Exhibit 99.2
UNITED STATES BANKRUPTCY COURT
DISTRICT OF NEVADA
In re: |
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| Case No. |
| 01-23229 rcj | ||||
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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: | October 31, 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 ___ 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 |
| $ | 220,088 |
| $ | 237,892 |
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| |
| b. | Total Assets |
| 237,993 |
| 255,797 |
| $ | 347,596 |
| ||
| c. | Current Liabilities |
| 1,211,182 |
| 1,123,580 |
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| d. | Total Liabilities |
| $ | 15,767,178 |
| $ | 15,679,576 |
| $ | 14,555,995 |
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3. | Statement of Cash Receipts & Disbursements for Month |
| Current Month |
| Prior Month |
| Cumulative |
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| a. | Total Receipts |
| $ | 95,209 |
| $ | 118,861 |
| $ | 1,566,706 |
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| b. | Total Disbursements |
| 100,483 |
| 90,777 |
| 1,555,977 |
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| c. | Excess (Deficiency of Disbursements (a - b) Receipts Over |
| (5,274 | ) | 28,084 |
| 10,729 |
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| d. | Cash Balance Beginning of Month |
| 34,254 |
| 6,170 |
| 18,251 |
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| e. | Cash Balance End of (c + d) Month |
| $ | 28,980 |
| $ | 34,254 |
| $ | 28,980 |
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| Current Month |
| Prior Month |
| Cumulative |
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4. |
| Profit/(Loss from the Statement of Operations) |
| $ | (107,547 | ) | $ | (116,488 | ) | $ | (1,256,344 | ) |
5. |
| Account Receivables (Pre and Post Petition) |
| 31,105 |
| 29,937 |
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6. |
| Post-Petition Liabilities |
| 1,211,182 |
| 1,123,580 |
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7. |
| Past Due Post-Petition Account Payables (over 30 days) |
| $ | 4,549 |
| $ | 2,900 |
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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? |
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| 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) |
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| X |
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15. | Check if paid: Post-petition taxes X ; U.S. Trustee Quarterly Fees X ; Check if filing is current for: Post-petition tax reporting and tax returns: X . (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. | |||||||||||
Date: | January 15, 2003 |
| R. Kenyon Culver, CFO |
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| Responsible Individual |
STATEMENT OF OPERATIONS
(General Business Case)
For the Month Ended | October 31, 2002 |
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Current Month |
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| Cumulative |
| Next Month | ||||||||||||||||||||||||||||||
Actual |
| Forecast |
| Variance |
| Revenues: |
| (Case to Date) |
| Forecast | ||||||||||||||||||||||||||||||
$ | 48,717 |
| $ | 335,960 |
| $ | (287,243) |
| 1 |
| Gross Sales |
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| $ | 677,558 |
| $ | 354,875 | ||||||||||||||||||||||
0 |
| 0 |
| 0 |
| 2 |
| less: Sales Returns & Allowances |
| 0 |
| 0 | ||||||||||||||||||||||||||||
48,717 |
| 335,960 |
| (287,243) |
| 3 |
| Net Sales |
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| 677,558 |
| 354,875 | |||||||||||||||||||||||||||
43,122 |
| 71,180 |
| 28,058 |
| 4 |
| less: Cost of Goods Sold | (Schedule ‘B’) | 432,670 |
| 76,271 | ||||||||||||||||||||||||||||
5,595 |
| 264,780 |
| (259,185) |
| 5 |
| Gross Profit |
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| 244,888 |
| 278,604 | |||||||||||||||||||||||||||
0 |
| 0 |
| 0 |
| 6 |
| Interest |
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| 0 |
| 0 | |||||||||||||||||||||||||||
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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5,595 |
| 264,780 |
| (259,185) |
| 10 |
| Total Revenues |
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| 244,888 |
| 278,604 | |||||||||||||||||||||||||||
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| Expenses: |
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29,334 |
| 33,314 |
| 3,980 |
| 11 |
| Compensation to Owner(s)/Officer(s) | 356,683 |
| 33,314 | |||||||||||||||||||||||||||||
43,226 |
| 73,028 |
| 29,802 |
| 12 |
| Salaries |
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| 602,645 |
| 73,028 | |||||||||||||||||||||||||||
644 |
| 0 |
| (644) |
| 13 |
| Commissions |
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| 15,061 |
| 0 | |||||||||||||||||||||||||||
0 |
| 0 |
| 0 |
| 14 |
| Contract Labor |
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| 0 |
| 0 | |||||||||||||||||||||||||||
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| 15 |
| Rent/Lease: |
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10,334 |
| 10,825 |
| 491 |
| 16 |
| Real Property |
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| 111,488 |
| 10,825 | |||||||||||||||||||||||||||
0 |
| 5,763 |
| 5,763 |
| 17 |
| Insurance |
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| 46,862 |
| 5,763 | |||||||||||||||||||||||||||
0 |
| 0 |
| 0 |
| 18 |
| Management Fees |
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| 0 |
| 0 | |||||||||||||||||||||||||||
1,932 |
| 2,000 |
| 68 |
| 19 |
| Depreciation |
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| 19,714 |
| 2,000 | |||||||||||||||||||||||||||
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| Taxes: |
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3,122 |
| 8,137 |
| 5,015 |
| 20 |
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| Employee Payroll Taxes |
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| 51,068 |
| 8,137 | ||||||||||||||||||||||||||
862 |
| 0 |
| (862) |
| 1 |
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| Real Property Taxes |
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| 2,751 |
| 0 | ||||||||||||||||||||||||||
0 |
| 0 |
| 0 |
| 2 |
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| Other Taxes |
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| 0 |
| 0 | ||||||||||||||||||||||||||
0 |
| 16,100 |
| 16,100 |
| 3 |
| Other Selling |
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| 24,479 |
| 16,622 | |||||||||||||||||||||||||||
5,297 |
| 27,706 |
| 22,409 |
| 4 |
| Other Administrative |
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| 154,195 |
| 27,706 | |||||||||||||||||||||||||||
4,641 |
| 0 |
| (4,461) |
| 5 |
| Interest |
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| 35,605 |
| 0 | |||||||||||||||||||||||||||
10,000 |
| 9,167 |
| (833) |
| 6 |
| Other Expenses: | License fees | 65,669 |
| 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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109,392 |
| 186,040 |
| 76,648 |
| 15 |
| Total Expenses |
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| 1,486,220 |
| 186,562 | |||||||||||||||||||||||||||
(103,797) |
| 78,740 |
| (182,537) |
| 16 |
| Subtotal |
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| (1,241,332) |
| 92,042 | |||||||||||||||||||||||||||
0 |
| 0 |
| 0 |
| 17 |
| Reorganization Items: | (3,512) |
| 0 | |||||||||||||||||||||||||||||
0 |
| 0 |
| 0 |
| 18 |
| Provisions for Rejected Executory Contracts | 0 |
| 0 | |||||||||||||||||||||||||||||
0 |
| 0 |
| 0 |
| 19 |
| Interest Earned on Accumulated Cash from Resulting Chp 11 Case | 0 |
| 0 | |||||||||||||||||||||||||||||
0 |
| 0 |
| 0 |
| 20 |
| Gain or (Loss) from Sale of Equipment | 0 |
| 0 | |||||||||||||||||||||||||||||
(3,750) |
| 0 |
| (3,750) |
| 21 |
| U.S. Trustee Quarterly Fees | (11,500) |
| 0 | |||||||||||||||||||||||||||||
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| 22 |
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Total Reorganization Items |
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(3,750) |
| 0 |
| (3,750) |
| 23 |
| (15,012) |
| 0 | ||||||||||||||||||||||||||||||
(107,547) |
| 78,740 |
| (186,287) |
| 24 |
| Net Profit (Loss) Before Federal & State Taxes | (1,256,344) |
| 92,042 | |||||||||||||||||||||||||||||
0 |
| 0 |
| 0 |
| 25 |
| Federal & State Income Taxes | 0 |
| 0 | |||||||||||||||||||||||||||||
$ | (107,547) |
| $ | 78,740 |
| $ | (186,287) |
| 26 |
| Net Profit (Loss) |
|
| $ | (1,256,344) |
| $ | 92,042 | ||||||||||||||||||||||
Attach an Explanation of Variance to Statement of Operations (For variances greater than +/- 10% only):
BALANCE SHEET
(General Business Case)
For the Month Ended | October 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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| $ | 28,980 | |
2 |
| Cash and cash equivalents — restricted |
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| 0 | ||
3 |
| Accounts receivable (net) |
| A |
| 31,105 | ||
4 |
| Inventory (net) |
| B |
| 146,894 | ||
5 |
| Prepaid expenses |
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| 9,628 | ||
6 |
| Professional retainers |
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| 3,481 | ||
7 |
| Other: |
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| 0 | |
8 |
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9 |
| Total Current Assets |
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| 220,088 | ||
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| Property and Equipment (Market Value) |
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10 |
| Real property |
| C |
| 0 | ||
11 |
| Machinery and equipment |
| D |
| 1,759 | ||
12 |
| Furniture and fixtures |
| D |
| 9,800 | ||
13 |
| Office equipment |
| D |
| 5,792 | ||
14 |
| Leasehold improvements |
| D |
| 0 | ||
15 |
| Vehicles |
| D |
| 0 | ||
16 |
| Other: |
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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 | ||
23 |
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| 0 | ||
24 |
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| 0 | ||
25 |
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| 0 | ||
26 |
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| 0 | ||
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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| $ | 237,993 |
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)
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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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| $ | 169,343 | |
31 |
| Payroll taxes |
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| 488 | ||
32 |
| Real and personal property taxes |
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| 0 | ||
33 |
| A/P clearing |
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| 4,794 | ||
34 |
| Sales taxes |
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| 0 | ||
35 |
| Notes payable (short term) |
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| 385,000 | ||
36 |
| Accounts payable (trade |
| A |
| 17,371 | ||
37 |
| Real property lease arrearage |
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| 0 | ||
38 |
| Personal property lease arrearage |
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| 2,192 | ||
39 |
| Accrued professional fees |
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| 3,513 | ||
40 |
| Current portion of long-term post-petition debt (due within 12 months) |
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| 0 | ||
41 |
| Other: | Warranty reserve ($17,114) and deferred revenue ($24,573) |
|
| 41,687 | ||
42 |
| Other (($3,270)), license fees ($39,878) and accrued DIP loan interest ($35,605) |
|
| 72,213 | |||
43 |
| Due to affiliates |
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| 514,581 | |||
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44 |
| Total Current Liabilities |
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| 1,211,182 | ||
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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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| 1,211,182 | ||
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| Pre-Petition Liabilities (allowed amount) |
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47 |
| Secured claims |
| F |
| 0 | ||
48 |
| Priority unsecured claims |
| F |
| 184,155 | ||
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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| 15,767,178 | ||
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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 | ||
54 |
| Additional paid-in capital |
|
|
| 1,000 | ||
55 |
| Cumulative profit/(loss) since filing of case |
|
|
| (1,256,344) | ||
56 |
| Post-petition contributions/(distributions) or (draws) |
|
|
| 0 | ||
57 |
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|
|
| 0 | ||
58 |
| Market value adjustment |
|
|
| (55,759) | ||
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|
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|
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| ||
59 |
| Total Equity (Deficit) |
|
|
| (15,529,185) | ||
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60 Total Liabilities and Equity (Deficit) |
|
|
| $ | 237,993 | |||
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 |
| $ | 35,583 |
| $ | 12,822 |
|
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| |
31-60 Days |
| 0 |
| 2,558 |
|
|
| |||
61-90 Days |
| 0 |
| 928 |
| $ | 4,549 |
| ||
91+ Days |
| 264 |
| 1,063 |
|
|
| |||
Total accounts receivable/payable |
| 35,847 |
| $ | 17,371 |
|
|
| ||
Allowance for doubtful accounts |
| (4,742 | ) |
|
|
|
| |||
Accounts receivable (net) |
| $ | 31,105 |
|
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| ||
Schedule B
Inventory/Cost of Goods Sold
Types and Amount of Inventory(ies)
|
| Inventory(ies) |
| Cost of Goods Sold |
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| ||
|
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|
| Inventory Beginning of Month |
| $ | 160,592 |
| |
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|
| Add — |
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Retail/Restaurants — |
|
|
| Net purchase |
| 7,988 |
| ||
Product for resale |
| $ | 0 |
| Direct labor |
| 15,936 |
| |
|
|
|
| Manufacturing overhead |
| 39,763 |
| ||
Distribution — |
|
|
| Freight in |
| 0 |
| ||
Products for resale |
| 0 |
| Other: |
|
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| ||
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|
| 0 |
| ||
Manufacturer — |
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|
|
| 0 |
| ||
Raw Materials |
| 341,747 |
|
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|
|
| ||
Work-in-progress |
| (39,550) |
| Less — |
|
|
| ||
Finished goods |
| 373,691 |
| Inventory End of Month |
| 146,894 |
| ||
|
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|
| Monitoring/warranty |
| (5,124) |
| ||
Other — Explain |
| (528,994) |
| Scrap |
| (29,139) |
| ||
Reserve for obsolescence |
|
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|
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|
| Cost of Goods Sold |
| $ | 43,122 |
| |
TOTAL |
| $ | 146,894 |
|
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|
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 |
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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 |
|
| LIFO cost |
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Monthly |
|
| Lower of cost |
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Quarterly |
|
| or market |
| X |
| |||||||
Semi-annually |
|
| Retail method |
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Annually | X |
| Other — |
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Date of last physical inventory was | 1/18/2002 |
| Explain | ||||||||||
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Date of next physical inventory is | 12/31/2002 |
|
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Schedule C
Real Property
Description |
|
|
| Cost |
| Market Value |
| ||
None |
|
|
| $ | 0 |
| $ | 0 |
|
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|
|
| ||
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| ||
Total |
|
|
| $ | 0 |
| $ | 0 |
|
Schedule D
Other Depreciable Assets
Description |
|
|
| Cost |
| Market Value |
| ||
Machinery & Equipment — |
|
|
|
|
|
|
| ||
Various |
|
|
| $ | 89,137 |
| $ | 1,759 |
|
|
|
|
|
|
|
|
| ||
10/31/02 NBV = $13,724 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| ||
Total |
|
|
| $ | 89,137 |
| $ | 1,759 |
|
|
|
|
|
|
|
|
| ||
Furniture & Fixtures — |
|
|
|
|
|
|
| ||
Various |
|
|
| $ | 35,000 |
| $ | 9,800 |
|
|
|
|
|
|
|
|
| ||
10/31/02 NBV = $22,982 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
| ||
Total |
|
|
| $ | 35,000 |
| $ | 9,800 |
|
|
|
|
|
|
|
|
| ||
Office Equipment — |
|
|
|
|
|
|
| ||
Various |
|
|
| $ | 262,278 |
| $ | 5,792 |
|
|
|
|
|
|
|
|
| ||
10/31/02 NBV = $32,694 |
|
|
|
|
|
|
| ||
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 |
| $ | 0 |
|
|
|
|
|
|
|
|
| ||
FICA — Employee |
| 244 |
|
|
|
|
|
|
|
|
| |||
FICA — Employer |
| 244 |
|
|
|
|
|
|
|
|
| |||
Unemployment (FUTA) |
| 1 |
|
|
|
|
|
|
|
|
| |||
Income |
|
|
|
|
|
|
|
|
|
|
| |||
Other (Attach List) |
|
|
|
|
|
|
|
|
|
|
| |||
Total Federal Taxes |
| 488 |
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
State and Local |
|
|
|
|
|
|
|
|
|
|
| |||
Income Tax Withholding |
|
|
|
|
|
|
|
|
|
|
| |||
Unemployment (UT) |
|
|
|
|
|
|
|
|
|
|
| |||
Disability Insurance (DI) |
|
|
|
|
|
|
|
|
|
|
| |||
Empl. Training Tax (ETT) |
|
|
|
|
|
|
|
|
|
|
| |||
Sales |
|
|
|
|
|
|
|
|
|
|
| |||
Excise |
|
|
|
|
|
|
|
|
|
|
| |||
Real property |
|
|
|
|
|
|
|
|
|
|
| |||
Personal property |
|
|
|
|
|
|
|
|
|
|
| |||
Income |
|
|
|
|
|
|
|
|
|
|
| |||
Other (Attach List) |
|
|
|
|
|
|
|
|
|
|
| |||
Total State & Local Taxes |
|
|
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
Total Taxes |
| $ | 488 |
|
|
|
|
|
|
| $ |
|
| |
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 |
| $ | 4,349 |
| $ | 17,787 |
| $ | 6,484 |
| $ | 360 |
|
Total Funds on Hand for all Accounts |
| $ | 28,980 |
|
|
|
|
|
|
| |||
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 | October 31, 2002 |
|
|
|
|
| Actual |
| Cumulative |
| |||||
Cash Receipts |
|
|
|
|
|
| ||||||
1 |
| Rent/Leases Collected |
| $ | 0 |
| $ | 0 |
| |||
2 |
| Cash Received from Sales |
| 37,709 |
| 593,046 |
| |||||
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 |
| 5,000 |
| 382,232 |
| |||||
8 |
| Transfer from IDL Corp, an affiliated company |
| 52,500 |
| 213,092 |
| |||||
9 |
| Insurance proceeds |
| 0 |
| 3,542 |
| |||||
10 |
|
|
|
|
|
|
| |||||
11 |
|
|
|
|
|
|
| |||||
12 |
| Total Cash Receipts |
| 95,209 |
| 1,576,912 |
| |||||
|
|
|
|
|
|
|
| |||||
| Cash Disbursements |
|
|
|
|
| ||||||
13 |
| Payments for Inventory |
| 6,615 |
| 43,953 |
| |||||
14 |
| Selling |
| 0 |
| 18,979 |
| |||||
15 |
| Administrative |
| 17,106 |
| 337,803 |
| |||||
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 |
| 1,320 |
| 30,393 |
| |||||
|
| Amount Paid to Owner(s)/Officer(s) |
|
|
|
|
| |||||
21 |
| Salaries |
| 8,241 |
| 216,424 |
| |||||
22 |
| Draws |
| 0 |
| 0 |
| |||||
23 |
| Commissions/Royalties |
| 0 |
| 0 |
| |||||
24 |
| Expense Reimbursements |
| 0 |
| 0 |
| |||||
25 |
| Other |
| 0 |
| 0 |
| |||||
26 |
| Salaries/Commissions (less employee withholding) |
| 25,200 |
| 462,811 |
| |||||
27 |
| Management Fees |
| 0 |
| 0 |
| |||||
|
| Taxes: |
|
|
|
|
| |||||
28 |
| Employee Withholding |
| 12,599 |
| 226,511 |
| |||||
29 |
| Employer Payroll Taxes |
| 2,549 |
| 65,275 |
| |||||
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 |
| 18,200 |
| 83,540 |
| |||||
35 |
| U.S. Trustee |
| 0 |
| 7,250 |
| |||||
36 |
| TNO license fee |
| 8,653 |
| 28,284 |
| |||||
37 |
|
|
|
|
|
|
| |||||
38 |
| Total Cash Disbursements: |
| 100,483 |
| 1,566,183 |
| |||||
39 |
| Net Increase (Decrease in Cash) |
| (5,274 | ) | 10,729 |
| |||||
40 |
| Cash Balance, Beginning of Period |
| 34,254 |
| 18,251 |
| |||||
41 |
| Cash Balance, End of Period |
| $ | 29,890 |
| $ | 29,890 |
| |||
MONTHLY OPERATING REPORT
FCI Environmental, Inc. 01-23229 rjc
October 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 |
| |
10/04/02 |
| 11244 |
| $ | 2,994 |
| Payroll period ended 09/28/02 |
| Ken Culver, CFO |
|
10/18/02 |
| 11254 |
| 2,994 |
| Payroll period ended 10/12/02 |
| Ken Culver, CFO |
| |
10/18/02 |
| 11255 |
| 2,253 |
| Payroll period ended 10/12/02 |
| 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. 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
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 $528,994 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 $69,400, to be worth $17,351.
Accrued salaries and wages — is comprised of: (a) $86,622 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) $25,736 earned salary for the period from October 13, 2002 through October 26, 2002 paid on November 1, 2002, and (c) earned but unpaid salary of $56,985 of which $36,529 and $15,967 is for Messrs. Gerard and Culver, respectively.
Warranty Reserve ($17,114) and deferred Revenue ($24,573) — 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