EX-99.1 2 viewrayinc.htm EX-99.1 viewrayinc
UST Form 11-MOR (12/01/2021) 1 UNITED STATES BANKRUPTCY COURT DISTRICT OF Delaware In Re. ViewRay, Inc. Debtor(s) § § § § Case No. 23-10935 Lead Case No. 23-10935 Jointly Administered Monthly Operating Report Chapter 11 Reporting Period Ended: 07/31/2023 Petition Date: 07/16/2023 Months Pending: 1 Industry Classification: 3 3 4 5 Reporting Method: Accrual Basis Cash Basis Debtor's Full-Time Employees (current): 0 Debtor's Full-Time Employees (as of date of order for relief): 0 Supporting Documentation (check all that are attached): (For jointly administered debtors, any required schedules must be provided on a non-consolidated basis for each debtor) Statement of cash receipts and disbursements Balance sheet containing the summary and detail of the assets, liabilities and equity (net worth) or deficit Statement of operations (profit or loss statement) Accounts receivable aging Postpetition liabilities aging Statement of capital assets Schedule of payments to professionals Schedule of payments to insiders All bank statements and bank reconciliations for the reporting period Description of the assets sold or transferred and the terms of the sale or transfer Signature of Responsible Party Printed Name of Responsible Party Date Address /s/ Ian J. Bambrick 09/06/2023 Ian J. Bambrick 222 Delaware Ave., Suite 1410, Wilmington, DE 19801 STATEMENT: This Periodic Report is associated with an open bankruptcy case; therefore, Paperwork Reduction Act exemption 5 C.F.R. § 1320.4(a)(2) applies. Case 23-10935-KBO Doc 245 Filed 09/06/23 Page 1 of 12


 
UST Form 11-MOR (12/01/2021) 2 Debtor's Name ViewRay, Inc. Case No. 23-10935 Part 1: Cash Receipts and Disbursements Current Month Cumulative a. Cash balance beginning of month $0 b. Total receipts (net of transfers between accounts) $0 $0 c. Total disbursements (net of transfers between accounts) $0 $0 d. Cash balance end of month (a+b-c) $0 e. Disbursements made by third party for the benefit of the estate $0 $0 f. Total disbursements for quarterly fee calculation (c+e) $0 $0 Part 2: Asset and Liability Status Current Month (Not generally applicable to Individual Debtors. See Instructions.) a. Accounts receivable (total net of allowance) $0 b. Accounts receivable over 90 days outstanding (net of allowance) $0 c. Inventory ( (attach explanation))Book Market Other $0 d Total current assets $0 e. Total assets $0 f. Postpetition payables (excluding taxes) $0 g. Postpetition payables past due (excluding taxes) $0 h. Postpetition taxes payable $0 i. Postpetition taxes past due $0 j. Total postpetition debt (f+h) $0 k. Prepetition secured debt $0 l. Prepetition priority debt $0 m. Prepetition unsecured debt $0 n. Total liabilities (debt) (j+k+l+m) $0 o. Ending equity/net worth (e-n) $0 Part 3: Assets Sold or Transferred Current Month Cumulative a. Total cash sales price for assets sold/transferred outside the ordinary course of business $0 $0 b. Total payments to third parties incident to assets being sold/transferred outside the ordinary course of business $0 $0 c. Net cash proceeds from assets sold/transferred outside the ordinary course of business (a-b) $0 $0 Part 4: Income Statement (Statement of Operations) Current Month Cumulative (Not generally applicable to Individual Debtors. See Instructions.) a. Gross income/sales (net of returns and allowances) $0 b. Cost of goods sold (inclusive of depreciation, if applicable) $0 c. Gross profit (a-b) $0 d. Selling expenses $0 e. General and administrative expenses $0 f. Other expenses $0 g. Depreciation and/or amortization (not included in 4b) $0 h. Interest $0 i. Taxes (local, state, and federal) $0 j. Reorganization items $0 k. Profit (loss) $0 $0 Case 23-10935-KBO Doc 245 Filed 09/06/23 Page 2 of 12


 
UST Form 11-MOR (12/01/2021) 3 Debtor's Name ViewRay, Inc. Case No. 23-10935 Part 5: Professional Fees and Expenses Approved Current Month Approved Cumulative Paid Current Month Paid Cumulative a. Debtor's professional fees & expenses (bankruptcy) Aggregate Total Itemized Breakdown by Firm Firm Name Role i ii iii iv v vi vii viii ix x xi xii xiii xiv xv xvi xvii xviii xix xx xxi xxii xxiii xxiv xxv xxvi xxvii xxviii xxix xxx xxxi xxxii xxxiii xxxiv xxxv xxxvi Case 23-10935-KBO Doc 245 Filed 09/06/23 Page 3 of 12


 
UST Form 11-MOR (12/01/2021) 4 Debtor's Name ViewRay, Inc. Case No. 23-10935 xxxvii xxxvii xxxix xl xli xlii xliii xliv xlv xlvi xlvii xlviii xlix l li lii liii liv lv lvi lvii lviii lix lx lxi lxii lxiii lxiv lxv lxvi lxvii lxviii lxix lxx lxxi lxxii lxxiii lxxiv lxxv lxxvi lxxvii lxxvii Case 23-10935-KBO Doc 245 Filed 09/06/23 Page 4 of 12


 
UST Form 11-MOR (12/01/2021) 5 Debtor's Name ViewRay, Inc. Case No. 23-10935 lxxix lxxx lxxxi lxxxii lxxxii lxxxiv lxxxv lxxxvi lxxxvi lxxxvi lxxxix xc xci xcii xciii xciv xcv xcvi xcvii xcviii xcix c ci Approved Current Month Approved Cumulative Paid Current Month Paid Cumulative b. Debtor's professional fees & expenses (nonbankruptcy) Aggregate Total Itemized Breakdown by Firm Firm Name Role i ii iii iv v vi vii viii ix x xi xii xiii xiv Case 23-10935-KBO Doc 245 Filed 09/06/23 Page 5 of 12


 
UST Form 11-MOR (12/01/2021) 6 Debtor's Name ViewRay, Inc. Case No. 23-10935 xv xvi xvii xviii xix xx xxi xxii xxiii xxiv xxv xxvi xxvii xxviii xxix xxx xxxi xxxii xxxiii xxxiv xxxv xxxvi xxxvii xxxvii xxxix xl xli xlii xliii xliv xlv xlvi xlvii xlviii xlix l li lii liii liv lv lvi Case 23-10935-KBO Doc 245 Filed 09/06/23 Page 6 of 12


 
UST Form 11-MOR (12/01/2021) 7 Debtor's Name ViewRay, Inc. Case No. 23-10935 lvii lviii lix lx lxi lxii lxiii lxiv lxv lxvi lxvii lxviii lxix lxx lxxi lxxii lxxiii lxxiv lxxv lxxvi lxxvii lxxvii lxxix lxxx lxxxi lxxxii lxxxii lxxxiv lxxxv lxxxvi lxxxvi lxxxvi lxxxix xc xci xcii xciii xciv xcv xcvi xcvii xcviii Case 23-10935-KBO Doc 245 Filed 09/06/23 Page 7 of 12


 
UST Form 11-MOR (12/01/2021) 8 Debtor's Name ViewRay, Inc. Case No. 23-10935 xcix c c. All professional fees and expenses (debtor & committees) $0 $0 $0 $0 Part 6: Postpetition Taxes Current Month Cumulative a. Postpetition income taxes accrued (local, state, and federal) $0 $0 b. Postpetition income taxes paid (local, state, and federal) $0 $0 c. Postpetition employer payroll taxes accrued $0 $0 d. Postpetition employer payroll taxes paid $0 $0 e. Postpetition property taxes paid $0 $0 f. Postpetition other taxes accrued (local, state, and federal) $0 $0 g. Postpetition other taxes paid (local, state, and federal) $0 $0 Part 7: Questionnaire - During this reporting period: a. Were any payments made on prepetition debt? (if yes, see Instructions) Yes No b. Yes NoWere any payments made outside the ordinary course of business without court approval? (if yes, see Instructions) c. Yes NoWere any payments made to or on behalf of insiders? d. Yes NoAre you current on postpetition tax return filings? e. Yes NoAre you current on postpetition estimated tax payments? f. Were all trust fund taxes remitted on a current basis? Yes No g. Yes NoWas there any postpetition borrowing, other than trade credit? (if yes, see Instructions) h. Were all payments made to or on behalf of professionals approved by the court? Yes No N/A i. Do you have: Worker's compensation insurance? Yes No If yes, are your premiums current? Yes No N/A (if no, see Instructions) Casualty/property insurance? Yes No If yes, are your premiums current? Yes No N/A (if no, see Instructions) General liability insurance? Yes No If yes, are your premiums current? Yes No N/A (if no, see Instructions) j. Has a plan of reorganization been filed with the court? Yes No k. Has a disclosure statement been filed with the court? Yes No l. Are you current with quarterly U.S. Trustee fees as set forth under 28 U.S.C. § 1930? Yes No Case 23-10935-KBO Doc 245 Filed 09/06/23 Page 8 of 12


 
UST Form 11-MOR (12/01/2021) 9 Debtor's Name ViewRay, Inc. Case No. 23-10935 Part 8: Individual Chapter 11 Debtors (Only) a. Gross income (receipts) from salary and wages $0 b. Gross income (receipts) from self-employment $0 c. Gross income from all other sources $0 d. Total income in the reporting period (a+b+c) $0 e. Payroll deductions $0 f. Self-employment related expenses $0 g. Living expenses $0 h. All other expenses $0 i. Total expenses in the reporting period (e+f+g+h) $0 j. Difference between total income and total expenses (d-i) $0 k. List the total amount of all postpetition debts that are past due $0 l. Are you required to pay any Domestic Support Obligations as defined by 11 U.S.C § 101(14A)? Yes No m. Yes No N/AIf yes, have you made all Domestic Support Obligation payments? Privacy Act Statement 28 U.S.C. § 589b authorizes the collection of this information, and provision of this information is mandatory under 11 U.S.C. §§ 704, 1106, and 1107. The United States Trustee will use this information to calculate statutory fee assessments under 28 U.S.C. § 1930(a)(6). The United States Trustee will also use this information to evaluate a chapter 11 debtor's progress through the bankruptcy system, including the likelihood of a plan of reorganization being confirmed and whether the case is being prosecuted in good faith. This information may be disclosed to a bankruptcy trustee or examiner when the information is needed to perform the trustee's or examiner's duties or to the appropriate federal, state, local, regulatory, tribal, or foreign law enforcement agency when the information indicates a violation or potential violation of law. Other disclosures may be made for routine purposes. For a discussion of the types of routine disclosures that may be made, you may consult the Executive Office for United States Trustee's systems of records notice, UST-001, "Bankruptcy Case Files and Associated Records." See 71 Fed. Reg. 59,818 et seq. (Oct. 11, 2006). A copy of the notice may be obtained at the following link: http:// www.justice.gov/ust/eo/rules_regulations/index.htm. Failure to provide this information could result in the dismissal or conversion of your bankruptcy case or other action by the United States Trustee. 11 U.S.C. § 1112(b)(4)(F). I declare under penalty of perjury that the foregoing Monthly Operating Report and its supporting documentation are true and correct and that I have been authorized to sign this report on behalf of the estate. /s/ Cassie Mahar Signature of Responsible Party Interim Chief Financial Officer Printed Name of Responsible Party 09/06/2023 DateTitle Cassie Mahar Case 23-10935-KBO Doc 245 Filed 09/06/23 Page 9 of 12


 
UST Form 11-MOR (12/01/2021) 10 Debtor's Name ViewRay, Inc. Case No. 23-10935 PageOnePartOne PageOnePartTwo PageTwoPartOne PageTwoPartTwo Case 23-10935-KBO Doc 245 Filed 09/06/23 Page 10 of 12


 
UST Form 11-MOR (12/01/2021) 11 Debtor's Name ViewRay, Inc. Case No. 23-10935 Bankruptcy51to100 NonBankruptcy1to50 NonBankruptcy51to100 Bankruptcy1to50 Case 23-10935-KBO Doc 245 Filed 09/06/23 Page 11 of 12


 
UST Form 11-MOR (12/01/2021) 12 Debtor's Name ViewRay, Inc. Case No. 23-10935 PageFour PageThree Case 23-10935-KBO Doc 245 Filed 09/06/23 Page 12 of 12


 
ViewRay, Inc. Case No. 23-10935 Debtor Reporting Period: July 2023 MONTHLY OPERATING REPORT TABLE OF CONTENTS Supporting Documentation Page # Notes to the Monthly Operating Report 1-2 Part 1: Schedule of Cash Receipts And Disbursements 3 Part 2: Asset and Liability Status (Balance Sheet) 4 Part 4: Income Statement (Statement of Operations) 5 Case 23-10935-KBO Doc 245-1 Filed 09/06/23 Page 1 of 6


 
ViewRay, Inc. Case No. 23-10935 Debtor Reporting Period: July 2023 MONTHLY OPERATING REPORT Notes to the Monthly Operating Report This report includes activity from the following Debtor and their related Case Number: Debtor Case Number ViewRay, Inc. 23-10935 Notes to the MOR: On July 16, 2023 (the “Petition Date”), each of the Debtors filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code. The Debtors are operating their business and managing their properties as debtors-in- possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. On July 18, 2023, the court entered an order [Docket No. 24] authorizing joint administration and procedural consolidation of these chapter 11 cases pursuant to sections 101(2), 105(a), and 342(c)(1) of the Bankruptcy Code, rules 1015(b), and 2002(n) of the Federal Rules of Bankruptcy Procedure, and Local Rule 1015-1. The Debtors are filing their Monthly Operating Report solely for the purposes of complying with the monthly operating reporting requirements applicable in the Debtors' chapter 11 cases. The financial and supplemental information contained herein is presented on a preliminary and unaudited basis, remains subject to future adjustments and may not comply in all material respects with generally accepted accounting principles in the United States of America (“U.S. GAAP”) or International Financial Reporting Standards (“IFRS”). This Monthly Operating Report should not be relied on by any persons for information relating to future financial conditions, events, or performance of any of the Debtors or their affiliates. The financial information has been derived from the books and records of the Debtors. This information, however, has not been subject to certain procedures that would typically be applied to financial information in accordance with U.S. GAAP or IFRS, and upon application of such procedures, the Debtors believe that the financial information could be subject to changes, which could be material. The information furnished in this report includes primarily normal recurring adjustments, but does not include all adjustments that would typically be made for financial statements prepared in accordance with U.S. GAAP or IFRS. The preparation of the Financial Statements and MOR required the Debtors to make commercially reasonable estimates and assumptions with respect to the reported amounts of assets and liabilities, the amount of contingent assets and contingent liabilities at month end, and the reported amounts of revenues and expenses during the applicable reporting periods. Actual results could differ from such estimates. This MOR only contains financial information of the Debtor. The Debtors reserve all rights to amend or supplement this Monthly Operating Report in all respects, as may be necessary or appropriate. Nothing contained in this Monthly Operating Report shall constitute a waiver of any of the Debtors' rights or an admission with respect to their chapter 11 cases. Case 23-10935-KBO Doc 245-1 Filed 09/06/23 Page 2 of 6


 
ViewRay, Inc. Case No. 23-10935 Debtor Reporting Period: July 2023 MONTHLY OPERATING REPORT Notes to the Monthly Operating Report This report includes activity from the following Debtor and their related Case Number: Debtor Case Number ViewRay, Inc. 23-10935 Notes to MOR Part 2 & MOR Part 4: The information contained in MOR Part 2 & MOR Part 4 is provided to fulfill the requirements of the Office of the United States Trustee. All information contained in MOR Part 2 & MOR Part 4 is unaudited and subject to future adjustment. Note that the Debtors answered 'N/A' on the MOR form for Part 7 - Question (i.) since all insurance premiums are paid for by ViewRay Technologies, Inc. All of the Debtors' operations have historically been at ViewRay Technologies, Inc. and, given this, the Debtors' prepetition practice was to file consolidated financial statements for all activity taking place at ViewRay Technologies, Inc. As a result, all monthly operating activity has been filed under the Monthly Operating Report for ViewRay Technologies, Inc. There was no activity under ViewRay, Inc. for the month, and none is expected by the Debtors going forward. Case 23-10935-KBO Doc 245-1 Filed 09/06/23 Page 3 of 6


 
ViewRay, Inc. Case No. 23-10935 Debtor Reporting Period: July 16 - 31, 2023 PART 1 SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS Debtor name: ViewRay, Inc. Case number: 23-10935 Line item Unrestricted Cash, Beginning of Period - Restricted Cash, Beginning of Period - TOTAL CASH BEGINNING OF MONTH - RECEIPTS Receipts - TOTAL RECEIPTS - DISBURSEMENTS Service Inventory - Payroll & Benefits - Freight & Duty - Other Disbursements - DIP Interest - Pre-Petition Term Loan Interest - Critical & Foreign Vendors / Shipping & Warehouse - Restructuring & Chapter 11 Costs - D&O Tail - TOTAL DISBURSEMENTS - TRANSFERS NET CASH FLOW (RECEIPTS LESS DISBURSEMENTS) - Unrestricted Cash, End of Period - Restricted Cash, End of Period - TOTAL CASH END OF PERIOD - Reconciliation to Part 2: Balance Sheet: Total Cash On-Hand per Bank Statements - (+) Cash In-Transit - Total Cash at End of Period per Part 1: - Case 23-10935-KBO Doc 245-1 Filed 09/06/23 Page 4 of 6


 
ViewRay, Inc. Case No. 23-10935 Debtor Reporting Period: July 2023 PART 2 BALANCE SHEET (UNAUDITED) Debtor name: ViewRay, Inc. Case number: 23-10935 Line item Current Period Cash and cash equivalents - Accounts receivable - net - Inventory - Deposits on purchased components - Deferred Costs - Prepaid expenses and other current assets - TOTAL CURRENT ASSETS - Property and Equipment, Net - Restricted Cash - Intangible Assets - net - Right-of-use asset - Other Assets - TOTAL ASSETS - LIABILITIES AND EQUITY DIP Financing - Post-Petition Accounts Payable - TOTAL LIABILITIES - LIABILITIES SUBJECT TO COMPROMISE - Common Stock - Additional Paid-In Capital - Accumulated Deficit - Total Equity - TOTAL LIABILITIES & EQUITY - Case 23-10935-KBO Doc 245-1 Filed 09/06/23 Page 5 of 6


 
ViewRay, Inc. Case No. 23-10935 Debtor Reporting Period: July 16 - 31, 2023 PART 4 STATEMENT OF OPERATIONS (UNAUDITED) Debtor name: ViewRay, Inc. Case number: 23-10935 Line item Current Period Revenue Revenue - Cost of Revenue - Gross Profit (Loss) - Operating Expenses Research and development - Selling and marketing - General and administrative - Total Operating Expenses - Operating Income (Loss) - Other income (expense) Interest income - Interest expense - Other income (expense) - Total Other income (expense) - Net Income (Loss) before Reorganization Items, Net - Reorganization Items, Net - Net Income (Loss) - Case 23-10935-KBO Doc 245-1 Filed 09/06/23 Page 6 of 6