08-10290 (BLS)

EX-10.16 17 ex10_16.htm EXHIBIT 10.16 ex10_16.htm

Exhibit 10.16

In re		CROCHET & BOREL SERVICES, INC.		Case No.		08-10290 (BLS)
		Debtor		Reporting Period:		June 1 through June 30

STATEMENT OF OPERATIONS (Income Statement)

The Statement of Operations is to be prepared on an accrual basis. The accrual basis of accounting recognizes revenue when it is realized and expenses when they are incurred, regardless of when cash is actually received or paid.

REVENUES	MONTH			CUMULATIVE -FILING TO DATE
Gross Revenues	$	-		$	10
Less: Returns and Allowances		-			-
Net Revenue		-			10
COST OF GOODS SOLD
Beginning Inventory					-
Add: Purchases		-			-
Add: Cost of Labor					281
Add: Other Costs (attach schedule)					401
Less: Ending Inventory					-
Cost of Goods Sold					682
Gross Profit		-			692
OPERATING EXPENSES
Advertising		-			-
Auto and Truck Expense		-			-
Bad Debts		-			-
Contributions		-			-
Employee Benefits Programs		-			-
Officer/Insider Compensation*		-			-
Insurance		-			-
Management Fees/Bonuses		-			-
Office Expense		-			-
Pension & Profit-Sharing Plans		-			-
Repairs and Maintenance		-			-
Rent and Lease Expense		-			-
Salaries/Commissions/Fees		-			-
Supplies		-			-
Taxes - Payroll		-			-
Taxes - Real Estate		-			-
Taxes - Other (refund on franchise taxes)					76,906
Travel and Entertainment					-
Utilities
Other (attach schedule)		(269	)		(3,843	)
Total Operating Expenses Before Depreciation		(269	)		73,063
Depreciation/Depletion/Amortization		(39,741	)		(178,836	)
Net Profit (Loss) Before Other Income & Expenses		(40,010	)		(105,081	)
OTHER INCOME AND EXPENSES
Other Income (attach schedule)		-			-
Interest Expense		(10,107	)		(121,065	)
Other Expense (attach schedule)
Net Profit (Loss) Before Reorganization Items		(50,117	)		(226,146	)

In re		CROCHET & BOREL SERVICES, INC.		Case No.		08-10290 (BLS)
		Debtor		Reporting Period:		June 1 through June 30

REORGANIZATION ITEMS
Professional Fees		-			-
U. S. Trustee Quarterly Fees					(325	)
Interest Earned on Accumulated Cash from Chapter 11 (see continuation sheet)
Gain (Loss) from Sale of Equipment					-
Other Reorganization Expenses (attach schedule)
Total Reorganization Expenses					(325	)
Income Taxes		-			-
Net Profit (Loss)	$	(50,117	)	$	(226,471	)

*"Insider" is defined in 11 U.S.C. Section 101(31).

BREAKDOWN OF “OTHER” CATEGORY

OTHER COSTS

63000-63900 - DC - Construction & Other$							401

OTHER OPERATIONAL EXPENSES

80200 · Bank Charges	$	269	$	1,143
80450 · Contract Labor				920.0
80700 · Dues & Subscriptions				127.0
82000 · Legal & Professional				1,620.0
83200 - Penalties				35.0
82400 - Office Expenses				(2	)

OTHER INCOME

OTHER EXPENSES

OTHER REORGANIZATION EXPENSES

Reorganization Items - Interest Earned on Accumulated Cash from Chapter 11:

Interest earned on cash accumulated during the chapter 11 case, which would not have been earned but for the bankruptcy proceeding, should be reported as a reorganization item.