In re FastShip, Inc.

eta/
Debtors
UNITED STATES BANKRUPTCY COURT
FOR THE DISTRICT OF DELAWARE
Case No. 12-10968 (BLS)
Reporting Period: July I -July 31, 2012
MONTHLY OPERATING REPORT
File with Court and submit copy to United States Trustee within 20 days after end of month.
Submit copy of report to any official committee appointed in the case.
Schedule of Cash Receipts and Disbursements MOR-1 V
Bank Reconciliation (or copies of debtor's bank reconciliations) MOR-Ia V
Schedule of Professional Fees Paid MOR-lb V
Copies of bank statements
Cash disbursements journals
Statement of Operations MOR-2 V
Balance Sheet MOR-3 V
Status of Postpetition Taxes MOR-4 V
Copies oflRS Fonn 6123 or payment receipt
Copies of tax returns filed during reporting period
..
Summary of Unpaid Postpetition Debts MOR-4
Listing of aged accounts payable MOR-4
Accounts Receivable Reconciliation and Aging MOR-5
Debtor Questionnaire MOR-5
1 declare under penalty of petjury (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*
Kathryn Riepe Chambers
Printed Name of Authorized Individual
Date
Date
August 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 Thornycroft, Giles & Co., Inc. (Case No. 12-10971 (BLS)). Given
that these cases are administratively consolidated, we are filing one Monthly Operating Report.
MOR
(04/07)
In re F astShip, Inc. et a! Case No. 12-10968 (BLS)
Debtors Reporting Period: July 1- July 31,2012
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
Amounts reported should be per the debtor's books, not the bank statement. The beginning cash should be the ending cash from the prior month or, if this is the
first report, the amount should be the balance on the date the petition was filed. The amounts reported in the "CURRENT MONTH- ACTUAL" column must
equal the sum of the four bank account columns. The amounts reported in the "PROJECTED" columns should be taken from the SMALL BUSINESS INITIAL
REPORT (FORM IR-1). Attach copies of the bank statements and the cash disbursements journal. The total disbursements listed in the disbursements journal
must equal the total disbursements reported on this page. A bank reconciliation must be attached for each account. [See MOR-1 (CON'T)]
< Hmi1 r ... .... .. :.Fil ,INC TO.D.\fR
. ..... .JE : :;
CASH OFMO!iTH 159,6391 ol ol ol 159,6391 137,07511 3.2831 3,2831
. .. }. ;
. . . .. :: .....
..
>
..
. ..
... " ....
. ; :- ....
.. . . .. . .. ;. .. .. . .':;
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 0 400,000 400,000
SALE OF ASSETS 0 0 0 0 0 0 0 0
OTHER (ATTACH LISD 1,903 0 0 0 1,903 2,051 6,755 7,362
TRANSFERS (FROM DIP ACCTS) 0 0 0 0 0 0 0 0
TOTAL RECEIPTS 1,903 0 0 0 1,903 2,051 418,147 418,778
...... . ; j? s. .
... .
.
) . h .. cJ ...... ..
. .:c"" ... .-... . . . ........ . .. ...
. .. ...
. ... ; . . . .<]i .. -:J ' .)''/'/ . .
NET PAYROLL 9,410 0 0 0 9,410 11,192 63,898 68,158
PAYROLL TAXES 4,127 0 0 0 4,127 1,383 33,839 8,300
SALES, USE, & OTHER TAXES 0 0 0 0 0 0 0 0
INVENTORY PURCHASES 0 0 0 0 0 0 0 0
SECURED/ RENT AU LEASES 1,458 0 0 0 1,458 1,455 7,753 7,974
INSURANCE 1,424 0 0 0 1,424 1,439 36,490 36,530
ADMINISTRATIVE (I) (2) 15,569 0 0 0 15,569 1,300 41,117 8,767
SELLING 0 0 0 0 0 0 0 0
OTHER (AJTACH LIST) (controller &
secretarial support) 450 0 0 0 450 1,000 7.573 10,000
OWNER DRAW 0 0 0 0 0 0 0 0
TRANSFERS (TO DIP ACCTS) 0 0 0 0 0 0 0 0
PROFESSIONAL FEES 12,049 0 0 0 12,049 21,667 112,731 181,667.
U.S. TRUSTEE QUARTERLY FEES (2) 2,600 0 0 0 2,600 2,600 3,575 3,575
COURT COSTS 0 0 0 0 0 0 0 0
TOTAL DISBURSEMENTS 47,086 0 0 0 47,086 42,036 306,975 324,971
. ... . : ;; . . .' ... <, . , ..

. .
.
. . ...
..;. < ...
.. '' ..... .
NET CASH FLOW -45,183 0 0
0:1
-45,1831 -39,98511
111.1721 93,8071
(RECEIPTS LESS DISBURSEMENTS)
'
leASH- END OF MONTH
1. ..
oJ oJ 97,09011
COMPENSATION TO SOLE PROPRIETORS FOR SERVICES RENDERED TO BANKRUPTCY ESTATE
THE FOLLOWING SECTION MUST BE COMPLETED
DISBURSEMENTS FOR CALCULATING U:S: TRUSTEE QUARTERLY FEES: (FROM CURRENT MONTH ACTUAL COLUl\ll"l_
TOTAL DISBURSEMENTS 47,086
LESS: TRANSFERS TO DEBTOR IN POSSESSION ACCOUNTS 0
PLUS: ESTATE DISBURSEMENTS MADE BY OUTSIDE SOURCES (i.e. from escrow accounts) 0
TOTAL DISBURSEMENTS FOR CALCULATING U.S. TRUSTEE QUARTERLY FEES 47,086
Note 1:
Cumulative expenditures includes an amount of $3203.08 paid directly to Cold Brook Ventures, LLC from !he April account receivable of $11,392 and it is the debtor's view this is
no! the property of !he estate.
FORMMORwl
(04/07)
In re FastShip, Inc. et al
Debtors
Case No. 12-10968 (BLS)
Reporting Period: July I- July 31, 2012
SCHEDULE OF CASH RECEIPTS AND DISBURSEMENTS
The treatment of this payment was footnoted in the Initial Monthly Report and the related amount was not included in expenditures in the I MR.
Note 2:
July disbursements include Administrative payments made to Delaware Secretary of State and quarterly fees to the US Trustee on behalf of each of the debtors as follows:
Del. Sec'y
of Slate US Trustee
FastShip, Inc. (Case No. 12-10968 (BLS)) $ 587.13 $1,950.00
FastShip Atlantic, Inc. (Case No. 12-10970 (BLS)) $1,034.55 $ 325.00
Thornycroft, Giles & Co . Inc. (Case No. 12-10971 ( $ 219.10 $ 325.00
All other disbursements in July were made on behalf of FastShip, Inc.
June lease disbursements include a payment to Pitney Bowes made on behalf of FastShip Atlantic, Inc. (Case No. 12-10970 (BLS))
All other disbursements in June were made on behalf of FastShip, Inc.
May Administrative disbursements include payments made to Delaware Secretary of State on behalf of each of the debtors as follows:
FastShip, Inc. (Case No. 12-10968 (BLS)) $ 50.00
FastShip Atlantic, Inc. (Case No. 12-10970 (BLS)) $ 50.00
Thornycroft, Giles & Co., Inc. (Case No. 12-10971 ( $ 50.00
All other disbursements in May were made on behalf of FastShip, Inc.
In April, payments were made for U.S. Trustee Quarterly Fees on behalf of each of the debtors as follows:
FastShip, Inc. (Case No. 12-10968 (BLS)) $ 325.00
FastShip Atlantic, Inc. (Case No. 12-10970 (BLS)) $ 325.00
Thornycroft, Giles & Co., Inc. (Case No. 12-10971 ( $ 325.00
All other disbursements were made on behalf of FastShip, Inc.
FORMMOR-1
(().1/07)
In re FastS hip, Inc. eta! Case No. 12-10968 (BLS)
Debtors Reporting Period: July I -July 31, 2012
BANK RECONCILIATIONS
Continuation Sheet for MOR-1
A bank reconciliation must be included for each bank account. The debtor's bank reconciliation may be substituted for this page.
;/:2'i ...... .. rav!biF ...... .: .Tax"X, .... ... c;)t
.x ;,: , .. ;;,; ..
I
N/A
I
N/A
I
N/A
ln.\T . 7/31/20121 114,4571
I I
:.;;&;?\ ;;.;;;. J)!f.iii . ;! .
. ; .. . ;/. .. i ................. , ... >.:: .. > :l.;:i . < .......
BANK BALANCE(!) 'i 116,472
(+)DEPOSITS IN TRANSIT (ATTACH LIST) 0
() OUTSTANDING CHECKS (ATTACH LIST) 2,016
OTHER (ATTACH EXPLANATION) 0
ADJUSTED BANK BALANCE* 114,457
* Adjusted bank balance must equal
balance per books
DEPOSITS IN TRANSIT Date Amount Date Amount Date Amount Date
CHECKS OUTSTANDING Ck. # Amount Ch. # Amount Ck. # Amount Ck. #
1608 Retail Associates 1076 175.10
Delaware SecretaryofState 1086 215.00
Delaware Secretary of State 1087 4.10
Delaware Secretary of State 1088 510.63
Delaware Secretary of State 1089 76.50
Delaware Secretary of State 1090 174.54
Delaware Secretary of State 1091 860.01
OTHER
NOTE:
(1) Wells Fargo account xxxxxx1768
...
;a.:
Amount
Amount
FORM MOR-Ia
(04/07)
...
. .
..
Payee
Benesch,
Friedlander, Coplan
& Aronoff LLP
The Brownstein
Corporation _ _
In re FastShip, Inc. et al
Debtors
Case No. 12-10968 (BLS)
Reporting Period: July I -July 31, 2012
SCHEDULE OF PROFESSIONAL FEES AND EXPENSES PAID
This schedule is to include all retained professional payments from case inception to current month .
Ainount
,
Check
'
Amount Paid . ., ..
Period Covered Approved . Payor Number Date Fees .Eiq:lenses .. 1 Fees ::;;,; i'
FastShip, Inc.
Debtor in
Possession Case #
3/20/12 - 4/30/12 $100,681.64 12-1 0968 (BLS) 1070 6/15/2012 $97,636.80 $3,044.84 $97,636.80 $3,044.84
FastShip, Inc.
Debtor in
3/20/12-5/31/12 $12,048.63 Possession Case # 1075 7/6/2012 $12,012.00 $36.63 $12,012.00 $36.63
FORMMOR-Ib
(04/07)
Business Checking
Accountnumber: 7684241768 July1,2012-July31,2012 Page1 of3
FASTSHIP, INC
DEBTOR IN POSSESSION
CH 11 CASE # 12-1 0968 (BLS)
1608 WALNUT ST STE 501
PHILADELPHIA PA 19103-5446
Your Business and Wells Fargo
For nine years running, Wells Fargo has loaned more money to small businesses
than any other bank: Let us help you find the right credit solutions for your
business. To learn more, talk to a banker, call the number at the top of your
statement, or visit us at wellsfargo.com/biz.
*2002-2010 Community Reinvestment Act government data. Equal Housing
Lender.
Activity summary
Beginning balance on 7/1
Deposits/Credits
Withdrawals/Debits
Ending balance on 7/31
Average ledger balance this period
Overdraft Protection
$168,591.00
1,903.42
- 54,022.02
$116,472.40
$147,770.52
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 Wells Fargo branch.
Sheet Seq= 0000610
Sheet 00001 of 00002
Questions?
Available by phone 24 hours a day, 7 days a week:
1-800-CALL-WELLS (1-800-225-5935)
TTY: 1-800-877-4833
En espaiiol: 1-877-337-7454
Online: wellsfargo.com/biz
Write: Wells Fargo Bank, N.A. (336)
P.O. Box 6995
Portland, OR 97228-6995
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
Business Bill Pay
Business Spending Report
Overdraft Protection
Account number: 7684241768
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): 055003201
For Wire Transfers use
Routing Number (RTN): 121000248
0
D
0
0
0
D
Account number: 7684241768 July 1, 2012- July 31, 2012 Page 2 of 3
Transaction history
Check Deposits!
Date Number Description Credits
7/3
7/6 1008 Check
719 In A Branch/Store
7/9 1o7"4. check
7Tia 1a75"clleci<-
7/17 io73 check

7/19

7/19 1079 Check
-PaycllexTps.i"axes-oii712 458so9oooi65osxr=a:5ist1ip ln.cail<J-
Subsi
-Paychex Eib Invoice 120i2o x458"964oo"oo766i:iFaStshTpinc"and. ... . . ........ . ...... . . ..
Subsi
7723 iasacast18c(ct1eci<
7/25
7/30
7/30
1010 Check
1082 check
"- .. -
1009 Check
7/30 1077 Check
7/31 - .. 1 o84 Check
7/31 1083 Check
-- -
Ending balance on 7/31
Totals $1,903.42
Withdrawals!
Debits
5,?97,?:5
.. ?.154.J9
155:44
1,056,67
25U_1
211.75
4,126.69

450.45
3,154.20
.
6,256.10
100.12
. 1,950.00
325.00
a25.Qo ...
$54,022.02
Ending daily
balance
162,793.75
.
i6o:1"1"e:12
... "1"48":676:49


.. 13B,ZQ1,27
..
116,472.40
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
1008 7/6 3,154.19
1009 7/30 6,256.10
1010 7/25 3,154.20
1072. 7/3 5,797.25
1073 7/17 1,282.83
1074 7/9 155.44
Gap in check sequence.
Account transaction fees summary
Service charge description
Paid and Deposited Items
Total service charges
Number Date
1075 7/10
1077. 7/30
1078 7/19
1079 7/19
1080 7/23
Units used
20
Units
included
150
Amount
12,048.63
100.12
1,056.67
211.75
450.45
Excess
units
0
Number Date
1081 7/19
1082 7/30
1083 7/31
1084 7131
1085 7/31
Service charge per
excess units ($)
0.50
Amount
251.11
13,272.65
325.00
1,950.00
325.00
Total service
charge($)
0.00
$0.00
Account number: 7684241768 July 1, 2012 -July 31, 2012 Page 3 of 3
General statement policies for Wells Fargo Bank
Notice: Wells Fargo Bank, N.A. may furnish information about accounts
belonging to individuals, including sole proprietorships, to consumer
reporting agencies. If this applies to you, you have the right to dispute the
accuracy of information that we have reported by writing to us at: Overdraft
Collections and Recovery, P.O. Box 5058, Portland, OR 97208-5058.
Account Balance Calculation Worksheet
1. Use the following worksheet to calculate your overall account balance.
2. Go through your register and mark each check, withdrawal, ATM
transaction, payment, deposit or other credit listed on your statement.
Be sure that your register shows any interest paid into your account and
any service charges, automatic payments or A TM transactions withdrawn
from your account during this statement period.
3. Use the chart to the right to list any deposits, transfers to your account,
outstanding checks, ATM withdrawals, ATM payments or any other
withdrawals (including any from previous months) which are listed in
your register but not shown on your statement.
ENTER
A. The ending balance
shown on your statement ..................... .$ ______ _
ADD
B. Any deposits listed in your
register or transfers into
your account which are not
shown on your statement.
$ _____ _
$ _____ _
$ _____ _
+$ _____ _
........... TO:rAL $ ------
CALCULATE THE SUBTOTAL
(Add Parts A and B)
. ...... TO:rAL S -------
SUBTRACT
C. The total outstanding checks and
withdrawals from the chart above ............. - S ______ _
CALCULATE THE ENDING BALANCE
(Part A + Part B - Part C)
This amount should be the same
as the current balance shown in I
your check register ......................... Ls:. ..;======;;;J
2010 Wells Fargo Bank. N.A. All rights rese!Ved. Member FOIC. NMLSR ID 399801
Sheet Seq= 0000611
Sheet 00002 of 00002
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 Amount
Total amount S
Transaction Detail For: Transactions
Last , .All Accounts, Type, Any Status
# __
7/5/2012
7/5/2012
7/6/2012
7/9/2012
1073
1074
1075
7/16/2012 1076
7/16/2012 1077
7/16/2012
7/16/2012
7/16/2012
7/16/2012
7/19/2012
7/20/2012
7/20/2012
7/24/2012
7/24/2012
7/24/2012
7/24/2012
7/25/2012
7/27/2012
1078
1079
1080
1081
1082
1083
1084
1085
1010
1086
Huff Real Estate, Inc.
Nationwide Insurance
The Brownstein
Corporation
DEPOSIT MADE IN A
BRANCH/STORE
1608 Retail Associates
LP
Roland K. Bullard II
Independence Blue
Cross
Independence Blue
Cross
Michael T. Nichols
Kathryn R. Chambers
DEPOSIT MADE IN A
BRANCH/STORE
PAYCHEX EIB- INVOICE
120720
X45896400007669
FASTSHIP INC AND SUBSI
PAYCHEX TPS- TAXES
071712
45880900016506X
FASTSHIP INC AND SUBSI
Omni Management
Group
United States Trustee
United States Trustee
United States Trustee
CHECK
Delaware Secretary of
State
Rent
Insurance
Misc. Income
Office
Expense
reimbursement
Insurance
Insurance
Office
Expense
reimbursement
Misc. Income
Reorganization
Reorganization
Reorganization
Reorganization
Payroll
Tax Payment
FMP
reimbursement
IBX- Bullard
IBX- Bullard
IBX- Bullard
claims agent
US Trustee
US Trustee
US Trustee
payroll -Chambers
Delaware Franchise
Tax- TGC
Account Amount
----------------
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
Checking
-$1,282.83
-$155.44
-$12,048.63
$635.00
-$175.10
-$100.12
-$1,056.67
-$211.75
-$450.45
-$251.11
$1,268.42
-$103.94
-$4,126.69
-$13,272.65
-$325.00
-$1,950.00
-$325.00
-$3,154.20
-$215.00
7/27/2012 1087 Delaware Secretary of Tax Payment Delaware Franchise Checking -$4.10
7/27/2012 1088
~ t ~ t e
e aware Secretary of Tax Payment
()at- TGCf
e aware ranchise Checking -$510.63
State Tax- FSI
7/27/2012 1089 Delaware Secretary of Tax Payment Delaware Franchise Checking -$76.50
State Tax- FSI
7/27/2012 1090 Delaware Secretary of Tax Payment Delaware Franchise Checking -$174.54
State Tax- FSA
7/27/2012 1091 Delaware Secretary of Tax Payment Delaware Franchise Checking -$860.01
State Tax- FSA
7/30/2012 1009 CHECK Payroll payroll - Chambers Checking -$6,256.10
7/31/2012 MONTHLY SERVICE FEE Bank Fee Checking -$10.00
7/31/2012 MONTHLY SERVICE FEE Transfer Checking $10.00
REVERSAL
Total Account Inflows: $1,913.42
Total Account Outflows: -$47,096.46
Net Account Total: -$45,183.04
Debtors Reporting Period: July I -July 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 received or paid.
fastShipibic. et al FastSI!ip,Jn6 FastShipAtlantic;Inc. __,.__ :
. _ ' cu
111
ulative :' ,
Month _
1
II
Less: Returns and Allowances - - -
Net Revenue - _ - _ _ - _
COST OF GOODS SOLD t...,--...,..,..
Beginning Inventory
Add: Purchases
Add: Cost of Labor -
Add: Other Costs (attach schedule) 1--------if-------
Less: Ending Inventory
Cost of Goods Sold
Gross Profit
OPERATING EXPENSES : .- - . '"/''{ -: :,., . :
Advertising
Auto and Truck Expense
Bad Debts
Contributions
Employee Benefits Programs
Insider Compensation* (gross) 12,832 80,318 12,832 80,318
Insurance 1,426 36,439 1,426 36,439
Management Fees/Bonuses
Office Expense 827 8,721 827 8.721
Pension & Profit-Sharing Plans
Re]Jairs and Maintenance
Rent and Lease Expense I ,590 6,412 I ,524 6,303 66 I 09
Salaries/Commissions/Fees
SU]J]J!ies
Taxes-Payroll(employeronly) 982 8,116 982 8,116 1-------1------
Taxes- Real Estate
Taxes- Other(Delaware Franchise Tax) 1,841 1,841 587 587 1,035 1,035 219 219
Travel and Entertainment (I) 685 3,115 685 3,115
Utilities
Other (attach schedule) 369 269 50 50
Total Operating Expenses Before Depreciation 20.182 145,332 18,862 143,869 1,101 1,194 219 269
Depreciation/Depletion/Amortization
Net Profit (Loss) Before Other Income & Exp_enses (20,182) (145,332 _(18,862 (143,869 (1,101) (1, 194) (219) (269)
'OTHERiiN0ME'AND"EXPENSES.' -.;-s-.ry: ' :::c:::-- .;.:;;; '-''"-" -- . ,:-;.':;':'_ ;';Y,'::y .. --::_- . ,-,. -. .i:'. '""' ---i' r.: -: "'!.'. ;;:: -. -;::: :' -- --- -: .-. :_. -- : .J'i:".:.c--;- -, -,. ,v:\:;,
... . . .. !
635
::::: I .. :.::w -1 :I I H "J'
FORMMOR-2
(04/07)
(1, 194)/ c= 919}[ (269)/
, -
Professional Fees 8,943 295,639 8,943 295,639
U. S. Trustee Quarterly Fees 2,600 3,575 1,950 2,275 325 650 325
Interest Earned on Accumulated Cash from Chapter II (see continuation - - - -
Gain (Loss) from Sale of Equipment - - - -
Other Reorganization Expenses (attach schedule) 2.904 35,362 2,904 35,362
Total Reorganization Expenses 14,447 334,576 13,797 333,276 325 650 325
Income Taxes - - - -
Net Profit (Loss) (33,994) (483,907) (32,024) (481,144) (I ,426) (1,844) (544)
*"Insider" is defined in I I U.S.C. Section 101(31).
NOTES:
(I) Out-of-pocket expenses for Bullard and Chambers include reimbursement for travel, office supplies, and VOIP service for the FastShip office
(2) Includes payment of$3203.08 to Cold Brook Ventures, LLC from the April account receivable of$11,392. It is the debtor's view 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
650
650

FORMMOR-2
(04/07)
In re FastShip, Inc. eta! Case No. 12-10968 (BLS)
Debtors Reporting Period: July I -July 31, 2012
STATEMENT OF OPERATIONS -continuation sheet
a/. .
Cuniulative
i FllstShip, iii e.
Cumulative

. Cumulative
'Other O_perational Expenses
bank fees --wire fees 0.00 45.00 0.00 45.00 0.00 0.00 0.00 0.00
bank fees-- checks (refund for check printing) 0.00 96.41 0.00 96.41 0.00 0.00 0.00 0.00
City of Philadelphia Business Privilege Tax 0.00 78.00 0.00 78.00 0.00 0.00 0.00 0.00
Delaware Secretary of State 0.00 150.00 0.00 50.00 0.00 50.00 0.00 50.00
0.00 0.00 0 0 0 0 0
.Other Income
I I I II I II I J
Other Exoenses
consultant (Cold Brook Ventures LLC) 0.00 3,203.08
other expenses (I) 0.00 2,454.00
adjustment to account receivable 0.00
OthcrR E
Fl-
1
11- :1 -j
24.00
34,833.75 2,375.16
LLC) 528.38 528.38
Reorganization Items- Interest Earned on Accumulated Cash from Chapter 11:
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

34,833.75
528.38
(I) "Other expenses" reported in March are the post-petition disbursements in the 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.
0.00
0
FORM MOR-2 CONTD
(04/07)
In rc FastShip, Inc, ct al
Debtors
BALANCE SHEET
Case No. 12-10968 (BLS)
Reporting Period: July I -July 31. 2012
The Balance Sheet is to be completed on an accrual basis only. Pre-petition liabilities must be classified separately from postpctilion oblig.11ions.
114-A56
Restricted Cash and Cash (see continuation sh
Accounts Receivable_frlet)
Notes Receivable
Inventories
Prepaid Expenses so
Professional Retainers
Other Current Assets (attach schedule) 8.385
TOTAL CU!I!IENTASSETS 122.891
PROPERTY AND EQUIPMENT
Real Property and Improvements
Machinerv and Equipment
Furniture. Fixtures and Otlicc Equipment
Leasehold Improvements
Vehicles
Less Accumulated Depreciation
T07AL P!IOI'Eli7Y & EOUIPMENT
OTHER ASSETS
Loans to Insiders*
Other Assets (attach schedule
701AL OTHE/i ASSETS
--
TOTALASSETS --'- 122,891.
.1.283
11.416

14.699
. ..... .
;''ENDOFL.;;,; l!OOKVALUEON'
:: J: :::t;:::-: ...:.
', .:.; 'PETn;JONJ?Acf:
3.283
ll.-116
50
8.297
122.803 1-1,699
2,850
L
2.850
'14,699
.:. ,_:; , ,
BooKYALtiE ' I
.\T.E_JSDOF. uooK>VALUEON
..PETITIONDATE
88
88
.

' ) : ;:,; ;-:;
' 1 1 c-..
88 - . . .. - . . ' - . '
FORMMOR3
(04.'07)
In rc FastShip, Inc. ct a! Case No. 12-10968 (BLS)
Debtors Reponing Period: July I- July 31,2012
BALANCE SHEET
The Balance Sheet is to b<:: completed on an accrual lh1sis only. Pre-petition liabilities must be classified separately from poslpctition obligations.
DIP Loan -400.000
-
5.072 5.072

186.497
592.1197 592,097
'3)
Secured Debt 29..129.582 29.-1-29.582
Priori tv Debt (I

26.89-1- 2-1.612
Unsecured Debt (1

9.-1-28.161 9.220,791
7VTAL PRE-PE71TION LIABIU71ES 38.882.183 38.88-1,637 38.67-1-,4185
29,-1-241.582
2-1.905
9.222,952
38,677,-1-39
;;t
! :BOOKVALUE.ONi
,. ;. CURRENT ..
: Rroiitiiic .
.
1.931 I
1.931
.
1.68-1-
6-1.108
65.792
:II
1.68-1-
li-1.108
65,792
9191
-I
I
(2.R50)
919.
29.-1-29.582 29A29.582l
305 305
1-1-1,101 1-1-1.101
29.570.988 29.s7o.988 I I (29A29.582)j (29.<29.582)
I TOTAL LIAB!LITJES I J9.m.2Sll I 38.88>.637 I I 39.267.082 I 38.677.>39 I I 67.723 I 65.792 I I 29.571.907 I 29.570.988 I r-- (29.432.<32)1 n
OWNER EOUITY
Capital Stock
1 1
' 120,20-1- 120,20-1 110,20-1 120,20-1
Additional Paid-in Capital 19.359,060 19.359.060 19,359.060 19.359,060
Partners' Account
Owner's
Retained Pre-Petition (58.3-19.202) (58.349.202) (58.142,004) (58.1-12.()0-1) (65.792) (65.792)
Retained Eami11gs- Postpelilion (I) (481.451) (478,689) (1.844)
Adiustments to Owner Equity (attach schedule)
Post petition (Draws) (attach
NET OWNER EOUJ7Y (39,351.3WJ) (38,869.938) (39.1<1.428) (38,662.7-10) (67.636) (65,792)
I
.._
TOTAL' LIABILITIES AND. OWNERS' EQUITY ' 122.891 14;699 )25.654" 14.699 '88
"Insider" is defined in 11 U.S.C. Scclion 101(31).
NOTES:
(I) Prc-pclition Unsecured Debt and Priori!)' Debt were reduced by $2-15-1- during 1hc March 20-31 reporting period. This amount reprcscnls "Other (sec which arc checks wriUcn before filing.
but !hat cleared the old PNC account after the filing date. This amount is included in the Unsecured Deb! and Priorily Debt on !he Schedules and Statements filed "ith !he US Trustee. Therefore, Net Loss reported on
MOR2 differs from Retained Earnings- Postpctilion reported on MOR 3 by that amount.
(2) Includes out of pocket expenses for 1n.1n.1gemcm and health insurance premium payment made by CEO
(J) Pre-petition liabilities ha\'c been amended as per mt1cndmcnts lo Schedules filed on M.1y 31. 2012
(-I) Thomycroft. Giles & Co., Inc. (TGC) is the owner oflhe intellectual property \\hich will be the subject oft he planned litigation and source of potential future \'alue for the debtors. 1l1is intellectual propcny has been
used as security for the secured notes issued by the parent, FastShip, Inc. and TGC is sho\\n as co-debtor for those pre-petition secured dcbllinbilitics. These co-debtor amounts arc eliminated for consolidation
purposes.
.. -
(29.570.988) (29.570.98&1]
(919)
(29,571,907) (29.570.9&8)]
' . ' .
.
'
.. /i9;432;4J2\

fORMMORl
(04/07)
Case No. 12-10968 (BLS) In re FastShip. Inc. et al
Debtors Reporting Period: July I -July 31,2012
BALANCE SHEET- continuation sheet

Insider Compensation (I)
Prepaid employer payroll taxes (I)
Prepaid postage meter lease
LIABILITIES AND OWNER EQUITY
0
b'"'.
--- -- -------------- --
Accrued Travel & Entertainment (out of pocket e
Accrued office expense (2)
Accnted claims agent expense
Accntedp!ofessional fees
Payments made by parent on behalf of subsidiaries
>ENOOI'.
REPORTING
MONTH PETITION. DATE.
I!CfOKVAL()E;\T
END OF BOOK VALUE ON
CURRENT
REPORTING
MONTH PETITION DATE
685.39 0.00
527.42 0.00
2,375.16 0.00
182,908.95 0.00
.

;::
BOOKYALUEAT ..
ENOOF. BOOKVAhlEON
REPORTING
MONTI! PETITION. DATE
7,707.26
589.61
0.00
..
2,850.35 0.00
'-,--
BOOK VALUE AT
ENOOF llOOKVALUEON
CURREN'f
REPORTING
MONTH PETITION DATE
685.39 0.00
527.42 0.00
2,375.16 0.00
182,908.95 0.00
0.00 0.00
nooKv .. : i ;: :
. . .
"'i<
',_,,.,.:,,--
.
I
HOOKVALlJEAT B<fOKVALUcAT
ENDOF BOOKVALUEON ENOOF. i BOOKVAWEON
CURRE!-.'T
PETITION DhE
c
! . " ; 'PETITH)N OATE
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00
1,931.25 o.ool 919.10 0.00
I
d 1 1 11 1
PosfpetitionContribtl!ioris(utstnouuonsJ.(urawsJ
I -I - - - - r [ --IE - 1- - If I
Restricted Cash is cash that is restricted for a specific use and not available to fund operations. Typically, restricted cash is segregated
into a separate account, such as an escrow account.
NOTES:
( 1) Portion of Insider Compensation (Gross) and related employer payroll taxes paid in June that is attributable to work performed in July
(2) Portion of controller fee paid in August attributable to work perfonned in July
FORM MOR-3 CONTD
{04/07)
Case No. I 2- I 0968 (BLS) In re FastShip, Inc. et al
Debtors Reporting Period: July I- July 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 ofiRS 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.

.' Begilming ' .<\,uoullt
. x
Tax Withheld or Amount' cllcckNo.
Liability Accrued Paid ; 'orEIT
.... :
.
...... .. . ..... .
.
Withholding - - -
FICA-Employee - - -
FICA-Employer - - -
Unemployment- Employer - - -
Income - - -
Other: - - -
Total Federal Taxes - - -
state and Liicll.l .. :
. ....
. ....
.. .. ...... .
Withholdina - - -
Sales - - -
Excise - - -
Unemployment - Employee - - -
Unenlj)loyment - Employer - - -
Real Property - - -
Personal Property - - -
Other:Philadelphia Wage Tax - - -
Total State and Local - - -
Total Taxes - - -
NOTE: The debtors are current with all fiduciary tax obligations
SUMMARY OF UNPAID POSTPETITION DEBTS
Attach aged listing of accounts payable.
Nlunber of Days Past Due.
.. .... ..
.c . :.< . .., .. .,
..
.Current Oc30 31"60
. 6F90 Over90
. '
Accounts Payable - - - -
Wages Payable - - - -
Taxes Payable (accrual) - - - -
Rent/Leases-Building - - - -
Rent/Leases-Equipment - - - -
Secured Debt/ Adequate Protection Payments - - - -
Professional Fees - - - -
Amounts Due to Insiders* (I) 5,072 - - -
Other: US Trustee fee accrual - - - -
Other: - - - -
Total Postpetition Debts (1) 5,072 - - -
Explain how and when the Debtor intends to pay any past-due postpetition debts.
NOTE:
(1) Debtor is FastShip, Inc.
*"Insider" is defined in I I U.S.C. Section 101(31).


... .. . ...
. .. .
Total
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
.; .,
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
5,072
-
-
5,072
FORMMOR-4
(04107)
In re FastShip, Inc. et a! Case No. 12-10968 (BLS)
Debtors Reporting Period: July I -July 31, 2012
ACCOUNTS RECEIVABLE RECONCILIATION AND AGING
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 repmiing period
0- 30 days old
31 - 60 days old
61 - 90 days old
91+ days old
Total Accounts Receivable
Amount considered uncollectible (Bad Debt) (1)
Accounts Receivable (Net)
DEBTOR QUESTIONNAIRE
Must be compietedeach month ( .
I. Have any assets been sold or transferred outside the nom1al course of business
this reporting period? If yes, provide an explanation below.
2. Have any funds been disbursed from any account other than a debtor in possession
account this reporting period? If yes, provide an explanation below.
3. Have all postpetition tax retums been timely filed? If no, provide an explanation
below.
4. Are workers compensation, general liability and other necessary insurance
coverages in effect? 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). !fan investment account has been opened
provide the required documentation pursuant to the Delaware Local Rule 4001-3.
.
v
v
All.toitnf . ..
Yes No ..... .........
v
v
v
FORMMOR-5
(04/07)