Case Doc 9 Filed 04/23/19 Page 1 0f 3 UNITED STATES BANKRUPTCY COURT MIDDLE DISTRICT OF FLORIDA JACKSONVILLE DIVISION In Re: Kinnecorps, LLC Case No. Chapter 1 1 Debtora Debtor-In-Possession's Chapter 11 Case Manflzernent Summarv Kinnecorps, a Florida Company, pursuant to Administrative Order 20091 hereby tiles this Chapter 11 Case Management Summary. In suppon of this Summary, the Debtor would show: Introduction The Debtor tiled its petition tor reliefunder Chapter 11 of the United States Bankruptcy Code on April 19. 2019. An order tor relief was entered and pursuant to Sections 1 107 and 1108 of the Bankruptcy Code the Debtor retained possession of its property, its assets and is duly authorized as debtorsinspossession to continue the operation and management of its business. No trustee or examiner has been appointed in this bankruptcy case. A committee of unsecured creditors has not been appointed. Case Management Items Ia Description of the Debtor's Business Kinnecorps, LLC concentrates its business on providing contracting and rooting services throughout northeast Florida. II. Location of Debtor's Operations and "'Iietlier Leased or Owned The Deblor's principal place of business is 8761 Perimeter Parke Blvd, Ste. 105, Jacksonville Florida 32216 and mailing address is -- Jacksonville Florida 32224. Case Doc 9 Filed 04/23/19 Page 2 of 3 Reasons for Filing Chapter 11 The business was originally formed in 2015 and was immediately successful. In 2017 the company's gross revenues exceeded 3.8 million. Unfortunately, because of cash tlow issues regarding insurance payments the company decided Io take out "bustness loans" to help bridge the gap in the ability to service customers. After successfully taking out and paying cffseveral "business loans" the daily payments and high interest rates finally caught up with the business. Unfortunately in 2018 the company went lnlo default on Ihe "business loans" which lead to very aggressive collection. Earlier in April 2019. one of the business lenders received a receivership order. because the Debtor was not represented by counsel in where it was to take over the collection of the accounts receivables from the Debtor. If this were to happen no creditors, other than that creditor. would get paid and operations would immediately cease. The business has tiled in an attempt to save the business and restructure the debts in a way that works with the cash flow of the business and most importantly to preserve assets and the going concern value and cash tlow to pay any potential creditors that arise from the recent Florida Attorney General's Complaint filed against the Debtor 1v. List of Officers and Directors and Their Salaries and Benefits at the Time of Filing Name and Address Title Salary/Benefits Member Calculating V. Debtor's Annual Grass Revenues 2019 Est. Gross YTD Receipts 7 Calculating 2018 Est. Gross Receipts 7 $4,654r525.00 2017 Gross Receipts $3,874r722.00 General Descrigtion and Value of Debtor's Assets The Deblor's main assets are accounts receivables owed to the Debtor for previous work completed. The Debtor believes that there is over $2.3 million in accounts receivables. VII. Number of Employees and Amount of Wages Owed as of Petition Date 5 employees. No wages owed as of petition date. Case 3:19-bk-01474-JAF Doc 9 Filed 04/23/19 Page 3 of 3 VIII. Status of Debtor’s Payroll and Sales Tax Obligations The Debtor owes the Florida Dept. of Revenue and the Internal Revenue Service for payroll tax obligations. IX. Anticipated Emergency Relief Within 14 Days of Petition Date The Debtor does not anticipate emergency relief. Dated: April 23, 2019 The Law Offices of Jason A. Burgess, LLC Submitted by:_/s/ Jason A. Burgess Jason A. Burgess Florida Bar No.: 40757 1855 Mayport Road Atlantic Beach, Florida 32233 Phone: (904) 372-4791 Email: jason@jasonaburgess.com Counsel for Debtor-In-Possession 3