EXHIBIT 99.2
UNITED STATES BANKRUPTCY COURT
DISTRICT OF NEVADA
In re: |
| Case No. |
| 01-23229 rcj |
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FCI Environmental, Inc. |
| CHAPTER 11 |
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| MONTHLY OPERATING REPORT |
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| (GENERAL BUSINESS CASE) |
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SUMMARY OF FINANCIAL STATUS | ||||||||
MONTH ENDED: |
| June 30, 2002 |
| PETITION DATE: |
| December 20, 2001 |
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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) |
2. |
| Asset and Liabilities Structure |
| End of |
| End of |
| As of |
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| a. Current Assets |
| $ | 312,093 |
| $ | 339,195 |
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| b. Total Assets |
| 329,998 |
| 357,100 |
| $ | 347,596 |
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| c. Current Liabilities |
| 799,690 |
| 706,514 |
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| d. Total Liabilities |
| $ | 15,355,686 |
| $ | 15,262,509 |
| $ | 14,555,995 |
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3. |
| Statement of Cash Receipts & Disbursements for Month |
| Current |
| Prior |
| Cumulative |
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| a. Total Receipts |
| $ | 102,773 |
| $ | 200,104 |
| $ | 1,102,448 |
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| b. Total Disbursements |
| 118,334 |
| 206,830 |
| 1,105,587 |
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| c. Excess (Deficiency) of Receipts Over Disbursements (a - b) |
| (15,561 | ) | (6,726 | ) | (3,139 | ) | |||
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| d. Cash Balance Beginning of Month |
| 30,673 |
| 37,399 |
| 18,251 |
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| e. Cash Balance End of Month (c + d) |
| $ | 15,112 |
| $ | 30,673 |
| $ | 15,112 |
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| Current |
| Prior |
| Cumulative |
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4. |
| Profit/(Loss) from the Statement of Operations |
| $ | (112,211 | ) | $ | (117,294 | ) | $ | (744,910 | ) |
5. |
| Account Receivables (Pre and Post Petition) |
| 87,841 |
| 104,609 |
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6. |
| Post-Petition Liabilities |
| 799,690 |
| 706,514 |
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7. |
| Past Due Post-Petition Account Payables (over 30 days) |
| $ | 3,845 |
| $ | 3,121 |
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At the end of this reporting month: |
| Yes |
| No |
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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) |
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| X |
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9. | Have any payments been made to professionals? (if yes, attach listing including date of payment, amount of payment and name of payee) |
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| X |
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10. | If the answer is yes to 8 or 9, were all such payments approved by the court? (additional information attached) |
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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) |
| X |
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12. | Is the estate insured for replacement cost of assets and for general liability? |
| X |
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13. | Are a plan and disclosure statement on file? |
| X |
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14. | Was there any post-petition borrowing during this reporting period? (additional information attached) |
| X |
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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. |
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| (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.) |
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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. |
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Date: August 6, 2002 | R. Kenyon Culver, CFO |
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| Responsible Individual |
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STATEMENT OF OPERATIONS
(General Business Case)
For the Month Ended June 30, 2002
Current Month |
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| Cumulative |
| Next Month |
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Actual |
| Forecast |
| Variance |
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| Revenues: |
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$ | 27,916 |
| $ | 273,617 |
| $ | (245,701 | ) | 1 |
| Gross Sales |
| $ | 522,934 |
| $ | 306,047 |
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0 |
| 0 |
| 0 |
| 2 |
| less: Sales Returns & Allowances |
| 0 |
| 0 |
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27,916 |
| 273,617 |
| (245,701 | ) | 3 |
| Net Sales |
| 522,934 |
| 306,047 |
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36,079 |
| 67,006 |
| (30,927 | ) | 4 |
| less: Cost of Goods Sold (Schedule ‘B’) |
| 298,310 |
| 75,101 |
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(8,163 | ) | 209,611 |
| (214,774 | ) | 5 |
| Gross Profit |
| 224,624 |
| 230,946 |
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0 |
| 0 |
| 0 |
| 6 |
| Interest |
| 0 |
| 0 |
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0 |
| 0 |
| 0 |
| 7 |
| Other Income: |
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| 0 |
| 0 |
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| 8 |
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| 9 |
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(8,163 | ) | 206,611 |
| (214,774 | ) | 10 |
| Total Revenues |
| 224,624 |
| 230,946 |
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| Expenses: |
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36,538 |
| 33,314 |
| (3,224 | ) | 11 |
| Compensation to Owner(s)/Officer(s) |
| 229,433 |
| 33,314 |
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42,489 |
| 73,028 |
| 30,540 |
| 12 |
| Salaries |
| 394,933 |
| 73,028 |
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11,413 |
| 0 |
| (11,413 | ) | 13 |
| Commissions |
| 13,381 |
| 0 |
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0 |
| 0 |
| 0 |
| 14 |
| Contract Labor |
| 0 |
| 0 |
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| 15 |
| Rent/Lease: |
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10,208 |
| 10,825 |
| 617 |
| 16 |
| Real Property |
| 67,732 |
| 10,825 |
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0 |
| 5,763 |
| 5,763 |
| 17 |
| Insurance |
| 29,397 |
| 5,763 |
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0 |
| 0 |
| 0 |
| 18 |
| Management Fees |
| 0 |
| 0 |
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1,932 |
| 1,833 |
| (99 | ) | 19 |
| Depreciation |
| 11,986 |
| 1,917 |
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| Taxes: |
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3,017 |
| 8,137 |
| 5,120 |
| 20 |
| Employee Payroll Taxes |
| 40,214 |
| 8,137 |
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0 |
| 0 |
| 0 |
| 1 |
| Real Property Taxes |
| 1,889 |
| 0 |
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0 |
| 0 |
| 0 |
| 2 |
| Other Taxes |
| 0 |
| 0 |
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678 |
| 12,340 |
| 11,662 |
| 3 |
| Other Selling |
| 17,162 |
| 13,151 |
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(12,335 | ) | 27,706 |
| 40,041 |
| 4 |
| Other Administrative |
| 112,203 |
| 27,706 |
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10,144 |
| 0 |
| (10,144 | ) | 5 |
| Interest |
| 17,811 |
| 0 |
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9,965 |
| 9,167 |
| (798) |
| 6 |
| Other Expenses: | License fees |
| 25,791 |
| 9,167 |
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| 7 |
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| 8 |
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| 9 |
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| 10 |
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| 11 |
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| 12 |
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| 13 |
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| 14 |
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114,048 |
| 182,113 |
| 68,065 |
| 15 |
| Total Expenses |
| 962,022 |
| 183,008 |
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(112,211 | ) | 24,498 |
| (146,709 | ) | 16 |
| Subtotal |
| (737,398 | ) | 57,105 |
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| Reorganization Items: |
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0 |
| 0 |
| 0 |
| 17 |
| Professional Fees (additional information attached) |
| (3,512 | ) | 0 |
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0 |
| 0 |
| 0 |
| 18 |
| Provisions for Rejected Executory Contracts |
| 0 |
| 0 |
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0 |
| 0 |
| 0 |
| 19 |
| Interest Earned on Accumulated Cash from Resulting Chp 11 Case |
| 0 |
| 0 |
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0 |
| 0 |
| 0 |
| 20 |
| Gain or (Loss from Sale of Equipment) |
| 0 |
| 0 |
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0 |
| 0 |
| 0 |
| 21 |
| U.S. Trustee Quarterly Fees |
| (4,000 | ) | 0 |
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| 22 |
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0 |
| 0 |
| 0 |
| 23 |
| Total Reorganization Items |
| (7,512 | ) | 0 |
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(122,211 | ) | 24,498 |
| (146,709 | ) | 24 |
| Net Profit (Loss) Before Federal & State |
| (744,910 | ) | 47,938 |
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0 |
| 0 |
| 0 |
| 25 |
| Federal & State Income Taxes |
| 0 |
| 0 |
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$ | (122,211 | ) | $ | 24,498 |
| $ | 146,709 |
| 26 |
| Net Profit (Loss) |
| $ | (744,910 | ) | $ | 47,938 |
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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 June 30, 2002
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| Assets |
| From Schedules |
| Market Value |
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| Current Assets |
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1 |
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| Cash and cash equivalents – unrestricted |
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| $ | 15,112 |
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2 |
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| Cash and cash equivalents – restricted |
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| 0 |
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3 |
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| Accounts receivable (net) |
| A |
| 87,841 |
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4 |
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| Inventory (net) |
| B |
| 185,705 |
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5 |
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| Prepaid expenses |
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| 19,954 |
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6 |
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| Professional retainers |
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| 3,481 |
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7 |
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| Other: |
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| 0 |
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8 |
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| 0 |
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9 |
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| Total Current Assets |
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| 312,093 |
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| Property and Equipment (Market Value) |
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10 |
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| Real property |
| C |
| 0 |
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11 |
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| Machinery and equipment |
| D |
| 1,759 |
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12 |
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| Furniture and fixtures |
| D |
| 9,800 |
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13 |
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| Office equipment |
| D |
| 5,792 |
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14 |
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| Leasehold improvements |
| D |
| 0 |
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15 |
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| Vehicles |
| D |
| 0 |
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16 |
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| Other: |
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| D |
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17 |
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| D |
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18 |
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| D |
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19 |
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| D |
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20 |
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| D |
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21 |
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| Total Property and Equipment |
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| 17,351 |
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| Other Assets |
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22 |
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| 0 |
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23 |
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| 0 |
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24 |
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| 0 |
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25 |
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| 0 |
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26 |
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| 0 |
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27 |
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| Due from affiliated company |
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| 554 |
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28 |
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| Total Other Assets |
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| 0 |
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29 |
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| Total Assets |
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| $ | 329,998 |
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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
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3
Liabilities and Equity
(General Business Case)
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| Liabilities |
| From Schedules |
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| Post-Petition |
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| Current Liabilities |
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30 |
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| Salaries and wages |
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| $ | 25,852 |
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31 |
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| Payroll taxes |
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| 4,527 |
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32 |
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| Real and personal property taxes |
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| 0 |
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33 |
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| A/P clearing |
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| (5,557 | ) | |||
34 |
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| Sales taxes |
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| 0 |
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35 |
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| Notes payable (short term) |
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| 335,000 |
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36 |
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| Accounts payable (trade |
| A |
| 35,534 |
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37 |
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| Real property lease arrearage |
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| 0 |
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38 |
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| Personal property lease arrearage |
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| 604 |
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39 |
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| Accrued professional fees |
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| 3,513 |
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40 |
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| Current portion of long-term post-petition debt (due within 12 months) |
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| 0 |
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41 |
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| Other: | Warranty reserve, deferred revenue and deposits |
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| 80,865 |
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42 |
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| Benefits, commissions and accrued DIP loan interest |
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| 38,156 |
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43 |
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| Due to affiliates |
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| 281,196 |
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44 |
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| Total Current Liabilities |
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| 799,690 |
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45 |
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| Long-Term Post-Petition Debt, Net of Current Portion |
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| 0 |
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46 |
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| Total Post-Petition Liabilities |
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| 706,514 |
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| Pre-Petition Liabilities (allowed amount) |
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47 |
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| Secured claims |
| F |
| 0 |
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48 |
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| Priority unsecured claims |
| F |
| 184,155 |
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49 |
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| General unsecured claims |
| F |
| 14,371,841 |
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50 |
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| Total Pre-Petition Liabilities |
|
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| 14,555,906 |
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51 |
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| Total Liabilities |
|
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| 15,355,686 |
| |||
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| Equity (Deficit) |
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52 |
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| Equity (Deficit at time of filing) |
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| (14,218,290 | ) | ||||
53 |
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| Capital Stock |
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| 0 |
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54 |
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| Additional paid-in capital |
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| 1,000 |
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55 |
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| Cumulative profit/(loss since filing of case) |
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| (744,910 | ) | ||||
56 |
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| Post-petition contributions/(distributions or (draws) |
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| 0 |
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57 |
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| 0 |
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58 |
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| Market value adjustment |
|
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| (63,488 | ) | ||||
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59 |
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| Total Equity (Deficit) |
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| (14,025,688 | ) | |||
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60 |
| Total Liabilities and Equity (Deficit) |
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| $ | 329,998 |
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4
SCHEDULES TO THE BALANCE SHEET
(General Business Case)
Schedule A
Accounts Receivable (Net) Payable
Receivables and Payables Agings |
| Accounts Receivable |
| Accounts Payable |
|
| Past Due |
| |||
0 -30 Days |
| $ | 78,948 |
| $ | 31,689 |
|
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| |
31-60 Days |
| 1,553 |
| 2,711 |
|
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61-90 Days |
| 4,802 |
| 410 |
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| $ | 3,845 |
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91+ Days |
| 2,538 |
| 724 |
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Total accounts receivable/payable |
| 87,841 |
| $ | 35,534 |
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Allowance for doubtful accounts |
| 0 |
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Accounts receivable (net) |
| $ | 87,841 |
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Schedule B
Inventory/Cost of Goods Sold
Types and Amount of Inventory(ies) |
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| Cost of Goods |
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| Inventory(ies) |
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| Inventory Beginning of Month |
|
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| $ | 179,869 |
| |
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| Add - |
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| Retail/Restaurants - |
|
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| Net purchase |
|
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| 1,285 |
| ||
| Product for resale |
| $ | 0 |
| Direct labor |
|
|
| 7,121 |
| |
|
|
|
|
| Manufacturing overhead |
|
|
| 33,924 |
| ||
| Distribution - |
|
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| Freight in |
|
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| 0 |
| ||
| Products for resale |
| 0 |
| Other: |
|
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| 0 |
| ||
| Manufacturer - |
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|
|
|
|
| 0 |
| ||
| Raw Materials |
| 334,692 |
|
|
|
|
|
|
| ||
| Work-in-progress |
| (34,031 | ) | Less - |
|
|
|
|
| ||
| Finished goods |
| 559,124 |
| Inventory End of Month |
|
|
| 185,705 |
| ||
|
|
|
|
| Monitoring |
|
|
| 2,400 |
| ||
| Other - Explain |
| (674,080 | ) | Warranty |
|
|
| (2,815 | ) | ||
| Reserve for obsolescence |
|
|
|
|
|
|
| �� |
| ||
|
|
|
|
| Cost of Goods Sold |
|
|
| $ | 36,079 |
| |
| TOTAL |
| $ | 185,705 |
|
|
|
|
|
|
|
| Method of Inventory Control |
|
|
| Inventory Valuation Methods |
|
|
|
|
| ||||||
| Do you have a functioning perpetual inventory system? |
|
|
| Indicate by a checkmark method of inventory used. |
|
|
|
|
| ||||||
| Yes | X | No |
|
|
|
|
|
|
|
|
|
| |||
| How often do you take a complete physical inventory? |
|
|
| Valuation methods |
|
|
|
|
| ||||||
|
|
|
|
| FIFO cost |
| X |
|
|
| ||||||
| Weekly |
|
|
|
|
|
| LIFO cost |
|
|
|
|
| |||
| Monthly |
|
|
|
|
|
| Lower of cost or market |
| X |
|
|
| |||
| Quarterly |
|
|
|
|
|
| Retail method |
|
|
|
|
| |||
| Semi-annually |
| X |
|
|
|
| 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 |
|
|
|
|
|
|
|
| ||
| 6/30/02 NBV = $15,508 |
|
|
|
|
| ||
|
|
|
|
|
|
| ||
| Total |
| $ | 89,137 |
| $ | 1,759 |
|
|
|
|
|
|
|
| ||
Furniture & Fixtures - |
|
|
|
|
| |||
|
|
|
|
|
| |||
| Various |
| $ | 35,000 |
| $ | 9,800 |
|
|
|
|
|
|
|
| ||
| 6/30/02 NBV = $23,682 |
|
|
|
|
| ||
|
|
|
|
|
|
| ||
| Total |
| $ | 35,000 |
| $ | 9,800 |
|
|
|
|
|
|
|
| ||
Office Equipment - |
|
|
|
|
| |||
|
|
|
|
|
|
| ||
| Various |
| $ | 262,278 |
| $ | 5,792 |
|
|
|
|
|
|
|
| ||
| 6/30/02 NBV = $37,939 |
|
|
|
|
| ||
| 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 |
| $ | 2,406 |
|
|
|
|
|
|
| $ | 2,406 |
|
FICA - Employee |
| 1,032 |
|
|
|
|
|
|
| 1,032 |
| ||
FICA - Employer |
| 1,032 |
|
|
|
|
|
|
| 1,032 |
| ||
Unemployment (FUTA) |
| 57 |
|
|
|
|
|
|
| 57 |
| ||
Income |
|
|
|
|
|
|
|
|
|
|
| ||
Other (Attach List) |
|
|
|
|
|
|
|
|
|
|
| ||
Total Federal Taxes |
| 4,527 |
|
|
|
|
|
|
| 4,527 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| ||
State and Local |
|
|
|
|
|
|
|
|
|
|
| ||
Income Tax Withholding |
| 41 |
|
|
|
|
|
|
| 41 |
| ||
Unemployment (UT) |
|
|
|
|
|
|
|
|
|
|
| ||
Disability Insurance (DI) |
|
|
|
|
|
|
|
|
|
|
| ||
Empl. Training Tax (ETT) |
|
|
|
|
|
|
|
|
|
|
| ||
Sales |
|
|
|
|
|
|
|
|
|
|
| ||
Excise |
|
|
|
|
|
|
|
|
|
|
| ||
Real property |
|
|
|
|
|
|
|
|
|
|
| ||
Personal property |
|
|
|
|
|
|
|
|
|
|
| ||
Income |
|
|
|
|
|
|
|
|
|
|
| ||
Other (Attach List) |
|
|
|
|
|
|
|
|
|
|
| ||
Total State & Local Taxes |
| 41 |
|
|
|
|
|
|
| 41 |
| ||
|
|
|
|
|
|
|
|
|
|
|
| ||
Total Taxes |
| $ | 4,527 |
|
|
|
|
|
|
| $ | 4,527 |
|
7
Schedule F
Pre-Petition Liabilities
List Total Claims For Each Classification - |
| Claimed |
| Allowed |
| |||
|
|
|
|
|
| |||
| Secured claims (a) |
| $ | 0 |
| $ | 0 |
|
| Priority claims other than taxes |
| 148,477 |
| 127,462 |
| ||
| Priority tax claims |
| 56,693 |
| 56,693 |
| ||
| General unsecured claims |
| $ | 14,371,841 |
| $ | 14,371,841 |
|
(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 |
| $ | 1,398 |
| $ | 11,750 |
| $ | 491 |
| $ | 1,473 |
|
Total Funds on Hand for all Accounts |
| $ | 15,112 |
|
|
|
|
|
|
| |||
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 June 30, 2002
|
|
|
| Actual |
| Cumulative |
| |||
| Cash Receipts |
|
|
|
|
| ||||
1 |
| Rent/Leases Collected |
| $ | 0 |
| $ | 0 |
| |
2 |
| Cash Received from Sales |
| 26,072 |
| 427,769 |
| |||
3 |
| Interest Received |
| 0 |
| 0 |
| |||
4 |
| Borrowings |
| 50,000 |
| 335,000 |
| |||
5 |
| Funds from Shareholders, Partners, or Other Insiders |
| 0 |
| 0 |
| |||
6 |
| Capital Contributions |
| 0 |
| 0 |
| |||
7 |
| Transfers from DecisionLink, Inc., an affiliated company |
| 7,290 |
| 278,032 |
| |||
8 |
| Transfer from IDL Corp, an affiliated company |
| 19,411 |
| 58,897 |
| |||
9 |
| Insurance proceeds |
| 0 |
| 2,750 |
| |||
10 |
|
|
|
|
|
|
| |||
11 |
|
|
|
|
|
|
| |||
12 |
| Total Cash Receipts |
| 102,773 |
| 1,102,448 |
| |||
| Cash Disbursements |
|
|
|
|
| ||||
13 |
| Payments for Inventory |
| 50 |
| 33,353 |
| |||
14 |
| Selling |
| 0 |
| 15,680 |
| |||
15 |
| Administrative |
| 7,089 |
| 226,941 |
| |||
16 |
| Capital Expenditures |
| 0 |
| 0 |
| |||
17 |
| Principal Payments on Debt |
| 0 |
| 0 |
| |||
18 |
| Interest Paid |
| 0 |
| 0 |
| |||
|
| Rent/Lease: |
|
|
|
|
| |||
19 |
| Personal Property |
| 0 |
| 2,274 |
| |||
20 |
| Real Property |
| 0 |
| 29,073 |
| |||
|
| Amount Paid to Owner(s)/Officer(s) |
|
|
|
|
| |||
21 |
| Salaries |
| 22,786 |
| 170,747 |
| |||
22 |
| Draws |
| 0 |
| 0 |
| |||
23 |
| Commissions/Royalties |
| 0 |
| 0 |
| |||
24 |
| Expense Reimbursements |
| 0 |
| 0 |
| |||
25 |
| Other |
| 0 |
| 0 |
| |||
26 |
| Salaries/Commissions (less employee withholding) |
| 43,149 |
| 324,895 |
| |||
27 |
| Management Fees |
| 0 |
| 0 |
| |||
|
| Taxes: |
|
|
|
|
| |||
28 |
| Employee Withholding |
| 27,708 |
| 175,391 |
| |||
29 |
| Employer Payroll Taxes |
| 4,886 |
| 50,581 |
| |||
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 |
| 0 |
| 24,486 |
| |||
34 |
| Transfer to DecisionLink, Inc. |
| 3,000 |
| 39,000 |
| |||
35 |
| U.S. Trustee |
| 0 |
| 3,500 |
| |||
36 |
| TNO license fee |
| 9,666 |
| 9,666 |
| |||
37 |
|
|
|
|
|
|
|
| ||
38 |
| Total Cash Disbursements: |
| 118,334 |
| 1,105,587 |
| |||
39 | Net Increase (Decrease) in Cash |
| (15,561 | ) | (3,139 | ) | ||||
40 | Cash Balance, Beginning of Period |
| 30,673 |
| 18,251 |
| ||||
41 | Cash Balance, End of Period |
| $ | 15,112 |
| $ | 15,112 |
| ||
9
MONTHLY OPERATING REPORT
FCI Environmental, Inc. 01-23229 rjc
June 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 |
| Check |
| Amount |
| Purpose |
| Payee |
| |
6/14/02 |
| 11120 |
| $ | 5,802 |
| Payroll period ended 06/08/02 |
| Ken Culver, CFO |
|
6/14/02 |
| 11121 |
| 7,499 |
| Payroll period ended 06/08/02 |
| Peter Gerard, CEO |
| |
6/28/02 |
| 11138 |
| 4,038 |
| Payroll period ended 06/22/02 |
| Ken Culver, CFO |
| |
6/28/02 |
| 11139 |
| 5,447 |
| Payroll period ended 06/22/02 |
| Peter Gerard, CEO |
| |
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. $235,000 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.
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 $77,129, to be worth $17,351.
Warranty Reserve ($28,531) and deferred Revenue ($52,334) – 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