UNITED STATES BANKRUPTCY COURT NORTHERN & EASTERN

Vista Proppants and Logistics, LLC, et al. Monthly Operating Report

20-42002 ACCRUAL BASIS

Edward L. Morris

UNITED STATES BANKRUPTCY COURT

NORTHERN & EASTERN DISTRICTS OF TEXAS

REGION 6

MONTHLY OPERATING REPORT

MONTH ENDING: June 2020MONTH YEAR

IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER

PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT

(ACCRUAL BASIS-1 THROUGH ACCRUAL BASIS-7) AND THE ACCOMPANYING ATTACHMENTS AND,

TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT, AND COMPLETE.

DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY) IS BASED ON ALL

INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE.

RESPONSIBLE PARTY:

/s/ Kristin Whitley Smith Chief Financial Officer

ORIGINAL SIGNATURE OF RESPONSIBLE PARTY (1) TITLE

Kristin Whitley Smith Monday, July 20, 2020

PRINTED NAME OF RESPONSIBLE PARTY DATE

PREPARER:

/s/ Kristin Whitley Smith Chief Financial Officer

ORIGINAL SIGNATURE OF RESPONSIBLE PARTY (1) TITLE

Kristin Whitley Smith Monday, July 20, 2020

PRINTED NAME OF RESPONSIBLE PARTY DATE

NOTES:

(1) Original signatures are on file with the Debtor's attorneys.

CASE NAME:

CASE NUMBER:

JUDGE:

Case 20-42002-elm11 Doc 231 Filed 07/20/20 Entered 07/20/20 20:20:37 Page 1 of 10

¨2¤$4"4'4 (F«

2042002200720000000000008

Docket #0231 Date Filed: 07/20/2020

CASE NAME: Vista Proppants and Logistics, LLC, et al. Monthly Operating Report

CASE NUMBER: 20-42002 ACCRUAL BASIS-NOTES

MONTHLY OPERATING REPORT NOTES

Note 1

Note 2

Note 3

The financial statements and supplemental information contained herein (the "Information") are unaudited, preliminary, and may not comply with

generally accepted accounting principles in the United States of America ("U.S. GAAP") in all material respects.

The Information has not been subject to procedures that would typically be applied to financial information presented in accordance with U.S. GAAP,

and upon application of such procedures, the Debtors believe that the financial information could be subject to changes, and these changes could be

material. The Information includes preliminary normal recurring adjustments, but does not include all of the adjustments that would typically be made in

accordance with U.S. GAAP.

The results of operations contained herein are not necessarily indicative of results which may be expected from any other period or for the full year and

may not necessarily reflect the results of operations, financial position and cash flows of the Debtors in the future.

Reservation of Rights: Given the complexity of the Debtors’ business, inadvertent errors, omissions or over inclusion of contracts or leases may have

occurred. Accordingly, the Debtors hereby reserve all of their rights to dispute the validity, status, enforceability, or executory nature of any claim amount,

representation or other statement in this Monthly Operating Report and reserve the right to amend or supplement this Monthly Operating Report, if

necessary, but shall be under no obligation to do so.

The jointly administered Debtors are authorized to file monthly operating reports on a consolidated basis, and have presented disbursements by debtor

entity in Exhibit A attached.



CASE NUMBER: 20-42002 ACCRUAL BASIS-1

COMPARATIVE BALANCE SHEET June-20 July-20 Aug-20

ASSETS

1. UNRESTRICTED CASH 5,199,515$

2. RESTRICTED CASH 3,204,812

3. TOTAL CASH 8,404,328$ -$ -$

4. ACCOUNTS RECEIVABLE (NET) 14,159,030

5. ACCOUNTS RECEIVABLE (RELATED) 275,879

6. INVENTORY 7,980,113

7. PREPAID EXPENSES 5,482,034

8. OTHER (ATTACH LIST) -

9. TOTAL CURRENT ASSETS 36,301,384$ -$ -$

10. PROPERTY, PLANT & EQUIPMENT 473,823,305

11. LESS: ACCUMULATED

DEPRECIATION/DEPLETION (168,803,380)

12. NET PROPERTY, PLANT & EQUIPMENT 305,019,925$ -$ -$

13. DUE FROM INSIDERS -

14. OTHER ASSETS - NET OF AMORTIZATION

(LEASE RESERVES NET OF DEPLETION) 7,927,415

15. OTHER ASSETS (RIGHT OF USE ASSETS) 33,759,381

16. TOTAL ASSETS 383,008,105$ -$ -$

POSTPETITION LIABILITIES

17. ACCOUNTS PAYABLE 1,288,516

18. TAXES PAYABLE 54,823

19. NOTES PAYABLE -

20. PROFESSIONAL FEES -

21. SECURED DEBT 3,500,000


23. TOTAL POSTPETITION LIABILITIES 4,843,339$ -$ -$

PREPETITION LIABILITIES

24. SECURED DEBT 399,715,052

25. PRIORITY DEBT 3,213,389

26. UNSECURED DEBT 31,016,441

27. OTHER (RIGHT OF USE OBLIGATIONS) 35,446,279

28.

OTHER (DEFFERED REVENUE

& CONTRACT LIABILITIES) 25,857,858

29. OTHER (ASSET RETIREMENT OBLIGATIONS) 2,318,527

30. OTHER (DEFERRED BORROWING COSTS) (2,594,276)

31. TOTAL PREPETITION LIABILITIES 494,973,270$ -$ -$

32. TOTAL LIABILITIES 499,816,609$ -$ -$

EQUITY

33. PREPETITION OWNERS' EQUITY (108,686,123)

34. POSTPETITION CUMULATIVE

PROFIT OR (LOSS) (8,122,381)

35. DIRECT CHARGES TO EQUITY

(ATTACH EXPLANATION)

36. TOTAL EQUITY (116,808,503)$ -$ -$

37. TOTAL LIABILITIES & OWNERS EQUITY 383,008,105$ -$ -$




INCOME STATEMENT NOTES June-20 July-20 August-20 September-20

REVENUES

1. GROSS REVENUES 485,971$

2. LESS: RETURNS & DISCOUNTS -

3. NET REVENUE 485,971$ -$ -$ -$

COST OF GOODS SOLD

4. LABOR 211,574

5. RENTALS & LEASES 1,468,062

6. REPAIRS & MAINTENANCE 14,972

7. UTILITIES & NATURAL GAS 160,288

8. CHANGE IN INVENTORY (1) (146,140)

9. DEPRECIATION 2,759,636

10. OTHER COGS 344,769

11. TOTAL COST OF GOODS SOLD 4,813,160$ -$ -$ -$

12. GROSS PROFIT (4,327,189)$ -$ -$ -$

OPERATING EXPENSES

13. OFFICER / INSIDER COMPENSATION 8,901

14. LABOR - SG&A 154,693

15. SELLING, GENERAL & ADMINISTRATIVE 211,028

16. RENT & LEASE 12,460

17. GAIN & LOSS (737)

18. TOTAL OPERATING EXPENSES 386,345$ -$ -$ -$

19. OPERATING INCOME (4,713,533)$ -$ -$ -$

OTHER INCOME & EXPENSES

20. NON-OPERATING INCOME (BAD DEBT EXPENSE) 283,440

21. NON-OPERATING EXPENSE (ATTACH LIST) (2) 10,500

22. INTEREST EXPENSE / (INCOME) 2,800,025

23. DEPRECIATION / DEPLETION -

24. AMORTIZATION 148,122

25. OTHER (WRITE-OFFS) 166,761

26. NET OTHER INCOME & EXPENSES 3,408,847$ -$ -$ -$

REORGANIZATION EXPENSES

27. PROFESSIONAL FEES (3) -

28. U.S. TRUSTEE FEES -


30. TOTAL REORGANIZATION EXPENSES -$ -$ -$ -$

31. STATE FRANCHISE TAX -

32. NET PROFIT (LOSS) (8,122,381)$ -$ -$ -$

NOTES:

(1) Change in inventory is utilized to true up month end balance sheet inventory valuation and periodic production costs to cost of goods sold.

(2) Accrued 401(k) audit professional fees.

(3) Post-petition professional fees have not yet been accrued.




CASH RECEIPTS AND DISBURSEMENTS June-20 July-20 August-20 September-20

1. CASH - BEGINNING OF MONTH 4,388,598$

COLLECTION OF ACCOUNTS RECEIVABLE

2. PREPETITION 882,605

3. POSTPETITION -

4. TOTAL OPERATING RECEIPTS 882,605

NON-OPERATING RECEIPTS

5. LOANS & ADVANCES 3,395,000

6. INTEREST EARNED 1,902

7. SALE OF ASSETS -

8. TOTAL NON-OPERATING RECEIPTS 3,396,902 - - -

9. TOTAL RECEIPTS 4,279,508$ -$ -$ -$

10. TOTAL CASH AVAILABLE 8,668,105$ -$ -$ -$

OPERATING DISBURSEMENTS

11. PAYROLL & PAYROLL TAXES PAID 183,963

12. EMPLOYEE BENEFITS -

13. FREIGHT -

14. REPAIRS & MAINTENANCE -

15. UTILITIES 69,000

16. FUEL 10,331

17. INSURANCE -

18. SECURED / RENTAL / LEASES -

19. SALES, USE & OTHER TAXES PAID -

20. ORDINARY COURSE PROFESSIONALS -

21. INTEREST & FEES -

22. ROYALTIES -

23. OTHER (ATTACH LIST) 483

24. TOTAL OPERATING DISBURSEMENTS 263,777$ -$ -$ -$

REORGANIZATION EXPENSES

25. PROFESSIONAL FEES -

26. U.S. TRUSTEE FEES -


28. TOTAL REORGANIZATION EXPENSES -$ -$ -$ -$

29. TOTAL DISBURSEMENTS 263,777$ -$ -$ -$

30. NET CASH FLOW 4,015,730$ -$ -$ -$

31. CASH - END OF MONTH 8,404,328$ -$ -$ -$



CASE NUMBER: 20-42002 ACCRUAL BASIS - EXHIBIT A

DISBURSEMENTS BY DEBTOR CASE # June-20 July-20 August-20 September-20

DEBTOR

1. VISTA PROPPANTS AND LOGISTICS, LLC 20-42002 -

2. VPROP OPERATING, LLC 20-42003 79,366

3. LONESTAR PROSPECTS MANAGEMENT, L.L.C. 20-42004 -

4. MAALT SPECIALIZED BULK, LLC 20-42005 40

5. LONESTAR PROSPECTS, LTD. 20-42006 155,233

6. DENETZ LOGISTICS, LLC 20-42007 -

7. MAALT, LP 20-42008 29,139

8. TOTAL DISBURSEMENTS 263,777$ -$ -$ -$




ACCOUNTS RECEIVABLE AGING June-20 July-20 August-20

1. 0-30 2,982,271$ 2,912,058$

2. 31-60 3,987,995 339,154

3. 61-90 2,623,219 4,022,941

4. 91+ 7,357,152 9,557,791

5. TOTAL ACCOUNTS RECEIVABLE 16,950,637$ 16,831,945$ -$ -$

6. AMOUNT CONSIDERED UNCOLLECTIBLE 2,389,475 2,672,914

7. ACCOUNTS RECEIVABLE (NET) 14,561,162$ 14,159,030$ -$

AGING OF POSTPETITION TAXES AND PAYABLES MONTH: June 2020

0-30 31-60 61-90 91+TAXES PAYABLE DAYS DAYS DAYS DAYS TOTAL

1. FEDERAL 54,603 54,603$

2. STATE 220 220$

3. LOCAL - -$

4. OTHER (ATTACH LIST) -$

5. TOTAL TAXES PAYABLE 54,823$ -$ -$ -$ 54,823$

6. ACCOUNTS PAYABLE (1)

1,288,516 - - - 1,288,516$

STATUS OF POSTPETITION TAXES MONTH: June 2020

BEGINNING AMOUNT ENDINGTAX WITHHELD AMOUNT TAX

FEDERAL LIABILITY OR ACCRUED PAID LIABILITY

1. WITHHOLDING 15,143 34,828 23,556 26,415$

2. FICA-EMPLOYEE 8,264 18,685 12,856 14,094$

3. FICA-EMPLOYER 8,264 18,685 12,856 14,094$

4. UNEMPLOYMENT -$

5. INCOME -$

6. OTHER (ATTACH LIST) -$

7. TOTAL FEDERAL TAXES 31,672$ 72,199$ 49,268$ 54,603$

STATE AND LOCAL

8. WITHHOLDING 99 275 154 220$

9. SALES - - -$

10. EXCISE -$

11. UNEMPLOYMENT -$

12. REAL PROPERTY - - -$

13. PERSONAL PROPERTY -$

14. OTHER (FRANCHISE TAX) - - - -$

15. TOTAL STATE & LOCAL 99$ 275$ 154$ 220$

16. TOTAL TAXES 31,771$ 72,473$ 49,422$ 54,823$

NOTES:

(1) Post-Petition AP includes split invoices for the month of June that the Company has filed motions to reject such contracts.

SCHEDULE

AMOUNT




BANK RECONCILIATIONS MONTH: June 2020

A B C D E F G H

BALANCE SUBTRACT OTHER MONTH END NUMBER OF

ACCT PURPOSE PER BANK OUTSTANDING RECON BALANCE LAST CHECK

# BANK # (TYPE) STATEMENT CHECKS ITEMS (1)

PER BOOKS WRITTEN (2)

1. PlainsCapital x0130 Main Operating 1,054,420 - 20,932 1,075,353 N/A

2. PlainsCapital x9074 Operating 650,131 - - 650,131 N/A

3. PlainsCapital x7185 Operating 133,313 - - 133,313 N/A

4. PlainsCapital x8100 Management Fees 10,000 - - 10,000 N/A

5. PlainsCapital x8203 Holding 8,095 - - 8,095 N/A

6. PlainsCapital x5949 Payroll 6,874 - - 6,874 N/A

7. PlainsCapital x5931 Payroll 1,360 - - 1,360 N/A

8. PlainsCapital x3286 Money Market 27,469 - - 27,469 N/A



11. 1st Source x9610 Money Market 6,149 - - 6,149 N/A

12. PlainsCapital x2804 Revolving Priority - - - - N/A

13. PlainsCapital x1601 Term Loan Priority - - - - N/A

14. PlainsCapital x6802 Term Loan Priority 3,130,567 - - 3,130,567 N/A

15. PlainsCapital x8100 CD 10,000 - - - N/A

16. PlainsCapital x2800 Restricted Cash Interest - - 128,819 128,819 N/A

17. TOTAL UNRESTRICTED CASH 5,059,762$ -$ 149,752$ 5,199,515$

RESTRICTED CASH

ACCT DATE OF TYPE OF PURCHASE CURRENT

# BANK # PURCHASE INSTRUMENT PRICE VALUE

18. PlainsCapital x2800 Restricted Cash CD 3,000,000 3,128,819

19. PlainsCapital x2800 Restricted Cash Interest CD - (128,819)

20. Pinnacle x3011 Restricted Cash Bank Account 200,000 204,812

21. TOTAL RESTRICTED CASH 3,204,812$

CASH

22. CURRENCY ON HAND -$

23. TOTAL CASH - END OF MONTH 8,404,328$

NOTES:

(1) Other reconciling items include funds in x0130 returned on 7/1/20 and reclassification of Restricted Cash interest to Unrestricted Cash.

(2) Only wires and ACH's were distributed during June 2020 and no post-petition checks were written.




PAYMENTS TO INSIDERS AND PROFESSIONALS MONTH: June 2020

INSIDERS

TYPE OF TOTAL PAID

# NAME PAYMENT TO DATE

1. Kristin Whitley Smith PAYROLL 8,901$

2.

3.

4.

5.

6. TOTAL PAYMENTS TO INSIDERS 8,901$

PROFESSIONALS (1)

DATE OF COURT TOTAL

ORDER AUTHORIZING AMOUNT AMOUNT TOTAL PAID INCURRED

# NAME PAYMENT APPROVED PAID TO DATE & UNPAID

1.

2.

3.

4.

5.

6. TOTAL PAYMENTS TO PROFESSIONALS -$ -$ -$

POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS

SCHEDULED AMOUNTS

MONTHLY PAID TOTAL

PAYMENTS DURING UNPAID

# NAME OF CREDITOR DUE MONTH POSTPETITION

1. Debtor-in-Possession: Ares Capital Corporation 3,500,000$

2.

3.

4.

5.

6. TOTAL -$ -$ 3,500,000$

NOTES:

(1) Post-petition professional fees have not yet been accrued.




QUESTIONNAIRE MONTH: June 2020

YES NO

1. HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE

THE NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD?

2. HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT

OTHER THAN A DEBTOR IN POSSESSION ACCOUNT?

3. ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR

LOANS) DUE FROM RELATED PARTIES?

4. HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES

THIS REPORTING PERIOD?

5. HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE

DEBTOR FROM ANY PARTY?

6. ARE ANY POSTPETITION PAYROLL TAXES PAST DUE? X

7. ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES

PAST DUE?

8. ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE? X

9. ARE ANY OTHER POSTPETITION TAXES PAST DUE? X

10. ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS

DELINQUENT?

11. HAVE ANY PREPETITION TAXES BEEN PAID DURING THE

REPORTING PERIOD?

12. ARE ANY WAGE PAYMENTS PAST DUE? X

IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "YES," PROVIDE A DETAILED

EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY.

Prepetition liabilities were paid in accordance with First Day Orders (Wages and Employee Benefits)

Prepetition loans were received in accordance with First Day Orders (Interim Post-Petition Financing)

INSURANCE

YES NO

1. ARE WORKER'S COMPENSATION, GENERAL LIABILITY AND OTHER

NECESSARY INSURANCE COVERAGES IN EFFECT?

2. ARE ALL PREMIUM PAYMENTS PAID CURRENT? X

3. PLEASE ITEMIZE POLICIES BELOW.

IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "NO," OR IF ANY POLICIES HAVE BEEN

CANCELLED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN EXPLANATION

BELOW. ATTACH ADDITIONAL SHEETS IF NECESSARY.

INSTALLMENT PAYMENTS

TYPE OF PERIOD COVERED PAYMENT AMOUNT

POLICY CARRIER EFFECTIVE EXPIRATION & FREQUENCY

General Liability Ironshore Specialty Insurance 06/01/20 06/01/21

Auto Liberty Mutual Fire Insurance 06/01/20 06/01/21

Extra Liability Ironshore Specialty Insurance 06/01/20 06/01/21

Workers' Comp The First Liberty Insurance Corporation 06/01/20 06/01/21

Crime Federal Insurance Company 06/01/20 06/01/21

Cyber Liability Lloyds of London 06/01/20 06/01/21

Property Princeton Excess & Surplus 06/01/20 06/01/21

Property ACE American Insurance Company 06/01/20 06/01/21

Property Great Lakes Insurance SE 06/01/20 06/01/21

Property Lloyds of London 06/01/20 06/01/21

Property RSUI Indemnity Company 06/01/20 06/01/21

Property Kinsale Insurance Co 06/01/20 06/01/21

Property Lloyds of London 06/01/20 06/01/21

Property Homeland Insurance Co of NY 06/01/20 06/01/21

Inland Marine Starr Indemnity & Liability Co 06/01/20 06/01/21Directors & Officers Federal Insurance Company 06/01/19 06/01/27 Paid in full

X

X

X

X

X

X

X

X

X

Insurance

Premium

Financing

($2,516,486)

Down Deposit

($870,770)

&

8 Monthly

Installments

($205,715)


Documents

UNITED STATES BANKRUPTCY COURT NORTHERN & EASTERN