Case 18-10039-CSS Doc 218 Filed 04/24/18 Page 1 of 44

UNITED STATES BANKRUPTCY COURT DISTRICT OF Delaware

In re Seaborne , Inc. Case No. 18-10040 Reporting Period:_3/1/2018-3/31/2018

MONTHLY OPERATING REPORT File with Court and submit copy to United States Trustee within 20 days after end of month.

Submit copy of report to any official committee appointed in the case.

Document Explanation Affidavit/Supplement REQUIRED DOCUMENTS Form No. Attached Attached Attached Schedule of Cash Receipts and Disbursements MOR-1 x Bank Reconciliation (or copies of debtor's bank reconciliations) MOR-1a x Schedule of Professional Fees Paid MOR-1b x Copies of bank statements x Cash disbursements journals x Statement of Operations MOR-2 x Balance Sheet MOR-3 x Status of Postpetition Taxes MOR-4 x Copies of IRS Form 6123 or payment receipt x Copies of tax returns filed during reporting period x Summary of Unpaid Postpetition Debts MOR-4 x Listing of aged accounts payable MOR-4 x Accounts Receivable Reconciliation and Aging MOR-5 x Debtor Questionnaire MOR-5 x

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.

______Signature of Debtor Date

______Signature of Joint Debtor Date

______April 20, 2018 Signature of Authorized Individual* Date

Matthew Foster Chief Restructuring Officer Printed Name of Authorized Individual Title of Authorized Individual

*Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.

MOR (04/07) Case 18-10039-CSS Doc 218 Filed 04/24/18 Page 2 of 44

Seaborne Virgin Islands, Inc. Case No. 18-10040 Reporting Period: 3/1/2018-3/31/2018 SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS Amounts reported should be per the debtor's books, not the bank statement. The beginning cash should be the ending cash from the prior month or, if this is the first report, the amount should be the balance on the date the petition was filed. The amounts reported in the "CURRENT MONTH - ACTUAL" column must equal the sum of the four bank account columns. The amounts reported in the "PROJECTED" columns should be taken from the SMALL BUSINESS INITIAL REPORT (FORM IR-1) . Attach copies of the bank statements and the cash disbursements journal. The total disbursements listed in the disbursements journal must equal the total disbursements reported on this page. A bank reconciliation must be attached for each account. [See MOR-1 (CON'T)]

OPERATING ENTITIES CURRENT MONTH CUMULATIVE FILING TO DATE SVI, Inc. SPR, LLC Seastar OTHER ACTUAL PROJECTED ACTUAL PROJECTED

CASH BEGINNING OF MONTH 1,542,361 6,319 0 0 1,548,680 674,718 760,724 674,718

RECEIPTS DAILY CASH SALES 2,126,683 2,126,683 2,192,647 5,735,739 5,575,659 ACH-ICH 976,412 976,412 2,989,482 1,460,000

LOANS AND ADVANCES 0 0 596,226 1,600,000 2,975,035

SALE OF ASSETS 0 0 0 0

OTHER (ATTACH LIST) 0 0 0 0

TRANSFERS (FROM DIP ACCTS) 404,688 69,970 474,658 2,033,072 0

TOTAL RECEIPTS 3,507,783 69,970 0 0 3,577,753 2,788,872 12,358,294 10,010,694

DISBURSEMENTS Flight Ops (5,229) (5,229) (78) (9,540) (59,895)

MTX (1,000,464) (1,000,464) (363,775) (1,654,605) (1,328,531)

Ramp (17,956) (17,956) (32,229) (71,007) (77,987)

Marketing (3,631) (3,631) (10,320) (21,924) (27,027)

Admin (325,564) (8,267) (333,831) (193,763) (910,255) (539,091)

Insurance (186,993) (186,993) (158,049) (514,172) (526,451)

Professional Services (10,000) (10,000) (12,692) (30,638) (26,713)

ACH-ICH (109,719) (109,719) (317,678) (644,709) (938,434)

Other (2,741) (2,741) (2,898) (67,478) (6,978)

A/C Leases (417,851) (417,851) (283,920) (887,626) (765,320)

Fuel (337,617) (337,617) (226,995) (865,539) (835,730)

Building and Facilities (140,879) (1