EXHIBIT 99.2
UNITED STATES BANKRUPTCY COURT
DISTRICT OF NEVADA
In re: | Case No. | 01-22706 rcj |
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DecisionLink, Inc. | CHAPTER 11 | ||
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| MONTHLY OPERATING REPORT | ||
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| (GENERAL BUSINESS CASE) |
SUMMARY OF FINANCIAL STATUS
MONTH ENDED: March 31, 2003 | PETITION DATE: December 6, 2001 | |||||||||||||||||||||
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1. | Debtor in possession (or trustee) hereby submits this Monthly Operating Report on the Accrual Basis of accounting (or if checked here 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 |
| $ | 31,760 |
| $ | 30,168 |
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| b. Total Assets |
| 147,540 |
| 236,497 |
| $ | 107,148 |
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| c. Current Liabilities |
| 631,980 |
| 700,916 |
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| d. Total Liabilities |
| $ | 9,569,007 |
| $ | 9,637,943 |
| $ | 8,937,027 |
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3. | Statement of Cash Receipts & Disbursements for Month |
| Current |
| Prior |
| Cumulative |
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| a. Total Receipts |
| $ | 89,000 |
| $ | 10,000 |
| $ | 891,730 |
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| b. Total Disbursements |
| 87,408 |
| 11,415 |
| 891,889 |
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| c. Excess (Deficiency) of Receipts Over Disbursements (a - b) |
| 1,592 |
| (1,415 | ) | (159 | ) | ||||||||||||||
| d. Cash Balance Beginning of Month |
| 1,499 |
| 2,914 |
| 3,250 |
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| e. Cash Balance End of Month (c + d) |
| $ | 3,091 |
| $ | 1,499 |
| $ | 3,091 |
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| Current |
| Prior |
| Cumulative |
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4. | Profit/(Loss) from the Statement of Operations |
| $ | (20,021 | ) | $ | (15,739 | ) | $ | (541,867 | ) | |||||||||||
5. | Account Receivables (Pre and Post Petition) |
| 0 |
| 0 |
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6. | Post-Petition Liabilities |
| 631,980 |
| 700,916 |
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7. | Past Due Post-Petition Account Payables (over 30 days) |
| $ | 27,299 |
| $ | 38,353 |
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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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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: |
| April 18, 2003 |
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| R. Kenyon Culver, CFO |
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| Responsible Individual | ||||||||||||||||||
STATEMENT OF OPERATIONS
(General Business Case)
For the Month Ended March 31, 2002
Current Month |
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| Cumulative |
| Next Month |
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Actual |
| Forecast |
| Variance |
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| Revenues: |
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$ | 0 |
| $ | 0 |
| $ | 0 |
| 1 | Gross Sales |
| $ | 0 |
| $ | 0 |
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0 |
| 0 |
| 0 |
| 2 | less: Sales Returns & Allowances |
| 0 |
| 0 |
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0 |
| 0 |
| 0 |
| 3 | Net Sales |
| 0 |
| 0 |
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0 |
| 0 |
| 0 |
| 4 | less: Cost of Goods Sold (Schedule ‘B’) |
| 0 |
| 0 |
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0 |
| 0 |
| 0 |
| 5 | Gross Profit |
| 0 |
| 0 |
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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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0 |
| 0 |
| 0 |
| 10 | Total Revenues |
| 0 |
| 0 |
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| Expenses: |
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0 |
| 0 |
| 0 |
| 11 | Compensation to Owner(s)/Officer(s) |
| 0 |
| 0 |
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0 |
| 0 |
| 0 |
| 12 | Salaries |
| 0 |
| 0 |
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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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2,485 |
| 1,875 |
| (610 | ) | 16 | Real Property |
| 32,485 |
| 1,875 |
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0 |
| 2,569 |
| 2,569 |
| 17 | Insurance |
| 24,333 |
| 2,569 |
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0 |
| 0 |
| 0 |
| 18 | Management Fees |
| 0 |
| 0 |
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0 |
| 0 |
| 0 |
| 19 | Depreciation |
| 0 |
| 0 |
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| Taxes: |
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0 |
| 0 |
| 0 |
| 20 | Employee Payroll Taxes |
| 0 |
| 0 |
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0 |
| 0 |
| 0 |
| 1 | Real Property Taxes |
| 5,875 |
| 0 |
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0 |
| 0 |
| 0 |
| 2 | Other Taxes |
| 204 |
| 0 |
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0 |
| 0 |
| 0 |
| 3 | Other Selling |
| 3,000 |
| 0 |
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8,162 |
| 4,675 |
| (3,487 | ) | 4 | Other Administrative |
| 124,831 |
| 4,675 |
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5,003 |
| 0 |
| (5,003 | ) | 5 | Interest |
| 52,957 |
| 0 |
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0 |
| 0 |
| 0 |
| 6 | Other Expenses: |
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| 0 |
| 0 |
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1,549 |
| 0 |
| (1,549 | ) | 7 | Patent Amortization |
| 29,500 |
| 0 |
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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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17,199 |
| 9,119 |
| (8,080 | ) | 15 | Total Expenses |
| 283,590 |
| 9,119 |
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(17,199 | ) | (9,119 | ) | (8,080 | ) | 16 | Subtotal |
| (283,590 | ) | (9,119 | ) | |||||||
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| 17 | Reorganization Items: |
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(2,822 | ) | (4,000 | ) | 1,778 |
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| Professional Fees (additional information attached) |
| (249,527 | ) | (4,000 | ) | |||||||
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 |
| (8,750 | ) | 0 |
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| 22 |
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(2,822 | ) | (4,000 | ) | 1,178 |
| 23 | Total Reorganization Items |
| (258,277 | ) | (4,000 | ) | |||||||
(20,021 | ) | (13,119 | ) | (6,902 | ) | 24 | Net Profit (Loss Before Federal & State Taxes) |
| (541,867 | ) | (13,119 | ) | |||||||
0 |
| 0 |
| 0 |
| 25 | Federal & State Income Taxes |
| 0 |
| 0 |
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$ | (20,021 | ) | $ | (13,119 | ) | $ | (6,902 | ) | 26 | Net Profit (Loss) |
| $ | (541,867 | ) | $ | (13,119 | ) | ||
Attach an Explanation of Variance to Statement of Operations (For variances greater than +/- 10% only):
2
BALANCE SHEET
(General Business Case)
For the Month Ended March 31, 2002
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| From Schedules |
| Market Value |
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| Assets |
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| Current Assets |
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1 |
| Cash and cash equivalents – unrestricted |
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| $ | 3,091 |
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2 |
| Cash and cash equivalents – restricted |
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| 0 |
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3 |
| Accounts receivable (net) |
| A |
| 0 |
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4 |
| Inventory |
| B |
| 0 |
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5 |
| Prepaid expenses |
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| 2,885 |
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6 |
| Professional retainers |
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| 12,878 |
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7 |
| Other: | Deposits |
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| 12,906 |
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8 |
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| 0 |
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9 | Total Current Assets |
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| 31,760 |
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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 |
| 0 |
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12 |
| Furniture and fixtures |
| D |
| 0 |
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13 |
| Office equipment |
| D |
| 0 |
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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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20 |
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21 | Total Property and Equipment |
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| 0 |
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| Other Assets |
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22 |
| Investment in IDL Corp. |
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| 10 |
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23 |
| Loans to affiliates ($930,990 book value to Intrex Data Communications Corp (C) |
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| 0 |
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24 |
| Patents, net book value (A) |
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| 8,814 |
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25 |
| Investment in wholly-owned subsidiaries ($23,391,969 book value) (B) |
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| 0 |
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26 |
| Due from subsidiaries: FCI – $14,006,118; other subsidiaries – $3,080,036 (C) |
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| 0 |
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27 |
| Due from affiliated companies |
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| 106,956 |
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28 | Total Other Assets |
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| 115,780 |
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29 | Total Assets |
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| $ | 147,540 |
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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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| (A) Market value, if any, undetermined at submission date of Monthly Operating Report. | |
| (B) Market value unknown at submission date. Status as follows: (i) FCI Environmental, Inc. filed a Ch. 11 Bankruptcy petition in the District of Nevada on December 20, 2001, and continues in operation, and (ii) Intrex Data Communication Corp, a British Columbia subsidiary, is insolvent without operations. | |
| (C) Market value estimated by management to be zero as underlying wholly-owned subsidiaries are insolvent. | |
3
Liabilities and Equity
(General Business Case)
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| From Schedules |
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| Liabilities |
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| Post-Petition |
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| Current Liabilities |
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30 |
| Salaries and wages |
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| $ | 0 |
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31 |
| Payroll taxes |
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| 0 |
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32 |
| Real and personal property taxes |
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| 0 |
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33 |
| Income taxes |
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| 0 |
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34 |
| Sales taxes |
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| 0 |
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35 |
| Notes payable (short term) |
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| 415,000 |
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36 |
| Accounts payable (trade) |
| A |
| 30,346 |
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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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| 1,631 |
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39 |
| Accrued professional fees |
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| 130,594 |
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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: | Accrued interest DIP loan |
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| 54,099 |
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42 |
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43 |
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44 |
| Total Current Liabilities |
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| 631,980 |
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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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| 631,980 |
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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 |
| 669,675 |
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49 |
| General unsecured claims |
| F |
| 8,267,352 |
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50 |
| Total Pre-Petition Liabilities |
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| 8,937,027 |
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51 |
| Total Liabilities |
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| 9,569,007 |
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| Equity (Deficit) |
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52 | Equity (Deficit at time of filing) |
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| (36,658,542 | ) | |||
53 | Capital Stock |
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| 15,695 |
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54 | Additional paid-in capital |
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| 55,363,204 |
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55 | Cumulative profit/(loss since filing of case) |
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| (541,867 | ) | |||
56 | Post-petition contributions/(distributions or (draws) |
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| 0 |
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57 |
| Preferred stock (details attached) |
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| 13,898,300 |
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58 | Market value adjustment |
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| (41,498,257 | ) | |||
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59 | Total Equity (Deficit) |
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| (9,421,467 | ) | |||
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60 | Total Liabilities and Equity (Deficit) |
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| $ | 147,540 |
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4
SCHEDULES TO THE BALANCE SHEET
(General Business Case)
Schedule A
Accounts Receivable (Net) Payable
Receivables and Payables Agings |
| Accounts Receivable |
| Accounts Payable |
| Past Due |
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0 –30 Days |
| $ | 0 |
| $ | 3,047 |
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31–60 Days |
| 0 |
| 0 |
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61–90 Days |
| 0 |
| 1,502 |
| $ | 27,299 |
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91+ Days |
| 0 |
| 25,797 |
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Total accounts receivable/payable |
| 0 |
| $ | 30,346 |
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Allowance for doubtful accounts |
| 0 |
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Accounts receivable (net) |
| $ | 0 |
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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) |
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| Inventory Beginning of Month |
| $ | 0 |
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| Add - |
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Retail/Restaurants - |
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| Net purchase |
| 0 |
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Product for resale |
| $ | 0 |
| Direct labor |
| 0 |
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| Manufacturing overhead |
| 0 |
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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 |
| 0 |
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Work-in-progress |
| 0 |
| Less - |
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Finished goods |
| 0 |
| Inventory End of Month |
| 0 |
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| Shrinkage |
| 0 |
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Other – Explain |
| 0 |
| Personal Use |
| 0 |
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| Cost of Goods Sold |
| 0 |
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TOTAL |
| 0 |
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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? |
| N/A |
| Indicate by a checkmark method of inventory used. |
|
|
| ||||||||
Yes o | No o |
|
|
|
|
|
|
| |||||||
How often do you take a complete physical inventory? |
| N/A |
| Valuation methods – N/A |
|
|
| ||||||||
|
|
|
| FIFO cost | o |
|
|
|
| ||||||
Weekly | o |
|
|
|
| LIFO cost | o |
|
|
|
| ||||
Monthly | o |
|
|
|
| Lower of cost or market | o |
|
|
|
| ||||
Quarterly | o |
|
|
|
| Retail method | o |
|
|
|
| ||||
Semi-annually | o |
|
|
|
| Other - | o |
|
|
|
| ||||
Annually | o |
|
|
|
| Explain |
|
|
|
|
| ||||
Date of last physical inventory was |
| N/A |
|
|
|
|
| ||||||||
|
|
|
|
|
|
|
| ||||||||
Date of next physical inventory is |
| N/A |
|
|
|
|
| ||||||||
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 - |
|
|
|
|
|
|
| ||||
| None |
|
|
| 0 |
| 0 |
| |||
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
| |||
Total |
|
|
| 0 |
| 0 |
| ||||
|
|
|
|
|
|
|
| ||||
Furniture & Fixtures - |
|
|
|
|
|
|
| ||||
|
|
|
|
| 0 |
| 0 |
| |||
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
| |||
Total |
|
|
| 0 |
| 0 |
| ||||
|
|
|
|
|
|
|
| ||||
Office Equipment - |
|
|
|
|
|
|
| ||||
|
|
|
|
| 0 |
| 0 |
| |||
|
|
|
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
| |||
Total |
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
| ||||
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 |
| $ | 0 |
| $ | 0 |
| $ | 0 |
| $ | 0 |
| $ | 0 |
|
FICA - Employee |
|
|
|
|
|
|
|
|
| 0 |
| |||||
FICA - Employer |
|
|
|
|
|
|
|
|
| 0 |
| |||||
Unemployment (FUTA) |
|
|
|
|
|
|
|
|
| 0 |
| |||||
Income |
|
|
|
|
|
|
|
|
| 0 |
| |||||
Other (Attach List) |
|
|
|
|
|
|
|
|
| 0 |
| |||||
Total Federal Taxes |
| 0 |
| 0 |
| 0 |
| 0 |
| 0 |
| |||||
State and Local |
|
|
|
|
|
|
|
|
|
|
| |||||
Income Tax Withholding |
| 0 |
| 0 |
| 0 |
| 0 |
| 0 |
| |||||
Unemployment (UT) |
|
|
|
|
|
|
|
|
| 0 |
| |||||
Disability Insurance (DI) |
|
|
|
|
|
|
|
|
| 0 |
| |||||
Empl. Training Tax (ETT) |
|
|
|
|
|
|
|
|
| 0 |
| |||||
Sales |
|
|
|
|
|
|
|
|
| 0 |
| |||||
Excise |
|
|
|
|
|
|
|
|
| 0 |
| |||||
Real property |
|
|
|
|
|
|
|
|
| 0 |
| |||||
Personal property |
|
|
|
|
|
|
|
|
| 0 |
| |||||
Income |
|
|
|
|
|
|
|
|
| 0 |
| |||||
Other (Attach List) |
|
|
|
|
|
|
|
|
| 0 |
| |||||
Total State & Local Taxes |
| 0 |
| 0 |
| 0 |
| 0 |
| 0 |
| |||||
Total Taxes |
| 0 |
| 0 |
| 0 |
| 0 |
| 0 |
| |||||
Schedule F
Pre-Petition Liabilities
List Total Claims For Each Classification - |
| Claimed |
| Allowed |
| ||
Secured claims (a) |
| $ | 0 |
| $ | 0 |
|
Priority claims other than taxes |
| 3,196,833 |
| 666,480 |
| ||
Priority tax claims |
| 3,195 |
| 3,195 |
| ||
General unsecured claims |
| $ | 8,267,352 |
| $ | 8,267,352 |
|
(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 |
|
|
|
|
|
|
| |
Account Type |
| Checking |
|
|
|
|
|
|
| |
Account No. |
| 3755508414 |
|
|
|
|
|
|
| |
Account Purpose |
| General disbursement |
|
|
|
|
|
|
| |
Balance, End of Month |
| $ | 3,091 |
|
|
|
|
|
|
|
Total Funds on Hand for all Accounts |
| $ | 3,091 |
|
|
|
|
|
|
|
Attach copies of the month end bank statement(s), reconciliation(s), and the check register(s) to the Monthly Operating Report.
7
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
Increase/(Decrease) in Cash and Cash Equivalents
For the Month Ended March 31, 2002
|
|
| Actual |
| Cumulative |
| |||
| Cash Receipts |
|
|
|
|
| |||
1 | Rent/Leases Collected |
| $ | 0 |
| $ | 0 |
| |
2 | Cash Received from Sales |
| 0 |
| 0 |
| |||
3 | Interest Received |
| 0 |
| 0 |
| |||
4 | Borrowings |
| 0 |
| 415,000 |
| |||
5 | Funds from Shareholders, Partners, or Other Insiders |
| 0 |
| 0 |
| |||
6 | Capital Contributions |
| 0 |
| 0 |
| |||
7 | Cash received from sales of FCI Environmental OxySense product |
| 0 |
| 176,027 |
| |||
8 | Customer deposits |
| 0 |
| 4,063 |
| |||
9 | Asset disposition |
| 0 |
| 1,400 |
| |||
10 |
| Transfers from FCI Environmental, Inc., an affiliated Company |
| 12,000 |
| 165,740 |
| ||
11 |
| Transfers from IDL Corp., an affiliated company |
| 77,000 |
| 129,500 |
| ||
12 | Total Cash Receipts |
| 89,000 |
| 891,730 |
| |||
| Cash Disbursements |
|
|
|
|
| |||
13 | Payments for Inventory |
| 0 |
| 19,132 |
| |||
14 | Selling |
| 0 |
| 12,109 |
| |||
15 | Administrative |
| 3,392 |
| 129,229 |
| |||
16 | Capital Expenditures |
| 0 |
| 0 |
| |||
17 | Principal Payments on Debt |
| 0 |
| 0 |
| |||
18 | Interest Paid |
| 0 |
| 0 |
| |||
| Rent/Lease: |
|
|
|
|
| |||
19 | Personal Property |
| 302 |
| 13,044 |
| |||
20 | Real Property |
| 79,500 |
| 178,353 |
| |||
| Amount Paid to Owner(s)/Officer(s) |
|
|
|
|
| |||
21 | Salaries |
| 0 |
| 0 |
| |||
22 | Draws |
| 0 |
| 0 |
| |||
23 | Commissions/Royalties |
| 0 |
| 0 |
| |||
24 | Expense Reimbursements |
| 2,464 |
| 29,747 |
| |||
25 | Other |
| 0 |
| 0 |
| |||
26 | Salaries/Commissions (less employee withholding) |
| 0 |
| 0 |
| |||
27 | Management Fees |
| 0 |
| 0 |
| |||
| Taxes: |
|
|
|
|
| |||
28 | Employee Withholding |
| 0 |
| 0 |
| |||
29 | Employer Payroll Taxes |
| 0 |
| 0 |
| |||
30 | Real Property Taxes |
| 0 |
| 3,891 |
| |||
31 | Other Taxes |
| 0 |
| 0 |
| |||
32 | Other Cash Outflows: |
| 0 |
| 938 |
| |||
33 | Transfers to IDL Corp., an affiliated company |
| 0 |
| 10,164 |
| |||
34 | Transfers to FCI Environmental, Inc., an affiliated company |
| 0 |
| 392,032 |
| |||
35 | Counsel from DecisionLink, Inc. creditor’s committee |
| 0 |
| 20,000 |
| |||
35A | Counsel for bankruptcy estate |
| 0 |
| 25,000 |
| |||
36 | DIP lender legal fees |
| 0 |
| 50,000 |
| |||
37 | U.S. Bankruptcy Trustee |
| 1,750 |
| 8,250 |
| |||
38 | Total Cash Disbursements: |
| 87,048 |
| 891,889 |
| |||
39 | Net Increase (Decrease in Cash) |
| 1,592 |
| (159 | ) | |||
40 | Cash Balance, Beginning of Period |
| 1,499 |
| 3,250 |
| |||
41 | Cash Balance, End of Period |
| $ | 3,091 |
| $ | 3,091 |
|
8
MONTHLY OPERATING REPORT
DecisionLink, Inc. Case No. 01-22706 rjc
March 31, 2003
Additional Information
Summary of Financial Status:
The financial information provided herein includes the accounts of DecisionLink, Inc. (“DLNK”) on a stand-alone basis. This financial information does not include the accounts of DLNK’s subsidiaries.
No. 9. Payments made to professionals:
On March 27, 2003, DLNK paid $350.00 to Colin Abrahams, as patent counsel, for office action services related to U.S. Patent Application No. 09/797,512. This payment was not submitted for court approval due to its minor amount. Preservation of this patent application by its May 21, 2003 deadline is considered to be beneficial to the estate.
No. 12. Estate insurance:
Effective September 1, 2002, DLNK’s property and general liability insurance policies expired without replacement.
No. 11. Payments made to officers:
Payment | Check | Amount | Purpose | Payee | |||||
3/05/03 |
| 1257 |
| $ | 442.42 |
| Expense reimbursement |
| Ken Culver, CFO |
3/10/03 |
| 1262 |
| $ | 2,022.12 |
| Expense reimbursement |
| Ken Culver, CFO |
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. $415,000 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.
Revenues – DLNK is a non-operating parent company thereby generating no revenues.
Expenses – Certain of DLNK’s obligations are undertaken for the benefit of its operating subsidiaries; as such, the related expense is charged to its subsidiaries. For example, DLNK is the obligor for the Las Vegas facility housing two of its wholly owned operating subsidiaries. As a result, the post-petition accounts payable for this lease is charged to DLNK while the related lease expense is charged to the wholly owned operating subsidiaries.
9
All salaries for employees that are primarily involved in corporate activities are, and historically have been, paid through a wholly owned subsidiary of DLNK. As all corporate activity related salary is allocated in support of the operating subsidiaries, no salary expense is recorded for DLNK.
Reorganization Items – Professional Fees – Comprised of expenses for bankruptcy legal counsel ($2,822).
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 three of DLNK’s wholly owned subsidiaries. Of these subsidiaries, FCI Environmental, Inc. (“FCI”) filed a Chapter 11 bankruptcy petition on December 20, 2001 (Case No. 01-23229).
Balance Sheet:
Cash – Bank statements and reconciliations attached for:
Facility |
| Account No. |
|
Bank of America |
| 3755508414 |
|
Other Assets – DLNK historically utilized and continues to utilize a single consolidating general ledger. As such, there was no necessity to formally allocate charges via intercompany accounts as these accounts are eliminated in consolidation. As a result, in order to report DLNK for bankruptcy purposes as a stand-alone entity, certain intercompany balances were estimated. These estimates are subject to change; however, in management’s opinion based on current circumstances, there is no market value for the pre-petition amounts due to DLNK from subsidiaries.
Equity:
Common stock – At December 6, 2001, common stock consisted of 500,000,000 authorized, $0.0001 par value shares of which approximately 158,500,000 shares were issued and outstanding.
Preferred stock –
Series A; $0.001 par value; 10,000,000 authorized shares; 207,848 convertible shares issued and outstanding; $15 per share liquidation value. Accumulated undeclared dividends in arrears on the petition date total $1,714,742 if elected in cash or 97,549 additional Series A preferred shares if elected in additional shares.
Series B; $0.01 par value; 10,000,000 authorized shares; 72,000 convertible shares issued and outstanding; $10 per share liquidation value.
Special Series; $0.001 par value; 2,250,000 authorized shares; approximately 1,750,000 convertible shares issued and outstanding.
END
10