EXHIBIT 99.1
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF MICHIGAN
In the matter of:
Case Number: 02-63996-WS
Chapter 11
Nexiq Technologies, Inc. |
| Hon. Walter Shapero |
STATEMENT OF DEBTOR IN POSSESSION
UNDER BANKR. R. PRO. 9011
For the month of October 12-27, 2002
The Debtor in Possession states:
Attached is a complete and accurate (check appropriate lines).
X Balance Sheet
X Profit and Loss Statement
X Cash Receipts & Disbursements Report
X Accounts Payable Aging Schedule
X Taxes Payable/Insurance Schedule
X Reconciled Bank Statement(s)
The statements contained within have been completed on a _______________________ CASH X ACCRUAL BASIS. I understand that any false statement may subject me to sanctions as provided for in Bankr. R. Pro. 9011.
| /s/ Kevin F. Kelly |
11/20/2002
Date
A. Mail the original to: | Mail one copy of this report to: OFFICE OF THE U.S. TRUSTEE
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B. Mail a copy of this report to each member of the Creditors' Committee (if any) and the attorney for the Creditors' Committee (if any).
U.S. DEPARTMENT OF JUSTICE
UNITED STATES TRUSTEE
EASTERN DISTRICT OF MICHIGAN
In the matter of:
Case Number: 02-63996-WS
Chapter 11
Nexiq Technologies, Inc. |
| Hon. Walter Shapero |
AFFIRMATIONS
UNDER BANKR. R. PRO. 9011
As Debtor in Possession, I affirm:
1. That the insurance, as described in section 5 of the Notice of Operating Instructions and Reporting Requirements, is in effect, and
2. That all post petition taxes, as described in section 9 of the Notice of Operating Instructions and Reporting Requirements, are current.
3. No professional fees (accountant, attorneys, etc.) have been paid without specific court authorization. Explain below if not true.
I understand that any false statement may subject me to sanctions as provided for in Bankr. R. Pro. 9011.
| /s/ Kevin F. Kelly |
11/20/02
Date
Explanations:
NEXIQ TECHNOLOGIES, INC. |
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BALANCE SHEET |
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AS OF OCTOBER 27, 2002 |
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ASSETS |
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| Current Assets |
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| Checking/Savings |
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| Cash |
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| 1100 - Cash - Fleet Concentration | 660,694.27 |
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| 1105 - Cash - Fleet "Blocked" | 124,327.16 |
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| 1120 - Cash - CIBC Banking Corp (FSC) | 940.00 |
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| 1190 - Petty Cash | 400.00 |
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| Total Cash | 786,361.43 |
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| Total Checking/Savings | 786,361.43 |
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| Other Current Assets |
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| Prepaid Expenses |
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| 1305 - Prepaid Insurance | 91,647.00 |
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| 1340 - Prepaid Deposits | 24,502.33 |
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| Total Prepaid Expenses | 116,149.33 |
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| Total Other Current Assets | 116,149.33 |
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| Total Current Assets | 902,510.76 |
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| Fixed Assets |
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| Fixed Assets - Basis |
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| 1605 - Furniture | 99,317.68 |
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| 1610 - Office Equipment | 78,528.61 |
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| 1615 - Computer Equipment - Software | 37,409.75 |
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| 1620 - Computer Equipment - Hardware | 105,111.04 |
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| 1630 - Leasehold Improvements | 48,361.73 |
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| Total Fixed Assets - Basis | 368,728.81 |
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| Accumulated Depreciation |
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| 1655 - Accum Depr - Furniture | (82,587.81 | ) | ||
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| 1660 - Accum Depr - Office Equipment | (76,690.33 | ) | ||
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| 1665 - Accum Depr - Computer Equip SW | (23,104.32 | ) | ||
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| 1670 - Accum Depr - Computer Equip HW | (86,107.81 | ) | ||
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| 1680 - Accum Depr - Leasehold Impr | (48,361.73 | ) | ||
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| 1695 - Current Year Accum Depreciation | (2,674.00 | ) | ||
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| Total Accumulated Depreciation | (319,526.00 | ) | |||
| Total Fixed Assets | 49,202.81 |
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| Other Assets |
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| Investment in Subsidiaries |
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| 1701 - Investment - Magnetec | 1,236,886.74 |
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| 1702 - Investment - Instruments | 7,473,299.31 |
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| 1703 - Investment - Termiflex | 5,535,428.71 |
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| 1704 - Investment - Micro Palm | 2,145,187.33 |
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| 1705 - Investment - MPSI | 3,145,000.00 |
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| 1706 - Investment - Oyster | 1,844,643.00 |
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| 1707 - Investment - Husky | 446,964.00 |
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| 1708 - Investment - DSI | 599,215.00 |
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| Total Investment in Subsidiaries | 22,426,624.09 |
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| Goodwill |
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| 1721 - Goodwill - MPSI | 2,552,214.74 |
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| 1723 - Goodwill - DSI | 4,030,000.00 |
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| 1725 - Accum Amort - MPSI Goodwill | (1,206,243.42 | ) | ||
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| 1727 - Accum Amort - DSI Goodwill | (1,183,351.00 | ) | ||
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| Total Goodwill | 4,192,620.32 |
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| Debt Issuance |
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| 1740 - Debt Issuance Costs | 2,482,862.00 |
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| 1745 - Accum Amort - Debt Issuance | (1,733,686.00 | ) | ||
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| Total Debt Issuance | 749,176.00 |
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| Total Other Assets | 27,368,420.41 |
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TOTAL ASSETS |
| 28,320,133.98 |
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NEXIQ TECHNOLOGIES, INC. | |||||||
BALANCE SHEET | |||||||
AS OF OCTOBER 27, 2002 | |||||||
LIABILITIES & EQUITY |
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| Liabilities |
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| Current Liabilities |
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| Accounts Payable |
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| Accts Payable |
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| 2105 - Accounts Payable Pre Petition | 1,540,909.55 |
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| 2105 - Accounts Payable Post Petition | 20,172.52 |
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| Total Accts Payable | 1,561,082.07 |
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| Total Accounts Payable | 1,561,082.07 |
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| Other Current Liabilities |
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| 2200 - Fleet Bank Line of Credit | 2,500,000.00 |
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| Employee Accruals |
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| 2345 - Accrued Vacation | 5,878.19 |
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| 2305 - Accrued Restructuring | 681,779.88 |
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| Total Employee Accruals | 687,658.07 |
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| Accrued Expenses |
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| 2490 - Accrued Other | 958,563.84 |
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| Total Accrued Expenses | 958,563.84 |
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| Interest |
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| 2505 - Accrued Bank Interest | 612,922.54 |
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| 2510 - Accrued Convertible Note Int | 1,562,909.09 |
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| 2515 - Accrued Other Interest | 86,883.56 |
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| Total Interest | 2,262,715.19 |
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| Due To/From Subsidiaries |
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| 2705 - Due To/From MPSI | 2,608,222.63 |
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| 2710 - Due To/From Instruments/Mag | 48,815.00 |
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| 2715 - Due To/From DSI | (3,643,624.37 | ) |
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| 2720 - Due To/From Discon't Operations | 10,426,017.00 |
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| Total Due To/From Subsidiaries | 9,439,430.26 |
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| Total Other Current Liabilities | 15,848,367.36 |
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| Total Current Liabilities | 17,409,449.43 |
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| Long Term Liabilities |
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| Notes Payable - Long Term |
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| 2917 - Bridge Note - Sunrise | 3,000,000.00 |
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| 2905 - Fleet Bank - Term A | 4,656,766.38 |
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| 2910 - Fleet Bank - Term B | 4,268,300.84 |
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| 2920 - Convertible Notes - Sunrise | 33,935,000.00 |
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| 2925 - Convertible Notes - ANG | 4,181,875.00 |
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| 2930 - Convertible Notes - PIK | 6,476,583.19 |
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| 2940 - Convertible Notes - Discount | (8,151,506.00 | ) | |
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| Total Notes Payable - Long Term | 48,367,019.41 |
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| Total Long Term Liabilities | 48,367,019.41 |
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| Total Liabilities | 65,776,468.84 |
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| Equity |
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| 3050 - Common Stock | 140,479.62 |
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| 3100 - Additional Paid in Capital | 41,051,057.55 |
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| 3900 - *Retained Earnings | (76,664,039.47 | ) | |||
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| Net Income | (1,983,832.56 | ) | |||
| Total Equity |
| (37,456,334.86 | ) | |||
TOTAL LIABILITIES & EQUITY | 28,320,133.98 |
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NEXIQ TECHNOLOGIES, INC. |
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PROFIT AND LOSS STATEMENT |
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FOR THE PERIOD OF OCTOBER 12, 2002 |
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TO OCTOBER 27, 2002 |
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| 10/12/02 to |
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| 10/27/02 |
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| Ordinary Income/Expense |
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| Expense |
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| 8010 - Compensation Expense | 65,390.00 |
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| 8000 - Salaries & Wages | 10,577.47 |
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| Employee Benefits |
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| 8105 - Medical and Dental | 484.04 |
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| 8110 - Long Term Disability | 260.76 |
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| 8115 - Life Insurance | 23.77 |
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| 8125 - Auto Allowance | 500.00 |
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| Total Employee Benefits | 1,268.57 |
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| Payroll Expenses |
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| 8205 - FICA - Employer Portion | 527.41 |
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| Total Payroll Expenses | 527.41 |
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| 8280 - Dues & Subscriptions | 60.00 |
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| Travel & Entertainment |
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| 8370 - Travel | 1,235.96 |
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| 8375 - Meals & Entertainment | 112.79 |
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| Total Travel & Entertainment | 1,348.75 |
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| Consultants |
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| 8520 - Consultants - Bankruptcy | 25,000.00 |
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| Total Consultants | 25,000.00 |
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| 8575 - Telephone | 534.16 |
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| Depreciation |
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| 8650 - Depreciation - Furniture | 870.00 |
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| 8655 - Depreciation - Equipment | 1,804.00 |
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| Total Depreciation | 2,674.00 |
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| 8674 - Amortization Expense - Goodwill |
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| 8675 - GW Amortization - MPSI | 14,200.00 |
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| 8677 - GW Amortization - DSI | 67,777.00 |
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| Total 8674 - Amortization Expense - Goodwill | 81,977.00 |
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| 8680 - Bank Charges - Monthly Fees | 6,309.48 |
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| Legal |
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| 8716 - Legal - Bankruptcy | 0.00 |
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| Total Legal | 0.00 |
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| 8740 - General Insurance | 27,656.00 |
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| Public Relations & BOD Exps |
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| 8755 - Public Relations | 2,228.28 |
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| Total Public Relations & BOD Exps | 2,228.28 |
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| 8995 - Miscellaneous | (66.67) |
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| Total Expense | 225,484.45 |
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| Net Ordinary Income | (225,484.45) |
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| Other Income/Expense |
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| Other Expense |
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| Interest Expense |
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| 9725 - Other | 24,739.73 |
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| 9705 - Bank | 102,434.34 |
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| 9710 - Convertible Notes | 1,139,268.32 |
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| 9715 - Debt Issuance Costs | 259,122.00 |
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| Total Interest Expense | 1,525,564.39 |
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| Taxes |
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| 9910 - State Income Taxes | 0.00 |
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| Total Taxes | 0.00 |
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| Total Other Expense | 1,525,564.39 |
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| Net Other Income | (1,525,564.39) |
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Net Income |
| (1,751,048.84) |
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SUMMARY OF POST PETITION ACCOUNTS PAYABLE AGING SCHEDULE | ||||||||||
AS OF OCTOBER 27, 2002 | ||||||||||
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| 0 - 30 |
| 31 - 60 |
| 61 - 90 |
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NAME OF CREDITOR |
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| BALANCE |
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BCIA NE Holdings LLC | $ | 9,420.50 | $ | 6,077.74 |
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| $ | 15,498.24 |
Shareholder.com |
| 1,043.28 |
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| 1,043.28 |
The Hartford |
| 3,631.00 |
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| 3,631.00 |
TOTALS | $ | 14,094.78 | $ | 6,077.74 | $ | — | $ | — | $ | 20,172.52 |
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U.S DEPARTMENT OF JUSTICE | ||||||||||
UNITED STATES TRUSTEE | ||||||||||
EASTERN DISTRICT OF MICHIGAN | ||||||||||
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FOR THE PERIOD OF OCTOBER 12, 2002 TO OCTOBER 27, 2002 | ||||||||||
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TAXES PAYABLE SCHEDULE | ||||||||||
POST PETITION | ||||||||||
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| Beginning |
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| Balance |
| Additions |
| Deposits |
| Balance |
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Income Tax Withheld: |
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| Federal |
| $ | — | $ | — | $ | — | $ | — |
| State |
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| 0.00 |
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| 0.00 |
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FICA Tax Withheld |
| 0.00 |
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| 0.00 | ||
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Employer's FICA Tax |
| 0.00 |
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| 0.00 | ||
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Unemployment Tax: |
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| Federal |
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| 0.00 |
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| 0.00 |
| State |
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| 0.00 |
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| 0.00 |
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Sales Use & Excise Tax |
| 0.00 |
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| 0.00 | ||
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Property Taxes |
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| 0.00 |
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| 0.00 | |
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Accrued Income Tax: |
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| Federal |
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| 0.00 |
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| 0.00 |
| State |
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| 0.00 |
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| 0.00 |
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Other: ___________________ |
| 0.00 |
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| 0.00 | ||
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| TOTALS |
| $ | — | $ | — | $ | — | $ | — |
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TAXES PAYABLE SCHEDULE | ||||||||||
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| Policy Expiration Date |
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Workers' Compensation |
| 12/31/02 |
| 12/31/02 | ||||||
General Liability |
| 11/30/02 |
| 11/30/02 | ||||||
Property |
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| 11/30/02 | |||||
Vehicle |
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| 11/30/02 |
| 11/30/02 | |||||
Other (list): |
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Directors and Officers Liability |
| 09/30/03 |
| 03/31/03 | ||||||
Technology Errors & Omissions |
| 06/30/03 |
| 12/31/02 | ||||||
Crime |
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| 01/31/03 |
| 01/31/03 | |||||
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U.S DEPARTMENT OF JUSTICE | ||||||||||||
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Case Name: | Nexiq Technologies, Inc.. |
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Case Number: | 02-6399-WS |
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CASH RECEIPTS AND DISBURSEMENTS REPORT | ||||||||||||
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FOR THE PERIOD OF OCTOBER 12, 2002 TO OCTOBER 27, 2002 | ||||||||||||
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| GENERAL ACCOUNT |
| PAYROLL |
| TAX | ||||
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| Fleet |
| SFB |
| TOTAL |
| ACCOUNT |
| ACCOUNT |
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CASH ON HAND |
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BEGINNING OF PERIOD |
| 73,334.79 |
| 0.00 |
| 73,334.79 |
| 0.00 |
| 0.00 | ||
RECEIPTS DURING THE |
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CURRENT PERIOD |
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(see attached schedule) |
| 983,246.50 |
| 365.45 |
| 983,611.95 |
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| 0.00 | ||
Balance Available |
| 1,056,581.29 |
| 365.45 |
| 1,056,946.74 |
| 0.00 |
| 0.00 | ||
DISBURSEMENTS DURING |
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THE CURRENT PERIOD |
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(see attached schedule) |
| (271,559.86 | ) | (365.45 | ) | (271,925.31 | ) |
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| 0.00 | ||
CASH ON HAND |
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END OF PERIOD |
| 785,021.43 |
| 0.00 |
| 785,021.43 |
| 0.00 |
| 0.00 | ||
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*** IMPORTANT *** |
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Please enter the TOTAL DISBURSEMENTS from all you accounts, |
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including cash and excluding transfers, onto the line below. This is |
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the number that will determine your quarterly fee payment. |
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| $ 54,744.31 |
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U.S DEPARTMENT OF JUSTICE | |||||
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Case Name: | Nexiq Technologies, Inc. |
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Case Number: | 02-63996-WS |
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RECEIPTS LISTING | |||||
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FOR THE PERIOD OF OCTOBER 12, 2002 TO OCTOBER 27, 2002 | |||||
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Bank: |
| Fleet Bank |
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Location: |
| 111 Westminister Street, Providence, RI 02903 |
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Account Name: |
| Nexiq Technologies Concentration Account |
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Account Number: |
| 9358942298 |
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| DATE |
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| RECEIVED |
| DESCRIPTION |
| AMOUNT |
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| Transfer |
| Transfers from WPI Micro Processor Systems |
| 722,896.19 |
| Transfer |
| Transfers from Diversified Software Industries |
| 260,350.31 |
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| TOTAL |
| $ 983,246.50 |
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Receipts may be identified by major categories. It is not necessary to list each transaction | |||||
separately by name and customer or invoice number. You must, however, create a separate list | |||||
for each bank account to which receipts were deposited during the month. |
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U.S DEPARTMENT OF JUSTICE | |||||
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Case Name: | Nexiq Technologies, Inc. |
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Case Number: | 02-63996-WS |
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RECEIPTS LISTING | |||||
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FOR THE PERIOD OF OCTOBER 12, 2002 TO OCTOBER 27, 2002 | |||||
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Bank: |
| Standard Federal Bank |
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Location: |
| 40950 Van Dyke Avenue, Sterling Heights, MI 48313 |
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Account Name: |
| Nexiq Technologies Debtor In Possession |
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Account Number: |
| 3664000599 |
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| DATE |
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| RECEIVED |
| DESCRIPTION |
| AMOUNT |
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| Transfer |
| Transfer from WPI Micro Processor Systems to cover checks written | 365..45 | |
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| TOTAL |
| $ 365.45 |
Receipts may be identified by major categories. It is not necessary to list each transaction |
| ||||
separately by name and customer or invoice number. You must, however, create a separate list | |||||
for each bank account to which receipts were deposited during the month. |
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Bank: | |||||||||||||
U. S. DEPARTMENT OF JUSTICE | ||||||||
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Case Name: |
| Nexiq Technologies, Inc. |
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Case Number: |
| 02-63996-WS |
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| DISBURSEMENTS LISTING |
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FOR THE PERIOD OF OCTOBER 12, 2002 TO OCTOBER 27, 2002 | ||||||||
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Bank: |
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| Fleet Bank |
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Location: |
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| 111 Westminister Street, Providence, RI 02903 |
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Account Name: |
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| Nexiq Technologies Concentration Account |
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Account Number: |
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| 9358942298 |
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DATE |
| CHECK |
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DISBURSED |
| NUMBER |
| PAYEE |
| DESCRIPTION |
| AMOUNT |
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10/21/02 |
| Transfer |
| WPI Micro Processor Systems |
| Funding Checks written on Nexiq DIP account |
| 40,000.00 |
10/22/02- 10/240/02 |
| Transfer |
| WPI Micro Processor Systems |
| Wires sent for WPI Micro Processor Systems |
| 9,838.76 |
10/24/02 | Transfer | WPI Micro Processor Systems | Payroll P/E 10/20/02 | 110,870.91 | ||||
10/24/02 | Transfer | Diversified Software Industries | Payroll P/E 10/20/02 | 56,471.33 | ||||
10/22/02 | Wire | THE HARTFORD | INSURANCE | 18,979.13 | ||||
10/22/02 | Wire | BERINGEA, LLC | INVESTMENT BANKER | 25,000.00 | ||||
10/24/02 | Wire | Fidelity Investments | 401(k) FUNDING Payroll P/E 10/20/02 | 9,842.07 | ||||
10/15/02 | Fleet Bank | Bank fees | 557.66 | |||||
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| TOTAL |
| $ 271,559.86 |
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| You must create a separate list for each bank account for which disbursements were made during the month. |
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|
U.S DEPARTMENT OF JUSTICE | |||||||||||
UNITED STATES TRUSTEE | |||||||||||
EASTERN DISTRICT OF MICHIGAN | |||||||||||
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Case Name: |
| Nexiq Technologies, Inc. |
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| |||
Case Number: |
| 02-63996-WS |
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DISBURSEMENTS LISTING | |||||||||||
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FOR THE PERIOD OF OCTOBER 12, 2002 TO OCTOBER 27, 2002 | |||||||||||
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Bank: |
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| Standard Federal Bank |
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| |
Location: |
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| 40950 Van Dyke Avenue, Sterling Heights, MI 48313 |
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| |||
Account Name: |
|
| Nexiq Technologies Debtor In Possession |
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| ||||
Account Number: |
| 3664000599 |
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| DATE |
| CHECK |
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| |
| DISBURSED |
| NUMBER |
| PAYEE |
| DESCRIPTION |
|
| AMOUNT | |
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| 10/23/02 |
| 1024 |
| JACK SCHANG |
| EMPLOYEE T&E REIMBURSEMENT |
|
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| 345.45 |
| 10/23/02 |
| 1028 |
| KEVIN KELLY |
| EMPLOYEE T&E REIMBURSEMENT |
|
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| 20.00 |
| |||||||||||
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| TOTAL |
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| $ 365.45 | |
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| You must create a separate list for eash bank account from which disbursements were made during the month. | |||||||||
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EXHIBIT 99.2
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF MICHIGAN
In the matter of:
Case Number: 02-63994-WS
Chapter 11
WPI Micro Processor Systems, Inc. |
| Hon. Walter Shapero |
STATEMENT OF DEBTOR IN POSSESSION
UNDER BANKR. R. PRO. 9011
For the month of October 12-27, 2002
The Debtor in Possession states:
Attached is a complete and accurate (check appropriate lines).
X Balance Sheet
X Profit and Loss Statement
X Cash Receipts & Disbursements Report
X Accounts Payable Aging Schedule
X Taxes Payable/Insurance Schedule
X Reconciled Bank Statement(s)
The statements contained within have been completed on a _______________________ CASH X
ACCRUAL BASIS. I understand that any false statement may subject me to sanctions as provided for in Bankr. R. Pro. 9011.
| /s/ Kevin F. Kelly
|
11/20/2002
Date
A. Mail the original to: | Mail one copy of this report to: |
B. Mail a copy of this report to each member of the Creditors' Committee (if any) and the attorney for the Creditors' Committee (if any).
U.S. DEPARTMENT OF JUSTICE
UNITED STATES TRUSTEE
EASTERN DISTRICT OF MICHIGAN
In the matter of:
Case Number: 02-63994-WS
Chapter 11
WPI Micro Processor Systems, Inc. |
| Hon. Walter Shapero |
AFFIRMATIONS
UNDER BANKR. R. PRO. 9011
As Debtor in Possession, I affirm:
1. That the insurance, as described in section 5 of the Notice of Operating Instructions and Reporting Requirements, is in effect, and
2. That all post petition taxes, as described in section 9 of the Notice of Operating Instructions and Reporting Requirements, are current.
3. No professional fees (accountant, attorneys, etc.) have been paid without specific court authorization. Explain below if not true.
I understand that any false statement may subject me to sanctions as provided for in Bankr. R. Pro. 9011.
| /s/ Kevin F. Kelly
|
11/20/2002
Date
Explanations:
WPI MICRO PROCESSOR SYSTEMS, INC. |
|
| |||
BALANCE SHEET |
|
| |||
AS OF OCTOBER 27, 2002 |
|
| |||
|
|
|
|
| |
|
|
|
|
| |
ASSETS |
|
|
|
| |
Current Assets |
|
|
|
| |
Checking-Standard Federal Payroll | 3,316.10 |
|
|
| |
Checking-Standard DIP | (9,976.20 | ) |
|
|
|
BCI/Cambridge Escrow Account | 1,349.30 |
|
|
| |
Petty Cash | 500.00 | (4,810.80 | ) |
| |
Accounts Receivable | 1,721,980.55 |
|
|
| |
Accounts Receivable Accruals | 9,862.28 |
|
|
| |
Employee Receivable | 20,084.19 |
|
|
| |
Allowance for Doubtful Accounts | (77,000.00 | ) | 1,674,927.02 |
|
|
Inventory - Finished Goods | 87,119.04 |
|
|
| |
Inventory - Raw Materials | 800,996.31 |
|
|
| |
Inventory - Reserve | (233,000.00 | ) | 655,115.35 | ||
Prepaid Property Taxes | 12,788.86 |
|
|
| |
Prepaid Rent | 24,300.21 |
|
|
| |
Prepaid Contracts | 12,245.94 | 49,335.01 |
|
| |
Total Current Assets | 2,374,566.58 | 2,374,566.58 |
|
| |
Fixed Assets |
|
|
|
| |
Machinery & Equipment | 135,025.88 |
|
|
| |
Office Equipment | 166,299.84 |
|
|
| |
Tooling | 12,280.00 |
|
|
| |
Computer Hardware | 828,169.47 |
|
|
| |
Computer Software | 414,541.80 |
|
|
| |
Furniture & Fixtures | 321,883.34 |
|
|
| |
Leasehold Improvements | 166,490.59 | 2,044,690.92 |
|
| |
Accumulated Depreciation | (1,152,323.48 | ) | (1,152,323.48 |
|
|
Total Fixed Assets | 892,367.44 | 892,367.44 |
|
| |
Other Assets |
|
|
|
| |
Security Deposit | 44,705.87 |
|
|
| |
Total Other Assets | 44,705.87 | 44,705.87 |
|
| |
|
|
|
|
| |
TOTAL ASSETS | 3,311,639.89 | 3,311,639.89 |
|
| |
|
|
|
|
| |
LIABILITIES & EQUITY |
|
|
|
| |
Liabilities |
|
|
|
| |
Current Liabilities |
|
|
|
| |
Accounts Payable-Pre Petition | 1,317,360.47 |
|
|
| |
Accounts Payable-Post Petition | 129,085.46 | 1,446,445.93 |
|
| |
Due To/From NEXIQ Corporate | (2,608,222.63 | ) |
|
|
|
Due To/From NEXIQ DSI | 2,111,342.19 | (496,880.44 | ) |
| |
Deferred Revenue | 41,132.55 | 41,132.55 |
|
| |
Accrued Salaries | 65,409.83 |
|
|
| |
Accrued Vacation/Personal | 37,388.82 |
|
|
| |
Accrued Commissions | 2,000.00 |
|
|
| |
Accrued 401(k)Payable | 3,061.99 |
|
|
| |
Accrued FSA | 2,705.32 |
|
|
| |
Accrued Fringes | 4,937.19 | 115,503.15 |
|
| |
Accrued Sales & Use Tax | 43.02 |
|
|
| |
Accrued Royalties | 43,749.79 |
|
|
| |
Accrued Rent | 18,110.00 |
|
|
| |
Warranty Reserve | 20,000.00 | 81,902.81 |
|
| |
Total Current Liabilities | 1,188,104.00 | 1,188,104.00 |
|
| |
Total Liabilities | 1,188,104.00 | 1,188,104.00 |
|
| |
Equity |
|
|
|
| |
Common Stock | 3,145,000.00 | 3,145,000.00 |
|
| |
Retained Earnings-Prior | (851,402.28 | ) | (851,402.28 | ) |
|
Net Income | (170,061.83 | ) | (170,061.83 | ) |
|
Total Equity | 2,123,535.89 | 2,123,535.89 |
|
| |
TOTAL LIABILITIES & EQUITY | 3,311,639.89 | 3,311,639.89 |
|
| |
|
|
|
|
| |
|
|
|
|
|
WPI MICRO PROCESSOR SYSTEMS, INC. | |||
PROFIT AND LOSS STATEMENT | |||
FOR THE PERIOD OF OCTOBER 12, 2002 | |||
TO OCTOBER 27, 2002 | |||
|
|
| |
|
| 10/12/02 to | |
|
| 10/27/02 | |
Income |
|
| |
4000-03 - Sales-Core |
| 361,486.28 | |
4200-05 - Sales-Etechnician |
| 14,300.00 | |
Total Income - Gross |
| 375,786.28 | |
4900-03 - Freight - Outgoing |
| 4,453.05 | |
4920-03 - Sales Adjustments |
| 0.00 | |
Total Income - Net |
| 371,333.23 | |
|
|
| |
Cost of Sales |
|
| |
5000-03 - Direct Materials-Core |
| 115,971.45 | |
5000-05 - Direct Materials-Etechnician |
| 13,901.11 | |
5500-05 - Direct Labor |
| 6,328.51 | |
5600-05 - Overhead |
| 38,354.67 | |
Total Cost of Sales |
| 174,555.74 | |
|
|
| |
Gross Profit |
| 196,777.49 | |
|
|
| |
Operating Expenses |
|
| |
6000 - Wages |
| 58,722.34 | |
6005 - Premium Wages |
| (360.24 | ) |
6015 - Auto Allowance |
| 650.00 | |
6020 - Fringes Misc |
| 0.00 | |
6025 - Tuition Assistance/Training |
| 2,165.68 | |
6060 - Vacation |
| (14,454.67 | ) |
6065 - Personal |
| 233.23 | |
6100 - FICA |
| 14,254.97 | |
6105 - FUI |
| 6.98 | |
6110 - SUI |
| 20.39 | |
6120 - Labor Reclass to Cost of Sales |
| (9,128.18 | ) |
6135 - Sales & Use Tax |
| 1,518.63 | |
6200 - Rent. |
| 14,123.50 | |
6210 - Supplies |
| 1,004.03 | |
6215 - Telephone |
| 16,969.73 | |
6220 - Electricity |
| 3,018.35 | |
6225 - Disposal |
| 245.53 | |
6230 - Water |
| 0.00 | |
6235 - Gas |
| 495.35 | |
6240 - Auto Expense |
| 1,988.92 | |
6245 - Travel Expense |
| 3,198.14 | |
6246 - Meals & Entertainment |
| 614.27 | |
6250 - Dues and Subscriptions |
| 1,333.60 | |
6260 - Contract Labor |
| 4,400.00 | |
6121 - Contract Labor - DSI |
| 33,644.58 | |
6300 - Medical Ins |
| 15,553.50 | |
6310 - Life Insurance |
| 907.21 | |
6320 - LT Disability |
| 711.92 | |
6330 - ST Disability |
| 3,016.26 | |
6350 - Property Taxes |
| 2,707.93 | |
6400 - Equipment Maintenance |
| 5,064.28 | |
6405 - Equipment Lease |
| 7,663.94 | |
6410 - Bank Fees |
| 106.00 | |
6415 - Legal |
| (830.04 | ) |
6421 - Recruiting |
| 830.04 | |
6422 - Payroll Processing |
| 567.67 | |
6430 - Building Maintenance |
| 1,397.90 | |
6454 - Depreciation |
| 30,787.00 | |
6500 - Trade Show Booths |
| 250.00 | |
6500 - Telephone "1-800" |
| 2,358.88 | |
6510 - Commissions |
| 4,000.00 | |
6570 - Offsite Storage |
| 303.80 | |
6565 - Postage |
| 607.56 | |
6606 - Product Development/Pilots |
| 7,889.51 | |
6800 - Bad Debt Expense |
| 2,000.00 | |
Total Operating Expenses |
| 220,558,49 | |
|
|
| |
Net Profit (Loss) |
| (23,781,00 | ) |
|
|
|
U.S DEPARTMENT OF JUSTICE | |||||||||||
UNITED STATES TRUSTEE | |||||||||||
EASTERN DISTRICT OF MICHIGAN | |||||||||||
|
|
|
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|
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|
| |
FOR THE PERIOD OF OCTOBER 12, 2002 TO OCTOBER 27, 2002 | |||||||||||
|
|
|
|
|
|
|
|
|
|
| |
TAXES PAYABLE SCHEDULE | |||||||||||
POST PETITION | |||||||||||
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Beginning |
|
|
| Payments/ |
| Ending | |
|
|
|
| Balance |
| Additions |
| Deposits |
| Balance | |
|
|
|
|
|
|
|
|
|
|
| |
Income Tax Withheld: |
|
|
|
|
|
|
|
| |||
| Federal |
| $ | — | $ | 20,968.30 | $ | (20,968.30 | ) | $ | — |
| State |
|
| 0.00 |
| 4,930.21 |
| (4,930.21 | ) | 0.00 | |
|
|
|
|
|
|
|
|
|
|
| |
FICA Tax Withheld |
| 0.00 |
| 7,341.68 |
| (7,341.68 | ) | 0.00 | |||
|
|
|
|
|
|
|
|
|
|
| |
Employer's FICA Tax |
| 0.00 |
| 7,341.70 |
| (7,341.70 | ) | 0.00 | |||
|
|
|
|
|
|
|
|
|
|
| |
Unemployment Tax: |
|
|
|
|
|
|
|
| |||
| Federal |
|
| 0.00 |
|
|
|
|
| 0.00 | |
| State |
|
| 0.00 |
|
|
|
|
| 0.00 | |
|
|
|
|
|
|
|
|
|
|
| |
Sales Use & Excise Tax |
| 0.00 |
| 43.02 |
|
|
| 43.02 | |||
|
|
|
|
|
|
|
|
|
|
| |
Property Taxes |
|
| 0.00 |
|
|
|
|
| 0.00 | ||
|
|
|
|
|
|
|
|
|
|
| |
Accrued Income Tax: |
|
|
|
|
|
|
|
| |||
| Federal |
|
| 0.00 |
|
|
|
|
| 0.00 | |
| State |
|
| 0.00 |
|
|
|
|
| 0.00 | |
|
|
|
|
|
|
|
|
|
|
| |
Other: ___________________ |
| 0.00 |
|
|
|
|
| 0.00 | |||
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
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|
| |
| TOTALS |
| $ | — | $ | 40,624.91 | $ | (40,581.89 | ) | $ | 43.02 |
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TAXES PAYABLE SCHEDULE | |||||||||||
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| Policy Expiration Date |
| Premium Paid Through Date | |||||
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Workers' Compensation |
| 12/31/02 |
| 12/31/02 | |||||||
General Liability |
| 11/30/02 |
| 11/30/02 | |||||||
Property |
| 11/30/02 |
| 11/30/02 | |||||||
Vehicle |
| 11/30/02 |
| 11/30/02 | |||||||
Other (list): |
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Directors and Officers Liability |
| 09/30/03 |
| 03/31/03 | |||||||
Technology Errors & Omissions |
| 06/30/03 |
| 12/31/02 | |||||||
Crime |
| 01/31/03 |
| 01/31/03 | |||||||
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SUMMARY OF POST PETITION ACCOUNTS PAYABLE AGING SCHEDULE |
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AS OF OCTOBER 27, 2002 |
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| 0 - 30 |
| 31 - 60 |
| 61 - 90 |
| > 90 |
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NAME OF CREDITOR |
| BALANCE |
| DAYS |
| DAYS |
| DAYS |
| DAYS |
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A & B RADIO & ALARM SYS | $ | 81.00 | $ | 81.00 | $ | — | $ | — | $ | — |
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ADP, INC. |
| 250.39 |
| 250.39 |
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AETHER SYSTEMS,INC |
| 227.70 |
| 227.70 |
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ALBIN BUSINESS COPIERS |
| 495.74 |
| 495.74 |
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A LOW COST SELF STORAGE |
| 467.23 |
| 467.23 |
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AMERITECH |
| 1,138.87 |
| 1,138.87 |
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ASE-EDUCATIONAL FOUNDATIN |
| 1,123.60 |
| 1,123.60 |
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AT&T |
| 4,127.58 |
| 4,024.94 |
| 102.64 |
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AT&T TELECONFERENCE SRV |
| 2,950.39 |
| 2,950.39 |
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BALBOA CAPITAL CORPORATIN |
| 273.92 |
| 273.92 |
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BALBOA CAPITAL CORP-BULK |
| 322.14 |
| 322.14 |
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BLUE CROSS BLUE SHIELD |
| 14,013.15 |
| 14,013.15 |
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BLUE CARE NETWORK |
| 8,177.47 |
| 8,177.47 |
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CELLNET COMMUNICATIONS |
| 10,364.80 |
| 10,364.80 |
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CHUCK WRIGHT |
| 25.61 |
| 25.61 |
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CINGULAR INTERACTIVE-DEV |
| 910.57 |
| 910.57 |
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CINTAS |
| 263.36 |
| 263.36 |
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CITICAPITAL COMMERCIAL |
| 496.50 |
| 295.99 |
| 200.51 |
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CONSUMERS ENERGY |
| 750.11 |
| 750.11 |
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CUSTOM COFFEE SERVICE INC |
| 36.13 |
| 36.13 |
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DE CLARKS LANDSCAPING |
| 1,319.00 |
| 1,319.00 |
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DELTA DENTAL |
| 2,942.85 |
| 2,942.85 |
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DETROIT EDISON |
| 3,195.71 |
| 3,195.71 |
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DOT - XPECT FIRST AID |
| 73.02 |
| 73.02 |
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ERVIN LEASING |
| 984.44 |
| 984.44 |
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EXPANETS FINANCIAL |
| 5,586.70 |
| 3,184.00 |
| 2,402.70 |
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EXPANETS, INC. |
| 73.92 |
| 73.92 |
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EUREKA TECHNOCRATS,INC |
| 4,400.00 |
| 4,400.00 |
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FEDERAL EXPRESS CORP |
| 92.68 |
| 92.68 |
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FIRST FLEET CORPORATION |
| 1,272.00 |
| 1,272.00 |
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IDEALEASE, INC. |
| 250.00 |
| 250.00 |
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IMAGE-TEK EXHIBITS |
| 96.77 |
| 96.77 |
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KAREN FRANK |
| 546.00 |
| 546.00 |
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MOHAMMED UDDIN |
| 6.00 |
| 6.00 |
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LEDDS DEVELOPMENT COMPANY |
| 34,063.06 |
| 34,063.06 |
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MANUFACTURERS NEWS, INC. |
| 298.00 |
| 298.00 |
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M-CARE |
| 15,015.23 |
| 15,015.23 |
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MICHIGAN BUSINESS |
| 100.00 |
| 100.00 |
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MITCHELL REPAIR INFORMATI |
| 1,760.93 |
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| 1,760.93 |
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PITNEY BOWES |
| 46.05 |
| 46.05 |
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PURCHASE POWER |
| 1,035.77 |
| 15.77 |
| 1,020.00 |
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RICHARD HAHN |
| 104.62 |
| 104.62 |
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SCOTT SPECIALTY GASES |
| 23.06 |
| 23.06 |
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SOCIETY OF HUMAN RESOURCE |
| 260.00 |
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| 260.00 |
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STERLING HEIGHTS POST |
| 150.00 |
| 150.00 |
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UNUM |
| 2,120.57 |
| 2,120.57 |
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UNUM LIFE INSURANCE |
| 498.80 |
| 498.80 |
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UPS CUSTOMHOUSE BROKERAGE |
| 61.50 |
| 61.50 |
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UNITED PARCEL SERVICE |
| 3,727.33 |
| 3,727.33 |
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VERIO, INC. - 22 |
| 1,274.90 |
| 1,006.50 |
| 268.40 |
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VISION SERVICE PLAN |
| 983.99 |
| 983.99 |
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WASTE MANAGEMENT |
| 226.30 |
| 226.30 |
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| |||||||||||
TOTALS | $ | 129,085.46 | $ | 123,070.28 | $ | 4,254.25 | $ | — | $ | 1,760.93 |
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U.S DEPARTMENT OF JUSTICE | ||||||||||||
UNITED STATES TRUSTEE | ||||||||||||
EASTERN DISTRICT OF MICHIGAN | ||||||||||||
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Case Name: | WPI Micro Processor Systems, Inc. |
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Case Number: | 02-63994-WS |
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CASH RECEIPTS AND DISBURSEMENTS REPORT | ||||||||||||
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FOR THE PERIOD OF OCTOBER 12, 2002 TO OCTOBER 27, 2002 | ||||||||||||
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| GENERAL ACCOUNT |
| PAYROLL |
| TAX | ||||
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| Fleet |
| SFB |
| TOTAL |
| ACCOUNT |
| ACCOUNT |
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CASH ON HAND |
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BEGINNING OF PERIOD |
| 0.00 |
| 376,065.18 |
| 376,065.18 |
| 11,414.46 |
| 0.00 | ||
RECEIPTS DURING THE |
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CURRENT PERIOD |
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(see attached schedule) |
| 161,048.77 |
| 235,921.00 |
| 396,969.77 |
| 110,870.91 |
| 0.00 | ||
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Balance Available |
| 161,048.77 |
| 611,986.18 |
| 773,034.95 |
| 122,285.37 |
| 0.00 | ||
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DISBURSEMENTS DURING |
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THE CURRENT PERIOD |
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(see attached schedule) |
| (161,048.77 | ) | (621,962.38 | ) | (783,011.15 | ) | (118,969.27 | ) | 0.00 | ||
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CASH ON HAND |
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END OF PERIOD |
| 0.00 |
| (9,976.20 | ) | (9,976.20 | ) | 3,316.10 |
| 0.00 | ||
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*** IMPORTANT *** |
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Please enter the TOTAL DISBURSEMENTS from all you accounts, |
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including cash and excluding transfers, onto the line below.This is |
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the number that will determine your quarterly fee payment. |
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| $ 174,504.64 |
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|
U.S DEPARTMENT OF JUSTICE | |||||
UNITED STATES TRUSTEE | |||||
EASTERN DISTRICT OF MICHIGAN | |||||
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Case Name: | WPI Micro Processor Systems, Inc. |
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Case Number: | 02-63994-WS |
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RECEIPTS LISTING | |||||
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FOR THE PERIOD OF OCTOBER 12, 2002 TO OCTOBER 27, 2002 | |||||
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Bank: |
| Fleet Bank |
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Location: |
| 111 Westminister Street, Providence, RI 02903 |
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Account Name: |
| Nexiq Technologies Concentration Account |
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Account Number: |
| 9358942298 |
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| DATE |
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| RECEIVED |
| DESCRIPTION |
| AMOUNT |
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| 10/15/02-10/25/02 |
| A/R Deposits from WPI Micro Processor Systems |
| 146,319.52 |
| 10/24/02 |
| Non A/R Deposits from WPI Micro Processor Systems |
| 4,890.49 |
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| Transfer |
| Transfers from Nexiq Technologies to cover wire transfers |
| 9,838.76 |
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| TOTAL |
| $ 161,048.77 |
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| |
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|
Receipts may be identified by major categories. It is not necessary to list each transaction | |||||
separately by name and customer or invoice number. You must, however, create a separate list | |||||
for each bank account to which receipts were deposited during the month. |
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| |||
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|
U.S DEPARTMENT OF JUSTICE | |||||
UNITED STATES TRUSTEE | |||||
EASTERN DISTRICT OF MICHIGAN | |||||
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Case Name: | WPI Micro Processor Systems, Inc. |
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Case Number: | 02-63994-WS |
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RECEIPTS LISTING | |||||
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FOR THE PERIOD OF OCTOBER 12, 2002 TO OCTOBER 27, 2002 | |||||
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Bank: |
| Standard Federal Bank |
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Location: |
| 40950 Van Dyke Avenue, Sterling Heights, MI 48313 |
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Account Name: |
| Nexiq Technologies Debtor In Possession |
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| |
Account Number: |
| 3664000599 |
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| DATE |
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| RECEIVED |
| DESCRIPTION |
| AMOUNT |
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|
| 10/16/02-10/17/02 |
| A/R Deposits from WPI Micro Processor Systems |
| 194,531.54 |
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| Transfer |
| Transfers from WPI Micro Processor Systems Payroll |
| 1,389.46 |
| Transfer |
| Transfer from Nexiq Technologies to cover checks written | 40,000.00 | |
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| TOTAL |
| $ 235,921.00 |
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| |
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Receipts may be identified by major categories. It is not necessary to list each transaction | |||||
separately by name and customer or invoice number. You must, however, create a separate list | |||||
for each bank account to which receipts were deposited during the month. |
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| |||
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| U. S. DEPARTMENT OF JUSTICE |
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Case Name: |
| WPI Micro Processor Systems, Inc. |
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Case Number: |
| 02-63994-WS |
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Bank: |
| Standard Federal Bank |
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Location |
| 40950 Van Dyke Avenue, Sterling Heights, MI 48313 |
|
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Account Name: |
| Nexiq Technologies Debtor In Possession |
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Account Number: |
| 5607110490 |
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DATE |
|
|
|
|
RECEIVED |
| DESCRIPTION |
| AMOUNT |
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|
|
|
|
Transfer |
| Transfer from Fleet - Biweekly payroll for period ended 10/20/02 | 110,870.91 | |
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|
|
| TOTAL |
| $ 110,870.91 |
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| |
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|
|
Receipts may be identified by major categories. It is not necessary to list each transaction separately by name and customer or invoice number. You must, however, create a separate list for each bank account to which receipts were deposited during the month.
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| ||
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|
U.S DEPARTMENT OF JUSTICE | |||||||||
UNITED STATES TRUSTEE | |||||||||
EASTERN DISTRICT OF MICHIGAN | |||||||||
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|
|
Case Name: |
| WPI Micro Processor Systems, Inc. |
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|
| |||
Case Number: |
| 02-63994-WS |
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| |||
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|
|
DISBURSEMENTS LISTING | |||||||||
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|
|
FOR THE PERIOD OF OCTOBER 12, 2002 TO OCTOBER 27, 2002 | |||||||||
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|
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|
|
|
|
Bank: |
|
|
| Fleet Bank |
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|
|
| |
Location: |
|
|
| 111 Westminster Street, Providence, RI 02903 |
|
| |||
Account Name: |
|
| Nexiq Technologies Debtor In Possession |
|
| ||||
Account Number: |
| 9358942298 |
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| |||
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| DATE |
| CHECK |
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|
|
| DISBURSED |
| NUMBER |
| PAYEE |
| DESCRIPTION |
| AMOUNT |
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|
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|
|
|
| 10/22/02 |
| Wire |
| NORTECH SYSTEMS | INVENTORY |
| 5,339.70 | |
| 10/24/02 |
| Wire |
| FEDERAL EXPRESS |
| SHIPPING - $1,500 deposit |
| 1,500.00 |
| 10/24/02 |
| Wire |
| NORTECH SYSTEMS |
| INVENTORY |
| 2,999.06 |
| 10/15/02-10/25/02 |
| Transfer |
| Nexiq Technologies | Deposit commingled with other funds |
| 146,319.52 | |
| 10/24/02 |
| Transfer |
| Nexiq Technologies |
| Deposit commingled with other funds |
| 4,890.49 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TOTAL |
| $ 161,048.77 |
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|
|
|
|
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|
| |
You must create a separate list for each bank account from which disbursements were made during the month. | |||||||||
U.S DEPARTMENT OF JUSTICE | |||||||||
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|
|
Case Name: |
| WPI Micro Processor Systems, Inc. |
|
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|
| |||
Case Number: |
| 02-63994-WS |
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| |||
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|
|
DISBURSEMENTS LISTING | |||||||||
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|
|
FOR THE PERIOD OF OCTOBER 12, 2002 TO OCTOBER 27, 2002 | |||||||||
|
|
|
|
|
|
|
|
|
|
Bank: |
|
|
| Standard Federal Bank |
|
|
|
| |
Location: |
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|
| 40950 Van Dyke Avenue, Sterling Heights, MI 48313 |
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Account Name: |
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| Nexiq Technologies Debtor In Possession |
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Account Number: |
| 3664000599 |
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| DATE |
| CHECK |
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| DISBURSED |
| NUMBER |
| PAYEE |
| DESCRIPTION |
| AMOUNT |
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| 10/22/02 |
| Transfer |
| Diversified Software Industries | Checks written |
| 2,824.68 | |
| 10/23/02 |
| Transfer |
| Nexiq Technologies |
| Checks written |
| 365.45 |
| 10/22/02 |
| Transfer |
| Nexiq Technologies |
| Transfer to Nexiq Technologies |
| 571,686.18 |
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|
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|
|
|
| 10/18/02 |
| 1001 |
| COSTELLO IMAGE GRAPHICS | INVENTORY |
| 1,235.70 | |
| 10/21/02 |
| 1002 |
| LEADING EDGE |
| INVENTORY |
| 1,430.00 |
| 10/21/02 |
| 1003 |
| LECTRONICS |
| INVENTORY |
| 7,825.00 |
| 10/21/02 |
| 1005 |
| DEBRON |
| INVENTORY |
| 2,505.00 |
| 10/22/02 |
| 1006 |
| CDW COMPUTERS CENTERS | INVENTORY |
| 415.28 | |
| 10/22/02 |
| 1007 |
| PLYMOUTH PACKAGING |
| INVENTORY |
| 1,348.00 |
| 10/22/02 |
| 1008 |
| THE DARSON CORPORATION | INVENTORY |
| 46.00 | |
| 10/23/02 |
| 1018 |
| LECTRONICS |
| INVENTORY |
| 2,790.00 |
| 10/23/02 |
| 1019 |
| BRIAN YAX |
| T&E REIMBURSEMENT |
| 58.40 |
| 10/23/02 |
| 1020 |
| BRIAN HIMANEK |
| T&E REIMBURSEMENT |
| 92.52 |
| 10/23/02 |
| 1021 |
| CHET TARAS |
| T&E REIMBURSEMENT |
| 140.67 |
| 10/23/02 |
| 1022 |
| DONNA TOMASSI |
| T&E REIMBURSEMENT |
| 640.00 |
| 10/23/02 |
| 1023 |
| GEORGE LANG |
| T&E REIMBURSEMENT |
| 125.00 |
| 10/23/02 |
| 1025 |
| JAMES KUNTZ |
| T&E REIMBURSEMENT |
| 1,500.00 |
| 10/23/02 |
| 1026 |
| JAMIE SURA |
| T&E REIMBURSEMENT |
| 1,841.47 |
| 10/23/02 |
| 1027 |
| KEN TURNER |
| T&E REIMBURSEMENT |
| 262.44 |
| 10/23/02 |
| 1029 |
| MARLA CENTOFANTI |
| T&E REIMBURSEMENT |
| 13.96 |
| 10/23/02 |
| 1030 |
| MICHAEL KAPOLKA |
| T&E REIMBURSEMENT |
| 662.54 |
| 10/23/02 |
| 1031 |
| MICHAEL LAMBIE |
| T&E REIMBURSEMENT |
| 563.16 |
| 10/23/02 |
| 1032 |
| MOHAMMED UDDIN |
| T&E REIMBURSEMENT |
| 27.39 |
| 10/23/02 |
| 1033 |
| RICH HAHN |
| T&E REIMBURSEMENT |
| 113.08 |
| 10/23/02 |
| 1034 |
| STATE OF MICHIGAN |
| SALES & USE TAX |
| 76.02 |
| 10/23/02 |
| 1035 |
| THOMAS KOTENKO |
| T&E REIMBURSEMENT |
| 341.25 |
| 10/23/02 |
| 1036 |
| TOM CARTER |
| T&E REIMBURSEMENT |
| 387.53 |
| 10/24/02 |
| 1039 |
| CDW COMPUTER CENTERS | INVENTORY |
| 132.51 | |
| 10/24/02 |
| 1041 |
| COSTELLO IMAGE |
| INVENTORY |
| 886.13 |
| 10/24/02 |
| 1042 |
| DATACOMM CABLES |
| INVENTORY |
| 358.50 |
| 10/24/02 |
| 1043 |
| KAM PATEL |
| T&E REIMBURSEMENT |
| 45.00 |
| 10/24/02 |
| 1044 |
| LEADING EDGE |
| INVENTORY |
| 586.00 |
| 10/24/02 |
| 1045 |
| LECTRONICS, INC. |
| INVENTORY |
| 1,612.50 |
| 10/24/02 |
| 1046 |
| BOB JENSEN |
| T&E REIMBURSEMENT |
| 622.70 |
| 10/24/02 |
| 1047 |
| BRIAN HIMANEK |
| T&E REIMBURSEMENT |
| 102.20 |
| 10/24/02 |
| 1048 |
| CHET TARAS |
| T&E REIMBURSEMENT |
| 181.88 |
| 10/24/02 |
| 1049 |
| DATACOMM CABLES |
| INVENTORY |
| 340.00 |
| 10/24/02 |
| 1050 |
| G & P CLEANING |
| BUILDING CLEANING |
| 375.00 |
| 10/25/02 |
| 1051 |
| DIGI - KEY CORPORTATION | PC CARD EJECTOR - ENG |
| 59.60 | |
| 10/25/02 |
| 1052 |
| GEORGE LANG |
| T&E REIMBURSEMENT |
| 62.00 |
| 10/25/02 |
| 1053 |
| GREG MEYER |
| T&E REIMBURSEMENT |
| 1,056.79 |
| 10/25/02 |
| 1054 |
| JAMIE SURA |
| T&E REIMBURSEMENT |
| 235.39 |
| 10/25/02 |
| 1055 |
| MICHAEL LAMBIE |
| T&E REIMBURSEMENT |
| 179.38 |
| 10/25/02 |
| 1057 |
| CONTINENTAL CARTON |
| BOXES |
| 408.68 |
| 10/25/02 |
| 1058 |
| COSTELLO IMAGE |
| INVENTORY |
| 133.90 |
| 10/25/02 |
| 1059 |
| DEBRON |
| INVENTORY |
| 4,175.00 |
| 10/25/02 |
| 1060 |
| HI TECH SALES |
| INVENTORY |
| 1,844.00 |
| 10/25/02 |
| 1061 |
| LEADING EDGE |
| INVENTORY |
| 520.00 |
| 10/25/02 |
| 1062 |
| LECTRONICS, INC. |
| INVENTORY |
| 8,662.50 |
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|
|
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| Standard Federal Bank |
| Bank Fee |
| 66.00 |
|
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|
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| TOTAL |
| $621,962.38 |
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You must create a separate list for eash bank account from which disbursements were made during the month. |
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| U. S. DEPARTMENT OF JUSTICE | |||||||
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Case Name: |
| WPI Micro Processor Systems, Inc. |
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| ||
Case Number: |
| 02-63994-WS |
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Bank: |
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| Standard Federal Bank |
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Location: |
|
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| 40950 Van Dyke Avenue, Sterling Heights, MI 48313 |
|
| ||
Account Name: |
|
|
| Nexiq Technologies Debtor In Possession |
|
| ||
Account Number: |
|
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| 5607110490 |
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DATE |
| CHECK |
|
|
|
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|
DISBURSED |
| NUMBER |
| PAYEE |
| DESCRIPTION |
| AMOUNT |
|
|
|
|
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|
|
|
|
10/24/02 |
| Wires |
| All Employees |
| Payroll for Biweekly period ended 10/20/02 |
| 117,579.81 |
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| Transfer |
| WPI Micro Processor Systems | Transfers to WPI Micro Processor Systems General | 1,389.46 | ||
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| TOTAL |
| $ 118,969.27 |
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| |
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You must create a separate list for each bank account from which disbursements were made during the month. |
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|
EXHIBIT 99.3
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF MICHIGAN
In the matter of:
Case Number: 02-63998-WS
Chapter 11
Diversified Software Industries, Inc. Debtor(s) |
| Hon. Walter Shapero |
STATEMENT OF DEBTOR IN POSSESSION
UNDER BANKR. R. PRO. 9010
For the month of October 12-27, 2002
The Debtor in Possession states:
Attached is a complete and accurate (check appropriate lines).
X Balance Sheet
X Profit and Loss Statement
X Cash Receipts & Disbursements Report
X Accounts Payable Aging Schedule
X Taxes Payable/Insurance Schedule
X Reconciled Bank Statement(s)
The statements contained within have been completed on a _______________________ CASH XACCRUAL BASIS. I understand that any false statement may subject me to sanctions as provided for in Bankr. R. Pro. 9011.
| /s/ Kevin F. Kelly |
11/20/2002
Date
A. Mail the original to: | Mail one copy of this report to: |
B. Mail a copy of this report to each member of the Creditors' Committee (if any) and the attorney for the Creditors' Committee (if any).
U.S. DEPARTMENT OF JUSTICE
UNITED STATES TRUSTEE
EASTERN DISTRICT OF MICHIGAN
In the matter of:
Case Number: 02-63998-WS
Chapter 11
Diversified Software Industries, Inc. Debtor(s) |
| Hon. Walter Shapero |
AFFIRMATIONS
UNDER BANKR. R. PRO. 9011
As Debtor in Possession, I affirm:
1. That the insurance, as described in section 5 of the Notice of Operating Instructions and Reporting Requirements, is in effect, and
2. That all post petition taxes, as described in section 9 of the Notice of Operating Instructions and Reporting Requirements, are current.
3. No professional fees (accountant, attorneys, etc.) have been paid without specific court authorization. Explain below if not true.
I understand that any false statement may subject me to sanctions as provided for in Bankr. R. Pro. 9011.
| /s/ Kevin F. Kelly |
11/20/2002
Date
Explanations:
DIVERSIFIED SOFTWARE INDUSTRIES, INC. | ||||
BALANCE SHEET | ||||
AS OF OCTOBER 27, 2002 | ||||
|
|
| ||
|
|
| ||
ASSETS |
|
| ||
Current Assets |
|
| ||
Checking-Hawkeye State Bank | 300.00 |
| ||
Checking-FSA | 1,044.12 | 1,344.12 | ||
Accounts Receivable | 407,879.94 |
| ||
Allowance for Doubtful Accounts | (23,500.00 | ) | 384,379.94 | |
Employee Advance | 410.22 |
| ||
Prepaid Contracts | 5,711.36 |
| ||
Prepaid Rent | 1,700.51 |
| ||
Prepaid Other | 221.69 | 8,043.78 | ||
Total Current Assets | 393,767.84 | 393,767.84 | ||
Fixed Assets |
|
| ||
Automobile | 50,644.19 |
| ||
Computer Hardware | 266,889.19 |
| ||
Computer Software | 81,170.21 |
| ||
Furniture & Equipment | 440,217.90 |
| ||
Leasehold Improvements | 118,621.71 | 957,543.20 | ||
Accumulated Depreciation | (392,964.30 | ) | (392,964.30 | ) |
Total Fixed Assets | 564,578.90 | 564,578.90 | ||
Other Assets |
|
| ||
Patent | 16,320.92 |
| ||
Security Deposit | 29,332.57 |
| ||
Deposits-Utilities | 1,300.00 |
| ||
Total Other Assets | 46,953.49 | 46,953.49 | ||
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|
| ||
TOTAL ASSETS | 1,005,300.23 | 1,005,300.23 | ||
| ||||
LIABILITIES & EQUITY |
|
| ||
Liabilities |
|
| ||
Current Liabilities |
|
| ||
Accounts Payable-Pre Petition | 127,376.49 |
| ||
Accounts Payable-Post Petition | 15,673.56 | 143,050.05 | ||
Due To/From NEXIQ Corporate | 3,643,624.37 |
| ||
Due To/From NEXIQ Detroit | (2,111,342.19 | ) | 1,532,282.18 | |
Deferred Revenue | 194,489.42 | 194,489.42 | ||
Accrued Salaries | 59,677.56 |
| ||
Accrued Severance | 7,084.07 |
| ||
Accrued Payroll Other | 49,311.21 |
| ||
Accrued FSA | 961.24 |
| ||
Accrued Fringes | 640.00 | 117,674.08 | ||
Total Current Liabilities | 1,987,495.73 | 1,987,495.73 | ||
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|
| ||
Long Term Liabilities |
|
| ||
TIF Grant | 74,000.00 |
| ||
CEBA Grant | 103,094.42 | 177,094.42 | ||
Total Long Term Liabilities | 177,094.42 | 177,094.42 | ||
Total Liabilities | 2,164,590.15 | 2,164,590.15 | ||
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|
| ||
Equity |
|
| ||
Owner's Equity-Opening | 26,455.95 |
| ||
Owner's Equity-Other | 2,862,799.32 | 2,889,255.27 | ||
Retained Earnings-DSI | (4,116,277.62 | ) | (4,116,277.62 | ) |
Net Income | 67,732.43 | 67,732.43 | ||
Total Equity | (1,159,289.92 | ) | (1,159,289.92 | ) |
TOTAL LIABILITIES & EQUITY | 1,005,300.23 | 1,005,300.23 | ||
DIVERSIFIED SOFTWARE INDUSTRIES, INC. | |||||
PROFIT AND LOSS STATEMENT | |||||
FOR THE PERIOD OF OCTOBER 12, 2002 | |||||
TO OCTOBER 27, 2002 | |||||
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| 10/12/02 to | ||||
| 10/27/02 | ||||
|
| ||||
Income |
| ||||
4000-04 - Consulting-Core | 78,082.35 | ||||
4100-04 - Licenses-ePod | 8,000.00 | ||||
4000-05 - Consulting-IVIS | 82,314.58 | ||||
4100-05 - Licenses-IVIS SDK | 27,500.00 | ||||
4010-05 - Intercompany-Telematics | 33,644.58 | ||||
Total Income | 229,541.51 | ||||
|
| ||||
Operating Expenses |
| ||||
6000 - Salaries | 93,336.26 | ||||
6020 - Fringes Misc | 640.00 | ||||
6060 - Vacation | 12,768.88 | ||||
6100 - FICA | 6,201.28 | ||||
6110 - SUI | 0.64 | ||||
6200 - Rent. | (1,232.88 | ) | |||
6210 - Supplies | (40.42 | ) | |||
6215 - Telephone | 2,152.88 | ||||
6220 - Electricity | 387.60 | ||||
6230 - Water | 258.17 | ||||
6235 - Gas | 82.03 | ||||
6240 - Auto Expense | (92.17 | ) | |||
6245 - Travel Expense | 258.79 | ||||
6246 - Meals & Entertainment | 107.62 | ||||
6300 - Medical Ins | (3,809.73 | ) | |||
6310 - Disability/Life | (13.25 | ) | |||
6400 - Equipment Maintenance | 633.91 | ||||
6410 - Bank Fees | 31.00 | ||||
6422 - Payroll Processing | 232.88 | ||||
6430 - Building Maintenance | 131.25 | ||||
6454 - Depr | 14,276.41 | ||||
6565 - Postage | 81.10 | ||||
6606 - Product Development | (1,303.82 | ) | |||
8000 - Interest Expense | 1,350.50 | ||||
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|
|
Total Expenses | 126,438.93 | ||||
|
|
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|
|
Net Profit (Loss) | 103,102.58 | ||||
SUMMARY OF POST PETITION ACCOUNTS PAYABLE AGING SCHEDULE |
| ||||||||||
AS OF OCTOBER 27, 2002 |
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|
| 0 - 30 |
| 31 - 60 |
| 61 - 90 |
| > 90 |
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NAME OF CREDITOR |
| DAYS |
| DAYS |
| DAYS |
| DAYS |
| BALANCE |
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|
ADP | $ | 232.88 | $ | — | $ | — | $ | — | $ | 232.88 |
|
Cingular Interactive |
|
|
| 41.94 |
|
|
|
|
| 41.94 |
|
City of Coralville |
| 43.02 |
|
|
|
|
|
|
| 43.02 |
|
Freeman Lock |
|
|
| 66.12 |
|
|
|
|
| 66.12 |
|
Giant |
|
|
| 258.06 |
|
|
|
|
| 258.06 |
|
Janitorial Resources |
| 131.25 |
|
|
|
|
|
|
| 131.25 |
|
Jay Lash-Reimb |
| 734.71 |
|
|
|
|
|
|
| 734.71 |
|
Linn County REC |
| 1,687.60 |
|
|
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|
|
|
| 1,687.60 |
|
MidAmerican Energy |
| 36.84 |
|
|
|
|
|
|
| 36.84 |
|
PR Newswire |
|
|
| 310.00 |
|
|
|
|
| 310.00 |
|
Provident |
|
|
|
|
| 15.13 |
|
|
| 15.13 |
|
Qwest |
|
|
| 151.92 |
|
|
|
|
| 151.92 |
|
Ron Stahlberg-Reimb |
|
|
| 942.58 |
|
|
|
|
| 942.58 |
|
Shelle Youngblut-Reimb |
|
|
|
|
|
|
|
|
| 0.00 |
|
South Slope |
|
|
| 698.46 |
|
|
|
|
| 698.46 |
|
Sprint |
| 80.69 |
|
|
|
|
|
|
| 80.69 |
|
Sprint PCS |
| 395.69 |
| 53.99 |
|
|
|
|
| 449.68 |
|
UNUM Life Insurance |
|
|
| 1,008.05 |
|
|
|
|
| 1,008.05 |
|
Venture One, L.C. |
|
|
| 8,502.53 |
|
|
|
|
| 8,502.53 |
|
Verizon Wireless |
| 234.70 |
|
|
|
|
|
|
| 234.70 |
|
Waste Management |
|
|
| 47.40 |
|
|
|
|
| 47.40 |
|
|
|
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|
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|
|
TOTALS | $ | 3,577.38 | $ | 12,081.05 | $ | 15.13 | $ | — | $ | 15,673.56 | |
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U.S DEPARTMENT OF JUSTICE | ||||||||||||
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Case Name: | Diversified Software Industries, Inc. |
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Case Number: | 02-63998-WS |
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CASH RECEIPTS AND DISBURSEMENTS REPORT | ||||||||||||
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FOR THE PERIOD OF OCTOBER 12, 2002 TO OCTOBER 27, 2002 | ||||||||||||
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| GENERAL ACCOUNT |
| PAYROLL |
| TAX | ||||
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| Fleet |
| SFB |
| TOTAL |
| ACCOUNT |
| ACCOUNT |
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CASH ON HAND |
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BEGINNING OF PERIOD |
| 0.00 |
| 0.00 |
| 0.00 |
| 249,508.74 |
| 0.00 | ||
RECEIPTS DURING THE |
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CURRENT PERIOD |
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(see attached schedule) |
| 11,156.57 |
| 2,824.68 |
| 13,981.25 |
| 56,471.33 |
| 0.00 | ||
Balance Available |
| 11,156.57 |
| 2,824.68 |
| 13,981.25 |
| 305,980.07 |
| 0.00 | ||
DISBURSEMENTS DURING |
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THE CURRENT PERIOD |
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(see attached schedule) |
| (11,156.57 | ) | (2,824.68 | ) | (13,981.25 | ) | (305,680.07 | ) | 0.00 | ||
CASH ON HAND |
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END OF PERIOD |
| 0.00 |
| 0.00 |
| 0.00 |
| 300.00 |
| 0.00 | ||
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*** IMPORTANT *** |
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Please enter the TOTAL DISBURSEMENTS from all you accounts, |
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including cash and excluding transfers, onto the line below. This is |
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the number that will determine your quarterly fee payment. |
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| $ 59,311.01 |
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U.S DEPARTMENT OF JUSTICE | |||||
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Case Name: | Diversified Software Industries, Inc. |
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Case Number: | 02-63998-WS |
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RECEIPTS LISTING | |||||
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FOR THE PERIOD OF OCTOBER 12, 2002 TO OCTOBER 27, 2002 | |||||
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Bank: |
| Fleet Bank |
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Location: |
| 111 Westminister Street, Providence, RI 02903 |
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Account Name: |
| Nexiq Technologies Concentration Account |
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Account Number: |
| 9358942298 |
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| DATE |
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| RECEIVED |
| DESCRIPTION |
| AMOUNT |
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| 10/15/02-10/22/02 |
| DSI Accounts Receivable deposit |
| 8,040.00 |
| 10/22/02 |
| DSI Non A/R - Refund check - Delta Dental |
| 3,056.12 |
| 10/22/02 |
| DSI Non A/R - COBRA check |
| 60.45 |
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| TOTAL |
| $ 11,156.57 |
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Receipts may be identified by major categories. It is not necessary to list each transaction | |||||
separately by name and customer or invoice number. You must, however, create a separate list | |||||
for each bank account to which receipts were deposited during the month. |
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U.S DEPARTMENT OF JUSTICE | |||||
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Case Name: | Diversified Software Industries, Inc. |
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Case Number: | 02-63998-WS |
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RECEIPTS LISTING | |||||
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FOR THE PERIOD OF OCTOBER 12, 2002 TO OCTOBER 27, 2002 | |||||
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Bank: |
| Standard Federal Bank |
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Location: |
| 40950 Van Dyke Avenue, Sterling Heights, MI 48313 |
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Account Name: |
| Nexiq Technologies Debtor In Possession |
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Account Number: |
| 3664000599 |
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| DATE |
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| RECEIVED |
| DESCRIPTION |
| AMOUNT |
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| Transfer |
| Transfer from WPI Micro Processor Systems to cover checks written | 2,824.68 | |
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| TOTAL |
| $ 2,824.68 |
Receipts may be identified by major categories. It is not necessary to list each transaction |
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separately by name and customer or invoice number. You must, however, create a separate list | |||||
for each bank account to which receipts were deposited during the month. |
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U.S DEPARTMENT OF JUSTICE | |||||
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Case Name: | Diversified Software Industries, Inc. |
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Case Number: | 02-63998-WS |
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RECEIPTS LISTING | |||||
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FOR THE PERIOD OF OCTOBER 12, 2002 TO OCTOBER 27, 2002 | |||||
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Bank: |
| Hawkeye State Bank |
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Location: |
| 299 S. Dubuque Street, Iowa City, IA 52240 |
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Account Name: |
| Diversified Software Industries Payroll Account |
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Account Number: |
| 044644 |
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| DATE |
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| RECEIVED |
| DESCRIPTION |
| AMOUNT |
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| Transfer |
| Transfer from Fleet - Biweekly payroll for period ended 10/20/02 | 56,471.33 | |
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| TOTAL |
| $ 56,471.33 |
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Receipts may be identified by major categories. It is not necessary to list each transaction | |||||
separately by name and customer or invoice number. You must, however, create a separate list | |||||
for each bank account to which receipts were deposited during the month. |
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U.S DEPARTMENT OF JUSTICE | |||||||||||||||||
UNITED STATES TRUSTEE | |||||||||||||||||
EASTERN DISTRICT OF MICHIGAN | |||||||||||||||||
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Case Name: |
| Diversified Software Industries, Inc. |
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Case Number: |
| 02-63998-WS |
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DISBURSEMENTS LISTING | |||||||||||||||||
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FOR THE PERIOD OF OCTOBER 12, 2002 TO OCTOBER 27, 2002 | |||||||||||||||||
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Bank: |
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Hawkeye State Bank | |||||||||||||||||
Location: |
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| 299 S. Dubuque Street, Iowa City, IA 52240 |
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Account Name: |
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| Diversified Software Industries Payroll Account |
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Account Number: |
| 044644 |
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| DATE |
| CHECK |
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| DISBURSED |
| NUMBER |
| PAYEE |
| DESCRIPTION |
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| 10/21/02 |
| Transfer |
| Nexiq Technologies |
| Wire transfer to Fleet Bank - Nexiq Concentration |
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| 249,193.74 | |||||||
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| 10/21/02 |
| Wires |
| Hawkeye State Bank |
| Wire transfer fee |
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| 15.00 | |||||||
| 10/24/02 |
| Wires |
| All Employees |
| Payroll for Biweekly period ended 10/20/02 |
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| 56,471.33 | |||||||
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| TOTAL |
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| $ 305,680.07 | |||||||
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You must create a separate list for eash bank account from which disbursements were made during the month. |
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U.S DEPARTMENT OF JUSTICE | |||||||||||
UNITED STATES TRUSTEE | |||||||||||
EASTERN DISTRICT OF MICHIGAN | |||||||||||
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Case Name: |
| Diversified Software Industries, Inc. |
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Case Number: |
| 02-63998-WS |
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DISBURSEMENTS LISTING | |||||||||||
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FOR THE PERIOD OF OCTOBER 12, 2002 TO OCTOBER 27, 2002 | |||||||||||
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Bank: |
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| Standard Federal Bank |
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Location: |
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| 40950 Van Dyke Avenue, Sterling Heights, MI 48313 |
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Account Name: |
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| Nexiq Technologies Debtor In Possession |
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Account Number: |
| 3664000599 |
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| DATE |
| CHECK |
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| DISBURSED |
| NUMBER |
| PAYEE |
| DESCRIPTION |
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| 10/22/02 |
| 75.13 |
| DEBRA DROLL |
| EMPLOYEE T&E REIMBURSEMENT |
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| 75.13 |
| 10/22/02 |
| 30.11 |
| GREGORY DILS |
| EMPLOYEE T&E REIMBURSEMENT |
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| 30.11 |
| 10/22/02 |
| 99.02 |
| JAMES GRIFFIN |
| EMPLOYEE T&E REIMBURSEMENT |
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| 99.02 |
| 10/22/02 |
| 292.65 |
| JAY LASH |
| EMPLOYEE T&E REIMBURSEMENT |
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| 292.65 |
| 10/22/02 |
| 33.14 |
| JOSHUA DRUM |
| EMPLOYEE T&E REIMBURSEMENT |
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| 33.14 |
| 10/22/02 |
| 1,446.68 |
| RONALD STAHLBERG |
| EMPLOYEE T&E REIMBURSEMENT |
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| 1,446.68 |
| 10/22/02 |
| 21.59 |
| ROSHELLE YOUNGBLUT |
| EMPLOYEE T&E REIMBURSEMENT |
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| 21.59 |
| 10/22/02 |
| 826.36 |
| TREASURER, STATE OF IA |
| SALES & USE TAX |
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| 826.36 |
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| TOTAL |
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| $ 2,824.68 | |
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| You must create a separate list for eash bank account from which disbursements were made during the month. | |||||||||
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U. S. DEPARTMENT OF JUSTICE | ||||||||
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Case Name: |
| Diversified Software Industries, Inc. |
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Case Number: |
| 02-63998-WS |
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| DISBURSEMENTS LISTING |
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| FOR THE PERIOD OF OCTOBER 12, 2002 TO OCTOBER 27, 2002 |
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| Fleet Bank |
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| 111 Westminister Street, Providence, RI 02903 |
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| Nexiq Technologies Concentration Account |
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| 9358942298 |
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DATE |
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DISBURSED |
| NUMBER |
| PAYEE |
| DESCRIPTION |
| AMOUNT |
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10/15/02 |
| Transfer |
| Nexiq Technologies |
| Transfer - deposit comingled with other funds |
| 8,000.00 |
10/22/02 |
| Transfer |
| Nexiq Technologies |
| Transfer - deposit comingled with other funds |
| 3,156.57 |
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| TOTAL |
| $ 11,156.57 |
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