MIDDLE DISTRICT OF TENNESSEE

UST Form 11-MOR (06/07/2021) 1

UNITED STATES BANKRUPTCY COURTDISTRICT OFMIDDLE TENNESSEE

In Re. MTPC, LLC

Debtor(s)

§ § § §

Case No. 20-05438

Lead Case No. 20-05438

Jointly Administered

Monthly Operating Report Chapter 11

Reporting Period Ended: 06/30/2021 Petition Date: 12/15/2020

Months Pending: 7 Industry Classification: 6 2 1 4

Reporting Method: Accrual Basis Cash Basis

Debtor's Full-Time Employees (current): 35

Debtor's Full-Time Employees (as of date of order for relief): 35

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 disbursementsBalance 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 agingPostpetition liabilities agingStatement of capital assetsSchedule of payments to professionalsSchedule of payments to insidersAll 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/ Jack G. Haake

08/06/2021

Jack G. Haake

2501 North Harwood Street, Suite 1900, Dallas, TX 75201-1664

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 3:20-bk-05438 Doc 622 Filed 08/06/21 Entered 08/06/21 16:46:56 Desc MainDocument Page 1 of 29

UST Form 11-MOR (06/07/2021) 2

Debtor's Name MTPC, LLC Case No. 20-05438

Part 1: Cash Receipts and Disbursements Current Month Cumulative

a. Cash balance beginning of month $2,054,377b. Total receipts (net of transfers between accounts) $1,402,190 $9,487,160c. Total disbursements (net of transfers between accounts) $1,619,532 $8,578,117d. Cash balance end of month (a+b-c) $1,837,035e. Disbursements made by third party for the benefit of the estate $0 $0

f. Total disbursements for quarterly fee calculation (c+e) $1,619,532 $8,578,117

Part 2: Asset and Liability Status Current Month(Not generally applicable to Individual Debtors. See Instructions.)a. Accounts receivable (total net of allowance) $2,306,772b. Accounts receivable over 90 days outstanding (net of allowance) $0

c. Inventory ( (attach explanation))Book Market Other $0

d Total current assets $4,235,993

e. Total assets $100,989,012

f. Postpetition payables (excluding taxes) $-46,981

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) $-46,981

k. Prepetition secured debt $118,660,000

l. Prepetition priority debt $0

m. Prepetition unsecured debt $0

n. Total liabilities (debt) (j+k+l+m) $118,613,019

o. Ending equity/net worth (e-n) $-17,624,007

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) $895,771b. Cost of goods sold (inclusive of depreciation, if applicable) $1,488,419c. Gross profit (a-b) $-592,648d. Selling expenses $0

e. General and administrative expenses $0f. Other expenses $0g. Depreciation and/or amortization (not included in 4b) $-4,750

h. Interest $-725,424i. Taxes (local, state, and federal) $0j. Reorganization items $0k. Profit (loss) $-730,224 $0


UST Form 11-MOR (06/07/2021) 3


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 $0 $0 $0 $0

Itemized Breakdown by Firm

Firm Name Role

i Other $0 $0 $0 $0

ii Other $0 $0 $0 $0

Approved Current Month

Approved Cumulative

Paid Current Month

Paid Cumulative

b. Debtor's professional fees & expenses (nonbankruptcy) Aggregate Total $120,535 $120,535 $120,535 $120,535

Itemized Breakdown by Firm

Firm Name Role

i Houlihan Lokey Financial Professional $120,535 $120,535 $120,535 $120,535

ii

c. All professional fees and expenses (debtor & committees)

Part 6: Postpetition Taxes Current Month Cumulative

a. Postpetition income taxes accrued (local, state, and federal) $0 $0b. Postpetition income taxes paid (local, state, and federal) $0 $0c. Postpetition employer payroll taxes accrued $0 $0d. Postpetition employer payroll taxes paid $0 $0e. Postpetition property taxes paid $0 $0f. Postpetition other taxes accrued (local, state, and federal) $0 $0g. 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 Nog. 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 NoIf yes, are your premiums current? Yes No N/A (if no, see Instructions)

General liability insurance? Yes NoIf 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


UST Form 11-MOR (06/07/2021) 4


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

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/ Robby VincillSignature of Responsible Party

Chief Financial OfficerPrinted Name of Responsible Party

08/06/2021DateTitle

Robby Vincill


In re MTPC, LLC, et al. Case No. 20-05438Debtor Reporting Period: June 01 - June 30, 2021

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS

MTPC, LLCThe Proton Therapy

Center, LLC PCPT Hamlin, LLC

RECEIPTSTotal Receipts 1,402,190$ 3,397,174$ 56,418$

DISBURSEMENTSPayroll 234,304$ 359,189$ -$ Physicians 168,019$ 71,798$ -$ Facility Expense 1,896$ 390$ 7,455$ Equipment Maintenance -$ -$ -$ SG&A and Others 895,527$ 2,595,718$ 37,233$ Related Service Provider Payments - PHP Management Fee 266,230$ 301,180$ -$ Related Service Provider Payments - PVH/PVS 53,555$ 109,973$ -$ Other Deferred Payments -$ -$ -$

Total Operating Disbursements 1,619,532$ 3,438,247$ 44,688$

Total Operating Cash Flow (217,342)$ (41,073)$ 11,730$

BANKRUPTCY-RELATED DISBURSEMENTS

Restructuring CostsCritical Vendor Payments -$ -$ -$ 503(b)(9) Payments -$ -$ -$ Priority Claims -$ -$ -$ Admin Claim Settlements -$ -$ -$ Deposits -$ -$ -$ DIP Interest -$ -$ -$ DIP Fees and Expenses -$ -$ -$ Bankruptcy Court and U.S. Trustee Fees -$ -$ -$ Liquidating Trustee -$ -$ -$ Debtor's Counsel - Foley Lardner -$ -$ -$ Local Counsel -$ -$ -$ Debtor's Financial Advisor - CRS Capstone Partners -$ -$ -$ Debtor's CRO - Trinity River Advisors -$ -$ -$ Claims/Noticing Agent -$ -$ -$ UCC Counsel -$ -$ -$ UCC Advisors -$ -$ -$ US Trustee Fees -$ -$ -$ Other Trustee's Attorney Fees -$ -$ -$ Claims Agent (Epiq) Fees -$ -$ -$

Total Bankruptcy-Related Disbursements -$ -$ -$

Net Cash Flow (217,342)$ (41,073)$ 11,730$

LIQUIDITY

Opening Cash Balance - June 1, 2021 2,054,377$ 4,032,327$ 507,706$ Adjustment for Voided Checks -$ -$ -$ Adjusted Opening Balance 2,054,377$ 4,032,327$ 507,706$ Net Cash Flow (217,342)$ (41,073)$ 11,730$

Ending Cash Balance 1,837,035$ 3,991,254$ 519,436$


MTPC, LLC Balance Sheet

As of June 30, 2021

ActualJun 30, 2021

ASSETSCurrent Assets

Cash 1,790,783$ Accounts Receivable

Accounts Receivable Patients 1,428,494 Accounts Receivable 878,278

Total Receivables 2,306,772 Prepaid Expenses 138,438

Total Current Assets 4,235,993

Non-Current AssetsConstruction in Process 12,300,000 Machinery and Equipment 4,043,015 Building 46,385,463 Land 4,189,175 Proton Equipment 29,644,484 Less: Accumulated Depreciation (10,324,054)

86,238,083 Assets Whose Use is Limited - DSRF 25 Other Assets 10,514,910

Total Non-Current Assets 96,753,019

Total Assets 100,989,012$

LIABILITIESCurrent Liabilities

Accounts Payable and Other Liabilities 20,590,198$ Total Current Liabilities 20,590,198

Long-term LiabilitiesSeries 2017A Bonds 108,660,000 Series 2017B Bonds 5,000,000 Series 2017C1 and C2 Bonds 5,000,000

Total Liabilities 139,250,198

NETASSETSBeginning Net Assets (31,595,667) Change in Net Assets for the period (6,665,519) Ending Net Assets (38,261,186)

Total Liabilities and Net Assets 100,989,012$

Unaudited1


MTPC, LLCStatement of Operations - Trending Report

For the Six Months Ending June 30, 2021

June Year to Date

Jun 2020 Jul 2020 Aug 2020 Sep 2020 Oct 2020 Nov 2020 Dec 2020 Jan 2021 Feb 2021 Mar 2021 Apr 2021 May 2021 Actual Actual

REVENUE

Net Patient Revenue 895,771$ 1,014,650$ 1,110,208$ 815,267$ 1,145,334$ 812,527$ 818,584$ 1,176,363$ 965,351$ 1,384,728$ 1,805,446$ 1,335,592$ 1,167,701$ 7,835,181$

Total Revenue 895,771 1,014,650 1,110,208 815,267 1,145,334 812,527 818,584 1,176,363 965,351 1,384,728 1,805,446 1,335,592 1,167,701 7,835,181

EXPENSES

Staffing, Benefits and Employee Costs 277,164 377,773 257,321 260,381 286,931 293,915 443,430 315,806 312,793 195,384 346,892 358,969 449,703 1,979,547

Direct Patient Expenses 126,872 36,641 72,897 82,854 19,520 78,724 49,051 65,032 81,601 122,760 115,472 84,081 60,945 529,893

Advertising and Marketing Expenses 45,874 134,210 43,494 53,788 133,946 84,548 81,925 103,472 54,641 89,658 101,006 101,360 99,960 550,096

Facility Expenses 54,899 60,923 65,950 79,369 67,017 67,981 88,358 44,187 58,670 57,408 56,862 60,393 68,068 345,587

Equipment Maintenance 224,090 223,690 189,096 223,815 276,195 324,680 322,814 322,903 322,814 394,818 330,052 348,025 348,025 2,066,637

Travel, Entertainment and Conventions 1,117 3,003 2,027 4,477 2,108 1,788 818 1,086 172 1,243 301 961 1,985 5,749

Professional and Administrative Services 399,343 405,882 471,937 376,492 294,060 449,632 675,925 343,251 412,901 358,367 413,389 352,336 539,360 2,419,602

General and Administrative 46,269 27,512 26,488 34,547 37,205 41,075 40,501 36,997 38,269 53,500 85,906 55,434 38,206 308,312

Depreciation Expense 312,792 312,792 312,904 312,904 312,904 312,864 312,864 312,864 312,864 312,864 312,864 312,864 312,864 1,877,185

Total Expenses 1,488,419 1,582,426 1,442,114 1,428,627 1,429,886 1,655,206 2,015,686 1,545,598 1,594,724 1,586,002 1,762,745 1,674,423 1,919,116 10,082,608

Excess of Expenses over Revenue Before (592,648) (567,776) (331,906) (613,360) (284,552) (842,679) (1,197,102) (369,235) (629,373) (201,274) 42,701 (338,831) (751,415) (2,247,427)

Other Revenue and Expenses

OTHER REVENUE AND EXPENSES

Interest Expense (725,892) (725,892) (725,892) (725,892) (725,892) (725,892) (725,892) (725,892) (725,892) (726,011) (737,613) (737,102) (737,102) (4,389,613)

Amortization (4,750) (4,750) (4,750) (4,750) (4,750) (4,750) (4,750) (4,750) (4,750) (4,750) (4,750) (4,750) (4,750) (28,500)

Interest Income 418 434 410 95 67 84 252 1 16 1 1 1 1 21

Total Other Revenue and Expenses (730,224) (730,208) (730,232) (730,547) (730,576) (730,559) (730,391) (730,641) (730,626) (730,760) (742,362) (741,851) (741,851) (4,418,091)

NET EXCESS OF EXPENSES OVER REVENUE (1,322,873)$ (1,297,984)$ (1,062,138)$ (1,343,907)$ (1,015,128)$ (1,573,238)$ (1,927,492)$ (1,099,876)$ (1,360,000)$ (932,034)$ (699,661)$ (1,080,682)$ (1,493,266)$ (6,665,519)$

Unaudited5


Debtor: MTPC, LLCVendors Current 31-60 Days 61-90 DaysMeghan Benton 3,082.52$ Beshoi Saad Beshay 205.00$ ADP Screening & Selection Services, Inc. 140.31$ Airgas USA, LLC 379.60$ AllState Benefits 344.55$ ALSCO, Inc. 1,236.08$ Ashland Specialty Ingredients G.P. (40.95)$ Atmos Pipeline-Texas 1,745.84$ A-Z Office Resource, Inc. 386.00$ Beekley Medical (2.00)$ Boston Scientific Corporation 40,550.00$ Card Services 3,467.19$ Center for Biomedical Research, LLC 2,573.19$ 2,677.75$ Century Fire Protection, LLC 320.00$ City of Franklin 86.51$ Civco Medical Instruments Co., Inc. 205.00$ Comcast 275.15$ Comcast Holdings Corporation (4,515.00)$ Contractors Group Inc/dba CGI Electric 306.59$ Delta Dental of Tennessee (1,768.45)$ Provision Health Partners 37,280.15$ 28,865.72$ FedEx 292.64$ Gray Television-WVLT/EVLT (39,345.00)$ Hart Graphics 135.04$ Henry Schein (735.95)$ Houlihan Lokey Capital, Inc. 20,075.17$ Jewell Mechanical, LLC 2,726.36$ K & S Associates, Inc. 462.45$ Landscape Services, Inc. 1,106.50$ McKesson Medical-Surgical, Inc. 1,210.21$ Pitney Bowes, Inc. 165.00$ Pronova Solutions, LLC (28,476.74)$ Provision Center for Proton Therapy 78,108.74$ 61,043.14$ ProVision Healthcare, LLC 9,224.96$ 4,448.48$ Provision Solutions 26,876.83$ 17,498.71$ Scripps Media, Inc. (23,800.00)$ Shred-It USA, LLC 241.03$ Siemens Medical Solutions USA, Inc. 7,238.37$ Southeastern Sound, Inc. 195.00$ Mary Barnes 616.50$ Paul King 50.70$ Robert Sugg 279.58$ Sam Herman Lewis 400.00$


Leroy Murray 1,170.00$ Bradley Pennington 440.00$ Hap Stokes 3,172.50$ Dickie Long 210.00$ Tennessee Oncology, PLLC (291,311.14)$ U S Pest Protection, Inc. 75.00$ Office the U.S. Trustee 17.72$ Nexstar Broadcasting, Inc. (6,608.75)$ WSMV (11,985.00)$ Totals (181,590.17)$ 20,075.17$ 114,533.80$


Totals3,082.52$

205.00$ 140.31$

379.60$ 344.55$

1,236.08$ (40.95)$

1,745.84$ 386.00$

(2.00)$ 40,550.00$

3,467.19$ 5,250.94$

320.00$ 86.51$

205.00$ 275.15$

(4,515.00)$ 306.59$

(1,768.45)$ 66,145.87$

292.64$ (39,345.00)$

135.04$ (735.95)$

20,075.17$ 2,726.36$

462.45$ 1,106.50$ 1,210.21$ 165.00$

(28,476.74)$ 139,151.88$ 13,673.44$

44,375.54$ (23,800.00)$

241.03$ 7,238.37$

195.00$ 616.50$ 50.70$

279.58$ 400.00$


1,170.00$ 440.00$ 3,172.50$ 210.00$

(291,311.14)$ 75.00$

17.72$ (6,608.75)$ (11,985.00)$

(46,981.20)$


Total Total Total TotalInsider Payments w/e w/e w/e w/eInsider Party Entity MTPC PCPT Total 6/4/21 6/11/21 6/18/21 ####President PCPT -$ 12,924$ 25,848$ 12,924$ -$ 12,924$ -$ Related Service Provider Payments (Shared Service) PCPT -$ 31,055$ 31,055$ 13,055$ -$ 18,000$ -$ Related Service Provider Payments (Shared Service) MTPC 31,055$ -$ 31,055$ 13,055$ -$ 18,000$ -$

Insider Party Reason for Payment

Related Service Provider Payments (Shared Service)Pronova Equipment MaintanencePVS/PVH Billing and Management Services

President Payroll/Salary


In re MTPC, LLC, et al. Case No. 20-05438Debtor Reporting Period: June 01 - June 30, 2021

BANK ACCOUNT RECONCILIATIONS

Name of Bank: Fifth Third Servis1st Servis1st Servis1stAccount Number: x6970 x1960 x0459 x2966

Purpose/Type of Account: PCPT - Operating

PCPT - Operating

MTPC - Operating

Hamlin - Operating Total

1. Balance Per Bank Statement 2,457,835.29$ 1,533,418.11$ 1,837,034.76$ 519,435.55$ 6,347,723.71$

2. ADD: Deposits Not Credited -$ -$ -$ -$ -$

3. SUBTRACT: Outstanding Checks -$ -$ -$ -$ -$

4. Other Reconciling Items (148,967.40)$ -$ (46,251.76)$ -$ (195,219.16)$

5. Month End Balance Per Books 2,308,867.89$ 1,533,418.11$ 1,790,783.00$ 519,435.55$ 6,152,504.55$


















MIDDLE DISTRICT OF TENNESSEE

Documents