Case 18-10039-CSS Doc 218 Filed 04/24/18 Page 1 of 44 UNITED STATES BANKRUPTCY COURT DISTRICT OF Delaware In re Seaborne Virgin Islands, 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) (140,879) (98,690) (295,697) (214,936) Payroll (703,088) (48,754) (751,843) (735,000) (2,257,672) (2,205,000) Evertec (57,237) (57,237) (95,000) (233,399) (240,000) Taxes and Fees (722,953) (722,953) (369,054) (1,145,401) (876,499) OWNER DRAW * 0 0 0 0 TRANSFERS (TO DIP ACCTS) (474,688) (474,688) (2,033,102) 0 PROFESSIONAL FEES (421,818) (421,818) (347,818) (1,313,225) (1,230,545) UTILITIES 0 (22,500) (25,000) KEY EXECUTIVE TRAVEL (21,519) (21,519) (27,000) (31,068) (66,000) U.S. TRUSTEE QUARTERLY FEES 0 0 0 0 COURT COSTS 0 0 0 0 TOTAL DISBURSEMENTS -4,959,948 -57,021 0 0 -5,016,970 -3,274,960 -13,009,555 -9,990,139 NET CASH FLOW -1,452,166 12,949 0 0 -1,439,217 -486,087 -651,261 20,556 (RECEIPTS LESS DISBURSEMENTS) CASH - END OF MONTH 90,195 19,268 0 0 109,463 188,631 109,463 695,274 * COMPENSATION TO SOLE PROPRIETORS FOR SERVICES RENDERED TO BANKRUPTCY ESTATE THE FOLLOWING SECTION MUST BE COMPLETED DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUMN) TOTAL DISBURSEMENTS 4,959,948 LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS 474,688 PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts) 0 TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES 4,485,260 FORM MOR-1 (04/07) Case 18-10039-CSS Doc 218 Filed 04/24/18 Page 3 of 44 In re Seaborne Virgin Islands, Inc. Case No. 18-10040 Debtor Reporting Period: 3/1/2018-3/31/2018 BANK RECONCILIATIONS Continuation Sheet for MOR-1 A bank reconciliation must be included for each bank account. The debtor's bank reconciliation may be substituted for this page. Seaborne Virgin Islands, Inc Seaborne Puerto Rico LLC Seastar Holdings, Inc. Other # # # # BALANCE PER BOOKS 90,195 19,268 0 BANK BALANCE 559,264 20,104 0 (+) DEPOSITS IN TRANSIT (ATTACH LIST) 0 0 (-) OUTSTANDING CHECKS (ATTACH LIST) 400,903 837 0 OTHER (ATTACH EXPLANATION) 68,165 ADJUSTED BANK BALANCE * 90,195 19,268 0 * Adjusted bank balance must equal balance per books DEPOSITS IN TRANSIT Date Amount Date Amount Date Amount Date Amount n/a CHECKS OUTSTANDING Ck. # Amount Ch. # Amount Ck. # Amount Ck. # Amount 76506 275 1290 30 76508 100 1295 34 76528 5,200 1306 172 76552 757 601 76561 82 TOTAL 837 76562 2,708 76568 300 76580 39 76585 19 76586 68 76666 30.00 76655 3,000.00 76695 86.79 76694 119.85 76733 24.63 76740 390.00 76791 1,679.47 76760 3,000.00 76766 144.19 76808 30.00 76809 1,014.71 76830 180.00 76847 100.00 76851 586.00 76852 586.00 76865 6,885.00 76869 40.00 76871 250.00 76932 35.62 76933 19.99 76934 23.14 76935 39.00 76887 36.82 76888 12.00 76889 150.00 76890 103.35 76891 195.00 76893 35.00 76894 755.00 76898 915.00 FORM MOR-1a 76900 190.00 (04/07) Case 18-10039-CSS Doc 218 Filed 04/24/18 Page 4 of 44 76903 7,006.22 76908 75.00 76911 180.00 76915 857.00 76916 1,075.00 76920 400.00 76927 10.61 76929 2,167.83 76931 120.00 76937 120.00 76938 42.73 76884 462.46 76886 5,399.00 76942 1,679.47 76943 3,241.60 76888 18,887.52 76946 1,366.95 76947 210.15 76948 5,944.00 76950 1,739.40 76951 551.93 76952 2,524.36 76944 2,958.82 76953 92.30 76954 163.37 76955 29,667.62 76956 147,721.86 76957 15,208.42 76958 18,250.00 76959 14,423.62 76960 12,924.16 76961 495.58 76962 44.60 76963 36.00 76964 7,156.49 76966 163.36 76967 3,095.00 76968 225.00 76969 3,284.26 76970 2,785.00 76971 245.00 76972 1,622.40 76973 6,300.00 76974 372.00 76975 3,000.00 76976 25,832.60 76978 9,000.00 76979 11,570.00 TOTAL 400,903 ACH 47,680 ACH 20,486 TOTAL 68,165 FORM MOR-1a (04/07) Case 18-10039-CSS Doc 218 Filed 04/24/18 Page 5 of 44 In re Seaborne Virgin Islands, Inc. Case No. 18-10040 Debtor Reporting Period: 3/1/2018-3/31/2018 SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID This schedule is to include all retained professional payments from case inception to current month. Amount Check Amount Paid Year-To-Date Payee Period Covered Approved Payor Number Date Fees Expenses Fees Expenses Landis Rath & Cobb 3/1 - 3/3 67,500 Seaborne Virgin Islands, Inc. WIRE 1-Mar 67,500 0 450,000 0 Rust Omni 3/1-3/31 7,267 Seaborne Virgin Islands, Inc. WIRE 1-Mar 7,267 0 17,267 0 Seabury Securities 3/1-3/31 Seaborne Virgin Islands, Inc. WIRE 0 0 100,000 0 Sonoran Capital 3/1-3/31 25,000 Seaborne Virgin Islands, Inc. WIRE 8-Mar 25,000 0 109,001 0 Sonoran Capital 3/1-3/31 9,459 Seaborne Virgin Islands, Inc.