Exhibit 99.2 |
UNITED STATES BANKRUPTCY COURT
DISTRICT OF NEVADA
In re: |
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| Case No. |
| 01-23229 rci | ||||
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FCI Environmental, Inc. |
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| 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: |
| July 31, 2002 |
| PETITION DATE: |
| December 20, 2001 | ||||
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2. | Asset and Liabilities Structure |
| End of Current Month |
| End of Prior Month |
| As of Petition Filing |
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| a. Current Assets |
| $235,146 |
| $312,093 |
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| b. Total Assets |
| 253,051 |
| 329,998 |
| $347,596 |
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| c. Current Liabilities |
| 880,336 |
| 799,690 |
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| d. Total Liabilities |
| $15,436,332 |
| $15,355,686 |
| $14,555,995 |
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3. | Statement of Cash Receipts & Disbursements for Month |
| Current Month |
| Prior Month |
| Cumulative (Case to Date) |
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| a. Total Receipts |
| $129,298 |
| $102,773 |
| $1,231,746 |
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| b. Total Disbursements |
| 137,758 |
| 118,334 |
| 1,243,345 |
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| c. Excess (Deficiency) of Receipts Over Disbursements (a - b) |
| (8,460 | ) | (15,561 | ) | (11,599 | ) |
| d. Cash Balance Beginning of Month |
| 15,112 |
| 30,673 |
| 18,251 |
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| e. Cash Balance End of Month (c + d) |
| $6,652 |
| $15,112 |
| $6,652 |
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| Current Month |
| Prior Month |
| Cumulative (Case to Date) |
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4. | Profit/(Loss from the Statement of Operations |
| ($159,524 | ) | ($122,211 | ) | ($904,434 | ) |
5. | Account Receivables (Pre and Post Petition) |
| 65,578 |
| 87,841 |
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6. | Post-Petition Liabilities |
| 880,336 |
| 799,690 |
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7. | Past Due Post-Petition Account Payables (over 30 days) |
| $726 |
| $3,845 |
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At the end of this reporting month: | Yes |
| No | ||||||||||
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 | ||||||||
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 | ||||||||
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 | X | ; U.S. Trustee Quarterly Fees | X | ; |
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| Check if filing is current for: Post-petition tax reporting and tax returns: | X |
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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.) | |||||||||||
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: | September 6, 2002 |
| /s/ R. Kenyon Culver, CFO |
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1
STATEMENT OF OPERATIONS | ||
(General Business Case) | ||
For the Month Ended | July 31, 2002 |
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Current Month |
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| Cumulative |
| Next Month |
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Actual |
| Forecast |
| Variance |
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| (Case to Date) |
| Forecast |
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| Revenues: |
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$ | 59,695 |
| $ | 306,047 |
| ($246,352 | ) | 1 |
| Gross Sales |
| $ | 582,629 |
| $ | 308,747 |
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0 |
| 0 |
| 0 |
| 2 |
| less: Sales Returns & Allowances |
| 0 |
| 0 |
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59,695 |
| 306,047 |
| (246,352 | ) | 3 |
| Net Sales |
| 582,629 |
| 308,747 |
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74,845 |
| 75,101 |
| 256 |
| 4 |
| less: Cost of Goods Sold | (Schedule ‘B’) |
| 373,155 |
| 76,145 |
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(15,150) |
| 230,946 |
| (246,096 | ) | 5 |
| Gross Profit |
| 209,474 |
| 232,602 |
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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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(15,150 | ) | 230,946 |
| (246,096 | ) | 10 |
| Total Revenues |
| 209,474 |
| 232,602 |
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| Expenses: |
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43,845 |
| 33,314 |
| (10,531 | ) | 11 |
| Compensation to Owner(s)/Officer(s) |
| 273,279 |
| 33,314 |
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51,467 |
| 73,028 |
| 21,561 |
| 12 |
| Salaries |
| 446,401 |
| 73,028 |
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1,036 |
| 0 |
| (1,036 | ) | 13 |
| Commissions |
| 14,417 |
| 0 |
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0 |
| 0 |
| 0 |
| 14 |
| Contract Labor |
| 0 |
| 0 |
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| 15 |
| Rent/Lease: Personal Property |
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13,006 |
| 10,825 |
| (2,181 | ) | 16 |
| Real Property |
| 80,738 |
| 10,825 |
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5,764 |
| 5,763 |
| (1 | ) | 17 |
| Insurance |
| 35,161 |
| 5,763 |
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0 |
| 0 |
| 0 |
| 18 |
| Management Fees |
| 0 |
| 0 |
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1,932 |
| 1,917 |
| (15 | ) | 19 |
| Depreciation |
| 13,918 |
| 1,917 |
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| Taxes: |
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4,235 |
| 8,137 |
| 3,902 |
| 20 |
| Employee Payroll Taxes |
| 44,449 |
| 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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5,185 |
| 13,151 |
| 7,966 |
| 3 |
| Other Selling |
| 22,347 |
| 13,819 |
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237 |
| 27,706 |
| 27,469 |
| 4 |
| Other Administrative |
| 112,530 |
| 27,706 |
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4,039 |
| 0 |
| (4,039 | ) | 5 |
| Interest |
| 21,850 |
| 0 |
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9,878 |
| 9,167 |
| (711 | ) | 6 |
| Other Expenses: | License fees |
| 35,669 |
| 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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140,624 |
| 183,008 |
| 42,384 |
| 15 |
| Total Expenses |
| 1,102,647 |
| 183,676 |
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(155,774 | ) | 47,938 |
| (203,712 | ) | 16 |
| Subtotal |
| (893,173 | ) | 48,926 |
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0 |
| 0 |
| 0 |
| 17 |
| Reorganization Items: |
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| 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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(3,750 | ) | 0 |
| (3,750 | ) | 21 |
| U.S. Trustee Quarterly Fees |
| (7,750 | ) | 0 |
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| 22 |
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(3,750 | ) | 0 |
| (3,750 | ) | 23 |
| Total Reorganization Items |
| (11,262 | ) | 0 |
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(159,524 | ) | 47,938 |
| (207,462 | ) | 24 |
| Net Profit (Loss Before Federal & State Taxes) |
| (904,435 | ) | 48,926 |
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0 |
| 0 |
| 0 |
| 25 |
| Federal & State Income Taxes |
| 0 |
| 0 |
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$ | (159,524 | ) | $ | 47,938 |
| $ | (207,462 | ) | 26 |
| Net Profit (Loss) |
| $ | (904,435 | ) | $ | 48,926 |
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2
Attach an Explanation of Variance to Statement of Operations (For variances greater than +/- 10% only):
BALANCE SHEET | ||
(General Business Case) | ||
For the Month Ended | July 31, 2002 |
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| Assets |
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| From Schedules |
| Market Value |
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| Current Assets |
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1 |
| Cash and cash equivalents — unrestricted |
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| $ | 6,652 |
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2 |
| Cash and cash equivalents — restricted |
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| 0 |
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3 |
| Accounts receivable (net) |
| A |
| 65,578 |
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4 |
| Inventory (net) |
| B |
| 145,096 |
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5 |
| Prepaid expenses |
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| 14,339 |
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6 |
| Professional retainers |
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| 3,481 |
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7 |
| Other: |
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| 0 |
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8 |
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| 0 |
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9 |
| Total Current Assets |
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| 235,146 |
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| Property and Equipment (Market Value) |
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10 |
| Real property |
| C |
| 0 |
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11 |
| Machinery and equipment |
| D |
| 1,759 |
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12 |
| Furniture and fixtures |
| D |
| 9,800 |
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13 |
| Office equipment |
| D |
| 5,792 |
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14 |
| Leasehold improvements |
| D |
| 0 |
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15 |
| Vehicles |
| D |
| 0 |
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16 |
| 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 |
| 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 |
| Due from affiliated company |
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| 554 |
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28 |
| Total Other Assets |
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| 0 |
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29 |
| Total Assets |
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| $ | 253,051 |
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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) |
| Liabilities |
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| From Schedules |
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| Post-Petition |
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| Current Liabilities |
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30 |
| Salaries and wages |
| $ | 54,468 |
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31 |
| Payroll taxes |
| 8,120 |
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32 |
| Real and personal property taxes |
| 0 |
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33 |
| A/P clearing |
| 308 |
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34 |
| Sales taxes |
| 0 |
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35 |
| Notes payable (short term) |
| 335,000 |
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36 |
| Accounts payable (trade | A | 25,738 |
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37 |
| Real property lease arrearage |
| 0 |
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38 |
| Personal property lease arrearage |
| 0 |
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39 |
| Accrued professional fees |
| 3,512 |
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40 |
| Current portion of long-term post-petition debt (due within 12 months) |
| 0 |
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41 |
| Other: | Warranty reserve ($28,185 and deferred revenue ($38,485) |
| 66,670 |
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42 |
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| Other ($9,988, commissions ($10,882 and accrued DIP loan interest ($21,850) |
| 42,720 |
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43 |
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| Due to affiliates |
| 343,800 |
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44 |
| Total Current Liabilities |
| 880,336 |
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45 |
| Long-Term Post-Petition Debt, Net of Current Portion |
| 0 |
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46 |
| Total Post-Petition Liabilities |
| 880,336 |
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| Pre-Petition Liabilities (allowed amount) |
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47 |
| Secured claims | F | 0 |
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48 |
| Priority unsecured claims | F | 184,155 |
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49 |
| General unsecured claims | F | 14,371,841 |
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50 |
| Total Pre-Petition Liabilities |
| 14,555,996 |
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51 |
| Total Liabilities |
| 15,436,332 |
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| Equity (Deficit) |
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52 | Equity (Deficit at time of filing) |
| (14,218,290 | ) | |||||||
53 | Capital Stock |
| 0 |
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54 | Additional paid-in capital |
| 1,000 |
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55 | Cumulative profit/(loss since filing of case) |
| (904,435 | ) | |||||||
56 | Post-petition contributions/(distributions or (draws) |
| 0 |
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57 |
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| 0 |
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58 | Market value adjustment |
| (61,556 | ) | |||||||
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59 |
| Total Equity (Deficit) |
| (15,183,281 | ) | ||||||
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60 | Total Liabilities and Equity (Deficit) |
| $ | 253,051 |
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4
SCHEDULES TO THE BALANCE SHEET |
(General Business Case) |
Schedule A |
Receivables and Payables Agings |
| Accounts Receivable [Pre and Post Petition] |
| Accounts Payable [Post Petition] |
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| Past Due Post Petition Debt |
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0 - 30 Days |
| $ | 53,392 |
| $ | 25,012 |
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| |
31-60 Days |
| 3,494 |
| 476 |
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61-90 Days |
| 3,234 |
| 0 |
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| $ | 726 |
| ||
91+ Days |
| 5,458 |
| 250 |
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| |||
Total accounts receivable/payable |
| 65,578 |
| $ | 25,738 |
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Allowance for doubtful accounts |
| 0 |
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Accounts receivable (net) |
| $ | 65,578 |
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Schedule B | |||
Inventory/Cost of Goods Sold | |||
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Types and Amount of Inventory(ies) |
| Cost of Goods Sold |
|
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| Inventory(ies) Balance at End of Month |
| Inventory Beginning of Month |
|
|
| $ | 185,705 |
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| Add - |
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Retail/Restaurants — |
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| Net purchase |
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| 216 |
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Product for resale |
| $ | 0 |
| Direct labor |
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| 5,057 |
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| Manufacturing overhead |
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| 24,064 |
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Distribution — |
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| Freight in |
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| 0 |
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Products for resale |
| 0 |
| Other: |
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| 0 |
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Manufacturer — |
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| 0 |
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Raw Materials |
| 326,530 |
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Work-in-progress |
| (38,605 | ) | Less - |
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Finished goods |
| 531,251 |
| Inventory End of Month |
|
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| 145,096 |
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| Monitoring |
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| (2,640 | ) | ||||||||||||||
Other — Explain |
| (674,080 | ) | Warranty |
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| (2,259 | ) | ||||||||||||||
Reserve for obsolescence |
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| Cost of Goods Sold |
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| $ | 74,845 |
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TOTAL |
| $ | 145,096 |
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Method of Inventory Control |
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| Inventory Valuation Methods |
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Do you have a functioning perpetual inventory system? |
| Indicate by a checkmark method of inventory used. |
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Yes | X |
| No |
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How often do you take a complete physical inventory? |
| Valuation methods |
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| FIFO cost |
| X |
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Weekly |
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| LIFO cost |
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Monthly |
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| Lower of cost |
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Quarterly |
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| or market |
| X |
|
|
|
| |||||||||||
Semi-annually |
|
|
|
|
| Retail method |
|
|
|
|
|
| |||||||||||
Annually | X |
|
|
|
| Other - |
|
|
|
|
|
| |||||||||||
Date of last physical inventory was |
| 1/18/2002 |
| Explain |
|
|
|
|
|
| |||||||||||||
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
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 |
|
|
|
|
|
| ||
| 7/31/02 NBV = $15,062 |
|
|
|
| ||
|
|
|
|
|
| ||
| Total |
| $ | 89,137 |
| $ | 1,759 |
Furniture & Fixtures - |
|
|
|
| |||
| Various |
| $ | 35,000 |
| $ | 9,800 |
|
|
|
|
|
| ||
| 7/31/02 NBV = $23,507 |
|
|
|
| ||
|
|
|
|
|
| ||
| Total |
| $ | 35,000 |
| $ | 9,800 |
Office Equipment - |
|
|
|
| |||
| Various |
| $ | 262,278 |
| $ | 5,792 |
|
|
|
|
|
| ||
| 7/31/02 NBV = $36,628 |
|
|
|
| ||
| 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 |
| $ | 4,280 |
|
|
|
|
|
|
| $ | 4,280 |
|
FICA — Employee |
| 1,870 |
|
|
|
|
|
|
| 1,870 |
| ||
FICA — Employer |
| 1,870 |
|
|
|
|
|
|
| 1,870 |
| ||
Unemployment (FUTA) |
| 26 |
|
|
|
|
|
|
| 26 |
| ||
Income |
|
|
|
|
|
|
|
|
|
|
| ||
Other (Attach List) |
|
|
|
|
|
|
|
|
|
|
| ||
Total Federal Taxes |
| 8,046 |
|
|
|
|
|
|
| 8,046 |
| ||
State and Local |
|
|
|
|
|
|
|
|
|
|
| ||
Income Tax Withholding |
| 74 |
|
|
|
|
|
|
| 74 |
| ||
Unemployment (UT) |
|
|
|
|
|
|
|
|
|
|
| ||
Disability Insurance (DI) |
|
|
|
|
|
|
|
|
|
|
| ||
Empl. Training Tax (ETT) |
|
|
|
|
|
|
|
|
|
|
| ||
Sales |
|
|
|
|
|
|
|
|
|
|
| ||
Excise |
|
|
|
|
|
|
|
|
|
|
| ||
Real property |
|
|
|
|
|
|
|
|
|
|
| ||
Personal property |
|
|
|
|
|
|
|
|
|
|
| ||
Income |
|
|
|
|
|
|
|
|
|
|
| ||
Other (Attach List) |
|
|
|
|
|
|
|
|
|
|
| ||
Total State & Local Taxes |
| 74 |
|
|
|
|
|
|
| 74 |
| ||
Total Taxes |
| $ | 8,120 |
|
|
|
|
|
|
| $ | 8,120 |
|
7
Schedule F |
Pre-Petition Liabilities |
List Total Claims For Each Classification - |
| Claimed Amount |
| Allowed Amount(b) |
| ||
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 |
| $ | (6,823 | ) | $ | 9,493 |
| $ | (1,189 | ) | $ | 5,171 |
|
Total Funds on Hand for all Accounts |
| $ | 6,652 |
|
|
|
|
|
|
| |||
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 | July 31, 2002 |
|
|
|
|
| Actual Current Month |
| Cumulative (Case to Date) |
| ||
| Cash Receipts |
|
|
|
|
| |||
1 |
| Rent/Leases Collected |
| $ | 0 |
| $ | 0 |
|
2 |
| Cash Received from Sales |
| 67,498 |
| 495,267 |
| ||
3 |
| Interest Received |
| 0 |
| 0 |
| ||
4 |
| Borrowings |
| 0 |
| 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 |
| 52,800 |
| 330,832 |
| ||
8 |
| Transfer from IDL Corp, an affiliated company |
| 9,000 |
| 67,897 |
| ||
9 |
| Insurance proceeds |
| 0 |
| 2,750 |
| ||
10 |
|
|
|
|
|
|
| ||
11 |
|
|
|
|
|
|
| ||
12 |
| Total Cash Receipts |
| 129,298 |
| 1,231,746 |
| ||
|
|
|
|
|
|
|
| ||
| Cash Disbursements |
|
|
|
|
| |||
13 |
| Payments for Inventory |
| 3,985 |
| 37,338 |
| ||
14 |
| Selling |
| 2,700 |
| 18,380 |
| ||
15 |
| Administrative |
| 37,417 |
| 264,358 |
| ||
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 |
| 18,969 |
| 189,716 |
| ||
22 |
| Draws |
| 0 |
| 0 |
| ||
23 |
| Commissions/Royalties |
| 0 |
| 0 |
| ||
24 |
| Expense Reimbursements |
| 0 |
| 0 |
| ||
25 |
| Other |
| 0 |
| 0 |
| ||
26 |
| Salaries/Commissions (less employee withholding) |
| 36,607 |
| 361,502 |
| ||
27 |
| Management Fees |
| 0 |
| 0 |
| ||
|
| Taxes: |
|
|
|
|
| ||
28 |
| Employee Withholding |
| 13,875 |
| 189,266 |
| ||
29 |
| Employer Payroll Taxes |
| 4,200 |
| 54,781 |
| ||
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. an affiliated company |
| 10,040 |
| 49,040 |
| ||
35 |
| U.S. Trustee |
| 0 |
| 3,500 |
| ||
36 |
| TNO license fee |
| 9,965 |
| 19,631 |
| ||
37 |
|
|
|
|
|
|
| ||
38 |
| Total Cash Disbursements: |
| 137,758 |
| 1,243,345 |
| ||
39 |
| Net Increase (Decrease in Cash) |
| (8,460 | ) | (11,599 | ) | ||
40 |
| Cash Balance, Beginning of Period |
| 15,112 |
| 18,251 |
| ||
41 |
| Cash Balance, End of Period |
| $ | 6,652 |
| $ | 6,652 |
|
9
MONTHLY OPERATING REPORT
FCI Environmental, Inc. 01-23229 rjc
July 31, 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 |
|
|
|
|
|
| |
Date | Nbr. | Amount | Purpose | Payee | |||||
7/12/02 |
| 11156 |
| $ | 4,038 |
| Payroll period ended 07/06/02 |
| Ken Culver, CFO |
7/12/02 |
| 11157 |
| 5,446 |
| Payroll period ended 07/06/02 |
| Peter Gerard, CEO | |
7/26/02 |
| 11174 |
| 4,038 |
| Payroll period ended 07/20/02 |
| Ken Culver, CFO | |
7/26/02 |
| 11175 |
| 5,447 |
| Payroll period ended 07/20/02 |
| 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. $335,000 has been received by the end of this reporting period.
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
Page 1of 2
MONTHLY OPERATING REPORT
FCI Environmental, Inc. 01-23229 rjc
July 31, 2002
Additional Information
Balance Sheet:
Cash — The credit cash balance in bank account 37-5550-8595 is a book overdraft only. Checks processed that created this book overdraft have been held and have only been released as cash resources become available.
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 $75,197, to be worth $17,351.
Accrued salaries and wages — is comprised of: (a) management salary deferral ($34,768) which only at Plan confirmation will be converted to a promissory note as approved by the bankruptcy court on or about July 12, 2002, in an emergency order authorizing supplemental post petition financing, and (b) earned but unpaid salary ($19,700) for the period from July 21, 2002 through July 31, 2002.
Warranty Reserve ($28,185) and deferred Revenue ($38,485) — 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.
END
Page 2 of 2