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UNITED STATES BANKRUPTCY COURT

SOUTHERN DISTRICT OF FLORIDA

FORT LAUDERDALE DIVISION

www.flsb.uscourts.gov

In. re: Case No.: 21-10538-SMG

INNOVATIVE SOFTWARE Chapter 11

 SOLUTION, INC.

Debtor-in-Possession.

/

CHAPTER 11 CASE MANAGEMENT SUMMARY

In compliance with Local Rule 2081-1(B), INNOVATIVE SOFTWARE SOLUTION, 

INC. (the “Debtor-in-Possession”), files this Chapter 11 Case Management Summary and states:

1. Date of Order for Relief Under Chapter 11: January 21, 2021

2. Names, case numbers and dates of filing of related debtors: None

3. Description of Debtor’s business/employment: Copier wholesaler and repair.

4. Location(s) of Debtor’s operations and whether the business premises are leased or 

owned: 1800 SW 15th Avenue, #125, Pompano Beach, FL 33069.

5. Reasons for filing Chapter 11: Due to the Covid-19 pandemic, schools have been 

closed. The contracted schools have a combined 244 copiers in use. However, without school 

in session, the revenues dropped as Debtor is paid on a per copy basis.

6. List of officers and directors, if applicable, and their salaries and benefits at the time 

of filing and during the 1 year prior to filing: 

Natalie Frazier – President Salary: $64,330.09

Kashonda Burton – President Salary: $26,500.00

 

7. Debtor’s fiscal or calendar year to date gross income and the Debtor’s gross income 

for the calendar or fiscal year prior to the filing of this Petition:

Gross revenues 2021: $13,730.94

Gross revenues 2020: $1,249,561.21 (based on total deposits)

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8. Amounts owed to various creditors:

(a) Obligations owed to priority creditors, including priority tax obligations

Internal Revenue Service - unknown

Florida Department of Revenue - unknown

(b) With respect to creditors holding secured claims, the name of and amounts 

owed to such creditors and a description and estimated value of all collateral of 

the Debtor securing their claims: 

1. On Deck Capital – Owed: approx. $70,000.00 – Collateralized by all 

assets, proceeds, accounts, general intangibles

(c) Amount of unsecured claims: 

Approximately $187,748.87+ (Ricoh claim amount is unknown at this time)

9. General description and approximate value of the Debtor’s assets: 

Value: $31,000+

Bank accounts; copiers; toner; copier parts; vehicles; office furniture; 

computers; monitors; file cabinets

10. List of all insurance policies, the property covered under the policy, the name of 

the insurer, the policy number, amount of coverage, whether the premium is current, the date the 

next premium is due and date the policy expires: 

Scottsdale Insurance

General Liability & Property Insurance Policy# CPS3254835

Property Insurance Policy# (same as above)

11. Number of employees and amounts of wages owed as of petition date:

3 employees – no wages owed

12. Status of Debtor’s payroll and sales tax obligations, if applicable. This does not 

eliminate the obligation of Chapter 11 debtors (other than individuals not engaged in business) to 

provide the more detailed payroll tax information required by Local Rule 2081-1(A):

Up-to-date.

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13. Anticipated emergency relief to be requested within 14 days from the petition date: 

Expedited Cash Collateral and Adequate Protection; Motion to Reject Lease with 

Finalyson.

DEBTOR: ATTORNEY:

INNOVATIVE SOFTWARE Van Horn Law Group, P.A.

 SOLUTION, INC. 330 N. Andrews Ave., Suite 450

Fort Lauderdale, Florida 33301

 /s/ Natalie Frazier (954) 765-3166

By: (954) 756-7103 (facsimile)

 Natalie Frazier

Its: President /s/ Chad T. Van Horn, Esq.

 By:

Chad T. Van Horn, Esq.

Florida Bar No. 64500

Email:Chad@cvhlawgroup.com

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