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Full title: Operating report of debtor in possession filed by James A Bartholomew. (Caldie, Edwin) (Entered: 06/17/2021)

Document posted on Jun 16, 2021 in the bankruptcy, 13 pages and 0 tables.

Bankrupt11 Summary (Automatically Generated)

Due Current Period 31 - 60 Days 61 - 90 Days 91 and Oveer(s): 1 Aged Totals: $3,000.00 $3,000.00 $0.00 $0.00 $0.0: 5004250 Name: CENTERPOINT ENERGY Class ID: BUILDING W-9 Status: RequestedDue Current Period 31 - 60 Days 61 - 90 Days 91 and Oveer(s): 2 Aged Totals: $1,465.68 $1,465.68 $0.00 $0.00 $0.0: 5004535CITY OF LAKEVILLE Class ID: BUILDING W-9 Status: NADue Current Period 31 - 60 Days 61 - 90 Days 91 and Oveer(s): 1 Aged Totals: $422.30 $422.30 $0.00 $0.00 $0.0 : 5004580 Name: CITY OF WOODBURY Class ID: BUILDING W-9 Status: NADue Current Period 31 - 60 Days 61 - 90 Days 91 and Oveer(s): 1 Aged Totals: $345.06 $345.06 $0.00 $0.00 $0.0 :Due Current Period 31 - 60 Days 61 - 90 Days 91 and Oveer(s): 1 Aged Totals: $1,604.76 $1,604.76 $0.00 $0.00 $0.0: 5014800 Name: HOME DEPOT CREDIT SERVICE Class ID: BUILDING W-9 Status: NADue Current Period 31 - 60 Days 61 - 90 Days 91 and Oveer(s): 1 Aged Totals: $39.79 $39.79 $0.00 $0.00 $0.0 : 1544599 Name: MARK WHITE Class ID: EMPLOYEES W-9 Status: Due Current Period 31 - 60 Days 61 - 90 Days 91 and Oveer(s): 1 Aged Totals: $264.28 $264.28 $0.00 $0.00 $0.0 : 5035000 Name: ROCHESTER PUBLIC UTILITIES Class ID: BUILDING W-9 Status: NADue Current Period 31 - 60 Days 61 - 90 Days 91 and Oveer(s): 1 Aged Totals: $3,402.10 $3,402.10 $0.00 $0.00 $0.0: 5037795 Name: SCR COMPANIES INC Class ID: BUILDING W-9 Status: Due Current Period 31 - 60 Days 61 - 90 Days 91 and Oveer(s): 1 Aged Totals: $1,118.17 $1,118.17 $0.00 $0.00 $0.0: 5036700 Name: SHAKOPEE PUBLIC UTILITIES Class ID: BUILDING W-9 Status: NADue Current Period 31 - 60 Days 61 - 90 Days 91 and Oveer(s): 4 Aged Totals: $11,775.77 $11,775.77 $0.00 $0.00 $0.0: 1057220 Name: SPECTRUM BUSINESS Class ID: TELEPHONE W-9 Status:

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CHAPTER 11 ASE NUMBER: 19-33629 Form 2-A COVER SHEET For Period 5/1/2021 - 5/31/2021 ccounting Method: x Accrual Basis Cash Basis THIS REPORT IS DUE 21 DAYS AFTER THE END OF THE MONTH Debtor must attach each of the following reports/documents unless the U. S. Trusteeark One Box for Each has waived the requirement in writing. Submit the original Monthly Operating Reportequired Document: 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 Previously Attached ## Waived REQUIRED REPORTS/DOCUMENTS x 1. Cash Receipts and Disbursements Statement (Form 2-B) x 2. Balance Sheet (Form 2-C) x 3. Profit and Loss Statement (Form 2-D) x 4. Supporting Schedules (Form 2-E) x 5. Quarterly Fee Summary (Form 2-F) x 6. Narrative (Form 2-G) x 7. Bank Statements for All Bank Accounts x 8. Bank Statement Reconciliations for all Bank Accounts declare under penalty of perjury that the following Monthly Operating Report, and anyttachments thereto are true, accurate and correct to the best of my knowledge and belief. xecuted on: 6/17/2021 Print Name: James Bartholomew Signature: Title: Chapter 11 Trustee

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DEBTOR: Minnesota School of Business, Inc. CASE NO: 19-33629Form 2-B CASH RECEIPTS AND DISBURSEMENTS STATEMENT For Period: 5/1/2021 to 5/31/2021 CASH FLOW SUMMARY Current Month Accumulated 1. Beginning Cash Balance $ 1,401,899.22 (1) $ 3,282,575.38 (1)2. Cash Receipts Operations 149,880.48 153,596.20 Sale of Assets - -Loans/advances - -Rent Received - 113,965.26Other - Debt Service from LLCs - 95,365.54Other - Refund Bond Premium - 62,906.06Other - Interest Income - 18,644.89Total Cash Receipts $ 149,880.48 $ 444,477.953. Cash Disbursements Operations 30,005.68 1,099,419.35 Debt Service/Secured loan payment - 172,989.29Professional fees/U.S. Trustee fees 116,532.24 956,882.59Other - Bond Premium 130,000.00 161,253.00Other - Due from LLCs - 1,986.26Other - Legal - Approval Pending - 59,281.06Total Cash Disbursements $ 276,537.92 $ 2,451,811.554. Net Cash Flow (Total Cash Receipts less Total Cash Disbursements) (126,657.44) (2,007,333.60) 5 Ending Cash Balance (to Form 2-C) $ 1,275,241.78 (2) $ 1,275,241.78 (2)CASH BALANCE SUMMARY Book Financial Institution Balance Petty Cash n/a $ 0 DIP Operating Account Wells Fargo 1,275,241.78 DIP State Tax Account n/a 0 DIP Payroll Account n/a 0 Other Operating Account n/a 0 Other Interest-bearing Account n/a 0 TOTAL (must agree with Ending Cash Balance above) $ 1,275,241.78 (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 (2) All cash balances should be the same. Rev. 01/01

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Form 2-B CASH RECEIPTS AND DISBURSEMENTS STATEMENT For Period: 5/1/2021 to 5/31/2021 CASH RECEIPTS DETAIL Account No: n/a (attach additional sheets as necessary) Date Payer Description Amount 5/27/2021 MSB Holding Repayment of Loan Proceeds 149,880.48Total Cash Receipts $ 1 49,880.48 (1) (1) Total for all accounts should agree with total cash receipts listed on Form 2-B, page 1 Page 2 of 3Rev. 01/01/18

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Form 2-B CASH RECEIPTS AND DISBURSEMENTS STATEMENT 5/1/2021 to 5/31/2021 CASH DISBURSEMENTS DETAIL Account No: n/a (attach additional sheets as necessary) Date Check No. Payee Description (Purpose) Amount 5/11/2021 ACH Wells Fargo Bank Bank Fees 1 31.905/13/2021 ACH Insperity Payroll 1 3,772.70 5/15/2021 ACH VOYA Payroll 1 ,197.79 5/18/2021 ACH James Bartholomew Trustee Fees 1 7,652.765/18/2021 ACH Lighthouse Management Financial Advisor 1 1,583.355/18/2021 ACH Winthrop Weinstine Legal 4 ,476.00 5/18/2021 ACH Donlin Recano Legal 5 ,897.63 5/18/2021 ACH Stinson Legal 7 6,922.50 5/27/2021 ACH RBC Capital 20M Bond 1 06,000.00 5/27/2021 ACH RBC Capital 4.6M Bond Renewal 2 4,000.005/28/2021 ACH Insperity Payroll 1 3,705.50 5/31/2021 ACH VOYA Payroll 1 ,197.79 Total Cash Disbursements $ 2 76,537.92 ( (1) Total for all accounts should agree with total cash disbursements listed on Form 2-B, page 1 Page 3 of 3Rev. 01/01/18

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DEBTOR: Minnesota School of Business, Inc. CASE NO: 19-33629BANK RECONCILIATON For Period: 5/1/2021 to 5/31/2021 DIP Operating Account: Wells Fargo Bank Statement Balance as of 5/31/2021 1,276,439.57 Outstanding Bank Deposits - Outstanding Bank Checks (1,197.79) Ending Book Balance 1,275,241.78

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Form 2-E SUPPORTING SCHEDULES For Period: 5/1/2021 to5/31/2021 POST PETITION TAXES PAYABLE SCHEDULE Beginning Amount Amount Date Check Ending Balance (1) Accrued Paid Paid Balance come Tax Withheld: Federal $ - $ 7 88.62 $ - 5/15/2021 ACH $ 788.62Federal 7 88.62 5/31/2021 ACH 788.62State - 4 04.12 - 5/15/2021 ACH 404.12State 4 04.12 5/31/2021 ACH 404.12ICA Tax Withheld - 8 74.20 - 5/15/2021 ACH 874.20ICA Tax Withheld 8 74.20 5/31/2021 ACH 874.20mployer's FICA Tax - - - -mployer's FICA Tax - - - -nemployment Tax Federal - - - -State - - - -ales, Use & PAID BY LLCs STARTING FEB 2020 Excise Taxes - - - -roperty Taxes - - - -ccrued Income Tax: Federal - - - -State - - - -Other: - - - -OTALS $ - $ 4 ,133.88 $ - $ 4,133.88) 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 orkers' Compensation $ eneral Liability Colony Insurance Co $ 2,000,000 2/1/2022 2/1/2022roperty (Fire, Theft) Lexington Insurance Co $ 5,000,000 2/1/2022 2/1/2022roperty (Fire, Theft) Landmark American Ins Co. $ 57,072,250 2/1/2022 2/1/2022ehicle $ The Princeton Excess & ther (list): Surplus Lines Ins Co $ 5,000,000 2/1/2022 2/1/2022Page 1 of 2

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Form 2-E SUPPORTING SCHEDULES For Period: 5/1/2021 to 5/31/2021 ACCOUNTS RECEIVABLE AND POST PETITION PAYABLE AGING Accounts Post Petition ue Receivable Accounts Payable nder 30 days $ (119,982.03) $ 48,483.09 0 to 60 days 1 9,611.12 - 1 to 90 days 1 1,463.20 150.00 1 to 120 days 9 9,751.68 26,240.00 ver 120 days - - otal Post Petition 1 0,843.97 re Petition Amounts - otal Accounts Receivable $ 1 0,843.97 ess: Bad Debt Reserve 3 7,714.43 et Accounts Receivable (to Form 2-C) $ (26,870.46) Total Post Petition Accounts Payable $ 74,873.09 OTE: Post petition AP balance does not include unpaid Attorney and Other Professional Fees listed below. Attach a detail listing of accounts receivable and post-petition accounts payableNEYS AND OTHER PROFESSIONALS Month-end Current Paid in Retainer Month's Current Date of Month-end Balance Accrual Month Court Approval Balance Due * ebtor's Counsel $ - $ - $ - - nthony Ostlund - - - - onlin Recano 1 0,000.00 27,010.20 5,897.63 5/12/2021 37,297.76rustee's Counsel - Stinson - - 76,922.50 5/12/2021 - rustee's Counsel - Winthrop - 924.00 4,476.00 5/12/2021 6,192.00ccountant - - - - ohn Ladd - - - - rustee- Jim Bartholomew 98,487.00 17,652.76 5/12/2021 98,487.00ighthouse Management - 19,247.48 11,583.35 5/12/2021 19,247.48otal $ 1 0,000.00 $ 145,668.68 $ 116,532.24 $ 161,224.24Balance 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 $ *List payments and transfers of any kind and in any form made to or for the benefit of any proprietor, owner,

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r Class: First - Last Short Name: First - Last Telephone: First - Lastrson ID: First - Last Customer Name: First - Last Posting Date: First - 5/31/2021rritory: First - Last ZIP Code: First - Last ype: All : 5/31/2021 Zero Balance, No Activity, Fully Paid Documents, Unposted Applied Credit Documents, Multicurrency Infoby Customer ID r: 1080 Name: AL HADI ASSOCIATION Account Type: Open Item efined 1: Salesperson: ct: Muneeb Ahmed Territory: : ( ) - Ext. Terms: Current 31 - 60 Days 61 - 90 Days 91 and Over Bala: Totals: $0.00 $0.00 $0.00 ($9,014.18) ($9,014. None r: 13300 Name: Guaranteed Rate, Inc Account Type: Open Item efined 1: Salesperson: ct: Scott Ubersox Territory: : ( ) - Ext. Terms: Current 31 - 60 Days 61 - 90 Days 91 and Over Bala: Totals: ($1,912.90) $0.00 $0.00 $721.04 ($1,191. Unlimited r: 15000 Name: HIGH SCORE GAMES LLC Account Type: Open Item efined 1: Salesperson: ct: Territory: : ( ) - Ext. Terms: Due on 1st Current 31 - 60 Days 61 - 90 Days 91 and Over Bala: Totals: $0.00 $1,868.69 $0.00 $0.00 $1,868 Unlimited r: 19000 Name: KAZOOM PLAYCENTER Account Type: Open Item efined 1: Salesperson: ct: YVONNE HAUGLAND, CFO Territory: : (952) 890-6524 Ext. 7550 Terms: Due on 1st Current 31 - 60 Days 61 - 90 Days 91 and Over Bala: Totals: $0.00 $0.00 $0.00 $29,268.61 $29,268 Unlimited r: 19500 Name: LAKEVILLE SCHOOL DISTRICT ISD 194 Account Type: Open Itemefined 1: Salesperson: ct: Account's Payable Territory: : (000) 000-0000 Ext. 0000 Terms: Due on 1st Current 31 - 60 Days 61 - 90 Days 91 and Over Bala: Totals: ($17,343.05) $0.00 $0.00 $0.00 ($17,343. Unlimited r: 2450 Name: BRIGHT HORIZONS Account Type: Open Item efined 1: Salesperson: ct: Territory: : (000) 000-0000 Ext. 0000 Terms: Due on 1st Current 31 - 60 Days 61 - 90 Days 91 and Over Bala: Totals: ($13,153.05) $0.00 $0.00 $0.00 ($13,153. Unlimited r: 24500 Name: METROPOLITAN DANCE ALLIANCE Account Type: Open Itemefined 1: Salesperson: ct: Territory: : ( ) - Ext. Terms: Due on 1st Current 31 - 60 Days 61 - 90 Days 91 and Over Bala: Totals: $0.00 $129.00 $129.00 $409.74 $667 Unlimited r: 2700 Name: BROOKLYN CENTER SCHOOLS DIST. OFFICEASccount Type: Open Itemefined 1: Salesperson:

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r: 34400 Name: RIGHT LABS Account Type: Open Item efined 1: Salesperson: ct: Territory: : ( ) - Ext. Terms: Due on 1st Current 31 - 60 Days 61 - 90 Days 91 and Over Bala: Totals: $0.00 $0.00 $5,084.20 $9,504.71 $14,588 Unlimited r: 34900 Name: ROCHESTER BEACON ACADEMY Account Type: Open Itemefined 1: Salesperson: ct: Territory: : (000) 000-0000 Ext. 0000 Terms: Due on 1st Current 31 - 60 Days 61 - 90 Days 91 and Over Bala: Totals: $0.00 $6,250.00 $6,250.00 $68,841.96 $81,341 Unlimited r: 4800 Name: COFFEE TA CREAM Account Type: Open Item efined 1: Salesperson: ct: RYAN KOCH Territory: : ( ) - Ext. Terms: Due on 1st Current 31 - 60 Days 61 - 90 Days 91 and Over Bala: Totals: ($1,719.77) $0.00 $0.00 $0.00 ($1,719. Unlimited r: 50000 Name: WOODBURY SPINE WELLNESS CENTER Account Type: Open Itemefined 1: Salesperson: ct: JUSTIN NYE Territory: : (651) 731-0505 Ext. 0000 Terms: Due on 1st Current 31 - 60 Days 61 - 90 Days 91 and Over Bala: Totals: ($11,363.63) $11,363.43 $0.00 $0.00 ($0. Unlimited r: 6190 Name: NRG ENERGY SERVICES Account Type: Open Item efined 1: Salesperson: ct: Territory: : ( ) - Ext. Terms: Due on 1st Current 31 - 60 Days 61 - 90 Days 91 and Over Bala: Totals: ($1,156.03) $0.00 $0.00 $0.00 ($1,156. Unlimited Customer(s) Current 31 - 60 Days 61 - 90 Days 91 and Over BalanGrand Totals: 14 ($119,982.03) $19,611.12 $11,463.20 $99,751.68 $10,843.

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: First - Last Posting Date: First - 5/31/2021 t Priority: First - Last Document Number: First - Last ame: First - Last n: SUMMARY Exclude: Zero Balance, No Activity, Fully Paid Documents, Unposted Applied Credit Documents, Multicurrency InfoDocument Date Sorted By: Vendor Name : 5/31/2021 Due Date : 1006836 Name: ARIN Class ID: CORPORATE W-9 Status: Due Current Period 31 - 60 Days 61 - 90 Days 91 and Oveer(s): 1 Aged Totals: $150.00 $0.00 $0.00 $150.00 $0.0 : 1032455 Name: CBRE INC Class ID: LEASING W-9 Status: Due Current Period 31 - 60 Days 61 - 90 Days 91 and Oveer(s): 1 Aged Totals: $3,000.00 $3,000.00 $0.00 $0.00 $0.0: 5004250 Name: CENTERPOINT ENERGY Class ID: BUILDING W-9 Status: RequestedDue Current Period 31 - 60 Days 61 - 90 Days 91 and Oveer(s): 2 Aged Totals: $1,465.68 $1,465.68 $0.00 $0.00 $0.0: 5004535 Name: CITY OF LAKEVILLE Class ID: BUILDING W-9 Status: NADue Current Period 31 - 60 Days 61 - 90 Days 91 and Oveer(s): 1 Aged Totals: $422.30 $422.30 $0.00 $0.00 $0.0 : 5004580 Name: CITY OF WOODBURY Class ID: BUILDING W-9 Status: NADue Current Period 31 - 60 Days 61 - 90 Days 91 and Oveer(s): 1 Aged Totals: $345.06 $345.06 $0.00 $0.00 $0.0 : 5005900 Name: CURB 2 CURB Class ID: BUILDING W-9 Status: Due Current Period 31 - 60 Days 61 - 90 Days 91 and Oveer(s): 1 Aged Totals: $410.00 $410.00 $0.00 $0.00 $0.0 : 5014450 Name: HILDEBRANDT SERVICES LLC Class ID: BUILDING W-9 Status: Due Current Period 31 - 60 Days 61 - 90 Days 91 and Oveer(s): 1 Aged Totals: $1,604.76 $1,604.76 $0.00 $0.00 $0.0: 5014800 Name: HOME DEPOT CREDIT SERVICE Class ID: BUILDING W-9 Status: NADue Current Period 31 - 60 Days 61 - 90 Days 91 and Oveer(s): 1 Aged Totals: $39.79 $39.79 $0.00 $0.00 $0.0 : 1544599 Name: MARK WHITE Class ID: EMPLOYEES W-9 Status: Due Current Period 31 - 60 Days 61 - 90 Days 91 and Oveer(s): 1 Aged Totals: $264.28 $264.28 $0.00 $0.00 $0.0 : 5035000 Name: ROCHESTER PUBLIC UTILITIES Class ID: BUILDING W-9 Status: NADue Current Period 31 - 60 Days 61 - 90 Days 91 and Oveer(s): 1 Aged Totals: $3,402.10 $3,402.10 $0.00 $0.00 $0.0: 5037795 Name: SCR COMPANIES INC Class ID: BUILDING W-9 Status: Due Current Period 31 - 60 Days 61 - 90 Days 91 and Oveer(s): 3 Aged Totals: $27,952.35 $1,712.35 $0.00 $0.00 $26,240.0: 5036250 Name: SECURITAS SECURITY SERVICES Class ID: BUILDING W-9 Status: Due Current Period 31 - 60 Days 61 - 90 Days 91 and Oveer(s): 1 Aged Totals: $1,118.17 $1,118.17 $0.00 $0.00 $0.0: 5036700 Name: SHAKOPEE PUBLIC UTILITIES Class ID: BUILDING W-9 Status: NADue Current Period 31 - 60 Days 61 - 90 Days 91 and Oveer(s): 4 Aged Totals: $11,775.77 $11,775.77 $0.00 $0.00 $0.0: 1057220 Name: SPECTRUM BUSINESS Class ID: TELEPHONE W-9 Status: Due Current Period 31 - 60 Days 61 - 90 Days 91 and Oveer(s): 1 Aged Totals: $99.99 $99.99 $0.00 $0.00 $0.0 : 5038602 Name: THE LANDSCAPE COMPANY INC Class ID: BUILDING W-9 Status: Due Current Period 31 - 60 Days 61 - 90 Days 91 and Oveer(s): 1 Aged Totals: $1,328.88 $1,328.88 $0.00 $0.00 $0.0

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: 5046300 Name: XCEL ENERGY Class ID: BUILDING W-9 Status: NADue Current Period 31 - 60 Days 61 - 90 Days 91 and Oveer(s): 2 Aged Totals: $21,146.77 $21,146.77 $0.00 $0.00 $0.0Vendors Due Current Period 31 - 60 Days 61 - 90 Days 91 and Oveor Totals: 18 $74,873.09 $48,483.09 $0.00 $150.00 $26,240.0

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Form 2-F QUARTERLY FEE SUMMARY * For the Month Ended: 5/31/2021 Cash Quarterly Date Month Year Disbursements ** Fee Due Check No. Paid January 2021 $ 36,022.48 February 2021 33,932.68 March 2021 170,858.36 TOTAL 1st Quarter $ 240,813.52 $ 1,950.00 EFT 4/15/2021April 2021 $ 32,752.36 May 2021 276,537.92 June 2021 TOTAL 2nd Quarter $ 309,290.28 $ July 2021 $ August 2021 September 2021 TOTAL 3rd Quarter $ - $ October 2021 $ November 2021 December 2021 TOTAL 4th Quarter $ - $ SCHEDULE Quarterly Disbursements Fee Quarterly Disbursements Fee $0 to $14,999....................$.325 $1,000,000 or more 1% of quarterly $15,000 to $74,999..........$...650 disbursments or $250,000, $75,000 to $149,999........$..9...75 whichever is less $150,000 to $224,999......$..1.,625 $225,000 to $299,999......$..1..,950 $300,000 to $999,999......$..4...,8...7..5......... * 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 accountsFailure 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 Rev. 01/01/18

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DEBTOR: Minnesota School of Business, Inc. CASE NO: 19-33629Form 2-G NARRATIVE For Period Ending 5/31/2021 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 inthe financial statements, and any significant changes in the financial condition of the debtor which have occurredsubsequent to the report date. Globe University, Inc. and Minnesota School of Business, Inc. are operating using a single Wells Fargo bank account owned by Minnesota School of Business, Inc. As such Globe University, Inc. will have zero disbursements and will submit the minimum fee quarterly. Minnesota School of Business, Inc. will pay expenses as incurred and will track amount paid on behalf of Globe University, Inc. via the related party receivable, which is not expected to be collected. Minnesota School of Business, Inc. will pay the quarterly fee based upon combined disbursements. A Chapter 11 trustee was appointed effective 5/14/20. The Court approved the use of Estate Property outside the ordinary course of business by order dated June 23, 2020. The approved funds were wired in the amount of $149,880 on June 22, 2020 to a title company who is holding a reserve fund for the balance of construction costs in excess of the construction loan for the completion of the tenant improvements at the Woodbury campus. MSB Holdings - Woodbury, LLC entered into an agreement, dated November 20, 2020, to sell 8089 Globe Drive, Woodbury, MN to Woodbury Leadership Academy ("Buyer") pursuant to a purchase option provision in their lease. The purchase price is $10,500,000 plus the unamortized portion of contracted tenant improvements, less any unused rent credit due to the tenant. The Buyer closed on May 26, 2021 and proceeds net of the payoff of the 1st mortgage, all costs, fees and taxes totaled $10,251,099, which was received on May 27, 2021. The loan previously approved by the bankruptcy court totaling $149,880 was paid in full on May 27, 2021. A settlement was reached with the Department of Education on the amount of their claims against both debtors, in the total amount of $1,350,000 less $331,039 in funds held by the Department of Education, for a net claim against the debtors in the amount of $1,018,961. The Bankruptcy Court approved the settlement on October 16, 2020. MSB Holdings - Woodbury, LLC entered into a Sale Agreement, dated April 2, 2021, to sell 8147 Globe Drive, Woodbury, MN to Crossroads On Hudson, LLC . The Buyer closed on June 3, 2021 and proceeds net of all costs, fees and taxes totaled $3,557,694, which was received on June 4, 2021. Page 1 of 1

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