/raid1/www/Hosts/bankrupt/TCR

/raid1/www/Hosts/bankrupt/TCR_Public/200825.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, August 25, 2020, Vol. 24, No. 237 Headlines 2738 W. FULTON: Case Summary & 3 Unsecured Creditors 4-K HOUSING: S&P Cuts Sr. Living Revenue Bonds Rating to 'BB- (sf)' 670 KNABB: U.S. Trustee Unable to Appoint Committee A MERRYLAND OPERATING: Seeks to Hire Broder-Mansoor as Accountant AKOUSTIS TECHNOLOGIES: Incurs $36.1-Mil. Net Loss in Fiscal 2020 AMERICAN CRYOSTEM: Incurs $230K Net Loss in Third Quarter APEX GLOBAL: Has $1.8M Net Loss for the Quarter Ended May 2, 2020 APEX LINEN: Committee Seeks to Hire Archer & Greiner as Counsel ART OF DECORATION: Unsecureds to be Paid in Full in Plan ASHFORD HOSPITALITY: Has $242.1-Mil. Net Loss for June 30 Quarter ASHFORD INC: Results Amidst COVID-19 Cast Going Concern Doubt AVINGER INC: Prices $5.2M Underwritten Public Common Stock Offering AVINGER INC: Says Substantial Going Concern Doubt Exists BENEVIS CORP: U.S. Trustee Appoints Creditors' Committee BETTER CHOICE: Has $9.5M Net Loss for the Quarter Ended March 31 BIONANO GENOMICS: Mgt. Says Substantial Going Concern Doubt Exists BOND FOUNDRY: Seeks to Tap Backenroth Frankel as Legal Counsel BRAZIL MINERALS: Incurs $415K Net Loss in Second Quarter BRIGGS & STRATTON: S&P Withdraws 'D' ICR After Chapter 11 Filing BRIGHT MOUNTAIN: Posts $3.25 Million Net Loss in Second Quarter BYRNA TECHNOLOGIES: Has $8.1M Net Loss for Quarter Ended May 31 C21 INVESTMENTS: Has $32.6M Net Loss for Quarter Ended Jan. 31 CALIFORNIA RESOURCES: Discloses Substantial Going Concern Doubt CAN B CORP: Incurs $1.2 Million Net Loss in Second Quarter CANCER GENETICS: Has $1.2M Net Loss for Quarter Ended March 31 CANNABICS PHARMACEUTICALS: Posts $726,000 Loss for May 31 Quarter CAPITAL SENIOR: Says Substantial Going Concern Doubt Exists CAPSTONE COMPANIES: Needs More Capital to Remain as Going Concern CCF HOLDINGS: Incurs $18 Million Net Loss in Second Quarter CEN BIOTECH: Needs to Raise Capital to Remain as a Going Concern CHIEF OILFIELD: Seeks Approval to Tap Fredrikson & Byron as Counsel CNX RESOURCES: Fitch Alters Outlook on 'BB' LT IDR to Positive COOL HOLDINGS: Has $8.2M Net Income for the Quarter Ended May 2 COUNTERPATH CORP: BDO Canada Raises Going Concern Doubt COVIA HOLDINGS: Chapter 11 Proceedings Cast Going Concern Doubt DALRADA FINANCIAL: Net Loss, Capital Raise Going Concern Doubt DAVIDSTEA INC: Mgt. Says Substantial Going Concern Doubt Exists DELMAR PHARMACEUTICALS: Completes Merger with Adgero DIAMOND OFFSHORE: Has $144.8M Net Loss for Quarter Ended June 30 DLT RESOLUTION: Accumulated Deficit Casts Going Concern Doubt DM WORLD: Unsecureds Will get Prorata From Liquidating Trust DOLPHIN ENTERTAINMENT: Capital Deficit Casts Going Concern Doubt DPW HOLDINGS: Incurs $1.37 Million Net Loss in Second Quarter DPW HOLDINGS: Needs to Raise Capital to Remain as a Going Concern ECOARK HOLDINGS: CEO Adopts Stock Trading Plan ECOARK HOLDINGS: Closes Acquisition of Rabb Resources Assets ECOARK HOLDINGS: Incurs $21.2 Million Net Loss in First Quarter EP ENERGY: Unsecureds Will Get Nothing in New Plan EROS INT'L: Grant Thornton India LLP Raises Going Concern Doubt EXACTUS INC: Incurs $1.68 Million Net Loss in Second Quarter FACEBANK GROUP: Needs to Raise Capital to Remain as Going Concern FF FUND I: Seeks Extension of Plan Exclusivity Thru Nov. 19 FLUID END SALES: Case Summary & 20 Largest Unsecured Creditors FRANCESCA'S HOLDINGS: Discloses Substantial Doubt on Going Concern GAUCHO GROUP: $89M Accumulated Deficit Raises Going Concern Doubt GENERAL CANNABIS: Has $2.0M Net Loss for Quarter Ended March 31 GEX MANAGEMENT: Incurs $63,200 Net Loss in Second Quarter GLOBAL ASSET: Two More Creditors Appointed to Committee GNC HOLDINGS: Morris, Milbank Update on Crossover Lender Group GROW CAPITAL: Acquires Marketing Organization PERA HARTFORD GREAT: Has $411,000 Net Loss for Quarter Ended April 30 IMAGEWARE SYSTEMS: Reports $4.3-Mil. Net Loss for Second Quarter INTELLIGENT PACKAGING: Moody's Assigns 'B2' CFR, Outlook Stable INTERPACE BIOSCIENCES: Gets Nasdaq Deficiency Notice IRONSIDE LLC: Voluntary Chapter 11 Case Summary JAGUAR DISTRIBUTION: U.S. Trustee Appoints Creditors' Committee JAGUAR HEALTH: Gets Noncompliance Notice from Nasdaq JC PENNEY: Formation of Official Equity Committee Sought JW TRUCKING: Case Summary & 20 Largest Unsecured Creditors KB US HOLDINGS: Case Summary & 40 Largest Unsecured Creditors KINTARA THERAPEUTICS: Regains Compliance with NASDAQ Bid Price Rule LAPEER INDUSTRIES: U.S. Trustee Appoints Creditors' Committee MAINEGENERAL HEALTH: Fitch Affirms 'BB' Issuer Default Rating MANHATTAN SCIENTIFICS: Posts $528K Net Income in Second Quarter NATURALSHRIMP INC: Incurs $480K Net Loss in First Quarter NATURALSHRIMP INC: Submits Application to NASDAQ Capital Market ONEWEB GLOBAL: Two More Creditors Appointed to Committee OPTION CARE: Moody's Affirms 'B3' CFR, Outlook Positive PBF HOLDINGS: Fitch Corrects Aug. 10 Ratings Release PROFESSIONAL FINANCIAL: U.S. Trustee Appoints Creditors' Committee PROJECT ANGEL: Fitch Affirms 'B' LongTerm IDR, Outlook Stable PURDUE PHARMA: Tarter Krinsky, et al. Update on NAS Children REMARK HOLDINGS: Corrects Recent 'Misinformation Campaign' REMINGTON OUTDOOR: Two More Creditors Appointed to Committee RENFRO CORP: Moody's Rates $20.2-Mil. Priming Term Loan 'Caa1' SEANERGY MARITIME: Prices $25-Mil. Underwritten Public Offering SEVEN STARS: Case Summary & 11 Unsecured Creditors SUNOPTA FOODS: Moody's Cuts CFR to B3 & Alters Outlook to Positive TONOPAH SOLAR: U.S. Trustee Unable to Appoint Committee TPT GLOBAL: Posts $2.5 Million Net Income in Second Quarter V GARGUILO ENTERPRISES: U.S. Trustee Unable to Appoint Committee VPR BRANDS: Issues $100K Promissory Note to CEO WASHINGTON PRIME: Amends Existing Credit Facilities [^] Large Companies with Insolvent Balance Sheet ********* 2738 W. FULTON: Case Summary & 3 Unsecured Creditors ---------------------------------------------------- Debtor: 2738 W. Fulton, LLC 2738 W. Fulton Street Chicago, IL 60612 Business Description: 2738 W. Fulton, LLC is a Single Asset Real Estate debtor (as defined in 11 U.S.C. Section 101(51B)). Chapter 11 Petition Date: August 23, 2020 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 20-16030 Judge: Hon. David D. Cleary Debtor's Counsel: Ariel Weissberg, Esq. WEISSBERG AND ASSOCIATES, LTD 401 S. LaSalle St. Suite 403 Chicago, IL 60605 Tel: 312-663-0004 E-mail: ariel@weissberglaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Semyon Shtayner, co-manager. A copy of the petition containing, among other items, a list of the Debtor's three unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/626LB4Y/2738_W_Fulton_LLC__ilnbke-20-16030__0001.0.pdf?mcid=tGE4TAMA 4-K HOUSING: S&P Cuts Sr. Living Revenue Bonds Rating to 'BB- (sf)' ------------------------------------------------------------------- S&P Global Ratings lowered its long-term ratings on New Hope Cultural Education Finance Corp., Texas' senior living revenue bonds (4-K Housing Inc.-Stoney Brook Project) series 2017A-1 and A-2 (class I, $31.1 million) to 'BB- (sf)' from 'BB (sf)' and mezzanine series 2017B (class II, $17.2 million) bonds to 'B+ (sf)' from 'BB- (sf)'. At the same time, S&P Global Ratings affirmed its 'B (sf)' rating on the corporation's junior series 2017C (class III, $2.9 million) bonds outstanding. The outlook for all series is negative. The ratings are no longer under criteria observation. In April 2017, bond proceeds were used to acquire a pool of three senior rental properties, branded as Stoney Brook (in Belton, Copperas Cove, and Hewitt), consisting of 221 total units. Twenty percent of the units at each property are reserved for tenants with annual incomes at or below 50% of the local area median income. The properties offer two levels of senior housing: assisted living, and memory care. The memory care housing units are in a secure area on each site; these housing types allow the project's elderly residents to remain in place as their need for health care or memory care increases. Each property has a dining facility, communal areas for tenant activities, and other amenities. The borrower is 4-K Housing Inc., an affiliate of The Emmaus Calling Inc. (TEC). The downgrades follow the application of S&P Global Ratings' "Methodology for Rating U.S. Public Finance Rental Housing Bonds," published April 15, 2020. The ratings on all bond tiers reflect S&P Global Ratings' opinion of the project's: -- Coverage and liquidity that S&P Global Ratings considers very weak for all bond classes, including lack of a debt service reserve for the class I bonds and two-year average debt service coverage (DSC) below 1x for classes II and III; -- Weak-to-very weak management and governance assessment of the project owner and associated parties, due to recent turnover in both asset manager and property manager roles following a debt service draw and missed bond payment at another property within TEC's portfolio; and -- Adequate-to-weak market position, as evidenced by adequate occupancy, and adequate-to-weak demand and supply considerations, somewhat offset by strong physical condition. "We also note that DSC calculations at this time reflect financial and occupancy results occurring as of fiscal year-end Dec. 31, 2019, prior to the effects of the COVID-19 pandemic," said S&P Global Ratings credit analyst Adam Torres. "Therefore, we believe this factor adds further ongoing risk to occupancy, which is key to an improvement in our opinion of the transaction." S&P Global Ratings has analyzed the project's environmental, social, and governance risks relative to its coverage and liquidity, management and governance, and market position. "Our rating action incorporates our view regarding the health and safety risks posed by the COVID-19 pandemic, which have affected all affordable housing developments. Specifically, the risk of increasing expenses and decreases in rental revenue related to the social risks of the pandemic have been evaluated, in our view," S&P Global Ratings said. There have been no COVID-19-associated deaths at the properties, although there have been positive cases, most of them asymptomatic. S&P Global Ratings views the obligor's governance risk to be higher than average compared with the sector, based on its lack of risk mitigation policies and strategic plans, which leaves the projects vulnerable to operational volatility. Environmental risks are in line with that of the sector, as there are no elevated environmental threats present in the area in which the project is located. 670 KNABB: U.S. Trustee Unable to Appoint Committee --------------------------------------------------- The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of 670 Knabb, LLC. About 670 Knabb 670 Knabb LLC classifies its business as single asset real estate (as defined in 11 U.S.C. Section 101(51B)). It owns five residential vacant lands and a single family residence in Elma, N.Y., having an aggregate current value of $2.13 million. 670 Knabb sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.Y. Case No. 20-10932) on July 15, 2020. At the time of the filing, Debtor disclosed total assets of $2,136,357 and total liabilities of $1,065,000. Judge Carl L. Bucki oversees the case. Arthur G. Baumeister, Jr., Esq., at Baumeister Denz, LLP, is the Debtor's legal counsel. A MERRYLAND OPERATING: Seeks to Hire Broder-Mansoor as Accountant ----------------------------------------------------------------- A Merryland Operating LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Broder-Mansoor, Inc. as its accountant. The firm's services, include but not limited to, the preparation of operating statements and other accounting services necessary to the prosecution of Debtor's Chapter 11 case. Broder-Mansoor has agreed to receive a post-petition retainer in the amount of $11,250. Hufex Inc., a company owned by A Merryland President Lidiya Leshchinsky, has paid $9,000 of the retainer and will also pay the balance. Abed Mansoor of Broder-Mansoor disclosed in court filings that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Abed Mansoor Broder-Mansoor, Inc. 630 3rd Ave. New York, NY 10017 Telephone: (212) 559-2755 About A Merryland Operating A Merryland Operating LLC is a walk-in primary care medical clinic located in underserved community of Coney Island. A Merryland Operating filed a voluntary Chapter 11 petition (Bankr. E.D.N.Y. Case No. 19-46475) on Oct. 28, 2019, estimating under $1 million in assets and liabilities. Judge Nancy Hershey Lord oversees the case. Debtor has tapped Dawn Kirby, Esq., at Kirby Aisner & Curley LLP, as its legal counsel and Broder-Mansoor, Inc. as its accountant. Eric Huebscher has been appointed as patient care ombudsman and is represented by Farrell Fritz, P.C. AKOUSTIS TECHNOLOGIES: Incurs $36.1-Mil. Net Loss in Fiscal 2020 ---------------------------------------------------------------- Akoustis Technologies, Inc. filed with the Securities and Exchange Commission its Annual Report on Form 10-K, disclosing a net loss of $36.14 million on $1.79 million of revenue for the year ended June 30, 2020, compared to a net loss of $29.25 million on $1.44 million of revenue for the year ended June 30, 2019. As of June 30, 2020, the Company had $71.43 million in total assets, $29.94 million in total liabilities, and $41.49 million in total stockholders' equity. At June 30, 2020, the Company had cash and cash equivalents of $44.4 million and working capital of $40.1 million. The Company has historically incurred recurring operating losses and has experienced net cash used in operating activities of $21.3 million for the year ended June 30, 2020 which raises substantial doubt about the Company's ability to continue as a going concern within one year after the issuance date. As of Aug. 17, 2020, the Company had $39.3 million of cash and cash equivalents, which the Company expects to be sufficient to fund its operations beyond the next twelve months from the date of filing of this Form 10-K (August 21, 2020). These funds will be used to fund the Company's operations, including capital expenditures, R&D, commercialization of our technology, development of our patent strategy and expansion of its patent portfolio, as well as to provide working capital and funds for other general corporate purposes. The Company has no commitments to obtain any additional funds, and there can be no assurance such funds will be available on acceptable terms or at all. The Company said that if it is unable to obtain additional financing in a timely fashion and on acceptable terms, its financial condition and results of operations may be materially adversely affected and it may not be able to continue operations or execute its stated commercialization plan. Since inception, the Company has recorded approximately $1.1 million of revenue from contract research and government grants and $2.4 million of revenue from microelectromechanical systems foundry and engineering review services. The Company's operations thus far have been funded primarily with sales of equity and debt securities, as well as contract research and government grants, foundry services and engineering services. A full-text copy of the Form 10-K is available for free at: https://www.sec.gov/Archives/edgar/data/1584754/000121390020023254/f10k2020_akoustistech.htm About Akoustis Technologies Headquartered in Huntersville, NC, Akoustis is focused on developing, designing, and manufacturing innovative RF filter products for the mobile wireless device industry, including for products such as smartphones and tablets, cellular infrastructure equipment, and WiFi premise equipment. AMERICAN CRYOSTEM: Incurs $230K Net Loss in Third Quarter --------------------------------------------------------- American CryoStem Corporation filed with the Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing a net loss of $230,457 on $138,436 of total revenues for the three months ended June 30, 2020, compared to a net loss of $344,436 on $12,762 of total revenues for the three months ended June 30, 2019. For the nine months ended June 30, 2020, the Company reported a net loss of $649,544 on $432,903 of total revenues compared to a net loss of $990,969 on $172,473 of total revenues for the same period during the prior year. As of June 30, 2020, the Company had $1.36 million in total assets, $2.49 million in total liabilities, and a total stockholders' deficit of $1.13 million. American CryoStem stated, "The accompanying consolidated financial statements have been presented in accordance with generally accepted accounting principles in the U.S., which assume the continuity of the Company as a going concern. However, the Company has incurred significant losses since its inception which raises substantial doubt about the Company's ability to continue as a going concern. Management has made this assessment for the period one year from date of the issuance of this report. Management's plans with regard to this matter are to continue to fund its operations through fundraising activities in fiscal 2020 for future operations and business expansion." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1468679/000101905620000485/acryo_3q20.htm About American CryoStem Eatontown, New Jersey-based American CryoStem Corporation (OTC: CRYO) -- http://www.americancryostem.com-- is a developer, marketer and global licensor of patented adipose tissue-based cellular technologies and related proprietary services with a focus on processing, commercial bio-banking and application development for adipose (fat) tissue and autologous adipose-derived regenerative cells (ADRCs). American CryoStem reported a net loss of $1.08 million for the year ended Sept. 30, 2019, compared to a net loss of $1.49 million for the year ended Sept. 30, 2018. Fruci & Associates II, PLLC, in Spokane, Washington, the Company's auditor since 2017, issued a "going concern" qualification in its report dated Jan. 14, 2020, citing that the Company has incurred significant losses since inception. This factor raises substantial doubt about the Company's ability to continue as a going concern. APEX GLOBAL: Has $1.8M Net Loss for the Quarter Ended May 2, 2020 ----------------------------------------------------------------- Apex Global Brands Inc. filed its quarterly report on Form 10-Q, disclosing a net loss of $1,849,000 on $4,034,000 of revenues for the three months ended May 2, 2020, compared to a net loss of $2,258,000 on $5,052,000 of revenues for the three months ended May 4, 2019. At May 2, 2020, the Company had total assets of $79,644,000, total liabilities of $75,964,000, and $3,680,000 in total stockholders' equity. The Company said, "Our latest financial projections, which have been revised to account for the current information we have regarding the potential impact of the COVID-19 global pandemic, indicate that there is a significant risk of further violations of the minimum Adjusted EBITDA covenant beyond the forbearance period agreed to with our senior lender. Future compliance failures would subject us to significant risks, including the right of our senior lender to terminate their obligations under the senior secured credit facility, declare all or any portion of the borrowed amounts then outstanding to be accelerated and due and payable, and/or exercise any other right or remedies they may have under applicable law, including foreclosing on our assets that serve as collateral for the borrowed amounts. If any of these rights were to be exercised, our financial condition and ability to continue operations would be materially jeopardized. If we are unable to meet our obligations to our lenders and other creditors, we may have to significantly curtail or even cease operations. Because of this uncertainty, there is substantial doubt about our ability to continue as a going concern. We are evaluating potential sources of working capital, including the disposition of certain assets, and we believe that the NOL carryback provisions of the CARES Act will result in additional liquidity, although the timing of these cash inflows is uncertain. Our NOL carryback claims are expected to result in federal income tax refunds of approximately $9.0 million. We estimated that receipt of these tax refunds could range from two to 12 months from the date of this filing. Our plans also include the evaluation of strategic alternatives to enhance shareholder value. There is no assurance that we will be able to execute these plans or continue to operate as a going concern." A copy of the Form 10-Q is available at: https://is.gd/8J8aV6 Apex Global Brands Inc., a brand ownership and marketing company, creates and manages lifestyle brands worldwide. The Company was formerly known as Cherokee Inc. and changed its name to Apex Global Brands Inc. in June 2019. Apex Global Brands Inc. was founded in 1988 and is headquartered in Sherman Oaks, California. APEX LINEN: Committee Seeks to Hire Archer & Greiner as Counsel --------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 cases of Apex Linen Service, LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the District of Delaware to employ Archer & Greiner, P.C. as its bankruptcy counsel. The firm will render these legal services: (a) Advising the committee with respect to its duties and powers in Debtors' Chapter 11 cases; (b) Assisting the committee in its investigation of the acts, conduct, assets, liabilities and financial condition of Debtors, the operation of Debtors' business, the desirability of continuance of such business and any other matters relevant to the cases or to Debtors' business affairs; (c) Advising the committee with respect to any proposed use of cash collateral, post-petition financing, sale, lease or other disposition of Debtors' assets and any other relevant matters; (d) Advising the committee with respect to any proposed plan of reorganization or liquidation and the prosecution of claims against third parties, if any, and any other matters relevant thereto; (e) Advising the committee with respect to insiders and affiliates of Debtors; and (f) Filing and prosecuting legal papers. The hourly rates for the firm's principal attorneys and paralegals designated to represent the committee are as follows: David Carickhoff – Attorney $595 Jerrold Kulback – Attorney $515 Alan Root – Attorney $475 Kevin Shaw – Attorney $370 Christian Hansen – Paralegal $215 In addition, the firm will charge the committee for all other out-of-pocket expenses incurred in connection with the case. Alan M. Root, Esq., a partner at Archer & Greiner, disclosed in court filings that the firm is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Alan M. Root, Esq. Archer & Greiner, P.C. 300 Delaware Ave., Suite 1100 Wilmington, DE 19801 Telephone: (302) 777-4350 Facsimile: (302) 777-4352 Email: aroot@archerlaw.com About Apex Linen Service Apex Linen Service LLC, a Las Vegas-based company and its affiliates, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-11774) on July 6, 2020. In the petitions signed by Chris Bryan, president and authorized representative, Apex Linen Service was estimated to have $10 million to $50 million in both assets and liabilities. Judge Laurie Selber Silverstein presides over the cases. Debtors have tapped Goldstein & McCintock LLLP as their bankruptcy counsel, GlassRatner Advisory & Capital Group LLC as chief restructuring officer, and Stretto as claims and noticing agent. On July 23, 2020, the U.S. Trustee for the District of Delaware appointed an official committee of unsecured creditors in Debtors' cases. The committee is represented by Archer & Greiner, P.C. ART OF DECORATION: Unsecureds to be Paid in Full in Plan -------------------------------------------------------- Art of Decoration, Inc., submitted a Second Amended Disclosure Statement. The Plan provides for the sale of the property located at 46 Bergen Street, Enlewood NJ 07631, pursuant to the order entered on March 31, 2020 by the Bankruptcy Court for the District of New Jersey, approving the sale of the property pursuant to the terms of a contract of sale dated February 14, 2020. the secured creditor PNC bank, national association, the holder of the first mortgage on the property, is expected to be paid in full, from the proceeds of the sale, in accordance with the payoff amounts provided by said creditor. The related cases of Leonid Levitsky and Natalia Bevz, shall provide for identical treatment of the PNC claim, as the claim is a joint and several obligation of the debtor with the spouses Natalia Bevz and Leonid Levitsky, against the premises occupied by the debtor. The Plan treats claims as follows: * Class I (Secured Claims) consists of the claim of secured creditor PNC Bank, National Association in the amount of $428,649.10. The plan offers the secured creditor PNC Bank, National Association a payment in full, of the final payoff amounts of both loans, which are estimated to be $423,846.39, from the sale of the property located at 46 Bergen Street, Enlewood NJ 07631, in full and final satisfaction of the loan. This class is impaired. * Class II (Unsecured claims) consists of the claims of general unsecured creditors in the Debtor's case totaling approximately $6,460. The Debtor proposes to pay 100% dividend of their allowed claims in lump sum payment upon the Effective Date of this Plan. This class is impaired. The Plan will be financed from the generated business income and personal contributions by Leonid Levitsky from his psychiatry practice operations. A full-text copy of the Disclosure Statement dated July 13, 2020, is available at https://tinyurl.com/yd72ny7r from PacerMonitor.com at no charge. Attorney for Debtor: Alla Kachan, Esq. Law Offices of Alla Kachan, P.C. 3099 Coney Island Avenue, 3rd Floor Brooklyn, New York 11235 Telephone (718) 513-3145 Facsimile (347) 342-3156 E-mail:alla@kachanlaw.com About Art of Decoration Art of Decoration, Inc., is a corporation located at 46 Bergen Street Englewood, NJ 07631. In order to address the few accumulated unsecured debts and mainly to resolve the joint and several liabilities under the mortgage on the premises, Art of Decoration filed a voluntary Chapter 11 petition (Bankr. D.N.J. Case No. 18-21351) on June 4, 2018, and is represented by Alla Kachan, Esq. ASHFORD HOSPITALITY: Has $242.1-Mil. Net Loss for June 30 Quarter ----------------------------------------------------------------- Ashford Hospitality Trust, Inc., filed its quarterly report on Form 10-Q, disclosing a net loss of $242,086,000 on $43,065,000 of total revenue for the three months ended June 30, 2020, compared to a net loss of $21,352,000 on $415,148,000 of total revenue for the same period in 2019. At June 30, 2020, the Company had total assets of $4,344,535,000, total liabilities of $4,352,569,000, and $38,366,000 in total deficit. The Company said that it has determined that there is substantial doubt about its ability to continue as a going concern within one year after the date the financial statements are issued. U.S. generally accepted accounting principles require that in making this determination, the Company cannot consider any remedies that are outside of the Company's control and have not been fully implemented. As a result, the Company could not consider future potential fundraising activities, whether through equity or debt offerings, dispositions of hotel properties or the likelihood of obtaining forbearance agreements as the Company could not conclude they were probable of being effectively implemented. The Company further stated that any forbearance agreements will "most likely" lead to increased costs, increased interest rates, additional restrictive covenants and other possible lender protections. In addition to or in lieu of obtaining forbearance agreements, the Company said it could transfer the hotels securing the mortgage loans to the respective lenders. A copy of the Form 10-Q is available at: https://is.gd/xgcWaf Ashford Hospitality Trust, Inc., together with its subsidiaries, is an externally-advised REIT. While the company's portfolio currently consists of upscale hotels and upper upscale full-service hotels, our investment strategy is predominantly focused on investing in upper upscale full-service hotels in the U.S. that have a revenue per available room ("RevPAR") generally less than two times the U.S. national average. The company is based in Dallas, Texas. ASHFORD INC: Results Amidst COVID-19 Cast Going Concern Doubt ------------------------------------------------------------- Ashford Inc. filed its quarterly report on Form 10-Q, disclosing a net loss of $178,240,000 on $133,842,000 of total revenues for the three months ended March 31, 2020, compared to a net income of $568,000 on $63,320,000 of total revenues for the same period in 2019. At March 31, 2020, the Company had total assets of $610,674,000, total liabilities of $274,228,000, and $142,544,000 in total deficit. The Company said, "As a result of the impact of the COVID-19 pandemic, our financial statements contain a statement regarding a substantial doubt about the Company's ability to continue as a going concern. "As of March 31, 2020, the Company's consolidated net worth was less than $23.2 million, which resulted in a breach of a financial covenant related to our Term Loan Agreement. Effective June 23, 2020, the Company and Bank of America N.A. executed the Fifth Amendment to the Term Loan Agreement. The Fifth Amendment (a) establishes a 0.50% LIBOR floor, (b) eliminates the consolidated net worth financial covenant, and (c) waives the violation of the consolidated net worth financial covenant that occurred on March 31, 2020. As of March 31, 2020, our subsidiaries were in compliance in all material respects with all covenants or other requirements set forth in our debt and related agreements as amended. However, there can be no guarantee that our subsidiaries' will remain in compliance for the remainder of the fiscal year. Due to the significant negative impact of COVID-19 on the operations of our subsidiaries, we expect that within the next twelve months, our JSAV and RED subsidiaries will violate debt covenants pursuant to certain existing debt agreements which have no recourse to Ashford Inc. As a result, JSAV and RED may be required to immediately repay debt balances of $20.2 million and $2.6 million, respectively. The JSAV and RED subsidiary loans, which are expected to violate debt covenants, are secured by the respective subsidiary's tangible assets. All of our subsidiaries' debt has no recourse to Ashford Inc. with the exception of $3.8 million of debt held by the entity that conducts RED's legacy U.S. Virgin Islands operations which is currently not expected to violate debt covenants. "The foregoing, as well as, our negative $29.0 million working capital position as of March 31, 2020, raises substantial doubt about our ability to continue as a going concern. The substantial doubt about our ability to continue as a going concern may negatively affect the price of our stock and may make it challenging for us to issue additional debt on favorable terms to the extent necessary or desirable to increase our liquidity." A copy of the Form 10-Q is available at: https://is.gd/rLN5d8 Ashford Inc., an asset management firm, provides investment management and related services to the real estate and hospitality sectors. Ashford, Inc was formed on April 2, 2014 and is based in Dallas, Texas. The Company operates independently of Ashford Hospitality Trust, Inc. as of November 5, 2019. AVINGER INC: Prices $5.2M Underwritten Public Common Stock Offering ------------------------------------------------------------------- Avinger, Inc., reports the pricing of an underwritten public offering with gross proceeds to the Company expected to be approximately $5.2 million before deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company. The offering equates to 11,063,830 shares of the Company's common stock at a price of $0.47 per share. The Company intends to use the net proceeds from this offering for working capital and general corporate purposes, which may include research and development of the Company's Lumivascular platform products, preclinical and clinical trials and studies, regulatory submissions, expansion of sales and marketing organizations and efforts, intellectual property protection and enforcement and capital expenditures. The Company has not yet determined the amount of net proceeds to be used specifically for any particular purpose or the timing of these expenditures. The Company may use a portion of the net proceeds to acquire complementary products, technologies or businesses or to repay principal on its debt; however, the Company currently has no binding agreements or commitments to complete any such transactions or to make any such principal repayments from the proceeds of this offering, although the Company does look for such acquisition opportunities. The Company has also granted the underwriters a 45-day option to purchase up to an additional 1,000,000 shares of common stock offered in the public offering to cover over-allotments, if any, at the public offering price. The offering is expected to close on or about Aug. 25, 2020, subject to customary closing conditions. About Avinger Headquartered in Redwood City, California, Avinger -- http://www.avinger.com/-- is a commercial-stage medical device company that designs and develops image-guided, catheter-based system for the diagnosis and treatment of patients with Peripheral Artery Disease (PAD). Avinger reported a net loss applicable to common stockholders of $23.03 million for the year ended Dec. 31, 2019, compared to a net loss applicable to common stockholders of $35.69 million for the year ended Dec. 31, 2018. As of June 30, 2020, the Company had $28.88 million in total assets, $21.33 million in total liabilities, and $7.55 million in total stockholders' equity. Moss Adams LLP, in San Francisco, California, the Company's auditor since 2017, issued a "going concern" qualification in its report dated March 5, 2020, citing that the Company's recurring losses from operations and its need for additional capital raise substantial doubt about its ability to continue as a going concern. AVINGER INC: Says Substantial Going Concern Doubt Exists -------------------------------------------------------- Avinger, Inc. filed its quarterly report on Form 10-Q, disclosing a net loss (attributable to common stockholders) of $4,967,000 on $1,466,000 of revenues for the three months ended June 30, 2020, compared to a net loss (attributable to common stockholders) of $5,546,000 on $2,319,000 of revenues for the same period in 2019. At June 30, 2020, the Company had total assets of $28,884,000, total liabilities of $21,335,000, and $7,549,000 in total stockholders' equity. The Company disclosed conditions that raise substantial doubt about its ability to continue as a going concern. The Company said, "In the course of its activities, the Company has incurred losses and negative cash flows from operations since its inception. As of June 30, 2020, the Company had an accumulated deficit of $358.2 million. The Company expects to incur losses for the foreseeable future. The Company believes that its cash and cash equivalents of $16.6 million at June 30, 2020 and expected revenues and funds from operations will be sufficient to allow the Company to fund its current operations through at least the second quarter of 2021. Even though we received net proceeds of approximately $5.5 million from the sale of our common stock in June and July 2020, $3.0 million from the sale of our common stock in April and May 2020, $2.3 million of loan proceeds pursuant to the Paycheck Protection Program ("PPP") under the Coronavirus Aid, Relief and Economic Security ("CARES") Act, $3.9 million from the sale of our common stock in our January 2020 offering, net proceeds of $3.8 million from the sales of our common stock in our August 2019 offering, and proceeds of $8 million from the issuance of common stock upon the exercise of warrants during April and May of 2019, the Company will need to raise additional funds through future equity or debt financings within the next twelve months to meet its operational needs and capital requirements for product development, clinical trials and commercialization and may subsequently require additional fundraising. "The Company can provide no assurance that it will be successful in raising funds pursuant to additional equity or debt financings or that such funds will be raised at prices that do not create substantial dilution for our existing stockholders. Given the recent decline in the Company's stock price, any financing that we undertake in the next twelve months could cause substantial dilution to our existing stockholders, there can be no assurance that the Company will be successful in acquiring additional funding at levels sufficient to fund its operations. In addition, the COVID-19 pandemic and responses thereto have resulted in reduced consumer and investor confidence, instability in the credit and financial markets, volatile corporate profits, and reduced business and consumer spending, which could increase the cost of capital and/or limit the availability of capital to the Company. During the second quarter of 2020 we took certain actions to manage available cash and other resources to mitigate the effects of COVID-19 on our business, which included reduction of discretionary costs, reduction of base salaries for all of our non-manufacturing employees by 20% and reduction of hours worked by our manufacturing workers by 20%. While some measures such as salaries and hours worked have largely returned to prior levels in July 2020, we will continue to employ certain actions to manage our resources in the foreseeable future. There can be no assurance that such strategies will be successful in mitigating the negative impacts of the COVID-19 pandemic on our business. These conditions raise substantial doubt about the Company's ability to continue as a going concern. If the Company is unable to raise additional capital in sufficient amounts or on terms acceptable to it, the Company may have to significantly reduce its operations or delay, scale back or discontinue the development of one or more of its products. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company's ultimate success will largely depend on its continued development of innovative medical technologies, its ability to successfully commercialize its products and its ability to raise significant additional funding. "Additionally, due to the substantial doubt about the Company's ability to continue operating as a going concern and the material adverse change clause in the Loan Agreement with CRG Partners III L.P. and certain of its affiliated funds (collectively "CRG"), the entire amount of borrowings at June 30, 2020 and December 31, 2019 has been classified as current in these financial statements. CRG has not invoked the material adverse change clause." A copy of the Form 10-Q is available at: https://is.gd/k0qtpN Avinger, Inc., a commercial-stage medical device company, designs, manufactures, and sells image-guided and catheter-based systems used by physicians to treat patients with peripheral arterial disease (PAD) in the United States and Europe. Avinger, Inc. was founded in 2007 and is headquartered in Redwood City, California. BENEVIS CORP: U.S. Trustee Appoints Creditors' Committee -------------------------------------------------------- The Office of the U.S. Trustee appointed a committee to represent unsecured creditors in the Chapter 11 cases of Benevis Corp. and its affiliates. The committee members are: 1. FortyFour LLC 44 Russel Street NE Atlanta, GA 30317 Betsy Skelton 404-579-3709 betsy.skelton@fortyfour.com 2. Paul Elkin 22 Lyndon Place Melville, NY 11747 Paul Elkin 516-680-7246 theelkin4@gmail.com 3. Henry Schein, Inc. 135 Duryea Road Melville, NY 11747 Tom Walsh 631-327-6384 Tom.Walsh@henryschein.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Benevis Corp. Benevis Corp. provides non-clinical, business support services to dental practices in 17 states. Visit https://benevis.com for more innformation. Benevis and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 20-33918) on August 2, 2020. At the time of the filing, Debtors had estimated assets of between $100 million and $500 million and liabilities of between $1 billion and $10 billion. Judge David R. Jones oversees the cases. Debtors have tapped Jackson Walker LLP as their legal counsel, Conway MacKenzie Management Services, LLC as restructuring advisor, and Lincoln Partners Advisors, LLC as financial advisor. BETTER CHOICE: Has $9.5M Net Loss for the Quarter Ended March 31 ---------------------------------------------------------------- Better Choice Company Inc. filed its quarterly report on Form 10-Q, disclosing a net and comprehensive loss available to common stockholders of $9,488,000 on $12,226,000 of net sales for the three months ended March 31, 2020, compared to a net and comprehensive loss available to common stockholders of $2,776,000 on $3,551,000 of net sales for the same period in 2019. At March 31, 2020, the Company had total assets of $50,951,000, total liabilities of $51,042,000, and $10,657,000 in total stockholders' deficit. Better Choice said, "The Company is subject to risks common in the pet wellness consumer market including, but not limited to, dependence on key personnel, competitive forces, successful marketing and sale of its products, the successful protection of its proprietary technologies, ability to grow into new markets, and compliance with government regulations. "In December 2019, a novel strain of coronavirus was reported to have surfaced in Wuhan, China. Uncertainties regarding the economic impact of COVID-19, the disease caused by the novel coronavirus, are likely to result in sustained market turmoil which could also negatively impact our business, financial condition, and cash flows. The Company has continually incurred losses and has an accumulated deficit. The Company continues to rely on current investors and the public markets to finance these losses through debt and/or equity issuances. These operating losses and the outstanding debt create substantial doubt about the Company's ability to continue as a going concern for a period of twelve months from the date these interim condensed consolidated financial statements are issued. "The Company is implementing plans to achieve cost savings and other strategic objectives to address these conditions. The Company expects cost savings from consolidation of third-party manufacturers, optimizing shipping and warehousing as well as overhead cost reductions. The business is focused on growing the most profitable channels while reducing investments in areas that are not expected to have long-term benefits." A copy of the Form 10-Q is available at: https://is.gd/mWNSnn Better Choice Company Inc., a pet wellness company, provides hemp-based raw cannabidiol infused and non-cannabidiol infused food, treats, and supplements in the United States. The company also offers dental care products and accessories for pets and pet parents. It primarily sells its products under the TruDog, RawGo, TruCat, OraPup, and Bona Vida brand names through its online portal, as well as online retailers and pet specialty stores. The company was founded in 2019 and is headquartered in Oldsmar, Florida. BIONANO GENOMICS: Mgt. Says Substantial Going Concern Doubt Exists ------------------------------------------------------------------ Bionano Genomics, Inc., filed its quarterly report on Form 10-Q, disclosing a net loss of $10,510,000 on $1,136,000 of total revenue for the three months ended March 31, 2020, compared to a net loss of $7,852,000 on $1,853,000 of total revenue for the same period in 2019. At March 31, 2020, the Company had total assets of $19,102,000, total liabilities of $23,315,000, and $4,213,000 in total stockholders' deficit. The Company has experienced recurring net losses from operations, negative cash flows from operating activities, financial covenant breaches, and significant accumulated deficit since its inception and expects to continue to incur net losses into the foreseeable future. The Company had an accumulated deficit of $113.1 million as of March 31, 2020. The Company had cash and cash equivalents of $8.1 million as of March 31, 2020. The Company said, "Management expects operating losses and negative cash flows to continue for at least the next year as the Company continues to incur costs related to research and commercialization efforts. Management has prepared cash flow forecasts which indicate that based on the Company's expected operating losses, negative cash flows and debt obligations, there is substantial doubt about the Company's ability to continue as a going concern within twelve months after the date that the financial statements for the three months ended March 31, 2020 are issued." A copy of the Form 10-Q is available at: https://is.gd/fpsqgR Bionano Genomics, Inc., operates as a life sciences instrumentation company in the genome analysis space. The Company was founded in 2003 and is headquartered in San Diego, California. BOND FOUNDRY: Seeks to Tap Backenroth Frankel as Legal Counsel -------------------------------------------------------------- Bond Foundry, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Backenroth Frankel & Krinsky, LLP as its legal counsel. The firm will render these legal services: (a) Provide Debtor with legal advice regarding its powers and duties in the continued operation of its business and management of its property during the Chapter 11 case; (b) Prepare legal documents; (c) Formulate and negotiate a plan of reorganization with creditors; and (d) Perform such other legal services for Debtor as required during the Chapter 11 case. The hourly rates for the firm's professionals are as follows: Scott A. Krinsky $575 Mark A. Frankel $655 Abraham J. Backenroth $695 Paralegal $125 In addition, the firm will be reimbursed for out-of-pocket expenses incurred in connection with the case. The firm received an initial retainer in the amount of $30,000 from Debtor before the petition was filed. Mark Frankel, Esq., a member of Backenroth Frankel, disclosed in court filings that the firm and its members and associates are "disinterested persons" as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Mark A. Frankel, Esq. Backenroth Frankel & Krinsky, LLP 800 Third Avenue New York, NY 10022 Telephone: (212) 593-1100 Facsimile: (212) 644-0544 E-mail: mfrankel@bfklaw.com About Bond Foundry Bond Foundry, LLC, a New York-based company that engaged in activities related to real estate, filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 20-11793) on August 2, 2020. At the time of the filing, Debtor disclosed $1 million to $10 million in both assets and liabilities. Judge Shelley C. Chapman oversees the case. Backenroth Frankel & Krinsky, LLP is Debtor's legal counsel. BRAZIL MINERALS: Incurs $415K Net Loss in Second Quarter -------------------------------------------------------- Brazil Minerals, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing a net loss of $415,330 on $8,936 of revenue for the three months ended June 30, 2020, compared to a net loss of $658,838 on $5,172 of revenue for the three months ended June 30, 2019. For the six months ended June 30, 2020, the Company reported a net loss of $1.01 million on $11,566 of revenue compared to a net loss of $1.11 million on $9,965 of revenue for the six months ended June 30, 2019. As of June 30, 2020, the Company had $1.02 million in total assets, $2.66 million in total liabilities, and a total stockholders' deficit of $1.64 million. "The Company has limited working capital, has incurred losses in each of the past two years, and has not yet received material revenues from sales of products or services. These factors create substantial doubt about the Company's ability to continue as a going concern. The consolidated financial statements do not include any adjustment that might be necessary if the Company is unable to continue as a going concern," said Brazil Minerals in the Report. As of June 30, 2020, the Company had cash and cash equivalents of $327,358 and a working capital deficit of $2,136,996. Net cash used in operating activities totaled $460,751 for the six months ended June 30, 2020, compared to net cash used of $374,323 during the six months ended June 30, 2019 representing an increase in cash used of $86,428 or 23.1%. Net cash used in investing activities totaled $13,138 for the six months ended June 30, 2020, compared to net cash used of $78 during the six months ended June 30, 2019 representing an increase in cash used of $13,060. Net cash provided by financing activities totaled $605,510 for the six months ended June 30, 2020, compared to $381,074 during the six months ended June 30, 2019 representing an increase in cash provided of $224,436 or 58.9%. "We have limited working capital, have historically incurred net operating losses, and have not yet received material revenues from the sale of products or services. These factors create substantial doubt about our ability to continue as a going concern. "Our primary sources of liquidity have been derived through proceeds from the (i) issuance of debt and (ii) sales of our equity and the equity of one of our subsidiaries. Our ability to continue as a going concern is dependent upon our capability to generate cash flows from operations and successfully raise new capital through debt issuances and sales of our equity. We believe that we will be successful in the execution of our initiatives, but there can be no assurance. We have no plans for any significant cash acquisitions in the foreseeable future." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1540684/000152013820000396/bmix-20200630_10q.htm About Brazil Minerals Brazil Minerals, Inc. -- http://www.brazil-minerals.com-- has two components to its business model: (1) growing a portfolio of mineral rights in a wide spectrum of strategic and sought-after minerals, from which equity holdings and/or royalty interests may develop, and (2) mining certain specific areas for gold, diamonds, and sand. The Company currently owns mineral rights in Brazil for lithium, rare earths, titanium, cobalt, iron, manganese, nickel, gold, diamonds, precious gems, and industrial sand. Brazil Minerals reported a net loss of $2.08 million for the year ended Dec. 31, 2019, compared to a net loss of $1.85 million for the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $1.03 million in total assets, $2.35 million in total liabilities, and a total stockholders' deficit of $1.32 million. BF Borgers CPA PC, in Lakewood, Colorado, the Company's auditor since 2015, issued a "going concern" qualification in its report dated April 14, 2020 citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. BRIGGS & STRATTON: S&P Withdraws 'D' ICR After Chapter 11 Filing ---------------------------------------------------------------- S&P Global Ratings withdrew all ratings on U.S.-based small engine manufacturer Briggs & Stratton Corp. This follows its downgrading the company to 'D' pursuant to the company's filing bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code on July 20, 2020. BRIGHT MOUNTAIN: Posts $3.25 Million Net Loss in Second Quarter --------------------------------------------------------------- Bright Mountain Media, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q, disclosing a net loss attributable to common shareholders of $3.25 million on $2.27 million of advertising revenues for the three months ended June 30, 2020, compared to a net loss attributable to common shareholders of $704,699 on $716,594 of advertising revenues for the three months ended June 30, 2019. For the six months ended June 30, 2020, the Company reported a net loss attributable to common shareholders of $6.83 million on $4.54 million of advertising revenues compared to a net loss attributable to common shareholders of $1.49 million on $1.80 million of advertising revenues for the same period a year ago. As of June 30, 2020, the Company had $98.62 million in total assets, $29.33 million in total liabilities, and $69.29 million in total shareholders' equity. The Company used net cash in operating activities of $2,905,615 for the six months ended June 30, 2020. The Company had an accumulated deficit of $27,009,356 at June 30, 2020. The Company said these factors raise substantial doubt about the ability of the Company to continue as a going concern for a reasonable period. The Company's continuation as a going concern is dependent upon its ability to generate revenues, control its expenses and its ability to continue obtaining investment capital and loans from related parties and outside investors to sustain its current level of operations. Management continues raising capital through private placements and is exploring additional avenues for future fund-raising through both public and private sources. The Company is not currently involved in any binding agreements to raise public or private capital. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1568385/000149315220016329/form10-q.htm About Bright Mountain Based in Boca Raton, Fla., Bright Mountain Media, Inc. -- http://www.brightmountainmedia.com/-- is a digital media holding company whose primary focus is connecting brands with consumers as a full advertising services platform. Bright Mountain Media's assets include an ad network, an ad exchange platform and 24 websites which are customized to provide its niche users, including active, reserve and retired military, law enforcement, first responders and other public safety employees with products, information and news that the Company believes may be of interest to them. Bright Mountain reported a net loss of $3.40 million for the year ended Dec. 31, 2019, compared to a net loss of $5.22 million for the year ended Dec. 31, 2018. As of March 31, 2020, the Company had $78.60 million in total assets, $10.25 million in total liabilities, and $68.34 million in total shareholders' equity. EisnerAmper LLP, in Iselin, New Jersey, the Company's auditor since 2018, issued a "going concern" qualification in its report dated May 14, 2020, citing that the Company has experienced recurring net losses, cash outflows from operating activities, and has an accumulated deficit that raise substantial doubt about its ability to continue as a going concern. BYRNA TECHNOLOGIES: Has $8.1M Net Loss for Quarter Ended May 31 --------------------------------------------------------------- Byrna Technologies Inc. filed its quarterly report on Form 10-Q, disclosing a net loss of $8,061,400 on $1,190,404 of net revenue for the three months ended May 31, 2020, compared to a net loss of $718,731 on $105,769 of net revenue for the same period in 2019. At May 31, 2020, the Company had total assets of $7,662,057, total liabilities of $1,884,500, and $5,777,557 in total stockholders' equity. The Company said, "Management believes that the events underlying its current liquidity demonstrate substantial progress towards alleviating doubt as to the Company's ability to continue as a going concern and that substantial doubt may be removed by the end of the current fiscal year. After careful analysis of all relevant positive and negative factors however, including the Company's historic operating losses, failure to generate a profit to date, past production interruptions, absence of a history of successful product manufacture at the level needed to become profitable, and the significant risks to its supply chain and production currently presented by the COVID-19 pandemic, Management has concluded that there continues to be substantial doubt as to the Company's ability to continue as a going concern as of the filing date of these financial statements." A copy of the Form 10-Q is available at: https://is.gd/r7nmVx Byrna Technologies Inc. is a less-lethal defense technology company, specializing in innovative next generation solutions for security situations that do not require the use of lethal force. The Company has implemented manufacturing partnerships in the United States and South Africa, to assist in the deployment of their patented and patent pending family of 40mm and .68 caliber products. These products consist of the current manufacture of Blunt Impact Projectile 40mm ("BIP") line of products, the .68 caliber handheld personal security device called the Byrna(R) HD and Byrna® HD magazines and projectiles, and the sale of remaining inventory of two 12 gauge less-lethal products. C21 INVESTMENTS: Has $32.6M Net Loss for Quarter Ended Jan. 31 -------------------------------------------------------------- C21 Investments Inc. filed its quarterly report on Form 10-Q, disclosing a net loss of $32,555,633 on $37,705,095 of revenue for the 12 months ended Jan. 31, 2020, compared to a net loss of $23,601,170 on $2,585,511 of revenue for the same period in 2019. At Jan. 31, 2020, the Company had total assets of $61,450,085, total liabilities of $47,870,531, and $13,579,554 in total shareholders' equity. The Company reports a net loss for the year ended January 31, 2020 of $32,555,633, accumulated deficit of $70,510,384 and a working capital deficit of $26,954,549 as at January 31, 2020 that raise substantial doubt about its ability to continue as a going concern. A copy of the Form 10-Q is available at: https://is.gd/8h2vUc Headquartered in Vancouver, Canada, C21 Investments -- http://www.cxxi.ca/-- is a vertically integrated cannabis company that cultivates, processes, and distributes cannabis and hemp-derived consumer products in the United States. The Company is focused on value creation through the disciplined acquisition and integration of core retail, manufacturing, and distribution assets in strategic markets, leveraging industry-leading retail revenues with high-growth potential multi-market branded consumer packaged goods. The Company owns Silver State Relief and Silver State Cultivation in Nevada, and Phantom Farms, Swell Companies,Eco Firma Farms, and Pure Green in Oregon. These brands produce and distribute a broad range of THC and CBD products from cannabis flowers, pre-rolls, cannabis oil, vaporizer cartridges and edibles. CALIFORNIA RESOURCES: Discloses Substantial Going Concern Doubt --------------------------------------------------------------- California Resources Corporation filed its quarterly report on Form 10-Q, disclosing a net loss of $1,745 million on $573 million of total revenue for the three months ended March 31, 2020, compared to a net loss of $44 million on $690 million of total revenue for the same period in 2019. At March 31, 2020, the Company had total assets of $4,974 million, total liabilities of $6,253 million, and $2,095 million in total deficit. The Company said, "Our spin–off from Occidental Petroleum Corporation (Occidental) in December 2014 burdened us with significant debt which was used to pay a $6.0 billion cash dividend to Occidental. Together with the activity level and payables that we assumed from Occidental and due to Occidental's retention of a vast majority of receivables, our debt peaked at approximately $6.8 billion in May 2015. Since then, we have engaged in a series of assets sales, joint ventures, debt exchanges, tenders and other financing transactions to reduce our overall debt and improve our balance sheet. As of March 31, 2020, we had reduced outstanding debt to approximately $4.9 billion, a substantial portion of which will mature in 2021. Our significant indebtedness, the unprecedented impact to our financial position resulting from the commodity price decreases due to the COVID-19 pandemic and actions of foreign producers, and the continued challenging conditions in the credit and capital markets raise substantial doubt regarding our ability to continue as a going concern. We are actively discussing the terms of a restructuring with our creditors and other stakeholders with the objective of enabling us to continue operations better positioned to capitalize on our asset base and operating capabilities. However, there can be no assurances that we will be able to successfully restructure our indebtedness and no assurances can be given as to what value, if any, will be ascribed to each of our securities or what types or amounts of distributions, if any, our various stakeholders would receive in any restructuring. Any restructuring could result in holders of certain liabilities and/or securities, including our common stock, receiving no distribution on account of their claims or interest." A copy of the Form 10-Q is available at: https://is.gd/9a7ct8 California Resources Corporation is an independent oil and natural gas exploration and production company operating properties exclusively within California. The Company is headquartered in Santa Clarita, California. CAN B CORP: Incurs $1.2 Million Net Loss in Second Quarter ---------------------------------------------------------- Can B Corp. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q, disclosing a net loss of $1.19 million on $205,084 of total revenues for the three months ended June 30, 2020, compared to a net loss of $1.44 million on $633,579 of total revenues for the three months ended June 30, 2019. For the six months ended June 30, 2020, the Company reported a net loss of $2.32 million on $774,791 of total revenues compared to a net loss of $2.61 million on $1.15 million of total revenues for the same period in 2019. As of June 30, 2020, the Company had $7.18 million in total assets, $2.24 million in total liabilities, and $4.94 million in total stockholders' equity. As of June 30, 2020, the Company had cash and cash equivalents of $390,201 and a working capital of $2,005,234. For the periods ended June 30, 2020 and 2019, the Company had net loss of $2,365,032 and $2,610,005, respectively. These factors raise substantial doubt as to the Company's ability to continue as a going concern. The Company plans to improve its financial condition by raising capital through sales of shares of its common stock. Also, the Company plans to expand its operation of CBD products to increase its profitability. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1509957/000149315220016282/form10-q.htm About Can B Corp Headquartered in Hicksville New York, Canbiola, Inc. (now known as Can B Corp) -- http://www.canbiola.com-- develops, produces, and sells products and delivery devices containing CBD. Cannabidiol ("CBD") is one of nearly 85 naturally occurring compounds (cannabinoids) found in industrial hemp (it is also contained in marijuana). The Company's products contain CBD derived from Hemp and include products such as oils, creams, moisturizers, isolate, and gel caps. In addition to offering white labeled products, Canbiola has developed its own line of proprietary products, as well as seeking synergistic value through acquisitions of products and brands in the Hemp industry. Can B Corp. reported a loss and comprehensive loss of $4.59 million for the year ended Dec. 31, 2019, compared to a loss and comprehensive loss of $4.11 million for the year ended Dec. 31, 2018. As of March 31, 2020, the Company had $7.14 million in total assets, $1.48 million in total liabilities, and $5.66 million in total stockholders' equity. BMKR, LLP, in Hauppauge, NY, the Company's auditor since 2014, issued a "going concern" qualification in its report dated March 26, 2020 citing that the Company's significant operating losses raise substantial doubt about its ability to continue as a going concern. CANCER GENETICS: Has $1.2M Net Loss for Quarter Ended March 31 -------------------------------------------------------------- Cancer Genetics, Inc., filed its quarterly report on Form 10-Q, disclosing a net loss of $1,179,000 on $1,426,000 of revenue for the three months ended March 31, 2020, compared to a net loss of $4,617,000 on $1,822,000 of revenue for the same period in 2019. At March 31, 2020, the Company had total assets of $14,282,000, total liabilities of $7,902,000, and $6,380,000 in total stockholders' equity. The Company said, "At March 31, 2020, the Company's history of losses required management to assess its ability to continue operating as a going concern, according to ASC 2015-40, Going Concern. Even after the disposal of the Company's BioPharma Business and Clinical Business, the Company does not project that cash at March 31, 2020 will be sufficient to fund normal operations for the twelve months from the issuance of these financial statements in the Quarterly Report on Form 10-Q. The Company's ability to continue as a going concern is dependent on reduced losses and improved future cash flows. Alternatively, the Company may be required to raise additional equity or debt capital, or consummate other strategic transactions. These factors raise substantial doubt about the Company's ability to continue as a going concern for the twelve months from the issuance of these financial statements in the Quarterly Report on Form 10-Q. The Company can provide no assurance that these actions will be successful or that additional sources of financing will be available on favorable terms, if at all." A copy of the Form 10-Q is available at: https://is.gd/q0zgNH Cancer Genetics, Inc. develops, commercializes, and provides molecular and biomarker-based tests and services in the United States, Europe, and Asia. Its tests enable physicians to personalize the clinical management of each individual patient by providing genomic information to diagnose, monitor, and inform cancer treatment; and enable biotech and pharmaceutical companies involved in oncology and immuno-oncology trials to select candidate populations and reduce adverse drug reactions by providing information regarding genomic factors influencing subject responses to therapeutics. The Company was founded in 1999 and is based in Rutherford, New Jersey. CANNABICS PHARMACEUTICALS: Posts $726,000 Loss for May 31 Quarter ----------------------------------------------------------------- Cannabics Pharmaceuticals Inc. filed its quarterly report on Form 10-Q, disclosing a net loss of $725,675 on $1,886 of net revenue for the three months ended May 31, 2020, compared to a net loss of $547,449 on $2,160 of net revenue for the same period in 2019. At May 31, 2020, the Company had total assets of $5,528,176, total liabilities of $430,138, and $5,098,038 in total stockholders' equity. Cannabics Pharmaceuticals said, "While the Company has incurred a net loss of $6,735,736 for the nine months ended May 31, 2020, it has incurred cumulative losses since inception of $12,899,543. These conditions raise substantial doubt about the ability of the Company to continue as a going concern. The ability of the Company to continue as a going concern is dependent upon its abilities to generate revenues, to continue to raise investment capital, and develop and implement its business plan. No assurance can be given that the Company will be successful in these efforts." A copy of the Form 10-Q is available at: https://is.gd/bfivn1 Cannabics Pharmaceuticals Inc., a pharmaceutical company, develops advanced cannabis medicines and therapies for cancer. The Company is headquartered in Bethesda, Maryland. CAPITAL SENIOR: Says Substantial Going Concern Doubt Exists ----------------------------------------------------------- Capital Senior Living Corporation filed its quarterly report on Form 10-Q, disclosing a net loss of $47,181,000 on $106,129,000 of total revenues for the three months ended March 31, 2020, compared to a net loss of $12,984,000 on $114,176,000 of total revenues for the same period in 2019. At March 31, 2020, the Company had total assets of $978,816,000, total liabilities of $1,011,022,000, and $32,206,000 in total stockholders' deficit. The Company said, "In complying with the requirements under ASC 205-40 to complete an evaluation without considering mitigating factors, the Company considered several conditions or events including 1) uncertainty around the impact of COVID-19 on the Company's operations and financial results, and 2) operating losses and negative cash flows from operations for projected fiscal year 2020. The conditions raise substantial doubt about the Company's ability to continue as a going concern for the twelve-month period following the date the financial statements are issued. "The Company is implementing plans, which includes strategic and cash-preservation initiatives, which are designed to provide the Company with adequate liquidity to meet its obligations for at least the twelve-month period following the date its financial statements are issued. The Company's primary sources of near- and medium-term liquidity are expected to be (1) improved operating cash flows due to strategic and cash preservation initiatives, (2) debt forbearance, to the extent available on acceptable terms, and (3) forbearance on rent payments to landlords, to the extent available on acceptable terms." A copy of the Form 10-Q is available at: https://is.gd/g18fFS Capital Senior Living Corporation owns, operates and manages senior living communities throughout the United States. The Company currently operates 129 senior housing communities in 23 states with an aggregate capacity of approximately 16,500 residents, including 83 senior housing communities that the Company owned and 46 senior housing communities that the Company leased. The Company is based in Dallas, Texas. CAPSTONE COMPANIES: Needs More Capital to Remain as Going Concern ----------------------------------------------------------------- Capstone Companies, Inc. filed its quarterly report on Form 10-Q, disclosing a net loss of $597,376 on $148,977 of net revenues for the three months ended March 31, 2020, compared to a net loss of $345,340 on $2,978,802 of net revenues for the same period in 2019. At March 31, 2020, the Company had total assets of $5,575,854, total liabilities of $1,223,996, and $4,351,858 in total stockholders' equity. Capstone Companies said, "The Company's factory suppliers in Thailand and China are now fully functioning and shipping orders. However with the resurgence of the COVID-19 pandemic in the United States, the future impact on the retail market place remains uncertain, which places doubt on the timing of the Company's new retail programs that are planned to be introduced later in the year, which could result in further reduced revenue and continued losses. "As the Company relies on cash generated from operations to support its ongoing business, based on the Company's expected rate of consumption, if the new programs are delayed or postponed the Company will need additional working capital in the fourth quarter, 2020 and its prospects of obtaining that capital are uncertain at this time. The Company may be able to raise the required additional capital through debt or equity financing. However, the Company can make no assurances that it will be able to raise the required capital, on acceptable terms or at all. Unless the Company succeeds in raising additional capital or successfully increases cash generated from operations, Management believes there is substantial doubt about the Company's ability to continue as a going concern for the next twelve months from the filing date of this report. "Management is closely monitoring its operations, liquidity, and capital resources and is actively working to minimize the current and future impact of this unprecedented situation. The Company has taken some immediate steps to reduce operating costs in the second quarter, 2020 and to conserve cash including reductions in rent, travel expenses and staff reductions and plans to make further cost reductions to further conserve liquidity." A copy of the Form 10-Q is available at: https://is.gd/5vx3yH Capstone Companies, Inc. engages in the development, manufacturing, logistics and distribution of consumer and institutional products, including the Hoover (R) HOME LED lighting product line, to accounts throughout North America and in international markets. The Company is based in Deerfield Beach, Florida. CCF HOLDINGS: Incurs $18 Million Net Loss in Second Quarter ----------------------------------------------------------- CCF Holdings LLC filed with the Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing a net loss of $18 million on $51.67 million of total revenues for the three months ended June 30, 2020, compared to a net loss of $12.64 million on $82.49 million of total revenues for the three months ended June 30, 2019. For the six months ended June 30, 2020, the Company reported a net loss of $44.98 million on $127.65 million of total revenues compared to a net loss of $18.77 million on $168.99 million of total revenues for the three months ended June 30, 2019. As of June 30, 2020, the Company had $205.39 million in total assets, $202.36 million in total liabilities, and $3.03 million in total members' equity. The Company's indebtedness includes $69,000,000 outstanding under the Ivy Credit Agreement that is due in the second quarter of 2021, and its expected cash position will not be sufficient to repay this indebtedness as it becomes due. Declining portfolio levels will have a negative impact on operating profits and liquidity and will impact the Company's ability to meet the Ivy Credit Agreement and Revolving Credit Agreement covenants, which are enforceable by the agent of the holders of the Secured Note. Management hired advisors to assist the Company with its capital structure. This engagement includes, but is not limited to, assisting the Company with efforts to amend its credit facilities, obtain waivers from its lenders, and to pursue other sources of capital. While the Company believes that it will be successful in extending the maturity of the Ivy Credit Agreement and amending the Revolving Credit Agreements' covenants, there is no assurance that the Company will be able to extend the maturity or otherwise refinance the Ivy Credit Agreement and amend the Ivy Credit Agreement and Revolving Credit Agreements' covenants. Therefore, as of Aug. 13, 2020 (the issuance of the Company's Form 10-Q), substantial doubt exists regarding the Company's ability to continue as a going concern within one year after the date of issuance. The Company said any amendment to or refinancing of either credit agreement could result in an even higher interest rate and may require it to comply with more burdensome restrictive covenants, which may have a material adverse effect on the Company's business, ability to meet its payment obligations, financial condition, and results of operations. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1766682/000155837020010531/ccfi-20200630x10q.htm About CCF Holdings CCF Holdings, LLC -- http://www.ccfi.com/-- is a retailer of financial services to unbanked and underbanked consumers through a network of 468 retail storefronts across 12 states and are licensed to deliver similar financial services over the internet in 28 states. CCF focuses on providing consumers with a wide range of convenient financial products and services to help them manage their day-to-day financial needs including consumer loans, check cashing, prepaid debit cards, money transfers, bill payments, and money orders. CCF Holdings reported a net loss of $52.84 million for the year ended Dec. 31, 2019. For the period Dec. 13 through Dec. 31, 2018, the Company reported net income of $1.64 million on $18.98 million of total revenues. As of March 31, 2020, CCF Holdings had $215.36 million in total assets, $230.99 million in total liabilities, and a total members' deficit of $15.63 million. * * * As reported by the TCR on May 29, 2020, S&P Global Ratings lowered its issuer credit rating on CCF Holdings LLC to 'CCC' from 'CCC+'. The outlook is negative. As reported by the TCR on Oct. 18, 2019, Moody's Investors Service downgraded CCF Holdings LLC's corporate family rating and the rating on its 10.75% paid-in-kind senior unsecured notes to Caa3 from Caa2. The ratings' downgrade reflects Moody's assessment that CCF Holdings' profitability has been impaired due to the restrictions imposed by the Ohio Fairness in Lending Act, which caps the annual interest rate on payday loans to 28% and sets new limits on fees. CEN BIOTECH: Needs to Raise Capital to Remain as a Going Concern ---------------------------------------------------------------- CEN Biotech, Inc. filed its quarterly report on Form 10-Q, disclosing a net loss of $1,659,881 on $0 of revenue for the three months ended June 30, 2020, compared to a net loss of $1,850,625 on $0 of revenue for the same period in 2019. At June 30, 2020, the Company had total assets of $6,970,819, total liabilities of $34,787,374, and $27,816,555 in total shareholders' deficit. The Company disclosed that a substantial doubt has been raised with regard to its ability to continue as a going concern. The Company has incurred significant operating losses and negative cash flows from operations since inception. The Company had an accumulated deficit of $44,270,165 at June 30, 2020 and had no committed source of debt or equity financing. CEN Biotech further stated, "The Company has not had any operating revenue and does not foresee any operating revenue in the near term. The Company has relied on the issuance of loans payable and convertible debt instruments to finance its expenses, including a note that is in default and is secured by the Company's equipment and certain unsecured convertible notes payable. The Company will be dependent upon raising additional capital through placement of our common stock, notes or other securities in order to implement its business plan or additional borrowings, including from related parties. There can be no assurance that the Company will be successful in either situation in order to continue as a going concern. The Company's cash position may not be sufficient to support the Company's daily operations or its ability to undertake any business activity that will generate net revenue." A copy of the Form 10-Q is available at: https://is.gd/Buviqs CEN Biotech, Inc. focuses on the manufacture, production, and development of products within the cannabis industry, including LED lighting technology and hemp-based products. It intends to cultivate hemp for usage in industrial, medical, and food products. The company was founded in 2013 and is based in Windsor, Canada. CHIEF OILFIELD: Seeks Approval to Tap Fredrikson & Byron as Counsel ------------------------------------------------------------------- Chief Oilfield Services, LLC seeks approval from the U.S. Bankruptcy Court for the District of North Dakota to employ Fredrikson & Byron, P.A. as its legal counsel. The firm will render these legal services: (a) Providing Debtor with legal advice with respect to its reorganization; (b) Assisting Debtor with the preparation of its schedules of assets and liabilities and statements of financial affairs; (c) Representing Debtor in negotiations with creditors; (d) Advising Debtor in connection with any post-petition or pre-bankruptcy financing and cash collateral arrangements and negotiating and drafting documents related thereto; (e) Advising Debtor on matters relating to the evaluation of the assumption, rejection, or assignment of unexpired leases and executory contracts; (f) Advising Debtor on legal issues arising in or relating to its ordinary course of business; (g) Representing Debtor at court hearings; (h) Preparing legal papers; (i) Negotiating and preparing a plan of reorganization, disclosure statement and all related agreements and documents and taking any necessary action to obtain confirmation of such plan; (j) Appearing before the bankruptcy court, any appellate courts and the United States Trustee; (k) Attending meetings with third parties and participating in negotiations; and (l) Taking all necessary actions to protect and preserve Debtor's estate. The hourly rates for the firm's attorneys and paralegals who will provide the services are as follows: Steven Kinsella, Shareholder $430 Michael Raum, Shareholder $385 David Tibbals, Associate $245 Shataia Stallings, Paralegal $160 Debtor paid the firm $21,717, of which $16,933.50 was applied to pre-bankruptcy fees and expenses. The firm currently holds the remaining $4,783.50 as retainer. Michael Raum, Esq., a shareholder at Fredrikson & Byron, disclosed in court filings that the firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael S. Raum, Esq. David B. Tibbals, Esq. Steven R. Kinsella, Esq. Fredrikson & Byron, P.A. 51 Broadway Suite 400 Fargo, ND 58102 Telephone: (701) 237-8200 Email: mraum@fredlaw.com dtibbals@fredlaw.com skinsella@fredlaw.com About Chief Oilfield Services Chief Oilfield Services, LLC is a Dickinson, N.D.-based company that provides oil and gas field machinery and equipment. Chief Oilfield Services filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.D. Case No. 20-30444) on Aug. 17, 2020. Leon Keator, vice president of operations, signed the petition. At the time of the filing, Debtor disclosed estimated assets of $100,000 to $500,000 and estimated liabilities of $1 million to $10 million. Judge Shon Hastings oversees the case. Fredrikson & Byron, P.A. serves as Debtor's legal counsel. CNX RESOURCES: Fitch Alters Outlook on 'BB' LT IDR to Positive -------------------------------------------------------------- Fitch Ratings has affirmed CNX Resources Corporation's Long-Term Issuer Default Rating at 'BB'. In addition, Fitch has affirmed CNX's revolving credit facility at 'BBB-'/'RR1' and senior unsecured notes at 'BB'/'RR4'. The Rating Outlook has been revised to Positive from Stable. The rating reflects CNX's status as a top 10 U.S. producer of natural gas, strong cash netbacks, adequate liquidity position and extensive hedging program. Fitch expects that CNX will be FCF positive over the forecast period due to its low operating cost structure, reduced capital requirements to modestly grow production, and robust hedging program that locks in future prices. Fitch expects FCF will be used to reduce debt, and that leverage will decline to the 2.0x-2.5x range over the course of the forecast period. Rating concerns include the risk of operating solely in the Appalachian Basin, which had past issues with takeaway constraints and large and volatile differentials. In addition, any changes in financial policy that diverts FCF from debt reduction could result in negative ratings action. The Positive Outlook reflects Fitch's expectation that CNX will generate material FCF over the next several years, and that the proceeds will be used to reduce debt. The company's robust hedging program combined with its modest production targets and low operating and capital costs allow for greater visibility on future results. A change in financial policy that diverts FCF to other uses could result in a negative rating action. Fitch would look to resolve the Outlook in the next 12-18 months. KEY RATING DRIVERS Low-Cost Operator: CNX is one of the lowest-cost operators in the Appalachia, driven by relatively lower firm transportation charges, midstream ownership, and investment in water infrastructure. Fitch believes that low cost structures are critical for companies exposed to volatile commodity price movements. Transportation, gathering and compression costs are well below most competitors, as CNX kept production growth goals modest, which allowed the company not to compete for excess capacity. As production increases, costs are likely to decrease per unit due to the increase in scale. In addition, netbacks should show improvement as interest costs decline from expected debt reduction. Growing FCF: Fitch expects CNX to generate material FCF under its Henry Hub natural gas price deck of $2.45 in 2021, and over the forecast period. Note that this is below current strip prices. FCF is driven by the company's low operating cost structure, significantly reduced finding and development costs, strong hedging program that locks in future revenues, and modest production growth. In particular, CNX's strong hedging program increases certainty in projected cash flow despite the volatile nature of natural gas prices. Fitch anticipates FCF will be used to reduce debt over the forecast period. Lower Capital Investment Costs: Fitch expects CNX's capital costs to materially decline from historical levels for several reasons. First, the company has been investing heavily into land and infrastructure costs such as water management over the past several years. In 2019, these costs were estimated at $510 million and will decline to $155 million in 2020. Going forward, the costs are expected to average $70 million a year. Second, CNX is realizing greater capital efficiency as it increases scale and service prices decline. Capital invested in earlier drilling allows for lower capital requirements. Finally, the company's modest production growth profile and strong well performance implies that to keep production flat, only $230 million is needed to maintain flat production growth. Robust Hedging Program: CNX has one of the strongest hedging positions in the industry, with approximately 87% of expected 2021 gas production hedged at an average of $2.94 per thousand cubic feet and 63% of expected 2022 gas production hedged at an average of $2.85/mcf. CNX hedges a majority of production against basis risk. The company maintains a material portion of hedges through 2024. Fitch believes CNX has a thoughtful hedging program that locks in expected returns and reduces volatility in cash flows, while extensive basis hedging protects from potential disruptions in the Appalachia basin. CNX's hedge program combined with a low-cost structure allows for capital allocation flexibility for its future development program. Conservative Financial Policy: CNX has a long-term target of sustained net leverage for a standalone E&P of less than 2.5x. The company's active hedging program, lack of "out-of-money" firm transportation commitments and midstream operations all combine to de-risk the balance sheet. Fitch expects CNX to generate positive FCF in 2020 and throughout the forecast period. The maturity schedule is relatively balanced with $414 million of senior noted due in 2022, which should be serviced with FCF. Fitch expects leverage to decline to the 2.0x-2.5x range over the forecast period. Single Basin Risk: CNX's operations are primarily in Appalachia, which exposes the company to significant basis risk due to takeaway constraints, although differentials have improved as new pipeline capacity was installed. CNX resisted signing into long-term takeaway contracts to avoid entering into firm transportation commitments that could have resulted in expensive long-term obligations. Instead, the company used hedges to mitigate pricing risk. CNX was able to move production without entering into contracts that would make it inflexible to adjust production during periods of low natural gas prices as it had to meet takeaway commitments. This strategy could be risky if Appalachia takeaway capacity ever becomes constrained. DERIVATION SUMMARY CNX 2Q20 production profile of 1.3 Bcfe/d is below its Appalachian peers, including Southwestern Energy (SWN: BB/Negative) at 2.8 Bcfe (pro forma for recent acquisition), Range Resources Corporation (RRC: unrated) at 2.3 Bcfe/d, EQT Corporation (EQT: BB/Positive) at 3.8 Bcfe/d and Antero Resources (AR: B/Negative). Consolidated leverage of 2.8x (2.3x for E&P only) is slightly better than 'BB-rated' peers such as SWN at 3.0x (pro forma for acquisition) and EQT (3.2x). Fitch-calculated unhedged cash netback margin as of 2019 of 38% is in line with EQT (40%) but higher than SWN and AR at 30% and 18%, respectively. CNX hedges approximately 87% of expected 2021 production, which is second only to AR that hedges slightly over 100% of its production. Other Appalachian producers are significantly lower, such as SWN at roughly 60%, EQT (20%) and RRC (16%). Fitch believes a strong hedge program is important given the volatile nature of natural gas prices. KEY ASSUMPTIONS Fitch's Key Assumptions Within its Rating Case for the Issuer -- Base case Henry Hub natural gas price of $1.85 In 2020 and $2.45 throughout the forecasted period -- Base case WTI oil prices of $32 in 2020, $42 in 2021, $50 in 2022, and $52 in 2023; -- Mid-single digit production growth throughout the forecasted period; -- Capex of $525 million in 2020 and $425 million in 2021; -- No incremental share repurchases, acquisitions, or divestitures. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- Demonstrated ability to generate positive FCF and allocate proceeds to gross debt reduction and liquidity enhancement; -- Mid-cycle debt/EBITDA approaching 2.0x, or FFO-adjusted leverage below 2.75x, on a sustained basis; -- Demonstrated commitment to the stated financial policy, including the hedging program. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- Mid-cycle debt/EBITDA above 3.0x, or FFO-adjusted leverage below 3.75x, on a sustained basis; -- Inability to generate FCF over the cycle or material allocation of FCF proceeds to share repurchases; -- Weakening of unit cost profile or capital returns [one-line bullet point using dash. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. LIQUIDITY AND DEBT STRUCTURE Adequate Liquidity Position: CNX has $20 million of consolidated cash on hand and $1.15 billion of borrowing capacity on its revolver as of June 30, 2020. The revolving commitments were $2.1 billion and a borrowing base of $1.9 billion, with $550 million of borrowings outstanding and $205 million of LOC outstanding. CNX amended its RCF in April 2019 and the borrowing base was reaffirmed at $2.1 billion and the maturity was extended to April 2024. There is a maximum net leverage ratio of no greater than 4.0:1.0, which is based on net debt. CNX must also maintain a minimum current ratio of no less than 1.0:1.0. CNXM has its own RCF not guaranteed by CNX. The facility has $600 million in commitments and had $319 million of borrowings outstanding, leaving availability at $281 million, as of June 30, 2020. Fitch considers CNX's maturity schedule manageable with the next major maturity in April 2022, with $414 million due on the 5.875% senior notes. Given the company's ability to generate FCF, which Fitch believes has a high degree of certainty given the company's hedge program and low-cost structure, near-term liquidity should be sufficient. COOL HOLDINGS: Has $8.2M Net Income for the Quarter Ended May 2 --------------------------------------------------------------- Cool Holdings, Inc. filed its quarterly report on Form 10-Q, disclosing a net income of $10,338,000 on $13,943,000 of net sales for the 13 weeks ended May 2, 2020, and net loss of $2,123,000 on $5,285,000 of net sales for the transition period from Jan. 1 to Feb. 1, 2020, compared to a net loss of $3,659,000 on $2,529,000 of net sales for the same period in 2019. At May 2, 2020, the Company had total assets of $24,023,000, total liabilities of $22,193,000, and $1,830,000 in total stockholders' equity. The Company said, "Because the Company has sustained significant losses over the past two years, only recently completed the restructuring of its debt, and because of the uncertainty of the near term implications of the novel coronavirus ("COVID-19") pandemic on its business, management has substantial doubt that the Company could remain independent and continue as a going concern for the required period of time if it were not able to raise additional capital to fund its working capital needs." A copy of the Form 10-Q is available at: https://is.gd/zQDTpb Cool Holdings, Inc., formerly known as InfoSonics Corporation -- http://www.coolholdings.com/-- is a Miami-based company currently comprised of Simply Mac and OneClick, two chains of retail stores and an authorized reseller under the Apple Premier Partner, APR (Apple Premium Reseller) and AAR MB (Apple Authorized Reseller Mono-Brand) programs and Cooltech Distribution, an authorized distributor to the OneClick stores and other resellers of Apple products and other high-profile consumer electronic brands. COUNTERPATH CORP: BDO Canada Raises Going Concern Doubt ------------------------------------------------------- CounterPath Corporation filed with the U.S. Securities and Exchange Commission its annual report on Form 10-K, disclosing a net loss of $1,096,565 on $12,101,326 of total revenue for the year ended April 30, 2020, compared to a net loss of $5,013,439 on $10,764,904 of total revenue for the year ended in 2019. The audit report of BDO Canada LLP states that the Company has incurred losses and has an accumulated deficit of $69,677,656 as of April 30, 2020. These events and conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. The Company's balance sheet at April 30, 2020, showed total assets of $13,655,953, total liabilities of $11,611,636, and a total stockholders' equity of $2,044,317. A copy of the Form 10-K is available at: https://is.gd/UruLlN CounterPath Corporation designs, develops, and sells software and services that enable enterprises and telecommunication service providers to deliver unified communications services over Internet protocol based networks in North America and internationally. It was founded in 2002 and is headquartered in Vancouver, Canada. COVIA HOLDINGS: Chapter 11 Proceedings Cast Going Concern Doubt --------------------------------------------------------------- Covia Holdings Corporation filed its quarterly report on Form 10-Q/A, disclosing a net loss of $965,000 on $322,660,000 of revenues for the three months ended March 31, 2020, compared to a net loss of $52,248,000 on $428,246,000 of revenues for the same period in 2019. At March 31, 2020, the Company had total assets of $2,381,057,000, total liabilities of $2,241,927,000, and $139,130,000 in total equity. The Company said, "On June 29, 2020, we commenced voluntary cases under Chapter 11 of the U.S. Bankruptcy Code, which raises substantial doubt as to our ability to continue as a going concern. The commencement of the Chapter 11 Cases accelerated substantially all of our outstanding debt. Any efforts to enforce payment obligations related to the acceleration of our debt have been automatically stayed as a result of the filing of the Chapter 11 Cases, and the creditors' rights of enforcement are subject to the applicable provisions of the Bankruptcy Code. Further, on June 29, 2020, we entered into the Restructuring Support Agreement with the Consenting Stakeholders. The Restructuring Support Agreement contemplates that the restructuring and recapitalization of the Company Parties will occur through a prearranged plan of reorganization in the Chapter 11 Cases." A copy of the Form 10-Q/A is available at: https://is.gd/27yjFp Covia Holdings Corporation provides diversified mineral-based and material solutions for the industrial and energy markets in the United States, Argentina, Mexico, Canada, China, and Denmark. The company operates in two segments, Energy and Industrial. It offers a range of specialized silica sand, feldspar, nepheline syenite, calcium carbonate, clay, and kaolin products for use in the glass, ceramics, coatings, foundry, polymers, construction, water filtration, sports and recreation, and oil and gas markets. The company also operates mining facilities. Covia Holdings Corporation was founded in 1970 and is headquartered in Independence, Ohio. On June 29, 2020, Covia Holdings Corporation, along with its affiliates, filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Southern District of Texas. DALRADA FINANCIAL: Net Loss, Capital Raise Going Concern Doubt -------------------------------------------------------------- Dalrada Financial Corporation filed its quarterly report on Form 10-Q/A, disclosing a net loss of $1,039,503 on $351,324 of total revenues for the three months ended March 31, 2020, compared to a net income of $1,803,319 on $34,407 of total revenues for the same period in 2019. At March 31, 2020, the Company had total assets of $1,450,544, total liabilities of $15,790,747, and $14,340,203 in total stockholders' deficit. Chief Executive Officer Brian Bonar said, "Our net loss and limited working capital raise substantial doubt about our ability to continue as a going concern. We incurred a net loss of $1,471,774 during the nine months ended March 31, 2020. We will be required to raise substantial capital to fund our capital expenditures, working capital, and other cash requirements since our current cash assets are exhausted and we have generated no revenues to date to sustain our operations. We will continue to rely on related parties to fund our operations. We will need to seek other financing to complete our business plans. The successful outcome of future financing activities cannot be determined at this time and there are no assurances that, if achieved, we will have sufficient funds to execute our intended business plan or generate positive operational results." A copy of the Form 10-Q/A is available at: https://is.gd/OGxw3w Dalrada Financial Corporation, through its subsidiaries, provides various products and services in the manufacturing, engineering, and healthcare sectors worldwide. The company offers low carbon and green energy solutions to original equipment manufacturer of deep-ultraviolet light sources. It also provides visual inspection by acetic acid kits that is used for pre-screen of cervical cancer. The company was formerly known as Imaging Technologies Corporation and changed its name to Dalrada Financial Corporation in April 2004. Dalrada Financial Corporation was incorporated in 1982 and is headquartered in Henderson, Nevada. DAVIDSTEA INC: Mgt. Says Substantial Going Concern Doubt Exists --------------------------------------------------------------- DAVIDsTEA Inc. filed its quarterly report on Form 10-Q, disclosing a net loss of CAD45,788,000 on CAD32,242,000 of sales for the three months ended May 2, 2020, compared to a net income of CAD3,320,000 on CAD44,265,000 of sales for the three months ended May 4, 2019. At May 2, 2020, the Company had total assets of CAD89,832,000, total liabilities of CAD113,439,000, and CAD23,607,000 in total deficit. The Company said, "Our management has determined that there is a substantial doubt about our ability to continue as a going concern over the next twelve months due to uncertainty regarding how we will implement strategies relating to restructuring our North American retail footprint in order to decrease ongoing losses caused by unprofitable stores, decreasing our costs generally and accelerating the growth of our online business." A copy of the Form 10-Q is available at: https://is.gd/rBYl3q DAVIDsTEA Inc. operates as a retailer of specialty tea in Canada and the United States. The company offers loose-leaf teas, pre-packaged teas, tea sachets, and tea-related gifts; tea accessories, including tea mugs, travel mugs, teacup sets, teapots, tea makers, kettles, infusers, filters, frothers, tins, and spoons; and food, as well as tea beverages, such as hot or iced tea, and tea lattes. It provides loose-leaf tea in white, green, oolong, black, pu'erh, mate, rooibos, and herbal tea categories. It also provides its products through its Website, davidstea.com; and distributes products through 2,500 grocery stores and drugstores. The company was founded in 2008 and is headquartered in Mount-Royal, Canada. DELMAR PHARMACEUTICALS: Completes Merger with Adgero ---------------------------------------------------- Kintara Therapeutics, Inc. (formerly DelMar Pharmaceuticals) reports that it has completed its merger with Adgero Biopharmaceuticals Holdings, Inc. Commencing Aug. 20, 2020, the combined company will operate as Kintara Therapeutics, Inc. and its shares of common stock will commence trading on the Nasdaq Capital Market under the ticker symbol "KTRA". Concurrent with the closing of the merger, the Company closed its previously announced private placement with investors providing for the sale and issuance of 19,587 shares of its Series C Convertible Preferred Stock at a purchase price of $1,000 per share priced at-the-market under the rules of the Nasdaq Stock Market. The Preferred Stock is convertible into shares of the Company's common stock at a conversion price of $1.16 per share. The offering resulted in gross proceeds to the Company of approximately $19.6 million. The Company intends to use the net proceeds from the offering to fund the previously announced registration study for VAL-083 in newly diagnosed and recurrent GBM, the 15-patient REM-001 confirmatory lead-in study intended to continue seamlessly into a full Phase 3 pivotal study for CMBC, and for working capital. Also, as previously disclosed, the GBM trial will be executed through the Company's partnership with Global Coalition for Adaptive Research (GCAR) through the Glioblastoma Adaptive Global Innovative Learning Environment (GBM AGILE) Study, an adaptive clinical trial platform in GBM. The Preferred Stock accrues dividends payable in shares of the Company's common stock on the first four anniversaries of the closing of the private placement as long as the Preferred Stock has not been converted, with percentages ranging from 10% in year one to 25% in year four. The board of directors of Kintara is now comprised of Robert Hoffman, Laura Johnson, Rob Toth and Saiid Zarrabian, who are current directors of the Company, and John Liatos and Keith Murphy from Adgero. About Kintara Located in San Diego, California, Kintara (formerly DelMar Pharmaceuticals) is dedicated to the development of novel cancer therapies for patients with unmet medical needs. Kintara is developing two late-stage, Phase 3-ready therapeutics for clear unmet medical needs with reduced risk development programs. The two programs are VAL-083 for GBM and REM-001 for CMBC. As of March 31, 2020, the Company had $5.10 million in total assets, $1.38 million in total liabilities, and $3.72 million in total stockholders' equity. DelMar reported a net and comprehensive loss of $8.05 million for the year ended June 30, 2019, following a net and comprehensive loss of $11.14 million for the year ended June 30, 2018. On Sept. 26, 2019, the Nasdaq Staff notified the Company that it did not comply with the minimum $1.00 per share bid price requirement for continued listing, as set forth in Nasdaq Listing Rule 5550(a)(2), and the Company has 180 calendar days, or until March 24, 2020, to regain compliance. The closing bid price of our securities must be at least $1.00 per share for a minimum of ten consecutive business days to regain compliance. On March 25, 2020, DelMar received written notice from the Listing Qualifications Department of The Nasdaq Capital Market LLC confirming the Company's eligibility for continued listing of its common stock on Nasdaq pursuant to an extension through Sept. 21, 2020, subject to the condition that the Company will have demonstrated a closing bid price of $1.00 per share, or more, for a minimum of ten consecutive business days by Sept. 21, 2020. On April 20, 2020, the Company received a notification letter from Nasdaq stating that, in response to the current extraordinary market conditions, Nasdaq had filed a rule change with the Securities and Exchange Commission to suspend the compliance period for the minimum closing bid price requirement from April 16, 2020 through June 30, 2020. As a result, the Company has until Dec. 7, 2020 to regain compliance. DIAMOND OFFSHORE: Has $144.8M Net Loss for Quarter Ended June 30 ---------------------------------------------------------------- Diamond Offshore Drilling, Inc. filed its quarterly report on Form 10-Q, disclosing a net loss of $144,820,000 on $198,203,000 of total revenues for the three months ended June 30, 2020, compared to a net loss of $113,988,000 on $216,706,000 of total revenues for the same period in 2019. At June 30, 2020, the Company had total assets of $5,280,633,000, total liabilities of $3,049,944,000, and $2,230,689,000 in total stockholders' equity. The Company said, "Although we anticipate that the Chapter 11 Cases will help address our liquidity concerns, uncertainty remains over the Bankruptcy Court's approval of a plan of reorganization, and therefore substantial doubt exists over our ability to continue as a going concern at this time. Financial information in this report has been prepared on the basis that we will continue as a going concern, which presumes that we will be able to realize our assets and discharge our liabilities in the normal course of business as they come due. Financial information in this report does not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and balance sheet classifications that would be necessary if we were unable to realize our assets and settle our liabilities as a going concern in the normal course of operations. Such adjustments could be material. Our long-term liquidity requirements, the adequacy of capital resources and ability to continue as a going concern are difficult to predict at this time and ultimately cannot be determined until a Chapter 11 plan has been confirmed, if at all, by the Bankruptcy Court. If our future sources of liquidity are insufficient, we could face substantial liquidity constraints and be unable to continue as a going concern and would likely be required to significantly reduce, delay or eliminate capital expenditures, implement further cost reductions, or seek other financing alternatives." A copy of the Form 10-Q is available at: https://is.gd/RUgsUk Diamond Offshore Drilling, Inc. provides contract drilling services to the energy industry worldwide. The company operates a fleet of 15 offshore drilling rigs, including 4 drillships and 11 semisubmersible rigs. It serves independent oil and gas companies, and government-owned oil companies. The company was founded in 1953 and is headquartered in Houston, Texas. Diamond Offshore Drilling, Inc. is a subsidiary of Loews Corporation. On April 26, 2020, Diamond Offshore Drilling, Inc., along with its affiliates, filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas. DLT RESOLUTION: Accumulated Deficit Casts Going Concern Doubt ------------------------------------------------------------- DLT Resolution, Inc. filed its quarterly report on Form 10-Q, disclosing a net loss of $328,902 on $428,347 of revenue for the three months ended March 31, 2020, compared to a net loss of $884,041 on $122,009 of revenue for the same period in 2019. At March 31, 2020, the Company had total assets of $4,410,316, total liabilities of $2,667,845, and $1,742,471 in total stockholders' equity. The Company said, "We had an accumulated deficit of $4,653,230 and a working capital deficit of $219,782 as of December 31, 2019. These matters raise substantial doubt about our ability to continue as a going concern. Continuation of our existence depends upon our ability to obtain additional capital. Our plans in regards to this matter include raising additional equity financing and borrowing funds under a private credit facility and/or other credit sources. Issuances of additional shares will dilute the ownership of our existing shareholders. There is no assurance that we will achieve any additional sales of our equity securities or arrange for debt or other financing to fund our planned operations. "Currently, we have limited cash, and an accumulated deficit of $4,653,230. These factors raise substantial doubt about our ability to continue as a going concern. We will be dependent upon the raising of additional capital through placement of our common stock in order to implement its business plan, or merge with an operating company. There can be no assurance that we will be successful in either situation in order to continue as a going concern. Our officers and directors have demonstrated a willingness to advance funds to us to be used to pay certain of our operating costs." A copy of the Form 10-Q is available at: https://is.gd/t7f1Pn DLT Resolution, Inc., together with its subsidiaries, operates in blockchain applications, telecommunications, and data services in the United States and Canada. The company also offers secure data management, information technology, and other telecommunications services. It also provides health information exchange services through its RecordsBank.org portal, which is a centralized system for patients, lawyers, and insurers to retrieve and access medical records. The company was formerly known as Hemcare Health Services Inc. and changed its name to DLT Resolution Inc. in December 2017. DLT Resolution Inc. was founded in 2007 and is based in Las Vegas, Nevada. DM WORLD: Unsecureds Will get Prorata From Liquidating Trust ------------------------------------------------------------ DM World Transportation, LLC, submitted a Plan and a Disclosure Statement. The Plan provides for the Allowed Unsecured Class 10 claims to receive payment through funds generated by a Liquidating Agent charged with pursuing causes of action belonging to the bankruptcy estate. The Plan treats calims as follows: * Class 1 Secured Claim of Ryder Truck Rental, Inc. This class is impaired. Per the Ryder Agreement, Ryder shall have an Allowed Claim of $3,000,000.00. In full satisfaction of the Allowed Class 1 Claim, Ryder will receive weekly payments of $125,000 for 24 weeks. * Class 2 Secured Claim of Bank of America Leasing and Capital, LLC. This class is impaired. Bank of America will retain its liens and receive monthly payments. The Debtor believes the principal balance as of the Petition Date was $1,109,000 and that the value of the collateral is substantially lower. The monthly payments will be based on a value to be agreed by the parties or, failing an agreement, to be determined by Court Order. The principal amount of the Class 2 Claim will be paid over sixty (60) months at four percent interest (4%). * Class 3 Secured Claim of Signature Finance. This class is impaired. Signature will retain its liens and receive monthly payments. Debtor believes the principal balance as of the Petition Date was $1,887,000 and that the value of the collateral is substantially lower. The monthly payments will be based on a value to be agreed by the parties or, failing an agreement, to be determined by Court Order. The principal amount of the Class 3 Claim will be paid over 60 months at four percent interest (4%). * Class 4 Secured Claim of Red Rock LTO Units. This class is impaired. Red Rock will retain its liens and receive monthly payments. The Debtor believes the principal balance as of the Petition Date was $228,000 and that the value of the collateral is substantially lower. The monthly payments will be based on a value to be agreed by the parties or, failing an agreement, to be determined by Court Order. The principal amount of the Class 4 Claim will be paid over 60 months at four percent interest (4%). * Class 5 Secured Claim of Daimler Truck Financial. This class is impaired. Daimler will retain its liens and receive monthly payments. Debtor believes the principal balance as of the Petition Date was $254,000 and that the value of the collateral is substantially lower. The monthly payments will be based on a value to be agreed by the parties or, failing an agreement, to be determined by Court Order. The principal amount of the Class 5 Claim will be paid over 60 months at 4 percent interest. * Class 6 Secured Claim of BMO Financial. This class is impaired. BMO will retain its liens and receive monthly payments. Debtor believes the principal balance as of the Petition Date was $1,229,000 and that the value of the collateral is substantially lower. The monthly payments will be based on a value to be agreed by the parties or, failing an agreement, to be determined by Court Order. The principal amount of the Class 6 Claim will be paid over 60 months at 4 percent interest. * Class 7 Secured Claim of Sterling National Bank. This class is impaired. Sterling will retain its liens and receive monthly payments. The monthly payments will be based on a value of $800,000 (for which Sterling will have an Allowed Secured Claim) paid over sixty (60) months at four and one-half percent interest (4.5%). Monthly payments will be $14,914. * Class 8 Secured Claim of Key Equipment Finance. This class is impaired. Key will retain its liens and receive monthly payments. The monthly payments will be based on a value of $800,000 (for which Key will have an Allowed Secured Claim) paid over sixty (60) months at five and three-fifths percent interest (5.6%). Monthly payments will be $15,317. * Class 9 Secured Claim of TCF Equipment Finance. This class is impaired. TCF will retain its liens and receive monthly payments. Debtor believes the principal balance as of the Petition Date was $390,000 and that the value of the collateral is substantially lower. The monthly payments will be based on a value to be agreed by the parties or, failing an agreement, to be determined by Court Order. The principal amount of the Class 9 Claim will be paid over 60 months at 4 percent interest. * Class 10 Allowed General Unsecured Claims. This class is impaired. In full satisfaction of the Allowed Class 10 Claims, holders of such claims shall receive a pro rata distribution from the Liquidating Trust. In the event of a conversion and liquidation, there would be likely no distribution to Holders of Allowed Class 10 Claims as the debt encumbering assets exceeds the value of such assets. The Plan contemplates that the Debtor will continue to operate with reduced operating expenses and lower debt service requirements due to the valuation of assets to the current value and, thus, lower monthly required payments on the Secured Claims. A full-text copy of the Disclosure Statement dated July 15, 2020, is available at https://tinyurl.com/yyc26x4n from PacerMonitor.com at no charge. Counsel for the Debtor: R. SCOTT SHUKER, ESQ. MARIANE L. DORRIS, ESQ. JOHN B. DORRIS, ESQ. SHUKER & DORRIS, P.A. 121 S. ORANGE AVENUE, SUITE 1120 ORLANDO, FLORIDA 32801 About DM World Transportation DM World Transportation, LLC, sought protection under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 20-02684) on May 12, 2020. At the time of the filing, the Debtor had estimated assets of between $1 million and $10 million and liabilities of between $10 million and $50 million. The Debtor is represented by the Law Firm of Shuker & Dorris, P.A. The U.S. Trustee for Region 21 appointed a committee of unsecured creditors on June 2, 2020. The Committee is represented by Greenberg Traurig, P.A. DOLPHIN ENTERTAINMENT: Capital Deficit Casts Going Concern Doubt ---------------------------------------------------------------- Dolphin Entertainment, Inc., filed its quarterly report on Form 10-Q, disclosing a net income of $2,073,847 on $6,633,800 of total revenues for the three months ended March 31, 2020, compared to a net income of $122,608 on $6,317,089 of total revenues for the same period in 2019. At March 31, 2020, the Company had total assets of $41,191,552, total liabilities of $28,575,254, and $12,616,298 in total stockholders' equity. The Company's accumulated deficit of $94.0 million as of March 31, 2020, among other factors, raise substantial doubt about its ability to continue as a going concern. The Company said, "In this regard, management is planning to raise any necessary additional funds through additional issuances of our Common Stock, securities convertible into our Common Stock, debt securities, as well as available bank and non-bank financing, or a combination of such financing alternatives. There is no assurance that we will be successful in raising additional capital. Such issuances of additional shares of Common Stock or securities convertible into Common Stock would further dilute the equity interests of our existing shareholders, perhaps substantially. We currently have the rights to several scripts which we currently intend to obtain financing to produce and release. We will potentially earn a producer and overhead fee for this production. There can be no assurances that such production will be released or fees will be realized in future periods." A copy of the Form 10-Q is available at: https://is.gd/xCtLRn Dolphin Entertainment, Inc., operates as an independent entertainment marketing and premium content development company in the United States. It operates in two segments, Entertainment Publicity and Marketing; and Content Production. The Entertainment Publicity and Marketing segment offers public relations, entertainment content marketing, strategic communications, social media marketing, creative branding, talent publicity, and entertainment marketing services, as well as produces marketing video content. The Content Production segment produces and distributes feature films and digital content. The company was formerly known as Dolphin Digital Media, Inc. and changed its name to Dolphin Entertainment, Inc. in July 2017. Dolphin Entertainment is headquartered in Coral Gables, Florida. DPW HOLDINGS: Incurs $1.37 Million Net Loss in Second Quarter ------------------------------------------------------------- DPW Holdings, Inc. filed with the Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing a net loss of $1.37 million on $5.40 million of total revenue for the three months ended June 30, 2020, compared to a net loss of $4.06 million on $4.98 million of total revenue for the three months ended June 30, 2019. For the six months ended June 30, 2020, the Company reported a net loss of $7.91 million on $11.01 million of total revenue compared to a net loss of $10.77 million on $10.75 million of total revenue for the six months ended June 30, 2019. As of June 30, 2020, the Company had $40.49 million in total assets, $37.46 million in total liabilities, and $3.03 million in total stockholders' equity. DPW Holdings said, "The Company expects to continue to incur losses for the foreseeable future and needs to raise additional capital to continue its business development initiatives and to support its working capital requirements. During February 2020, the Company entered into a Master Exchange Agreement with an entity that has agreed to purchase up to approximately $7.7 million in certain promissory notes previously issued by the Company. Management believes that the Company has access to capital resources through potential public or private issuances of debt or equity securities. However, if the Company is unable to raise additional capital, which ability could be adversely affected by the outbreak of COVID-19, it may be required to curtail operations and take additional measures to reduce costs, including reducing its workforce and eliminating outside consultants to conserve its cash in amounts sufficient to sustain operations and meet its obligations. These matters raise substantial doubt about the Company's ability to continue as a going concern." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/896493/000121465920007378/dpw8620010q.htm About DPW Holdings DPW Holdings, Inc. -- http://www.DPWHoldings.com-- is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, the Company provides mission-critical products that support a diverse range of industries, including defense/aerospace, industrial, telecommunications, medical, and textiles. In addition, the Company owns a select portfolio of commercial hospitality properties and extends credit to select entrepreneurial businesses through a licensed lending subsidiary. DPW's headquarters are located at 201 Shipyard Way, Suite E, Newport Beach, CA 92663. DPW Holdings recorded a net loss available to common stockholders of $32.93 million for the year ended Dec. 31, 2019, compared to a net loss available to common stockholders of $32.34 million for the year ended Dec. 31, 2018. As of March 31, 2020, the Company had $37.76 million in total assets, $35.28 million in total liabilities, and $2.48 million in total stockholders' equity. Ziv Haft., Certified Public Accountants (Isr.) BDO Member Firm, the Company's auditor since 2012, issued a "going concern" qualification in its report dated May 29, 2020 citing that the Company has a working capital deficiency, 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. DPW HOLDINGS: Needs to Raise Capital to Remain as a Going Concern ----------------------------------------------------------------- DPW Holdings, Inc., filed its quarterly report on Form 10-Q, disclosing a net loss of $6,531,548 on $5,605,434 of total revenue for the three months ended March 31, 2020, compared to a net loss of $6,711,026 on $5,765,544 of total revenue for the same period in 2019. At March 31, 2020, the Company had total assets of $37,765,708, total liabilities of $35,281,757, and $2,483,951 in total stockholders' equity. DPW Holdings said, "The Company expects to continue to incur losses for the foreseeable future and needs to raise additional capital to continue its business development initiatives and to support its working capital requirements. During February 2020, the Company entered into a Master Exchange Agreement with an entity that, subject to shareholder approval, has agreed to purchase up to approximately $7.7 million in certain promissory notes previously issued by the Company. Management believes that the Company has access to capital resources through potential public or private issuances of debt or equity securities. However, if the Company is unable to raise additional capital, which ability could be adversely affected by the recent outbreak of COVID-19, it may be required to curtail operations and take additional measures to reduce costs, including reducing its workforce, eliminating outside consultants and reducing legal fees to conserve its cash in amounts sufficient to sustain operations and meet its obligations. These matters raise substantial doubt about the Company's ability to continue as a going concern." A copy of the Form 10-Q is available at: https://is.gd/fX9pYs DPW Holdings, Inc., through its subsidiaries, designs, develops, manufactures, and sells power system solutions for the military/aerospace, medical, and industrial-telecommunication industries in North America, Europe, the Middle East, and internationally. The company offers custom power system solutions; high-grade flexibility series power supply products, such as power rectifiers; and value-added services for original equipment manufacturers. It also provides power conversion and distribution equipment, direct current/active current inverters, and uninterrupted power supply (UPS) products; and radio frequency and microwave filters, diplexers, multiplexers, detectors, switch filters, integrated assemblies, and detector logarithmic video amplifiers, as well as provides commercial loans and operates MonthlyInterest.com, an online fintech portal. In addition, the company distributes value added power supply solutions, UPS systems, fans, filters, line cords, and other power-related components; and manufactures specialized electronic systems for the military market. It sells its products directly through its sales force, as well as through independent manufacturer representatives and distributors. The company was formerly known as Digital Power Corporation and changed its name to DPW Holdings, Inc. in December 2017. DPW Holdings was founded in 1969 and is headquartered in Newport Beach, California. ECOARK HOLDINGS: CEO Adopts Stock Trading Plan ---------------------------------------------- Randy May, the chief executive officer of Ecoark Holdings, Inc., adopted a stock trading plan, effective Aug. 17, 2020, designed to comply with Rule 10b5-1 of the Securities Exchange Act of 1934, as amended, and the Company's insider trading policies. Rule 10b5-1 permits insiders and other employees to adopt written, pre-arranged stock trading plans at a time when they are not in possession of material, non-public information. Using these plans, they can gradually diversify their investment portfolios, spread stock trades out over an extended period of time to reduce market impact and avoid concerns about transactions occurring at a time when they might be in possession of material non-public information. In accordance with Rule 10b5-1, Mr. May will have no discretion over the sales under the 10b5-1 Plan. Under the 10b5-1 Plan, up to 1,000,000 shares of the Company's common stock will be sold into the marketplace, subject to satisfaction of certain conditions, including the sale price of at least $10.00 per share, which was above the closing price of the Company's common stock on OTCQB as of the effective date of the Rule 10b5-1 Plan. It is expected that sales under the 10b5-1 Plan will commence on Aug. 24, 2020 and will continue, unless the 10b5-1 Plan is terminated sooner in accordance with its terms, until all the shares have been sold as set forth in the 10b5-1 Plan, or Aug. 31, 2022, whichever is earlier. Mr. May currently beneficially owns a total of 2,980,000 shares of the Company's stock. Any transactions under the 10b5-1 Plan will be publicly disclosed in accordance with the applicable securities laws, rules and regulations. Except as may be required by law, the Company does not undertake to disclose Rule 10b5-1 plans that may be adopted by any other officers or directors in the future, or to report modifications or terminations of any such plans, whether or not the plan was publicly announced. About Ecoark Holdings Rogers, Arkansas-based Ecoark Holdings, Inc., founded in 2011, Ecoark is an AgTech company modernizing the post-harvest fresh food supply chain for a wide range of organizations including growers, suppliers, distributors and retailers. The Company's wholly-owned subsidiary, Zest Labs, offers the Zest FreshTM solution, a breakthrough approach to quality management of fresh food, is specifically designed to help substantially reduce the amount of food loss the U.S. experiences each year. Through item-level monitoring and real-time predictive analytics, Zest Fresh enables customers to improve the freshness and quality of produce and proteins, realize substantial cost savings and reduce food waste. Ecoark reported a net loss of $12.14 million for the year ended March 31, 2020, compared to a net loss of $13.65 million for the year ended March 31, 2019. As of June 30, 2020, the Company had $27.83 million in total assets, $30.50 million in total liabilities, and a total stockholders' deficit of $2.67 million. ECOARK HOLDINGS: Closes Acquisition of Rabb Resources Assets ------------------------------------------------------------ Ecoark Holdings, Inc., entered into an asset purchase agreement by and among the Company, White River E&P LLC, a Texas Limited Liability Company and a wholly owned subsidiary of the Company, Rabb Resources, Ltd., a Louisiana business corporation and Claude Rabb, the sole owner of Rabb Resources. Pursuant to the Asset Purchase Agreement, the Company completed the acquisition of certain assets of Rabb Resources on Aug. 14, 2020. The acquired assets consisted of certain real property and working interests in oil and gas mineral leases as specified in the Asset Purchase Agreement. The Company has elected to waive the assumption of any other assets including contracts and customer lists under the Asset Purchase Agreement. The Company has accounted for this acquisition as an asset purchase. These assets can be utilized along with all of the assets recently purchased between March 2020 and June 2020 to expand the Company's exploration and production footprint. White River had previously provided bridge financing to Rabb Resources under the $225,000 in principal amount Senior Secured Convertible Promissory Note, dated June 18, 2020. As consideration for entering into the Asset Purchase Agreement, White River agreed to pay Rabb Resources or Claude Rabb, at Mr. Rabb's discretion, a total of $3,500,000 consisting of (i) $1,500,000 in cash less $304,475 in outstanding principal balance and accrued interest under the Bridge Note, and (ii) $2,000,000 payable in common stock, par value $0.001 per share, of the Company, which based on the closing price of the Company's common stock on OTCQB as of the date of the Asset Purchase Agreement equaled approximately 514,139 shares. The issuance of the shares of Company's common stock as consideration pursuant to the Asset Purchase Agreement was exempt from registration under the Securities Act of 1933 pursuant to Section 4(a)(2) of the Securities Act and Rule 506(b) promulgated thereunder. Mr. Rabb represented to the Company that he acquired the common stock without a view to distribution and that he was an accredited investor within the meaning of Rule 501 promulgated under the Securities Act. About Ecoark Holdings Rogers, Arkansas-based Ecoark Holdings, Inc., founded in 2011, Ecoark is an AgTech company modernizing the post-harvest fresh food supply chain for a wide range of organizations including growers, suppliers, distributors and retailers. The Company's wholly-owned subsidiary, Zest Labs, offers the Zest FreshTM solution, a breakthrough approach to quality management of fresh food, is specifically designed to help substantially reduce the amount of food loss the U.S. experiences each year. Through item-level monitoring and real-time predictive analytics, Zest Fresh enables customers to improve the freshness and quality of produce and proteins, realize substantial cost savings and reduce food waste. Ecoark reported a net loss of $12.14 million for the year ended March 31, 2020, compared to a net loss of $13.65 million for the year ended March 31, 2019. As of June 30, 2020, the Company had $27.83 million in total assets, $30.50 million in total liabilities, and a total stockholders' deficit of $2.67 million. ECOARK HOLDINGS: Incurs $21.2 Million Net Loss in First Quarter --------------------------------------------------------------- Ecoark Holdings, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q, disclosing a net loss of $21.18 million on $2.31 million of revenues for the three months ended June 30, 2020, compared to a net loss of $1.65 million on $35,000 of revenues for the three months ended June 30, 2019. As of June 30, 2020, the Company had $27.83 million in total assets, $30.50 million in total liabilities, and a total stockholders' deficit of $2.67 million. The Company has a working capital deficit of $21.81 million as of June 30, 2020, and has an accumulated deficit as of June 30, 2020 of $149.20 million. As of June 30, 2020, the Company has $1.79 million in cash and cash equivalents. Ecoark said, "While it is not possible at this time to estimate the impact that COVID-19 could have on the Company's business, the continued spread of COVID-19 and the measures taken by the governments of countries affected and in which the Company operates could disrupt the operation of the Company's business. The COVID-19 outbreak and mitigation measures may also have an adverse impact on global economic conditions, which could have an adverse effect on the Company's business and financial condition, including on its potential to conduct financings on terms acceptable to the Company, if at all. In addition, the Company may take temporary precautionary measures intended to help minimize the risk of the virus to its employees, including temporarily requiring all employees to work remotely, and discouraging employee attendance at in-person work-related meetings, which could negatively affect the Company's business. The extent to which the COVID-19 outbreak impacts the Company's results will depend on future developments that are highly uncertain and cannot be predicted, including new information that may emerge concerning the severity of the virus and the actions to contain its impact." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1437491/000121390020021877/f10q0620_ecoarkholdings.htm About Ecoark Holdings Rogers, Arkansas-based Ecoark Holdings, Inc., founded in 2011, Ecoark is an AgTech company modernizing the post-harvest fresh food supply chain for a wide range of organizations including growers, suppliers, distributors and retailers. The Company's wholly-owned subsidiary, Zest Labs, offers the Zest FreshTM solution, a breakthrough approach to quality management of fresh food, is specifically designed to help substantially reduce the amount of food loss the U.S. experiences each year. Through item-level monitoring and real-time predictive analytics, Zest Fresh enables customers to improve the freshness and quality of produce and proteins, realize substantial cost savings and reduce food waste. Ecoark reported a net loss of $12.14 million for the year ended March 31, 2020, compared to a net loss of $13.65 million for the year ende d March 31, 2019. As of March 31, 2020, the Company had $24.92 million in total assets, $19.17 million in total liabilities, and $5.75 million in total stockholders' equity. EP ENERGY: Unsecureds Will Get Nothing in New Plan -------------------------------------------------- EP Energy Corporation, et al., submitted a Chapter 11 Plan that provides for a comprehensive restructuring of the Company's balance sheet. Bankruptcy exit plan comes after the company canceled a previous proposal that had won court approval in March because of a drop in oil prices and the Covid 19 pandemic. The transactions contemplated in the New Plan will strengthen the Company by substantially reducing its debt and preserve in excess of 450 jobs. Specifically, the proposed restructuring contemplates, among other things: * a reduction of current debt on the Debtors' balance sheet by approximately $4.4 billion, * access to an approximately $629 million exit credit facility (the "Exit Facility"), which RBL Lenders holding 98% of the Claims under the Debtors' prepetition RBL Facility have committed to provide support for, and which the Debtors' prepetition RBL Facility and postpetition DIP Facility will "roll" into on the effective date of the Plan. The Debtors believe that upon consummation of the Plan and the transactions contemplated thereby, the post-emergence enterprise will have the ability to withstand the challenges and volatility of the oil and gas industry and succeed as a leading operator in their three main regions: Northeastern Utah, the Eagle Ford shale in South Texas, and the Permian basin in West Texas. The Plan provides for the following treatment of claims and equity interests: * Each holder of an Allowed DIP Claim that executes the Amended Commitment Letter by the Voting Deadline will receive on a dollar-for-dollar basis, first-lien, first-out revolving loans or revolving commitments (as applicable) under the Exit Credit Agreement and letter of credit participations under the Exit Credit Agreement; provided that each holder of an Allowed DIP Claims that does not execute the Amended Commitment Letter by the Voting Deadline shall receive such treatment with respect to its Allowed DIP Claim as may be agreed to or as may otherwise comply with the Bankruptcy Code. * Each holder of an Allowed RBL Claim that executes the Amended Commitment Letter by the Voting Deadline shall receive on a dollar-for-dollar basis first lien, first-out revolving loans under the Exit Credit Agreement and letter of credit participations under the Exit Credit Agreement; provided that each holder of an Allowed RBL Claim that does not execute the Amended Commitment Letter by the Voting Deadline shall receive, on a dollar-for-dollar basis, first lien, second-out term loans under the Exit Credit Agreement. * Holders of Allowed 1.125L Notes Claims will receive on account of such Allowed 1.125L Notes Claim, in full and final satisfaction of such Allowed 1.125L Notes Claim, their Pro Rata share of 100% of the New Common Shares (which shall be distributed to holders of Allowed 1.125L Notes Claims on or about the Effective Date), subject to dilution solely by the EIP Shares. * Holders of Allowed Unsecured Claims (i.e., 1.25L Notes Claims, 1.5L Notes Claims, Unsecured Notes Claims, and General Unsecured Claims, but not Convenience Class Claims (defined below)) will not receive any distribution on account of such Allowed Unsecured Claims. Although holders of Unsecured Claims are receiving no recovery under the Plan, following discussions with the Creditors’ Committee, the Plan provides for payment of the reasonable and documented compensation, fees, expenses and disbursements incurred by the 1.25L Notes Trustee, the 1.5L Notes Trustees, and the Unsecured Notes Trustees. In addition, the Debtors have agreed to waive Avoidance Actions against Ongoing Trade Parties following the Effective Date. * Holders of Parent Unsecured Claims will receive, on the later of (i) the Effective Date, and (ii) the date on which such Parent Unsecured Claim becomes Allowed, or, in each case, as soon as reasonably practicable thereafter, the lesser of (a) payment in cash of 100% of such Allowed Parent Unsecured Claim, or (b) its Pro Rata share of the Cash on EP Energy’s balance sheet on the Effective Date. * Holders of Allowed Convenience Claims (i.e., Claims that would otherwise be a General Unsecured Claim but are (i) Allowed in the amount of $100,000 or less, or (ii) irrevocably reduced to the Convenience Claim Amount at the election of the holder on a Class 6 Ballot in accordance with the Plan) will receive the lesser of (a) payment in Cash of 10% of such Allowed Convenience Claim, or (b) their Pro Rata share of the Convenience Claim Distribution Amount which is $175,000. * Holders of Existing Parent Equity Interests will receive, on account of available assets of EP Energy, their Pro Rata share of $300,000 in Cash. The combined hearing on the Plan and the Disclosure Statement is scheduled for Aug. 27, 2020. A full-text copy of the Disclosure Statement dated July 13, 2020, is available at https://tinyurl.com/yavocy9p from PacerMonitor.com at no charge. A full-text copy of the Order dated July 13, 2020, is available at https://tinyurl.com/yao9zgob from PacerMonitor.com at no charge. Attorneys for the Debtors: Alfredo R. Pérez Clifford Carlson Stephanie Morrison WEIL, GOTSHAL & MANGES LLP 700 Louisiana Street, Suite 1700 Houston, Texas 77002 Telephone: (713) 546-5000 Facsimile: (713) 224-9511 - and - Matthew S. Barr Ronit Berkovich Scott R. Bowling David J. Cohen WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, New York 10153 Telephone: (212) 310-8000 Facsimile: (212) 310-8007 About EP Energy Corporation EP Energy Corporation and its direct and indirect subsidiaries(OTC Pink: EPEG) -- http://www.epenergy.com/-- are a North American oil and natural gas exploration and production company headquartered in Houston, Texas. The Debtors operate through a diverse base of producing assets and are focused on the development of drilling inventory located in three areas: the Eagle Ford shale in South Texas, the Permian Basin in West Texas, and Northeastern Utah. EP Energy Corporation and its subsidiaries sought Chapter 11 protection on Oct. 3, 2019, after reaching a deal with Elliott Management Corporation, Apollo Global Management, LLC, and certain other noteholders on a bankruptcy exit plan that would reduce debt by 3.3 billion. The lead case is In re EP Energy Corporation (Bankr. S.D. Tex. Lead Case No. 19-35654). EP Energy was estimated to have $1 billion to $10 billion in assets and liabilities as of the bankruptcy filing. Judge Marvin Isgur oversees the case. The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel; Evercore Group L.L.C. as investment banker; and FTI Consulting, Inc. as financial advisor. Prime Clerk LLC is the claims agent. EROS INT'L: Grant Thornton India LLP Raises Going Concern Doubt --------------------------------------------------------------- Eros International Plc filed with the U.S. Securities and Exchange Commission its annual report on Form 20-F, disclosing a net loss of $491,704,000 on $155,452,000 of revenue for the year ended March 31, 2020, compared to a net loss of $410,453,000 on $270,126,000 of revenue for the year ended in 2019. The audit report of Grant Thornton India LLP states that the Company has incurred a net loss of $ 491,704 thousand in current year ended 31 March 2020, including loss from impairment of non-current assets of $431,200 thousand. Further, the Company has a negative net current asset position as of balance sheet date of $ 106,875 thousand and the credit rating of the Company’s Indian listed subsidiary had been significantly downgraded in June 2019 on account of delay in payment of certain banking facilities during the year ended 31 March 2020. Further, Note 2(a) describes the uncertainties relating to the impact of ongoing disruption due to the COVID-19 pandemic on the operations of the Company and the related financial impact. These events and factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company's balance sheet at March 31, 2020, showed total assets of $607,656,000, total liabilities of $299,170,000, and $308,486,000 in total equity. A copy of the Form 20-F is available at: https://is.gd/OlVie3 Eros International Plc, together with its subsidiaries, co-produces, acquires, and distributes Indian language films in various formats worldwide. The company was founded in 1977 and is based in Secaucus, New Jersey. EXACTUS INC: Incurs $1.68 Million Net Loss in Second Quarter ------------------------------------------------------------ Exactus, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q, disclosing a net loss of $1.68 million on $531,240 of total net revenues for the three months ended June 30, 2020, compared to a net loss of $1.11 million on $139,683 of total net revenues for the three months ended June 30, 2019. For the six months ended June 30, 2020, the Company reported a net loss of $4.51 million on $1.37 million of total net revenues compared to a net loss of $2.52 million on $155,663 of total net revenues for the six months ended June 30, 2019. As of June 30, 2020, the Company had $6.03 million in total assets, $5.21 million in total ilabilities, and $817,142 in total stockholders' equity. The net cash used in operating activities was $400,080 for the six months ended June 30, 2020. Additionally, the Company had an accumulated deficit of $25,119,016 and working capital deficit of $3,363,901 at June 30, 2020. The Company said these factors raise substantial doubt about its ability to continue as a going concern for a period of twelve months from the issuance date of this report. Management cannot provide assurance that the Company will ultimately achieve profitable operations or become cash flow positive, or raise additional debt and/or equity capital. The Company is seeking to raise capital through additional debt and/or equity financings to fund its operations in the future. Although the Company has historically raised capital from sales of common and preferred shares and from the issuance of convertible promissory notes, there is no assurance that it will be able to continue to do so. If the Company is unable to raise additional capital or secure additional lending in the near future, management expects that the Company will need to curtail its operations. "Over the last several months the Company and its advisors have been evaluating numerous opportunities and relationships to increase shareholder value. The Company expects to realize revenue through its efforts, if successful, to sell wholesale and retail products to third parties. However, as the Company is in a start-up phase, in a new business venture, in a rapidly evolving industry, many of its costs and challenges are new and unknown. In order to fund the Company's activities, the Company will need to raise additional capital either through the issuance of equity and/or the issuance of debt. During the six months ended June 30, 2020, the Company received proceeds from the sale of the Company's Common Stock of approximately $350,000, related party advances of $97,000 and issuance of a note of $355,929," the Company stated in the Report. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1552189/000165495420009347/exdi10q_june302020.htm About Exactus Exactus Inc. (OTCQB:EXDI) -- http://www.exactusinc.com-- is a producer and supplier of hemp-derived ingredients and feminized hemp genetics. Exactus is committed to creating a positive impact on society and the environment promoting sustainable agricultural practices. Exactus specializes in hemp-derived ingredients (CBD/CBG/CBC/CBN) and feminized seeds that meet the highest standards of quality and traceability. Through research and development, the Company continues to stay ahead of market trends and regulations. Exactus is at the forefront of product development for the beverage, food, pets, cosmetics, wellness, and pharmaceutical industries. Exactus reported a net loss of $10.22 million for the year ended Dec. 31, 2019, compared to a net loss of $4.34 million for the year ended Dec. 31, 2018. RBSM LLP, in Henderson, NV, the Company's auditor since 2014, issued a "going concern" qualification in its report dated May 22, 2020, citing that the Company has recurring losses from operations, limited cash flow, and an accumulated deficit. These conditions raise substantial doubt about the Company's ability to continue as a going concern. FACEBANK GROUP: Needs to Raise Capital to Remain as Going Concern ----------------------------------------------------------------- FaceBank Group, Inc., filed its quarterly report on Form 10-Q, disclosing a net loss of $5,175,000 on $7,295,000 of total revenues for the three months ended March 31, 2020, compared to a net loss of $2,867,000 on $0 of total revenues for the same period in 2019. At March 31, 2020, the Company had total assets of $274,124,000, total liabilities of $125,411,000, and $148,250,000 in total stockholders' equity. FaceBank Group said, "The Company had cash of $0.1 million, a working capital deficiency of $31.4 million and an accumulated deficit of $140.1 million at March 31, 2020 and fuboTV had net loss of $173.7 million for the year ended December 31, 2019. The Company expects to continue incurring losses in the foreseeable future and will need to raise additional capital to fund its operations, meet its obligations in the ordinary course of business and execute its longer-term business plan. These obligations include liabilities assumed in acquisition that are in arrears and payable on demand. These factors raise substantial doubt about the Company's ability to continue as a going concern within one year from the date that these financial statements are issued." A copy of the Form 10-Q is available at: https://is.gd/gn6b6G FaceBank Group, Inc., is a digital human technology company, focused on the development, collection, protection and preparation of the personal digital likeness assets, of celebrities and consumers, for use in artificial intelligence, entertainment, personal productivity and social networking. The Company was formerly known as Formerly Pulse Evolution Group, Inc., and changed its name to FaceBank Group, Inc., in September 30, 2019. FF FUND I: Seeks Extension of Plan Exclusivity Thru Nov. 19 ----------------------------------------------------------- FF Fund I, L.P. and F5 Business Investment Partners, LLC ask the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, to extend the Debtors' exclusive period to file a Chapter 11 plan and disclosure statement by 90 days through and including November 19, 2020, and to obtain acceptance of the plan by 90 days through and including January 19, 2021. The Debtors submit that sufficient "cause" exists to extend the Exclusivity Period for the purpose of filing a disclosure statement and plan: * The Debtors, through their professionals, continue to explore different and creative ways to monetize these different types of investments given that there is no ready market for them. The Debtors, through Soneet R. Kapila as their chief restructuring officer, have spent a great deal of time obtaining documents and information in respect of each of these investments and then categorizing them into different "buckets," including active, no value and further investigation needed. * The Debtors, through their professionals, have only recently been able to accumulate funds into the bankruptcy estates from certain of the investments and is working hard to monetize additional investments. Such funds will be needed in order to propose and confirm a plan of reorganization in this case. * The Debtors and their professionals have been in continued negotiations with certain litigation targets to try to reach a resolution of the issues without the cost, delay, and risk of commencing litigation. Substantial progress along those lines has been made and the Debtors will continue towards that goal. * The Debtors, through their professionals, have been in discussions with one of the major stakeholders in the case in respect of the timing, structure, funding, and content of a plan of liquidation and a post-confirmation liquidating trust. Those discussions are ongoing and the Debtors are hopeful that they will result in a consensual plan of liquidation. The Court previously extended the exclusivity periods to file the plan and disclosure statement through August 19 and to solicit acceptances of the plan through October 19. About FF Fund I L.P. FF Fund I L.P., an investment company based in Miami, Fla., filed a voluntary petition for relief under Chapter 11 of Bankruptcy Code (Bankr. S.D. Fla. Case No. 19-22744) on Sept. 24, 2019. In the petition signed by Soneet R. Kapila, chief restructuring officer, the Debtor estimated $50 million to $100 million in assets and $1 million to $10 million in liabilities. On Jan. 24, 2020, F5 Business Investment Partners, LLC, an affiliate of FF Fund, filed a Chapter 11 petition (Bankr. S.D. Fla.Case No. 20-10996). The case is jointly administered with that of FF Fund on February 4, 2020. At the time of the filing, F5 Business had estimated assets of between $10 million and $50 million and liabilities of between $1 million and $10 million. Judge Laurel M. Isicoff oversees the cases. Paul J. Battista, Esq., at Genovese Joblove & Battista, P.A., represents the Debtors as legal counsel. No creditors' committee has been appointed in this case. In addition, no trustee or examiner has been appointed. FLUID END SALES: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Fluid End Sales, Inc. DBA Five Star Rig & Supply Co., Inc. 8009 South I-35 Service Road Oklahoma City, OK 73149 Business Description: Fluid End Sales, Inc. is in the business of wholesale distribution of construction or mining cranes, excavating machinery and equipment. Chapter 11 Petition Date: August 20, 2020 Court: United States Bankruptcy Court Western District of Oklahoma Case No.: 20-12777 Debtor's Counsel: Clayton D. Ketter, Esq. PHILLIPS MURRAH P.C. Corporate Tower, 13th Floor 101 North Robinson Avenue Oklahoma City, OK 73102 Tel: 405-235-4100 E-mail: cdketter@phillipsmurrah.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jason Clayton, president. A copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/AN3XEEI/Fluid_End_Sales_Inc__okwbke-20-12777__0001.0.pdf?mcid=tGE4TAMA FRANCESCA'S HOLDINGS: Discloses Substantial Doubt on Going Concern ------------------------------------------------------------------ Francesca's Holdings Corporation filed its quarterly report on Form 10-Q, disclosing a net loss of $15,342,000 on $43,753,000 of net sales for the three months ended May 2, 2020, compared to a net loss of $10,149,000 on $87,125,000 of net sales for the same period in 2019. At May 2, 2020, the Company had total assets of $323,211,000, total liabilities of $291,816,000, and $31,395,000 in total stockholders' equity. The Company disclosed conditions that raise substantial doubt about its ability to continue as a going concern. The Company said, "The COVID-19 pandemic resulted in the temporary closure of all of the Company's 703 boutiques beginning on March 25, 2020. On April 30, 2020, the Company started to reopen its boutiques in locations where local shutdown orders have been lifted. As of July 17, 2020, a total of 674 boutiques have reopened although the majority of them are operating at reduced capacity and hours in accordance with local regulations. This reflects the re-closure of 22 boutiques in California as of the same date. In conjunction with such boutique reopenings, a significant number of furloughed corporate and boutique employees have been recalled and the base salary reductions in place for the Company's senior leadership team were lifted. The Company plans to continue to reopen boutiques and recall furloughed employees as local mandates are lifted. All boutiques will strictly adhere to then-current Centers for Disease Control and Prevention ("CDC") recommendations and local regulations to protect the health and safety of its sales associates and customers and all reopened boutiques have adopted a mandatory mask requirement for associates and customers, irrespective of CDC and local authority guidelines. Additionally, as of July 17, 2020, there continues to be an overall disruption in the Company's supply chain and operations as its vendors return to normal operations and the Company's ecommerce and distribution facility are operating at reduced capacity due to social distancing measures that have been put in place. As a result, the Company's revenues, results of operations and cash flows continue to be materially adversely impacted which raises substantial doubt about the Company's ability to continue as a going concern." A copy of the Form 10-Q is available at: https://is.gd/wGbDDp Francesca's Holdings Corporation, through its subsidiaries, operates a chain of boutiques. The Company was founded in 1999 and is headquartered in Houston, Texas. GAUCHO GROUP: $89M Accumulated Deficit Raises Going Concern Doubt ----------------------------------------------------------------- Gaucho Group Holdings, Inc. filed its quarterly report on Form 10-Q, disclosing a net loss of $1,295,492 on $296,986 of sales for the three months ended March 31, 2020, compared to a net loss of $1,400,957 on $440,495 of sales for the same period in 2019. At March 31, 2020, the Company had total assets of $5,986,624, total liabilities of $7,051,058, and $10,091,258 in total stockholders' deficiency. The Company said, "We have generated significant losses which have resulted in a total accumulated deficit of approximately $89 million, raising substantial doubt that we will be able to continue operations as a going concern. Our independent registered public accounting firm included an explanatory paragraph in their report for the years ended December 31, 2019 and 2018, stating that we have incurred significant losses and need to raise additional funds to meet our obligations and sustain our operations. Our ability to execute our business plan is dependent upon our generating cash flow and obtaining additional debt or equity capital sufficient to fund operations. If we are able to obtain additional debt or equity capital (of which there can be no assurance), we hope to acquire additional management as well as increase the marketing of our products and continue the development of our real estate holdings. "Our business strategy may not be successful in addressing these issues and there can be no assurance that we will be able to obtain any additional capital. If we cannot execute our business plan on a timely basis (including acquiring additional capital), our stockholders may lose their entire investment in us, because we may have to delay vendor payments and/or initiate cost reductions and possibly sell certain company assets, which would have a material adverse effect on our business, financial condition and results of operations, and we could ultimately be forced to discontinue our operations, liquidate and/or seek reorganization under the U.S. bankruptcy code." A copy of the Form 10-Q is available at: https://is.gd/EElF5U Gaucho Group Holdings, Inc., through its subsidiaries, invests in, develops, and operates real estate projects in Argentina. The company was formerly known as Algodon Group, Inc. and changed its name to Gaucho Group Holdings, Inc. in March 2019. Gaucho Group Holdings was founded in 1999 and is headquartered in New York, New York. GENERAL CANNABIS: Has $2.0M Net Loss for Quarter Ended March 31 --------------------------------------------------------------- General Cannabis Corp filed its quarterly report on Form 10-Q, disclosing a net loss of $2,014,179 on $1,664,188 of total revenues for the three months ended March 31, 2020, compared to a net loss of $4,513,695 on $794,922 of total revenues for the same period in 2019. At March 31, 2020, the Company had total assets of $2,658,677, total liabilities of $8,353,497, and $5,694,820 in total stockholders' deficit. The Company said, "As of March 31, 2020, our cash of approximately $600,000 is not sufficient to absorb our operating losses and repay our debt of $2.7 million. The warrants associated with this debt, if exercised in cash, would provide sufficient funds to retire the debt; however, there is no guarantee that these warrants will be exercised in cash or at all. Our ability to continue as a going concern is dependent upon our generating profitable operations in the future and / or obtaining the necessary financing to meet our obligations and repay our liabilities arising from normal business operations when they come due. Management believes that (a) we will be successful obtaining additional capital and (b) actions presently being taken to further implement our business plan and generate additional revenues provide opportunity for the Company to continue as a going concern. While we believe in the viability of our strategy to generate additional revenues and our ability to raise additional funds, there can be no assurances that we will be successful in such efforts. Accordingly, there is substantial doubt about our ability to continue as a going concern." A copy of the Form 10-Q is available at: https://is.gd/tPVDiH General Cannabis Corp provides products and services to the regulated cannabis industry and non-cannabis customers in the United States. The Company operates in four segments: Security and Cash Transportation Services (Security), Operations Consulting and Products (Operations), Consumer Goods and Marketing Consulting (Consumer Goods), and Capital Investments and Real Estate (Investments). The Company was formerly known as Advanced Cannabis Solutions, Inc. and changed its name to General Cannabis Corp in June 2015. General Cannabis Corp was incorporated in 2013 and is headquartered in Denver, Colorado. GEX MANAGEMENT: Incurs $63,200 Net Loss in Second Quarter --------------------------------------------------------- GEX Management, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q, disclosing a net loss of $63,196 on $107,880 of total revenues for the three months ended June 30, 2020, compared to a net loss of $123,091 on $162,435 of total revenues for the three months ended June 30, 2019. For the six months ended June 30, 2020, the Company reported a net loss of $67,271 on $162,178 of total revenues compared to a net loss of $334,230 on $247,284 of total revenues for the six months ended June 30, 2019. As of June 30, 2020, the Company had $3.86 million in total assets, $5.29 million in total liabilities, and a total shareholders' deficit of $1.43 million. GEX Management said, "To date, the Company has funded its operations primarily through public and private offerings of common stock, our line of credit, short- term discounted and convertible notes payable. The Company has identified several potential financing sources in order to raise the capital necessary to fund operations through December 31, 2020. "In addition to the aforementioned current sources of capital that will provide additional short-term liquidity, the Company is currently exploring various other alternatives including debt and equity financing vehicles, strategic partnerships, government programs that may be available to the Company, as well as trying to generate additional sales and increase margins. However, at this time the Company has no commitments to obtain any additional funds, and there can be no assurance such funds will be available on acceptable terms or at all. If the Company is unable to obtain additional funding and improve its operations, the Company's financial condition and results of operations may be materially adversely affected and the Company may not be able to continue operations, which raises substantial doubt about its ability to continue as a going concern. Additionally, even if the Company raises sufficient capital through additional equity or debt financing, strategic alternatives or otherwise, there can be no assurances that the revenue or capital infusion will be sufficient to enable it to develop its business to a level where it will be profitable or generate positive cash flow. If the Company raises additional funds through the issuance of equity or convertible debt securities, the percentage ownership of our stockholders could be significantly diluted, and these newly issued securities may have rights, preferences or privileges senior to those of existing stockholders. If the Company incurs additional debt, a substantial portion of its operating cash flow may be dedicated to the payment of principal and interest on such indebtedness, thus limiting funds available for business activities. The terms of any debt securities issued could also impose significant restrictions on the Company's operations. Broad market and industry factors may seriously harm the market price of our common stock, regardless of our operating performance, and may adversely impact our ability to raise additional funds. Similarly, if the Company's common stock is delisted from the public exchange markets, it may limit its ability to raise additional funds." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1681556/000149315220016264/form10-q.htm About GEX Management GEX Management -- http://www.gexmanagement.com/-- is a professional business services company that was originally formed in 2004 as Group Excellence Management, LLC d/b/a MyEasyHQ. The Company formed GEX Staffing, LLC in March 2017. GEX Management reported a net loss of $100,200 for the year ended Dec. 31, 2019, compared to a net loss of $5.10 million for the year ended Dec. 31, 2018. GLOBAL ASSET: Two More Creditors Appointed to Committee ------------------------------------------------------- The U.S. Trustee for Region 21 appointed two more creditors to serve on the official committee of unsecured creditors in the Chapter 11 case of Global Asset Rental, LLC. The new members are: 1. Blefa Kegs, Inc. c/o Alexander Brand Huettenstrasse 43 D-57223 Kreutztal, Germany Telephone No.: + 49 2732 777 210 Email: alexander.brand@blefa.com 2. Plasticos Tecnicos Mexicanos S.A. DE C.V. c/o Mauricio Adrian Garza Gonzalez Carretera Mexico Tequisquiapan KM3 Zona Ind. Velle de Oro, Mexico 76803 Telephone No.: 011-52-427-271-8000 Email: mauricio.garza@efemsa.com The bankruptcy watchdog had earlier appointed Schaefer Container, HID Global Switzerland SA and MM Steel SRL, court filings show. About Global Asset Rental Global Asset Rental, LLC is an asset rental and logistics solutions company engaged in the business of renting plastic pallets and kegs. It is based in Orlando, Fla. Visit http://www.globalkeg.com for more information. Global Asset Rental, formerly known as Global Keg Rental, LLC, filed a Chapter 11 petition (Bankr. M.D. Fla. Case No. 20-04126) on July 23, 2020. Soneet R. Kapila, chief restructuring officer, signed the petition. In its petition, Debtor estimated $10 million to $50 million in assets and $50 million to $100 million in liabilities. Genovese Joblove & Battista, P.A. serves as Debtor's bankruptcy counsel. Soneet R. Kapila of KapilaMukamal, LLP is the chief restructuring officer. The U.S. Trustee for Region 21 appointed a committee of unsecured creditors on Aug. 12, 2020. The committee is represented by Shraiberg, Landau & Page, P.A. GNC HOLDINGS: Morris, Milbank Update on Crossover Lender Group -------------------------------------------------------------- In the Chapter 11 cases of GNC Holdings, Inc., et al., the law firms of Milbank LLP and Morris, Nichols, Arsht & Tunnell LLP submitted an amended verified statement under Rule 2019 of the Federal Rules of Bankruptcy Procedure, to disclose an updated list of Ad Hoc Group of Crossover Lenders that they are representing. The Ad Hoc Group of Crossover Lenders of certain beneficial holders, or investment advisors or managers for the account of beneficial holders, of term loans under that certain Amended and Restated Term Loan Credit Agreement, dated as of February 28, 2018, among GNC Corporation, General Nutrition Centers, Inc., as borrower, the lenders and agents parties thereto, and JPMorgan Chase Bank, N.A., as administrative agent; of DIP ABL FILO term loans under that certain Debtor-in-Possession Amended and Restated ABL Credit Agreement, dated as of June 26, 2020, among GNC Corporation, General Nutrition Centers, Inc., as borrower, the lenders parties thereto, and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent; and of new money loans and roll-up loans under that certain Debtor-in-Possession Term Loan Credit Agreement, dated as of June 26, 2020, among GNC Corporation, General Nutrition Centers, Inc., as borrower, the lenders parties thereto, and GLAS Trust Company LLC, as administrative agent and collateral agent. In February 2020, the Ad Hoc Group of Crossover Lenders retained Milbank as counsel. From time to time thereafter, certain holders of Tranche B-2 Term Loans, DIP ABL FILO Term Loans, DIP New Money Term Loans, and/or DIP Roll-up Term Loans have joined the Ad Hoc Group of Crossover Lenders. In June 2020, the Ad Hoc Group of Crossover Lenders retained Morris Nichols as Delaware counsel. Counsel represents the Ad Hoc Group of Crossover Lenders and does not represent or purport to represent any entities other than the Ad Hoc Group of Crossover Lenders in connection with these chapter 11 cases. In addition, neither the Ad Hoc Group of Crossover Lenders nor any member of the Ad Hoc Group of Crossover Lenders represents or purports to represent any other entities in connection with these chapter 11 cases. As of Aug. 12, 2020, members of the Ad Hoc Group of Crossover Lenders and their disclosable economic interests are: Apex Credit Partners LLC 520 Madison Ave, Floor 16 New York, NY 10022 * Tranche B-2 Term Loans: $3,771,167.14 * ABL FILO Term Loans: $2,524,427.83 * New Money Term Loans: $1,213,242.26 * Roll-Up Term Loans: $1,213,242.26 BlackRock Financial Management, Inc. 55 East 52nd Street New York, NY 10055 * Tranche B-2 Term Loans: $21,286,582.28 * ABL FILO Term Loans: $6,233,401.65 * New Money Term Loans: $6,848,219.86 * Roll-Up Term Loans: $6,848,219.86 Corbin Capital Partners, L.P. 590 Madison Avenue, 31st Floor New York, NY 10022 * Tranche B-2 Term Loans: $1,386,221.93 * ABL FILO Term Loans: $4,000,000.00 * New Money Term Loans: $445,968.84 * Roll-Up Term Loans: $445,968.84 First Eagle Private Credit, LLC 227 West Monroe Street Suite 3200 Chicago, IL 60606 * Tranche B-2 Term Loans: $1,477,629.63 * New Money Term Loans: $475,376.11 * Roll-Up Term Loans: $475,376.11 Franklin Advisers, Inc. One Franklin Parkway Bldg 920/3rd floor San Mateo, CA 94403 * Tranche B-2 Term Loans: $70,932,792.56 * ABL FILO Term Loans: $11,633,952.14 * New Money Term Loans: $25,893,282.43 * Roll-Up Term Loans: $25,893,282.43 HG Vora Capital Management, LLC 330 Madison Avenue, 20th Floor New York, NY 10017 * Tranche B-2 Term Loans: $66,564,790.07 * ABL FILO Term Loans: $46,516,128.15 * New Money Term Loans: $24,298,725.35 * Roll-Up Term Loans: $24,298,725.35 Highland Capital Management 300 Crescent Court, Suite 700 Dallas, TX 75201 * Tranche B-2 Term Loans: $6,862,017.87 * ABL FILO Term Loans: $1,928,368.02 * New Money Term Loans: $2,207,616.34 * Roll-Up Term Loans: $2,207,616.34 HSBC Bank PLC 8 Canada Square Canary Wharf London E14 5HQ * Tranche B-2 Term Loans: $5,058,974.63 * ABL FILO Term Loans: $5,045,542.93 * New Money Term Loans: $1,627,549.76 * Roll-Up Term Loans: $1,627,549.76 LibreMax Capital, LLC 600 Lexington Ave. 7th Floor New York, NY 10022 * Tranche B-2 Term Loans: $22,899,129.95 Marble Ridge Capital LP 1250 Broadway, Suite 2601 New York, NY 10001 * Tranche B-2 Term Loans: $32,390,460.00 * ABL FILO Term Loans: $18,187,209.67 * New Money Term Loans: $11,827,727.00 * Roll-Up Term Loans: $11,823,725.89 MGG Investment Group LP One Penn Plaza, 53rd Floor New York, NY 10119 * Tranche B-2 Term Loans: $2,510,645.78 * ABL FILO Term Loans: $3,000,000.00 * New Money Term Loans: $807,713.23 * Roll-Up Term Loans: $807,713.23 Serengeti Asset Management, LP 632 Broadway, 12th Floor New York, NY 10012 * Tranche B-2 Term Loans: $10,465,772.22 * ABL FILO Term Loans: $5,346,504.00 * New Money Term Loans: $3,366,999.37 * Roll-Up Term Loans: $3,366,999.37 Tor Investment Management (Hong Kong) Limited 19/F, Henley Building 5 Queen's Road Central Hong Kong * Tranche B-2 Term Loans: $45,846,214.11 * ABL FILO Term Loans: $40,651,849.79 * New Money Term Loans: $16,735,604.35 * Roll-Up Term Loans: $16,735,604.35 Counsel for the Ad Hoc Group of Crossover Lenders can be reached at: MORRIS, NICHOLS, ARSHT & TUNNELL LLP Robert J. Dehney, Esq. Matthew B. Harvey, Esq. Paige N. Topper, Esq. Taylor M. Haga, Esq. 1201 North Market Street, 16th Floor P.O. Box 1347 Wilmington, DE 19899-1347 Telephone: (302) 658-9200 Facsimile: (302) 658-3989 Email: rdehney@mnat.com mharvey@mnat.com ptopper@mnat.com thaga@mnat.com - and - MILBANK LLP Mark Shinderman, Esq. Daniel B. Denny, Esq. Jordan Weber, Esq. 2029 Century Park East, 33rd Floor Los Angeles, CA 90067-3019 Telephone: (424) 386-4000 Facsimile: (213) 629-5063 Email: mshinderman@milbank.com ddenny@milbank.com jweber@milbank.com A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://is.gd/ULlkt6 and https://is.gd/FPQPku About GNC Holdings GNC Holdings Inc. is a global health and wellness brand with a diversified omni-channel business. In its stores and online, GNC Holdings sells an assortment of performance and nutritional supplements, vitamins, herbs and greens, health and beauty, food and drink, and other general merchandise, featuring innovative private-label products as well as nationally recognized third-party brands, many of which are exclusive to GNC Holdings. Visit www.gnc.com/ for more information. GNC Holdings and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 20-11662) on June 23, 2020. Debtors disclosed $1,415,957,000 in assets and $895,022,000 in liabilities as of March 31, 2020. Judge Karen B. Owens oversees the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP and Latham & Watkins, LLP as legal counsel; Evercore Group, LLC as investment banker and financial advisor; FTI Consulting, Inc., as financial advisor; and Prime Clerk as claims and noticing agent. Torys LLP is the legal counsel in the Companies' Creditors Arrangement Act case. GROW CAPITAL: Acquires Marketing Organization PERA -------------------------------------------------- Grow Capital, Inc. has formally acquired Public Employee Retirement Assistance, LLC (PERA). GRWCD now owns 100 percent of the ownership interests of PERA, a third-party marketing organization that facilitates meetings between state-licensed representatives and public employees who have retirement related questions. PERA currently works with employees of school districts, colleges, universities, and other public institutions nationwide. Every state licensed representative is appointed with one or more of the institution's approved vendors. PERA is headquartered in Nevada and has been the driving force behind connecting retirement professionals and public employees who want retirement planning help during school and government building closures. PERA has over 5,000 trusted advisors in its network to help public employees and has successfully set near half a million appointments for its clients since its inception. GRWCD CEO Terry Kennedy praised PERA for keeping financial service professionals in business while offices and buildings are closed, "PERA has literally kept the public employee sector of financial and retirement planning alive during COVID 19 as most employees are working from home and only taking online meetings." PERA serves major insurance and financial service companies and will expand its client base through this new ownership. This acquisition comes just after GRWCD announced its reverse stock split with intent of growing to NASDAQ. The reverse split resulted in GRWC being found under the symbol GRWCD for five more days. PERA is the only service that provides vetted appointments - not leads - to agents. Now in its virtual world, PERA offers fully electronic appointments through their live interactive meeting platform. PERA's backend technology was built and is maintained by sister GRWCD company Bombshell Technologies. About Grow Capital Grow Capital (f/k/a Grown Condos, Inc.) -- http://www.growcapitalinc.com/-- operates as a call center and expanded its business plan to include the development of a social networking site called JabberMonkey (Jabbermonkey.com) and the development of a location based social networking application for smart phones called Fanatic Fans. Grow Capital reported a net loss of $2.40 million for the fiscal year ended June 30, 2019, compared to a net loss of $2.48 million for the fiscal year ended June 30, 2018. As of March 31, 2020, the Company had $2.24 million in total assets, $1.67 million in total liabilities, and $566,665 in total stockholders' equity. L J Soldinger Associates, LLC, in Deer Park, Illinois, the Company's auditor since 2017, issued a "going concern" qualification in its report dated Oct. 15, 2019, citing that the Company's significant operating losses raise substantial doubt about its ability to continue as a going concern. HARTFORD GREAT: Has $411,000 Net Loss for Quarter Ended April 30 ---------------------------------------------------------------- Hartford Great Health Corp. filed its quarterly report on Form 10-Q, disclosing a net loss of $410,636 on $10,310 of service revenues for the three months ended April 30, 2020, compared to a net loss of $256,612 on $23,103 of service revenues for the same period in 2019. At April 30, 2020, the Company had total assets of $5,942,972, total liabilities of $7,045,647, and $1,102,675 in total stockholders' deficit. The Company said, "Hartford Great Health Corp.'s operations has incurred losses since inception, resulting in an accumulated deficit of $2,703,261 and $916,816 as of April 30, 2020 and July 31, 2019, respectively. These conditions raise substantial doubt about the ability of Hartford Great Health Corp. to continue as a going concern. "In view of these matters, continuation as a going concern is dependent upon several factors, including the availability of debt or equity funding upon terms and conditions acceptable to Hartford Great Health Corp., and ultimately achieving profitable operations. Management believes that Hartford Great Health Corp.'s business plan provides it with an opportunity to continue as a going concern. However, management cannot provide assurance that Hartford Great Health Corp. will meet its objectives and be able to continue in operation." A copy of the Form 10-Q is available at: https://is.gd/2d2fYZ Hartford Great Health Corp., through its subsidiaries, provides hospitality housing and travel agency services. It operates a vacation hotel in Hangzhou, China. The company was formerly known as PhotoAmigo, Inc. and changed its name to Hartford Great Health Corp. in August 2018. Hartford Great Health Corp. was founded in 2008 and is based in Rosemead, California. IMAGEWARE SYSTEMS: Reports $4.3-Mil. Net Loss for Second Quarter ---------------------------------------------------------------- Imageware Systems, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing a net loss available to common shareholders of $4.27 million on $733,000 of revenue for the three months ended June 30, 2020, compared to a net loss available to common shareholders of $3.92 million on $812,000 of revenue for the three months ended June 30, 2019. For the six months ended June 30, 2020, the Company reported a net loss available to common shareholders of $8.77 million on $1.53 million of revenue compared to a net loss available to common shareholders of $8.83 million on $1.74 million of revenue for the six months ended June 30, 2019. As of June 30, 2020, the Company had $7.81 million in total assets, $13.80 million in total liabilities, $9.23 million in mezzanine equity, and a total shareholders' deficit of $15.22 million. "Historically, our principal sources of cash have included customer payments from the sale of our products, proceeds from the issuance of common and preferred stock and proceeds from the issuance of debt. Our principal uses of cash have included cash used in operations, product development, and payments relating to purchases of property and equipment. We expect that our principal uses of cash in the future will be for product development, including customization of identity management products for enterprise and consumer applications, further development of intellectual property, development of Software-as-a-Service ("SaaS") capabilities for existing products as well as general working capital and capital expenditure requirements. Management expects that, as our revenue grows, our sales and marketing and research and development expense will continue to grow, albeit at a slower rate and, as a result, we will need to generate significant net revenue to achieve and sustain positive cash flows from operations. Historically the Company has not been able to generate sufficient net revenue to achieve and sustain positive cash flows from operations and management has determined that there is substantial doubt about the Company's ability to continue as a going concern," the Company stated in the Report. A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/941685/000165495420009362/iwsy10q_jun302020.htm About ImageWare Systems Headquartered in San Diego, CA, ImageWare Systems, Inc. -- http://www.iwsinc.com-- is a developer of mobile and cloud-based identity management solutions, providing two-factor, biometric and multi-factor cloud-based authentication solutions for the enterprise. The company delivers next-generation biometrics as an interactive and scalable cloud-based solution. ImageWare brings together cloud and mobile technology to offer two-factor, biometric, and multi-factor authentication for smartphone users, for the enterprise, and across industries. The Company's products are used to manage and issue secure credentials, including national IDs, passports, driver licenses and access control credentials. ImageWare recorded a net loss available to common shareholders of $17.25 million for the year ended Dec. 31, 2019, compared to a net loss available to common shareholders of $16.46 million for the year ended Dec. 31, 2018. As of March 31, 2020, the Company had $7.96 million in total assets, $10.54 million in total liabilities, $9.06 million in mezzanine equity, and $11.64 million in total shareholders' deficit. Mayer Hoffman McCann P.C., in San Diego, California, the Company's auditor since 2011, issued a "going concern" qualification in its report dated May 15, 2020 citing that the Company does not generate sufficient cash flows from operations to maintain operations and, therefore, is dependent on additional financing to fund operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. INTELLIGENT PACKAGING: Moody's Assigns 'B2' CFR, Outlook Stable --------------------------------------------------------------- Moody's Investors Service assigned ratings to Intelligent Packaging Limited Finco Inc., consisting of a B2 corporate family rating, B2-PD probability of default rating and a B3 rating for its $450 million senior secured notes. The outlook is stable. This is the first time Moody's has assigned ratings to the company. Madison Dearborn Partners has entered into an agreement to acquire IPL Plastics Inc. as part of a take-private transaction. The transaction will be structured with Intelligent Packaging Sub LP as the parent holding company of IPL Plastics and IPL Finco. Intelligent Packaging Sub LP will also act as the guarantor for the debt obligations issued by IPL Finco. MDP is currently in the market seeking to raise $450 million of senior secured notes. The proceeds from the senior secured notes, along with MDP's equity injection, will be used to partially fund the acquisition and refinance all existing debt at IPL Plastics. Assignments: Issuer: Intelligent Packaging Limited Finco Inc. Corporate Family Rating, Assigned B2 Probability of Default Rating, Assigned B2-PD Senior Secured Regular Bond/Debenture , Assigned B3 (LGD4) Outlook Actions: Issuer: Intelligent Packaging Limited Finco Inc. Outlook, Assigned Stable RATINGS RATIONALE Intelligent Packaging Limited Finco Inc.'s B2 rating is constrained by: (1) relatively small scale (adjusted EBITDA about $90 million); (2) pro-forma leverage (adjusted debt/EBITDA) of 5.7x at transaction close and its expectation that the metric will remain elevated above 5x over the next 12 to 18 months; (3) the fragmented and competitive nature of the plastics packaging industry with low organic growth; (4) moderate environmental risks related to the use of plastics in the manufacturing process; and (5) exposure to raw material costs which is partially mitigated by pass-through pricing for its products. However, IPL Finco benefits from: (1) a diversified business model through three main business segments with geographical diversification; (2) high exposure to relatively stable end markets including food packaging, environmental solutions and agricultural consumers; (3) diverse long-term customer relationships which include a number of large retailers and food manufacturers; (4) strong market positions in Canada and the UK supported by IPL Plastics' ability to customize its end products for its customers; and (5) good liquidity. IPL Plastics has good liquidity. The company's sources of liquidity are approximately $180 million while it does not have any mandatory repayments on the senior secured notes over the next 12 months. IPL Plastics' liquidity is supported by cash of approximately $30 million at the closing of the transaction, full availability under its $125 million ABL revolver due September 2025 (subject to a borrowing base), and its expected free cash flow around $25 million through the next 4 quarters. IPL Plastics does not have to comply with any financial covenants unless ABL availability falls below 10% of the lesser of the borrowing base and the commitment amount, which mandates compliance with a minimum fixed charge coverage ratio of 1x. Moody's does not expect this covenant to be applicable in the next 4 quarters. IPL Plastics has limited ability to generate liquidity from asset sales as its assets are encumbered. IPL Plastics has no refinancing risk until 2025 when its ABL facility will come due. IPL Finco's stable outlook reflects Moody's view that it will maintain its leverage above 5.0x as supported by the recovery of the LF&E and RPS segments in 2021 post coronavirus. Moody's also expects IPL Finco to generate strong free cash flow over the next 12 to 18 months, which could lower its leverage through debt repayment. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The rating could be upgraded if IPL Finco sustains adjusted Debt/EBITDA below 5.0x (pro forma 5.7x at transaction close), EBITDA/Interest above 3.5x (pro forma 3.0x at transaction close) and FFO/Debt above 12.5%, or if IPL Plastics undergoes a significant expansion in its scale and diversification of its operations. The rating could be downgraded if IPL Finco sustains adjusted Debt/EBITDA above 6.0x (pro forma 5.7x at transaction close) and EBITDA/Interest below 2.5x (pro forma 3.0x at transaction close), or if liquidity weakens materially, or if FFO/Debt is sustained below 10% (pro forma 12.5% at transaction close). As a plastic packaging manufacturer, IPL Plastics has moderate environmental risks given increasing regulatory and consumer concerns about plastic packaging. However, the concerns have revolved primarily around single-use plastics which are not the focus of IPL Plastics' business. IPL Plastics' products are mostly recyclable and the company has worked with its global brand customers to achieve their required recyclable plastics content ahead of their 2025 commitments. Having said that, IPL Plastics' business model is exposed to innovation of alternative packaging materials which could potentially replace plastic packaging in the future, which could affect IPL Plastics' volumes. However, this risk is currently considered low as the alternative to plastics remain inefficient in terms of energy usage and amounts of alternative materials required to replace the amount of resin materials needed for plastic packaging. Overall, the company has shown the willingness and ability to innovate and adapt to its customers' requirements which helps mitigate the environmental risks it faces in the long run. IPL Plastics is also moderately exposed to social risks as they relate to the impact from the coronavirus outbreak. One of the end markets that IPL Plastics serves is the food services industry which has seen significant disruptions due to the closures of restaurants, which has negatively affected IPL Plastics' LF&E segment in North America. IPL Plastics is also exposed to the demand for automotive and event flooring products through their RPS division, which has been afflicted by the pandemic. The governance considerations Moody's makes in IPL Plastics' credit profile include the private-equity ownership and the potential for an aggressive capital structure in comparison to public corporations. Moody's also considered the reduced financial disclosure requirements for a private company in comparison to a publicly-traded entity. The principal methodology used in these ratings was Packaging Manufacturers: Metal, Glass, and Plastic Containers published in May 2018. IPL Finco is a subsidiary of Intelligent Packaging Sub LP, which also owns IPL Plastics, a provider of plastic packaging solutions and manufacturer of specialty rigid packaging products used in the food, consumer, agricultural, logistics and environment end markets. IPL Plastics markets customized injection molded containers and lids as well as large plastic containers for various retail and industrial customers. Revenues for the twelve months ended June 30, 2020 was $589 million. IPL Finco's debt obligations are guaranteed by Intelligent Packaging Sub LP and its subsidiaries. INTERPACE BIOSCIENCES: Gets Nasdaq Deficiency Notice ---------------------------------------------------- Interpace Biosciences, Inc., on Aug. 18, 2020, received notice from the Listing Qualifications Staff of The Nasdaq Stock Market LLC indicating that, due to the delay in the filing of the Company's Form 10-Q for the quarterly period ended June 30, 2020 with the Securities and Exchange Commission, Interpace does not currently satisfy Nasdaq Listing Rule 5250(c)(1), which requires the timely filing of all periodic reports with the SEC. The deficiency has no immediate effect on the listing or trading of the Company's common stock on Nasdaq. In accordance with the Nasdaq Listing Rules, Interpace was provided 60 calendar days to submit its plan to evidence compliance with the filing requirement and the Staff has the discretion to grant Interpace up to 180 calendar days from the SEC deadline to file the Form 10-Q based on that plan. The Company is diligently working to file the Form 10-Q within the timeline prescribed by Nasdaq. About Interpace Biosciences Headquartered in Parsippany, NJ, Interpace Biosciences f/k/a Interpace Diagnostics Group, Inc. -- http://www.interpace.com/-- offers specialized services along the therapeutic value chain from early diagnosis and prognostic planning to targeted therapeutic applications. Clinical services, through Interpace Diagnostics, provides clinically useful molecular diagnostic tests, bioinformatics and pathology services for evaluating risk of cancer by leveraging the latest technology in personalized medicine for improved patient diagnosis and management. Pharma services, through Interpace Pharma Solutions, provides pharmacogenomics testing, genotyping, biorepository and other customized services to the pharmaceutical and biotech industries. Interpace reported a net loss attributable to common stockholders of $27.16 million for the year ended Dec. 31, 2019, compared to a net loss attributable to common stockholders of $12.19 million for the year ended Dec. 31, 2018. As of March 31, 2020, the Company had $78.51 million in total assets, $25.14 million in total liabilities, $46.54 million in preferred stock, and $6.84 million in total stockholders' equity. IRONSIDE LLC: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Ironside, LLC aka Ironside Manufacturing 12080 FM 3083 Conroe, TX 77301 Business Description: Ironside, LLC -- https://ironsidemfg.com -- designs and builds a line of thru-tubing mud motors and other components for the oilfield industry. Its products include bearings, transmissions, components, motors, agitator, and dual flapper valve. Chapter 11 Petition Date: August 20, 2020 Court: United States Bankruptcy Court Southern District of Texas Case No.: 20-34222 Judge: Hon. Eduardo V. Rodriguez Debtor's Counsel: Leonard Simon, Esq. PENDERGRAFT & SIMON LLP 2777 Allen Parkway Suite 800 Houston, TX 77019 Tel: 713-528-8555 Email: lsimon@pendergraftsimon.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Randy Riney, managing member. A copy of the petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/2YLH5DA/Ironside_LLC__txsbke-20-34222__0001.0.pdf?mcid=tGE4TAMA JAGUAR DISTRIBUTION: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------------------- The Office of the U.S. Trustee appointed a committee to represent unsecured creditors in the Chapter 11 case of Jaguar Distribution Corp. The committee members are: 1. Endeavor Content JB, LLC f/k/a Jellyfish Bloom LLC 9601 Wilshire Blvd. Beverly Hills, CA 90210 Attn. Stephanie Balitzer, Esq. Email: sbalitzer@endeavorco.com 2. Mongrel Media, Inc. 136 Geary Avenue, Suite 217 Toronto, Ontario M6H 4H1 Canada Attn. Mr. Jonathan Wyman Tel. 416-516-9775 Ext. 228 Email: jonathan@mongrelmedia.com 3. Cinema Management Group, LLC 8501 Wilshire Blvd. Suite 320 Beverly Hills, CA 90211 Attn. Lorin Brennan, Esq. Tel. 310-413-5634 Email: leb@rdbattorneys.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Jaguar Distribution Corp. Established in 1982, Jaguar Distribution Corp. is a distributor of independent films to the worldwide in-flight marketplace. Visit http://www.jaguardc.comfor more information. Jaguar Distribution sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 20-11358) on July 31, 2020. At the time of the filing, the Debtor disclosed total assets of $1,768,195 and total liabilities of $9,018,419. The Debtor is represented by Danning, Gill, Israel & Krasnoff, LLP. JAGUAR HEALTH: Gets Noncompliance Notice from Nasdaq ---------------------------------------------------- Jaguar Health, Inc., received a letter from the Listing Qualifications Staff of The Nasdaq Stock Market LLC notifying the Company that it no longer complies with Nasdaq Listing Rule 5550(b)(1) due to the Company's failure to maintain a minimum of $2,500,000 in stockholders' equity (or meet the alternatives of market value of listed securities of $35 million or net income from continuing operations). The Company reported stockholders' equity of $1,544,000 in its Form 10-Q for the fiscal quarter ended June 30, 2020. The Company's common stock remains listed on Nasdaq under the symbol JAGX. Under Nasdaq Listing Rule 5810(c)(2), the Company has 45 calendar days, or until Oct. 1, 2020, to submit a plan to regain compliance. If Nasdaq accepts the plan, Nasdaq may grant an extension of up to 180 calendar days from the date of the letter, or Feb. 13, 2021, for the Company to provide evidence of compliance. If Nasdaq does not accept the Company's plan, Nasdaq will notify the Company that its common stock is subject to delisting. The Company will have the opportunity to appeal that decision to a Nasdaq hearings panel. The Company intends to submit a compliance plan to Nasdaq on or before the Oct. 1, 2020 deadline. There can be no assurance that Nasdaq will accept the compliance plan or, if accepted, that the Company will be able to regain compliance with the stockholders' equity requirement or meet the alternatives of market value of listed securities or net income from continuing operations, or otherwise maintain compliance with the other listing requirements. About Jaguar Health Jaguar Health, Inc. -- http://www.jaguar.health/-- is a commercial stage pharmaceuticals company focused on developing novel, sustainably derived gastrointestinal products on a global basis. The Company's wholly owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary human gastrointestinal pharmaceuticals for the global marketplace from plants used traditionally in rainforest areas. Its Mytesi (crofelemer) product is approved by the U.S. FDA for the symptomatic relief of noninfectious diarrhea in adults with HIV/AIDS on antiretroviral therapy. Jaguar reported a net loss of $38.54 million for the year ended Dec. 31, 2019, compared to a net loss of $32.15 million for the year ended Dec. 31, 2018. As of June 30, 2020, the Company had $37.58 million in total assets, $25.16 million in total liabilities, $10.88 million in Series A redeemable convertible preferred stock, and $1.54 million in total stockholders' equity. Mayer Hoffman McCann P.C., in San Francisco, California, the Company's auditor since 2019, issued a "going concern" qualification in its report dated April 2, 2020 citing that the Company has experienced losses since inception, significant cash used in operations, and is dependent on future financing to meet its obligations and fund its planned operations. These conditions raise substantial doubt about its ability to continue as a going concern. JC PENNEY: Formation of Official Equity Committee Sought -------------------------------------------------------- The ad hoc committee of equity interest holders of J.C. Penney Company Inc. asked the U.S. Bankruptcy Court for the Southern District of Texas to issue an order recognizing it as an official committee. In court papers, the group said it should be recognized as an official committee to give the company's equity interest holders "a legitimate voice with meaningful negotiating power in order to protect their interests." "Recognizing the ad hoc equity committee as an official committee will legitimize the efforts of the ad hoc equity committee and provide greater transparency in these bankruptcy cases," the group said in court papers. The group argued, among other things, that the company and its affiliates are "not hopelessly insolvent," the interest of shareholders is not adequately represented by the companies or the unsecured creditors' committee UCC; and that the potential cost to the bankruptcy estate is outweighed by the benefits of appointing an official equity committee. The ad hoc committee is represented by: Matthew S. Okin, Esq. David L. Curry, Jr., Esq. Johnie A. Maraist, Esq. Okin Adams LLP 1113 Vine St., Suite 240 Houston, Texas 77002 Tel: 713.228.4100 Fax: 888.865.2118 E-mail: mokin@okinadams.com dcurry@okinadams.com jmaraist@okinadams.com About JC Penney J.C. Penney Corporation, Inc., is an American retail company, founded in 1902 by James Cash Penney and today engaged in marketing apparel, home furnishings, jewelry, cosmetics, and cookware. The company was called J.C. Penney Stores Company from 1913 to 1924, when it was reincorporated as J.C. Penney Co. On May 15, 2020, JCPenney announced that it has entered into a restructuring support agreement with lenders holding 70% of JCPenney's first lien debt. The RSA contemplates agreed-upon terms for a pre-arranged financial restructuring plan that is expected to reduce several billion dollars of indebtedness. To implement the Plan, the Company and its affiliates on May 15, 2020, filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 20-20182). Debtors have tapped Kirkland & Ellis LLP and Jackson Walker LLP as their legal counsel, Lazard Freres & Co. LLC as investment banker, AlixPartners LLP as financial advisor, and Katten Muchin Rosenman LLP as special counsel. Prime Clerk is the claims agent, maintaining the page http://cases.primeclerk.com/JCPenney Henry Hobbs Jr., acting U.S. trustee for Region 7, appointed a committee to represent unsecured creditors in Debtors' Chapter 11 cases. The committee has tapped Cole Schotz P.C. and Cooley LLP as its legal counsel, Jefferies LLC as investment banker, and FTI Consulting, Inc. as financial advisor. JW TRUCKING: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: JW Trucking, LLC 1010 S. Meadow Ave Midland, TX 79761 Business Description: JW Trucking, LLC is a privately held company that operates in the trucking industry. Chapter 11 Petition Date: August 20, 2020 Court: United States Bankruptcy Court Western District of Texas Case No.: 20-70100 Debtor's Counsel: Max R. Tarbox, Esq. TARBOX LAW, P.C. 2301 Broadway Lubbock, TX 79401 Tel: (806) 686-4448 Email: jessica@tarboxlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jeffrey Waugh, Jr., member. A copy of the petition containing, among other items, a list of the Debtor's 20 largest unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/QGUDM3I/JW_Trucking_LLC__txwbke-20-70100__0001.0.pdf?mcid=tGE4TAMA KB US HOLDINGS: Case Summary & 40 Largest Unsecured Creditors ------------------------------------------------------------- Lead Debtor: KB US Holdings, Inc. 700 Lanidex Plaza Parsipanny, NJ 07054 Business Description: KB US Holdings, Inc. -- www.kingsfoodmarkets.com; www.balduccis.com -- is the parent company of King Food Markets and Balducci's Food Lover's Market. Kings Food Markets, headquartered in Parsippany, New Jersey, has been a specialty and gourmet food market across the East Coast. In 2009, Kings acquired specialty gourmet retail grocer, Balducci's Food Lover's Market. As of the Petition Date, the Debtors operate 35 supermarkets across New York, New Jersey, Connecticut, Virginia, and Maryland. Chapter 11 Petition Date: August 23, 2020 Court: United States Bankruptcy Court Southern District of New York Ten affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- KB US Holdings, Inc. (Lead Debtor) 20-22962 KB Holding, Inc. 20-22963 AG Kings Holdings Inc. 20-22964 AG Holdings II Inc. 20-22965 Kings Super Markets, Inc. 20-22966 Balducci's Holdings LLC 20-22967 Balducci's Connecticut LLC 20-22968 Balducci's Maryland LLC 20-22969 Balducci's Virginia LLC 20-22970 Balducci's New York LLC 20-22961 Judge: Hon. Sean H. Lane Debtors' Counsel: Vincent Indelicato, Esq. Timothy Q. Karcher, Esq. PROSKAUER ROSE LLP Eleven Times Square New York, New York 10036 Tel: (212) 969-3000 Fax: (212) 969-2900 Email: vindelicato@proskauer.com tkarcher@proskauer.com - and - Charles A. Dale, Esq. PROSKAUER ROSE LLP One International Place Boston, MA 02110 Tel: (617) 519-9600 Fax: (617) 519-9899 Email: cdale@proskauer.com - and - Steve Y. Ma, Esq. PROSKAUER ROSE LLP 2029 Century Park East, Suite 2400 Los Angeles, CA 90067-3010 Tel: (310) 557-2900 Fax: (310) 557-2193 Email: sma@proskauer.com Debtors' Investment Banker: PETER J. SOLOMON 1345, 6th Avenue New York, NY, 10105 Debtors' Financial Advisor: ANKURA CONSULTING GROUP LLC 485 Lexington Ave., 10th Floor New York, NY 10017 Debtors' Claims, Noticing & Solicitation Agent: PRIME CLERK LLC One Grand Central Place 60 East 42nd Street, Suite 1440 New York, New York 10165 https://cases.primeclerk.com/KB/Home-DocketInfo Estimated Assets (on a consolidated basis): $100 million to $500 million Estimated Liabilities (on a consolidated basis): $100 million to $500 million The petitions were signed by Judith Spires, chief executive officer. A copy of KB US Holdings' petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/WIRY7CQ/KB_US_Holdings_Inc__nysbke-20-22962__0001.0.pdf?mcid=tGE4TAMA List of Debtors' 40 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount ------ --------------- ------------ 1. Porky Products Trade Vendor $2,799,795 198 Emmet Street Newark, NJ 07114-2720 Attn: Nicole Musselman, Credit Dept. Tel: 732-541-0200 Fax: 732-359-9171 Email: Nicole.Musselman@porky.com 2. Fresh Pro Food Distributors/ Trade Vendor $2,661,679 Rlb Food Distributors 2 Dedrick Place CN2285 West Caldwell, NJ 07006 Attn: Teri Torack, Controller Tel: 973-575-9526 Fax: 973-276-3559 Email: ttorack@freshpro.com 3. Kehe Distributors LLC Trade Vendor $2,087,227 1245 E. Diehl Road, Suite 200 Naperville, IL 60563 Attn: Pamela Mobley, AR Analyst Tel: 630-343-0000 Fax: 800-995-5343 Email: Pamela.Mobley@kehe.com 4. Inter-County Bakers, Inc. Trade Vendor $705,781 1095 Long Island Avenue Deer Park, NY 11729 Attn: Brittany Gervasi, AR Tel: 631-957-1350 Fax: 800-696-1350 Email: brittany@icbakers.com 5. Chex Finer Foods Trade Vendor $456,725 5 71 Hampden Road Mansfield, MA 02048 Attn: Robin Broberg, A/R Credit Specialist Tel: 800-227-8114 Fax: 508-226-0660 Email: r.broberg@chexfoods.com 6. The Chefs Warehouse LLC Trade Vendor $431,988 240 Food Center Drive Bronx, NY 10474 Attn: Courtney Denkovich, VP, Credit and Collections Tel: 203-894-1345 x 10124 Email: cdenovich@chefswarehouse.com 7. Dora's Naturals Trade Vendor $418,853 21 Empire Boulevard South Hackensack, NJ 07606 Attn: Cyrus Schwartz Tel: 201-229-0500 Email: cyruss@dorasnaturals.com melissah@dorasnaturals.com 8. Valley & Plainfield Rent $417,966 Associates, L.P. 395 Pleasant Valley Way West Orange, NJ 07052 Attn: Wilma Lew Tel: 908-604-6837 Email: Wilma@cromandevelopment.com 9. Farmlind Produce LLC Trade Vendor $385,044 802 Bergen Street Newark, NJ 07108 Attn: Matthew Lind Tel: 724-541-5786 Fax: 201-321-1123 Email: farmlindproduce@gmail.com 10. Block 4 LLC Rent $370,040 2220 Pennsylvania Avenue NW Suite 200W Washington, DC 20037 Attn: Stephanie Friedman or Rich Ellis Tel: 202-585-0806 Fax: 202-585-0843 Email: communications@restonchamber.org 11. Sushi Maru Express Trade Vendor $327,817 65 Challenger Road, Suite 202 Ridgefield Park, NJ 07660 Attn: John Kim, General Manager Tel: 201-654-0422 Email: john.k@sushimaruexpress.com 12. Wakefern Food Corp. Trade Vendor $258,026 33 Northfield Avenue Edison, NJ 08837 13. Aetna Health Inc. Benefits $240,967 P.O. Box 804735 Chicago, IL 60680 14. Bimbo Foods, Inc. Trade Vendor $214,734 P.O. Box 827810 Philadelphia, PA 19182-7810 Attn: Nimika Baldsing Tel: 519-620-6941 Fax: 866-492-2242 x 6941 Email: nimika.baldsing@grupobimbo.com 15. Congressional Seafood Co. Inc. Trade Vendor $214,391 7775 Chesapeake Bay Court Jessup, MD 20794 Attn: Michelle LeBlanc, AR Tel: 410-799-8626 Email: michelle@congressionalseafood.com 16. Horizon Blue Cross Benefits $213,683 P.O. Box 10130 Newark, NJ 07101-3130 17. World's Best Cheese, Inc. Trade Vendor $208,091 111 Business Park Drive Armonk, New York, 10504 Attn: Legal Department Tel: 800-922-4337 Email: kathy@wbcheese.com 18. Acme Paper & Supply Co, Inc. Trade Vendor $194,554 P.O. Box 75087 Baltimore, MD 21275 Attn: Michael Attman Tel: 410-792-2333 Fax: 800-462-5812 Email: mattman@acmepaper.com 19. E & M Ice Cream Inc. Trade Vendor $193,294 701 Zerega Avenue Bronx, NY 10473 Attn: Nathalya Granada, AR Tel: 718-518-8707 Email: ngranada@eandmco.com 20. Suburban Disposal Utility $189,980 54 Montesano Road Fairfield NJ 07004 Attn: Kerry Roselle Tel: 973-227-7020 Fax: 973-445-4697 Email: kmroselle@optonline.com 21. Montgomery County, Maryland Tax $183,686 255 Rockville Pike, 2nd Floor Rockville, MD 20850 22. Jersey Central Power & Light Utility $178,204 300 Madison Avenue Morristown, NJ 07960 23. Bunzl Distribution Northeast Trade Vendor $173,648 27 Distribution Way Monmouth, NJ 08852 Attn: Dave Maszezak Tel: 732-821-7000 Email: dave.maszezak@bunzlusa.com 24. Liberty Coca Cola Beverages Trade Vendor $173,643 P.O. Box 780810 Philadelphia, PA 19178 Attn: Chela Mariz Ramos Bade, AR Tel: 800-628-6189 Email: accountsreceivable@coke- bsna.com 25. Precision Mechanical Repairs & $153,486 1360 Industrial Boulevard Maintenance Southampton, PA 18966 Attn: Jim Salamone Tel: 215-396-2627 Email: jsalamone@premech.net 26. Pepperidge Farm Incorporated Trade Vendor $144,120 P.O. Box 640758 Pittsburgh, PA 15264-0758 27. Euro USA Trade Vendor $133,368 P.O. Box 63471 Charlotte, NC 28263-3471 28. Madison Seafood Inc. Trade Vendor $132,266 228 Wright Street Newark, NJ 07114 29. Goya Foods Inc. Trade Vendor $122,915 350 County Road Jersey City, NJ 07307 30. Frito Lay Inc. Trade Vendor $122,291 74 Remittance Drive, Suite 1217 Chicago, IL 60675-1217 31. Public Service Electric & Gas Utility $114,445 P.O. Box 14444 Brunswick, NJ 08906-4444 32. Raritan Building Services Corp. Repairs & $112,423 2 Gourmet Lane, Suite 2-600 Maintenance Edison, NJ 08837 33. Mondelez Global LLC Trade Vendor $112,405 P.O. Box 13428 Newark, NJ 07188-0428 34. Canada Dry Bottling Co. Trade Vendor $110,321 P.O. Box 741098 Atlanta, GA 30374-1078 35. Metropolitan Foods Inc. Trade Vendor $110,206 174 Delawanna Avenue Clifton, NJ 07014 36. Mcmahon's Farm Trade Vendor $109,267 305 Jackson Road Hopewell Junction, NY 12533 37. Pete D'Andrea Provisions Trade Vendor $106,904 178 Scharer Avenue Northvale NJ 07647 38. Peet's Coffee & Tea Trade Vendor $90,946 P.O. Box 3900 San Francisco, CA 94139 39. Garelick Farms, LLC Trade Vendor $90,735 P.O. Box 844358 Boston, MA 02284-4358 40. Jim Bolognese Trade Vendor $89,848 251 Dahlgren Place Brooklyn, NY 11228 KINTARA THERAPEUTICS: Regains Compliance with NASDAQ Bid Price Rule ------------------------------------------------------------------- Kintara Therapeutics, Inc. has regained compliance with the minimum bid price requirement for continued listing on the NASDAQ Capital Market pursuant to Listing Rule 5550(a)(2). On Aug. 19, 2020, Kintara received a letter from the Listing Qualifications Department of The Nasdaq Stock Market, Inc. stating that because Kintara's shares had a closing bid price at or above $1.00 per share for a minimum of 10 consecutive business days, Kintara's stock had regained compliance with the Minimum Bid Price Rule and the matter is now closed. About Kintara Located in San Diego, California, Kintara (formerly DelMar Pharmaceuticals) is dedicated to the development of novel cancer therapies for patients with unmet medical needs. Kintara is developing two late-stage, Phase 3-ready therapeutics for clear unmet medical needs with reduced risk development programs. The two programs are VAL-083 for GBM and REM-001 for CMBC. As of March 31, 2020, the Company had $5.10 million in total assets, $1.38 million in total liabilities, and $3.72 million in total stockholders' equity. DelMar reported a net and comprehensive loss of $8.05 million for the year ended June 30, 2019, following a net and comprehensive loss of $11.14 million for the year ended June 30, 2018. LAPEER INDUSTRIES: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed a committee to represent unsecured creditors in the Chapter 11 case of Lapeer Industries Inc. The committee members are: 1. David E. Pilat Finance Credit Manager Arcelor Mittal USA, LLC One South Dearborn St., 19th Floor Chicago, IL 60603 Phone: 312-714-4811 Email: david.pilat@arcelormittal.com 2. Max Newman for Butzel Long, P.C. 150 W. Jefferson, Ste. 100 Phone: 248-258-2907 Email: newman@butzel.com 3. Scott Thams, CFO for PPI LLC d/b/a PPI Aerospace 23514 Groesbeck Hwy. Warren, MI 48089 Phone: 248-613-4155 Email: sthams@ppiaerospace.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Lapeer Industries Lapeer Industries, Inc. is a design, machining and fabrication company serving the automotive and defense industries. It provides fabrication, automated welding, machining, painting, assembly and kitting services. Lapeer Industries sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 20-31375) on Aug. 5, 2020. The case was initially assigned to Judge Joel D. Applebaum. On Aug. 13, 2020, the case was reassigned to Judge Phillip Shefferly and was assigned a new case number (Case No. 20âˆ’48744). At the time of the filing, the Debtor had estimated assets of less than $50,000 and liabilities of between $10 million and $50 million. Winegarden, Haley, Lindholm, Tucker & Himelhoch P.L.C. is the Debtor's legal counsel. MAINEGENERAL HEALTH: Fitch Affirms 'BB' Issuer Default Rating ------------------------------------------------------------- Fitch Ratings has affirmed MaineGeneral Health, ME's Issuer Default Rating at 'BB' and approximately $280 million outstanding series 2011 revenue bonds issued by the Maine Health and Higher Education Facilities Authority on behalf MGH at 'BB'. The Rating Outlook is Stable. SECURITY The bonds are secured by a pledge of gross receipts, mortgage on certain obligated group property and a debt service reserve fund. ANALYTICAL CONCLUSION The 'BB' rating primarily reflects MGH's relatively modest financial profile, which renders it sensitive to additional economic stress, which is plausible should the depth, breadth and eventual duration of the coronavirus pandemic be more severe than is currently anticipated. While Fitch's baseline expectation is for MGH's operations to improve and for it to maintain a stable net leverage profile under current expectations for a moderate economic downturn in 2020 and recovery in 2021, these metrics deteriorate considerably should the pandemic persist, and a deeper economic downturn and slower recovery occur. Despite these sensitivities, the rating continues to be supported by Fitch's expectations for moderate future capital needs and maintenance of a 'midrange' revenue defensibility assessment, characterized by leading market share and gross patient revenues that are not heavily reliant on Medicaid and self-pay. KEY RATING DRIVERS Revenue Defensibility: 'bbb' Leading Market Share, Mixed Service Area Demographics MGH's revenue defensibility is midrange, indicating low Medicaid/self-pay at about 16.5% of fiscal 2019 gross revenue, a strong statewide market share and mixed, but stable service area demographics. Maine's certificate of need regulations limits significant competitive activity, supporting Fitch's expectation that MGH's market position will remain stable. Operating Risk: 'a' Expectations for Stabilized Operations at Improved Levels; Moderate Capital Needs Fitch expects that MGH will ultimately emerge from the revenue dislocation due to the coronavirus pandemic and maintain operating EBITDA levels averaging about 8.5% over the next four fiscal years (YE June 30), consistent with its improved operating performance in fiscals 2018 and 2019. MGH resumed elective procedures on May 4, and volumes showed considerable recovery throughout May and June. MGH's average age of plant increased in fiscal 2018, due primarily to a change in its accounting for depreciation expense, but Fitch still considers MGH to have very low capex needs, following the opening of a replacement hospital and other significant renovations in 2013 and 2014. Fitch expects MGH's capex to be adequate relative to depreciation expense over the next four fiscal years, noting that it spent 90.1% of depreciation in fiscal 2019, further supporting expectations for moderate lifecycle capital investment needs. Financial Profile: 'bb' Weaker Net Leverage Despite a fairly high degree of portfolio sensitivity, Fitch expects MGH's leverage ratios to remain relatively stable, albeit at still comparatively lower levels, through the new baseline scenario, or Fitch's best estimate of the most likely scenario of financial performance over the next five years given the trajectory of the economic recovery that is currently anticipated in light of the ongoing coronavirus pandemic. Nevertheless, MGH's capital metrics are thin, with cash-to-adjusted debt of 48.3% and net adjusted debt-to-adjusted EBITDA of 2.5x at fiscal year-end 2019. Fitch is of the opinion that these metrics would deteriorate considerably should a deeper economic downturn and slower recovery, be more severe than is currently anticipated. This potential for comparatively more rapid deterioration illustrates MGH's sensitivity to further stress and underscores the 'bb' financial profile assessment, despite overall expectations for operational improvement. MGH's liquidity profile, characterized by 1.7x maximum annual debt service (MADS) coverage and 90.8 days cash on hand in fiscal 2019, as well as access to external liquidity sources through an investment-grade rated financial institution, is neutral to the assessment of its financial profile and supports the existing 'BB' rating. ASYMMETRIC ADDITIONAL RISK CONSIDERATIONS No asymmetric risk considerations were applied in the rating determination. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- While the exact depth and breadth of the coronavirus pandemic remains unknown, higher rating activity over the Outlook period is possible if MGH's performs as expected during the pandemic and maintains Fitch's expected operating trajectory over the Outlook period; -- Similarly, MGH's long-term rating could be upgraded if operating results stabilize, resulting in cash-to-adjusted debt ratios that are more consistent with a rating at the higher end of the below-investment grade category (consistently above 50%). Factors that could, individually or collectively, lead to negative rating action/downgrade: -- A sustained deterioration in MGH's expected operating trajectory would have a commensurate negative effect on its unrestricted cash and investment levels in Fitch's stress case scenario, potentially signaling a lower rating. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Sovereigns, Public Finance and Infrastructure issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of three notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. CREDIT PROFILE MGH is the third-largest health system in Maine, operating 192 licensed beds in Augusta and another healthcare center in Waterville (20 miles north of Augusta), along with a full range of primary, secondary and tertiary services and a 212-member employed physician network. MGH also owns and operates long-term care facilities. MaineGeneral Retirement Community, which MGH previously owned, was sold in November 2019. The recent outbreak of coronavirus and related government containment measures worldwide has created an uncertain environment for the entire healthcare system in the near term. Material changes in revenue and cost profiles will occur across the sector. Fitch's ratings are forward-looking in nature, and Fitch will monitor developments in the sector as a result of the virus outbreak as it relates to severity and duration, and incorporate revised expectations for future performance and assessment of key risks. REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING The principal sources of information used in the analysis are described in the Applicable Criteria. ESG CONSIDERATIONS The highest level of ESG credit relevance, if present, is a score of 3. This means ESG issues are credit-neutral or have only a minimal credit impact on the entity(ies), either due to their nature or to the way in which they are being managed by the entity(ies). MANHATTAN SCIENTIFICS: Posts $528K Net Income in Second Quarter --------------------------------------------------------------- Manhattan Scientifics, Inc., filed with the Securities and Exchange Commission its quarterly report on Form 10-Q, disclosing net income of $528,000 on $50,000 of revenue for the three months ended June 30, 2020, compared to a net loss of $908,000 on $50,000 of revenue for the three months ended June 30, 2019. For the six months ended June 30, 2020, the Company reported a net loss of $204,000 on $50,000 of revenue compared to a net loss of $1.34 million on $50,000 of revenue for the six months ended June 30, 2019. As of June 30, 2020, the Company had $2.15 million in total assets, $2.30 million in total liabilities, $1.06 million in series D convertible preferred mandatory redeemable shares, and a total stockholders' deficit of $1.21 million. As of June 30, 2020, the Company has cumulative losses totaling $69,399,000 and negative working capital of $1,439,000. The Company had a net loss for the six months ended June 30, 2020. The Company said these conditions raise substantial doubt about its ability to continue as a going concern for a period of one year from the issuance of these financial statements. Manhattan Scientifics stated, "Because of these conditions, the Company will require additional working capital to develop business operations. Management's plans are to raise additional working capital through the continued licensing of its technology as well as to generate revenues for other services. There are no assurances that the Company will be able to achieve the level of revenues adequate to generate sufficient cash flow from operations to support the Company's working capital requirements. To the extent that funds generated are insufficient, the Company will have to raise additional working capital. No assurance can be given that additional financing will be available, or if available, will be on terms acceptable to the Company. If adequate working capital is not available, the Company may not continue its operations." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1099132/000147793220005087/mhtx_10q.htm About Manhattan Scientifics Headquartered in New York, Manhattan Scientifics, Inc., is focused on technology transfer and commercialization of these transformative technologies. The Company operates as a technology incubator that seeks to acquire, develop and commercialize life-enhancing technologies in various fields. To achieve this goal, the Company continues to identify emerging technologies through strategic alliances with scientific laboratories, educational institutions, scientists and leaders in industry and government. The Company and its executives have a long-standing relationship with Los Alamos Laboratories in New Mexico. Manhattan Scientifics reported a net loss of $1.22 million for the year ended Dec. 31, 2019, compared to a net loss of $8.33 million for the year ended Dec. 31, 2018. As of Dec. 31, 2019, the Company had $2.22 million in total assets, $2.17 million in total liabilities, $1.06 million in series D Convertible preferred mandatory redeemable, authorized shares, and a total stockholders' deficit of $1 million. Prager Metis CPAs, LLC, in Las Vegas, NV, the Company's auditor since 2019, issued a "going concern" qualification in its report dated April 14, 2020 citing that the Company has had cumulative losses and has accumulated deficit as of Dec. 31, 2019, which raise substantial doubt about its ability to continue as a going concern. NATURALSHRIMP INC: Incurs $480K Net Loss in First Quarter --------------------------------------------------------- Naturalshrimp Incorporated filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q, disclosing a net loss of $478,967 on $0 of sales for the three months ended June 30, 2020, compared to a net loss of $749,488 on $0 of sales for the three months ended June 30, 2019. As of June 30, 2020, the Company had $3.08 million in total assets, $4.14 million in total liabilities, and a total stockholders' deficit of $1.06 million. For the three months ended June 30, 2020, the Company had a net loss available for common stockholders of approximately $915,000. At June 30, 2020, the Company had an accumulated deficit of approximately $47,342,000 and a working capital deficit of approximately $2,471,000. Naturalshrimp said these factors raise substantial doubt about the Company's ability to continue as a going concern, within one year from August. 13, 2020 (the issuance date of this filing). "The Company's ability to continue as a going concern is dependent on its ability to raise the required additional capital or debt financing to meet short and long-term operating requirements. During the three months ended June 30, 2020, the Company received net cash proceeds of $1,250,000 from the sale of 1,250 Series B Preferred shares. Subsequent to June 30, 2020, the Company received $500,000 from the sale of Series B Preferred shares. Management believes that private placements of equity capital and/or additional debt financing will be needed to fund the Company's long-term operating requirements. The Company may also encounter business endeavors that require significant cash commitments or unanticipated problems or expenses that could result in a requirement for additional cash. If the Company raises additional funds through the issuance of equity or convertible debt securities, the percentage ownership of its current shareholders could be reduced, and such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, the Company may not be able to take advantage of prospective business endeavors or opportunities, which could significantly and materially restrict our operations. The Company continues to pursue external financing alternatives to improve its working capital position. If the Company is unable to obtain the necessary capital, the Company may have to cease operations." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1465470/000165495420009063/shmp_10q.htm About Natural Shrimp NaturalShrimp, Inc. is a publicly traded aqua-tech Company, headquartered in Dallas, with production facilities located near San Antonio, Texas. The Company has developed a commercially viable system for growing shrimp in enclosed, salt-water systems, using patented technology to produce fresh, never frozen, naturally grown shrimp, without the use of antibiotics or toxic chemicals. NaturalShrimp systems can be located anywhere in the world to produce gourmet-grade Pacific white shrimp. NaturalShrimp recorded a net loss of $4.81 million for the year ended March 31, 2020, compared to a net loss of $7.21 million for the year ended May 31, 2019. Turner, Stone & Company, L.L.P., in Dallas, Texas, the Company's auditor since 2015, issued a "going concern" qualification in its report dated June 28, 2019, citing that the Company has suffered significant losses from inception and has a significant working capital deficit. These conditions raise substantial doubt about its ability to continue as a going concern. NATURALSHRIMP INC: Submits Application to NASDAQ Capital Market --------------------------------------------------------------- NaturalShrimp, Inc., has filed its initial listing application with the NASDAQ, an important first step in the Company's plan to uplist its common stock on the NASDAQ Capital Market. "The Company has been working tirelessly to complete all of the necessary steps to successfully meet the requirements for listing on the NASDAQ," said William Delgado, CFO of NaturalShrimp. "If approved, upon meeting all the listing criteria, we feel this move will provide the Company the proper exposure to help broaden our shareholder base and increase appeal to institutional investors, ETFs and indexes. Through our potential purchase of Vero Blue and F&T, we believe our business model design provides us a path towards profitability," added Mr. Delgado. Gerald Easterling, CEO of NaturalShrimp, commented, "We believe NaturalShrimp is at an inflection point where the Company can grow exponentially. NaturalShrimp has been a pioneer and innovator in the aquaculture industry for two decades, and uplisting to the NASDAQ would help validate our continued drive to become a leader within the aqua-tech space," continued Mr. Easterling. NASDAQ must approve NaturalShrimp's application before the Company's common stock can be listed. While there are no guarantees that the Company will be approved, NaturalShrimp is continuing to make strides in meeting the listing criteria in the near future. About Natural Shrimp NaturalShrimp, Inc. is a publicly traded aqua-tech Company, headquartered in Dallas, with production facilities located near San Antonio, Texas. The Company has developed a commercially viable system for growing shrimp in enclosed, salt-water systems, using patented technology to produce fresh, never frozen, naturally grown shrimp, without the use of antibiotics or toxic chemicals. NaturalShrimp systems can be located anywhere in the world to produce gourmet-grade Pacific white shrimp. NaturalShrimp recorded a net loss of $4.81 million for the year ended March 31, 2020, compared to a net loss of $7.21 million for the year ended May 31, 2019. As of June 30, 2020, the Company had $3.08 million in total assets, $4.14 million in total liabilities, and a total stockholders' deficit of $1.06 million. Turner, Stone & Company, L.L.P., in Dallas, Texas, the Company's auditor since 2015, issued a "going concern" qualification in its report dated June 28, 2019, citing that the Company has suffered significant losses from inception and has a significant working capital deficit. These conditions raise substantial doubt about its ability to continue as a going concern. ONEWEB GLOBAL: Two More Creditors Appointed to Committee -------------------------------------------------------- The U.S. Trustee for Region 2 appointed two more creditors to serve on the official committee of unsecured creditors in the Chapter 11 cases of OneWeb Global Limited and its affiliates. The new members are: 1. Jansky Partners c/o Damien Garot 93 route des Gardes 92190 Meudon, France Tel: +33 695 63 39 41 Email: damien@jansky-partners.com 2. Dar Ahead Ltd. c/o Eyal Dar 4518 20th Way SE, Sammamish, WA 98075 Tel: (425) 979-6361 Email: edar@darahead.com The bankruptcy watchdog had earlier appointed Wipro Limited, Kongsberg Satellite Services AS, Collabera Inc., Arianespace S.A.S., and Viasat Inc., court filings show. About OneWeb Global Limited Founded in 2012, OneWeb Global Limited is a global communications company developing a low-Earth orbit satellite constellation system and associated ground infrastructure, including terrestrial gateways and end-user terminals, capable of delivering communication services for use by consumers, businesses, governmental entities, and institutions, including schools, hospitals, and other end-users whether on the ground, in the air, or at sea. OneWeb's business consists of the development of the OneWeb System, which has included the development of small-next generation satellites that have been mass-produced through a joint venture and the development of specialized connections between the satellite system and the internet and other communications networks through the SNPs. For more information, visit https://www.oneweb.world OneWeb Global Limited and its affiliates ought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 20-22437) on March 27, 2020. At the time of the filing, Debtors disclosed assets of between $1 billion and $10 billion and liabilities of the same range. Judge Robert D. Drain oversees the cases. The Debtors tapped Milbank, LLP as their legal counsel, Guggenheim Securities, LLC as investment banker, FTI Consulting, Inc. as financial advisor, and Omni Agent Solutions as claims, noticing and solicitation agent. The U.S. Trustee for Region 2 appointed a committee of unsecured creditors on April 16, 2020. The committee has tapped Paul Hastings LLP as its bankruptcy counsel, Cole Schotz P.C. as conflicts counsel, Province, Inc. as financial advisor, and Jefferies LLC as investment banker. OPTION CARE: Moody's Affirms 'B3' CFR, Outlook Positive ------------------------------------------------------- Moody's Investors Service affirmed the Corporate Family Rating of Option Care Health, Inc at B3. Moody's also affirmed the B3-PD Probability of Default Rating and the B2 rating on the senior secured credit facility. At the same time, Moody's upgraded the Speculative Grade Liquidity Rating to an SGL-1 (very good) from SGL-3 (adequate) and changed the outlook to positive from stable. The positive outlook reflects Moody's expectation that Option Care will continue to de-lever as it scales its infrastructure and continues to realize cost savings. It also reflects the progress that the company has made since last year's merger with BioScrip. Governance factors also support the outlook change. The company issued stock to repay high cost PIK Toggle notes and appears increasingly committed to deleveraging, a credit positive. Moody's expects free cash flow will be used for additional debt repayment over the next 12-18 months. Incorporating the recent debt repayment, the company's debt/EBITDA has declined to 6.3x (on a Moody's adjusted basis) from 6.9x (including synergies) at the time of the merger. The affirmation of the B3 CFR reflects the company's still high, though improving, financial leverage. Further, there remains some ongoing risk with the integration from last year's merger with BioScrip and the brief track record of operating as a combined company. Moody's expects that the company's growth will benefit from an aging population and an expanding pipeline of new infusion therapies over time. Further the home infusion services industry has favorable long-term dynamics as the home is generally the lowest cost of care and is the patient's preferred setting. This holds particularly true in the context of the coronavirus pandemic as demand for home infusion is expected to grow. The upgrade of the Speculative Grade Liquidity Rating to SGL-1 from SGL-3 reflects Moody's expectation of very good liquidity over the next 12-18 months. Moody's expects that free cash flow will be consistently positive over the next 12-18 months as many of the integration related costs roll off and the company's interest expense declines. Liquidity is supported by $118 million of cash and a $150 million ABL revolving credit facility, which was undrawn at June 30, 2020. The company's term loan does not have any financial covenants, but the ABL revolver contains a springing fixed charge coverage covenant of 1.0x. The covenant is only tested if the availability falls below 10% of the borrowing base or $10 million. Option Care Health, Inc Corporate Family Rating affirmed at B3 Probability of Default Rating affirmed at B3-PD $925 million Senior Secured First lien term loan B affirmed at B2 (LGD3) Speculative Grade Liquidity Rating changed to SGL-1 from SGL-3 Outlook action: The rating outlook is being revised to Positive from Stable. RATINGS RATIONALE Option Care Health, Inc's B3 CFR reflects the company's high financial leverage and integration risk following last year's merger with BioScrip, Inc., a combination of the two largest independent home infusion providers. The credit profile also reflects competitive pressures stemming from large, vertically integrated insurance companies that possess their own home infusion providers and a challenging reimbursement environment. That said, Option Care benefits from the combined company's large scale with almost $2.8 billion in revenue and enhanced market position following the merger. Option Care is well diversified by payor, therapy and geography, and will also benefit from rising demand for home infusion services. Moody's considers coronavirus to be a social risk given the risk to human health and safety. Aside from coronavirus, Option Care faces other social risks such as the rising concerns around the access and affordability of healthcare services. However, Moody's does not consider home health/ home infusion to face the same level of social risk as hospitals, as care at home is an affordable alternative to hospitals or skilled nursing facilities. In terms of governance, Option Care is majority owned by private equity sponsor, Madison Dearborn, and as such, Moody's expects financial policies will generally benefit shareholders. These risks are partially mitigated by its 30% public stock ownership, and minority ownership by Walgreens Boots Alliance, Inc. Option Care's credit profile will continue to benefit from its relationship with Walgreens, as there is a lower risk of debt-funded dividends than with typical private equity owned companies. Walgreens has a vested interest in supporting the growth and financial health of Option Care, especially if there is the possibility Walgreens would ultimately take a larger stake in the company. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if Option Care cannot effectively manage integration or growth, liquidity materially weakens, or leverage is sustained over 7.0x. The ratings could be upgraded if Option Care continues to successfully manage the integration of the two businesses, leverage improves below 6.0x, and positive free cash flow is sustained. Option Care is the leading independent provider of home and alternate treatment site infusion therapy services. These services involve the preparation, delivery, administration and monitoring of medication for a broad range of conditions. These include infections, malnutrition, heart failure, bleeding disorders, autoimmune disorders, and a variety of other rare conditions. Madison Dearborn Partners (majority owner) and Walgreens Boots Alliance, Inc. (minority owner), together own about 70% of the combined public company. The other 30% of the company is publicly owned by shareholders. Pro forma combined revenues are about $2.8 billion. The principal methodology used in these ratings was Business and Consumer Service Industry published in October 2016. PBF HOLDINGS: Fitch Corrects Aug. 10 Ratings Release ---------------------------------------------------- Fitch Ratings replaced a ratings release on PBF Logistics published on August 10, 2020 to correct the name of the obligor for the bonds. The amended press release is as follows: Fitch Ratings has affirmed PBF Logistics LP's Long-Term Issuer Default Rating at 'BB-'. Fitch has also affirmed rating of the senior secured revolver at 'BB'/'RR1' and the unsecured notes at 'BB-'/'RR4'. The notes are co-issued by PBF Logistics Finance Corporation, which also has unsecured notes affirmed at 'BB-'/'RR4'. The Rating Outlook remains Negative. The rating reflects the partnership's strong operational ties with PBF Holding Company LLC (PBF Holding; BB-/Negative), its affiliate and primary counterparty. PBF Holding's activities significantly impact PBFX's economic performance as PBFX derives a substantial portion of its revenues (approximately 84% for LTM June 2020) from PBF Holding. Fitch expects this to continue in the near to intermediate term and believes PBF Holding is the primary driver behind PBFX's ability to service its debt obligations. The ratings also take into account Fitch's concern of leverage being higher than previous estimates should the duration of the current downturn continue for an extended period, although supported by fee-based contracts that limit commodity exposure and provide some volume protection through minimum volume commitments. The rating and Negative Outlook reflect the rating of PBF Holding. The Negative Outlook reflects the sharp deterioration in refining conditions stemming from the coronavirus pandemic and the risks that are specific to the company's business profile, including high exposure to gasoline markets. Although Fitch recognizes that PBF Holding and PBFX have taken some constructive actions to preserve their liquidity, industry conditions remain weak and may present an outsized event risk should there be an operating, production or financial issue at PBF Holding if the current downturn prolongs, considering PBFX's heavy dependence on PBF Holding. The Negative Outlook for PBF Holdings could be removed if conditions normalize and liquidity has not been materially compromised. KEY RATING DRIVERS Counterparty Concentration Risk: PBFX derives approximately 80%-90% of its revenues from its affiliate PBF Holding. PBF Holding is expected to continue to be the partnership's largest customer in the near to intermediate term, as PBFX provides PBF Holding with critical logistics assets that support its operations. Fitch typically views midstream service providers like PBFX with single-counterparty concentration as having exposure to outsized event risk, should there be business or operational issues at PBF Holding whereby throughput volumes at PBFX's facilities will be significantly reduced, adversely impacting cash flows and distributions. The economic slowdown due to the coronavirus pandemic has led to material demand destruction of gasoline and other refined products, a driving force of PBF Holding's refinery utilization cutbacks. The likelihood of developing any additional capacity at PBFX caused by decreased throughput to service third party customers could require substantial capex. As such, PBFX is subject to the operational, business and financial risks of PBF Holding. PBF Holding is under no contractual obligation to supply additional volume beyond MVCs. In the absence of expansion of the asset portfolio to service more third-party customers, volume growth is dependent on PBF Holding, and could limit future growth of the partnership. Impact of Coronavirus: The material reduction in gasoline demand since the onset of the coronavirus pandemic is likely to result in significantly lower refinery margins as well as lower utilization rates. PBF Holdings ran its six refineries at an average 70% capacity during 2Q20. Management expects this utilization rate to continue until there is sustained demand. PBFX has taken credit supportive measures to enhance liquidity that includes limiting 2020 capital spending, reducing operating expenses and corporate overhead, and cutting the quarterly dividend by 42%. Management stated it plans to utilize excess cash flow for deleveraging. Modest Size and Scale: The partnership is geographically diversified, with presence in four Petroleum Administration for Defense Districts', although most of the assets and operations are concentrated on the East Coast. Fitch views this operational concentration and EBITDA of approximately $200 million makes PBFX vulnerable to weak East Coast margins should there be an outsized event or slowdown in the region's refining market. The impact of the coronavirus pandemic is likely to drive significantly lower margins at refineries resulting in lower utilization rates. Consistent Cash Flow: PBFX's operations are underpinned by long-term, take-or-pay contracts with PBF Holding, with an approximate seven-year weighted average contract life. PBFX's provides services at fixed fee (including inflation escalators and certain increases in operating costs) with MVCs, limiting PBFX's commodity price sensitivity and providing some volumetric downside protection. Corporate Family Relations: PBFX is operationally and strategically integral to PBF Holding as PBFX supports it with critical infrastructure. PBF Holding is the fourth largest independent refiner in the U.S. and its parent, PBF Energy Company LLC (PBF Energy) holds 100% of the general partners and 48.2% of limited partner interests in PBFX. Midstream growth has been a key component of PBF's strategy. As such, PBF has been supporting growth at PBFX with drop down transactions, completing five drop-down transactions since inception. PBFX also retains a 10-year right of first offer to purchase certain logistics assets owned by PBF Holding in the event PBF disposes, sells or transfers those assets. Given that PBF directly benefits from the sustainable growth of PBFX through its ownership, Fitch believes that PBFX will continue to benefit from support from PBF Energy. Parent Subsidiary Linkage: Fitch determines that parent-subsidiary relationship does not exist between PBFX and PBF Holdings, since PBFX and PBF Holding are affiliated entities. While PBFX is rated based on its standalone credit profile, Fitch believes there is strong linkage between the entities. PBFX is operationally integral to PBF Holding's core business, providing critical midstream logistics infrastructure. PBFX has a separate Board of Directors, file separate financial statements, and each company's debt is non-recourse to the other. Despite these provisions, PBFX's rating reflects linkage to PBF Holding because of the significant customer and cash flow concentration. Potential Conflict of Interest: PBFX's parent company, PBF Energy, which owns and controls the general partners of the partnership is required to act in good faith, but is not held to the same level of fiduciary laws were PBFX to be organized as a standard C-Corp. As such, PBF Energy plays an important role in a wide variety of actions at PBFX, which may have a bearing on the credit quality of PBFX, whether positive, negative or neutral. ESG Considerations: PBFX has a relevance score of 4 for Group Structure as even with its simplification, it still possesses complex group structure, with significant related party transactions. This has a negative impact on the credit profile and is relevant to the rating in conjunction with other factors. DERIVATION SUMMARY PBFX's ratings reflect relatively leverage and conservative financial profile of the partnership supported by long term fee-based contracts that limit commodity price exposure and provide some volume protection through minimum volume commitments. This is offset in part by PBFX's limited size and scale. The partnership is geographically well diversified with assets in four PADD's, but approximately 55%-60% of EBITDA is generated from assets in the East Coast (Delaware and Paulsboro, NJ). Although PBFX's assets are integral to PBF Holding's refining operations, the heavy dependence on PBF Holding could present an outsized event risk should there be an operating, production or financial issue at PBF Holding. PBFX's leverage is strong for its rating category. Generally, Fitch targets leverage (total debt/adjusted EBITDA) for 'BB-' rated midstream issuers in the 5.0x-5.5x range. Fitch expects PBFX's leverage to be between 3.4x-3.6x for YE 2020. Scale and the significant exposure to PBF Holding are limiting factors to PBFX's ratings. Leverage is lower than MPLX (BBB/Negative), with Fitch expecting MPLX's leverage of roughly 4.8x-5.2x for YE 2020, declining to 4.2x to 4.7x by the end of 2021. However, MPLX is significantly larger and more diverse from a geographic, operating business line, and counterparty exposure perspective, which warrants the difference in IDRs between the entities. Relative to a 'BB-' rated peer like NuStar (NS; BB-/RWN), PBFX has better leverage, but significantly smaller scale of operations. NuStar does not have customer concentration like PBFX does. KEY ASSUMPTIONS Fitch's Key Assumptions Within its Rating Case for the Issuer -- Fitch utilized its West Texas Intermediate (WTI) oil price deck of $32/bbl in 2020, $42/bbl in 2021, $50/bbl in 2022 and $52/bbl thereafter; -- Throughput expected to be reduced in 2020 and gradually returning to normalized levels over the forecast period, aligned with Fitch estimates for PBF Holding; -- Growth in the storage segment supported by contango market for crude and limited end-user demand for refined products in 2020; -- Capex spending in 2020 in line with management guidance; -- Distribution is held at current levels through 2020 and is subsequently restored to prior levels; -- No asset sales or equity issuance assumed. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- Increase in size and scale, indicated by EBITDA (Fitch defined) above $300 million, in so far as any drop downs from PBF Holding are done in a pattern similar to that in the past, while maintaining leverage (total debt/ adjusted EBITDA) at or below 5.0x and Distribution Coverage above 1.0x on a sustained basis. -- Favorable rating action at PBF Holding may lead to positive rating action for PBFX, provided the factors driving a rating change at PBF Holding have benefits that accrue to the credit profile of PBFX. -- As and when PBFX demonstrates a move towards further insulation from its reliance on PBF Holding, such that third party revenues contribute at least 30% of total revenues with credit metrics remaining within sensitivities, Fitch may consider a separation between the IDR's of PBF Holding and PBFX and/ or revising the Outlook to Stable. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- Leverage (total debt/adjusted EBITDA) above 5.5x and/or Distribution Coverage below 1.0x on a sustained basis. -- Negative rating action at PBF Holding will negatively impact action at PBFX. -- Material change to contractual arrangement or operating practices with PBF Holding that negatively impacts PBFX's cash flow or earnings profile. -- Increases in capital spending beyond Fitch's expectation that have negative consequences for credit profile (e.g. if not funded with a balance of debt and equity). BEST/WORST CASE RATING SCENARIO International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. LIQUIDITY AND DEBT STRUCTURE Adequate Liquidity in Near Term: As of June 30, 2020, PBFX had approximately $269 million in available liquidity. Cash on the balance sheet was $21.6 million, in addition to the $247 million available under the $500 million senior secured revolver. The revolver includes a $75 million sub-limit for standby letters of credit and a $25 million sub-limit for swing-line loans. PBFX had letters of credit of $4.9 million outstanding under the revolver. The partnership's liquidity in the near term is considered to be adequate. The revolver may be increased by an aggregate amount of $250 million, subject to lender's consent. It is secured by a first-priority lien on the asset of PBFX and its restricted subsidiaries that are joint and several guarantors under the facility. The bank agreement for the revolver has three financial covenants: minimum consolidated interest coverage ratio is at least 2.5x, consolidated total leverage ratio which cannot exceed 4.5x and consolidated senior secured leverage ratio cannot exceed 3.5x. As of June 30, 2020, PBFX was in compliance with its covenants and Fitch expects PBFX to maintain compliance with its covenants in the near term. PBFX also has $525 million unsecured notes due 2023 which are co-issued by PBF Logistics Finance Corp, a wholly owned subsidiary of PBFX. The notes are guaranteed on a senior unsecured basis by all the subsidiaries of PBFX. In addition, PBF LLC, the general partner provides limited guarantee to the notes for the collection of principal amounts, but is not subject to the covenants governing the notes. Debt Maturity Profile: PBFX does not have debt maturities until 2023. The revolver matures on July 30, 2023 and may be extended for one year up to two occasions. The 2023 notes mature on May 15, 2023. SUMMARY OF FINANCIAL ADJUSTMENTS Fitch has made no material adjustments that are not disclosed within the partnership's filings. PROFESSIONAL FINANCIAL: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------------ The U.S. Trustee for Region 17 appointed a committee to represent unsecured creditors in the Chapter 11 cases of Professional Financial Investors, Inc. and Professional Investors Security Fund, Inc. The committee members are: 1. Peter and Anne Bagatelos Revocable Trust Attn.: Peter Bagatelos 105 Shooting Star Isle Foster City, CA 94404 Phone: (415) 710-7301 Email: pablawyer@aol.com 2. Lisa de Mondesir 2170 Century Park East, #1106 Los Angeles, CA 90067 Phone: (310) 266-8118 Email: ldemondesir@gmail.com Counsel: Jeff Chubak Amini LLC 131 West 35th Street, 12th Floor New York, NY 10001 Phone: (212) 497-8247 Email: jchubak@aminillc.com 3. Elizabeth Goldblatt PO Box 726/51A Viento Way Point Reyes Station, CA 64956 Phone: (415) 663-8896 Email: lizagoldblatt@horizoncable.com Counsel: Debra Grassgreen Pachulski, Strang, Ziehl & Jones 150 California Street, 15th Floor San Francisco, CA 94111-4500 Phone: (415) 263-7000 Email: dgrassgreen@pszjlaw.com 4. Paul S. Greidanus 1114 Vista del Lago San Luis Obispo, CA 63405 Phone: (559) 280-6175 Email: paul@calftech.net 5. William Howard Levine 2 Snowden Lane Fairfax, CA 94930-1029 Phone: (415) 721-0906 Email: wlevine@advent.com 6. Keith Merron 110 Glen Park Avenue San Rafael, CA 94901 Phone: (415) 342-1331 Email: keithmerron@leadershippathways.com 7. Pardi Revocable Trust Attn.: Samara Pardi 51 Walnut Avenue Mill Valley, CA 94941 Phone: (415) 624-5875 Email: samarapardi@email.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Professional Financial Investors Professional Financial Investors, Inc., and Professional Investors Security Fund, Inc. are both engaged in activities related to real estate. On July 16, 2020, a group of creditors filed an involuntary Chapter 11 petition (Bankr. N.D. Cal. Case No. 20-30579) against Professional Investors. On July 26, 2020, Professional Financial sought Chapter 11 protection (Bankr. N.D. Cal. Case No. 20-30604). The cases are jointly administered under Case No. 20-30604. At the time of the filing, Professional Financial disclosed assets of between $100 million and $500 million and liabilities of the same range. Judge Dennis Montali oversees the cases. Ori Katz, Esq., at Sheppard, Mullin, Richter & Hampton, LLP, is the Debtors' legal counsel. PROJECT ANGEL: Fitch Affirms 'B' LongTerm IDR, Outlook Stable ------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Rating for Project Angel Holdings, LLC and Project Angel Intermediate Holdings, LLC at 'B'. The Rating Outlook is Stable. Fitch has also affirmed the 'BB'/'RR1' rating for MeridianLink's $35 million secured revolving credit facility and $415 million first-lien secured term loan. The $125 million second-lien term loan is not being rated. Since the acquisition by Thoma Bravo and merger with CRIF in 2018, MeridianLink has focused on executing on integration with CRIF and optimizing its operations. As of second-quarter 2020, the company has executed on nearly all of the $17 million identified synergies. Fitch estimates MeridianLink's gross leverage to decline to approximately 6.4x in 2020 from 7.2x in 2019. Fitch also forecasts gross leverage to decline to below 6x in 2021 driven by accelerating revenue growth and expanding EBITDA margins. However, given the private equity ownership, Fitch believes MeridianLink would maintain some level of financial leverage despite the growing EBITDA as the company seeks optimal capital structure to maximize ROE. MeridianLink has experienced limited impact from the ongoing coronavirus pandemic. On the contrary, the low interest environment has contributed to stronger revenue supported by a strong mortgage market. While Fitch expects MeridianLink's normalized revenue growth to remain in the mid-single-digits, the company is expected to deliver revenue growth in the teens in 2020. KEY RATING DRIVERS Diversified, Stable Customer Base: Meridianlink's account opening/management and lending software is deployed across over 1,500 customers including banks, credit unions, verification service providers and other financial institutions. Further, MeridianLink enjoys customer retention rates in excess of 95%, reflecting the stable and attractive client base. Increasing Scale Expands Operating Leverage: The combination of MeridianLink and CRIF has allowed the company to generate significant cost savings by eliminating shared overhead. The company has achieved nearly all of planned cost reductions by 2Q 2020. Fitch expects the realization of synergies to enable the company to achieve EBITDA margins at near 50%. The merged entity should also provide cross-selling opportunities providing incremental growth opportunities. Key Category Leader Across Market Segments: MeridianLink is a category leader within each of the market segments that it competes. For consumer lending, MeridianLink is the leading incumbent against a handful of pure-play providers including: Bottomline Technologies, Gro, CUDL, and Temenos. Management differentiates itself in this category by best-of-breed technology and powerful referrals from its existing client base. On the consumer data front, the company operates as the leading incumbent against Sharperlending in a highly fragmented and niche marketplace and is one of seven approved sponsoring credit vendors for Fannie Mae. Complementary Product Offerings: MeridianLink's products are highly complementary allowing for significant cross-sell opportunities. For example, a bank client who may use LoansPQ to simplify the account opening and loan approval process for an individual may also rely on credit data and employment verification provided by MeridianLink's MCL solution. Management has developed a stronghold in the data verification market by providing a tri-merged credit reporting platform (approximately 66% of market share of independent credit reporting agencies) with ease of integration into its client's back-office and systems. As a result, the company's solutions are highly integrated, complementary, and allow for enhanced revenue generation opportunity. Resilient Business Model Through Economic Cycles: Fitch believes MeridianLink's portfolio of products and services could provide a degree of resilience through economic cycles. The company's core product LoansPQ, a software as a service-based origination platform for consumer loans and deposit applications, saw annual volume increases of approximately 66% during the recessionary period from 2008 to 2010; given the primarily transactions-based revenue model, Fitch believes this to have a high degree of correlation to the revenue. During an expansionary environment, the company is well positioned to generated sizeable returns from volume-based loan applications. During a recessionary period, the company's focus on collection solutions and deposit accounts enables a steady generation of fees based on volume. Private equity ownership could limit deleveraging: Fitch estimates MeridianLink's gross leverage to be 6.4x in 2020. Fitch believes the company has sizeable FCF capacity to delever to below 5.5x gross leverage by 2022. In spite of the deleveraging capacity, Fitch expects the company to delever at a more moderate pace, given the potential for bolt-on acquisitions funded by cash on hand and incremental debt. In addition, private equity ownership could also limit deleveraging as equity owners focus on optimizing ROE. DERIVATION SUMMARY Fitch's ratings and Outlook are supported by the company's strong position within each of its respective markets (Consumer Lending, Mortgage Loans and Data Verification) as well as the company's portfolio of products and services that provide the operating profile with a degree of resilience through economic cycles. The company's services enable efficiency within the loan application market and are well positioned to take advantage of the industry shift to automated lending. Many of MeridianLink's services are considered mission critical by banks, credit unions, and other financial institutions resulting in relative stable demand. Despite being a SaaS-based platform, MeridianLink's revenue structure is atypical for SaaS-based products. MeridianLink's revenues are primarily transaction-based rather than the typical subscription-based model for SaaS-based products. Nevertheless, given the highly integrated nature of its products into customers' core banking systems and the mission critical nature, Fitch views such revenue structure as equally resilient. While the product's mission-critical nature and close integration into customers' core banking systems contribute to strong client retention characteristics, Fitch views the volume-based revenue model as potential for revenue volatility. The integration of CRIF has enabled significant cost synergies and cross-selling opportunities, resulting in improved profitability and market penetration over the medium to longer term. Fitch believes the private equity ownership of MeridianLink could limit deleveraging. While Fitch expects strong FCF generation by the company, private equity ownership is likely to result in some level of financial leverage on an ongoing basis to optimize return on equity. With the CRIF integration completed, Fitch expects large portions of FCF to be used for acquisitions to further consolidate MeridianLink's market position, and for dividend payments to the owners. KEY ASSUMPTIONS Fitch's Key Assumptions Within the Rating Case for the Issuer -- Revenues are expected to grow in the mid-single-digits range over the forecast period. Lower interest environment boosting revenue growth in 2020 to approximately 10%, then returning to normalized growth; -- EBITDA margins are expected to stabilize in the 50% range over the rating horizon; -- Fitch's rating case assumes the Company will make acquisitions totaling $150 million through 2023; -- Fitch assumes no immediate meaningful revenue contributions from acquisition as they are intended to expand technology platform; -- No dividend payments assumed through 2023. KEY RECOVERY RATING ASSUMPTIONS -- The recovery analysis assumes that MeridianLink would be reorganized as a going-concern in bankruptcy rather than liquidated; -- A 10% administrative claim. Going-Concern Approach -- The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which Fitch bases the enterprise valuation; -- Fitch considers a stress scenario in which the company experiences a sustained reduction in the top-line as a result of tighter credit conditions, which constrain loan activity leading to a 15% revenue contraction versus LTM which includes a strong 2Q 2020. Fitch believes this adequately reflects the volatility to be expected in both loan application and credit report volumes. Since FY2008, the total number of loan and deposit applications increased annually, while credit and other report volume declined only once since FY2010 (5% decline in 2014); -- Lower volumes will lead to some operating leverage reduction, resulting in margin reduction, resulting in Going Concern EBITDA of $66.4 million; -- Fitch forecasted going-concern EBITDA of $66.4 million and recovery multiple of 7.0x results in a post-restructuring enterprise value of $464.8 million, after the deduction of expected administrative claims. Assuming a fully drawn revolving credit facility, Fitch arrives at a recovery percentage of 93% and a recovery rating of 'RR1'. Following standard notching criteria, this leads to an issue rating of 'BB' for the revolving credit facility and first lien term loan tranches; -- Fitch assumes the company will receive a going-concern recovery multiple of 7.0x EBITDA, which is supported by the following: Comparable Reorganizations: In the 21st edition of Fitch's Bankruptcy Enterprise Values and Creditor Recoveries case studies, Fitch notes nine past reorganizations in the Technology sector with recovery multiples ranging from 2.6x to 10.8x. Of these companies, only three were in the Software sector: Allen Systems Group, Inc., Avaya, Inc., and Aspect Software Parent, Inc., which received recovery multiples of 8.4x, 8.1x, and 5.5x, respectively. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which it bases the enterprise valuation. RATING SENSITIVITIES Factors that could, individually or collectively, lead to positive rating action/upgrade: -- Fitch's expectation of Total Debt with Equity Credit/Operating EBITDA sustaining below 5.5x; -- (cash from operations-capex)/total debt above 6.5%; -- FFO interest coverage above 3x; -- Revenue growth in the high-single-digits, implying market share gain through strong market position. Factors that could, individually or collectively, lead to negative rating action/downgrade: -- Fitch's expectation of forward gross leverage sustaining above 7.0x; -- (cash from operations-capex)/total debt below 2.5%; -- FFO interest coverage below 1.5x; -- Sustained negative revenue growth; -- EBITDA and FCF margins sustaining below Fitch's estimate. BEST/WORST CASE RATING SCENARIO International scale credit ratings of Non-Financial Corporate issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of four notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. LIQUIDITY AND DEBT STRUCTURE Sufficient Liquidity: Given the strong cash generation capabilities, Fitch believes MeridianLink will have solid liquidity over the rating horizon. The Company had $119 million of cash on hand as of June 30, 2020. Fitch estimates the company to generate approximately neutral change in cash in 2020 as its FCF is used for $30 million shareholder holdback payment. Fitch forecasts the Company to generate normalized pre-dividend FCF margins in excess of 25% starting in 2021. Additionally, liquidity is supported by an unused $35 million revolving facility and a favorable debt maturity schedule, with the term loans maturing starting in 2025. Liquidity may be hampered by special dividends to the sponsor. PURDUE PHARMA: Tarter Krinsky, et al. Update on NAS Children ------------------------------------------------------------ Pursuant to Rule 2019 of sthe Federal Rules of Bankruptcy Procedure, the law firm of Tarter Krinsky & Drogin, Martzell, Bickford & Centola, Creadore Law Firm PC and Law Offices of Kent Harrison Robbins, P.A. submitted an amended verified statement to disclose an updated list of the Ad Hoc Committee of NAS Children that they are representing in the Chapter 11 cases of Purdue Pharma L.P., et al. In and about September 2019 the NAS Committee was formed and, thereafter, retained counsel, Tarter Krinsky & Drogin LLP, to represent the NAS Committee in the Debtors' chapter 11 cases. On October 22, 2019, the NAS Committee filed its original verified statement pursuant to Fed. R. Bankr. P. 2019 [Docket No. 341]. Since the filing of the Original Verified Statement, thousands of additional individuals claiming injuries and conditions related to use of opiates manufactured by some or all of the Debtors have joined the NAS Committee. As of Aug. 18, 2020, the initials of each member of the NAS Committee are: A.M.K. A.L. K.J.J. G.G. J.J. J.S.D.V. D.D. M.A.W. C.T. G.D. D.L.S.B. T.L.S. S.K. L.A.A. M.O. The NAS Committee reserves the right to amend and/or supplement this Amended Verified Statement in accordance with Bankruptcy Rule 2019. Counsel for the Ad Hoc Committee of NAS Babies can be reached at: TARTER KRINKSY & DROGIN LLP Scott S. Markowitz, Esq. Michael Z. Brownstein, Esq. 1350 Broadway, 11th Floor New York, NY 10018 Telephone: 212-216-8000 Email: smarkowitz@tarterkrinsky.com MARTZELL, BICKFORD & CENTOLA Scott R. Bickford, Esq. Spencer R. Doody, Esq. 338 Lafayette Street New Orleans, LA 70130 Telephone: 504-581-9065 Facsimile: 504-581-7365 Email: sbickford@mbfirm.com srd@mbfirm.com usdcndoh@mbfirm.com CREADORE LAW FIRM PC Donald Creadore, Esq. 450 Seventh Avenue, 14th Floor New York, NY 10123 Telephone: 212-355-7200 Email: donald@creadorelawfirm.com - and - LAW OFFICES OF KENT HARRISON ROBBINS, P.A. 242 Northeast 27th Street Miami, FL 33137 Telephone: 305-523-0500 Facsimile: 305-531-0150 Email: khr@khrlawoffices.com A copy of the Rule 2019 filing, downloaded from PacerMonitor.com, is available at https://is.gd/uavWWT About Purdue Pharma Purdue Pharma L.P. and its subsidiaries -- http://www.purduepharma.com/-- develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers and caregivers. Purdue's subsidiaries include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the reimagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development. Opioid makers in the U.S. are facing pressure from a crackdown on the addictive drug in the wake of the opioid crisis and as state attorneys general file lawsuits against manufacturers. More than 2,000 states, counties, municipalities and Native American governments have sued Purdue Pharma and other pharmaceutical companies for their role in the opioid crisis in the U.S., which has contributed to the more than 700,000 drug overdose deaths in the U.S. since 1999. OxyContin, Purdue Pharma's most prominent pain medication, has been the target of over 2,600 civil actions pending in various state and federal courts and other fora across the United States and its territories. On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19-23649), after reaching terms of a preliminary agreement for settling the massive opioid litigation facing the Company. The Company's consolidated balance sheet at Aug. 31, 2019, showed $1.972 billion in assets and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain, in White Plains, New York, has been assigned to oversee Purdue's Chapter 11 case. Davis Polk & Wardwell LLP and Dechert LLP are serving as legal counsel to Purdue. PJT Partners is serving as investment banker, and AlixPartners is serving as financial advisor. Prime Clerk LLC is the claims agent. REMARK HOLDINGS: Corrects Recent 'Misinformation Campaign' ---------------------------------------------------------- Remark Holdings, Inc. responded to recent inaccurate reports regarding the company's ownership in Sharecare and other issues. Management Commentary As we evaluate what further actions we will take, we wanted to take this opportunity to respond to Wolfpack Research's misleading statements and outdated information from last week. 1. Wolfpack Research's key allegation is that we do not actually own shares of Sharecare as we report in our filings with the Securities and Exchange Commission. Such assertion is absolutely false. As of June 30, 2020, we owned approximately 4.5% of the issued shares of Sharecare and our CEO, Kai-Shing Tao, occupies a seat on Sharecare's Board of Directors. Additionally, as of this writing, the litigation that we previously reported in our SEC filings that could have potentially resulted in our loss of control over the investment in Sharecare has been resolved, as we recently paid in full all amounts owed in satisfaction of the judgment entered into against us during the litigation. Remark never ceased to own its approximately 4.5% Sharecare stake, as the ability to settle the legal matter without loss of control of the Sharecare investment was always under our control. The payment in full of the underlying judgment against Remark means that there is no longer any basis for potential seizure of the Sharecare investment owned by Remark. 2. Wolfpack Research alleges that we must not have control of our China subsidiaries that we report, for accounting purposes, as variable interest entities (VIEs) simply because we did not publicly disclose the contents of the contracts that give us control over the VIEs; the allegation is simply wrong. We have standard VIE contracts in place, including related loan agreements, that were drawn up and executed several years ago with the assistance of Arnold & Porter, an internationally well regarded law firm. VIE control may not be the same as direct equity ownership, but it is a very common framework with Chinese companies controlled by foreign entities. In fact, Alibaba, Tencent, Netease, JD.com and Baidu are some of the many examples of major companies who have structured their China business using VIEs. 3. Though we initially sourced cameras and other components from various third parties, including HIKvision (whose cameras are still readily available on websites like Amazon.com), we never shared any of our AI technology with them nor did HIKvision at any time have access to our technology. We are now an original design manufacturer for our thermal cameras and thermal pads. We design the cameras and pads and have hired a contract manufacturer to produce the products. The manufacturers build according to our design and specifications, which is why the products are now Remark-branded products. Remark has always maintained control of the technology and intellectual property. 4. Regarding our investment in AIO, we originally planned to invest $1 million in the company, but after funding $500,000, we determined that we would need to work with AIO to improve their results before we further funded the company. One of our China subsidiaries subscribed for AIO's 20% equity interests at a post-money valuation of $5 million, and paid in $500,000. In connection with that, AIO increased its registered capital from one million Chinese Yuan to 1.25 million Chinese Yuan, and the difference between $500,000 and 250,000 Chinese Yuan was deposited to the capital surplus account which is not reflected as AIO's registered capital. Such transaction is very typical. The comment from Wolfpack regarding our China subsidiary's capital contribution based on their purported review of the SAIC filing is flawed and seems intended to mislead or confuse Remark's investors. 5. Finally, they allege working capital and cash issues, each of which we address in every one of our SEC filings over the past few years, but they inaccurately calculate working capital and they do not provide any source material, other than referring to obtaining tax documents in China, that would allow us refute their inaccurate assertion that we do not consolidate our Chinese subsidiaries under GAAP. We are a public company with well-regarded auditors who regularly review and audit our financials. 6. As of June 30, 2020, our cash balance exceeded $10 million and our debt had been paid down substantially. We are proud to be helping our customers safely reopen their businesses and schools as they try to comply with the latest safety standard About Remark Holdings Remark Holdings, Inc. (NASDAQ: MARK) -- http://www.remarkholdings.com-- delivers an integrated suite of AI solutions that enable businesses and organizations to solve problems, reduce risk and deliver positive outcomes. The company's easy-to-install AI products are being rolled out in a wide range of applications within the retail, financial, public safety and workplace arenas. The company also owns and operates digital media properties that deliver relevant, dynamic content and ecommerce solutions. The company is headquartered in Las Vegas, Nevada, with additional operations in Los Angeles, California and in Beijing, Shanghai, Chengdu and Hangzhou, China. As of June 30, 2020, the Company had $23.08 million in total assets, $30.52 million in total liabilities, and a total stockholders' deficit of $7.44 million. Cherry Bekaert LLP, in Atlanta, Georgia, the Company's auditor since 2011, issued a "going concern" qualification in its report dated May 29, 2020, citing that the Company has suffered recurring losses from operations and negative cash flows from operating activities and has a negative working capital and a stockholders' deficit that raise substantial doubt about its ability to continue as a going concern. REMINGTON OUTDOOR: Two More Creditors Appointed to Committee ------------------------------------------------------------ The U.S. Bankruptcy Administrator for the Northern District of Alabama appointed two more creditors to serve on the official committee of unsecured creditors in the Chapter 11 cases of Remington Outdoor Company Inc. and its affiliates. The new members are: 1. Sharon Teague P.O. Box 348 Seeley Lake, MT 59868 teaguemt@gmail.com 2. United Mine Workers of America Attn: Brian Sanson Director of Research, UMWA 18354 Quantico Gateway Drive, Suite 200 Triangle, VA 22172 bsanson@umwa.org Pursuant to the bankruptcy court's previous order, UMWA will serve as an ex officio member of the committee with no voting rights. About Remington Outdoor Company Remington Outdoor Company, Inc. and its affiliates are manufacturers of firearms, ammunition and related products for commercial, military, and law enforcement customers throughout the world. They operate seven manufacturing facilities located across the United States. The companies' principal headquarters are located in Huntsville, Alabama. Remington Outdoor Company and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ala. Lead Case No. 20-81688) on July 27, 2020. At the time of the filing, Debtors disclosed assets of between $100 million and $500 million and liabilities of the same range. Judge Clifton R. Jessup Jr. oversees the cases. The Debtors tapped O'Melveny & Myers LLP as their bankruptcy counsel, Burr & Forman LLP as local counsel, M-III Advisory Partners LP as financial advisor, Ducera Partners LLC as investment banker, and Prime Clerk LLC as notice, claims and balloting agent. The U.S. Bankruptcy Administrator for the Northern District of Alabama appointed a committee of unsecured creditors on August 6, 2020. The committee is represented by Fox Rothschild, LLP and Baker Donelson Bearman Caldwell & Berkowitz, PC. RENFRO CORP: Moody's Rates $20.2-Mil. Priming Term Loan 'Caa1' -------------------------------------------------------------- Moody's Investors Service assigned a Caa1 rating to Renfro Corporation's $20.2 million senior secured priming term loan due February 12, 2021. At the same time, Moody's affirmed Renfro's Caa3 corporate family rating, Caa3-PD probability of default rating, and Caa3 on the first lien term loan. The outlook remains negative. Through a recently restated credit agreement, Renfro obtained additional credit in the form of a $20.2 million senior secured priming term loan, consisting of $10.1 million of new money and $10.1 million from existing term loan lenders that provided the funding on a dollar for dollar basis. Renfro also extended the limited waiver, October 31, 2020 from June 29, 2020, related to going concern language in its most recent audited financial statements. While the additional funds from the new money priming term loan are credit positive as it provides additional cash liquidity, Renfro's liquidity profile remains weak and its probability of default remains high given its very near dated maturity profile. The company's $87.5 million ABL revolving credit facility and $20.2 million priming term loan come due on February 12, 2021, and its $132 million secured term loan matures on March 31, 2021. Moody's took the following rating actions for Renfro Corporation: Assignments: Senior secured first lien priming term loan due 2021, assigned Caa1 (LGD2) Affirmations: Corporate family rating, affirmed at Caa3; Probability of default rating, affirmed at Caa3-PD Senior secured first lien tranche B term loan due 2021, affirmed Caa3 (LGD4) Outlook actions: Outlook, remains negative RATINGS RATIONALE Renfro's Caa3 CFR reflects the company's weak liquidity and risks regarding the company's ability to refinance its upcoming debt maturities given recent performance challenges and high financial leverage. The company's ABL revolving credit facility and priming term loan come due on February 12, 2021, and its secured term loan matures on March 31, 2021. As of April 2020, lease adjusted debt/EBITDAR stood at around 6.4 times, and funded debt to credit agreement EBITDA was around 5.9 times. Recent unprecedented disruptions caused by the global coronavirus pandemic will likely challenge the company's ability to significantly reduce leverage over the very near term when it needs to refinance maturing debt. The rating also incorporates the company's modest revenue scale relative to the global apparel industry, significant customer concentration, and narrow product focus. With regard to financial strategy, in Moody's view, given a low equity valuation, private equity sponsor Kelso & Company, L.P. is unlikely to provide any sponsor equity support. Supporting the rating are Renfro's well-recognized licensed brands, long-term customer relationships and the relatively stable nature of the socks business. The negative outlook reflects the high probability of default given risk that Renfro may not be able to address the maturities of its asset-based revolver and term loan before they mature in February and March 2021, respectively. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if the company's probability of default increases or recovery estimates materially decline. The ratings could be upgraded if the company successfully refinances its capital structure and improves its overall liquidity to adequate levels. The principal methodology used in these ratings was Apparel Methodology published in October 2019. Renfro Corporation, based in Mount Airy, North Carolina, is a leading manufacturer and distributor of branded and private label socks. The company designs, manufactures, and distributes under exclusive licenses from third parties including Fruit of the Loom, Dr. Scholl's, Polo, Ralph Lauren, Carhartt, Russell, New Balance and Sperry; under owned brands including Hot Sox, KBell and Copper Sole; and brands produced under manufacturing agreements for Smartwool and Pearl Izumi. The company sources from Asia vendors and has manufacturing facilities in the US. Renfro has a significant customer concentration with Wal-Mart. Private equity firm Kelso & Company, L.P. has been the majority owner of Renfro since 2006. Revenue for the twelve months ended April 2020 were less than $500 million. SEANERGY MARITIME: Prices $25-Mil. Underwritten Public Offering --------------------------------------------------------------- Seanergy Maritime Holdings Corp. reports the pricing of an underwritten offering of 35,714,286 units. Each unit consists of one common share (or pre-funded warrant in lieu of one common share) and one Class E warrant to purchase one common share, and will immediately separate on issuance. The public offering price of each unit is $0.70 (or $0.69 for a unit including a pre-funded warrant). Gross proceeds before underwriting discounts and commissions and estimated offering expenses, are expected to be approximately $25.0 million. The offering is expected to close on or about Aug. 20, 2020, subject to customary closing conditions. The Class E warrants will be immediately exercisable at a price of $0.70 per common share and will expire five years from the date of issuance. A public market for the pre-funded warrants or Class E Warrants is not expected to be established or to develop. Maxim Group LLC is acting as sole book-running manager and representative of the underwriters, and Fearnley Securities is acting as lead manager for the offering. The Company also has granted to the representative of the underwriters a 45-day option to purchase up to an additional 5,357,142 common shares and/or pre-funded warrants and/or Class E warrants to purchase up to 5,357,142 common shares, at the public offering price less discounts and commissions. The Company, all of its executive officers and directors, and certain affiliates have entered into lock-up agreements with the underwriters, pursuant to which these persons may not, without the prior written approval of the representatives to the underwriters, offer, sell, contract to sell or otherwise dispose of or hedge common shares or securities convertible into or exchangeable for common shares, subject to certain exceptions. These restrictions will be in effect for a period of 120 days after the date of the closing of this offering. The securities are being offered by Seanergy Maritime Holdings Corp. pursuant to a registration statement (File No. 333-226796) previously filed and declared effective by the Securities and Exchange Commission (SEC). The securities are being offered only by means of a prospectus supplement and accompanying prospectus, forming part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to this offering have been filed with the SEC. Electronic copies of the preliminary prospectus supplement and the accompanying prospectus relating to this offering may be obtained from Maxim Group LLC, 405 Lexington Avenue, 2nd Floor, New York, NY 10174, at 212-895-3745. Electronic copies of the preliminary prospectus supplement and accompanying prospectus are also available on the website of the SEC at www.sec.gov. 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. Seanergy provides marine dry bulk transportation services through a modern fleet of 10 Capesize vessels, with a cargo-carrying capacity of approximately 1,748,581 dwt and an average fleet age of approximately 11 years. The Company is incorporated in the Marshall Islands and has executive offices in Athens, Greece and an office in Hong Kong. Seanergy Maritime reported a net loss of US$11.70 million for the Dec. 31, 2019, a net loss of US$21.06 million for the year ended Dec. 31, 2018, and a net loss of US$3.23 million for the year ended Dec. 31, 2017. As of Dec. 31, 2019, the Company had US$282.55 million in total assets, US$252.69 million in total liabilities, and US$29.86 million in total stockholders' equity. Ernst & Young (Hellas) Certified Auditors Accountants S.A., in Athens, Greece, the Company's auditor since 2012, issued a "going concern" qualification in its report dated March 5, 2020 citing that the Company has a working capital deficiency and has stated that substantial doubt exists about the Company's ability to continue as a going concern. In addition, the Company has not complied with a certain covenant of a loan agreement with a bank. SEVEN STARS: Case Summary & 11 Unsecured Creditors -------------------------------------------------- Debtor: Seven Stars on the Hudson Corp DBA Rockin Jump 5300 Powerline Rd Fort Lauderdale, FL 33309 Business Description: Seven Stars on the Hudson Corp dba Rockin Jump -- rockinjump.com/ftlauderdale -- manages a trampoline amusement park. Chapter 11 Petition Date: August 24, 2020 Court: United States Bankruptcy Court Southern District of Florida Case No.: 20-19106 Judge: Hon. Scott M. Grossman Debtor's Counsel: Brian K. McMahon, Esq. BRIAN K. MCMAHON 1401 Forum Way 6th Floor West Palm Beach, FL 33401 Tel: 561-478-2500 Email: briankmcmahon@gmail.com Total Assets: $491,919 Total Liabilities: $1,393,203 The petition was signed by Jens Berding, authorized representative. A copy of the petition containing, among other items, a list of the Debtor's 11 unsecured creditors is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/LIKKQBY/Seven_Stars_on_the_Hudson_Corp__flsbke-20-19106__0001.0.pdf?mcid=tGE4TAMA SUNOPTA FOODS: Moody's Cuts CFR to B3 & Alters Outlook to Positive ------------------------------------------------------------------ Moody's Investors Service upgraded SunOpta Foods Inc.'s corporate family rating to B3 from Caa1, probability of default rating to B3-PD from Caa1-PD, and senior secured second lien notes rating to Caa1 from Caa2. The company's SGL-3 speculative grade liquidity rating remains unchanged. The outlook was changed to positive from stable. "The upgrade reflects the significant turnaround in SunOpta's operating results in the first half of 2020 which has reduced leverage to below 7x. The positive outlook reflects its expectation that SunOpta will continue to generate positive free cashflow and reduce leverage towards 5.5x over the next 12 to 18 months", said Louis Ko, Moody's Vice President and Senior Analyst. Upgrades: Issuer: SunOpta Foods Inc. Corporate Family Rating, Upgraded to B3 from Caa1 Probability of Default Rating, Upgraded to B3-PD from Caa1-PD Senior Secured Regular Bond/Debenture, Upgraded to Caa1 (LGD5) from Caa2 (LGD5) Outlook Actions: Issuer: SunOpta Foods Inc. Outlook, Changed To Positive From Stable RATINGS RATIONALE SunOpta Foods Inc. (SunOpta, B3 positive) benefits from: (1) participation in the private label organic and non-genetically modified food and plant-based beverage categories, which have attractive long-term growth prospects; (2) Moody's expectation that SunOpta's turnaround plan will continue to support EBITDA growth in in the next 12 months; (3) expectation that leverage will be sustained below 7x (6.4x LTM Q2 2020) over the next 12-18 months; and (4) maintenance of adequate liquidity. However, the company is constrained by: (1) its exposure to raw material price fluctuation which depend on the harvest season; (2) its concentration of sales in the US; (3) weak operating margins; and (4) its exposure to food safety recalls and liability claims. SunOpta has adequate liquidity. Sources are approximately $160 million while uses make up about $5 million. The company's liquidity sources consist of cash of about $2 million at Q2 2020, $148 million of availability under its $350 million ABL facility due March 2022, which is subject to a borrowing base and free cash flow expectation of about $10 million. Uses of liquidity include about $5 million of mandatory debt repayment. SunOpta is not subject to any financial maintenance covenant unless its availability falls below a certain threshold, when it will have to comply with a minimum fixed charge coverage ratio of 1x. Moody's does not expect the covenant to be applicable in the next four quarters. SunOpta has some flexibility to generate liquidity from asset sales. The company has no refinancing risk until 2022 when the ABL facility comes due. The positive outlook reflects its expectation that improved operating performance will continue to support further deleveraging towards 5.5x and positive free cash flow generation over the next 12-18 months. Moody's also expects SunOpta to maintain at least adequate liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The rating could be upgraded if SunOpta demonstrates continued growth in its operating results, generates consistent positive free cash flow and sustains adjusted Debt/EBITDA below 5.5x (6.4x LTM Q2 2020) and EBITA/Interest approaches 2x (1.1x LTM Q2 2020). The rating could be downgraded if weak operational performance causes leverage to be sustained above 7x (6.4x LTM Q2 2020) and EBITA/Interest below 1x (1.1x LTM Q2 2020), or if liquidity becomes weak, possibly caused by continued negative free cash flow generation. SunOpta monitors its social risks closely which includes the potential exposure it faces with respect to food safety and reputation risks associated with a product recall. SunOpta has demonstrated a good track record of responding to food safety issues and is compliant with all safety regulations related to employee safety and manufacturing safety standards in its manufacturing facilities. SunOpta has a good governance track record with strong financial oversight. SunOpta is publicly traded on the NASDAQ and the Toronto Stock Exchange and has consistently complied with the regulatory and reporting requirements. SunOpta maintains a relatively conservative financial strategy, with a consistent dividend policy. The principal methodology used in these ratings was Consumer Packaged Goods Methodology published in February 2020. SunOpta Foods Inc., headquartered in Mississauga, Ontario, Canada, is focused on both procuring and processing non-genetically modified and organic ingredients from global sources (Global Ingredients segment), plant-based beverages, broths, and snacks (Plant-Based Foods and Beverages) and marketing of frozen fruits and manufacturing of fruit snacks (Fruit-Based Foods and Beverages segment), primarily in the US. Revenue for the twelve months ended June 27, 2020 was about $1.2 billion. SunOpta Inc. is publicly traded on both the NASDAQ and the Toronto Stock Exchange. Private equity firm Oaktree Capital Management and Engaged Capital, LLC own 20% and 16.5% of SunOpta's common stock, respectively. TONOPAH SOLAR: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Tonopah Solar Energy, LLC. About Tonopah Solar Energy Tonopah Solar Energy, LLC owns and operates a net 110-megawatt concentrated solar energy power plant located near Tonopah in Nye County, Nevada. The power plant is also known as the Crescent Dunes Solar Energy Project, which is the first utility-scale concentrated solar power plant in the United States to be fully integrated with energy storage technology. Tonopah Solar Energy sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 20-11884) on July 30, 2020. At the time of the filing, Debtor had estimated assets of between $500 million and $1 billion and liabilities of between $100 million and $500 million. Judge Karen B. Owens oversees the case. The Debtor tapped Young, Conaway, Stargatt & Taylor LLP and Willkie Farr & Gallagher LLP as its legal counsel, Houlihan Lokey Inc. as investment banker, and Epiq Corporate Restructuring, LLC as claims agent and administrative advisor. FTI Consulting, Inc., provides turnaround management services. TPT GLOBAL: Posts $2.5 Million Net Income in Second Quarter ----------------------------------------------------------- TPT Global Tech, Inc. filed with the Securities and Exchange Commission its Quarterly Report on Form 10-Q, disclosing net income of $2.47 million on $2.75 million of total revenues for the three months ended June 30, 2020, compared to a net loss of $8.54 million on $2.43 million of total revenues for the three months ended June 30, 2019. For the six months ended June 30, 2020, the Company reported a net loss of $3.49 million on $5.83 million of total revenues compared to a net loss of $11.53 million on $2.59 million of total revenues for the six months ended June 30, 2019. As of June 30, 2020, the Company had $15.45 million in total assets, $35.38 million in total liabilities, $4.79 million in total mezzanine equity, and $24.77 in total stockholders' deficit. Based on TPT Global's financial history since inception, the Company's auditor has expressed substantial doubt as to its ability to continue as a going concern. As of June 30, 2020, the Company had an accumulated deficit totaling $35,327,081. This raises substantial doubts about its ability to continue as a going concern. TPT Global said, "The Company has taken advantage of the stimulus offerings and received $722,200 in April 2020 and believes it has used these funds as is prescribed by the stimulus offerings to have the entire amount forgiven. A portion of the loan to Blue Collar is under the automatic forgiveness amount of $150,000. The Company is also in the process of trying to raise debt and equity financing, some of which may have to be used for working capital shortfalls if revenues decrease significantly because of the COVID-19 closures. "As the COVID-19 pandemic is complex and rapidly evolving, the Company's plans as described above may change. At this point, we cannot reasonably estimate the duration and severity of this pandemic, which could have a material adverse impact on our business, results of operations, financial position and cash flows. "In order for us to continue as a going concern for a period of one year from the issuance of these financial statements, we will need to obtain additional debt or equity financing and look for companies with cash flow positive operations that we can acquire. There can be no assurance that we will be able to secure additional debt or equity financing, that we will be able to acquire cash flow positive operations, or that, if we are successful in any of those actions, those actions will produce adequate cash flow to enable us to meet all our future obligations. Most of our existing financing arrangements are short-term. If we are unable to obtain additional debt or equity financing, we may be required to significantly reduce or cease operations." A full-text copy of the Form 10-Q is available for free at: https://www.sec.gov/Archives/edgar/data/1661039/000165495420009351/tptw_10q.htm About TPT Global Tech TPT Global Tech Inc. (OTC:TPTW) based in San Diego, California, is a Technology/Telecommunications Media Content Hub for Domestic and International syndication and also provides technology solutions to businesses domestically and worldwide. TPT Global offers Software as a Service (SaaS), Technology Platform as a Service (PAAS), Cloud-based Unified Communication as a Service (UCaaS) and carrier-grade performance and support for businesses over its private IP MPLS fiber and wireless network in the United States. TPT's cloud-based UCaaS services allow businesses of any size to enjoy all the latest voice, data, media and collaboration features in today's global technology markets. TPT's also operates as a Master Distributor for Nationwide Mobile Virtual Network Operators (MVNO) and Independent Sales Organization (ISO) as a Master Distributor for Pre-Paid Cellphone services, Mobile phones Cellphone Accessories and Global Roaming Cellphones. TPT Global reported a net loss of $14.03 million for the year ended Dec. 31, 2019, compared to a net loss of $5.38 million for the year ended Dec. 31, 2018. As of March 31, 2020, TPT Global had $15.54 million in total assets, $38.44 million in total liabilities, and a total stockholders' deficit of $22.91 million. Sadler, Gibb & Associates, LLC, in Salt Lake City, UT, the Company's auditor since 2016, issued a "going concern" qualification in its report dated April 14, 2020 citing that the Company has suffered recurring losses from operations and has a net capital deficiency which raise substantial doubt about its ability to continue as a going concern. V GARGUILO ENTERPRISES: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------------------- The Office of the U.S. Trustee disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of V Garguilo Enterprises LLC. About V Garguilo Enterprises V Garguilo Enterprises, LLC, filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 20-05379) on July 15, 2020. At the time of the filing, Debtor disclosed assets of between $100,001 and $500,000 and liabilities of the same range. Judge Catherine Peek Mcewen oversees the case. The Debtor is represented by Comer Law Firm. VPR BRANDS: Issues $100K Promissory Note to CEO ----------------------------------------------- VPR Brands, LP issued a promissory note in the principal amount of $100,001 to Kevin Frija, who is the Company's chief executive officer, president, principal financial officer, principal accounting officer and Chairman of the Board, and a significant stockholder of the Company. The principal amount due under the Note bears interest at the rate of 24% per annum, and the Note permits Mr. Frija to deduct one ACH payment from the Company's bank account in the amount of $500 per business day until the principal amount due and accrued interest is repaid. Any unpaid principal amount and any accrued interest is due on Aug. 19, 2021. The Note is unsecured. About VPR Brands Headquartered in Ft. Lauderdale, FL, VPR Brands -- http://www.VPRBrands.com/-- is a technology company whose assets include issued U.S. and Chinese patents for atomization-related products, including technology for medical marijuana vaporizers and electronic cigarette products and components. The Company is also engaged in product development for the vapor or vaping market, including e-liquids, vaporizers and electronic cigarettes (also known as e-cigarettes) which are devices which deliver nicotine and or cannabis and cannabidiol (CBD) through atomization or vaping, and without smoke and other chemical constituents typically found in traditional products. As of June 30, 2020, the Company had $1.11 million in total assets, $3.26 million in total liabilities, and a total stockholders' deficit of $2.15 million. Prager Metis CPA's LLC, in Hackensack, New Jersey, the Company's auditor since 2018, issued a "going concern" qualification in its report dated June 9, 2020, citing that the Company incurred a net loss of $1,179,010 for the year ended Dec. 31, 2019 and has an accumulated deficit of $9,778,394 and a working capital deficit of $1,704,753 at Dec. 31, 2019. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. WASHINGTON PRIME: Amends Existing Credit Facilities --------------------------------------------------- Washington Prime Group Inc. has entered into amendments with respect to its credit facilities, which will provide certain covenant relief through the third quarter of 2021, further strengthening and supporting the Company's execution of its long term business plan. Lou Conforti, CEO and director of Washington Prime Group stated: "I'm pleased to announce the successful modification of our credit facilities without any reduction of their size or change to maturity dates. The quid pro quo is temporary partial collateral which still leaves approximately half of our previously unencumbered net operating income free and clear of mortgage liens. It's important to point out, the breach was entirely related to the COVID-19 pandemic. It was technical in nature and was limited to leverage based financial covenants. Plain and simple, it's the result of what happens when a pandemic reduces your numerator e.g. rental income by nearly one half during a quarter. Furthermore, interest coverage was and is still in excess of required thresholds and our ability to service our mortgages and unsecured notes was never in question. "We structured a favorable modification with our lending partners which allows us to continue to execute our dominant town center mandate. In other words, it's business as usual and I'd like to thank our lending partners who adamantly believe in our focus of serving midsize cities and their respective demographic constituencies. Their cooperation and support is greatly appreciated. "As it relates to the second quarter, instead of 'beefing up' rental collections for short term results, we steadfastly maintained our policy whereby we regard our tenants as partners. Accordingly, we entered into constructive negotiations in order to resolve amounts owed via reasonable deferral payment plans. We quickly realized if we adopted a confrontational approach with the intent to overemphasize second quarter operating metrics, this would serve as a detriment to longstanding relationships we have worked hard to nurture as well as send a less than friendly message to those tenants we are actively courting. "In addition, while we substantially reduced corporate overhead and operating expenses, this national crisis served as the catalyst by which we could further our town centers' standing as a community resource. We opted not to sacrifice our meaningful presence and goodwill by reducing our local management teams to a skeleton crew. As a result, they worked diligently during the pandemic and continue to do so as exhibited by our hosting of 900 community service projects nationwide. "Our strategy worked. July exhibited a healthy 71.3% collection rate and we believe these trends will only improve throughout the remainder of the year. Furthermore, and this is not a typo, we leased 2.2M SF of space during the first half of 2020, and during the height of the pandemic (March, April, May and June), 182 leases were signed totaling 1.3M SF. At the risk of being Machiavellian, we also instituted an incentive program which resulted in discontented local entrepreneurs relocating to our assets from competitors and brand new NOI from this program currently stands at $1.2M. Also, every single one of our adaptive reuse tenants e.g. department store replacements, have reaffirmed their lease commitments. Finally, our last mile fulfillment initiative, Fulventory, has been met with an enthusiastic response as evidenced by the initial leasing we have executed to date and discussions are underway with several tenants and logistics providers to address portfolio wide fulfillment solutions. "While the second quarter impact of the COVID-19 pandemic was unlike anything I've certainly ever experienced, it only strengthened our conviction regarding the necessity of tenant diversification, common area activation, relevant adaptive reuse, and eCommerce capabilities. The importance of midsize cities where the vast majority of our dominant town centers are situated has also been recently reinforced as larger MSAs have been disproportionately impacted by recent events. The affirmation of all those with whom we interact whether lender, tenant, sponsor, guest, etc. during these crazy times is why we continue to grind it out." The Amendments will be partially collateralized by properties making up approximately half of the Company's previously unencumbered net operating income, with the Company having the ability to release the security starting in the third quarter of 2021 if certain financial conditions are met. The all-in interest rate, depending on total leverage levels, will range from LIBOR plus 2.35% to 2.60% with a LIBOR floor of 50 basis points. Based upon the amended financial covenant requirements and internal estimates, the Company projects that it will remain in compliance with these revised financial covenants along with other unsecured debt covenants. As previously announced, the Company was in compliance with these covenants as of the end of most recently completed fiscal quarter that ended June 30, 2020. About Washington Prime Group Headquartered in Columbus Ohio, Washington Prime Group Inc. -- http://www.washingtonprime.com-- is a retail REIT and a recognized company in the ownership, management, acquisition and development of retail properties. The Company combines a national real estate portfolio with its ex pertise across the entire shopping center sector to increase cash flow through rigorous management of assets and provide new opportunities to retailers looking for growth throughout the U.S. Washington Prime Group is a registered trademark of the Company. * * * As reported by the TCR on June 3, 2020, Fitch Ratings downgraded the ratings of Washington Prime Group, Inc. and its operating partnership, Washington Prime Group, L.P., including the Long-Term Issuer Default Rating, to 'CCC+' from 'B'. Fitch said the deterioration of the operating performance of WPG's mall assets and its capital access has severely limited the company's ability to navigate coronavirus-related retailer tenant stress. Moody's Investors Service also downgraded the senior unsecured debt and corporate family ratings of Washington Prime Group, L.P. to Caa3 from Caa1. "WPG's Caa3 corporate family rating reflects its large, geographically diversified portfolio of retail assets, which includes a mix of enclosed malls (71% of Comp NOI) and open-air centers (29%) across the US.," Moody's said, according to a TCR report dated June 1, 2020. In March 2020, S&P Global Ratings lowered its issuer credit rating on Washington Prime Group Inc. to 'CCC+' from 'BB-'. "The downgrade reflects our view that Washington Prime is at risk for a covenant breach in the second quarter of 2020." 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1.1 DOMO INC- CL B 1ON GR 197.2 (64.0) 1.1 DOMO INC- CL B 1ON GZ 197.2 (64.0) 1.1 DOMO INC- CL B DOMOEUR EU 197.2 (64.0) 1.1 DRAFTKINGS INC-A 8DEA TH 2,516.1 2,191.3 1,181.1 DRAFTKINGS INC-A 8DEA QT 2,516.1 2,191.3 1,181.1 DRAFTKINGS INC-A 8DEA GZ 2,516.1 2,191.3 1,181.1 DRAFTKINGS INC-A DKNG US 2,516.1 2,191.3 1,181.1 DRAFTKINGS INC-A 8DEA GR 2,516.1 2,191.3 1,181.1 DRAFTKINGS INC-A DKNG1EUR EU 2,516.1 2,191.3 1,181.1 DRAFTKINGS INC-A DKNG* MM 2,516.1 2,191.3 1,181.1 DUNKIN' BRANDS G DNKN US 3,829.3 (587.7) 319.4 DUNKIN' BRANDS G 2DB TH 3,829.3 (587.7) 319.4 DUNKIN' BRANDS G 2DB GR 3,829.3 (587.7) 319.4 DUNKIN' BRANDS G 2DB QT 3,829.3 (587.7) 319.4 DUNKIN' BRANDS G DNKNEUR EU 3,829.3 (587.7) 319.4 DUNKIN' BRANDS G 2DB GZ 3,829.3 (587.7) 319.4 DYE & DURHAM LTD DND CN - - - ECOARK HOLDINGS ZEST US 27.8 (2.7) (21.8) EMISPHERE TECH EMIS US 5.2 (155.3) (1.4) EVERI HOLDINGS I G2C TH 1,484.1 (18.8) 108.3 EVERI HOLDINGS I G2C GR 1,484.1 (18.8) 108.3 EVERI HOLDINGS I EVRIEUR EU 1,484.1 (18.8) 108.3 EVERI HOLDINGS I EVRI US 1,484.1 (18.8) 108.3 FATHOM HOLDINGS FTHM US - - - FRONTDOOR IN 3I5 GR 1,361.0 (125.0) 161.0 FRONTDOOR IN FTDREUR EU 1,361.0 (125.0) 161.0 FRONTDOOR IN FTDR US 1,361.0 (125.0) 161.0 GLOBALSCAPE INC GSB US 40.6 (28.7) (3.0) GODADDY INC-A 38D TH 6,092.1 (254.5) (1,667.8) GODADDY INC-A 38D GR 6,092.1 (254.5) (1,667.8) GODADDY INC-A 38D QT 6,092.1 (254.5) (1,667.8) GODADDY INC-A GDDY* MM 6,092.1 (254.5) (1,667.8) GODADDY INC-A GDDY US 6,092.1 (254.5) (1,667.8) GOGO INC GOGO US 1,064.8 (569.0) 98.9 GOGO INC G0G QT 1,064.8 (569.0) 98.9 GOGO INC G0G TH 1,064.8 (569.0) 98.9 GOGO INC GOGOEUR EU 1,064.8 (569.0) 98.9 GOLDEN STAR RES GS51 GR 381.3 (21.9) (31.0) GOLDEN STAR RES GSC CN 381.3 (21.9) (31.0) GOLDEN STAR RES GSS US 381.3 (21.9) (31.0) GOLDEN STAR RES GS51 QT 381.3 (21.9) (31.0) GOLDEN STAR RES GSC1EUR EU 381.3 (21.9) (31.0) GOLDEN STAR RES GSR GN 381.3 (21.9) (31.0) GOLDEN STAR RES GS51 GZ 381.3 (21.9) (31.0) GOOSEHEAD INSU-A GSHD US 142.6 (17.2) 60.0 GOOSEHEAD INSU-A 2OX GR 142.6 (17.2) 60.0 GOOSEHEAD INSU-A GSHDEUR EU 142.6 (17.2) 60.0 GORES HOLDINGS I GHIVU US 426.9 411.8 0.6 GORES HOLDINGS-A GHIV US 426.9 411.8 0.6 GRAFTECH INTERNA G6G GZ 1,533.4 (574.7) 482.8 GRAFTECH INTERNA EAF US 1,533.4 (574.7) 482.8 GRAFTECH INTERNA G6G GR 1,533.4 (574.7) 482.8 GRAFTECH INTERNA G6G TH 1,533.4 (574.7) 482.8 GRAFTECH INTERNA EAFEUR EU 1,533.4 (574.7) 482.8 GRAFTECH INTERNA G6G QT 1,533.4 (574.7) 482.8 GREEN PLAINS PAR GPP US 105.3 (69.2) (36.9) GREENSKY INC-A GSKY US 1,326.8 (196.9) 645.3 HARMONY BIOSCIE HRMY US 163.1 (49.7) 74.0 HERBALIFE NUTRIT HOO GR 3,567.4 (264.8) 1,304.9 HERBALIFE NUTRIT HLF US 3,567.4 (264.8) 1,304.9 HERBALIFE NUTRIT HOO TH 3,567.4 (264.8) 1,304.9 HERBALIFE NUTRIT HLFEUR EU 3,567.4 (264.8) 1,304.9 HERBALIFE NUTRIT HOO QT 3,567.4 (264.8) 1,304.9 HERBALIFE NUTRIT HOO GZ 3,567.4 (264.8) 1,304.9 HEWLETT-CEDEAR HPQ AR 33,773.0 (743.0) (5,616.0) HEWLETT-CEDEAR HPQD AR 33,773.0 (743.0) (5,616.0) HEWLETT-CEDEAR HPQC AR 33,773.0 (743.0) (5,616.0) HILTON WORLD-BDR H1LT34 BZ 17,126.0 (1,291.0) 2,129.0 HILTON WORLDWIDE HLTW AV 17,126.0 (1,291.0) 2,129.0 HILTON WORLDWIDE HI91 TE 17,126.0 (1,291.0) 2,129.0 HILTON WORLDWIDE HI91 GR 17,126.0 (1,291.0) 2,129.0 HILTON WORLDWIDE HI91 TH 17,126.0 (1,291.0) 2,129.0 HILTON WORLDWIDE HLT* MM 17,126.0 (1,291.0) 2,129.0 HILTON WORLDWIDE HLTEUR EU 17,126.0 (1,291.0) 2,129.0 HILTON WORLDWIDE HLT US 17,126.0 (1,291.0) 2,129.0 HOME DEPOT - BDR HOME34 BZ 63,349.0 (414.0) 7,162.0 HOME DEPOT INC HD TE 63,349.0 (414.0) 7,162.0 HOME DEPOT INC HD US 63,349.0 (414.0) 7,162.0 HOME DEPOT INC HDI TH 63,349.0 (414.0) 7,162.0 HOME DEPOT INC HDI GR 63,349.0 (414.0) 7,162.0 HOME DEPOT INC HD* MM 63,349.0 (414.0) 7,162.0 HOME DEPOT INC 0R1G LN 63,349.0 (414.0) 7,162.0 HOME DEPOT INC HDEUR EU 63,349.0 (414.0) 7,162.0 HOME DEPOT INC HDI QT 63,349.0 (414.0) 7,162.0 HOME DEPOT INC HD SW 63,349.0 (414.0) 7,162.0 HOME DEPOT INC HDUSD SW 63,349.0 (414.0) 7,162.0 HOME DEPOT INC HDI GZ 63,349.0 (414.0) 7,162.0 HOME DEPOT INC HD AV 63,349.0 (414.0) 7,162.0 HOME DEPOT INC HD CI 63,349.0 (414.0) 7,162.0 HOME DEPOT-CED HDD AR 63,349.0 (414.0) 7,162.0 HOME DEPOT-CED HDC AR 63,349.0 (414.0) 7,162.0 HOME DEPOT-CED HD AR 63,349.0 (414.0) 7,162.0 HOVNANIAN ENT-A HO3A GR 1,905.6 (495.1) 879.8 HOVNANIAN ENT-A HOV US 1,905.6 (495.1) 879.8 HOVNANIAN ENT-A HOVEUR EU 1,905.6 (495.1) 879.8 HP COMPANY-BDR HPQB34 BZ 33,773.0 (743.0) (5,616.0) HP INC HPQ US 33,773.0 (743.0) (5,616.0) HP INC 7HP TH 33,773.0 (743.0) (5,616.0) HP INC 7HP GR 33,773.0 (743.0) (5,616.0) HP INC HPQ* MM 33,773.0 (743.0) (5,616.0) HP INC HPQ TE 33,773.0 (743.0) (5,616.0) HP INC 7HP QT 33,773.0 (743.0) (5,616.0) HP INC HPQ SW 33,773.0 (743.0) (5,616.0) HP INC HPQUSD SW 33,773.0 (743.0) (5,616.0) HP INC HPQEUR EU 33,773.0 (743.0) (5,616.0) HP INC 7HP GZ 33,773.0 (743.0) (5,616.0) HP INC HPQ AV 33,773.0 (743.0) (5,616.0) HP INC HPQ CI 33,773.0 (743.0) (5,616.0) IAA INC 3NI GR 2,273.5 (67.4) 292.9 IAA INC IAA-WEUR EU 2,273.5 (67.4) 292.9 IAA INC IAA US 2,273.5 (67.4) 292.9 IMMUNOGEN INC IMU TH 269.7 (24.5) 150.5 IMMUNOGEN INC IMU QT 269.7 (24.5) 150.5 IMMUNOGEN INC IMGN* MM 269.7 (24.5) 150.5 IMMUNOGEN INC IMU GR 269.7 (24.5) 150.5 IMMUNOGEN INC IMGN US 269.7 (24.5) 150.5 IMMUNOGEN INC IMGNEUR EU 269.7 (24.5) 150.5 IMMUNOGEN INC IMU GZ 269.7 (24.5) 150.5 INHIBRX INC INBX US 21.3 (67.0) (21.0) INSEEGO CORP INO GZ 211.9 (41.9) 46.8 INSEEGO CORP INO TH 211.9 (41.9) 46.8 INSEEGO CORP INO QT 211.9 (41.9) 46.8 INSEEGO CORP INSG US 211.9 (41.9) 46.8 INSEEGO CORP INSGEUR EU 211.9 (41.9) 46.8 INSEEGO CORP INO GR 211.9 (41.9) 46.8 INTERCEPT PHARMA ICPT US 637.5 (78.8) 443.1 INTERCEPT PHARMA I4P GR 637.5 (78.8) 443.1 INTERCEPT PHARMA ICPT* MM 637.5 (78.8) 443.1 INTERCEPT PHARMA I4P TH 637.5 (78.8) 443.1 INTERCEPT PHARMA I4P QT 637.5 (78.8) 443.1 IRONWOOD PHARMAC I76 GR 443.5 (36.9) 347.6 IRONWOOD PHARMAC I76 TH 443.5 (36.9) 347.6 IRONWOOD PHARMAC IRWD US 443.5 (36.9) 347.6 IRONWOOD PHARMAC I76 QT 443.5 (36.9) 347.6 IRONWOOD PHARMAC IRWDEUR EU 443.5 (36.9) 347.6 J.C. PENNEY CO JCP* MM 8,467.0 (59.0) 669.0 JACK IN THE BOX JACK US 1,886.7 (827.0) (42.7) JACK IN THE BOX JBX GR 1,886.7 (827.0) (42.7) JACK IN THE BOX JACK1EUR EU 1,886.7 (827.0) (42.7) JACK IN THE BOX JBX GZ 1,886.7 (827.0) (42.7) JACK IN THE BOX JBX QT 1,886.7 (827.0) (42.7) JOSEMARIA RESOUR JOSES I2 15.7 (38.0) (49.1) JOSEMARIA RESOUR JOSE SS 15.7 (38.0) (49.1) JOSEMARIA RESOUR NGQSEK EU 15.7 (38.0) (49.1) JOSEMARIA RESOUR JOSES EB 15.7 (38.0) (49.1) JOSEMARIA RESOUR JOSES IX 15.7 (38.0) (49.1) KONTOOR BRAND 3KO TH 1,572.8 (44.9) 589.1 KONTOOR BRAND 3KO GR 1,572.8 (44.9) 589.1 KONTOOR BRAND KTBEUR EU 1,572.8 (44.9) 589.1 KONTOOR BRAND 3KO QT 1,572.8 (44.9) 589.1 KONTOOR BRAND 3KO GZ 1,572.8 (44.9) 589.1 KONTOOR BRAND KTB US 1,572.8 (44.9) 589.1 L BRANDS INC LTD TH 10,879.6 (1,903.5) 1,072.2 L BRANDS INC LB US 10,879.6 (1,903.5) 1,072.2 L BRANDS INC LBEUR EU 10,879.6 (1,903.5) 1,072.2 L BRANDS INC LB* MM 10,879.6 (1,903.5) 1,072.2 L BRANDS INC LTD QT 10,879.6 (1,903.5) 1,072.2 L BRANDS INC LBRA AV 10,879.6 (1,903.5) 1,072.2 L BRANDS INC LTD SW 10,879.6 (1,903.5) 1,072.2 L BRANDS INC LTD GR 10,879.6 (1,903.5) 1,072.2 L BRANDS INC-BDR LBRN34 BZ 10,879.6 (1,903.5) 1,072.2 LENNOX INTL INC LII US 2,124.3 (228.9) 280.7 LENNOX INTL INC LXI GR 2,124.3 (228.9) 280.7 LENNOX INTL INC LII* MM 2,124.3 (228.9) 280.7 LENNOX INTL INC LXI TH 2,124.3 (228.9) 280.7 LENNOX INTL INC LII1EUR EU 2,124.3 (228.9) 280.7 MADISON SQUARE G MS8 GR 1,233.8 (203.4) (162.0) MADISON SQUARE G MSG1EUR EU 1,233.8 (203.4) (162.0) MADISON SQUARE G MSGS US 1,233.8 (203.4) (162.0) MARRIOTT - BDR M1TT34 BZ 25,680.0 (79.0) (2,005.0) MARRIOTT INTL-A MAQ TH 25,680.0 (79.0) (2,005.0) MARRIOTT INTL-A MAQ GR 25,680.0 (79.0) (2,005.0) MARRIOTT INTL-A MAR US 25,680.0 (79.0) (2,005.0) MARRIOTT INTL-A MAQ QT 25,680.0 (79.0) (2,005.0) MARRIOTT INTL-A MAQ SW 25,680.0 (79.0) (2,005.0) MARRIOTT INTL-A MAR TE 25,680.0 (79.0) (2,005.0) MARRIOTT INTL-A MAREUR EU 25,680.0 (79.0) (2,005.0) MARRIOTT INTL-A MAQ GZ 25,680.0 (79.0) (2,005.0) MARRIOTT INTL-A MAR AV 25,680.0 (79.0) (2,005.0) MCDONALD'S CORP TCXMCD AU 49,938.9 (9,463.1) (636.7) MCDONALDS - BDR MCDC34 BZ 49,938.9 (9,463.1) (636.7) MCDONALDS CORP MCD TE 49,938.9 (9,463.1) (636.7) MCDONALDS CORP MCD US 49,938.9 (9,463.1) (636.7) MCDONALDS CORP MCD SW 49,938.9 (9,463.1) (636.7) MCDONALDS CORP MDO GR 49,938.9 (9,463.1) (636.7) MCDONALDS CORP MCD* MM 49,938.9 (9,463.1) (636.7) MCDONALDS CORP 0R16 LN 49,938.9 (9,463.1) (636.7) MCDONALDS CORP MDO TH 49,938.9 (9,463.1) (636.7) MCDONALDS CORP MDO QT 49,938.9 (9,463.1) (636.7) MCDONALDS CORP MCDUSD SW 49,938.9 (9,463.1) (636.7) MCDONALDS CORP MCDEUR EU 49,938.9 (9,463.1) (636.7) MCDONALDS CORP MDO GZ 49,938.9 (9,463.1) (636.7) MCDONALDS CORP MCD AV 49,938.9 (9,463.1) (636.7) MCDONALDS CORP MCD CI 49,938.9 (9,463.1) (636.7) MCDONALDS-CEDEAR MCD AR 49,938.9 (9,463.1) (636.7) MCDONALDS-CEDEAR MCDC AR 49,938.9 (9,463.1) (636.7) MCDONALDS-CEDEAR MCDD AR 49,938.9 (9,463.1) (636.7) MERCER PARK BR-A MRCQF US 411.4 (9.5) 2.9 MERCER PARK BR-A BRND/A/U CN 411.4 (9.5) 2.9 MICHAELS COS INC MIKEUR EU 4,307.6 (1,515.4) 347.9 MICHAELS COS INC MIK US 4,307.6 (1,515.4) 347.9 MICHAELS COS INC MIM GR 4,307.6 (1,515.4) 347.9 MIGOM GLOBAL COR MGOM US 0.0 (0.0) (0.0) MILESTONE MEDICA MMD PW 0.6 (13.9) (13.9) MILESTONE MEDICA MMDPLN EU 0.6 (13.9) (13.9) MONEYGRAM INTERN MGI US 4,417.8 (268.5) (122.3) MOTOROLA SOL-BDR M1SI34 BZ 10,374.0 (815.0) 606.0 MOTOROLA SOL-CED MSI AR 10,374.0 (815.0) 606.0 MOTOROLA SOLUTIO MTLA TH 10,374.0 (815.0) 606.0 MOTOROLA SOLUTIO MOT TE 10,374.0 (815.0) 606.0 MOTOROLA SOLUTIO MSI US 10,374.0 (815.0) 606.0 MOTOROLA SOLUTIO MOSI AV 10,374.0 (815.0) 606.0 MOTOROLA SOLUTIO MTLA QT 10,374.0 (815.0) 606.0 MOTOROLA SOLUTIO MTLA GR 10,374.0 (815.0) 606.0 MOTOROLA SOLUTIO MTLA GZ 10,374.0 (815.0) 606.0 MOTOROLA SOLUTIO MSI1EUR EU 10,374.0 (815.0) 606.0 MSCI INC 3HM GR 4,187.4 (310.9) 1,064.9 MSCI INC MSCI US 4,187.4 (310.9) 1,064.9 MSCI INC 3HM GZ 4,187.4 (310.9) 1,064.9 MSCI INC MSCI* MM 4,187.4 (310.9) 1,064.9 MSCI INC 3HM SW 4,187.4 (310.9) 1,064.9 MSCI INC 3HM QT 4,187.4 (310.9) 1,064.9 MSCI INC-BDR M1SC34 BZ 4,187.4 (310.9) 1,064.9 MSG NETWORKS- A MSGN US 850.8 (552.8) 258.6 MSG NETWORKS- A 1M4 TH 850.8 (552.8) 258.6 MSG NETWORKS- A 1M4 QT 850.8 (552.8) 258.6 MSG NETWORKS- A MSGNEUR EU 850.8 (552.8) 258.6 MSG NETWORKS- A 1M4 GR 850.8 (552.8) 258.6 NANTHEALTH INC NH US 214.5 (82.2) 22.2 NATHANS FAMOUS NATH US 102.2 (65.3) 76.4 NATHANS FAMOUS NFA GR 102.2 (65.3) 76.4 NATHANS FAMOUS NATHEUR EU 102.2 (65.3) 76.4 NATIONAL CINEMED NCMI US 1,147.9 (175.0) 214.5 NAVISTAR INTL IHR TH 6,440.0 (3,856.0) 1,842.0 NAVISTAR INTL IHR GR 6,440.0 (3,856.0) 1,842.0 NAVISTAR INTL NAV US 6,440.0 (3,856.0) 1,842.0 NAVISTAR INTL NAVEUR EU 6,440.0 (3,856.0) 1,842.0 NAVISTAR INTL IHR QT 6,440.0 (3,856.0) 1,842.0 NAVISTAR INTL IHR GZ 6,440.0 (3,856.0) 1,842.0 NESCO HOLDINGS I NSCO US 783.2 (40.2) 47.6 NEW ENG RLTY-LP NEN US 294.8 (37.7) - NKARTA INC NKTX US 43.6 (24.1) (37.4) NORTONLIFEL- BDR S1YM34 BZ 6,405.0 (503.0) (598.0) NORTONLIFELOCK I SYMC TE 6,405.0 (503.0) (598.0) NORTONLIFELOCK I SYM GR 6,405.0 (503.0) (598.0) NORTONLIFELOCK I NLOK US 6,405.0 (503.0) (598.0) NORTONLIFELOCK I SYM QT 6,405.0 (503.0) (598.0) NORTONLIFELOCK I NLOK* MM 6,405.0 (503.0) (598.0) NORTONLIFELOCK I SYMCEUR EU 6,405.0 (503.0) (598.0) NORTONLIFELOCK I SYM GZ 6,405.0 (503.0) (598.0) NORTONLIFELOCK I SYMC AV 6,405.0 (503.0) (598.0) NUNZIA PHARMACEU NUNZ US 0.1 (3.2) (2.5) NUTANIX INC - A NTNX US 1,773.3 (184.0) 381.8 NUTANIX INC - A 0NU GZ 1,773.3 (184.0) 381.8 NUTANIX INC - A 0NU GR 1,773.3 (184.0) 381.8 NUTANIX INC - A NTNXEUR EU 1,773.3 (184.0) 381.8 NUTANIX INC - A 0NU TH 1,773.3 (184.0) 381.8 NUTANIX INC - A 0NU QT 1,773.3 (184.0) 381.8 OMEROS CORP OMER US 70.7 (161.3) 0.9 OMEROS CORP 3O8 GR 70.7 (161.3) 0.9 OMEROS CORP 3O8 TH 70.7 (161.3) 0.9 OMEROS CORP OMEREUR EU 70.7 (161.3) 0.9 OMEROS CORP 3O8 QT 70.7 (161.3) 0.9 ONTRAK INC OTRK US 25.0 (30.0) 2.6 ONTRAK INC HY1N GZ 25.0 (30.0) 2.6 ONTRAK INC HY1N GR 25.0 (30.0) 2.6 ONTRAK INC CATSEUR EU 25.0 (30.0) 2.6 OPEN LENDING C-A LPRO US 186.5 (464.3) - OPTIVA INC RKNEF US 91.1 (49.6) 4.5 OPTIVA INC OPT CN 91.1 (49.6) 4.5 OPTIVA INC 3230510Q EU 91.1 (49.6) 4.5 OPTIVA INC RKNEUR EU 91.1 (49.6) 4.5 OPTIVA INC RE6 GR 91.1 (49.6) 4.5 OTIS WORLDWI OTIS US 10,441.0 (3,576.0) 630.0 OTIS WORLDWI 4PG GR 10,441.0 (3,576.0) 630.0 OTIS WORLDWI 4PG GZ 10,441.0 (3,576.0) 630.0 OTIS WORLDWI OTISEUR EU 10,441.0 (3,576.0) 630.0 OTIS WORLDWI OTIS* MM 10,441.0 (3,576.0) 630.0 OTIS WORLDWI 4PG TH 10,441.0 (3,576.0) 630.0 OTIS WORLDWI 4PG QT 10,441.0 (3,576.0) 630.0 PAPA JOHN'S INTL PP1 GZ 757.7 (33.4) (3.4) PAPA JOHN'S INTL PP1 GR 757.7 (33.4) (3.4) PAPA JOHN'S INTL PZZA US 757.7 (33.4) (3.4) PAPA JOHN'S INTL PZZAEUR EU 757.7 (33.4) (3.4) PAR PACIFIC HOLD PARR US 2,140.9 (171.2) (115.4) PAR PACIFIC HOLD 61P GR 2,140.9 (171.2) (115.4) PARATEK PHARMACE N4CN GR 227.1 (63.5) 188.3 PARATEK PHARMACE N4CN TH 227.1 (63.5) 188.3 PARATEK PHARMACE PRTK US 227.1 (63.5) 188.3 PHILIP MORRI-BDR PHMO34 BZ 39,162.0 (10,120.0) 1,984.0 PHILIP MORRIS IN PM1 TE 39,162.0 (10,120.0) 1,984.0 PHILIP MORRIS IN 4I1 TH 39,162.0 (10,120.0) 1,984.0 PHILIP MORRIS IN PMI SW 39,162.0 (10,120.0) 1,984.0 PHILIP MORRIS IN PM1EUR EU 39,162.0 (10,120.0) 1,984.0 PHILIP MORRIS IN 4I1 GR 39,162.0 (10,120.0) 1,984.0 PHILIP MORRIS IN PM US 39,162.0 (10,120.0) 1,984.0 PHILIP MORRIS IN PM1CHF EU 39,162.0 (10,120.0) 1,984.0 PHILIP MORRIS IN 4I1 QT 39,162.0 (10,120.0) 1,984.0 PHILIP MORRIS IN PM* MM 39,162.0 (10,120.0) 1,984.0 PHILIP MORRIS IN 0M8V LN 39,162.0 (10,120.0) 1,984.0 PHILIP MORRIS IN PMOR AV 39,162.0 (10,120.0) 1,984.0 PHILIP MORRIS IN 4I1 GZ 39,162.0 (10,120.0) 1,984.0 PHILIP MORRIS IN PMIZ IX 39,162.0 (10,120.0) 1,984.0 PHILIP MORRIS IN PMIZ EB 39,162.0 (10,120.0) 1,984.0 PLANET FITNESS-A PLNT US 1,800.0 (721.7) 446.9 PLANET FITNESS-A 3PL TH 1,800.0 (721.7) 446.9 PLANET FITNESS-A 3PL GR 1,800.0 (721.7) 446.9 PLANET FITNESS-A 3PL QT 1,800.0 (721.7) 446.9 PLANET FITNESS-A PLNT1EUR EU 1,800.0 (721.7) 446.9 PLANTRONICS INC PTM GR 2,228.9 (149.7) 183.5 PLANTRONICS INC PLT US 2,228.9 (149.7) 183.5 PLANTRONICS INC PLTEUR EU 2,228.9 (149.7) 183.5 PLANTRONICS INC PTM GZ 2,228.9 (149.7) 183.5 PPD INC PPD US 5,906.5 (1,034.5) 136.9 PRIORITY TECHNOL PRTHU US 449.7 (133.5) (4.8) PROGENITY INC 4ZU TH 111.0 (84.8) 9.5 PROGENITY INC 4ZU GR 111.0 (84.8) 9.5 PROGENITY INC PROGEUR EU 111.0 (84.8) 9.5 PROGENITY INC 4ZU QT 111.0 (84.8) 9.5 PROGENITY INC 4ZU GZ 111.0 (84.8) 9.5 PROGENITY INC PROG US 111.0 (84.8) 9.5 PSOMAGEN INC-KDR 950200 KS - - - QUANTUM CORP QMCO US 164.9 (195.5) (0.9) QUANTUM CORP QNT2 GR 164.9 (195.5) (0.9) QUANTUM CORP QTM1EUR EU 164.9 (195.5) (0.9) RADIUS HEALTH IN RDUS US 175.1 (109.4) 94.2 RADIUS HEALTH IN 1R8 TH 175.1 (109.4) 94.2 RADIUS HEALTH IN 1R8 QT 175.1 (109.4) 94.2 RADIUS HEALTH IN RDUSEUR EU 175.1 (109.4) 94.2 RADIUS HEALTH IN 1R8 GR 175.1 (109.4) 94.2 REC SILICON ASA REC EU 268.9 (49.9) 4.4 REC SILICON ASA RECO EB 268.9 (49.9) 4.4 REC SILICON ASA REC NO 268.9 (49.9) 4.4 REC SILICON ASA REC SS 268.9 (49.9) 4.4 REC SILICON ASA RECO S1 268.9 (49.9) 4.4 REC SILICON ASA RECO TQ 268.9 (49.9) 4.4 REC SILICON ASA RECO IX 268.9 (49.9) 4.4 REC SILICON ASA RECO I2 268.9 (49.9) 4.4 REC SILICON ASA RECO B3 268.9 (49.9) 4.4 REC SILICON ASA RECO S2 268.9 (49.9) 4.4 REC SILICON ASA RECO QX 268.9 (49.9) 4.4 REVLON INC-A REV US 2,999.3 (1,548.5) 28.9 REVLON INC-A RVL1 GR 2,999.3 (1,548.5) 28.9 REVLON INC-A REV* MM 2,999.3 (1,548.5) 28.9 REVLON INC-A RVL1 TH 2,999.3 (1,548.5) 28.9 REVLON INC-A REVEUR EU 2,999.3 (1,548.5) 28.9 RIMINI STREET IN RMNI US 201.8 (89.8) (91.5) ROSETTA STONE IN RST US 191.0 (20.2) (65.3) ROSETTA STONE IN RS8 TH 191.0 (20.2) (65.3) ROSETTA STONE IN RS8 GR 191.0 (20.2) (65.3) ROSETTA STONE IN RST1EUR EU 191.0 (20.2) (65.3) SALLY BEAUTY HOL S7V GR 3,198.1 (69.1) 825.6 SALLY BEAUTY HOL SBH US 3,198.1 (69.1) 825.6 SALLY BEAUTY HOL SBHEUR EU 3,198.1 (69.1) 825.6 SBA COMM CORP 4SB GR 9,390.5 (4,290.6) 71.4 SBA COMM CORP SBAC US 9,390.5 (4,290.6) 71.4 SBA COMM CORP 4SB TH 9,390.5 (4,290.6) 71.4 SBA COMM CORP 4SB QT 9,390.5 (4,290.6) 71.4 SBA COMM CORP SBACEUR EU 9,390.5 (4,290.6) 71.4 SBA COMM CORP SBAC* MM 9,390.5 (4,290.6) 71.4 SBA COMM CORP 4SB GZ 9,390.5 (4,290.6) 71.4 SCIENTIFIC GAMES TJW GZ 7,844.0 (2,479.0) 847.0 SCIENTIFIC GAMES SGMS US 7,844.0 (2,479.0) 847.0 SCIENTIFIC GAMES TJW GR 7,844.0 (2,479.0) 847.0 SCIENTIFIC GAMES TJW TH 7,844.0 (2,479.0) 847.0 SEALED AIR C-BDR S1EA34 BZ 5,756.3 (70.1) 277.4 SEALED AIR CORP SEE US 5,756.3 (70.1) 277.4 SEALED AIR CORP SDA GR 5,756.3 (70.1) 277.4 SEALED AIR CORP SDA TH 5,756.3 (70.1) 277.4 SEALED AIR CORP SDA QT 5,756.3 (70.1) 277.4 SEALED AIR CORP SEE1EUR EU 5,756.3 (70.1) 277.4 SERES THERAPEUTI MCRB US 100.7 (65.6) 28.5 SERES THERAPEUTI 1S9 GR 100.7 (65.6) 28.5 SERES THERAPEUTI MCRB1EUR EU 100.7 (65.6) 28.5 SERES THERAPEUTI 1S9 TH 100.7 (65.6) 28.5 SHELL MIDSTREAM SHLX US 2,416.0 (379.0) 317.0 SIRIUS XM HOLDIN RDO TH 12,465.0 (668.0) (2,057.0) SIRIUS XM HOLDIN RDO GR 12,465.0 (668.0) (2,057.0) SIRIUS XM HOLDIN RDO QT 12,465.0 (668.0) (2,057.0) SIRIUS XM HOLDIN SIRI US 12,465.0 (668.0) (2,057.0) SIRIUS XM HOLDIN SIRIEUR EU 12,465.0 (668.0) (2,057.0) SIRIUS XM HOLDIN RDO GZ 12,465.0 (668.0) (2,057.0) SIRIUS XM HOLDIN SIRI AV 12,465.0 (668.0) (2,057.0) SIX FLAGS ENTERT 6FE GR 2,968.9 (426.8) 82.8 SIX FLAGS ENTERT SIX US 2,968.9 (426.8) 82.8 SIX FLAGS ENTERT 6FE QT 2,968.9 (426.8) 82.8 SIX FLAGS ENTERT 6FE TH 2,968.9 (426.8) 82.8 SIX FLAGS ENTERT SIXEUR EU 2,968.9 (426.8) 82.8 SLEEP NUMBER COR SNBR US 768.8 (163.0) (420.8) SLEEP NUMBER COR SL2 GR 768.8 (163.0) (420.8) SLEEP NUMBER COR SNBREUR EU 768.8 (163.0) (420.8) SOCIAL CAPITAL IPOB/U US 415.4 400.7 1.2 SOCIAL CAPITAL IPOC/U US 829.2 800.2 1.1 SOCIAL CAPITAL-A IPOB US 415.4 400.7 1.2 SOCIAL CAPITAL-A IPOC US 829.2 800.2 1.1 SONA NANOTECH IN SNANF US 1.8 (1.4) (1.6) SONA NANOTECH IN SONA CN 1.8 (1.4) (1.6) STARBUCKS CORP SRB TH 29,140.6 (8,624.3) (421.0) STARBUCKS CORP SBUX* MM 29,140.6 (8,624.3) (421.0) STARBUCKS CORP SRB GR 29,140.6 (8,624.3) (421.0) STARBUCKS CORP SBUX US 29,140.6 (8,624.3) (421.0) STARBUCKS CORP USSBUX KZ 29,140.6 (8,624.3) (421.0) STARBUCKS CORP 0QZH LI 29,140.6 (8,624.3) (421.0) STARBUCKS CORP SRB QT 29,140.6 (8,624.3) (421.0) STARBUCKS CORP SBUX SW 29,140.6 (8,624.3) (421.0) STARBUCKS CORP SBUXEUR EU 29,140.6 (8,624.3) (421.0) STARBUCKS CORP SBUX TE 29,140.6 (8,624.3) (421.0) STARBUCKS CORP SBUX IM 29,140.6 (8,624.3) (421.0) STARBUCKS CORP SBUXUSD SW 29,140.6 (8,624.3) (421.0) STARBUCKS CORP SRB GZ 29,140.6 (8,624.3) (421.0) STARBUCKS CORP SBUX AV 29,140.6 (8,624.3) (421.0) STARBUCKS CORP SBUX CI 29,140.6 (8,624.3) (421.0) STARBUCKS-BDR SBUB34 BZ 29,140.6 (8,624.3) (421.0) STARBUCKS-CEDEAR SBUX AR 29,140.6 (8,624.3) (421.0) STARBUCKS-CEDEAR SBUXD AR 29,140.6 (8,624.3) (421.0) TAILORED BRANDS TLRDQ* MM 2,500.4 (378.3) (966.9) TAUBMAN CENTERS TCO2EUR EU 4,591.4 (274.8) - TAUBMAN CENTERS TCO US 4,591.4 (274.8) - TAUBMAN CENTERS TU8 GR 4,591.4 (274.8) - TRANSDIGM - BDR T1DG34 BZ 18,179.0 (4,179.0) 5,120.0 TRANSDIGM GROUP TDG US 18,179.0 (4,179.0) 5,120.0 TRANSDIGM GROUP T7D GR 18,179.0 (4,179.0) 5,120.0 TRANSDIGM GROUP TDGEUR EU 18,179.0 (4,179.0) 5,120.0 TRANSDIGM GROUP T7D QT 18,179.0 (4,179.0) 5,120.0 TRANSDIGM GROUP TDG* MM 18,179.0 (4,179.0) 5,120.0 TRANSDIGM GROUP T7D TH 18,179.0 (4,179.0) 5,120.0 TRIUMPH GROUP TGI US 2,266.3 (1,047.4) 383.3 TRIUMPH GROUP TG7 GR 2,266.3 (1,047.4) 383.3 TRIUMPH GROUP TG7 TH 2,266.3 (1,047.4) 383.3 TRIUMPH GROUP TGIEUR EU 2,266.3 (1,047.4) 383.3 TUPPERWARE BRAND TUP US 1,194.3 (282.3) (730.8) TUPPERWARE BRAND TUP GR 1,194.3 (282.3) (730.8) TUPPERWARE BRAND TUP QT 1,194.3 (282.3) (730.8) TUPPERWARE BRAND TUP SW 1,194.3 (282.3) (730.8) TUPPERWARE BRAND TUP TH 1,194.3 (282.3) (730.8) TUPPERWARE BRAND TUP1EUR EU 1,194.3 (282.3) (730.8) TUPPERWARE BRAND TUP GZ 1,194.3 (282.3) (730.8) UBIQUITI INC 3UB GR 737.5 (295.5) 322.4 UBIQUITI INC UI US 737.5 (295.5) 322.4 UBIQUITI INC UBNTEUR EU 737.5 (295.5) 322.4 UBIQUITI INC 3UB GZ 737.5 (295.5) 322.4 UNISYS CORP UIS US 2,399.3 (238.7) 527.3 UNISYS CORP UIS1 SW 2,399.3 (238.7) 527.3 UNISYS CORP UISEUR EU 2,399.3 (238.7) 527.3 UNISYS CORP UISCHF EU 2,399.3 (238.7) 527.3 UNISYS CORP USY1 TH 2,399.3 (238.7) 527.3 UNISYS CORP USY1 GR 2,399.3 (238.7) 527.3 UNISYS CORP USY1 GZ 2,399.3 (238.7) 527.3 UNISYS CORP USY1 QT 2,399.3 (238.7) 527.3 UNITI GROUP INC 8XC GR 4,816.2 (2,217.1) - UNITI GROUP INC UNIT US 4,816.2 (2,217.1) - UNITI GROUP INC 8XC TH 4,816.2 (2,217.1) - VALVOLINE INC VVV US 2,963.0 (188.0) 947.0 VALVOLINE INC 0V4 GR 2,963.0 (188.0) 947.0 VALVOLINE INC 0V4 TH 2,963.0 (188.0) 947.0 VALVOLINE INC VVVEUR EU 2,963.0 (188.0) 947.0 VALVOLINE INC 0V4 QT 2,963.0 (188.0) 947.0 VECTOR GROUP LTD VGR GR 1,531.7 (669.2) 300.6 VECTOR GROUP LTD VGR US 1,531.7 (669.2) 300.6 VECTOR GROUP LTD VGR TH 1,531.7 (669.2) 300.6 VECTOR GROUP LTD VGR QT 1,531.7 (669.2) 300.6 VECTOR GROUP LTD VGREUR EU 1,531.7 (669.2) 300.6 VECTOR GROUP LTD VGR GZ 1,531.7 (669.2) 300.6 VERISIGN INC VRSN US 1,820.1 (1,400.3) 231.3 VERISIGN INC VRS GR 1,820.1 (1,400.3) 231.3 VERISIGN INC VRS TH 1,820.1 (1,400.3) 231.3 VERISIGN INC VRS QT 1,820.1 (1,400.3) 231.3 VERISIGN INC VRSN* MM 1,820.1 (1,400.3) 231.3 VERISIGN INC VRSNEUR EU 1,820.1 (1,400.3) 231.3 VERISIGN INC VRS GZ 1,820.1 (1,400.3) 231.3 VERISIGN INC-BDR VRSN34 BZ 1,820.1 (1,400.3) 231.3 VERISIGN-CEDEAR VRSN AR 1,820.1 (1,400.3) 231.3 VIVINT SMART HOM VVNT US 2,829.9 (1,404.9) (218.0) WARNER MUSIC-A WMG US 6,148.0 (21.0) (943.0) WARNER MUSIC-A WA4 GR 6,148.0 (21.0) (943.0) WARNER MUSIC-A WA4 GZ 6,148.0 (21.0) (943.0) WARNER MUSIC-A WMGEUR EU 6,148.0 (21.0) (943.0) WARNER MUSIC-A WMG AV 6,148.0 (21.0) (943.0) WARNER MUSIC-A WA4 TH 6,148.0 (21.0) (943.0) WATERS CORP WAT US 2,648.3 (191.7) 572.1 WATERS CORP WAZ TH 2,648.3 (191.7) 572.1 WATERS CORP WAZ QT 2,648.3 (191.7) 572.1 WATERS CORP WATEUR EU 2,648.3 (191.7) 572.1 WATERS CORP WAT* MM 2,648.3 (191.7) 572.1 WATERS CORP WAZ GR 2,648.3 (191.7) 572.1 WAYFAIR INC- A W US 4,379.5 (787.4) 595.6 WAYFAIR INC- A W* MM 4,379.5 (787.4) 595.6 WAYFAIR INC- A 1WF GZ 4,379.5 (787.4) 595.6 WAYFAIR INC- A 1WF GR 4,379.5 (787.4) 595.6 WAYFAIR INC- A 1WF TH 4,379.5 (787.4) 595.6 WAYFAIR INC- A WEUR EU 4,379.5 (787.4) 595.6 WAYFAIR INC- A 1WF QT 4,379.5 (787.4) 595.6 WESTERN UNIO-BDR WUNI34 BZ 8,707.0 (73.4) (290.8) WESTERN UNION W3U GR 8,707.0 (73.4) (290.8) WESTERN UNION W3U TH 8,707.0 (73.4) (290.8) WESTERN UNION WU* MM 8,707.0 (73.4) (290.8) WESTERN UNION WU US 8,707.0 (73.4) (290.8) WESTERN UNION W3U QT 8,707.0 (73.4) (290.8) WESTERN UNION W3U SW 8,707.0 (73.4) (290.8) WESTERN UNION WUEUR EU 8,707.0 (73.4) (290.8) WESTERN UNION W3U GZ 8,707.0 (73.4) (290.8) WHITING PETROLEU WLL* MM 3,732.2 (178.3) (478.8) WIDEOPENWEST INC WOW US 2,494.7 (246.8) (90.6) WIDEOPENWEST INC WU5 TH 2,494.7 (246.8) (90.6) WIDEOPENWEST INC WU5 GR 2,494.7 (246.8) (90.6) WIDEOPENWEST INC WU5 QT 2,494.7 (246.8) (90.6) WIDEOPENWEST INC WOW1EUR EU 2,494.7 (246.8) (90.6) WINGSTOP INC WING US 201.1 (192.7) 19.9 WINGSTOP INC EWG GR 201.1 (192.7) 19.9 WINGSTOP INC WING1EUR EU 201.1 (192.7) 19.9 WINGSTOP INC EWG GZ 201.1 (192.7) 19.9 WINMARK CORP WINA US 31.6 (18.6) 0.5 WINMARK CORP GBZ GR 31.6 (18.6) 0.5 WORKHORSE GROUP 1WO GR 55.5 (70.5) (70.0) WORKHORSE GROUP WKHS US 55.5 (70.5) (70.0) WORKHORSE GROUP 1WO TH 55.5 (70.5) (70.0) WORKHORSE GROUP 1WO GZ 55.5 (70.5) (70.0) WORKHORSE GROUP WKHSEUR EU 55.5 (70.5) (70.0) WORKHORSE GROUP 1WO QT 55.5 (70.5) (70.0) WW INTERNATIONAL WW6 GR 1,469.5 (645.5) (93.7) WW INTERNATIONAL WW US 1,469.5 (645.5) (93.7) WW INTERNATIONAL WTWEUR EU 1,469.5 (645.5) (93.7) WW INTERNATIONAL WW6 QT 1,469.5 (645.5) (93.7) WW INTERNATIONAL WTW AV 1,469.5 (645.5) (93.7) WW INTERNATIONAL WW6 TH 1,469.5 (645.5) (93.7) WW INTERNATIONAL WW6 GZ 1,469.5 (645.5) (93.7) WYNDHAM DESTINAT WD5 TH 7,597.0 (1,050.0) 1,308.0 WYNDHAM DESTINAT WD5 QT 7,597.0 (1,050.0) 1,308.0 WYNDHAM DESTINAT WYNEUR EU 7,597.0 (1,050.0) 1,308.0 WYNDHAM DESTINAT WD5 GR 7,597.0 (1,050.0) 1,308.0 WYNDHAM DESTINAT WYND US 7,597.0 (1,050.0) 1,308.0 YRC WORLDWIDE IN YRCW US 1,936.6 (466.9) 57.0 YRC WORLDWIDE IN YEL1 GR 1,936.6 (466.9) 57.0 YRC WORLDWIDE IN YEL1 QT 1,936.6 (466.9) 57.0 YRC WORLDWIDE IN YRCWEUR EU 1,936.6 (466.9) 57.0 YRC WORLDWIDE IN YEL1 TH 1,936.6 (466.9) 57.0 YUM! BRANDS -BDR YUMR34 BZ 6,421.0 (8,108.0) 923.0 YUM! BRANDS INC TGR TH 6,421.0 (8,108.0) 923.0 YUM! BRANDS INC TGR GR 6,421.0 (8,108.0) 923.0 YUM! BRANDS INC YUM US 6,421.0 (8,108.0) 923.0 YUM! BRANDS INC YUMEUR EU 6,421.0 (8,108.0) 923.0 YUM! BRANDS INC TGR QT 6,421.0 (8,108.0) 923.0 YUM! BRANDS INC YUM SW 6,421.0 (8,108.0) 923.0 YUM! BRANDS INC YUM AV 6,421.0 (8,108.0) 923.0 YUM! BRANDS INC TGR TE 6,421.0 (8,108.0) 923.0 YUM! BRANDS INC YUM* MM 6,421.0 (8,108.0) 923.0 YUM! BRANDS INC YUMUSD SW 6,421.0 (8,108.0) 923.0 YUM! BRANDS INC TGR GZ 6,421.0 (8,108.0) 923.0 ********* 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 2020. 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. *** End of Transmission ***