If there are anypost-petition Accounts Payable over 30 days, provide Schedule AP giving a listing of such accounts and explain the delinquencies.
PAYEE
AMOUNT
COMMENT
8618 Westwood Center Drive
$
21,657.72
August & September rent payments for a lease that was rejected.
Dyer — Independent Contractor
$
12,800.00
Contract terms – payable upon receipt of client
Federal Express
$
18.73
Paid in early April
Hayworth – Independent Contractor
$
22,932.48
Contract terms – payable upon receipt of client
PM Expressions — Independent Contractor
$
11,520.00
Contract terms – payable upon receipt of client
Popp — Independent Contractor
$
650.00
Contract terms - payable upon receipt from client
Primus
$
212.14
Paid in early April
Werner — Independent Contractor
$
41,398.14
Contract terms - payable upon receipt from client
TAXES. Are all taxes being paid to the proper taxing authorities when due? Yes X No. On the attached IRS Form 6123 report all tax deposits made with any financial institution for federal employment taxes. Be sure the form is complete and signed by an authorized employee of the receiving institution or taxing authority. Attach to this report a completed Form 6123 for each deposit made during the reporting period. Also attach copies of the monthly sales tax report, payroll tax report and unemployment tax report with evidence of payment ofboth federal and state taxes.
Other than payroll and sales taxes, all taxes are paid by Xybernaut Corporation, Xybernaut Solutions, Inc’s parent company. Xybernaut Corporation’s monthly operating report addresses the company’s current tax status.
9. ESCROW ACCOUNTS. Are you utilizing your tax account only for deposit and payment of payroll and sales taxes? Yes X NoIf no, explain:
10. Are all BOOKS AND RECORDS of the debtor(s) being maintained monthly and are all current? Yes X NoExplain:
* Binder Numbers have been supplied by AH&T our insurance agent for these policies pending receipt of the new policy numbers from Chubb, the insurance carrier. Subsequent to March 31, 2006 the D&O coverage has been renwed for the coming year and binder number issued.
13. ACTIONS OF DEBTOR. During the last month, did the debtor:
(A) Fail to defend or not oppose any action seeking to dispossess the debtor from contro1 or custody of any asset of the estate? YesNo X Explain:
(B) Maintain such stock inventory, raw materials, insurance, employees and other resources as are necessary to preserve and maintain the going concern value of the assets of the debtor? Yes X NoExplain:
14. TRANSFER OR SALE OF PROPERTY. Did the debtor or any person with control over any of the debtor’s assets transfer, convey or abandon any of the debtor’s assets to another party during the period of this report other than as set forth herein (including sales by creditors)?
Yes.No X Explain:
15. PAYMENT TO SECURED CREDITORS during reporting period: (Attach additional sheets if necessary)
Creditor
Frequency of Payments per
Amount of Each
Next Payment
Post-Petition Pmts. No Made
NONE
16. PAYMENTS TO PROFESSIONALS (Attorneys, Accountants, Real Estate Agents, Auctioneers, Appraisers, etc., during reporting period: (Attach additional sheets, if necessary):
Professional
Service
Amount
NONE
17. QUARTERLY U.S. TRUSTEE FEES paid during reporting period: $ 0.00
18. VERIFICATION: I declare under penalty of perjury that the information contained in this monthly operating report (including attached schedules) is true and correct to the best of my knowledge, information and belief.
Dated: April 18, 2006
DEBTOR-IN-POSSESSION
Name/Title:
/s/Edward P. Maddox, President
Xybernaut Solutions, Inc.
Address:
5175 Parkstone Drive
5175 Parkstone Drive
Chantilly, VA 20151
Chantilly, VA 20151
Phone: 703-480-0480
IN THE UNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF VIRGINIA ALEXANDRIA DIVISION
)
)
)
In re:
)
XYBERNAUT SOLUTIONS, INC.,
)
Case No. 05-12802 RGM
Debtor.
)
Chapter 11
Cash Disbursements Summary Report
Calendar Month Ending March 31, 2006
Total Disbursements from Operating Account
(See Note 1) $143,928.91*
Total Disbursements from Payroll Account
(See Note 2) $275,435.05*
Total Disbursements from Tax Escrow Account (See Note 3) — N/ A -
Total Disbursements from any other Account
(See Note 4) - N/ A -
Grand Total Disbursements from all Accounts
$
419,363.96
*On March 23, 2006, the Court entered its Interim Order Authorizing Post-Petition Secured Financing Pursuant to Section 364 of the Bankruptcy Code, authorizing,inter alia, the Debtors to obtain post-petition secured financing from East River Capital LLC (“East River”) on an interim basis. The Debtors have obtained funding from East River and made deferred February 2006 payroll and operating payments in March 2006.
Note 1 — Include in this amount all checks written, wire transfers made from, or any other withdrawal from the general operating account. Exclude only transfers to the debtor-in-possession payroll account, the debtor-in-possession account tax escrow account or other debtor in possession account where the disbursements will be listed on this report.
Note 2 — Include in this amount all checks written, wire transfers made from, or any other withdrawal from the payroll account. Exclude only transfers to the debtor-in-possession operating account, the debtor- in-possession tax escrow account or other debtor-in-possession account where the disbursements will be listed on this report.
Note 3 — Include in this amount all checks written, wire transfers made from, or any other withdrawal from the tax escrow account. Exclude only, transfers to the debtor-in-possession operating account, the debtor-in-possession payroll account or other debtor-in-possession account where the disbursements will be listed on this report.
Note 4 — Include in this amount any other disbursements made by the debtor including (but not limited to) cash paid from a petty cash fund or cash register, amounts paid from any other debtor-in-possession account, and amounts paid from the accounts of others on the debtors behalf (for example disbursements made from a law firm’s escrow account as a result of a sale of property.)
ATTACH A COPY OF THE MOST RECENT MONTHLY BANK STATEMENT FOR EACH DEBTOR- IN-POSSESSION ACCOUNT.
1
In re:Xybernaut Solutions, Inc. Case Number:05-12802
BALANCE SHEET As of March 31, 2006
Current Assets Cash
104,182.52
Pre-Petition Accounts Receivable
26,284.88
Post-Petition Accounts Receivable
520,817.51
Receivables from Officers
0.00
Employees, Affiliates
0.00
Note Receivables
0.00
Inventory
110.24
Other Current Assets:
Due to / From Xybernaut
978,011.85
Unbilled Accounts Receivable
306,006.39
Prepaid Other
3,874.99
Accounts Receivable Other XSI
0.00
Employee Advances
0.00
Total Current Assets
1,939,288.38
Fixed Assets Land
0.00
Buildings
0.00
Equipment, Furniture & Fixtures
230,769.84
Less Accumulated Depreciation
(165,291.98
)
Total Fixed Assets
65,477.86
Other Assets Retainage
36,138.00
Deposits
6,750.10
Total Other Assets
42,888.10
Total Assets
2,047,654.34
Post-Petition Liabilities Accounts Payable
203,035.79
Salaries Payable
69,351.08
Accounts Payable -Other
1,249.30
Commissions Payable
8,303.02
Accrued Vacation
39,100.74
Accrued Rent & Storage
0.00
Taxes Payable
0.00
Accrued Interest
0.00
Deferred Revenue
143,204.64
Total Post-Petition Liabilities
464,244.57
Pre-Petition Liabilities Priority Claims
21,888.15
Secured Debts
0.00
Unsecured Debtor
19,319.49
Total Pre-Petition Liabilities
41,207.64
Owners Equity (Deficit)
Case Number 05-12802
Period Ending March 31, 2006 Balance Sheet Page 2
Capital Stock or Owner Investment
15,849.68
Paid In Capital Surplus
605,059.88
Retained Earnings (Deficit) Pre-Petition
732,590.92
Post-Petition
188,701.65
Total Owners Equity
1,542,202.13
Total Liabilities and Owner’s Equity
2,047,654.34
2
IN THE UNITED STATES BANKRUPTCY COURT FOR THE EASTERN DISTRICT OF VIRGINIA ALEXANDRIA DIVISION
)
)
In re:
)
XYBERNAUT SOLUTIONS, INC.,
)
Case No. 05-12802 RGM
Debtor.
)
Chapter 11
MONTHLY OPERATING REPORT INCOME STATEMENT (Business Debtor, Accrual Basis) Calendar Month March 1 to March 31, 2006 (All figures refer topost-petitiontransactions)
This Month
Year to Date
(A) Total Sales/Income
(A)
Cost of Sales
276,577.12
795,414.75
Beginning Inventory
0.00
0.00
Purchases of Inventory
110.24
110.24
Less Ending Inventory
110.24
110.24
Direct Labor (Gross Salaries)
76,953.78
223,534.72
Purchased Services
85,162.65
266,344.48
(B) Total Cost of Sales (B)
162,116.43
489,879.20
(C) Gross Profit (C= A-B)
114,460.69
305,535.55
Operating Expenses Officers Salaries (Gross) Other Employee Salaries (Gross)
15,416.68
46,250.04
Taxes (Payroll: Employer’s Share)
22,367.30
59,960.23
Employee Benefits (Insurance, Pension, Plan, etc.
11,725.36
41,668.73
Employer’s Share)
14,707.55
61,752.74
Advertising
0.00
0.00
Bad Debts
0.00
0.00
Depreciation and Amortization
2,033.97
6,001.42
Entertainment
0.00
0.00
Insurance (Real Estate)
0.00
0.00
Insurance (Other)
188.24
564.72
Interest (Mortgage, Loans, etc.)
0.00
0.00
Leases (other than Rent)
0.00
0.00
Outside Services & Contractors
3,752.05
16,588.30
Professional Fees (Attorney, Accountant)
0.00
0.00
Rent and leases
9,600.30
32,964.86
Repairs and Maintenance
0.00
275.16
Supplies
458.47
4,606.20
Taxes (Real Property)
0.00
0.00
Taxes (Other)
0.00
0.00
Telephone
3,814.95
15,868.78
Travel
1,967.41
3,022.08
Utilities
0.00
0.00
U.S. Trustees Quarterly Fee
0.00
3,750.00
Case Number 05-12802 Period Ending March 31, 2006 Income Statement Page 2
This Month
Year to Date
Other Operating Expenses Overnight Delivery Dues and Subscriptions
368.09
1,528.76
Bank Fees
0.00
0.00
_______________________________
162.16
291.92
_______________________________
—
—
(D) Total Operating Expenses (D)
86,562.53
295,093.94
(E) Profit/Loss from operations (E= C-D) Other Income (Expenses)
27,898.16
10,441.61
Interest Income
—
—
Interest Expense
—
—
________________________
(_________________
)
(_______________
)
________________________
—
—
________________________
—
—
________________________
—
—
Extraordinary Items – In (Out)
—
—
Office Move Expenses
0.00
(7,388.75
)
_________________________
—
—
_________________________
—
—
_________________________
—
—
(F) Total Other Income/Expense & Extraordinary Items (F)
0.00
(7,388.75
)
(G) Income Before Taxes (G= E+F)
27,898.16
3,052.86
(H) Income Tax Expense (H)
—
—
(I) Net Income (Loss) (I= G-H)
27,898.16
3,052.86
NOTE: February Report YTD Column included all post petition activity, March statement has been modified to reflect 2006 activity only.
Accrual basis reporters must attach Cash Reconciliation Reports or a standard Statement of Sources and Uses of Case to this Report.
3
In re:Xybernaut Solutions, Inc. Case Number:05-12802
CASH RECONCILIATION REPORT (Business Debtor, Accrual Basis) Calendar Month Ending March 31, 2006 (All figures refer to post-petition transactions)
Operating Account
Totals
(A) Beginning Cash Balance (A)
39,744.21
(B) Net Income, (line (I), Form 9-BA) (B) Add Expenses Not Requiring Cash:
Depreciation
2,033.97
27,898.16
(C) Sub-Total (C)
2,033.97
(D) Cash from Operations (D = B + C) Other Sources (Uses) of Cash:
Sources (Uses)
Decrease (Incr.) – Accounts Receivable Decrease (Incr.) – Due to / From Xybernaut, Inc. Decrease (Incr.) – Prepaid & Other Current Assets Decrease (Incr.) – Inventory
(46,290.08
)
Decrease (Incr.) – Equipment Computers
247,844.05 1,291.67
Increase (Decr) – Accum Depr.- Computers
(110.24
)
Decrease (Incr.) – Equipment Demo Units
—
Increase (Decr) – Accum Depreciation-Demo Units
—
Decrease (Incr.) – Furniture & Fixtures
—
Increase (Decr) – Accum Depreciation-Furn &
—
Fixtures
—
Decrease (Incr.) – Leasehold Improvements
—
Increase (Decr) – Accum
—
Depreciation–Leasehold Imp
—
Decrease (Incr.) – Payroll Account
(1,000.00
)
Increase (Decr) – Accounts Payable
(15,348.28
)
Increase (Decr) – Accrued Other
—
Increase (Decr) – Accrued P/R Taxes
—
Increase (Decr) – Accrued Salaries
(134,611.19
)
Increase (Decr) – Accrued Rent
—
Increase (Decr) – Bonus Payable
—
Increase (Decr) – Accrued Commissions
1,572.73
Increase (Decr) – Accrued Vacation
4,383.47
Increase (Decr) – State Taxes Payable
—
Increase (Decr) – Notes Payable – Banks
—
Increase (Decr) – Deferred Revenue
(25,225.95
)
29,932.13
(Less) Unrecorded bank service charges
(E) Total other Sources (Uses) of Cash (E)
32,506.18
(F) Ending Cash Balance (F= A+D+E)
102,182.52
(G) Balance per Bank Statement (G)
147,582.81
(H) Less Outstanding Checks (H)
45,400.29
(I) Add Deposits in Transit (I)
—
(J) Reconciled Bank Balance {J=(G-H) +I}
102,182.52
Ending Cash Balance (F) and Reconciled Bank Balance (J) should equal.
In re: Xybernaut Solutions, Inc.
Case Number: 05-12802
CASH RECONCILIATION REPORT Payroll and Tax Accounts
(Business Debtor, Accrual Basis) Calendar Month Ending March 31, 2006 (All figures refer to post-petition transactions)
Payroll
Tax
Account*
Account*
(A) Beginning Cash Balance (A) Cash Receipts:
—
Transfers from Operating Account
1,000.00
—
Transfers from Payroll Account
152,681.53
—
Other — _External Funding__________________
123,753.52
—
(B) Total Cash Receipts (B)
276,435.05
—
(C) Cash Available (C= A+B) Cash Disbursements:
Gross Payroll for this period $285,199.09 Employee Benefits paid
277,435.05
Net Payroll Paid
19,408.63
Transfers to Tax Account
164,519.22
Taxes deposited or paid during period
—
—
Employee’s share of FICA Tax
21,352.01
—
Employer’s share of FICA Tax
21,351.97
—
Employee’s Federal Income Tax
33,183.17
—
Employee’s State Income Tax
12,853.75
—
Unemployment Tax
1,152.78
—
Bank Service Charges
17.35
—
Other: Advantage/ADP Payroll Service Fees
1,596.17
—
(D) Total Disbursements (D)
275,435.05
—
(E) Ending Cash Balance (E= C-D)
2,000.00
—
(F) Balance per Bank Statement (F)
2,000.00
—
(G) Less Outstanding Checks (G)
0.00
—
(H) Add Deposits in Transit
0.00
(I) Reconciled Bank Balance {I = (F-G) +H]
2,000.00
—
*On March 23, 2006, the Court entered its Interim Order Authorizing Post-Petition Secured Financing Pursuant to Section 364 of the Bankruptcy Code, authorizing,inter alia, the Debtors to obtain post-petition secured financing from East River Capital LLC (“East River”) on an interim basis. The Debtors have obtained funding from East River and made deferred February 2006 payroll payments in March 2006.
Ending Cash Balance (E) and Reconciled Bank Balance (I) should equal.
4
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