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: |
| September 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) |
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2. |
| Asset and Liabilities Structure |
| End of |
| End of |
| As of |
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| a. Current Assets |
| $ | 237,892 |
| $ | 237,198 |
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| b. Total Assets |
| 255,797 |
| 255,103 |
| $ | 347,596 |
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| c. Current Liabilities |
| 1,123,580 |
| 1,008,330 |
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| d. Total Liabilities |
| $ | 15,679,576 |
| $ | 15,564,326 |
| $ | 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 |
| $ | 118,861 |
| $ | 120,890 |
| $ | 1,471,497 |
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| b. Total Disbursements |
| 90,777 |
| 121,372 |
| 1,455,494 |
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| c. Excess (Deficiency) of Receipts Over Disbursements (a - b) |
| 28,084 |
| (482 | ) | 16,003 |
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| d. Cash Balance Beginning of Month |
| $ | 6,170 |
| $ | 6,652 |
| 18,251 |
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| e. Cash Balance End of Month (c + d) |
| $ | 34,254 |
| $ | 6,170 |
| $ | 34,254 |
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| Current Month |
| Prior Month |
| Cumulative (Case to Date) |
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4. |
| Profit/(Loss) from the Statement of Operations |
| $ | (116,488 | ) | $ | (127,874 | ) | $ | (1,148,797 | ) | |||
5. |
| Account Receivables (Pre and Post Petition) |
| 29,937 |
| 56,890 |
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6. |
| Post-Petition Liabilities |
| 1,123,580 |
| 1,008,330 |
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7. |
| Past Due Post-Petition Account Payables (over 30 days) |
| $ | 2,900 |
| $ | 20,083 |
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At the end of this reporting month: |
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| 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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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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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) |
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12. |
| Is the estate insured for replacement cost of assets and for general liability? |
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13. |
| Are a plan and disclosure statement on file? |
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14. |
| Was there any post-petition borrowing during this reporting period? (additional information attached) |
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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: | November 4, 2002 |
| R. Kenyon Culver, CFO | ||||||||||||
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| Responsible Individual | ||||||||||||
STATEMENT OF OPERATIONS
(General Business Case)
For the Month Ended September 30, 2002
Current Month |
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| Cumulative |
| Next Month |
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Actual |
| Forecast |
| Variance |
| (Case to Date) |
| Forecast |
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| Revenues: |
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$ | 19,187 |
| $ | 302,450 |
| $ | (283,263 | ) | 1 |
| Gross Sales |
| $ | 628,841 |
| $ | 335,960 |
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0 |
| 0 |
| 0 |
| 2 |
| less: Sales Returns & Allowances |
| 0 |
| 0 |
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19,187 |
| 302,450 |
| (283,263 | ) | 3 |
| Net Sales |
| 628,841 |
| 335,960 |
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15,281 |
| 62,668 |
| 27,387 |
| 4 |
| less: Cost of Goods Sold (Schedule ‘B’) |
| 389,548 |
| 71,180 |
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3,906 |
| 239,782 |
| (235,876 | ) | 5 |
| Gross Profit |
| 239,293 |
| 264,780 |
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0 |
| 0 |
| 0 |
| 6 |
| Interest |
| 0 |
| 0 |
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0 |
| 0 |
| 0 |
| 7 |
| Other Income: |
| 0 |
| 0 |
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| 8 |
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3,906 |
| 239,782 |
| (235,876 | ) | 10 |
| Total Revenues |
| 239,293 |
| 264,780 |
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| Expenses: |
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36,667 |
| 33,314 |
| (3,353 | ) | 11 |
| Compensation to Owner(s)/Officer(s) |
| 327,349 |
| 33,314 |
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24,103 |
| 73,028 |
| 48,925 |
| 12 |
| Salaries |
| 559,419 |
| 73,028 |
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0 |
| 0 |
| 0 |
| 13 |
| Commissions |
| 0 |
| 0 |
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0 |
| 0 |
| 0 |
| 14 |
| Contract Labor |
| 10,405 |
| 0 |
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| 15 |
| Rent/Lease: |
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10,208 |
| 10,825 |
| 617 |
| 16 |
| Real Property |
| 101,154 |
| 10,825 |
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7,090 |
| 5,763 |
| (1,327 | ) | 17 |
| Insurance |
| 46,862 |
| 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 |
| 17,782 |
| 2,000 |
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| Taxes: |
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3,211 |
| 8,137 |
| 4,926 |
| 20 |
| Employee Payroll Taxes |
| 47,946 |
| 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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1,534 |
| 15,212 |
| 13,678 |
| 3 |
| Other Selling |
| 24,479 |
| 16,100 |
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21,157 |
| 27,706 |
| 6,549 |
| 4 |
| Other Administrative |
| 148,898 |
| 27,706 |
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4,492 |
| 0 |
| (4,492 | ) | 5 |
| Interest |
| 30,964 |
| 0 |
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10,000 |
| 9,167 |
| (833 | ) | 6 |
| Other Expenses: | License fees |
| 55,669 |
| 9,167 |
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| 7 |
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| 19,531 |
| 0 |
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| 8 |
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| 14 |
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120,394 |
| 185,069 |
| 64,675 |
| 15 |
| Total Expenses |
| 1,376,828 |
| 186,040 |
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(116,488 | ) | 54,713 |
| (171,201 | ) | 16 |
| Subtotal |
| (1,137,535 | ) | 78,740 |
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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 |
| (7,750 | ) | 0 |
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| 22 |
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0 |
| 0 |
| 0 |
| 23 |
| Total Reorganization Items |
| (11,262 | ) | 0 |
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(116,488 | ) | 54,713 |
| (171,201 | ) | 24 |
| Net Profit (Loss) Before Federal & State Taxes |
| (1,148,797 | ) | 78,740 |
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0 |
| 0 |
| 0 |
| 25 |
| Federal & State Income Taxes |
| 0 |
| 0 |
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$ | (116,488 | ) | $ | 54,713 |
| $ | (171,201 | ) | 26 |
| Net Profit (Loss) |
| $ | (1,148,797 | ) | $ | 78,740 |
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Attach an Explanation of Variance to Statement of Operations (For variances greater than +/- 10% only):
BALANCE SHEET
(General Business Case)
For the Month Ended September 30, 2002
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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| $ | 34,254 |
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2 |
| Cash and cash equivalents — restricted |
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| 0 |
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3 |
| Accounts receivable (net) |
| A |
| 29,937 |
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4 |
| Inventory |
| B |
| 160,592 |
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5 |
| Prepaid expenses |
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| 9,628 |
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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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| 237,892 |
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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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17 |
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18 |
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19 |
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20 |
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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 |
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| Due from affiliated companies |
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| 554 |
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28 |
| Total Other Assets |
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29 |
| Total Assets |
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| $ | 255,797 |
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NOTE: |
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| 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. |
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| See additional information attached |
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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 |
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| $ | 132,638 |
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31 |
| Payroll taxes |
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| 5,351 |
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32 |
| Real and personal property taxes |
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33 |
| A/P clearing |
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| (655 | ) | |||
34 |
| Sales taxes |
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35 |
| Notes payable (short term) |
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| 385,000 |
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36 |
| Accounts payable (trade) |
| A |
| 15,981 |
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37 |
| Real property lease arrearage |
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| 0 |
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38 |
| Personal property lease arrearage |
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| 2,192 |
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39 |
| Accrued professional fees |
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| 3,513 |
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40 |
| Current portion of long-term post-petition debt (due within 12 months) |
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| 0 |
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41 |
| Other: | Warranty reserve ($17,887) and deferred revenue ($34,950) |
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| 52,837 |
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42 |
| Other (($6,288)), license fees ($35,531) and accrued DIP loan interest ($30,963) |
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| 63,206 |
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43 |
| Due to affiliates |
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| 463,309 |
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44 |
| Total Current Liabilities |
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| 1,123,372 |
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45 |
| Long-Term Post-Petition Debt, Net of Current Portion |
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| 0 |
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46 |
| Total Post-Petition Liabilities |
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| 1,123,372 |
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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 |
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| 14,555,996 |
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51 |
| Total Liabilities |
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| 15,564,326 |
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| Equity (Deficit) |
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52 |
| Equity (Deficit) at time of filing |
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| (14,218,082 | ) | |||
53 |
| Capital Stock |
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| 0 |
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54 |
| Additional paid-in capital |
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| 1,000 |
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55 |
| Cumulative profit/(loss) since filing of case |
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| (1,148,797 | ) | |||
56 |
| 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 |
| Market value adjustment |
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| (57,692 | ) | |||
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59 |
| Total Equity (Deficit) |
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| (15,423,571 | ) | |||
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60 | Total Liabilities and Equity (Deficit) |
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| $ | 255,797 |
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SCHEDULES TO THE BALANCE SHEET
(General Business Case)
Schedule A
Accounts Receivable (Net) Payable
Receivables and Payables Agings |
| Accounts Receivable |
| Accounts Payable |
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| Past Due |
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0 - 30 Days |
| $ | 34,189 |
| $ | 13,081 |
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31-60 Days |
| 225 |
| 1,837 |
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61-90 Days |
| 0 |
| 463 |
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| $ | 2,900 |
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91+ Days |
| 265 |
| 600 |
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Total accounts receivable/payable |
| 34,679 |
| $ | 15,981 |
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Allowance for doubtful accounts |
| (4,742 | ) |
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Accounts receivable (net) |
| $ | 29,937 |
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Schedule B
Inventory/Cost of Goods Sold
Types and Amount of Inventory(ies) |
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| Cost of Goods Sold |
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| Inventory(ies) |
| Inventory Beginning of Month | $ | 161,029 |
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| Add — |
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Retail/Restaurants — |
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| Net purchase |
| 67 |
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Product for resale |
| $ | 0 |
| Direct labor |
| 0 |
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| Manufacturing overhead |
| 21,087 |
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Distribution — |
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| Freight in |
| 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 |
| 324,030 |
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|
| |||
Work-in-progress |
| (38,537 | ) | Less — |
|
|
| |||
Finished goods |
| 549,179 |
| Inventory End of Month |
| 160,592 |
| |||
|
|
|
| Monitoring |
| (2,400 | ) | |||
Other — Explain |
| (674,080 | ) | Warranty |
| 8,710 |
| |||
Reserve of obsolescence |
|
|
|
|
|
|
| |||
|
|
|
| Cost of Goods Sold |
| $ | 15,281 |
| ||
TOTAL |
| $ | 160,592 |
|
|
|
|
| ||
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 |
|
|
| Other — |
|
|
| ||||||||
Annually | X |
|
| Explain |
|
|
| ||||||||
Date of last physical inventory was |
| 1/18/2002 |
|
|
| ||||||||||
|
|
|
|
|
| ||||||||||
Date of next physical inventory is |
| 12/31/2002 |
|
|
| ||||||||||
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 |
|
|
|
|
|
|
|
| ||
| 9/30/02 NBV = $14,170 |
|
|
|
|
| ||
|
|
|
|
|
|
| ||
|
|
|
|
|
|
| ||
| Total |
| $ | 89,137 |
| $ | 1,759 |
|
|
|
|
|
|
|
| ||
Furniture & Fixtures — |
|
|
|
|
| |||
| Various |
| $ | 35,000 |
| $ | 9,800 |
|
|
|
|
|
|
|
| ||
| 9/30/02 NBV = $23,157 |
|
|
|
|
| ||
|
|
|
|
|
|
| ||
| Total |
| $ | 35,000 |
| $ | 9,800 |
|
|
|
|
|
|
|
| ||
Office Equipment — |
|
|
|
|
| |||
| Various |
| $ | 262,278 |
| $ | 5,792 |
|
|
|
|
|
|
|
| ||
| 98/30/02 NBV = $34,006 |
|
|
|
|
| ||
| Total |
| $ | 262,278 |
| $ | 5,792 |
|
|
|
|
|
|
|
| ||
Leasehold Improvements — |
|
|
|
|
| |||
| None |
| $ | 0 |
| $ | 0 |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
| ||
|
|
|
|
|
|
| ||
|
|
|
|
|
|
| ||
| Total |
| $ | 0 |
| $ | 0 |
|
|
|
|
|
|
|
| ||
Vehicles — |
|
|
|
|
| |||
| None |
| $ | 0 |
| $ | 0 |
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
| ||
|
|
|
|
|
|
| ||
| Total |
| $ | 0 |
| $ | 0 |
|
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 |
| $ | 2,519 |
|
|
|
|
|
|
|
|
|
| $ | 2,519 |
|
FICA — Employee |
| 1,385 |
|
|
|
|
|
|
| 1,385 |
| |||||
FICA — Employer |
| 1,385 |
|
|
|
|
|
|
| 1,385 |
| |||||
Unemployment (FUTA) |
| 7 |
|
|
|
|
|
|
| 7 |
| |||||
Income |
|
|
|
|
|
|
|
|
|
|
| |||||
Other (Attach List) |
|
|
|
|
|
|
|
|
|
|
| |||||
Total Federal Taxes |
| 5,296 |
|
|
|
|
|
|
| 5,296 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
State and Local |
|
|
|
|
|
|
|
|
|
|
| |||||
Income Tax Withholding |
| 55 |
|
|
|
|
|
|
| 55 |
| |||||
Unemployment (UT) |
|
|
|
|
|
|
|
|
|
|
| |||||
Disability Insurance (DI) |
|
|
|
|
|
|
|
|
|
|
| |||||
Empl. Training Tax (ETT) |
|
|
|
|
|
|
|
|
|
|
| |||||
Sales |
|
|
|
|
|
|
|
|
|
|
| |||||
Excise |
|
|
|
|
|
|
|
|
|
|
| |||||
Real property |
|
|
|
|
|
|
|
|
|
|
| |||||
Personal property |
|
|
|
|
|
|
|
|
|
|
| |||||
Income |
|
|
|
|
|
|
|
|
|
|
| |||||
Other (Attach List) |
|
|
|
|
|
|
|
|
|
|
| |||||
Total State & Local Taxes |
| 55 |
|
|
|
|
|
|
| 55 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Taxes |
| $ | 5,351 |
|
|
|
|
|
|
| $ | 5,351 |
| |||
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 |
| $ | 15,291 |
| $ | (3,797 | ) | $ | 1,019 |
| $ | 21,741 |
|
Total Funds on Hand for all Accounts |
| $ | 34,254 |
|
|
|
|
|
|
| |||
Attach copies of the month end bank statement(s), reconciliation(s), and the check register(s) to the Monthly Operating Report.
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
Increase/(Decrease) in Cash and Cash Equivalents
For the Month Ended September 30, 2002
|
|
|
| Actual |
| Cumulative |
| ||||
|
| Cash Receipts |
|
|
|
|
| ||||
1 |
|
| Rent/Leases Collected |
| $ | 0 |
| $ | 0 |
| |
2 |
|
| Cash Received from Sales |
| 45,372 |
| 555,337 |
| |||
3 |
|
| Interest Received |
| 0 |
| 0 |
| |||
4 |
|
| Borrowings |
| 0 |
| 385,000 |
| |||
5 |
|
| Funds from Shareholders, Partners, or Other Insiders |
| 0 |
| 0 |
| |||
6 |
|
| Capital Contributions |
| 0 |
| 0 |
| |||
7 |
|
| Transfers from DecisionLink, Inc., an affiliated company |
| 0 |
| 377,232 |
| |||
8 |
|
| Transfer from IDL Corp., an affiliated company |
| 73,489 |
| 150,386 |
| |||
9 |
|
| Insurance proceeds |
| 0 |
| 3,542 |
| |||
10 |
|
|
|
|
|
|
|
| |||
11 |
|
|
|
|
|
|
|
| |||
12 |
| Total Cash Receipts |
| 118,861 |
| 1,471,497 |
| ||||
|
|
|
|
|
|
|
| ||||
|
| Cash Disbursements |
|
|
|
|
| ||||
13 |
| Payments for Inventory |
| 0 |
| 37,338 |
| ||||
14 |
| Selling |
| 599 |
| 18,979 |
| ||||
15 |
| Administrative |
| 24,909 |
| 310,491 |
| ||||
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 |
| 5,988 |
| 208,183 |
| ||||
22 |
| Draws |
| 0 |
| 0 |
| ||||
23 |
| Commissions/Royalties |
| 0 |
| 0 |
| ||||
24 |
| Expense Reimbursements |
| 0 |
| 0 |
| ||||
25 |
| Other |
| 0 |
| 0 |
| ||||
26 |
| Salaries/Commissions (less employee withholding) |
| 37,290 |
| 437,611 |
| ||||
27 |
| Management Fees |
| 0 |
| 0 |
| ||||
|
| Taxes: |
|
|
|
|
| ||||
28 |
| Employee Withholding |
| 11,471 |
| 213,912 |
| ||||
29 |
| Employer Payroll Taxes |
| 3,770 |
| 62,726 |
| ||||
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 |
|
| Transfers to DecisionLink, Inc., an affiliated company |
| 3,000 |
| 83,540 |
| |||
35 |
|
| U.S. Trustee |
| 3,750 |
| 7,250 |
| |||
36 |
|
| TNO license fee |
| 0 |
| 19,631 |
| |||
37 |
|
|
|
|
|
|
|
| |||
38 |
|
| Total Cash Disbursements: |
| 90,777 |
| 1,455,494 |
| |||
39 |
| Net Increase (Decrease) in Cash |
| 28,084 |
| 16,003 |
| ||||
40 |
| Cash Balance, Beginning of Period |
| 6,170 |
| 18,251 |
| ||||
41 |
| Cash Balance, End of Period |
| $ | 34,254 |
| $ | 34,254 |
| ||
MONTHLY OPERATING REPORT
FCI Environmental, Inc. 01-23229 rjc
September 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 |
| |
9/06/02 |
| 11220 |
| $ | 2,994 |
| Payroll period ended 08/31/02 |
| Ken Culver, CFO |
|
9/20/02 |
| 11232 |
| 2,994 |
| Payroll period ended 09/14/02 |
| 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. 12. Estate insurance:
Effective September 1, 2002, FCI’s property and general liability insurance policies expired without replacement.
No. 14. An emergency order authorizing post-petition financing was approved by the bankruptcy court on or about December 21, 2001. On March 27, 2002, the bankruptcy court entered an emergency order authorizing supplemental post petition financing. $385,000 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
1
MONTHLY OPERATING REPORT
FCI Environmental, Inc. 01-23229 rjc
September 30, 2002
Additional Information
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 $71,333, to be worth $17,351.
Accrued salaries and wages — is comprised of: (a) $80,029 management salary deferral 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, (b) $16,994 earned salary for the period from September 15, 2002 through September 28, 2002 paid on October 4, 2002, and (c) earned but unpaid salary of $25,477 and $10,138 for Messrs. Gerard and Culver, respectively.
Warranty Reserve ($17,887) and deferred Revenue ($34,950) — 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.
END
2