VNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

In re FastShip, Inc. el a/
Debtors
Case No. 12-10968 (BLS)
Reporting Period May I - May 3 I, 2012
MONTHLY OPERATING REPORT
File with Court and submit copy to linited States Trustee within 20 days after end of month.
Submit copy of report to any official committee appointed in the case.
REQUIRED DOCUMENTS
Schedule of Cash Receipts and Disbursements
Bank Reconciliation (or copies of debtor's bank reconciliations)
Schedule of Professional Fees Paid
Copies of bank statements
Cash disbursements journals
Statement of Operations
Balance Sheet
Status of Postpetition Taxes
Copies of!RS Fonn 6123 or payment receipt
Copies of tax returns filed during reporting period
Summary of Unpaid Postpetition Debts
Listing of aged accounts payable
Accounts Receivable Reconciliation and Aging
Debtor Questionnaire
Form No. ~
MOR-1
MOR-Ia
MOR-lb
MOR-2
MOR-3
MOR-4
MOR-4
MOR-4
MOR-5
MOR-5
Document
Attached
./
./
./
./
./
./
./
./
./
l.t
./
./
I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents
are true and correct to the best of my knowledge and belief.
Signature of Debtor
Signature of Joint Debtor
Is/ Kathryn Riepe Chambers
Signature of Authorized Individual*
Kathrvn Riepe Chambers
Printed Name of Authorized Individual
Date
Date
June 20 2012
Date
Executive Vice President
Title of Authorized Individual
Authorized individual must be an officer, director or shareholder if debtor is a corporation: a partner if debtor
is a partnership: a manager or member if debtor is a limited liability company_
Note: This report is being filed for FastShip. Inc. and its wholly owned subsidiaries. FastShip Atlantic,
Inc. (Case No. 12-10970 (BLS)) and Thomycroft. Giles & Co., Inc. (Case No. 12-10971 (BLS)). Given
that these cases are administratively consolidated, we are filing one Monthly Operating Report.
Explanation Affidavit/Supplement
Attached Attached
MOR
(04 07)
In rc FastSh!p, Inc ct a! Case No. 12-10968 {BLS)
Debtors Reporting Period: May 1 -May 31,21112
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
Amounts reported should be per the debtor
1
s books, not the bank statement The begmnmg cash should be the ending cash from the pnor month or. 1fth1s IS the
first report, the amount should be the balance on the date the petition was filed The amounts reported m the "CURRENT \101\'TH ACTLAL'' column must
equal the sum of the four bank account columns, The amounts reported m the columns should be taken from the SMALL BUSINESS l;\ITIAL
REPORT IR-l) Attach cop1es of the bank statements and the cash d1sbursements Journal The total disbursements listed m the disbursements journal
must equal the total disbursements reported on th1s page A bank reconcdiauon must be attached for each account [See MOR-1 (CO:\T)J
BANK ACCOUNTS CURRENT MONTH CUMULATIVE FILING TO DATE
CASH BEGI?'!':ING OF MO:->TH
RECEIPTS
CASH SALES 0 0 0 0 0 0 0 0
ACCOUNTS RECEIVABLE 0 0 0 0 0 0 11,392 11,416
LOANS AND ADVANCES 0 0 0 0 0 0 275,000 275,000
SALE OF ASSETS 0 0 0 0 0 0 0 0
OTHER (ATTACH LIST) 1,681 0 0 0 1,681 1,991 2,949 3,260
TRANSFERS (FROM DIP ACCTS 0 0 0 0 0 0 0 0
TOTAL RECEIPTS 1,681 0 0 0 1,681 1,991 289,341 289,676
DISBURSEMENTS
NET PAYROLL 17,331 0 0 0 17 331 22,384 35,667 45,774
PAYROLL TAXES 9,938 0 0 0 9,938 2,767 21,459 5,534
SALES. USE. & OTHER TAXES 0 0 0 0 0 0 0 0
INVENTORY PURCHASES 0 0 0 0 0 0 0 0
SECURED/ RENT ALi LEASES 1,438 0 0 0 1,438 1,652 4,655 5,064
INSURANCE 1,434 0 0 0 1,434 1,439 33,642 33,652
ADMINISTRATIVE (I) (2) 9,921 0 0 0 9 921 1,240 18,652 6,227
SELLING 0 0 0 0 0 0 0 0
I HER (A'IT ACH LIST) (controller &
secretarial suooort) 1,017 0 0 0 1,017 3,500 6,695 8,000
OWNER DRAW' 0 0 0 0 0 0 0 0
TRANSFERS TD DIP ACCTS) 0 0 0 0 0 0 0 0
PROFESSIOCJAL FEES 0 0 0 0 0 90,000 0 90,000
LT S TRUSTEE OlJARTERL Y FEES (2) 0 0 0 0 0 0 975 975
COcRTCOSTS 0 0 0 0 0 0 0 0
TOTAL DISBURSEME!'iTS 41,079 0 0 0 41,079 122,982 121,745 195,226
'COMPENSATION TO SOLE PROPRIETORS FOR SERVICES RENDERED TO BANKRIJPTCY ESTATE
THE FOLLOWING SECTION Mt:;ST BE
Note 1:
includes an amount of $3203,08
payment was footnoted m the Initial
dtrect!y to Co!d Brook Ven1ures. LLC
Report and the related amount was not
account receivable of $11 _392 and it rs the debtor's view thrs !S not the property of the estate
expendrtures in the !MR
Note 2:
made to Delaware Secretary of State on behalf of each of the debtors as follows
$ 50 00
s 50.00
50 00
In re FastShip, Inc. et al
Debtors
BA:"'K RECONCILIATIONS
Continuation Sheet for :\tOR-I
Case No. 12-10968 (BLS)
Reporting Period May I -May 31. 2012
A bank reconciliation must be included for each bank account. The debtor's bank reconciliation may be substituted for this page.
I BALANCE PER BOOKS
BANK BALANCE (1) 170,879
(+)DEPOSITS IN TRANSIT (ATTACH LIST) 0
(-) OL:TST ANDING CHECKS (ATTACH LIST) 0
OTHER (ATTACH EXPLAI'\ATION) 0
ADJUSTED BANK BALANCE * 170,879
* Adjusted bank balance must equal
balance per books
DEPOSITS IN TRANSIT Date Amount Date Amount Date Amount Date Amount
CHECKS OFfST ANDING Ck. # Amount Ch. # Amount Ck. # Ck. # Amount
OTHER
NOTE
(1) Wells Fargo account xxxxxx1768
FOR.\1 \10R- I a
Business Checking
Account number: 768 May 1, 2012 - May 31, 2012 Page 1 of 4
FASTSHIP, INC
DEBTOR IN POSSESSION
CH 11 CASE# 12-10968 (BLS)
1608 WALNUT ST STE 501
PHILADELPHIA PA 19103-5446
Your Business and Wells Fargo
As our way of saying thank you to our business customers, Wells Fargo is
extending money-saving offers on many of our business accounts and services
between April16 and June 30, 2012. For details on these limited-lime offers, stop
by any Well s Fargo locati on, visit us online at wellsfargo.com/appreciation, or call
us at 877-436-4170.
Activity summary
Beginning balance on 5/1
Deposits/Credits
Withdrawals/Debits
Ending balance on 5/31
Average ledger balance this period
Overdraft Protection
$214,728.25
1,793.82
. 45,642.90
$170,879.17
$181,429.44
This account is not currently covered by Overdraft Protection. If you
would like more information regarding Overdraft Protection and
eligibility requirements please call the number listed at the top of
your statement or visit your Well s Fargo branch.
Sheet Seq = 0000554
Sheet 00001 of 00002
Questions?
Available by phone 24 hours a day, 7 days a week:
1800-CALL-WELLS (1-800225-5935)
TTY: 1-800-877-4833
En espafiol: 1877-337-7454
Online: wellsfargo.com/biz
Write: Wells Fargo Bank, N.A. (336)
P.O. Box 6995
Portland, OR g7228-6995
Account options
A check mark in the box indicates you have these convenient
services with your account. Go to wellsfargo.comlbiz or call
the number above if you have questions or if you would like
to add new services.
Business Online Banking
Rewards for Business Check Card
Online Statements
Busi ness Bill Pay
Business Spendi ng Report
Overdraft Protection
Account number:
FASTSHIP, INC
DEBTOR IN POSSESSION
CH 11 CASE# 12-10968(BLS)
Maryland account terms and conditions apply
For Direct Deposit and Automatic Payments use
Routing Number (RTN) :
For Wire Transfers use
Routing Number (RTN)::
0
D
0
0
0
D
Account number: 418 ... 1 768 May 1, 2012- May 31, 2012 Page 2 of 4
Transaction history
Check
Date Number Description
5/ 1 Harland Clarke Check!Ac 1820
Credit-Fastship, Inc
5/1 Paychex Tps Taxes 4060x Fastship Inc and
Subsi
5/1 1047 Check
5/ 1 1048 Check
5/ 1 1046 Check
5/2 1003 Check
5/2 1004 Check
5/4 Paychex Tps Taxe 028x Fastship Inc and
Subsi
5/4 1049 Check
5/14 1051 Check
5/ 14 1054 Check
5/15 1035 Check
5/17 1053 Check
5/17 1044 Check
5/18 1045 Check
5/21 Deposit Made In A Branch/Store
5/21 1052 Check
5/22 1061 Check
5/22 1059 Check
5/22 1060 Check
5/24 Deposit Made In A Branch/Store
5/29 1058 Check
5/31 1055 Check
5/31 1056 Check
5/31 1057 Check
Ending balance on 5131
Totals
Deposits! Withdrawals/
Credits Debits
112.40
9,743.48
325.00
325.00
325.00
11,427.45
5,903.05
194.74
19.92
297.11
165.44
3,203.08
183.86
175.10
78.00
1,268.42
1,254.54
9,586.54
1,056.67
211.75
413.00
1,017.17
50.00
50.00
50.00
$1 ,793.82 $45,642.90
Ending daily
balance
204,122.17
186,791. 67
186,577.01
186,114.46
182,911 .38
182,552.42
182,474.42
182,488.30
171 ,633.34
172,046.34
171 ,029. 17
170,879.17
170,879.17
The Ending Daily Balance does not reflect any pending withdrawals or holds on deposited funds that may have been outstanding on your account when your
transactions posted. If you had insufficient available funds when a transaction posted, fees may have been assessed.
Summary of checks written (checks listed are also displayed in the preceding Transaction history)
Number Date Amount Number Date Amount Number Date Amount
1003 5/2 11.427.45 1048 5/1 325.00 1056 5/31 50.00
1004 5/2 5,903.05 1049 5/ 4 19.92 1057 5/31 50.00
1035. 5/15 3.203.08 1051 5/14 297.11 1058 5/29 1,017.17
1044. 5/ 17 175. 10 1052 5/21 1,254.54 1059 5/22 1,056.67
1045 5/18 78.00 1053 5/17 183.86 1060 5/22 211.75
1046 5/1 325.00 1054 5/14 165.44 1061 5/22 9,586.54
1047 5/ 1 325.00 1055 5/31 50.00
Gap in check sequence.
Account number: 1768 May 1, 2012 May 31, 2012 Page 3 of 4
Account transaction fees summary
Service charge description
Paid and Deposited Items
Total service charges
Sheet Seq ; 0000555
Sheet 00002 of 00002
Units used
25
Units
included
150
Excess
units
0
Service charge per
excess units ($)
0.50
Total service
charge($)
0.00
$0.00
Account number: .,768 May 1, 2012- May 31 , 2012 Page 4 of 4
General statement policies for Wells Fargo Bank
Notice: Wells Fargo Bank, N.A. may furnish information about accounts
belonging to individuals, including sole proprietorships, to consumer
reporting agencies. If lhis applies to you, you have the right to dispute the
accuracy of information that we have reported by writing to us at: Overdraft
Collections and Recovery, P.O. Box 5058, Portland, OR 97208-5058.
Account Balance Calculation Worksheet
1. Use the following worksheet to calculate your overall account balance.
2. Go through your register and mark each check, withdrawal, ATM
transaction, payment, deposit or other credit listed on your statement .
Be sure that your register shows any interest paid into your account and
any service charges, automatic payments or ATM transactions withdrawn
from your account during this statement periOd.
3. Use the chart to the righl to list any deposits, transfers to your account,
outstanding checks, ATM withdrawals, ATM payments or any other
withdrawals (including any from previous months) which are listed in
your register but not shown on your statement.
ENTER
A. The ending balance
shown on your statement ... .... . ... . . . . .. ... $ ____ _
ADD
B. Any deposits listed in your
register or transfers into
your account which are not
shown on your statemenl.
CALCULATE THE SUBTOTAL
(Add Parts A and B)
SUBTRACT
C. The total outstanding checks and
$ ____ _
$ ____ _
$ _____ _
+ $-------
... TOTAL$
. .. . TOTAL$ -------
withdrawals from the chart above ............. - $ --------
CALCULATE THE ENDING BALANCE
(Part A+ Part B Part C)
This amount should be the same
shown m ...... . . . . . . . .. 1$ .
Wells Fargo Bank, N.A All rights reserved. Member FDIC. NMLSA 10 399801
You must describe the specific information that is inaccurate or in dispute
and the basis for any dispute with supporting documentation. In the case of
information that relates to an identity theft, you will need to provide us with
an identity theft report .
Number Items Outstanding
r----- .----
' I
Amount
1 __ __ t=_
I
_ ___________ l ___ j
!
r--------1-
1------ ---i- ----
i
t-i-t
!

1-----
!
.. : .. i ...


!
'
I

1
!... __ _
----t-1

i
-----
i
E =-1-=
- - - - ----- -- - -'--------i
I


r-------=+=--- -
I '
--------------------:--------!
I
---- -+----- ----j
...... _____ __ _)_ ___ -- j
I I
' __ _
---+- - - ------ --- ---- -+----_j
--------- ---- ------ - +---.. --<
Total amount $ L_ ___
Transaction Detail For: Checking
.. :..
Split Date Check# Payee Category Tags Payment Deposit Balance
5/l/2012 HARLAND CLARKE - Bank Fee $112.40 $210,389.55
CHECK/ACC.
4820
CREDIT -FASTSHIP, INC
5/l/2012 PAYCHEX TPS - TAXES Payroll -$9,743.48 $200,646.07

4060X
-ASTSHIP INC AND SUBS!
5/2/2012 1004 CHECK Payroll payroll - Chambers - $5,903.05 $194,743.02
5/2/2012 1003 CHECK Payroll payroll- Bullard -$11,42 7.45 $183,315 .57
5/4/2012 PAYCHEX TPS- TAXES Payroll -$194.74 $183 , 120.83
028X
FASTSHIP INC AND SUBS!
5/ 11/2012 1051 Kathryn R. Chambers Expense -$297.11 $182, 823.72
reimbursement
5/11/2012 1052 Huff Real Estate, Inc. Rent -$1,254.54 $181 ,5 69.18
5/11/2012 1053 1608 Retail Associates LP Office -$183.86 $181,385.32
5/11/2012 1054 Nationwide Insurance Insurance -$165.44 $18 1,219.88
5/11/2012 1050 VOID $0.00 $181 ,219.88
5/15/2012 1055 Delaware Secretary of Tax Payment Delaware Ann Rpt -$50. 00 $181 , 169.88
State fee
5/ 15/2012 1056 Delaware Secretary of Tax Payment Del aware Ann Rpt -$50.00 $181,119.88
State fee
5/15/2012 1057 Delaware Secretary of Tax Payment Delaware Ann Rpt -$50.00 $181,069.88
State fee
5/18/2012 1058 Michael T. Nichols Office - $1 ,017. 17 $180,0 52.71
5/ 18/2012 1059 Independence Blue Cross Insurance IBX - Bullard -$1 ,0 56.67 $178,996.04
5/18/20 12 1060 Independence Blue Cross Insurance IBX - Bullard $211.75 $178,784.29
5/18/2012 1061 Omni Management Group Reorganization claims agent -$9,586.54 $169,197.75
5/21/2012 DEPOSIT MADE IN A Misc. Income IBX - Bullard $1,268.42 $170,466.17
BRANCH/STORE
5/24 / 2012 DEPOSIT MADE IN A Misc. Income IBX - Bullard $413.00 $170,879.17
BRANCH/STORE
5/31/2012 MONTHLY SERVICE FEE Transfer s 10.00 $170, 889.1 7
REVERSAL
5/31/20 MONTHLY SERVICE FEE Bank Fee
Total Account Inflows: $1,803.82
Total Account Outflows: -$41,201.80
Net Account Total: -$39,397.98
Payee
Benesch,
Friedlander, Coplan
& Aronoff LLP
The Brownstein
Corporation
In re FastShip, Inc. et al
Debtors
Case No. 12-10968 (BLS)
Reporting Period: May 1 - May 31 , 2012
SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID
This schedule is to include all retained professional payments from case inception to current month.
Amount Check Amount Paid Year-To-Dale
PeriOd Covered Approved Payor Number Date Fees Expenses Fees Expenses
NONE NONE NONE
NONE NONE NONE
'- - - -- L -- I.
I
FORM MOR-Ib
(04/07)
ln rc FastShtp, Inc ct al
Debtors
Case No 12-10968 (BLS)
Reporting Period: May I May 31,2012
STATEMENT OF OPERATIONS
(Income Statement)
The Statement of Operations is to be prepared on an accrual basis. The accrual basis of accounting recognizes revenue when it is
realized and expenses when they are incurred, regardless of when cash is actually rccci\cd or paid
FutSbip.. Ill(. et al
CumulatlYe
FutShip, IlK. FastSbip Atlantic, lac. Gile!i & Co., Inc.
Cumulatin Cumulative Cumulative
Gmss Revenues I Moatb _
1
F'ili!!g to Date II Month _
1
Filing to Date II Math _
1
Filiag to I
and Allowances : : :
REVENUES Month Ftliou to Date
COST OF GOODS SOLD
Bconnmglmento" m m m
Add: Purchases
Add: Cost of Labor - - - -
Add: Costs attach schedule - - - - -
Less: Endmst Invcntof'r - -
. . . . . .
. . . . . .
Cost of Goods Sold
Gross Profit
OPERAUNG EXPENSES
AdYcrtisin
Auto and Truck Expense
Bad Debts
Contributions
Emplovee Benefits Prof;UlUUs
Insider Compensation 10.539 54,910 20.539 54 910
lnruranee 1.436 33 589 1436 33 589
Fees/Bonuses
Office Expense 790 7 089 790 7,089
Pension & Plans
Repairs and Mainl.cnancc
Rent and Lease Expcn.sc 1.430 HOJ I 430 3,403
Sa.larics/Comm issions!Fces
Supplies
Taxes Pavroll (cmplo'\o'er only 1.683 6 161 I 683 6 161
Taxes Real Estate
Taxes Other
Travel and Entertainment (I 502 I 839 502 U39
Utilities
Other (attach schedule 38 354 62 254 50 50 50
Total OocralinJL Expenses Before Depreciation 26.418 1117,346 26 318 107 246 50 50 50
Deorccialion/Deplction/AmortiJ..ation
(107,346) Qthcr fWtpc!i!ial! \LO, .. Il'l/1 I I! (26,318 107,246 50 50 50
41J 1 413 I I 413 I
413 I I
(J
(5JI
(J
(112.514)1 : (26 005)1 (11HI4lll (25.905)1
__,.,....,-----,77""1
Professional Fees I4UJ42 140 142 3 292 140J42
U.S. Trustee Ouartcrtv Fees __m_ 325 325
Interest Earned on Accumulated. Cash from Chapter ll (see continuation she
------=-

13,389
140.1421 154 506 3.292 153.856 325
Galn (Loss) from Sale of Equipment
Other ReOfganintion Expenses (attach schedule
T ot.al Rcon.tanil".ation Expenses
Income Taxes
Net Profit {Loss I6GJ47) (267.120) (29.196) (266370) (50) (375) (50)
'""Insider" is defined in II U.S.C'. Section 101(31)
NOTESo
(I) Out-of-pocket expenses for Bullard and Chambers include reimbursement for u-a\'cl, office supplies, and VOIP scniec for the FastShip office
(2) Includes payment ofS3203.08 to Cold Brook Ventures, LLC from the April attount rccci\able ofSI U92 It is the debtor's icv. this is not property of the estate as footnoted in the Initial Monthly Report
(3) Expense reimbursement from Financial Management Partners for office sharing arrangement
50
50
50
(J
325
325
(375
HlRM MOR:!
[0407)
In re FastS hip, Inc et al
Debtors
Case No. 12-10968 (BLS)
Reporting Period: May I May 31 2012
STATEMENT OF OPERATIONS- continuation sheet
FastShip, Inc. et al .FastShip, Inc. FastShip Atlantic, Inc. Thornycroft, Giles & Co., Inc.
Cumulative Cumulative Cumulative Cumulative
BREAKDOWN OJ<' "0111ER" CATEGORY Month l<'iling to Date Month l<'iling to Date
I I I I I I I
Other Costs
- -- -
Other Operatmnal Exuenses
bank fees -- wi rc fees 0 00 30.00 0 00 30.00 0.00 0.00
bank fees-- checks (refund for check printing) -112.40 96.41 -112.40 96.41 0.00 0.00
City ofPhi1adelphia Business Privilege Tax 0.00 78.00 0 00 78.00 0.00 0 00
Delaware Secretary of State 150.00 150.00 50.00 50.00 50.00 50.00
Other Income
Filii I ~
I
OtherEl ,., ...,,. .., ~ ...~
consultant (Cold Brook Ventures LLC)
other expenses (I )
adjustment to account receivable
Other Reorgani7,ation J<:xuenses 0 R F
0.00 3,203.08
000 2,454.00
0.00 24.00
3203 08
2,454.00
24
Omni Management (claims agent) o ool 13,388.69 0.001 13,388.69
I I
Reorganization Items - Interest Earned on Accumulated Cash from Chapter II:
Interest earned on cash accumulated during the chapter II case, which would not have been earned but for the
bankruptcy proceeding, should be reported as a reorganization item.
I l 1
I oool o o o l ~ - - - - ~ ~
(I) "Other expenses" reported in March are the post-petition disbursements in tbe stub portion of March that were checks written before filing, but that cleared the old PNC account after the filing date
These expenses are included here because the book value of the cash asset on the petition date reflected the fact that these checks had not yet cleared the account
FORM MOR2 CONTD
In rc FutShip, Inc. ct al
Dcbton
BALANCE SHEET
C... No. 12-10968 (BLSJ
RcportingPmod: May I MayJ I, 2012
The Balance Sheet is to be completed on an acaua1 buis onl!f. liabilities must be classified separatd.y from postperilioo obligations.
..... ,
IOIJit\1.\J.ltDAT
...........
IOIJitVAUIItAT
llCD or 11001.: VALUI 011 IJQI or lOOK VALUI: Off
C\'UL.,.
ASSETS
CURRENT o\.SSEn
Unrestricted Cash and Eauivalents
IIIJ'O&flloC mTnOII D4'R
Restricted Cash and Cash Eauivalents (see continuation si
Accounts Receivable (Ne,)
Notes Roceivable
Inventories
Prepaid EXPenses
Professional Retainers
Other Current Assets (attach schedule)
TOTAL CURRENT ASSETS
Ji!::YJi!.titi:ii1J.?'i'0:\:
Real Prooertv and improvements
Machinerv and Eauioment
Furniture, Fixtures and Office Equipment
Leasehold improvements
Vehicles
Less Accumulated Depreciation
TOTAL PROPERTY & EQUIPMENT
Other Assets (attaCh schedule
TOTAl. OTHER ASSETS
TOTAl. ASSt.'TS
170,879 3,283
I L4t6
l3
170,932 14.699
11t.tll
14 '"
CUUDIT
I'I'1T110IC DA11:
170.879 3.283
I 1.416
l3
170.932 14,699
7l0
no
.,._
14,.,
,....,....__ ....
IIOUKV.u.IJitA1'
ltii.D or 10011. v ALlla
(1;UI.NT
PITTllOliDA Tl
Clloo .. (A., ....
, 1001(\I,I.IAflO'I
o a.orr
ali'OIITINC ratTIOI'I DAT1l
.------, ...........-..-...---
IOOJo:
l'tTITI().'I DA'
___ ....__
..
1
m
fORM Ml)RJ
(OHJ7)
Case No. (BLS) In re FastShip, lnc. et A1
Debtors Reporting Period: May I May31, 2012
BALANCE SHEET
LlAIII\.mES AND OWNER EQUITY
LJAIJIJJTIS NOT.fUilJCT 7V Cf)JI,/WfiiiS,
Accounts Payable
Taxes Payable (refer to FORM MOR-4)
Wages Payable
Notes Payable
Rent I Leases BuildinWEauioment
Secured Debt I Adequate Protection Pavments (DIP Loan
Professional Fees
Amounts Due to Insiders (2)
Other Postoetition Liabilities (attach schedule
70TAL LIARILIT/ES


IICIOKVALU&AT
Clftl Of IICIOK VAUI& OM
CVRJWn
IUJ'On1lOIC
NOif11l nnTIOII DA Tl!
275,000
3.038
145,315
423,353
.. liif
Secured Debt 29,429,582
Priority Debt (I) 26,601 26,894
Unsecured Debt 1 9,426.000 9,428.161
70TAL PRE-PETfTJON LIABILITIES lt.Dl,183 38,884.637
'11111114 I&
IICIOKV..U.U&AT
IIIDOf IICIOKVAUI&ON
CUUDIT
UPOIITUIG
IIIOifl1l PST1TIOIIIIA"n
275,000
--
3.038
145,315
423.353
29.429,582 29,429,582
24,612 24,905
9.220.791 9,222,952
38,674.985 38,677,439
....... ...
IIOOKVALU&AT
IIIVOf IMKIICVAWIOIC
c;ullllUIT
IUI'Ofl11IIC
MOtrnl PC1'ITlOII 1MT&
37l I
375 :II
--
t.684 I 1.684
64,1081 64.108
65,792

IIOOK V ALOIA T
l.'i"DOf IMKIKVAt..VEON
(1JII.Ul0"
uro.nl'IC
NOif11l l'l:lTT- DAR
--r-------
373
375
.. - ..-----
29.429,582 29.429,582
305 305
141,101 141.101
29,570,988 29.570,9R8 65.792j_

f8j/fi,,,;t;S%'b :_, yf 'Z

@jAL L/ARIUT/ES I 5361 38,884,6371 I 29,571 ) 63 I 29.570.9881
OWNU. /!1/tn' -
Capital Stock 120,204 120.204: 120,204 120.204.
Additional Paid-In Caoital 19,359,060 19,359.060 I 19,359.060 19,359,060
Partners' Capital Account
I
Owner's Equity Account .
Retained Pre-Petition (58.349,202 (58.349.202) (58.142.004) (65,792) (6l,792)
Retained Eamins PostJ>etition I 264,666) 263.916) (375
Adjustments to Owner Equity (attach schedule)
Postpetition Contributions (Distributions) (Draws) (attach
NET OWNER EOUm (39.134.604) (38,869.938) (38,926,656) (38.662.740) (66,167) (65,792)
TOTAL UAJIIUTIES A.ND OWI'IERS" EQUITY 17Ull 479 1 lli,IU 14 19f
'"lnsi0";. delincd in II U.S.C. Section 101(31)
NOTES
(l) J>re..petitioo Unsecured Debt and Priority Debt were reducOO by $2454 during the March 2031 reporting period. This amount represents "Other expenses" (see MOR2CON1) which arc checks written before filing, but that
cleared the old PNC account afier the filing date. This amount is included in the Unsecured Debt and Priority Debt on the Schedules and Statements filed with the US Trustee. Then::fOR, Net Loss reported on MORZ differs
from Retained Earnings - Postpcritioo reported on MOR 3 b) that amowtl
(2) Includes out of pocket expenses for managemenl and health insmance premium payment made by CEO
(3) Pre-petition liabilities have been amended u per amendment! lo Schedules filed on May 3L 2012
(4) Thomycrofl Giles & Co., Inc. (TGC) is the ov.'l"'er of the intellectUAl property which will be the subject of the planned litip.tion and source of potentiAl future value for the debtof"S. llis intellectual propert) has been used a.s
scwrity for notes inued by the parent. F:utShip. Inc .. and TGC is shown as robtor for those pre-petition secured debt liabilities. These cobtor amounts arc eliminated for consolidation purposes
(29,570.988) (29.570.988)
(375)
(29,l71,363) (29,l7(J,988)
.............
IMK)It \'M.IJE AT
E/ODOf
ClluPT

I'IONTM
(750
(150)
(29,429.5S2
(29,429,582)
tlf.OO.J)l
- VA.Ltll: OM
ITITlOJIO DATI.

(29,429.582

HW.MMOR3
((\4-'1)7)
lnl'l:" F!lSnir\1nc. ctal

.....-
Co.:oeHo, 12- W96i(Bl.Sl
Reroortina Ptriod: Mav 1-Ma\1 J L 2012
BALANCE SHEET- continuation sheet
.............. ,
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Payments made parent On bebaJf of subsidiaries I I J I I
1 1
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tiUIIAO'ALI-'l
lallf'
('l-
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UAIIILJT1U ..,.. 0'101<0. wvrn' ....... I'ITtl'IO" .....
Acauod Insider Comoensatioo I I <t610.14
Ao:ruod employer payroU la.>re$ (I .MUS
Accrued office e.>;:pense !2 U0 .1S
Aocrued cWms agent expense
Accrued professional fees t3 1401 42.47
P1smmts made by paretH on behalf of subsidiaries
""
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-Of"
a.-
-
-
4610.'-4
}41.15
210.75
140142.47
...._ ......u.acrw

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-
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I I
Restrick.d Cash is cash that is restricted for a specilk WI: and not availabk to fund operations. T)'(tically, restricted cash is
into a scpante aocoont, such as an escrow accounl.
NOTES

(l)Portion of<!!trol lof ti:epDd ira JUDCartributableto wori::
HJR,.....- N!()i . l CONT'D
(o.l'fl1)
Case No. 12-10968 (BLS) In re FastShip, Inc. et al
Debtors Reporting Period: May I -May 31, 2012
STATUS OF POSTPETITION TAXES
The beginning tax liability should be the ending liability from the prior month or, if this is the first report, the amount should be zero.
Attach photocopies of IRS Form 6123 or payment receipt to verifY payment or deposit of federal payroll taxes.
Attach photocopies of any tax returns filed during the reporting period.
Federal
Withholding
FICA-I:mployee
FICA-Employer
Unemplovment- Employer
Income
Other:
Total Federal Taxes
State and Local
Withholding
Sales
Excise
Unemployment- Employee
Unemployment- Employer
Real Property
Personal Property
Other: Philadelphia Wage Tax
Total State and Local
Total Taxes
Beginning
Tax
Liability
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
NOTE: The debtors are current with all fiduciary tax obligations
Amount
Withheld or
Accrued
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Amount
Paid
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Date
Paid
SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable.
Number of Days Past Due
Check No.
or EFT
Current 0-30 31-60 61-90 Over 90
Accounts Payable - - - -
Wages Payable - - - -
Taxes Payable (accrual) - - - -
Rent/Leases-Building - - - -
Rent/Leases-Equipment - - - -
Secured Debt/Adequate Protection Pavments - - - -
Professional Fees - - - -
Amounts Due to Insiders* (I) 3,038 - - -
Other: US Trustee fee accrual - - - -
Other: - - - -
Total Postpetition Debts (1) 3,038 - - -
Explain how and when the Debtor intends to pay any past-due postpetition debts.
NOTE
(1) Debtor is FastShip, Inc.
*"Insider" is defined in II U S. C Section I 0 I (3 I )
-
-
-
-
-
-
-
-
-
-
-
Ending
Tax
Liability
Total
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
3,038
-
-
3,038
FORM \l0R4
(04/07)
In re FastShip, Inc. et al
Debtors
Case No. 12-10968 (BLS)
Reporting Period May I - May 31, 2012
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
Accounts Receivable Reconciliation
Total Accounts Receivable at the beginning of the reporting period
+ Amounts billed during the period
- Amounts collected during the period
Total Accounts Receivable at the end of the reporting period
Accounts Receivable Aging
0- 30 days old
31-60 days old
61 - 90 days old
91+ days old
Total Accounts Receivable
Amount considered uncollectible (Bad Debt) (I)
Accounts Receivable (Net)
DEBTOR QUESTIONNAIRE
Must be completed each month
I. Have any assets been sold or transferred outside the normal course of business
this reporting If yes, provide an explanation below.
2. Have any funds been disbursed from any account other than a debtor in possession
account this reporting If yes, provide an explanation below.
3. Have all postpetition tax returns been timely If no, provide an explanation
below.
4. Are workers compensation, general liability and other necessary insurance
coverages in If no, provide an explanation below.
5. Has any bank account been opened during the reporting period? If yes, provide
documentation identifying the opened account(s). If an investment account has been opened
provide the required documentation pursuant to the Dela>vare Local Rule 4001-3.
Amount
Amount
Yes
.I
.I
.I
.I
.I
-
-
-
-
-
-
-
-
-
-
-
No
FOR\1 \10R-5
(04!07)