Exhibit 99.1

       
DEBTOR: Dakota Plains Holdings, Inc. MONTHLY OPERATING REPORT
    CHAPTER 11
CASE NUMBER: 16-43711  

 

Form 2-A
COVER SHEET

 

For Period Ending 1/31/17

 

Accounting Method:     ☒ Accrual Basis     ☐ Cash Basis

 

   
THIS REPORT IS DUE 21 DAYS AFTER THE END OF THE MONTH
 
Mark One Box for Each
Required Document:
Debtor must attach each of the following reports/documents unless the U. S. Trustee has waived the requirement in writing. Submit the original Monthly Operating Report bearing an original signature, to the U. S. Trustee. A copy of the Report must be  filed with the Clerk of Court. 11 U.S.C. § 704(8)
Report/Document
Attached
Previously
Waived
REQUIRED REPORTS/DOCUMENTS
       
1. Cash Receipts and Disbursements Statement (Form 2-B)
       
2. Balance Sheet (Form 2-C)
       
3. Profit and Loss Statement (Form 2-D)
       
4. Supporting Schedules (Form 2-E)
       
5. Quarterly Fee Summary (Form 2-F)
       
6. Narrative (Form 2-G)
       
7. Bank Statements for All Bank Accounts
       
8. Bank Statement Reconciliations for all Bank Accounts
       

 

I declare under penalty of perjury that the following Monthly Operating Report, and any attachments thereto are true, accurate and correct to the best of my knowledge and belief.

             
Executed on: 2/21/17   Print Name:  Martin J Beskow
           
      Signature: -s- Martin J Beskow
           
      Title: Chief Financial Officer

 

 

 

 

DEBTOR: Dakota Plains Holdings, Inc.       CASE NO:     16-43711  

           
Form 2-B
CASH RECEIPTS AND DISBURSEMENTS STATEMENT
For Period: 1/1/17 to 1/31/17  

                                   
CASH FLOW SUMMARY             Current        
                          Month     Accumulated  
                                   
1. Beginning Cash Balance         $ 274,054 (1) $ 378,979 (1)
                                   
2. Cash Receipts                            
    Operations                   10,600     10,600  
    Sale of Assets                 0     0  
    DIP Financing / Advances           200,000     200,000  
    Account Funding Transfers         578,457     578,457  
    Other                     3,051     3,051  
                                   
    Total Cash Receipts           $ 792,108   $ 792,108  
                                   
3. Cash Disbursements                        
    Operations                   307,022     319,869  
    DIP Financing Payments           844     844  
    Professional Fees / U.S. Trustee Fees       109,047     109,047  
    Account Funding Transfers         174,643     266,721  
    Other                     0     0  
                                   
    Total Cash Disbursements         $ 591,556   $ 696,481  
                                   
4. Net Cash Flow (Total Cash Receipts less                
      Total Cash Disbursements)         200,552     95,627  
                                   
                                   
5 Ending Cash Balance (to Form 2-C)     $ 474,606 (2) $ 474,606 (2)
                                   
                                   
CASH BALANCE SUMMARY                 Book  
                    Financial Institution     Balance  
                                   
  Petty Cash               N/A $ 0  
  DIP Operating Account       N/A   0  
  DIP State Tax Account       N/A   0  
  DIP Payroll Account         N/A   0  
  Other Operating Account       Bank of America - Operating #8118   460,198  
  Other Operating Account       Bank of America - Disbursement - ZBA #6449   0  
  Other Operating Account       Wells Fargo - Operating #5118   14,408  
  Other Interest-bearing Account   N/A   0  
                                   
  TOTAL (must agree with Ending Cash Balance above)       $ 474,606 (2)

                                   
(1)   Accumulated beginning cash balance is the cash available at the commencement of the case.  
  Current month beginning cash balance should equal the previous month’s ending balance. Page 1 of 3
(2)   All cash balances should be the same.              

 

 

 

  

DEBTOR: Dakota Plains Holdings, Inc.       CASE NO:     16-43711  

           
Form 2-B
CASH RECEIPTS AND DISBURSEMENTS STATEMENT
For Period: 1/1/17 to 1/31/17  

 

CASH RECEIPTS DETAIL   Accounts: #8118, #6449, #5118
(attach additional sheets as necessary)    

 

Date     Payer   Description     Amount  
                           
1/9/17     UNIMIN Corporation   Monthly rent of land for sand terminal $ 10,600  
      Total Operations Cash Receipts       $ 10,600  
                           
1/31/17     None               $ 0  
      Total Sale of Assets           $ 0  
                           
1/12/17     SunTrust Bank     DIP Financing       $ 200,000  
      Total DIP Financing / Advances       $ 200,000  
                           
1/13/17     Bank of America   Account Funding Transfer from #8132 $ 200,000  
Various     Bank of America   Account Funding Transfer from #8071   378,457  
                           
      Total Account Funding Receipts       $ 578,457  
                           
                           
1/3/17     Northwestern Mutual   Benefit Reimbursement   $ 151  
1/24/17     CBIZ Insurance Services   Insurance Adjustment Reimbursement 2,899  
                           
      Total Other Receipts           $ 3,051  
                           
              Total Cash Receipts   $ 792,108 (1)

 

(1)  Total for all accounts should agree with total cash receipts listed on Form 2-B, page 1   Page 2 of 3

 

 

 

 

DEBTOR: Dakota Plains Holdings, Inc.       CASE NO:     16-43711  

           
Form 2-B
CASH RECEIPTS AND DISBURSEMENTS STATEMENT
For Period: 1/1/17 to 1/31/17  

 

CASH DISBURSEMENTS DETAIL   Accounts: #8118, #6449, #5118
(attach additional sheets as necessary)    

 

Date   Check No.   Payee   Description (Purpose)     Amount  
                                 
1/3/17   1754   Boatworks II, LLC   Rent           $ 13,013  
1/3/17   ACH   Intuit Payroll     Payroll (Bi-weekly)         862  
1/3/17   ACH   Health Partners   Employee Benefits         1,946  
1/3/17   ACH   IRS       Payroll Taxes           3,373  
1/3/17   Wire   Stone Phillips LLC   Director Fees           10,000  
1/3/17   Wire   Applied Business Strategy LLC Director Fees           10,000  
1/6/17   ACH   ND Dept. of Human Services   Child Support Withholding       485  
1/6/17   ACH   Northwestern Mutual   Employee Benefits         1,424  
1/11/17   ACH   Wells Fargo     Bank Fees             499  
1/12/17   Wire   Corporation Service Company Consulting             427  
1/12/17   ACH   Intuit Payroll     Payroll (Bi-weekly)         31,102  
1/12/17   ACH   Intuit Payroll     Payroll (Monthly)         75,113  
1/13/17   ACH   Integra Telecommunications   Telephone             296  
1/13/17   ACH   IRS       Payroll Taxes           12,816  
1/13/17   ACH   IRS       Payroll Taxes           40,497  
1/17/17   ACH   Bank of America   Bank Fees             1,445  
1/17/17   ACH   IRS       Payroll Taxes           553  
1/17/17   ACH   MN Department of Revenue   Payroll Taxes           3,899  
1/17/17   1757   Blue Cross Blue Shield of MN Employee Benefits         16,956  
1/18/17   1755   Goldleaf Partners   Employee Benefits         495  
1/19/17   1756   Interwest Transfer Co.   Investor Relations         325  
1/20/17   ACH   AFPI Inc.       Investor Relations         205  
1/20/17   Wire   Merrill Communications LLC   DataSite             96  
1/20/17   ACH   ND Dept. of Human Services   Child Support Withholding       485  
1/20/17   Wire   Stone Phillips LLC   Director Expense Reimbursement     1,373  
1/23/17   ACH   Mediacom       Internet/Media           441  
1/23/17  # 1767   Delta Dental of MN   Employee Benefits         397  
1/24/17   1766   Alerus Retirment & Benefits   Employee Benefits         116  
1/26/17   Wire   The Nasdaq OMX Group Inc.   Investor Relations         1,930  
1/26/17   Wire   Stone Phillips LLC   Director Expense Reimbursement     1,930  
1/26/17   ACH   Intuit Payroll     Payroll (Bi-weekly)         35,762  
1/26/17   1770   Gary Hagen     Employee Expense Reimbursement   287  
1/27/17   ACH   IRS       Payroll Taxes           15,269  
1/27/17   1768   BHG, Inc.       Dues & Subscriptions         48  
1/31/17   ACH   Health Partners   Employee Benefits         2,117  
1/31/17   ACH   Merrill Lynch     401k Employee Contribution     21,044  
        Total Operations Cash Disbursements           $ 307,022  

 

 

 

 

DEBTOR: Dakota Plains Holdings, Inc.       CASE NO:     16-43711  

           
Form 2-B
CASH RECEIPTS AND DISBURSEMENTS STATEMENT
For Period: 1/1/17 to 1/31/17  

 

CASH DISBURSEMENTS DETAIL   Accounts: #8118, #6449, #5118
(attach additional sheets as necessary)    

 

Date   Check No.   Payee   Description (Purpose)     Amount  
                                 
1/31/17   Wire   SunTrust Bank               $ 844  
        Total DIP Financing Payments             $ 844  
                                 
1/20/17   Wire   Canaccord Genuity   Debtor’s Financial Advisor     $ 35,000  
1/20/17   Wire   Moore and Van Allen PLLC   Senior Secured Lender Counsel     71,122  
1/24/17   1758   U.S. Trustee     Quarterly Fee            325  
1/24/17   1759   U.S. Trustee     Quarterly Fee            975  
1/24/17   1760   U.S. Trustee     Quarterly Fee            325  
1/24/17   1761   U.S. Trustee     Quarterly Fee            325  
1/24/17   1762   U.S. Trustee     Quarterly Fee            325  
1/24/17   1763   U.S. Trustee     Quarterly Fee            325  
1/24/17   1764   U.S. Trustee     Quarterly Fee            325  
                                 
        Total Professional Fees / U.S. Trustee Fees         $ 109,047  
                                 
Various   Transfer   Bank of America   Account Funding Transfer to #8071 $ 174,643  
        Total Account Funding Transfers           $ 174,643  
                                 
1/31/17       None                   $ 0  
        Total Other Cash Disbursements           $ 0  
                                 
                Total Cash Disbursements   $ 591,556 (1)

 

(1)  Total for all accounts should agree with total cash disbursements listed on Form 2-B, page 1 Page 3 of 3

 

 

 

 

DEBTOR: Dakota Plains Holdings, Inc.       CASE NO:     16-43711  

 

Form 2-C

COMPARATIVE BALANCE SHEET

  For Period Ended:   1/31/17  

 

                            Current     Petition
ASSETS                       Month     Date (1)
Current Assets:                            
  Cash (from Form 2-B, line 5)               $ 474,606   $ 378,979
  Accounts Receivable (from Form 2-E)               9,648     9,648
  Receivable from Officers, Employees, Affiliates             0     0
  Inventory                       0     0
  Other Current Assets :(List) Prepaid Insurance           435,540     460,426
            Prepaid Expense           157,768     198,361
                                   
    Total Current Assets                 $ 1,077,562   $ 1,047,414
                                   
Fixed Assets:                            
  Land                     $ 629,789   $ 521,415
  Building                       455,465     377,089
  Equipment, Furniture and Fixtures               71,201     58,949
                                   
    Total Fixed Assets                   1,156,455     957,453
  Less:  Accumulated Depreciation             ( 193,742 ) ( 193,742)
                                   
    Net Fixed Assets                 $ 962,713   $ 763,711
                                   
  Other Assets (List):   Finance Costs, Net           1,367,768     1,367,768
            Deposits               12,500     12,500
                                   
    TOTAL ASSETS                 $ 3,420,542   $ 3,191,393
                                   
LIABILITIES                              
  Post-petition Accounts Payable (from Form 2-E)           $ 5,372   $ 0
  Post-petition Accrued Profesional Fees (from Form 2-E)         16,917     0
  Post-petition Taxes Payable (from Form 2-E)               21,806     0
  Post-petition Notes Payable                 200,000     0
  Other Post-petition Payable(List):                 0     0
                            0     0
                                   
    Total Post Petition Liabilities             $ 244,095   $ 0
                                   
Pre Petition Liabilities:                          
  Secured Debt - SunTrust                   63,193,377     63,193,377
  Priority Debt                       0     0
  Secured Debt - Petroleum Transport Solutions LLC           11,627,608     11,627,608
  Unsecured Debt                     586,036     565,328
                                   
    Total Pre Petition Liabilities               $ 75,407,021   $ 75,386,313
                                   
    TOTAL LIABILITIES                 $ 75,651,116   $ 75,386,313
                                   
OWNERS’ EQUITY                          
  Owner’s/Stockholder’s Equity               $ 54,892   $ 54,892
  Retained Earnings - Prepetition                 (71,954,036)     (72,249,812)
  Retained Earnings - Post-petition                 (331,430)     0
                                   
    TOTAL OWNERS’ EQUITY             $ (72,230,574)   $ (72,194,920)
                                   
    TOTAL LIABILITIES AND OWNERS’ EQUITY       $ 3,420,542   $ 3,191,393

 

(1)   Petition date values are taken from the Debtor’s balance sheet as of the petition date or are the values listed on the Debtor’s schedules. Page 1 of 1

 

 

 

 

DEBTOR: Dakota Plains Holdings, Inc.       CASE NO:     16-43711  

           
Form 2-D
PROFIT AND LOSS STATEMENT

 

For Period: 1/1/17 to 1/31/17  

 

                      Current       Accumulated  
                      Month       Total (1)  
                                 
Gross Operating Revenue           $ 10,600     $ 10,600  
Less:  Discounts, Returns and Allowances     ( 0 )   ( 0 )
                                 
    Net Operating Revenue       $ 10,600     $ 10,600  
                                 
Cost of Goods Sold             0       0  
                                 
    Gross Profit           $ 10,600     $ 10,600  
                                 
Operating Expenses                        
  Officer Compensation           $ 72,167     $ 90,678  
  Selling, General and Administrative       404,461       431,879  
  Rents and Leases             13,013       17,630  
  Depreciation, Depletion and Amortization       0       0  
  Other (list):                 0       0  
                      0       0  
                                 
  Total Operating Expenses         $ 489,641     $ 540,187  
                                 
    Operating Income (Loss)       $ (479,041)     $ (529,587)  
                                 
                                 
Non-Operating Income and Expenses                  
  Other Non-Operating Expenses       $ 0     $ 0  
  Gains (Losses) on Sale of Assets       0       0  
  Interest Income               0       0  
  Interest Expense             (844)       (844)  
  Other Non-Operating Income           199,002       199,002  
                                 
  Net Non-Operating Income or (Expenses)   $ 198,157     $ 198,157  
                                 
Reorganization Expenses                        
  Legal and Professional Fees         $ 0     $ 0  
  Other Reorganization Expense         0       0  
                                 
  Total Reorganization Expenses     $ 0     $ 0  
                                 
    Net Income (Loss) Before Income Taxes $ (280,884)     $ (331,430)  
                                 
Federal and State Income Tax Expense (Benefit)   0       0  
                                 
    NET INCOME (LOSS)         $ (280,884)     $ (331,430)  

 

(1)  Accumulated Totals include all revenue and expenses since the petition date.            
                                  Page 1 of 1

 

 

 

 

DEBTOR: Dakota Plains Holdings, Inc.       CASE NO:     16-43711  

           
Form 2-E
SUPPORTING SCHEDULES

 

For Period: 1/1/17 to 1/31/17  

 

  POST PETITION TAXES PAYABLE SCHEDULE    
                               
          Beginning   Amount   Amount   Date   Check   Ending
          Balance (1)   Accrued   Paid   Paid   Number   Balance
                               
Income Tax Withheld:                    
  Federal   $ 3,373 $ 0 $ 3,373         $ 0
  State     4,980   1,788   0           6,768
                               
FICA Tax Withheld 0   0   0           0
                               
Employer’s FICA Tax 0   0   0           0
                               
Unemployment Tax                      
  Federal     84   959   0           1,043
  State     544   13,451   0           13,996
                               
Sales, Use &                        
  Excise Taxes   0   0   0           0
                               
Property Taxes   0   0   0           0
                               
Accrued Income Tax:                    
  Federal     0   0   0           0
  State     0   0   0           0
  Other:       0   0   0           0
                               
TOTALS   $ 8,981 $ 16,198 $ 3,373         $ 21,806

 

(1)  For first report, Beginning Balance will be $0; thereafter, Beginning Balance will be Ending Balance from prior report.

 

  INSURANCE SCHEDULE    
                            Premium
            Carrier     Amount of    Expiration   Paid
                    Coverage   Date   Through
Workers’ Compensation   Various   $ 12,500,000   3/23/17   2/28/17
                             
General Liability       Various   $ 50,000,000   7/30/17   2/28/17
                             
Property (Fire, Theft)     Various   $ 46,413,035   12/10/17   2/28/17
                             
Vehicle         Security National   $ 1,000,000   12/10/17   2/28/17
                             
Pollution         Berkley-Nautilus   $ 10,000,000   5/11/17   2/28/17
                             
D&O           Various   $ 20,000,000   3/23/20   3/23/20

 

Page 1 of 2

  

 

 

 

DEBTOR: Dakota Plains Holdings, Inc.       CASE NO:     16-43711  

           
Form 2-E
SUPPORTING SCHEDULES

 

For Period: 1/1/17 to 1/31/17  

 

ACCOUNTS RECEIVABLE AND POST PETITION PAYABLE AGING
                               
                      Accounts       Post Petition
Due                   Receivable       Accounts Payable
                               
Under 30 days             $ 0     $ 4,278
30 to 60 days               0       1,094
61 to 90 days               0       0
91 to 120 days               0       0
Over 120 days               0       0
                               
Total Post Petition               0        
                               
Pre Petition Amounts               9,648        
                               
Total Accounts Receivable         $ 9,648        
Less:  Bad Debt Reserve             0        
Net Accounts Receivable (to Form 2-C)       $ 9,648        
                               
                      Total Post Petition    
                      Accounts Payable $ 5,372

 

* Attach a detail listing of accounts receivable and post-petition accounts payable

 

SCHEDULE OF PAYMENTS TO ATTORNEYS AND OTHER PROFESSIONALS
                               
          Month-end   Current   Paid in            
          Retainer   Month’s   Current   Date of       Month-end
          Balance   Accrual   Month   Court Approval       Balance Due *
                               
Debtor’s Counsel $ 110,000 $ 200,000 $ 35,000         $ 16,917
Senior Secured Lender                        
  Counsel     0   0   71,122           0
Counsel for Unsecured                        
  Creditors’ Committee 0   0   0           0
Trustee’s Counsel   0   0   0           0
Accountant     0   0   0           0
Other:       0   0   2,925           0
Total     $ 110,000 $ 200,000 $ 109,047         $ 16,917

*Balance due to include fees and expenses incurred but not yet paid.

 

SCHEDULE OF PAYMENTS AND TRANSFERS TO PRINCIPALS/EXECUTIVES**
                               
Payee Name   Position   Nature of Payment   Amount
Gabriel Claypool   President, CEO & COO   Monthly Salary     $ 29,167
Martin Beskow   CFO       Monthly Salary       23,000
Anna Phillips   Director       Director Fee         10,000
Tom Pratt     Director       Director Fee         10,000
Anna Phillips   Director       Expense Reimbursement       3,303

 

** List payments and transfers of any kind and in any form made to or for the benefit of any proprietor, owner,  partner, shareholder, officer or director. Page 2 of 2

 

 

 

 

DAKP AP Aging (Post-Petition)
Vendor Under 30 Days 30 to 60 Days 61 to 90 Days 91 to 120 Days Over 120 Days Total
AFPI 2,100.00             2,100.00
Corporation Services Company 71.20                 71.20
FedEx 45.50                 45.50
Interwest 325.00                325.00
Northwestern Mutual 1,423.99             1,423.99
West Unified Communications 312.40                312.40
AIS   1,093.91           1,093.91
             
Total 4,278.09 1,093.91 0.00 0.00 0.00 5,372.00

 

 

 

 

DEBTOR: Dakota Plains Holdings, Inc.       CASE NO:     16-43711  

 

Form 2-F

QUARTERLY FEE SUMMARY *

  For the Month Ended:   1/31/17  

 

          Cash   Quarterly       Date
Month Year   Disbursements **   Fee Due   Check No.   Paid
                       
January 2017 $ 416,913 (1)          
February 2017   0            
March 2017   0            
                       
  TOTAL 1st Quarter $ 416,913 $          
                       
April 2017 $ 0            
May 2017   0            
June 2017   0            
                       
  TOTAL 2nd Quarter $ 0 $          
                       
July 2017 $ 0            
August 2017   0            
September 2017   0            
                       
  TOTAL 3rd Quarter $ 0 $          
                       
October 2017 $ 0            
November 2017   0            
December 2017   0            
                       
  TOTAL 4th Quarter $ 0 $          

 

(1) Excludes “Account Funding Transfers” from line 3, Form 2-B since these are included in Disbursements of subsidiary.

 

                       
FEE SCHEDULE
Quarterly Disbursements Fee     Quarterly Disbursements   Fee
                       
$0 to $14,999 $325     $1,000,000 to $1,999,999 $6,500
$15,000 to $74,999 $650     $2,000,000 to $2,999,999 $9,750
$75,000 to $149,999 $975     $3,000,000 to $4,999,999 $10,400
$150,000 to $224,999 $1,625     $5,000,000 to $14,999,999 $13,000
$225,000 to $299,999 $1,950     $15,000,000 to $29,999,999 $20,000
$300,000 to $999,999 $4,875     $30,000,000 or more $30,000
           

 

* This summary is to reflect the current calendar year’s information cumulative to the end of the reporting period
                       
** Should agree with line 3, Form 2-B.  Disbursements are net of transfers to other debtor in possession bank accounts
                       
Failure to pay the quarterly fee is cause for conversion or dismissal of the chapter 11 case. [11 U.S.C. Sec. 1112(b)(10)]
                       
                      Page 1 of 1

 

 

 

  

DEBTOR: Dakota Plains Holdings, Inc.       CASE NO:     16-43711  

 

Form 2-G

NARRATIVE

  For Period Ending   1/31/17  

 

Please provide a brief description of any significant business and legal actions taken by the debtor, its creditors, or the court during the reporting period, any unusual or non-recurring accounting transactions that are reported in the financial statements, and any significant changes in the financial condition of the debtor which have occurred subsequent to the report date.

 
                     
There are no significant business or legal actions taken by the debtor, its creditors, or the court during the reporting period. There are no unusual or non-recurring accounting transactions that are reported in the financial statements. There are no significant changes in the financial condition of the debtor which have ocurred subsequent to the report date.  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 

Page 1 of 1

 

 

 

 

       
DEBTOR: Dakota Petroleum Transport Solutions, LLC MONTHLY OPERATING REPORT
    CHAPTER 11
CASE NUMBER: 16-43718  

 

Form 2-A
COVER SHEET

 

For Period Ending 1/31/17

 

Accounting Method:     ☒ Accrual Basis     ☐ Cash Basis

 

   
THIS REPORT IS DUE 21 DAYS AFTER THE END OF THE MONTH
 
Mark One Box for Each
Required Document:
Debtor must attach each of the following reports/documents unless the U. S. Trustee has waived the requirement in writing. Submit the original Monthly Operating Report bearing an original signature, to the U. S. Trustee. A copy of the Report must be  filed with the Clerk of Court. 11 U.S.C. § 704(8)
Report/Document
Attached
Previously
Waived
REQUIRED REPORTS/DOCUMENTS
       
1. Cash Receipts and Disbursements Statement (Form 2-B)
       
2. Balance Sheet (Form 2-C)
       
3. Profit and Loss Statement (Form 2-D)
       
4. Supporting Schedules (Form 2-E)
       
5. Quarterly Fee Summary (Form 2-F)
       
6. Narrative (Form 2-G)
       
7. Bank Statements for All Bank Accounts
       
8. Bank Statement Reconciliations for all Bank Accounts
       

 

I declare under penalty of perjury that the following Monthly Operating Report, and any attachments thereto are true, accurate and correct to the best of my knowledge and belief.

             
Executed on: 2/21/17   Print Name:  Martin J Beskow
           
      Signature: -s- Martin J Beskow
           
      Title: Chief Financial Officer

 

 

 

 

DEBTOR: Dakota Petroleum Transport Solutions, LLC CASE NO: 16-43718

 

Form 2-B
CASH RECEIPTS AND DISBURSEMENTS STATEMENT
  For Period: 1/1/17  to  1/31/17  

 

CASH FLOW SUMMARY             Current        
                          Month     Accumulated  
                                   
1. Beginning Cash Balance         $ 0 (1) $ 0 (1)
                                   
2. Cash Receipts                            
    Operations                   374,964   374,964
    Sale of Assets                 0     0  
    DIP Financing / Advances           0     0  
    Account Funding Transfers         174,643     266,721  
    Other                     3,493     3,493  
                                   
    Total Cash Receipts           $ 553,101   $ 645,179  
                                   
3. Cash Disbursements                        
    Operations                   174,643     266,721  
    DIP Financing Payments           0     0  
    Professional Fees / U.S. Trustee Fees       0     0  
    Account Funding Transfers         378,457     378,457  
    Other                     0     0  
                                   
    Total Cash Disbursements         $ 553,101   $ 645,179  
                                   
4. Net Cash Flow (Total Cash Receipts less Total Cash Disbursements)   0     0  
                                   
5 Ending Cash Balance (to Form 2-C)     $ 0 (2) $ 0 (2)
                                   
                                   
CASH BALANCE SUMMARY                 Book  
                Financial Institution     Balance  
                                   
  Petty Cash           N/A   $ 0  
  DIP Operating Account   N/A     0  
  DIP State Tax Account   N/A     0  
  DIP Payroll Account     N/A     0  
  Other Operating Account   Bank of America - Disbursement - ZBA #8071     0  
  Other Interest-bearing Account     N/A     0  
                                   
  TOTAL (must agree with Ending Cash Balance above)       $ 0 (2)

 

(1) Accumulated beginning cash balance is the cash available at the commencement of the case.  
  Current month beginning cash balance should equal the previous month’s ending balance. Page 1 of 3
(2) All cash balances should be the same.  

 

 

 

 

DEBTOR: Dakota Petroleum Transport Solutions, LLC CASE NO: 16-43718

 

Form 2-B
CASH RECEIPTS AND DISBURSEMENTS STATEMENT
  For Period: 1/1/17  to  1/31/17  

  

CASH RECEIPTS DETAIL     Account: #8071          
(attach additional sheets as necessary)                
                             
  Date     Payer   Description     Amount  
                             
  1/19/17     US Oil       Ancillary Fees     $ 59  
  1/20/17     Global Companies   Railcar Storage Fees     22,000  
  1/20/17     US Oil       Crude Oil Transloading Fees     160,813  
  1/20/17     Murex       Ancillary Fees       2,292  
  1/20/17     Murex       Crude Oil Transloading Fees     189,801  
                             
        Total Operations Cash Receipts       $ 374,964  
                             
  1/31/17     None               $ 0  
        Total Sale of Assets           $ 0  
                             
  1/31/17     None               $ 0  
        Total DIP Financing / Advances       $ 0  
                             
  Various     Bank of America   Account Funding Transfer from #8118 $ 174,643  
        Total Account Funding Receipts       $ 174,643  
                             
  1/24/17     John Crane, Inc.   Supply Invoice Reimbursement   $ 3,493  
        Total Other Receipts           $ 3,493  
                             
                Total Cash Receipts   $ 553,101 (1)
                             
(1)  Total for all accounts should agree with total cash receipts listed on Form 2-B, page 1     Page 2 of 3  

 

 

 

 

DEBTOR: Dakota Petroleum Transport Solutions, LLC CASE NO: 16-43718

 

Form 2-B
CASH RECEIPTS AND DISBURSEMENTS STATEMENT
  For Period: 1/1/17  to  1/31/17  

 

CASH DISBURSEMENTS DETAIL   Account: #8071            
(attach additional sheets as necessary)                      
                                   
  Date   Check No.   Payee   Description (Purpose)     Amount  
                                   
  1/4/17   1754   Blue Cross Blue Shield of ND Employee Benefits       $ 6,024  
  1/5/17   ACH   Prairie Meadows   Employee Rent         1,275  
  1/10/17   Wire   First Insurance Funding   Insurance             19,399  
  1/11/17   Wire   First Insurance Funding   Insurance             8,008  
  1/12/17   Wire   Butler Machinery Company   Supplies             480  
  1/12/17   Wire   Northern Plains Rail Services   Signal Inspection         3,550  
  1/12/17   Wire   Dearman Systems, Inc.   Software License         5,150  
  1/17/17   ACH   Reservation Telephone   Telephone             550  
  1/17/17   ACH   Ally Auto       Auto Loan             684  
  1/17/17   ACH   United Quality Cooperative   Utilities             2,477  
  1/17/17   1758   Big John Portable Toilets   Equipment Rental         1,302  
  1/17/17   1760   Culligan Water Conditioning   Office Expense         201  
  1/18/17   1759   Hughes Network Systems   Internet/Media           115  
  1/19/17   1755   Border States Electric Supply Supplies (Deposit)         5,000  
  1/19/17   1756   Border States Electric Supply Supplies             1,485  
  1/19/17   1757   Border States Electric Supply Supplies             3,803  
  1/20/17   Wire   Butler Machinery Company   Supplies             937  
  1/20/17   Wire   AmSpec LLC     Crude Oil Analysis         1,837  
  1/20/17   Wire   Salco Products, Inc.   Supplies             5,780  
  1/23/17   1762   Verizon Wireless   Telephone             263  
  1/24/17   1763   Acme Tools     Supplies             47  
  1/25/17   1764   ND Dept. of Transportation   Auto Expense           142  
  1/26/17   1761   United Quality Cooperative   Utilities (Deposit)         1,750  
  1/27/17   ACH   Mountrail Williams Electric   Utilities             7,350  
  1/30/17   Wire   First Insurance Funding   Insurance             88,753  
  1/31/17   1765   Blue Cross Blue Shield of ND Employee Benefits         7,061  
  1/31/17   1766   James Tate     Employee Expense Reimbursement 1,218  
                                   
          Total Operations Cash Disbursements           $ 174,643  
                                   
  12/31/16       None                   $ 0  
          Total DIP Financing Payments             $ 0  
                                   
  12/31/16       None                   $ 0  
          Total Professional Fees / U.S. Trustee Fees         $ 0  
                                   
  Various   Transfer   Bank of America   Account Funding Transfer to #8118 $ 378,457  
          Total Account Funding Transfers           $ 378,457  
                                   
  12/31/16       None                   $ 0  
          Total Other Cash Disbursements           $ 0  
                                   
                  Total Cash Disbursements   $ 553,101 (1)
                                   
(1)  Total for all accounts should agree with total cash disbursements listed on Form 2-B, page 1     Page 3 of 3  

 

 

 

 

DEBTOR: Dakota Petroleum Transport Solutions, LLC CASE NO: 16-43718

 

Form 2-C
COMPARATIVE BALANCE SHEET
  For Period Ended: 1/1/17     

            Current     Petition  
            Month     Date (1)  
ASSETS                    
Current Assets:                  
Cash (from Form 2-B, line 5)       $ 0   $ 0  
Accounts Receivable (from Form 2-E)         5,830,256     5,395,679  
Receivable from Officers, Employees, Affiliates         0     0  

Inventory

        0     0  
Other Current Assets :(List) Prepaid Insurance         234,078     174,811  
  Prepaid Expense         21,014     10,491  
                   
Total Current Assets       $ 6,085,348   $ 5,580,981  
                   
Fixed Assets:                  
Land       $ 0   $ 0  
Building         4,925,129     4,077,616  
Equipment, Furniture and Fixtures         7,284,343     6,030,858  
                     
Total Fixed Assets         12,209,472     10,108,474  
Less:  Accumulated Depreciation       ( 2,322,185 ) ( 2,322,185 )
                   
Net Fixed Assets       $ 9,887,287   $ 7,786,289  
                     
Other Assets (List): Other Long-Term Assets         729,623     729,623  
            0     0  
                   
TOTAL ASSETS     $ 16,702,258   $ 14,096,893  
                 
LIABILITIES                
Post-petition Accounts Payable (from Form 2-E)     $ 13,786   $ 0  
Post-petition Accrued Profesional Fees (from Form 2-E)       0     0  
Post-petition Taxes Payable (from Form 2-E)       0     0  
Post-petition Notes Payable       0     0  
Other Post-petition Payable(List): Accrued Salaries       32,509     0  
  Accrued Expenses       19,116     0  
                 
Total Post Petition Liabilities     $ 65,411   $ 0  
                 
Pre Petition Liabilities:                
Secured Debt       0     0  
Priority Debt - Property Tax       579,476     437,754  
Secured Debt - Notes Payable Vehicles       167,673     173,174  
Unsecured Debt       71,097     32,802  
                 
Total Pre Petition Liabilities     $ 818,246   $ 643,730  
                 
TOTAL LIABILITIES     $ 883,657   $ 643,730  
                 
OWNERS’ EQUITY                
Owner’s/Stockholder’s Equity     $ 0   $ 0  
Retained Earnings - Prepetition       13,446,818     13,453,163  
Retained Earnings - Post-petition       2,371,783     0  
                 
TOTAL OWNERS’ EQUITY     $ 15,818,601   $ 13,453,163  
                 
TOTAL LIABILITIES AND OWNERS’ EQUITY     $ 16,702,258   $ 14,096,893  

 

(1)  Petition date values are taken from the Debtor’s balance sheet as of the petition date or are the values listed on the Debtor’s schedules. Page 1 of 1

  

 

 

 

DEBTOR: Dakota Petroleum Transport Solutions, LLC CASE NO: 16-43718

                                     
                      Current           Accumulated  
                      Month           Total (1)  
                                     
Gross Operating Revenue           $ 426,346         $ 798,960  
Less:  Discounts, Returns and Allowances     ( 0 )       ( 0 )
                                     
    Net Operating Revenue       $ 426,346         $ 798,960  
                                     
Cost of Goods Sold             216,812           305,399  
                                     
    Gross Profit           $ 209,534         $ 493,560  
                                     
Operating Expenses                            
  Officer Compensation           $ 0         $ 0  
  Selling, General and Administrative       141,405           222,389  
  Rents and Leases             0           0  
  Depreciation, Depletion and Amortization       0           0  
  Other (list):                 0           0  
                      0           0  
                                     
  Total Operating Expenses         $ 141,405         $ 222,389  
                                     
    Operating Income (Loss)       $ 68,129         $ 271,171  
                                     
                                     
Non-Operating Income and Expenses                      
  Other Non-Operating Expenses       $ 0         $ 0  
  Gains (Losses) on Sale of Assets       0           0  
  Interest Income               0           0  
  Interest Expense             (88 )         (386 )
  Other Non-Operating Income           2,100,998           2,100,998  
                                     
  Net Non-Operating Income or (Expenses)   $ 2,100,910         $ 2,100,612  
                                     
Reorganization Expenses                            
  Legal and Professional Fees         $ 0         $ 0  
  Other Reorganization Expense         0           0  
                                     
  Total Reorganization Expenses     $ 0         $ 0  
                                     
    Net Income (Loss) Before Income Taxes $ 2,169,040         $ 2,371,783  
                                     
Federal and State Income Tax Expense (Benefit)   0           0  
                                     
    NET INCOME (LOSS)         $ 2,169,040         $ 2,371,783  
                                     
(1)  Accumulated Totals include all revenue and expenses since the petition date.           Page 1 of 1  

  

 

 

 

DEBTOR: Dakota Petroleum Transport Solutions, LLC CASE NO: 16-43718

 

Form 2-E
SUPPORTING SCHEDULES
  For Period: 1/1/17  to  1/31/17  

                                 
  POST PETITION TAXES PAYABLE SCHEDULE      
                                 
          Beginning   Amount   Amount   Date   Check   Ending  
          Balance (1)   Accrued   Paid   Paid   Number   Balance  
                                 
Income Tax Withheld:                      
  Federal   $ 0 $ 0 $ 0         $ 0  
  State     0   0   0           0  
                                 
FICA Tax Withheld 0   0   0           0  
                                 
Employer’s FICA Tax 0   0   0           0  
                                 
Unemployment Tax                        
  Federal     0   0   0           0  
  State     0   0   0           0  
                                 
Sales, Use &                          
  Excise Taxes   0   0   0           0  
                                 
Property Taxes   0   0   0           0  
                                 
Accrued Income Tax:                      
  Federal     0   0   0           0  
  State     0   0   0           0  
  Other:        0   0   0           0  
                                 
TOTALS   $ 0 $