EXHIBIT 99.2
UNITED STATES BANKRUPTCY COURT
DISTRICT OF NEVADA
In re: |
| Case No. |
| 01-23229 rcj |
|
|
|
|
|
|
|
| |
|
|
|
|
|
| |
FCI Environmental, Inc. |
| CHAPTER 11 |
|
|
| |
|
|
|
|
|
| |
|
| MONTHLY OPERATING REPORT |
| |||
|
|
|
|
|
| |
|
| (GENERAL BUSINESS CASE) |
|
SUMMARY OF FINANCIAL STATUS | ||||||||
MONTH ENDED: |
| April 30, 2002 |
| PETITION DATE: |
| December 20, 2001 |
|
|
1. |
| Debtor in possession (or trustee) hereby submits this Monthly Operating Report on the Accrual Basis of accounting (or if checked here o the Office of the U.S. Trustee or the Court has approved the Cash Basis of Accounting for the Debtor). Dollars reported in ($1) |
| |||||||||||||
|
|
|
| |||||||||||||
|
|
|
|
| End of |
| End of |
| As of |
| ||||||
| 2. |
| Asset and Liabilities Structure |
|
|
|
|
|
|
| ||||||
|
|
| a. Current Assets |
| $ | 416,737 |
| $ | 383,881 |
|
|
| ||||
|
|
| b. Total Assets |
| 434,642 |
| 401,232 |
| $ | 347,596 |
| |||||
|
|
| c. Current Liabilities |
| 669,375 |
| 604,516 |
|
|
| ||||||
|
|
| d. Total Liabilities |
| $ | 15,222,921 |
| $ | 15,148,653 |
| $ | 14,553,546 |
| |||
|
|
|
|
| Current |
| Prior |
| Cumulative |
| ||||||
| 3. |
| Statement of Cash Receipts & Disbursements for Month |
|
|
|
|
|
|
| ||||||
|
|
| a. Total Receipts |
| $ | 220,687 |
| $ | 136,779 |
| $ | 799,571 |
| |||
|
|
| b. Total Disbursements |
| 194,908 |
| 150,986 |
| 780,423 |
| ||||||
|
|
| c. Excess (Deficiency) of Receipts Over Disbursements (a - b) |
| 25,779 |
| (14,207 | ) | 19,148 |
| ||||||
|
|
| d. Cash Balance Beginning of Month |
| 11,620 |
| 25,827 |
| 18,251 |
| ||||||
|
|
| e. Cash Balance End of Month (c + d) |
| $ | 37,399 |
| $ | 11,620 |
| $ | 37,399 |
| |||
|
|
|
|
| Current |
| Prior |
| Cumulative |
| ||||||
| 4. |
| Profit/(Loss from the Statement of Operations) |
| $ | (33,381 | ) | $ | (130,585 | ) | $ | (505,404 | ) | |||
| 5. |
| Account Receivables (Pre and Post Petition) |
| 169,854 |
| 166,041 |
|
|
| ||||||
| 6. |
| Post-Petition Liabilities |
| 669,375 |
| 604,516 |
|
|
| ||||||
| 7. |
| Past Due Post-Petition Account Payables (over 30 days) |
| $ | 1,397 |
| $ | 4,8591 |
|
|
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
| Yes |
| No |
| ||||||||
| At the end of this reporting month: |
|
|
|
|
| ||||||||||
|
|
|
|
|
|
| ||||||||||
| 8. |
| Have any payments been made on pre-petition debt, other than payments in the normal course to secured creditors or lessors? (if yes, attach listing including date of payment, amount of payment and name of payee) |
|
|
| ý |
| ||||||||
| 9. |
| Have any payments been made to professionals? (if yes, attach listing including date of payment, amount of payment and name of payee) |
|
|
| ý |
| ||||||||
| 10. |
| If the answer is yes to 8 or 9, were all such payments approved by the court? (additional information attached) |
|
|
|
|
| ||||||||
| 11. |
| Have any payments been made to officers, insiders, shareholders, relatives? (if yes, attach listing including date of payment, amount and reason for payment, and name of payee) |
| ý |
|
|
| ||||||||
| 12. |
| Is the estate insured for replacement cost of assets and for general liability? |
| ý |
|
|
| ||||||||
| 13. |
| Are a plan and disclosure statement on file? |
| ý |
|
|
| ||||||||
| 14. |
| Was there any post-petition borrowing during this reporting period? (additional information attached) |
| ý |
|
|
| ||||||||
15. |
| Check if paid: Post-petition taxes ý ; U.S. Trustee Quarterly Fees ý ; Check if filing is current for: Post-petition tax reporting and tax returns: ý. |
| |||||||||||||
|
| (Attach explanation, if post-petition taxes or U.S. Trustee Quarterly Fees are not paid current or if post-petition tax reporting and tax return filings are not current.) |
| |||||||||||||
I declare under penalty of perjury I have reviewed the above summary and attached financial statements, and after making reasonable inquiry believe these documents are correct.
Date: | June 26, 2002 |
|
| /s/ R. Kenyon Culver, CFO |
|
|
|
| Responsible Individual |
|
1
STATEMENT OF OPERATIONS
(General Business Case)
For the Month Ended April 30, 2002
Current Month |
|
|
|
|
| Cumulative |
| Next Month |
| |||||||||||
Actual |
| Forecast |
| Variance |
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
| Revenues: |
|
|
|
|
| |||||||
$ | 140,124 |
| $ | 175,003 |
| $ | 34,879 | ) | 1 |
| Gross Sales |
| $ | 417,535 |
| $ | 191,758 |
| ||
0 |
| 0 |
| 0 |
| 2 |
| less: Sales Returns & Allowances |
| 0 |
| 0 |
| |||||||
140,124 |
| 175,003 |
| (34,879 | ) | 3 |
| Net Sales |
| 417,535 |
| 191,758 |
| |||||||
59,421 |
| 38,990 |
| (20,431 | ) | 4 |
| less: Cost of Goods Sold (Schedule ‘B’) |
| 215,225 |
| 43,246 |
| |||||||
80,703 |
| 136,013 |
| (55,310 | ) | 5 |
| Gross Profit |
| 202,310 |
| 148,512 |
| |||||||
0 |
| 0 |
| 0 |
| 6 |
| Interest |
| 0 |
| 0 |
| |||||||
0 |
| 0 |
| 0 |
| 7 |
| Other Income: |
|
| 0 |
| 0 |
| ||||||
|
|
|
|
|
| 8 |
|
|
|
|
|
|
| |||||||
|
|
|
|
|
| 9 |
|
|
|
|
|
|
| |||||||
80,703 |
| 136,013 |
| (55,310 | ) | 10 |
| Total Revenues |
| 202,310 |
| 148,512 |
| |||||||
|
|
|
|
|
|
|
| Expenses: |
|
|
|
|
| |||||||
21,923 |
| 38,333 |
| 16,410 |
| 11 |
| Compensation to Owner(s)/Officer(s) |
| 150,876 |
| 38,333 |
| |||||||
71,667 |
| 75,778 |
| 4,111 |
| 12 |
| Salaries |
| 298,629 |
| 75,778 |
| |||||||
0 |
| 0 |
| 0 |
| 13 |
| Commissions |
| 1,968 |
| 0 |
| |||||||
0 |
| 0 |
| 0 |
| 14 |
| Contract Labor |
| 0 |
| 0 |
| |||||||
|
|
|
|
|
| 15 |
| Rent/Lease: |
|
|
|
|
| |||||||
(11,416 | ) | 10,825 |
| 22,241 |
| 16 |
| Real Property |
| 47,316 |
| 10,825 |
| |||||||
5,764 |
| 5,763 |
| (1 | ) | 17 |
| Insurance |
| 23,265 |
| 5,763 |
| |||||||
0 |
| 0 |
| 0 |
| 18 |
| Management Fees |
| 0 |
| 0 |
| |||||||
1,932 |
| 1,833 |
| (99 | ) | 19 |
| Depreciation |
| 8,918 |
| 1,833 |
| |||||||
|
|
|
|
|
|
|
| Taxes: |
|
|
|
|
| |||||||
3,199 |
| 8,730 |
| 5,531 |
| 20 |
| Employee Payroll Taxes |
| 31,257 |
| 8,730 |
| |||||||
0 |
| 0 |
| 0 |
| 1 |
| Real Property Taxes |
| 1,889 |
| 0 |
| |||||||
0 |
| 0 |
| 0 |
| 2 |
| Other Taxes |
| 0 |
| 0 |
| |||||||
5,720 |
| 7,775 |
| 2,055 |
| 3 |
| Other Selling |
| 16,484 |
| 10,244 |
| |||||||
11,371 |
| 28,353 |
| 16,982 |
| 4 |
| Other Administrative |
| 105,773 |
| 27,353 |
| |||||||
0 |
| 0 |
| 0 |
| 5 |
| Interest |
| 7,667 |
| 0 |
| |||||||
0 |
| 0 |
| 0 |
| 6 |
| Other Expenses: | License fees |
| 6,160 |
| 0 |
| ||||||
0 |
| 0 |
| 0 |
| 7 |
|
|
| 0 |
| 0 |
| |||||||
0 |
| 0 |
| 0 |
| 8 |
|
|
| 0 |
| 0 |
| |||||||
|
|
|
|
|
| 9 |
|
|
|
|
|
|
| |||||||
|
|
|
|
|
| 10 |
|
|
|
|
|
|
| |||||||
|
|
|
|
|
| 11 |
|
|
|
|
|
|
| |||||||
|
|
|
|
|
| 12 |
|
|
|
|
|
|
| |||||||
|
|
|
|
|
| 13 |
|
|
|
|
|
|
| |||||||
|
|
|
|
|
| 14 |
|
|
|
|
|
|
| |||||||
110,160 |
| 177,390 |
| 67,230 |
| 15 |
| Total Expenses |
| 700,202 |
| 178,859 |
| |||||||
(29,457 | ) | (41,377 | ) | 11,920 |
| 16 |
| Subtotal |
| (497,892 | ) | (30,347 | ) | |||||||
|
|
|
|
|
|
|
| Reorganization Items: |
|
|
|
|
| |||||||
(424 | ) | 0 |
| (424 | ) | 17 |
| Professional Fees (additional information attached) |
| (3,512 | ) | 0 |
| |||||||
0 |
| 0 |
| 0 |
| 18 |
| Provisions for Rejected Executory Contracts |
| 0 |
| 0 |
| |||||||
0 |
| 0 |
| 0 |
| 19 |
| Interest Earned on Accumulated Cash from Resulting Chp 11 Case |
| 0 |
| 0 |
| |||||||
0 |
| 0 |
| 0 |
| 20 |
| Gain or (Loss from Sale of Equipment) |
| 0 |
| 0 |
| |||||||
(3,500 | ) | 0 |
| (3,500 | ) | 21 |
| U.S. Trustee Quarterly Fees |
| (4,000 | ) | 0 |
| |||||||
|
|
|
|
|
| 22 |
|
|
|
|
|
|
| |||||||
(3,934 | ) | 0 |
| (3,924 | ) | 23 |
| Total Reorganization Items |
| (7,512 | ) | 0 |
| |||||||
(33,381 | ) | (41,377 | ) | 7,996 |
| 24 |
| Net Profit (Loss Before Federal & State Taxes) |
| (505,404 | ) | (30,347 | ) | |||||||
0 |
| 0 |
| 0 |
| 25 |
| Federal & State Income Taxes |
| 0 |
| 0 |
| |||||||
$ | (33,381 | ) | $ | (41,377 | ) | $ | 7,996 |
| 26 |
| Net Profit (Loss) |
| $ | (505,404 | ) | $ | (30,347 | ) | ||
Attach an Explanation of Variance to Statement of Operations (For variances greater than +/- 10% only):
2
BALANCE SHEET
(General Business Case)
For the Month Ended April 30, 2002
|
|
|
|
|
| From Schedules |
| Market Value |
| |||
|
| Assets |
|
|
|
|
| |||||
|
|
|
|
|
|
|
| |||||
|
|
| Current Assets |
|
|
|
|
| ||||
1 |
|
|
| Cash and cash equivalents – unrestricted |
|
|
| $ | 37,399 |
| ||
2 |
|
|
| Cash and cash equivalents – restricted |
|
|
| 0 |
| |||
3 |
|
|
| Accounts receivable (net) |
| A |
| 169,854 |
| |||
4 |
|
|
| Inventory (net) |
| B |
| 177,086 |
| |||
5 |
|
|
| Prepaid expenses |
|
|
| 28,917 |
| |||
6 |
|
|
| Professional retainers |
|
|
| 3,481 |
| |||
7 |
|
|
| Other: |
|
|
|
| 0 |
| ||
8 |
|
|
|
|
|
|
| 0 |
| |||
|
|
|
|
|
|
|
|
|
| |||
9 |
|
|
| Total Current Assets |
|
|
| 416,737 |
| |||
|
|
|
|
|
|
|
|
|
| |||
|
|
| Property and Equipment (Market Value) |
|
|
|
|
| ||||
10 |
|
|
| Real property |
| C |
| 0 |
| |||
11 |
|
|
| Machinery and equipment |
| D |
| 1,759 |
| |||
12 |
|
|
| Furniture and fixtures |
| D |
| 9,800 |
| |||
13 |
|
|
| Office equipment |
| D |
| 5,792 |
| |||
14 |
|
|
| Leasehold improvements |
| D |
| 0 |
| |||
15 |
|
|
| Vehicles |
| D |
| 0 |
| |||
16 |
|
|
| Other: |
|
| D |
|
|
| ||
17 |
|
|
|
|
| D |
|
|
| |||
18 |
|
|
|
|
| D |
|
|
| |||
19 |
|
|
|
|
| D |
|
|
| |||
20 |
|
|
|
|
| D |
|
|
| |||
|
|
|
|
|
|
|
|
|
| |||
21 |
|
|
| Total Property and Equipment |
|
|
| 17,351 |
| |||
|
|
|
|
|
|
|
|
|
| |||
|
|
| Other Assets |
|
|
|
|
| ||||
22 |
|
|
|
|
|
|
| 0 |
| |||
23 |
|
|
|
|
|
|
| 0 |
| |||
24 |
|
|
|
|
|
|
| 0 |
| |||
25 |
|
|
|
|
|
|
| 0 |
| |||
26 |
|
|
|
|
|
|
| 0 |
| |||
27 |
|
|
| Due from affiliated company |
|
|
| 554 |
| |||
|
|
|
|
|
|
|
|
|
| |||
28 |
|
|
| Total Other Assets |
|
|
| 0 |
| |||
|
|
|
|
|
|
|
|
|
| |||
29 |
|
|
| Total Assets |
|
|
| $ | 434,642 |
| ||
NOTE:
Indicate the method used to estimate the market value of assets (e.g., appraisals; familiarity with comparable market prices, etc.) and the date the value was determined.
See additional information attached
3
Liabilities and Equity
(General Business Case)
|
|
|
|
|
|
| From Schedules |
|
|
| |||
|
| Liabilities |
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
| |||
|
|
| Post-Petition |
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
| Current Liabilities |
|
|
|
|
| ||||
30 |
|
|
|
| Salaries and wages |
|
|
| $ | 43,417 |
| ||
31 |
|
|
|
| Payroll taxes |
|
|
| 18,334 |
| |||
32 |
|
|
|
| Real and personal property taxes |
|
|
| 0 |
| |||
33 |
|
|
|
| A/P clearing |
|
|
| 3,254 |
| |||
34 |
|
|
|
| Sales taxes |
|
|
| 0 |
| |||
35 |
|
|
|
| Notes payable (short term) |
|
|
| 285,000 |
| |||
36 |
|
|
|
| Accounts payable (trade |
| A |
| 15,382 |
| |||
37 |
|
|
|
| Real property lease arrearage |
|
|
| 0 |
| |||
38 |
|
|
|
| Personal property lease arrearage |
|
|
| 0 |
| |||
39 |
|
|
|
| Accrued professional fees |
|
|
| 3,513 |
| |||
40 |
|
|
|
| Current portion of long-term post-petition debt (due within 12 months) |
|
|
| 0 |
| |||
41 |
|
|
|
| Other: | Warranty reserve, deferred revenue and deposits |
|
|
| 97,287 |
| ||
42 |
|
|
|
| Benefits, commissions and accrued DIP loan interest |
|
|
| 18,130 |
| |||
43 |
|
|
|
| Due to affiliates |
|
|
| 185,058 |
| |||
|
|
|
|
|
|
|
|
|
|
| |||
44 |
|
|
|
| Total Current Liabilities |
|
|
| 669,375 |
| |||
|
|
|
|
|
|
|
|
|
|
| |||
45 |
|
|
| Long-Term Post-Petition Debt, Net of Current Portion |
|
|
| 0 |
| ||||
|
|
|
|
|
|
|
|
|
|
| |||
46 |
|
|
|
| Total Post-Petition Liabilities |
|
|
| 669,375 |
| |||
|
|
|
|
|
|
|
|
|
|
| |||
|
|
| Pre-Petition Liabilities (allowed amount) |
|
|
|
|
| |||||
47 |
|
|
|
| Secured claims |
| F |
| 0 |
| |||
48 |
|
|
|
| Priority unsecured claims |
| F |
| 170,775 |
| |||
49 |
|
|
|
| General unsecured claims |
| F |
| 14,382,771 |
| |||
|
|
|
|
|
|
|
|
|
|
| |||
50 |
|
|
|
| Total Pre-Petition Liabilities |
|
|
| 14,553,546 |
| |||
|
|
|
|
|
|
|
|
|
|
| |||
51 |
|
|
|
| Total Liabilities |
|
|
| 15,222,921 |
| |||
|
|
|
|
|
|
|
|
|
|
| |||
|
| Equity (Deficit) |
|
|
|
|
| ||||||
52 |
|
|
| Equity (Deficit at time of filing) |
|
|
| (14,217,318 | ) | ||||
53 |
|
|
| Capital Stock |
|
|
| 0 |
| ||||
54 |
|
|
| Additional paid-in capital |
|
|
| 1,000 |
| ||||
55 |
|
|
| Cumulative profit/(loss since filing of case) |
|
|
| (505,404 | ) | ||||
56 |
|
|
| Post-petition contributions/(distributions or (draws) |
|
|
| 0 |
| ||||
57 |
|
|
|
|
|
|
|
| 0 |
| |||
58 |
|
|
| Market value adjustment |
|
|
| (66,557 | ) | ||||
|
|
|
|
|
|
|
|
|
|
| |||
59 |
|
|
|
| Total Equity (Deficit) |
|
|
| (14,788,279 | ) | |||
|
|
|
|
|
|
|
|
|
|
| |||
60 |
| Total Liabilities and Equity (Deficit) |
|
|
| $ | 434,642 |
| |||||
4
SCHEDULES TO THE BALANCE SHEET
(General Business Case)
Schedule A
Accounts Receivable (Net) Payable
|
| Accounts Receivable |
| Accounts Payable |
|
| Past Due |
| |||
Receivables and Payables Agings |
|
|
|
|
|
|
|
| |||
0 -30 Days |
| $ | 141,562 |
| $ | 13,985 |
|
|
|
| |
31-60 Days |
| 0 |
| 1,397 |
|
|
|
| |||
61-90 Days |
| 25,754 |
| 0 |
|
| $ | 1,397 |
| ||
91+ Days |
| 2,538 |
| 0 |
|
|
|
| |||
Total accounts receivable/payable |
| 169,854 |
| $ | 15,382 |
|
|
|
| ||
Allowance for doubtful accounts |
| 0 |
|
|
|
|
|
| |||
Accounts receivable (net) |
| $ | 169,854 |
|
|
|
|
|
| ||
Schedule B
Inventory/Cost of Goods Sold
Types and Amount of Inventory (ies) |
|
|
| Cost of Goods Sold |
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
| ||
|
|
| Inventory(ies) |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
| Inventory Beginning of Month |
|
|
| $ | 185,182 |
| |
|
|
|
|
|
|
|
|
|
|
| ||
|
|
|
|
| Add - |
|
|
|
|
| ||
| Retail/Restaurants - |
|
|
| Net purchase |
|
|
| 4,074 |
| ||
| Product for resale |
| $ | 0 |
| Direct labor |
|
|
| 11,006 |
| |
|
|
|
|
| Manufacturing overhead |
|
|
| 27,084 |
| ||
| Distribution - |
|
|
| Freight in |
|
|
| 0 |
| ||
| Products for resale |
| 0 |
| Other: |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
| 0 |
| ||
| Manufacturer - |
|
|
|
|
|
|
| 0 |
| ||
| Raw Materials |
| 335,711 |
|
|
|
|
|
|
| ||
| Work-in-progress |
| (36,007 | ) | Less - |
|
|
|
|
| ||
| Finished goods |
| 551,462 |
| Inventory End of Month |
|
|
| 177,086 |
| ||
|
|
|
|
| Monitoring |
|
|
| (2,640 | ) | ||
| Other - Explain |
| (674,080 | ) | Warranty |
|
|
| (6,521 | ) | ||
| Reserve for obsolescence |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
| Cost of Goods Sold |
|
|
| $ | 59,421 |
| |
| TOTAL |
| $ | 177,086 |
|
|
|
|
|
|
|
| Method of Inventory Control |
|
|
| Inventory Valuation Methods |
|
|
|
|
| ||||||
| Do you have a functioning perpetual inventory system? |
|
|
| Indicate by a checkmark method of inventory used. |
|
|
|
|
| ||||||
| Yes | ý | No | o |
|
|
|
|
|
|
|
|
| |||
| How often do you take a complete physical inventory? |
|
|
| Valuation methods |
|
|
|
|
| ||||||
|
|
|
|
| FIFO cost |
| ý |
|
|
| ||||||
| Weekly |
|
|
|
|
|
| LIFO cost |
|
|
|
|
| |||
| Monthly |
|
|
|
|
|
| Lower of cost or market |
| ý |
|
|
| |||
| Quarterly |
|
|
|
|
|
| Retail method |
|
|
|
|
| |||
| Semi-annually |
| ý |
|
|
|
| Other - |
|
|
|
|
| |||
| Annually |
|
|
|
|
|
| Explain |
|
|
|
|
| |||
Date of last physical inventory was |
| 1/18/2002 |
|
|
|
|
|
|
| |||||||
Date of next physical inventory is |
| 12/31/2002 |
|
|
|
|
|
|
| |||||||
5
Schedule C
Real Property
Description |
| Cost |
| Market Value |
| |||
|
|
|
|
|
|
| ||
| None |
| $ | 0 |
| $ | 0 |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
| ||
|
|
|
|
|
|
| ||
|
|
|
|
|
|
| ||
|
|
|
|
|
|
| ||
| Total |
| $ | 0 |
| $ | 0 |
|
Schedule D
Other Depreciable Assets
Description |
| Cost |
| Market Value |
| |||
|
|
|
|
|
|
| ||
Machinery & Equipment - |
|
|
|
|
| |||
|
|
|
|
|
| |||
| Various |
| $ | 89,137 |
| $ | 1,759 |
|
|
|
|
|
|
|
| ||
| 4/30/02 NBV = $16,216 |
|
|
|
|
| ||
|
|
|
|
|
|
| ||
| Total |
| $ | 89,137 |
| $ | 1,759 |
|
|
|
|
|
|
|
| ||
Furniture & Fixtures - |
|
|
|
|
| |||
|
|
|
|
|
| |||
| Various |
| $ | 35,000 |
| $ | 9,800 |
|
|
|
|
|
|
|
| ||
| 4/30/02 NBV = $23,960 |
|
|
|
|
| ||
|
|
|
|
|
|
| ||
| Total |
| $ | 35,000 |
| $ | 9,800 |
|
|
|
|
|
|
|
| ||
Office Equipment - |
|
|
|
|
| |||
|
|
|
|
|
|
| ||
| Various |
| $ | 262,278 |
| $ | 5,792 |
|
|
|
|
|
|
|
| ||
| 4/30/02 NBV = $40,022 |
|
|
|
|
| ||
|
|
|
|
|
|
| ||
| Total |
| $ | 262,278 |
| $ | 5,792 |
|
|
|
|
|
|
|
| ||
Leasehold Improvements - |
|
|
|
|
| |||
|
|
|
|
|
|
| ||
| None |
| $ | 0 |
| $ | 0 |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
| ||
|
|
|
|
|
|
| ||
| Total |
| $ | 0 |
| $ | 0 |
|
|
|
|
|
|
|
| ||
Vehicles - |
|
|
|
|
| |||
|
|
|
|
|
|
| ||
| None |
| $ | 0 |
| $ | 0 |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
| ||
|
|
|
|
|
|
| ||
| Total |
| $ | 0 |
| $ | 0 |
|
6
Schedule E
Aging of Post-Petition Taxes
(As of End of the Current Reporting Period)
Taxes Payable |
| 0-30 Days |
| 31-60 Days |
| 61-90 Days |
| 91+ Days |
| Total |
| ||
|
|
|
|
|
|
|
|
|
|
|
| ||
Federal |
|
|
|
|
|
|
|
|
|
|
| ||
Income Tax Withholding |
| $ | 10,073 |
|
|
|
|
|
|
| $ | 10,073 |
|
FICA - Employee |
| 4,002 |
|
|
|
|
|
|
| 4,002 |
| ||
FICA - Employer |
| 4,002 |
|
|
|
|
|
|
| 4,002 |
| ||
Unemployment (FUTA) |
| 49 |
|
|
|
|
|
|
| 49 |
| ||
Income |
|
|
|
|
|
|
|
|
|
|
| ||
Other (Attach List) |
|
|
|
|
|
|
|
|
|
|
| ||
Total Federal Taxes |
| 18,126 |
|
|
|
|
|
|
| 18,126 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| ||
State and Local |
|
|
|
|
|
|
|
|
|
|
| ||
Income Tax Withholding |
| 208 |
|
|
|
|
|
|
| 208 |
| ||
Unemployment (UT) |
|
|
|
|
|
|
|
|
|
|
| ||
Disability Insurance (DI) |
|
|
|
|
|
|
|
|
|
|
| ||
Empl. Training Tax (ETT) |
|
|
|
|
|
|
|
|
|
|
| ||
Sales |
|
|
|
|
|
|
|
|
|
|
| ||
Excise |
|
|
|
|
|
|
|
|
|
|
| ||
Real property |
|
|
|
|
|
|
|
|
|
|
| ||
Personal property |
|
|
|
|
|
|
|
|
|
|
| ||
Income |
|
|
|
|
|
|
|
|
|
|
| ||
Other (Attach List) |
|
|
|
|
|
|
|
|
|
|
| ||
Total State & Local Taxes |
| 208 |
|
|
|
|
|
|
| 208 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| ||
Total Taxes |
| $ | 18,334 |
|
|
|
|
|
|
| $ | 18,334 |
|
7
Schedule F
Pre-Petition Liabilities
List Total Claims For Each Classification - |
| Claimed |
| Allowed |
| |||
|
|
|
|
|
| |||
| Secured claims (a) |
| $ | 0 |
| $ | 0 |
|
| Priority claims other than taxes |
| 168,155 |
| 114,082 |
| ||
| Priority tax claims |
| 56,936 |
| 56,693 |
| ||
| General unsecured claims |
| $ | 14,414,591 |
| $ | 14,382,771 |
|
(a) List total amount of claims even it under secured.
(b) Estimated amount of claim to be allowed after compromise or litigation. As an example, you are a defendant in a lawsuit alleging damage of $10,000,000 and a proof of claim is filed in that amount. You believe that you can settle the case for a claim of $3,000,000. For Schedule F reporting purposes you should list $10,000,000 as the Claimed Amount and $3,000,000 as the Allowed Amount.
Schedule G
Rental Income Information
Not applicable to General Business Cases.
Schedule H
Recapitulation of Funds Held at End of Month
|
| Account 1 |
| Account 2 |
| Account 3 |
| Account 4 |
| ||||
Bank |
| Bank of America |
| Bank of America |
| Petty cash and suspense |
| Bank of America OxySense |
| ||||
Account Type |
| Checking |
| Checking |
|
|
| Checking |
| ||||
Account No. |
| 37-5550-8595 |
| 37-5550-8511 |
|
|
| 47-9133-4120 |
| ||||
Account Purpose |
| General disbursement |
| Payroll |
|
|
| General disbursement |
| ||||
Balance, End of Month |
| $ | 18,290 |
| $ | 2,743 |
| $ | (1,189 | ) | $ | 17,554 |
|
Total Funds on Hand for all Accounts |
| $ | 37,399 |
|
|
|
|
|
|
| |||
Attach copies of the month end bank statement(s), reconciliation(s), and the check register(s) to the Monthly Operating Report.
8
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
Increase/(Decrease) in Cash and Cash Equivalents
For the Month Ended April 30, 2002
|
|
|
| Actual |
| Cumulative |
| |||
| Cash Receipts |
|
|
|
|
| ||||
1 |
| Rent/Leases Collected |
| $ | 0 |
| $ | 0 |
| |
2 |
| Cash Received from Sales |
| 105,687 |
| 269,343 |
| |||
3 |
| Interest Received |
| 0 |
| 0 |
| |||
4 |
| Borrowings |
| 0 |
| 285,000 |
| |||
5 |
| Funds from Shareholders, Partners, or Other Insiders |
| 0 |
| 0 |
| |||
6 |
| Capital Contributions |
| 0 |
| 0 |
| |||
7 |
| Transfers from DecisionLink, Inc., an affiliated company |
| 105,000 |
| 220,742 |
| |||
8 |
| Transfer from IDL Corp, an affiliated company |
| 10,000 |
| 24,486 |
| |||
9 |
|
|
|
|
|
|
| |||
10 |
|
|
|
|
|
|
| |||
11 |
|
|
|
|
|
|
| |||
12 |
| Total Cash Receipts |
| 220,687 |
| 799,571 |
| |||
| Cash Disbursements |
|
|
|
|
| ||||
13 |
| Payments for Inventory |
| 871 |
| 28,696 |
| |||
14 |
| Selling |
| 2,201 |
| 15,680 |
| |||
15 |
| Administrative |
| 54,450 |
| 188,834 |
| |||
16 |
| Capital Expenditures |
| 0 |
| 0 |
| |||
17 |
| Principal Payments on Debt |
| 0 |
| 0 |
| |||
18 |
| Interest Paid |
| 0 |
| 0 |
| |||
|
| Rent/Lease: |
|
|
|
|
| |||
19 |
| Personal Property |
| 630 |
| 2,274 |
| |||
20 |
| Real Property |
| 0 |
| 29,073 |
| |||
|
| Amount Paid to Owner(s)/Officer(s) |
|
|
|
|
| |||
21 |
| Salaries |
| 24,384 |
| 110,879 |
| |||
22 |
| Draws |
| 0 |
| 0 |
| |||
23 |
| Commissions/Royalties |
| 0 |
| 0 |
| |||
24 |
| Expense Reimbursements |
| 0 |
| 0 |
| |||
25 |
| Other |
| 0 |
| 0 |
| |||
26 |
| Salaries/Commissions (less employee withholding) |
| 47,811 |
| 211,269 |
| |||
27 |
| Management Fees |
| 0 |
| 0 |
| |||
|
| Taxes: |
|
|
|
|
| |||
28 |
| Employee Withholding |
| 24,787 |
| 113,159 |
| |||
29 |
| Employer Payroll Taxes |
| 7,774 |
| 36,073 |
| |||
30 |
| Real Property Taxes |
| 0 |
| 0 |
| |||
31 |
| Other Taxes |
| 0 |
| 0 |
| |||
32 |
| Other Cash Outflows: |
| 0 |
| 0 |
| |||
33 |
| Transfers to IDL Corp., an affiliated company |
| 10,000 |
| 24,486 |
| |||
34 |
| Transfer to DecisionLink, Inc. |
| 20,000 |
| 20,000 |
| |||
35 |
|
|
|
|
|
|
| |||
36 |
|
|
|
|
|
|
| |||
37 |
|
|
|
|
|
|
|
| ||
38 |
| Total Cash Disbursements: |
| 194,908 |
| 780,423 |
| |||
39 | Net Increase (Decrease in Cash) |
| 25,779 |
| 19,148 |
| ||||
40 | Cash Balance, Beginning of Period |
| 11,620 |
| 18,251 |
| ||||
41 | Cash Balance, End of Period |
| $ | 37,399 |
| $ | 37,399 |
| ||
9
MONTHLY OPERATING REPORT
FCI Environmental, Inc. 01-23229 rjc
April 30, 2002
Additional Information
Summary of Financial Status:
The financial information provided herein includes the accounts of FCI Environmental, Inc. (“FCI”) on a stand-alone basis. This financial information does not include the accounts of any of its affiliated companies.
No. 11. Payments made to officers:
Payment Date |
| Check Nbr. |
| Amount |
| Purpose |
| Payee |
| |
4/05/02 |
| 11030 |
| $ | 5,334.26 |
| Payroll period ended 03/30/02 |
| Ken Culver, CFO |
|
4/05/02 |
| 10995 |
| 6,857.99 |
| Payroll period ended 03/30/02 |
| Peter Gerard, CEO |
| |
4/19/02 |
| 11049 |
| 6,857.99 |
| Payroll period ended 04/13/02 |
| Peter Gerard, CEO |
| |
4/19/02 |
| 11048 |
| 5,334.28 |
| Payroll period ended 04/13/02 |
| Ken Culver, CFO |
| |
Approved on or about December 21, 2001, by court order authorizing payment of wages, salaries, employee benefits and reimbursable employee expenses.
No. 14. An emergency order authorizing post-petition financing was approved by the bankruptcy court on or about December 21, 2001. $285,000 has been received by the end of this reporting period.
10
Statement of Operations:
The Statement of Operation budget does not include revenues from IDL Corp., an affiliated company that is integral to the debtor’s joint plan of reorganization.
Line 4 - Cost of goods sold - the budget contains only direct material costs. All other costs normally associated with cost of goods sold are included within operating expenses.
Line 16 - - real property lease - amended lease expected to be executed April 2002 reducing actual monthly expense to budgeted expense.
General Explanation of Variances to Statement of Operations:
The forecasted amounts are preliminary in nature. These amounts were derived from a combined Chapter 11 bankruptcy budget including affiliated companies
Balance Sheet:
Cash - Bank statements and reconciliations attached for:
Facility |
| Account No. |
|
Bank of America |
| 37-5550-8595 |
|
Bank of America |
| 37-5550-8511 |
|
Inventory - - the stated inventory balance is net of a $674,080 reserve to appropriately state inventories at the lower of cost or market.
Property and Equipment (Market Value) - market value has not been independently determined. Management estimates that the estate’s property and equipment, with a net book value of $80,198, to be worth $17,351.
Warranty Reserve ($38,495) and deferred Revenue ($56,950) - were not included as claims in the estate’s Schedule F – Creditors Holding Unsecured Nonpriority Claims, as these obligations will be fulfilled under a Chapter 11 going concern plan of reorganization.
Pre-petition general unsecured claims - includes $14,006,118 due to DecisionLink, Inc. (Chapter 11 case Nbr. 01-22706), the sole owner of FCI, and $108,446 due to affiliated companies.
11