. The Company was originally incorporated in order to locate and negotiate with a targeted business entity for the combination of that target company with the Company. On Jan. 6, 2016, the Company acquired 80% of the equity interests of U Matrin Worldwide SDN BHD in exchange for the issuance of a total of 100,000,000 shares of its common stock to the two holders of Umatrin, Dato' Sri Eu Hin Chai and Dato' Liew. Immediately following the Share Exchange, the business of Umatrin became the business of UMHL. The UMHL operation office remained in Malaysia and the business market will remain focus in Asia. Umatrin Holding reported a net loss of $227,400 on $1.52 million of sales for the year ended Dec. 31, 2016, compared with a net loss of $355,600 on $3.15 million of sales for the year ended Dec. 31, 2015. WWC, P.C. issued a "going concern" qualification on the consolidated financial statements for the year ended Dec. 31, 2016, citing that the the Company had an accumulated deficit of $2,427,575 as of Dec. 31, 2016, which included a loss of $227,447 for the years ended Dec. 31, 2016. The Company faces uncertainty in the market for its products; accordingly, management has modified its product portfolio to focus on what its expects to be profitable products. The Company also plans to raise additional capital through the equity financing to fund the expansion of its current operations and to fund potential acquisitions with future profit potential. There are no assurances that the Company will be able to generate substantial profit from operations, or it will be able to raise equity financing; accordingly, these factors raise substantial doubt on the Company's ability to continue as a going concern. VENOCO LLC: Seeks to Sell Lang Tule Ranch to Pacific Gas for $1.5MM ------------------------------------------------------------------- Venoco, LLC, and its affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a notice to sell a parcel of real property consisting of approximately 252.6 gross acres of land in Solano County, California, referred to as the "Lang Tule Ranch," together with all rights, easements, licenses, permits, benefits, improvements, crops, betterments, accretions and interests appurtenant thereto, to Pacific Gas and Electric Co. for $1,545,000. To the Debtors' knowledge, the Property is unencumbered, although the land is subject to a certain lease agreement dated May 15, 2011 between Venoco, as the lessor, and Tim Wellman, as the Lessee. The Debtors are asking authority to reject the Grazing Lease. The Buyer has determined it does not wish to have the Grazing Lease assigned to it, leaving the Grazing Lease with no marketable value to be generated through assumption and assignment. A hearing on the Motion is set for Dec. 4, 2017 at 11:00 a.m. (ET). The objection deadline is Nov. 29, 2017 at 4:00 p.m. (ET). A copy of the Motion is available for free at: http://bankrupt.com/misc/Venoco_LLC_654_Sales.pdf About Venoco Venoco, LLC is a California-based and privately-owned independent energy company primarily focused on the acquisition, exploration, production and development of oil and gas properties. As of April 2017, Venoco held interests in approximately 57,859 net acres, of which approximately 40,945 are developed. On March 18, 2016, in the midst of a historic collapse in the oil and gas industry, Venoco, Inc. -- the predecessor in interest to Venoco, LLC -- and six of Venoco, Inc.'s affiliates commenced voluntary Chapter 11 cases, jointly administered as In re Venoco, Inc., 16-10655 (KG) (Bankr. D. Del. March 18, 2016), in the U.S. Bankruptcy Court for the District of Delaware to address their overleveraged capital structure. In under four months, the 2016 Debtors confirmed a plan eliminating more than $1 billion in funded debt and other liabilities. On April 17, 2017, each of Venoco, LLC and six of its subsidiaries filed a voluntary petition with the U.S. Bankruptcy Court for the District of Delaware (Bankr. D. Del. Lead Case No. 17-10828). As of the bankruptcy filing, the Debtors estimated assets in the range of $10 million to $50 million and liabilities of up to $100 million. Judge Kevin Gross presides over the 2017 cases. The Debtors have hired Morris, Nichols, Arsht & Tunnell LLP and Bracewell LLP as counsel; Zolfo Cooper LLC as restructuring and turnaround advisor; Seaport Global Securities LLC as financial advisor; and Prime Clerk LLC as claims, noticing and balloting agent. VENOCO LLC: Selling Oil County Tubular Goods to JD Rush for $548K ----------------------------------------------------------------- Venoco, LLC and its affiliate debtors filed with the U.S. Bankruptcy Court for the District of Delaware a notice to sell oil county tubular goods of various sizes, weights, grades and conditions, including new and used casing and tubing, to JD Rush Co., Inc. for $548,000, on an "as is" basis. A hearing on the Motion is set for Dec. 4, 2017 at 11:00 a.m. (ET). The objection deadline is Nov. 29, 2017 at 4:00 p.m. (ET). A copy of the Bill of Sale and the list of tubulars to be sold attached to the Motion is available for free at: http://bankrupt.com/misc/Venoco_LLC_651_Sales.pdf About Venoco Venoco LLC and six of its subsidiaries filed voluntary petitions with the U.S. Bankruptcy Court for the District of Delaware (Bankr. D. Del. Lead Case No. 17-10828) on April 17, 2017. The cases have been assigned to Judge Kevin Gross. As of the Petition Date (and following the quitclaim of the SEF Leases), the Debtors held interests in approximately 57,859 net acres, of which approximately 40,945 are developed. The majority of the Debtors' revenues are derived through sales of oil to competing buyers, including large oil refining companies and independent marketers. Nearly all of the Debtors' annual revenues are generated from sales to one purchaser, Tesoro. The Debtors' revenues from oil and gas sales were approximately $33.6 million on a rolling 12 month basis. As of the bankruptcy filing, the Debtors estimated assets in the range of $10 million to $50 million and liabilities of up to $100 million. As of the petition date, the Debtors have approximately $25 million in cash, all of which is unrestricted. The Debtors anticipate that they will need all or substantially all of this cash to fund ongoing operational expenses, fund these cases and a sale process, and wind down their affairs. The Debtors tapped Bracewell LLP as legal counsel; Morris, Nichols, Arsht & Tunnell LLP as co-counsel; Seaport Global Securities LLC as investment banker; and Prime Clerk LLC as claims, noticing and balloting agent. Zolfo Cooper Management, LLC, and its senior director Bret Fernandes will lead the Debtors' restructuring efforts. The Debtors hired Natural Resources Group, Inc., a real estate broker, in connection with the sale of its 252-acre real property known as Lang Tule located in Solano County, California. No official committee of unsecured creditors has been appointed in the Debtors' cases. VERN'S AUTO: Wants to Use Cash to Continue Daily Operations ----------------------------------------------------------- Vern's Auto Repair, LLC seeks authorization from the U.S. Bankruptcy Court for the Western District of Texas to use cash collateral to continue its daily operations. The Debtor has prepared a 3-month Budget which provides total operating disbursements of $28,600 for the month of November 2017; $33,400 for the month of December 2017; and $28,600 for the month of January 2018. The Debtor believes that FC Partners LP, RBFCU and McKenzie Capital LLC may assert an interest in the cash collateral. The indebtedness claimed by these Secured Creditors is primarily monies loaned for working capital. The Debtor proposes to provide adequate protection to Secured Creditors by granting them a lien on its post-petition accounts receivable, cash and deposits. A full-text copy of the Debtor's request, dated November 21, 2017 is available at https://tinyurl.com/y8q3alzh About Vern's Auto Repair LLC Vern's Auto Repair, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 17-52471) on October 26, 2017. Joseph D. Fontenot, its managing member, signed the petition. Judge Ronald B. King presides over the case. The Debtor is represented by Steven G. Cennamo, Esq. at Malaise Law Firm as its legal counsel. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $50,000 and liabilities of less than $500,000. VIM + VIGOR: Ch. 11 Trustee Taps Demeo as Legal Counsel ------------------------------------------------------- Donald Lassman, the Chapter 11 trustee for Vim + Vigor LLC, seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Demeo LLP as his legal counsel. The firm will advise the trustee concerning all matters related to the administration of the Debtor's estate; assist in any potential sale of the Debtor's assets; direct the activities of other bankruptcy professionals; and provide other legal services related to the Debtor's Chapter 11 case. The firm's standard hourly rates for its attorneys range from $275 to $375. Alex Mattera, Esq., disclosed in a court filing that he and other members of his firm are "disinterested" as defined in section 101(14) of the Bankruptcy Code. Demeo can be reached through: Alex F. Mattera, Esq. Demeo LLP 200 State Street Boston, MA 02109 Tel: (617) 263-2600 Fax: (617) 263-2300 Email: AMattera@DemeoLLP.com Vim + Vigor LLC Vim + Vigor, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 17-13830) on October 16, 2017. Courtney Hurley, manager, signed the petition. The Debtor hired The Law Office of Peter M. Daigle, P.C. as its legal counsel. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $100,000 and liabilities of less than $50,000. On November 9, 2017, Donald R. Lassman was appointed as Chapter 11 trustee for the Debtor. VIM + VIGOR: Ch. 11 Trustee Taps Matrix Financial as Accountant --------------------------------------------------------------- Donald Lassman, the Chapter 11 trustee for Vim + Vigor LLC, received approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Matrix Financial, LLC, as his accountant. The firm will advise the trustee regarding the tax consequences associated with the disposition of any property of the Debtor's bankruptcy estate; prepare tax returns; and provide other accounting services. Carl Alviti, principal of Matrix Financial, will charge an hourly fee of $290 for his services. Mr. Alviti disclosed in a court filing that he and other principals of the firm do not hold any interest adverse to the Debtor, the trustee and creditors. The firm can be reached through: Carl Alviti Matrix Financial, LLC 60 Walnut Street Wellesley, MA 02481 Phone: (781) 943-4100 Vim + Vigor LLC Vim + Vigor, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 17-13830) on October 16, 2017. Courtney Hurley, manager, signed the petition. The Debtor hired The Law Office of Peter M. Daigle, P.C. as its legal counsel. At the time of the filing, the Debtor disclosed that it had estimated assets of less than $100,000 and liabilities of less than $50,000. On November 9, 2017, Donald R. Lassman was appointed as Chapter 11 trustee for the Debtor. WELLMAN DYNAMICS: Seeks Cash Collateral Access Through Jan. 26 -------------------------------------------------------------- Wellman Dynamics Machining & Assembly, Inc., and Wellman Dynamics Corporation seek permission from the U.S. Bankruptcy Court for the Southern District of Iowa to continue using cash collateral from Dec. 2, 2017, through and including Jan. 26, 2018. The Debtors assert that because of the sale hearings scheduled on Dec. 12, 2017 and the upcoming holidays, it needs the flexibility to use cash collateral through Jan. 26, 2018. The Debtors seek to continue its use of cash collateral through Jan. 26 pursuant to and upon the same terms as those previously agreed to by TCTM Financial FS and the Official Committee of Unsecured Creditors in the stipulation and consent court order docketed on May 10, 2017, and approved by the Court in the May 11 consent court order. Copies of the Debtor's request is available at: http://bankrupt.com/misc/iasb16-01827-301.pdf http://bankrupt.com/misc/iasb16-01825-385.pdf As reported by the Troubled Company Reporter on Nov. 3, 2017, the Court authorized the Debtors to continue to use TCTM Financial FS, LLC's collateral through Dec. 1, 2017, pursuant to and upon the same terms as those previously agreed to by TCTM and the Official Committee of Unsecured Creditors in the Stipulation and Consent Order approved by the Court in its order dated May 11, 2017. About Fansteel and Affiliates Headquartered in Creston, Iowa, Fansteel, Inc., operates four business units at four locations in the USA and one in Mexico with a workforce of more than 600 employees. Fansteel generated approximately $87.4 million in revenue in 2015 on a consolidated basis. Wellman Dynamics Corporation contributed 67% of Fansteel's sales. The rest of the sales are generated from Intercast, a division of Fansteel, and other non-debtor subsidiaries. Fansteel, Wellman Dynamics and Wellman Dynamics Machinery & Assembly, Inc., filed Chapter 11 petitions (Bankr. S.D. Iowa Case Nos. 16-01823, 16-01825 and 16-01827) on Sept. 13, 2016. The petitions were signed by Jim Mahoney, CEO. The cases are assigned to Judge Anita L. Shodeen. The Debtors disclosed total assets of $32.9 million and total debt of $41.97 million. The companies tapped Jeffrey D. Goetz, Esq., and Krystal R. Mikkilineni, Esq., at Bradshaw, Fowler, Proctor & Fairgrave, P.C., as counsel; RSM US LLP as tax advisor; Jeffrey Sands and Dorset Partners, LLC, as business broker; and Mark J. Steger, Esq., at the Clark Hill Law Firm, as Environmental Counsel. The companies filed motions to jointly administer the cases pursuant to Bankruptcy Rule 1015(b), and the court ordered the joint administration on Oct. 17, 2016. The court subsequently entered an order on May 24, 2017, vacating its Oct. 17 order and discontinuing the joint administration of the cases under the lead case of Fansteel. On Sept. 23, 2016, the U.S. Trustee for Region 12 appointed an official committee of unsecured creditors in Fansteel's bankruptcy case. The committee retained Morris Anderson & Associates, Ltd., as financial advisor; and Archer & Greiner, P.C., and Nyemaster Goode, P.C., as counsel. In March 2017, the U.S. trustee announced that the unsecured creditors' committee of Fansteel would no longer serve as the official committee in its case and that it would be reconstituted as the official committee of unsecured creditors in the Chapter 11 cases of Wellman Dynamics and Wellman Dynamics Machinery. As of March 22, 2017, a new creditors' committee has not yet been appointed in Fansteel's bankruptcy case. Wellman Dynamics filed a Chapter 11 plan of reorganization and disclosure statement on Jan. 11, 2017. On May 8, 2017, the creditors' committee of Wellman Dynamics filed a rival Chapter 11 plan of liquidation for the company. ZEKE'S WORLD: Jan. 23 Hearing on Disclosure Statement Approval -------------------------------------------------------------- Judge Thomas J. Catliota of the U.S. Bankruptcy Court for the District of Maryland issued an amended order setting the hearing to consider the approval of Zeke's World, LLC's disclosure statement on Jan. 23, 2018, at 10:30 a.m. Dec. 19, 2017, is fixed as the last day for filing and serving written objections to the Disclosure Statement. As previously reported by the Troubled Company Reporter, the allowed unsecured claims under the plan will receive cash distributions from cash flow anticipated to represent a minimum of 100% of their Face Amount of the allowed claims in pro rata distribution on their allowed amount over 60 months from the Effective Date in adjustable monthly installments. The allowed unsecured claims will be paid in full whether contingent, disputed or unliquidated on Schedules or not. A full-text copy of the Debtor's Disclosure Statement, dated November 2, 2017, is available for free at: https://is.gd/5kjCkj About Zeke's World Zeke's World, LLC aka World Gym filed a Chapter 11 petition (Bankr. D. Md. Case No. 16-18635), on June 27, 2016. The petition was signed by Byron L. Brooks, managing member. The Debtor is represented by John Douglas Burns, Esq. at the Burns Law Firm, LLC. At the time of filing, the Debtor had $100,000 to $500,000 in estimated assets and $1 million to $10 million in estimated liabilities. [^] Large Companies with Insolvent Balance Sheet ------------------------------------------------ Total Share- Total Total Holders' Working Assets Equity Capital Company Ticker ($MM) ($MM) ($MM) ------- ------ ------ -------- ------- ABSOLUTE SOFTWRE ALSWF US 94.0 (54.4) (32.8) ABSOLUTE SOFTWRE OU1 GR 94.0 (54.4) (32.8) ABSOLUTE SOFTWRE ABT CN 94.0 (54.4) (32.8) ABSOLUTE SOFTWRE ABT2EUR EU 94.0 (54.4) (32.8) AGENUS INC AJ81 GR 149.3 (51.6) 29.9 AGENUS INC AGEN US 149.3 (51.6) 29.9 AGENUS INC AJ81 TH 149.3 (51.6) 29.9 AGENUS INC AGENEUR EU 149.3 (51.6) 29.9 AGENUS INC AJ81 QT 149.3 (51.6) 29.9 AIMIA INC AIM CN 4,260.0 (20.8) (1,176.3) AMER RESTAUR-LP ICTPU US 33.5 (4.0) (6.2) ARSANIS INC ASNS US 7.6 (16.7) (6.3) ASPEN TECHNOLOGY AZPN US 202.7 (267.5) (327.7) ASPEN TECHNOLOGY AST GR 202.7 (267.5) (327.7) ASPEN TECHNOLOGY AST TH 202.7 (267.5) (327.7) ASPEN TECHNOLOGY AZPNEUR EU 202.7 (267.5) (327.7) ATLATSA RESOURCE ATL SJ 193.5 (142.5) (46.4) AUTOZONE INC AZO US 9,259.8 (1,428.4) (155.0) AUTOZONE INC AZ5 TH 9,259.8 (1,428.4) (155.0) AUTOZONE INC AZ5 GR 9,259.8 (1,428.4) (155.0) AUTOZONE INC AZOEUR EU 9,259.8 (1,428.4) (155.0) AUTOZONE INC AZ5 QT 9,259.8 (1,428.4) (155.0) AVEO PHARMACEUTI AVEO US 41.7 (44.6) 23.7 AVID TECHNOLOGY AVID US 225.3 (270.4) (78.0) AVID TECHNOLOGY AVD GR 225.3 (270.4) (78.0) AXIM BIOTECHNOLO AXIM US 4.4 (3.4) (0.6) BENEFITFOCUS INC BNFT US 171.2 (37.0) 7.0 BENEFITFOCUS INC BTF GR 171.2 (37.0) 7.0 BLUE BIRD CORP BLBD US 366.8 (59.6) 32.8 BLUE RIDGE MOUNT BRMR US 1,060.2 (212.5) (62.4) BOMBARDIER INC-A BBD/A CN 23,709.0 (3,623.0) 103.0 BOMBARDIER INC-B BBD/B CN 23,709.0 (3,623.0) 103.0 BRINKER INTL EAT US 1,368.6 (539.0) (273.5) BRINKER INTL BKJ GR 1,368.6 (539.0) (273.5) BRINKER INTL EAT2EUR EU 1,368.6 (539.0) (273.5) BROOKFIELD REAL BRE CN 95.0 (31.1) 3.0 BRP INC/CA-SUB V DOO CN 2,252.0 (93.4) (42.8) BRP INC/CA-SUB V B15A GR 2,252.0 (93.4) (42.8) BRP INC/CA-SUB V BRPIF US 2,252.0 (93.4) (42.8) BUFFALO COAL COR BUC SJ 49.8 (22.9) (20.1) BURLINGTON STORE BURL US 2,611.8 (95.9) 25.2 BURLINGTON STORE BUI GR 2,611.8 (95.9) 25.2 BURLINGTON STORE BURL* MM 2,611.8 (95.9) 25.2 CADIZ INC CDZI US 68.9 (76.3) 7.6 CADIZ INC 2ZC GR 68.9 (76.3) 7.6 CAESARS ENTERTAI CZR US 14,353.0 (3,815.0) (5,099.0) CAESARS ENTERTAI C08 GR 14,353.0 (3,815.0) (5,099.0) CAESARS ENTERTAI CZREUR EU 14,353.0 (3,815.0) (5,099.0) CALIFORNIA RESOU CRC US 6,183.0 (574.0) (294.0) CALIFORNIA RESOU 1CLB GR 6,183.0 (574.0) (294.0) CALIFORNIA RESOU CRCEUR EU 6,183.0 (574.0) (294.0) CALIFORNIA RESOU 1CL TH 6,183.0 (574.0) (294.0) CAMBIUM LEARNING ABCD US 155.0 (45.0) (55.0) CAREDX INC CDNA US 75.1 (0.2) (14.0) CASELLA WASTE WA3 GR 592.4 (60.5) (1.4) CASELLA WASTE CWST US 592.4 (60.5) (1.4) CASELLA WASTE WA3 TH 592.4 (60.5) (1.4) CASELLA WASTE CWSTEUR EU 592.4 (60.5) (1.4) CHENIERE EN PART CQH US 0.8 (0.1) (0.1) CHENIERE EN PART CE4 GR 0.8 (0.1) (0.1) CHESAPEAKE ENERG CHK US 11,981.0 (704.0) (1,040.0) CHESAPEAKE ENERG CS1 GR 11,981.0 (704.0) (1,040.0) CHESAPEAKE ENERG CS1 TH 11,981.0 (704.0) (1,040.0) CHESAPEAKE ENERG CHK* MM 11,981.0 (704.0) (1,040.0) CHESAPEAKE ENERG CS1 QT 11,981.0 (704.0) (1,040.0) CHESAPEAKE ENERG CHKEUR EU 11,981.0 (704.0) (1,040.0) CHOICE HOTELS CZH GR 961.2 (200.4) 182.3 CHOICE HOTELS CHH US 961.2 (200.4) 182.3 CINCINNATI BELL CBB US 1,457.3 (133.5) 5.1 CINCINNATI BELL CIB1 GR 1,457.3 (133.5) 5.1 CINCINNATI BELL CBBEUR EU 1,457.3 (133.5) 5.1 CLEAR CHANNEL-A C7C GR 5,580.5 (1,284.2) 337.6 CLEAR CHANNEL-A CCO US 5,580.5 (1,284.2) 337.6 CLEVELAND-CLIFFS CVA GR 1,923.3 (833.1) 373.6 CLEVELAND-CLIFFS CVA TH 1,923.3 (833.1) 373.6 CLEVELAND-CLIFFS CLF US 1,923.3 (833.1) 373.6 CLEVELAND-CLIFFS CLF* MM 1,923.3 (833.1) 373.6 CLEVELAND-CLIFFS CVA QT 1,923.3 (833.1) 373.6 CLEVELAND-CLIFFS CLF2EUR EU 1,923.3 (833.1) 373.6 COGENT COMMUNICA CCOI US 729.9 (80.1) 236.8 COGENT COMMUNICA OGM1 GR 729.9 (80.1) 236.8 DELEK LOGISTICS DKL US 422.9 (25.8) 5.5 DELEK LOGISTICS D6L GR 422.9 (25.8) 5.5 DENNY'S CORP DE8 GR 309.2 (97.6) (45.4) DENNY'S CORP DENN US 309.2 (97.6) (45.4) DINEEQUITY INC DIN US 1,641.2 (216.7) 79.9 DINEEQUITY INC IHP GR 1,641.2 (216.7) 79.9 DOLLARAMA INC DOL CN 1,891.4 (59.4) 291.2 DOLLARAMA INC DLMAF US 1,891.4 (59.4) 291.2 DOLLARAMA INC DR3 GR 1,891.4 (59.4) 291.2 DOLLARAMA INC DOLEUR EU 1,891.4 (59.4) 291.2 DOLLARAMA INC DR3 TH 1,891.4 (59.4) 291.2 DOMINO'S PIZZA EZV TH 816.2 (2,765.3) 194.1 DOMINO'S PIZZA EZV GR 816.2 (2,765.3) 194.1 DOMINO'S PIZZA DPZ US 816.2 (2,765.3) 194.1 DUN & BRADSTREET DB5 GR 2,301.0 (857.3) (71.7) DUN & BRADSTREET DB5 TH 2,301.0 (857.3) (71.7) DUN & BRADSTREET DNB US 2,301.0 (857.3) (71.7) DUN & BRADSTREET DNB1EUR EU 2,301.0 (857.3) (71.7) DUNKIN' BRANDS G 2DB GR 3,139.3 (174.1) 157.8 DUNKIN' BRANDS G DNKN US 3,139.3 (174.1) 157.8 DUNKIN' BRANDS G 2DB TH 3,139.3 (174.1) 157.8 DUNKIN' BRANDS G DNKNEUR EU 3,139.3 (174.1) 157.8 ERIN ENERGY CORP ERN SJ 229.5 (359.3) (310.8) EVERI HOLDINGS I EVRI US 1,425.6 (123.8) (5.1) EVERI HOLDINGS I G2C TH 1,425.6 (123.8) (5.1) EVERI HOLDINGS I G2C GR 1,425.6 (123.8) (5.1) EVERI HOLDINGS I EVRIEUR EU 1,425.6 (123.8) (5.1) FERRELLGAS-LP FEG GR 1,610.0 (757.5) (43.8) FERRELLGAS-LP FGP US 1,610.0 (757.5) (43.8) FIFTH STREET ASS FSAM US 141.6 (33.5) - FIFTH STREET ASS 7FS TH 141.6 (33.5) - FORESCOUT TECHNO FSCT US 140.7 (63.1) (20.4) FORESCOUT TECHNO F1O GR 140.7 (63.1) (20.4) FORESCOUT TECHNO F1O QT 140.7 (63.1) (20.4) FORESCOUT TECHNO FSCTEUR EU 140.7 (63.1) (20.4) GAMCO INVESTO-A GBL US 231.0 (104.5) - GEN COMM-A GC1 GR 2,063.3 (2.7) 45.3 GEN COMM-A GNCMA US 2,063.3 (2.7) 45.3 GEN COMM-A GNCMAEUR EU 2,063.3 (2.7) 45.3 GEN COMM-B GNCMB US 2,063.3 (2.7) 45.3 GNC HOLDINGS INC IGN GR 1,969.0 (24.7) 441.6 GNC HOLDINGS INC GNC US 1,969.0 (24.7) 441.6 GNC HOLDINGS INC IGN TH 1,969.0 (24.7) 441.6 GNC HOLDINGS INC GNC1EUR EU 1,969.0 (24.7) 441.6 GNC HOLDINGS INC GNC* MM 1,969.0 (24.7) 441.6 GOGO INC GOGO US 1,362.9 (155.5) 322.8 GOGO INC G0G GR 1,362.9 (155.5) 322.8 GREEN PLAINS PAR GPP US 92.8 (64.3) 5.0 GREEN PLAINS PAR 8GP GR 92.8 (64.3) 5.0 H&R BLOCK INC HRB US 2,132.2 (214.3) 271.4 H&R BLOCK INC HRB GR 2,132.2 (214.3) 271.4 H&R BLOCK INC HRB TH 2,132.2 (214.3) 271.4 H&R BLOCK INC HRBEUR EU 2,132.2 (214.3) 271.4 HCA HEALTHCARE I 2BH GR 35,731.0 (5,066.0) 3,837.0 HCA HEALTHCARE I HCA US 35,731.0 (5,066.0) 3,837.0 HCA HEALTHCARE I 2BH TH 35,731.0 (5,066.0) 3,837.0 HCA HEALTHCARE I 2BH QT 35,731.0 (5,066.0) 3,837.0 HCA HEALTHCARE I HCAEUR EU 35,731.0 (5,066.0) 3,837.0 HORTONWORKS INC HDP US 211.4 (51.1) (31.0) HORTONWORKS INC 14K GR 211.4 (51.1) (31.0) HORTONWORKS INC 14K QT 211.4 (51.1) (31.0) HORTONWORKS INC HDPEUR EU 211.4 (51.1) (31.0) HP COMPANY-BDR HPQB34 BZ 31,934.0 (4,339.0) (617.0) HP INC HPQ* MM 31,934.0 (4,339.0) (617.0) HP INC HPQ US 31,934.0 (4,339.0) (617.0) HP INC 7HP TH 31,934.0 (4,339.0) (617.0) HP INC 7HP GR 31,934.0 (4,339.0) (617.0) HP INC HPQ TE 31,934.0 (4,339.0) (617.0) HP INC HPQ CI 31,934.0 (4,339.0) (617.0) HP INC HPQ SW 31,934.0 (4,339.0) (617.0) HP INC HWP QT 31,934.0 (4,339.0) (617.0) HP INC HPQCHF EU 31,934.0 (4,339.0) (617.0) HP INC HPQUSD EU 31,934.0 (4,339.0) (617.0) HP INC HPQUSD SW 31,934.0 (4,339.0) (617.0) HP INC HPQEUR EU 31,934.0 (4,339.0) (617.0) IDEXX LABS IDXX US 1,669.3 (48.4) (53.8) IDEXX LABS IX1 GR 1,669.3 (48.4) (53.8) IDEXX LABS IX1 TH 1,669.3 (48.4) (53.8) IDEXX LABS IDXX AV 1,669.3 (48.4) (53.8) IMMUNOGEN INC IMU GR 225.7 (111.3) 133.3 IMMUNOGEN INC IMGN US 225.7 (111.3) 133.3 IMMUNOGEN INC IMU TH 225.7 (111.3) 133.3 IMMUNOGEN INC IMU QT 225.7 (111.3) 133.3 IMMUNOGEN INC IMGNEUR EU 225.7 (111.3) 133.3 IMMUNOMEDICS INC IMMU US 153.4 (67.4) (52.0) IMMUNOMEDICS INC IM3 GR 153.4 (67.4) (52.0) IMMUNOMEDICS INC IM3 TH 153.4 (67.4) (52.0) IMMUNOMEDICS INC IM3 QT 153.4 (67.4) (52.0) INNOVIVA INC INVA US 391.0 (223.0) 187.6 INNOVIVA INC HVE GR 391.0 (223.0) 187.6 INNOVIVA INC INVAEUR EU 391.0 (223.0) 187.6 INSPIRED ENTERTA INSE US 213.4 (2.1) (1.4) INSTRUCTURE INC INST US 135.5 (10.9) (24.0) INSTRUCTURE INC 1IN GR 135.5 (10.9) (24.0) IRONWOOD PHARMAC I76 GR 625.1 (17.6) 249.6 IRONWOOD PHARMAC IRWD US 625.1 (17.6) 249.6 IRONWOOD PHARMAC I76 TH 625.1 (17.6) 249.6 IRONWOOD PHARMAC IRWDEUR EU 625.1 (17.6) 249.6 JACK IN THE BOX JBX GR 1,255.2 (439.0) (83.8) JACK IN THE BOX JACK US 1,255.2 (439.0) (83.8) JACK IN THE BOX JACK1EUR EU 1,255.2 (439.0) (83.8) JACK IN THE BOX JBX QT 1,255.2 (439.0) (83.8) JUST ENERGY GROU JE US 1,276.8 (268.4) (183.6) JUST ENERGY GROU 1JE GR 1,276.8 (268.4) (183.6) JUST ENERGY GROU JE CN 1,276.8 (268.4) (183.6) L BRANDS INC LTD GR 7,815.6 (1,119.1) 910.5 L BRANDS INC LTD TH 7,815.6 (1,119.1) 910.5 L BRANDS INC LB US 7,815.6 (1,119.1) 910.5 L BRANDS INC LBEUR EU 7,815.6 (1,119.1) 910.5 L BRANDS INC LB* MM 7,815.6 (1,119.1) 910.5 L BRANDS INC LTD QT 7,815.6 (1,119.1) 910.5 LAMB WESTON LW US 2,527.8 (521.6) 321.5 LAMB WESTON 0L5 GR 2,527.8 (521.6) 321.5 LAMB WESTON LW-WEUR EU 2,527.8 (521.6) 321.5 LAMB WESTON 0L5 TH 2,527.8 (521.6) 321.5 LANTHEUS HOLDING LNTH US 281.0 (77.9) 90.5 LANTHEUS HOLDING 0L8 GR 281.0 (77.9) 90.5 MANNKIND CORP MNKD US 56.5 (251.0) (62.8) MANNKIND CORP MNKD IT 56.5 (251.0) (62.8) MCDONALDS - BDR MCDC34 BZ 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MDO TH 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCD TE 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MDO GR 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCD* MM 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCD US 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCD SW 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCD CI 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MDO QT 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCDCHF EU 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCDUSD EU 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCDUSD SW 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCDEUR EU 32,559.6 (3,477.6) 1,050.1 MCDONALDS CORP MCD AV 32,559.6 (3,477.6) 1,050.1 MCDONALDS-CEDEAR MCD AR 32,559.6 (3,477.6) 1,050.1 MDC PARTNERS-A MDCA US 1,617.8 (328.8) (220.3) MDC PARTNERS-A MD7A GR 1,617.8 (328.8) (220.3) MDC PARTNERS-A MDCAEUR EU 1,617.8 (328.8) (220.3) MEDLEY MANAGE-A MDLY US 135.5 (11.6) 35.7 MICHAELS COS INC MIK US 2,060.0 (1,768.0) 445.6 MICHAELS COS INC MIM GR 2,060.0 (1,768.0) 445.6 MIRAGEN THERAPEU MGEN US 47.1 39.0 39.9 MONEYGRAM INTERN MGI US 4,546.1 (184.0) (66.1) MONEYGRAM INTERN 9M1N GR 4,546.1 (184.0) (66.1) MONEYGRAM INTERN 9M1N TH 4,546.1 (184.0) (66.1) MONEYGRAM INTERN MGIEUR EU 4,546.1 (184.0) (66.1) MOODY'S CORP DUT GR 8,304.9 (156.8) 296.2 MOODY'S CORP MCO US 8,304.9 (156.8) 296.2 MOODY'S CORP DUT TH 8,304.9 (156.8) 296.2 MOODY'S CORP MCOEUR EU 8,304.9 (156.8) 296.2 MOODY'S CORP DUT QT 8,304.9 (156.8) 296.2 MOODY'S CORP MCO* MM 8,304.9 (156.8) 296.2 MOTOROLA SOLUTIO MTLA GR 8,618.0 (818.0) 773.0 MOTOROLA SOLUTIO MTLA TH 8,618.0 (818.0) 773.0 MOTOROLA SOLUTIO MSI US 8,618.0 (818.0) 773.0 MOTOROLA SOLUTIO MOT TE 8,618.0 (818.0) 773.0 MOTOROLA SOLUTIO MSI1EUR EU 8,618.0 (818.0) 773.0 MSG NETWORKS- A MSGN US 819.5 (902.7) 193.1 MSG NETWORKS- A 1M4 GR 819.5 (902.7) 193.1 MSG NETWORKS- A 1M4 TH 819.5 (902.7) 193.1 MSG NETWORKS- A MSGNEUR EU 819.5 (902.7) 193.1 NATHANS FAMOUS NATH US 84.5 (60.4) 63.8 NATHANS FAMOUS NFA GR 84.5 (60.4) 63.8 NATIONAL CINEMED XWM GR 1,153.4 (61.9) 70.0 NATIONAL CINEMED NCMI US 1,153.4 (61.9) 70.0 NATIONAL CINEMED NCMIEUR EU 1,153.4 (61.9) 70.0 NAVISTAR INTL IHR GR 6,080.0 (4,923.0) 767.0 NAVISTAR INTL NAV US 6,080.0 (4,923.0) 767.0 NAVISTAR INTL IHR TH 6,080.0 (4,923.0) 767.0 NEW ENG RLTY-LP NEN US 237.8 (32.4) - NYMOX PHARMACEUT NYMX US 1.3 (0.7) (0.7) NYMOX PHARMACEUT NYM GR 1.3 (0.7) (0.7) ONCOMED PHARMACE OMED US 120.5 (62.2) 82.0 ONCOMED PHARMACE O0M GR 120.5 (62.2) 82.0 PAPA JOHN'S INTL PZZA US 550.9 (39.4) 29.5 PAPA JOHN'S INTL PP1 GR 550.9 (39.4) 29.5 PHILIP MORRIS IN PM1EUR EU 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN PMI SW 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN PM1 TE 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN 4I1 TH 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN PM1CHF EU 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN 4I1 GR 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN PM US 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN PM FP 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN PMI1 IX 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN PMI EB 41,951.0 (9,633.0) 2,345.0 PHILIP MORRIS IN 4I1 QT 41,951.0 (9,633.0) 2,345.0 PINNACLE ENTERTA PNK US 3,926.3 (343.8) (90.2) PINNACLE ENTERTA 65P GR 3,926.3 (343.8) (90.2) PLANET FITNESS-A PLNT US 1,366.0 (139.6) 49.0 PLANET FITNESS-A 3PL TH 1,366.0 (139.6) 49.0 PLANET FITNESS-A 3PL GR 1,366.0 (139.6) 49.0 PLANET FITNESS-A 3PL QT 1,366.0 (139.6) 49.0 PLANET FITNESS-A PLNT1EUR EU 1,366.0 (139.6) 49.0 PROS HOLDINGS IN PH2 GR 292.6 (35.4) 105.8 PROS HOLDINGS IN PRO US 292.6 (35.4) 105.8 QUANTUM CORP QTM US 211.2 (124.3) (48.3) REATA PHARMACE-A RETA US 160.4 (132.4) 108.2 REATA PHARMACE-A 2R3 GR 160.4 (132.4) 108.2 REATA PHARMACE-A RETAEUR EU 160.4 (132.4) 108.2 REGAL ENTERTAI-A RGC US 2,672.2 (855.2) (59.1) REGAL ENTERTAI-A RETA GR 2,672.2 (855.2) (59.1) REGAL ENTERTAI-A RGC* MM 2,672.2 (855.2) (59.1) REGAL ENTERTAI-A RGCEUR EU 2,672.2 (855.2) (59.1) REMARK HOLD INC MARK US 109.7 (9.4) (58.2) RESOLUTE ENERGY R21 GR 792.3 (73.8) (109.3) RESOLUTE ENERGY REN US 792.3 (73.8) (109.3) RESOLUTE ENERGY RENEUR EU 792.3 (73.8) (109.3) REVLON INC-A REV US 3,167.8 (701.9) 241.5 REVLON INC-A RVL1 GR 3,167.8 (701.9) 241.5 REVLON INC-A RVL1 TH 3,167.8 (701.9) 241.5 REVLON INC-A REVEUR EU 3,167.8 (701.9) 241.5 RH RH US 1,819.4 (46.8) 246.4 RH RS1 GR 1,819.4 (46.8) 246.4 RH RH* MM 1,819.4 (46.8) 246.4 RH RHEUR EU 1,819.4 (46.8) 246.4 ROKU INC ROKU US 225.5 (42.8) 52.0 ROKU INC R35 GR 225.5 (42.8) 52.0 ROKU INC R35 QT 225.5 (42.8) 52.0 ROKU INC ROKUEUR EU 225.5 (42.8) 52.0 ROKU INC R35 TH 225.5 (42.8) 52.0 ROSETTA STONE IN RST US 196.8 (1.4) (58.1) ROSETTA STONE IN RS8 GR 196.8 (1.4) (58.1) ROSETTA STONE IN RS8 TH 196.8 (1.4) (58.1) ROSETTA STONE IN RST1EUR EU 196.8 (1.4) (58.1) RR DONNELLEY & S DLLN GR 3,956.7 (163.0) 740.3 RR DONNELLEY & S RRD US 3,956.7 (163.0) 740.3 RR DONNELLEY & S DLLN TH 3,956.7 (163.0) 740.3 RR DONNELLEY & S RRDEUR EU 3,956.7 (163.0) 740.3 RYERSON HOLDING RYI US 1,817.3 (14.4) 731.7 RYERSON HOLDING 7RY GR 1,817.3 (14.4) 731.7 RYERSON HOLDING 7RY TH 1,817.3 (14.4) 731.7 SALLY BEAUTY HOL SBH US 2,123.1 (363.6) 595.9 SALLY BEAUTY HOL S7V GR 2,123.1 (363.6) 595.9 SANCHEZ ENERGY C SN US 2,240.1 (90.4) (43.2) SANCHEZ ENERGY C SN* MM 2,240.1 (90.4) (43.2) SANCHEZ ENERGY C 13S GR 2,240.1 (90.4) (43.2) SANCHEZ ENERGY C 13S TH 2,240.1 (90.4) (43.2) SANCHEZ ENERGY C 13S QT 2,240.1 (90.4) (43.2) SANCHEZ ENERGY C SNEUR EU 2,240.1 (90.4) (43.2) SAUDI AMERICAN H SAHN US 0.0 (2.6) (2.6) SBA COMM CORP 4SB GR 7,300.5 (2,257.8) (698.6) SBA COMM CORP SBAC US 7,300.5 (2,257.8) (698.6) SBA COMM CORP SBJ TH 7,300.5 (2,257.8) (698.6) SBA COMM CORP SBACEUR EU 7,300.5 (2,257.8) (698.6) SCIENTIFIC GAM-A TJW GR 7,062.4 (1,976.5) 554.8 SCIENTIFIC GAM-A SGMS US 7,062.4 (1,976.5) 554.8 SEARS HOLDINGS SEE GR 8,351.0 (3,651.0) (397.0) SEARS HOLDINGS SEE TH 8,351.0 (3,651.0) (397.0) SEARS HOLDINGS SHLD US 8,351.0 (3,651.0) (397.0) SEARS HOLDINGS SEE QT 8,351.0 (3,651.0) (397.0) SEARS HOLDINGS SHLDEUR EU 8,351.0 (3,651.0) (397.0) SIGA TECH INC SIGA US 148.7 (312.8) 27.9 SILVER SPRING NE SSNI US 316.5 (39.0) (14.9) SILVER SPRING NE 9SI GR 316.5 (39.0) (14.9) SILVER SPRING NE 9SI TH 316.5 (39.0) (14.9) SILVER SPRING NE SSNIEUR EU 316.5 (39.0) (14.9) SIRIUS XM HOLDIN SIRI US 8,652.4 (1,050.1) (2,186.3) SIRIUS XM HOLDIN RDO TH 8,652.4 (1,050.1) (2,186.3) SIRIUS XM HOLDIN RDO GR 8,652.4 (1,050.1) (2,186.3) SIRIUS XM HOLDIN SIRIEUR EU 8,652.4 (1,050.1) (2,186.3) SIRIUS XM HOLDIN SIRI AV 8,652.4 (1,050.1) (2,186.3) SIX FLAGS ENTERT SIX US 2,528.3 (67.7) (70.3) SIX FLAGS ENTERT 6FE GR 2,528.3 (67.7) (70.3) SIX FLAGS ENTERT SIXEUR EU 2,528.3 (67.7) (70.3) SOLARWINDOW TECH WNDW US 0.5 (3.6) (3.6) SONIC CORP SONC US 561.7 (201.8) 30.6 SONIC CORP SO4 GR 561.7 (201.8) 30.6 SONIC CORP SONCEUR EU 561.7 (201.8) 30.6 SONIC CORP SO4 TH 561.7 (201.8) 30.6 STRAIGHT PATH-B STRP US 11.9 (17.5) (11.8) STRAIGHT PATH-B 5I0 GR 11.9 (17.5) (11.8) SYNTEL INC SYNT US 461.0 (63.6) 142.3 SYNTEL INC SYE GR 461.0 (63.6) 142.3 SYNTEL INC SYE TH 461.0 (63.6) 142.3 SYNTEL INC SYE QT 461.0 (63.6) 142.3 SYNTEL INC SYNT1EUR EU 461.0 (63.6) 142.3 SYNTEL INC SYNT* MM 461.0 (63.6) 142.3 TAILORED BRANDS TLRD US 2,079.7 (46.7) 753.0 TAILORED BRANDS WRMA GR 2,079.7 (46.7) 753.0 TAILORED BRANDS TLRD* MM 2,079.7 (46.7) 753.0 TAUBMAN CENTERS TU8 GR 4,108.0 (148.8) - TAUBMAN CENTERS TCO US 4,108.0 (148.8) - TINTRI INC TNTR US 123.7 (48.5) 23.8 TINTRI INC TI3 GR 123.7 (48.5) 23.8 TINTRI INC TNTREUR EU 123.7 (48.5) 23.8 TOWN SPORTS INTE CLUB US 230.9 (99.7) (4.1) TRANSDIGM GROUP T7D GR 9,975.7 (2,951.2) 1,262.6 TRANSDIGM GROUP TDG US 9,975.7 (2,951.2) 1,262.6 TRANSDIGM GROUP TDG SW 9,975.7 (2,951.2) 1,262.6 TRANSDIGM GROUP TDGCHF EU 9,975.7 (2,951.2) 1,262.6 TRANSDIGM GROUP TDGEUR EU 9,975.7 (2,951.2) 1,262.6 ULTRA PETROLEUM UPL US 1,862.1 (1,257.8) (157.3) ULTRA PETROLEUM UPL1EUR EU 1,862.1 (1,257.8) (157.3) ULTRA PETROLEUM UPM1 GR 1,862.1 (1,257.8) (157.3) UNISYS CORP UISCHF EU 2,296.9 (1,649.9) 340.6 UNISYS CORP UISEUR EU 2,296.9 (1,649.9) 340.6 UNISYS CORP UIS US 2,296.9 (1,649.9) 340.6 UNISYS CORP UIS1 SW 2,296.9 (1,649.9) 340.6 UNISYS CORP USY1 TH 2,296.9 (1,649.9) 340.6 UNISYS CORP USY1 GR 2,296.9 (1,649.9) 340.6 UNITI GROUP INC UNIT US 4,292.2 (1,052.9) - UNITI GROUP INC 8XC GR 4,292.2 (1,052.9) - VALVOLINE INC VVV US 1,915.0 (117.0) 312.0 VALVOLINE INC 0V4 GR 1,915.0 (117.0) 312.0 VALVOLINE INC VVVEUR EU 1,915.0 (117.0) 312.0 VECTOR GROUP LTD VGR GR 1,409.9 (318.2) 431.7 VECTOR GROUP LTD VGR US 1,409.9 (318.2) 431.7 VECTOR GROUP LTD VGR QT 1,409.9 (318.2) 431.7 VERISIGN INC VRS TH 2,908.4 (1,229.9) 870.5 VERISIGN INC VRS GR 2,908.4 (1,229.9) 870.5 VERISIGN INC VRSN US 2,908.4 (1,229.9) 870.5 VERISIGN INC VRSNEUR EU 2,908.4 (1,229.9) 870.5 VIEWRAY INC VRAY US 88.1 (26.6) 27.9 VIEWRAY INC 6L9 GR 88.1 (26.6) 27.9 VIEWRAY INC VRAYEUR EU 88.1 (26.6) 27.9 VTV THERAPEUTI-A VTVT US 24.1 (5.7) 9.3 VTV THERAPEUTI-A 5VT GR 24.1 (5.7) 9.3 W&T OFFSHORE INC WTI US 887.4 (597.3) 34.5 WEIGHT WATCHERS WTW US 1,315.5 (1,080.7) (12.7) WEIGHT WATCHERS WW6 GR 1,315.5 (1,080.7) (12.7) WEIGHT WATCHERS WW6 TH 1,315.5 (1,080.7) (12.7) WEIGHT WATCHERS WTWEUR EU 1,315.5 (1,080.7) (12.7) WEIGHT WATCHERS WW6 QT 1,315.5 (1,080.7) (12.7) WIDEOPENWEST INC WOW US 3,038.4 (291.2) (28.9) WIDEOPENWEST INC WU5 GR 3,038.4 (291.2) (28.9) WIDEOPENWEST INC WOW1EUR EU 3,038.4 (291.2) (28.9) WINGSTOP INC WING US 121.1 (57.7) (2.1) WINGSTOP INC EWG GR 121.1 (57.7) (2.1) WINMARK CORP WINA US 47.2 (39.4) 12.5 WINMARK CORP GBZ GR 47.2 (39.4) 12.5 WORKIVA INC WK US 155.6 (14.5) (12.1) WORKIVA INC 0WKA GR 155.6 (14.5) (12.1) WORKIVA INC WKEUR EU 155.6 (14.5) (12.1) YRC WORLDWIDE IN YRCW US 1,701.6 (403.7) 226.5 YRC WORLDWIDE IN YEL1 GR 1,701.6 (403.7) 226.5 YRC WORLDWIDE IN YEL1 TH 1,701.6 (403.7) 226.5 YRC WORLDWIDE IN YRCWEUR EU 1,701.6 (403.7) 226.5 YUM! BRANDS INC YUM US 5,454.0 (6,121.0) 596.0 YUM! BRANDS INC TGR GR 5,454.0 (6,121.0) 596.0 YUM! BRANDS INC TGR TH 5,454.0 (6,121.0) 596.0 YUM! BRANDS INC YUMEUR EU 5,454.0 (6,121.0) 596.0 YUM! BRANDS INC YUMCHF EU 5,454.0 (6,121.0) 596.0 YUM! BRANDS INC YUM SW 5,454.0 (6,121.0) 596.0 YUM! BRANDS INC YUMUSD SW 5,454.0 (6,121.0) 596.0 YUM! BRANDS INC YUMUSD EU 5,454.0 (6,121.0) 596.0 ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Washington, D.C., USA. Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Valerie Udtuhan, Howard C. Tolentino, Carmel Paderog, Meriam Fernandez, Joel Anthony G. Lopez, Cecil R. Villacampa, Sheryl Joy P. Olano, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2017. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The TCR subscription rate is $975 for 6 months delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each. For subscription information, contact Peter A. Chapman at 215-945-7000 or Nina Novak at 202-362-8552. *** End of Transmission ***