HTML Document View

Full title: Amended Monthly Operating Report (re:532 Chapter 11 monthly operating report) filed by James A Bartholomew. (Debbie MNBS) (Entered: 07/20/2021)

Document posted on Jul 19, 2021 in the bankruptcy, 23 pages and 0 tables.

Bankrupt11 Summary (Automatically Generated)

Paid Current Month Cumulative Month Cumulative .Paid Current Month Cumulative Month Cumulative .All professional fees and expenses (debtor & committees) art 6: Postpetition Taxes Current Month Cumulative .L OPERATING EXPENSES 188,827 0 188,827 Overhead 188,827 0 188,827 Brooklyn Center Shakopee Rochester Blaine Lakeville Woodbury Corporate MSB TotalActual Budget Variance Actual Budget Variance Actual Budget Variance Actual Budget Variance Actual Budget Variance Actual Budget Variance Actual Budget Variance Actual Budget Varia INCOME $72,774 $0 $72,774 $66,292 $0 $66,292 $32,639 $0 $32,639 $13,000 $0 $13,000 $61,317 $0 $61,317 $110,570 $0 $110,570 $0 $0 $0 $356,591 $0 $356VENUE 72,774 0 72,774 66,292 0 66,292 32,639 0 32,639 13,000 0 13,000 61,317 0 61,317 110,570 0 110,570 0 0 0 356,591 0 28CUPANCY EXPENSES 33,832 0 33,832 46,321 0 46,321 22,430 0 22,430 25,815 0 25,815 28,934 0 28,934 700,891 0 700,891 0 0 0 858,224 0 858D ERATING EXPENSES 39,207 0 39,207 59,378 0 59,378 31,181 0 31,181 36,575 0 36,575 35,437 0 35,437 745,467 0 745,467 153,272 0 153,272 1,100,516 0 1,100oll expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (26,712) 0 (26,712) (26,712) 0 (26,pancy expenses (33,832) 0 (33,832) (46,321) 0 (46,321) (22,430) 0 (22,430) (25,815) 0 (25,815) (28,934) 0 (28,934) (700,891) 0 (700,891) 0 0 0 (858,224) 0 (858,rhead 5,374 0 5,374 13,057 0 13,057 8,752 0 8,752 10,759 0 10,759 6,503 0 6,503 44,575 0 44,575 126,560 0 126,560 215,580 0 215 Brooklyn Center Shakopee Rochester Blaine Lakeville Woodbury Corporate MSB TotalActual Budget Variance Actual Budget Variance Actual Budget Variance Actual Budget Variance Actual Budget Variance Actual Budget Variance Actual Budget Variance Actual Budget Varia INCOME

List of Tables

Document Contents

UNITED STATES BANKRUPTCY COURT EIGHTH DISTRICT OF MINNESOTA n Re. Minnesota School of Business, Inc. § Case No. 19-33629§ § Lead Case No. 19-33629 Debtor(s) § Jointly Administered mended Monthly Operating Report Chapter 11 eporting Period Ended: 05/31/2021 Petition Date: 11/20/2019 onths Pending:19 Industry Classification: 6 1 1 5 eporting Method: Accrual Basis Cash Basis ebtor's Full-Time Employees (current): 3 ebtor's Full-Time Employees (as of date of order for relief): 3upporting 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 transferames A. Bartholomew James A. Bartholomew ignature of Responsible Party Printed Name of Responsible Party7/19/2021 900 Long Lake Road, Ste 180, ate New Brighton, MN 55112 Address

1

art 1: Cash Receipts and Disbursements Current Month Cumulative. Cash balance beginning of month $1,401,899 . Total receipts (net of transfers between accounts) $11,587,098 $11,881,696. Total disbursements (net of transfers between accounts) $1,462,657 $3,637,931. Cash balance end of month (a+b-c) $11,526,340 . Disbursements made by third party for the benefit of the estate $0 $0. Total disbursements for quarterly fee calculation (c+e) $1,462,657 $3,637,931art 2: Asset and Liability Status Current Month Not generally applicable to Individual Debtors. See Instructions.). Accounts receivable (total net of allowance) $-9,644 . Accounts receivable over 90 days outstanding (net of allowance) $0. Inventory (Book Market Other (attach explanation)) $0 Total current assets $21,422,326 . Total assets $45,734,774 . Postpetition payables (excluding taxes) $1,615,615 . Postpetition payables past due (excluding taxes) $0 . Postpetition taxes payable $0 Postpetition taxes past due $0 Total postpetition debt (f+h) $1,615,615 . Prepetition secured debt $7,185,079 Prepetition priority debt $0 . Prepetition unsecured debt $0 . Total liabilities (debt) (j+k+l+m) $8,800,694 . Ending equity/net worth (e-n) $36,934,080 art 3: Assets Sold or Transferred Current Month Cumulative . Total cash sales price for assets sold/transferred outside the ordinary course of business $11,440,638 $11,440,638 . Total payments to third parties incident to assets being sold/transferred outside the ordinary course of business $1,217,713 $1,390,702. Net cash proceeds from assets sold/transferred outside the ordinary course of business (a-b) $10,222,925 $10,049,936 art 4: Income Statement (Statement of Operations) Current Month CumulativeNot generally applicable to Individual Debtors. See Instructions.). Gross income/sales (net of returns and allowances) $356,561. Cost of goods sold (inclusive of depreciation, if applicable) $0. Gross profit (a-b) $356,561 . Selling expenses $0 . General and administrative expenses $1,012,714 . Other expenses $-1,851,772 . Depreciation and/or amortization (not included in 4b) $79,738. Interest $37,530 . Taxes (local, state, and federal) $131,330 . Reorganization items $0

2

art 5: Professional Fees and Expenses Approved Approved Paid Current Paid Current Month Cumulative Month Cumulative . Debtor's professional fees & expenses (bankruptcy) Aggregate Total $116,532 $1,302,171 $116,532 $1,302,171Itemized Breakdown by Firm Firm Name Role i Stinson Lead Counsel $76,923 $369,733 $76,923 $369,733 ii Winthrop Local Counsel $4,476 $39,947 $4,476 $39,947 iii Donlin Recano Financial Professional $5,898 $82,061 $5,898 $82,061iv Lighthouse Management Grp Financial Professional $11,583 $107,523 $11,583 $107,523v James A. Bartholomew Other $17,653 $188,768 $17,653 $188,768vi John Ladd Other $0 $32,903 $0 $32,903 vii Fredrikson & Byron Lead Counsel $0 $369,943 $0 $369,943 viii Anthony Ostlund Special Counsel $0 $111,293 $0 $111,293Approved Approved Paid Current Paid Current Month Cumulative Month Cumulative . Debtor's professional fees & expenses (nonbankruptcy) Aggregate TotalItemized Breakdown by Firm Firm Name Role i ii . All professional fees and expenses (debtor & committees) art 6: Postpetition Taxes Current Month Cumulative . Postpetition income taxes accrued (local, state, and federal) $0 $11,120. Postpetition income taxes paid (local, state, and federal) $0 $11,120. Postpetition employer payroll taxes accrued $5,882 $108,250. Postpetition employer payroll taxes paid $5,882 $108,430 . Postpetition property taxes paid $131,330 $510,451 . Postpetition other taxes accrued (local, state, and federal) $0 $1,270. Postpetition other taxes paid (local, state, and federal) $0 $639art 7: Questionnaire - During this reporting period: . Were any payments made on prepetition debt? (if yes, see Instructions) Yes No. Were any payments made outside the ordinary course of business Yes Nowithout court approval? (if yes, see Instructions) . Were any payments made to or on behalf of insiders? Yes No. Are you current on postpetition tax return filings? Yes No. Are you current on postpetition estimated tax payments? Yes No. Were all trust fund taxes remitted on a current basis? Yes No. Was there any postpetition borrowing, other than trade credit? Yes No(if yes, see Instructions) . Were all payments made to or on behalf of professionals approved by Yes No N/Athe court?

3

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)Has a plan of reorganization been filed with the court? Yes No. Has a disclosure statement been filed with the court? Yes NoAre you current with quarterly U.S. Trustee fees as Yes No set forth under 28 U.S.C. § 1930? art 8: Individual Chapter 11 Debtors (Only) . Gross income (receipts) from salary and wages $0 . Gross income (receipts) from self-employment $0 . Gross income from all other sources $0 . Total income in the reporting period (a+b+c) $0 . Payroll deductions $0 . Self-employment related expenses $0 . Living expenses $0 . All other expenses $0 . Total expenses in the reporting period (e+f+g+h) $0 . Difference between total income and total expenses (d-i) $0. List the total amount of all postpetition debts that are past due $0. Are you required to pay any Domestic Support Obligations as defined by 11 Yes NoU.S.C § 101(14A)? . If yes, have you made all Domestic Support Obligation payments? Yes No N/A

4

Privacy Act Statement 8 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 .S.C. § 1930(a)(6). The United States Trustee will also use this information to evaluate a chapter 11 debtor's progress hrough the bankruptcy system, including the likelihood of a plan of reorganization being confirmed and whether the case is eing prosecuted in good faith. This information may be disclosed to a bankruptcy trustee or examiner when the information s needed to perform the trustee's or examiner's duties or to the appropriate federal, state, local, regulatory, tribal, or foreign aw enforcement agency when the information indicates a violation or potential violation of law. Other disclosures may be ade for routine purposes. For a discussion of the types of routine disclosures that may be made, you may consult the xecutive Office for United States Trustee's systems of records notice, UST-001, "Bankruptcy Case Files and Associated ecords." See 71 Fed. Reg. 59,818 et seq. (Oct. 11, 2006). A copy of the notice may be obtained at the following link: http://ww.justice.gov/ust/eo/rules_regulations/index.htm. Failure to provide this information could result in the dismissal or onversion of your bankruptcy case or other action by the United States Trustee. 11 U.S.C. § 1112(b)(4)(F). declare under penalty of perjury that the foregoing Monthly Operating Report and its supporting ocumentation are true and correct and that I have been authorized to sign this report on behalf of the state. ames A. Bartholomew James A. Bartholomew ignature of Responsible Party Printed Name of Responsible Partyrustee 06/17/2021 itle Date

5

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 11,440,637.62 11,440,637.62 Loans/advances - -Rent Received (3,419.67) 110,545.59Other - Debt Service from LLCs - 95,365.54Other - Refund Bond Premium - 62,906.06Other - Interest Income - 18,644.89Other - Settlement - -Total Cash Receipts $ 11,587,098.43 $ 11,881,695.903. Cash Disbursements Operations (1,587.94) 1,067,825.73 Asset Sale Expense 317,144.60 317,144.60Debt Service/Secured loan payment 900,568.43 1,073,557.72Professional 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 $ 1,462,657.33 $ 3,637,930.964. Net Cash Flow (Total Cash Receipts less Total Cash Disbursements) 10,124,441.10 8,243,764.94 5 Ending Cash Balance (to Form 2-C) $ 11,526,340.32 (2) $ 11,526,340.32 (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 USBank 10,251,098.54 Other Interest-bearing Account n/a 0 TOTAL (must agree with Ending Cash Balance above) $ 11,526,340.32 (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 Rev. 01/01

6

Minnesota School of Business, Inc. 19-33629 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 149,880.485/27/2021 First American Title sale of building 10,500,000.005/27/2021 First American Title sale of tenant improvements 940,637.625/27/2021 First American Title credit for rent proration (3,419.67)Total Cash Receipts $ 11,587,098.43 (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

7

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 5/27/2021 First American Title Seller credit for real estate taxes (31,593.62)5/27/2021 First American Title Payoff NorthStar loan 9 00,568.435/27/2021 First American Title Closing Costs & Commission 3 17,144.60Total Cash Disbursements $ 1 ,462,657.33 ( (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

8

5/31/2021 12/31/2020 ASSETS Current Assets Property and Equipment Other Assets

9

LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts payable 943,800 943,800 Accrued liabilities 127,168 127,168 Due to affiliates 12,499,266 12,310,440 Total current liabilitites 13,570,235 13,381,408 Long-term Debt Total liabilities 13,570,235 13,381,408 SHAREHOLDERS' EQUITY Common stock 30,360 30,360 Additional paid-in capital 2,100,840 2,100,840 Retained earnings (15,512,608) (14,977,051) Current year income (188,827) (535,557) Total shareholders' equity (13,570,235) (13,381,408)

10

5/31/2021 12/31/2020 ASSETS Current Assets Cash and equivalents 12,378,396 2,547,078 Restricted cash 460,554 460,180 Tenant receivables, net (9,644) 67,673 Prepaid expenses 230,249 8,602 Due from affiliates 10,749,348 10,560,522 Notes receivable from shareholders (2,386,577) (2,386,577) Total current assets 21,422,326 11,257,478 Property and Equipment Equipment 75,885 1,254,998 Furniture and fixtures 157,371 281,163 Buildings and improvements 23,866,556 35,955,907 24,099,812 37,492,068 Accumulated depreciation and amortization (8,212,725) (12,623,300)15,887,088 24,868,768 Land 7,101,966 8,554,466 Propery and equipment, net 22,989,054 33,423,234 Other Assets Lease related receivables and initial direct cost 1,320,147 1,807,961Loan origination fees, net 3,247 3,525 Total other assets 1,323,394 1,811,486 TOTAL ASSETS 45,734,774 46,492,198

11

LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Current portion of long-term debt 374,200 374,200 Accounts payable 97,141 143,133 Accrued liabilities 447,506 629,706 Total current liabilitites 923,872 1,152,063 Long-term Debt Notes payable to banks 6,810,879 7,861,776 Total liabilities 7,734,751 9,013,839 SHAREHOLDERS' EQUITY Common stock 30,360 30,360 Additional paid-in capital 3,622,773 3,622,773 Retained earnings 33,825,226 34,329,811 Current year income 521,664 (504,585) Total shareholders' equity 38,000,023 37,478,359 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 45,734,774 46,492,198

12

Globe Total Actual Budget Variance NUE ATING EXPENSES L & ACCOUNTING $123,266 $0 $123,266 L OPERATING EXPENSES 123,266 0 123,266 R INCOME/EXPENSES NCOME (LOSS) (123,266) 0 (123,266)

13

OLL RELATED EXPENSES ETING EXPENSES, excluding salaries PANCY EXPENSES HEAD L OPERATING EXPENSES 123,266 0 123,266 Overhead 123,266 0 123,266

14

Globe Total Actual Budget Variance NUE ATING EXPENSES L & ACCOUNTING $188,827 $0 $188,827 L OPERATING EXPENSES 188,827 0 188,827 R INCOME/EXPENSES NCOME (LOSS) (188,827) 0 (188,827)

15

OLL RELATED EXPENSES ETING EXPENSES, excluding salaries PANCY EXPENSES HEAD L OPERATING EXPENSES 188,827 0 188,827 Overhead 188,827 0 188,827

16

Brooklyn Center Shakopee Rochester Blaine Lakeville Woodbury Corporate MSB TotalActual Budget Variance Actual Budget Variance Actual Budget Variance Actual Budget Variance Actual Budget Variance Actual Budget Variance Actual Budget Variance Actual Budget Varia INCOME $72,774 $0 $72,774 $66,292 $0 $66,292 $32,639 $0 $32,639 $13,000 $0 $13,000 $61,317 $0 $61,317 $110,570 $0 $110,570 $0 $0 $0 $356,591 $0 $356VENUE 72,774 0 72,774 66,292 0 66,292 32,639 0 32,639 13,000 0 13,000 61,317 0 61,317 110,570 0 110,570 0 0 0 356,591 0 356G EXPENSES EXPENSES 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 26,712 0 26,712 26,712 0 26SURANCE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2,697 0 2,697 2,697 0 2E 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 4,148 0 4,148 0 0 0 4,148 0 4CCOUNTING 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 123,266 0 123,266 123,266 0 123NT LEASE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 107 0 107 0 0 0 107 0 VICE CHARGES 13 0 13 13 0 13 13 0 13 13 0 13 13 0 13 293 0 293 132 0 132 491 0 XPENSE 31 0 31 64 0 64 0 0 0 0 0 0 94 0 94 70 0 70 0 0 0 259 0 E 0 0 0 0 0 0 61 0 61 208 0 208 75 0 75 3,479 0 3,479 0 0 0 3,823 0 3PROCESSING 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 465 0 465 465 0 TION EXPENSE 5,127 0 5,127 12,980 0 12,980 8,591 0 8,591 10,462 0 10,462 6,265 0 6,265 36,312 0 36,312 0 0 0 79,738 0 79SE TAX 203 0 203 0 0 0 87 0 87 76 0 76 55 0 55 165 0 165 0 0 0 586 0 CY EXPENSE 33,832 0 33,832 46,321 0 46,321 22,430 0 22,430 25,815 0 25,815 28,934 0 28,934 700,891 0 700,891 0 0 0 858,224 0 858ERATING EXPENSES 39,207 0 39,207 59,378 0 59,378 31,181 0 31,181 36,575 0 36,575 35,437 0 35,437 745,467 0 745,467 153,272 0 153,272 1,100,516 0 1,100COME/EXPENSES INCOME 0 0 0 0 0 0 71 0 71 0 0 0 0 0 0 0 0 0 0 0 0 71 0 EXPENSE (9,587) 0 (9,587) 0 0 0 (14,680) 0 (14,680) 0 0 0 (8,932) 0 (8,932) (4,331) 0 (4,331) 0 0 0 (37,530) 0 (37,SALE OF BUILDING 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,851,702 0 1,851,702 0 0 0 1,851,702 0 1,851HER INCOME/EXPENSES (9,587) 0 (9,587) 0 0 0 (14,610) 0 (14,610) 0 0 0 (8,932) 0 (8,932) 1,847,371 0 1,847,371 0 0 0 1,814,242 0 1,814ME (LOSS) 23,981 0 23,981 6,914 0 6,914 (13,153) 0 (13,153) (23,575) 0 (23,575) 16,948 0 16,948 1,212,474 0 1,212,474 (153,272) 0 (153,272) 1,070,317 0 1,070 RELATED EXPENSES TE SALARIES 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 23,861 0 23,861 23,861 0 23LOYER MATCH 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 147 0 147 147 0 TAX EXPENSE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2,704 0 2,704 2,704 0 2YROLL EXPENSES 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 26,712 0 26,712 26,712 0 26NG EXPENSES, excluding CY EXPENSES S 4,110 0 4,110 2,362 0 2,362 506 0 506 1,147 0 1,147 2,409 0 2,409 601,911 0 601,911 0 0 0 612,444 0 612TE TAXES 8,426 0 8,426 13,918 0 13,918 11,771 0 11,771 15,119 0 15,119 9,866 0 9,866 72,231 0 72,231 0 0 0 131,330 0 131 SEWER 0 0 0 5,475 0 5,475 814 0 814 99 0 99 422 0 422 601 0 601 0 0 0 7,412 0 712,237 0 12,237 6,388 0 6,388 2,588 0 2,588 2,766 0 2,766 6,402 0 6,402 6,143 0 6,143 0 0 0 36,525 0 36295 0 295 404 0 404 0 0 0 1,170 0 1,170 0 0 0 0 0 0 0 0 0 1,869 0 1 R&M 170 0 170 632 0 632 661 0 661 0 0 0 258 0 258 926 0 926 0 0 0 2,648 0 2 & SUPPLIES 0 0 0 4,285 0 4,285 0 0 0 214 0 214 2,866 0 2,866 1,610 0 1,610 0 0 0 8,974 0 8ECTION 0 0 0 654 0 654 330 0 330 0 0 0 0 0 0 0 0 0 0 0 0 984 0 AIRS 2,693 0 2,693 117 0 117 1,067 0 1,067 1,069 0 1,069 949 0 949 3,028 0 3,028 0 0 0 8,923 0 8PE 895 0 895 4,102 0 4,102 1,605 0 1,605 1,213 0 1,213 1,329 0 1,329 2,956 0 2,956 0 0 0 12,099 0 12LOT R&M 0 0 0 1,318 0 1,318 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,318 0 1549 0 549 632 0 632 0 0 0 285 0 285 385 0 385 829 0 829 0 0 0 2,681 0 20 0 0 2,236 0 2,236 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2,236 0 2 INSURANCE 4,457 0 4,457 3,799 0 3,799 3,088 0 3,088 2,732 0 2,732 4,048 0 4,048 10,657 0 10,657 0 0 0 28,781 0 28CUPANCY EXPENSES 33,832 0 33,832 46,321 0 46,321 22,430 0 22,430 25,815 0 25,815 28,934 0 28,934 700,891 0 700,891 0 0 0 858,224 0 858D ERATING EXPENSES 39,207 0 39,207 59,378 0 59,378 31,181 0 31,181 36,575 0 36,575 35,437 0 35,437 745,467 0 745,467 153,272 0 153,272 1,100,516 0 1,100oll expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (26,712) 0 (26,712) (26,712) 0 (26,pancy expenses (33,832) 0 (33,832) (46,321) 0 (46,321) (22,430) 0 (22,430) (25,815) 0 (25,815) (28,934) 0 (28,934) (700,891) 0 (700,891) 0 0 0 (858,224) 0 (858,rhead 5,374 0 5,374 13,057 0 13,057 8,752 0 8,752 10,759 0 10,759 6,503 0 6,503 44,575 0 44,575 126,560 0 126,560 215,580 0 215

17

Brooklyn Center Shakopee Rochester Blaine Lakeville Woodbury Corporate MSB TotalActual Budget Variance Actual Budget Variance Actual Budget Variance Actual Budget Variance Actual Budget Variance Actual Budget Variance Actual Budget Variance Actual Budget Varia INCOME $354,830 $0 $354,830 $419,827 $0 $419,827 $213,207 $0 $213,207 $65,000 $0 $65,000 $290,509 $0 $290,509 $660,879 $0 $660,879 $0 $0 $0 $2,004,253 $0 $2,00VENUE 354,830 0 354,830 419,827 0 419,827 213,207 0 213,207 65,000 0 65,000 290,509 0 290,509 660,879 0 660,879 0 0 0 2,004,253 0 2,004G EXPENSES EXPENSES 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 139,073 0 139,073 139,073 0 13SURANCE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 13,135 0 13,135 13,135 0 1E 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 14,126 0 14,126 0 0 0 14,126 0 1CCOUNTING 0 0 0 0 0 0 0 0 0 303 0 303 0 0 0 302 0 302 195,000 0 195,000 195,605 0 19NT LEASE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 814 0 814 0 0 0 814 0 E 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3,628 0 3,628 3,628 0 VICE CHARGES 69 0 69 69 0 69 69 0 69 69 0 69 69 0 69 405 0 405 767 0 767 1,519 0 PENSE 533 0 533 830 0 830 0 0 0 0 0 0 753 0 753 1,069 0 1,069 0 0 0 3,185 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 35 0 35 35 0 E 2,234 0 2,234 351 0 351 303 0 303 1,162 0 1,162 1,978 0 1,978 16,479 0 16,479 0 0 0 22,507 0 2PROCESSING 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2,265 0 2,265 2,265 0 TION EXPENSE 25,636 0 25,636 65,060 0 65,060 42,956 0 42,956 504,542 0 504,542 31,300 0 31,300 182,631 0 182,631 0 0 0 852,124 0 85ATION EXPENSE 0 0 0 0 0 0 0 0 0 0 0 0 278 0 278 0 0 0 0 0 0 278 0 TA FRANCHISE TAX 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 10,400 0 10,400 10,400 0 1SE TAX 1,013 0 1,013 161 0 161 488 0 488 413 0 413 276 0 276 826 0 826 0 0 0 3,178 0 CY EXPENSE 181,510 0 181,510 268,253 0 268,253 113,736 0 113,736 150,687 0 150,687 147,885 0 147,885 1,004,445 0 1,004,445 0 0 0 1,866,517 0 1,86ERATING EXPENSES 210,996 0 210,996 334,724 0 334,724 157,552 0 157,552 657,176 0 657,176 182,540 0 182,540 1,221,097 0 1,221,097 364,304 0 364,304 3,128,389 0 3,128COME/EXPENSES INCOME 0 0 0 0 0 0 373 0 373 0 0 0 0 0 0 0 0 0 0 0 0 373 0 EXPENSE (47,305) 0 (47,305) (721) 0 (721) (71,213) 0 (71,213) (505) 0 (505) (45,993) 0 (45,993) (22,274) 0 (22,274) 0 0 0 (188,010) 0 (188,SALE OF BUILDING 0 0 0 0 0 0 0 0 0 (9,122) 0 (9,122) 0 0 0 1,851,702 0 1,851,702 (9,144) 0 (9,144) 1,833,436 0 1,83HER INCOME/EXPENSES (47,305) 0 (47,305) (721) 0 (721) (70,840) 0 (70,840) (9,627) 0 (9,627) (45,993) 0 (45,993) 1,829,428 0 1,829,428 (9,144) 0 (9,144) 1,645,799 0 1,645ME (LOSS) 96,530 0 96,530 84,382 0 84,382 (15,185) 0 (15,185) (601,803) 0 (601,803) 61,976 0 61,976 1,269,211 0 1,269,211 (373,447) 0 (373,447) 521,664 0 521RELATED EXPENSES TE SALARIES 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 122,298 0 122,298 122,298 0 12LOYER MATCH 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 735 0 735 735 0 TAX EXPENSE 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 16,041 0 16,041 16,041 0 1YROLL EXPENSES 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 139,073 0 139,073 139,073 0 139NG EXPENSES, excluding CY EXPENSES S 23,808 0 23,808 13,258 0 13,258 2,531 0 2,531 5,735 0 5,735 10,475 0 10,475 649,331 0 649,331 0 0 0 705,137 0 70TE TAXES 42,129 0 42,129 69,589 0 69,589 58,854 0 58,854 75,595 0 75,595 49,328 0 49,328 214,957 0 214,957 0 0 0 510,451 0 51 SEWER 8,313 0 8,313 8,629 0 8,629 2,352 0 2,352 943 0 943 783 0 783 2,841 0 2,841 0 0 0 23,860 0 246,016 0 46,016 49,147 0 49,147 13,122 0 13,122 12,146 0 12,146 35,968 0 35,968 37,790 0 37,790 0 0 0 194,188 0 1911,093 0 11,093 16,979 0 16,979 4,944 0 4,944 13,285 0 13,285 1,878 0 1,878 0 0 0 0 0 0 48,179 0 4 R&M 8,724 0 8,724 4,571 0 4,571 1,481 0 1,481 100 0 100 5,481 0 5,481 3,006 0 3,006 0 0 0 23,362 0 2 & SUPPLIES 540 0 540 21,605 0 21,605 0 0 0 1,071 0 1,071 15,156 0 15,156 7,020 0 7,020 0 0 0 45,392 0 4ECTION 843 0 843 934 0 934 1,006 0 1,006 450 0 450 0 0 0 0 0 0 0 0 0 3,233 0 AIRS 10,770 0 10,770 8,993 0 8,993 5,333 0 5,333 5,346 0 5,346 4,222 0 4,222 18,106 0 18,106 0 0 0 52,770 0 5E 1,790 0 1,790 4,102 0 4,102 4,719 0 4,719 5,902 0 5,902 2,553 0 2,553 5,189 0 5,189 0 0 0 24,255 0 2LOT R&M 950 0 950 5,333 0 5,333 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 6,283 0 2,746 0 2,746 8,618 0 8,618 395 0 395 1,427 0 1,427 1,927 0 1,927 4,237 0 4,237 0 0 0 19,350 0 10 0 0 11,708 0 11,708 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 11,708 0 1OWING 4,615 0 4,615 26,460 0 26,460 5,793 0 5,793 17,026 0 17,026 2,991 0 2,991 17,736 0 17,736 0 0 0 74,621 0 7 INSURANCE 19,174 0 19,174 18,328 0 18,328 13,206 0 13,206 11,661 0 11,661 17,125 0 17,125 44,233 0 44,233 0 0 0 123,727 0 12CUPANCY EXPENSES 181,510 0 181,510 268,253 0 268,253 113,736 0 113,736 150,687 0 150,687 147,885 0 147,885 1,004,445 0 1,004,445 0 0 0 1,866,517 0 1,866D ERATING EXPENSES 210,996 0 210,996 334,724 0 334,724 157,552 0 157,552 657,176 0 657,176 182,540 0 182,540 1,221,097 0 1,221,097 364,304 0 364,304 3,128,389 0 3,12ll expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 (139,073) 0 (139,073) (139,073) 0 (139,ancy expenses (181,510) 0 (181,510) (268,253) 0 (268,253) (113,736) 0 (113,736) (150,687) 0 (150,687) (147,885) 0 (147,885) (1,004,445) 0 (1,004,445) 0 0 0 (1,866,517) 0 (1,866,

18

19

20

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

21

22

DEBTOR: Minnesota School of Business, Inc. CASE NO: 19-33629BANK RECONCILIATON For Period: 5/1/2021 to 5/31/2021 DIP Operating Account: USBank Bank Statement Balance as of 5/31/2021 1 0,251,098.54 Outstanding Bank Deposits - Outstanding Bank Checks - Ending Book Balance 1 0,251,098.54

23