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 January 27, 2003 to February 23, 2003
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 and 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 Debtor in Possession | |
03/20/2003 |
A. Mail the original to: | Mail one copy of this report to: |
UNITED STATES BANKRUPTCY COURT 21ST FLOOR - COMERICA BUILDING 211 W. FORT STREET DETROIT, MICHIGAN 48226 | OFFICE OF THE U. S. TRUSTEE 211 WEST FORT STREET SUITE 700 DETROIT, MICHIGAN 48226 Attn: John R. Kuhn |
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).
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 |
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 Report 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 statements may subject me to sanctions as provide for in Bankr. R. Pro. 9011.
/s/ Kevin F. Kelly Debtor in Possession | |
03/20/2003 |
Explanations:
NEXIQ TECHNOLOGIES, INC. | |||
ASSETS | |||
Current Assets | |||
Checking/Savings | |||
Cash | |||
1125 - Cash - Fleet DIP | 1,311,618.75 | ||
Total Cash | 1,311,618.75 | ||
Total Checking/Savings | 1,311,618.75 | ||
Other Current Assets | |||
Prepaid Expenses | |||
1305 - Prepaid Insurance | 5,501.00 | ||
1340 - Prepaid Deposits | 10,000.00 | ||
Total Prepaid Expenses | 15,501.00 | ||
Total Other Current Assets | 15,501.00 | ||
Total Current Assets | 1,327,119.75 | ||
Fixed Assets | |||
Fixed Assets - Basis | |||
1605 - Furniture | 51,587.90 | ||
Total Fixed Assets - Basis | 51,587.90 | ||
Accumulated Depreciation | |||
1655 - Accum Depr - Furniture | (44,218.20 | ) | |
�� Total Accumulated Depreciation | (44,218.20 | ) | |
Total Fixed Assets | 7,369.70 | ||
Other Assets | |||
Investments in Subsidiaries | |||
1701 - Investment - Magnetec | 1,236,886.74 | ||
1702 - Investment - Instruments | 7,473,299.31 | ||
1703 - Investment - Termiflex | 5,535,428.71 | ||
1704 - Investment - Micro Palm | 2,145,187.33 | ||
1705 - Investment - MPSI | 3,145,000.00 | ||
1706 - Investment - Oyster | 1,844,643.00 | ||
1707 - Investment - Husky | 446,964.00 | ||
1708 - Investment - DSI | 559,215.00 | ||
Total Investment in Subsidiaries | 22,426,624.09 | ||
Goodwill | |||
1721 - Goodwill - MPSI | 2,552,214.74 | ||
1723 - Goodwill - DSI | 4,030,000.00 | ||
1725 - Accum Amort - MPSI Goodwill | (1,234,643.42 | ) | |
1727 - Accum Amort - DSI Goodwill | (1,318,905.00 | ) | |
Total Goodwill | 4,028,666.32 | ||
Debt Issuance | |||
1740 - Debt Issuance Costs | 0.00 | ||
1745 - Accum Amort - Debt Issuance | 0.00 | ||
Total Debt Issuance | 0.00 | ||
Total Other Assets | 26,455,290.41 | ||
TOTAL ASSETS | 27,789,779.86 |
NEXIQ TECHNOLOGIES, INC. | |||
LIABILITIES & EQUITY | |||
Liabilities | |||
Current Liabilities | |||
Accounts Payable | |||
Accts Payable | |||
2105 - Accounts Payable Pre Petition | 1,520,367.12 | ||
2105 - Accounts Payable Post Petition | 68,985.00 | ||
Total Accts Payable | 1,589,352.12 | ||
Total Accounts Payable | 1,589,352.12 | ||
Other Current Liabilities | |||
Employee Accruals | |||
2305 - Accrued Restructuring | 681,779.88 | ||
Total Employee Accruals | 681,779.88 | ||
Accrued Expenses | |||
2450 - Accrued Transition | 9,479.78 | ||
2490 - Accrued Other | 958,563.84 | ||
Total Accrued Expenses | 968,043.62 | ||
Interest | |||
2505 - Accrued Bank Interest | 829,434.54 | ||
2510 - Accrued Convertible Note Int | 2,298,395.77 | ||
2515 - Accrued Other Interest | 142,547.94 | ||
Total Interest | 3,270,378.25 | ||
Due To/From Subsidiaries | |||
2705 - Due To/From MPSI | 8,852,367.62 | ||
2710 - Due To/From Instruments/Mag | 48,815.00 | ||
2715 - Due To/From DSI | (2,205,912.73 | ) | |
2720 - Due To/From Discon't Operations | 10,426,017.00 | ||
Total Due To/From Subsidiaires | 17,121,286.89 | ||
Total Other Current Liabilities | 22,041,488.64 | ||
Total Current Liabilities | 23,630,840.76 | ||
Long Term Liabilities | |||
Notes Payable - Long Term | |||
2917 - Bridge Note - Sunrise | 3,000,000.00 | ||
2905 - Fleet Bank - Term A | 4,656,766.38 | ||
2910 - Fleet Bank - Term B | 273,100.84 | ||
2920 - Convertible Notes - Sunrise | 33,935,000.00 | ||
2925 - Convertible Notes - ANG | 4,181,875.00 | ||
2930 - Convertible Notes - PIK | 6,476,583.19 | ||
2940 - Convertible Notes - Discount | 0.00 | ||
Total Notes Payable - Long Term | 52,523,325.41 | ||
Total Long Term Liabilities | 52,523,325.41 | ||
Total Liabilities | 76,154,166.17 | ||
Equity | |||
3050 - Common Stock | 140,479.62 | ||
3100 - Additional Paid in Capital | 41,181,837.55 | ||
3900 - *Retained Earnings | (76,664,039.47 | ) | |
Net Income | (13,022,664.01 | ) | |
Total Equity | (48,364,386.31 | ) | |
TOTAL LIABILITIES & EQUITY | 27,789,779.86 |
NEXIQ TECHNOLOGIES, INC. | |||
01/27/03 to | |||
Ordinary Income/Expense | |||
Expense | |||
Payroll Expense | |||
8205 - FICA - Employer Portion | (11.45 | ) | |
Total Payroll Expense | (11.45 | ) | |
8350 - Supplies | 82.30 | ||
Travel & Entertainment | |||
8370 - Travel | 215.27 | ||
Total Travel & Entertainment | 215.27 | ||
Consultants | |||
8505 - Consultants - General | 250.00 | ||
8520 - Consultants - Bankruptcy | 42,037.64 | ||
Total Consultants | 42,287.64 | ||
8680 - Bank Charges - Monthly Fee | 7.65 | ||
Legal | |||
8716 - Legal - Bankruptcy | 23,848.17 | ||
Total Legal | 23,848.17 | ||
8730 - Audit Fees | (17,500.00 | ) | |
8740 - General Insurance | 14,849.00 | ||
Total Expense | 63,778.58 | ||
Net Ordinary Income | (63,778.58 | ) | |
Net Income | (63,778.58 | ) | |
|
NEXIQ TECHNOLOGIES, INC. | ||||||||||
NAME OF CREDITOR | 0 - 30 | 31-60 | 61 - 90 | > 90 | BALANCE | |||||
Argus | $ | 2,893.87 | $ | — | $ | — | $ | 10,208.25 | $ | 13,102.12 |
Kevin Kelly | 2,312.50 | 2,312.50 | ||||||||
McLane, Graf, Raulerson & Middleton | 15,573,00 | 7,440.10 | 1,778.92 | 511.65 | 25,303.67 | |||||
Jennifer Montgomery | 1,000.00 | 1,000.00 | ||||||||
Pepper Hamilton | 8,275.17 | 5,372.37 | 5,842.35 | 7,026.82 | 26,516.71 | |||||
Linda Racette | 250.00 | 250.00 | ||||||||
US Bankruptcy Court | 500.00 | 500.00 | ||||||||
TOTALS | $ | 30,804.54 | $ | 12,812.47 | $ | 7,621.27 | $ | 17,746.72 | $ | 68,985.00 |
U. S. DEPARTMENT OF JUSTICE | |||||||||
FOR THE PERIOD OF JANUARY 27, 2003 TO FEBRUARY 23, 2003 | |||||||||
TAXES PAYABLE SCHEDULE POST PETITION | |||||||||
Beginning | Additions | Payments/ | Ending | ||||||
Income Tax Withheld: | |||||||||
Federal | $ | — | $ | — | $ | — | $ | — | |
State | 0.00 | 0.00 | |||||||
FICA Tax Withheld | 0.00 | 0.00 | |||||||
Employer's FICA Tax | 0.00 | (11.45) | 11.45 | 0.00 | |||||
Unemployment Tax: | |||||||||
Federal | 0.00 | 0.00 | |||||||
State | 0.00 | 0.00 | |||||||
Sales Use & Excise Tax | 0.00 | 0.00 | |||||||
Property Taxes | 0.00 | 0.00 | |||||||
Accrued Income Tax: | |||||||||
Federal | 0.00 | 0.00 | |||||||
State | 0.00 | 0.00 | |||||||
Other: | 0.00 | 0.00 | |||||||
TOTALS | $ | — | $ | (11.45) | $ | 11.45 | $ | — | |
TAXES PAYABLE SCHEDULE | |||||||||
Policy Expiration Date | Premium Paid Through Date | ||||||||
Workers' Compensation | 12/31/02 | 12/31/02 (waiting for closeout billing/refund) | |||||||
General Liability | 01/08/03 | 11/30/02 (waiting for closeout billing/refund) | |||||||
Property | 01/08/03 | 11/30/02 (waiting for closeout billing/refund) | |||||||
Vehicle | 01/08/03 | 11/30/02 (waiting for closeout billing/refund) | |||||||
Other (list): | |||||||||
Directors and Officers Liability | 03/02/03 | 03/31/03 (waiting for closeout billing/refund | |||||||
Technology Errors & Omissions | 01/08/03 | 12/31/02 (waiting for closeout billing/refund) | |||||||
Crime | 01/31/03 | 01/31/03 (waiting for closeout billing/refund) | |||||||
U. S. DEPARTMENT OF JUSTICE | |||||||||||
Case Name: Nexiq Technologies, Inc. | |||||||||||
Case Number: 02-63996-WS | |||||||||||
CASH RECEIPTS AND DISBURSEMENTS REPORT | |||||||||||
FOR THE PERIOD OF JANUARY 27, 2003 TO FEBRUARY 23, 2003 | |||||||||||
GENERAL ACCOUNT | |||||||||||
Fleet - DIP | SFB | TOTAL | PAYROLL | TAX | |||||||
CASH ON HAND BEGINNING OF PERIOD | 1,592.355.22 | 0.00 | 1,592,355.22 | 0.00 | 0.00 | ||||||
RECEIPTS DURING THE CURRENT PERIOD (see attached schedule) | 50,011.45 | 93,120.41 | 143,131.86 | 0.00 | 0.00 | ||||||
Balance Available | 1,642,366.67 | 93,120.41 | 1,735,487.08 | 0.00 | 0.00 | ||||||
DISBURSEMENTS DURING | (330,747.92 | ) | (93,120.41 | ) | (423,868.33 | ) | 0.00 |
| 0.00 | ||
CASH ON HAND | 1,311,618.75 | 0.00 | 1,311,618.75 | 0.00 | 0.00 | ||||||
*** IMPORTANT *** | |||||||||||
Please enter the TOTAL DISBURSEMENTS from all your accounts, including cash and excluding transfers, onto the line below. This is the number that will determine your quarterly fee payment. | |||||||||||
$ | 117,845.98 | ||||||||||
U. S. DEPARTMENT OF JUSTICE UNITED STATES TRUSTEE EASTERN DISTRICT OF MICHIGAN | ||||
Case Name: Nexiq Technologies, Inc. | ||||
Case Number: 02-63996-WS | ||||
RECEIPTS LISTING | ||||
FOR THE PERIOD OF JANUARY 27, 2003 TO FEBRUARY 23, 2003 | ||||
Bank: | Fleet Bank | |||
Location: | 111 Westminster Street, Providence, RI 02903 | |||
Account Name: | Nexiq Technologies Debtor in Possession Concentration Account | |||
Account Number: | 9429256472 | |||
DATE | DESCRIPTION | AMOUNT | ||
02/07/03 | Deposits - Snap-on funding of transition agreement | 50,000.00 | ||
02/07/03 | Deposits - ADP refund | 11.45 | ||
TOTAL | $ | 50,011.45 | ||
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. |
U. S. DEPARTMENT OF JUSTICE UNITED STATES TRUSTEE EASTERN DISTRICT OF MICHIGAN | ||||
Case Name: Nexiq Technologies, Inc. | ||||
Case Number: 02-63996-WS | ||||
RECEIPTS LISTING | ||||
FOR THE PERIOD OF JANUARY 27, 2003 TO FEBRUARY 23, 2003 | ||||
Bank: | Standard Federal Bank | |||
Location: | 40950 Van Dyke Avenue, Sterling Heights, MI 48313 | |||
Account Name: | Nexiq Technologies Debtor in Possession | |||
Account Number: | 3664000599 | |||
DATE | DESCRIPTION | AMOUNT | ||
Transfer | Transfer from WPI Micro Processor Systems to cover checks written | 93,120.41 | ||
TOTAL | $ | 93,120.41 | ||
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. |
U. S. DEPARTMENT OF JUSTICE | |||||||
Case Name: Nexiq Technologies, Inc. | |||||||
Case Number: 02-63996-WS | |||||||
DISBURSEMENTS LISTING | |||||||
FOR THE PERIOD OF JANUARY 27, 2003 TO FEBRUARY 23, 2003 | |||||||
Bank: | Fleet Bank | ||||||
Location: | 111 Westminster Street, Providence, RI 02903 | ||||||
Account Name: | Nexiq Technologies Debtor in Possession Concentration Account | ||||||
Account Number: | 9429256472 | ||||||
DATE | CHECK | PAYEE | DESCRIPTION | AMOUNT | |||
01/28/03 | Transfer | WPI Micro Processor Systems | Funding Checks written on Nexiq DIP account | 200,000.00 | |||
02/14/03 | Transfer | WPI Micro Processor Systems | Funding Checks written on Nexiq DIP account | 95,000.00 | |||
02/06/03 | Transfer | Diversified Software Industries | Payroll P/E | 11,022.35 | |||
01/31/03 | Wire | Fleet Bank | Legal Fees | 24,717.92 | |||
02/04/03 | Wire | Fleet Bank | Bank fees | 7.65 | |||
TOTAL | $ | 330,747.92 | |||||
You must create a separate list for each bank account from which disbursements were made during the month. | |||||||
U. S. DEPARTMENT OF JUSTICE | |||||||
Case Name: Nexiq Technologies, Inc. | |||||||
Case Number: 02-63996-WS | |||||||
DISBURSEMENTS LISTING | |||||||
FOR THE PERIOD OF JANUARY 27, 2003 TO FEBRUARY 23, 2003 | |||||||
Bank: | Standard Federal Bank | ||||||
Location: | 40950 Van Dyke Avenue, Sterling Heights, MI 48313 | ||||||
Account Name: | Nexiq Technologies Debtor in Possession | ||||||
Account Number: | 3664000599 | ||||||
DATE | CHECK | PAYEE | DESCRIPTION | AMOUNT | |||
02/07/03 | 1528 | ARGUS MANAGEMENT CORP. | BANKRUPTCY CONSULTANT | 20,433.77 | |||
02/07/03 | 1541 | JAMES C GRIFFIN | EXPENSE REIMBURSEMENT | 215.27 | |||
02/07/03 | 1542 | JENNIFER MONTGOMERY | CONTRACT LABOR | 2,300.00 | |||
02/07/03 | 1543 | KEVIN KELLY | CONTRACT LABOR | 4,800.00 | |||
02/07/03 | 1544 | LINDA RACETTE | 8-K FILING | 250.00 | |||
02/07/03 | 1546 | MCLANE, GRAF, RAULERSON | LEGAL | 43,217.63 | |||
02/07/03 | 1550 | COLLECTION DIVISION | FY01 SBT PENALTY | 7,789.17 | |||
02/07/03 | 1556 | KEVIN KELLY | CONTRACT LABOR | 4,875.00 | |||
02/21/03 | 1563 | DIANE HALL | CONTRACT LABOR | 1,042.30 | |||
02/21/03 | 1565 | JENNIFER MONTGOMERY | CONTRACT LABOR | 2,600.00 | |||
02/21/03 | 1566 | KEVIN KELLY | CONTRACT LABOR | 3,062.50 | |||
02/21/03 | 1570 | VERIZON WIRELESS | CLOSEOUT BILL JOHN ALLARD | 284.77 | |||
02/21/03 | 1573 | KEVIN KELLY | CONTRACT LABOR | 2,250.00 | |||
TOTAL | $ | 93,120.41 | |||||
You must create a separate list for each bank account from which disbursements were made during the month. | |||||||
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 to January 27, 2003 to February 23, 2003
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 and 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 Debtor in Possession | |
03/20/2003 |
A. Mail the original to: | Mail one copy of this report to: |
UNITED STATES BANKRUPTCY COURT 21ST FLOOR - COMERICA BUILDING 211 W. FORT STREET DETROIT, MICHIGAN 48226 | OFFICE OF THE U. S. TRUSTEE 211 WEST FORT STREET SUITE 700 DETROIT, MICHIGAN 48226 Attn: John R. Kuhn |
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).
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 |
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 Report 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 statements may subject me to sanctions as provide for in Bankr. R. Pro. 9011.
/s/ Kevin F. Kelly Debtor in Possession | |
03/20/2003 |
Explanations:
WPI MICRO PROCESSOR SYSTEMS, INC. | |||||
ASSETS | |||||
Current Assets | |||||
Checking-Standard DIP | 17,985.94 | 17,985.94 | |||
Prepaid Insurance | 4,108.15 | ||||
Prepaid Contracts | 14,008.00 | 18,116.15 | |||
Total Current Assets | 36,102.09 | 36,102.09 | |||
Other Assets | |||||
Security Deposit | 21,895.00 | 21,895.00 | |||
Total Other Assets | 21,895.00 | 21,895.00 | |||
TOTAL ASSETS | 57,997.09 | 57,997.09 |
LIABILITIES & EQUITY | |||||
Liabilities | |||||
Current Liabilities | |||||
Accounts Payable-Pre Petition | 1,373,024.69 | ||||
Accounts Payable-Post Petition | 21,025.01 | 1,394,111.23 | |||
Due To/From NEXIQ Corporate | (8,852,367.62 | ) | |||
Due To/From NEXIQ DSI | 2,084,631.69 | (6,787,735.93 | ) | ||
Total Current Liabilities | (5,373,624.70 | ) | (5,373,624.70 | ) | |
Total Liabilities | (5,373,624.70 | ) | (5,373,624.70 | ) | |
Equity | |||||
Common Stock | 3,145,000.00 | 3,145,000.00 | |||
Retained Earnings-Prior | (851,402.28 | ) | (851,402.28 | ) | |
Net Income | 3,138,024.07 | 3,138,024.07 | |||
Total Equity | 5,431,621.79 | 5,431,621.79 | |||
TOTAL LIABILITIES & EQUITY | 57,997.09 | 57,997.09 | |||
WPI MICRO PROCESSOR SYSTEMS, INC. | |||
01/27/03 to | |||
Income | |||
4900-03 - Freight - Outgoing | 119.14 | ||
Total Income - Net | (119.14 | ) | |
Cost of Sales | |||
5000-05 - Direct Materials - Etechnician | (821.35 | ) | |
Total Cost of Sales | (821.35 | ) | |
Gross Profit | 702.21 | ||
Operating Expenses | |||
6215 - Telephone | 188.44 | ||
6300 - Medical Ins | (4,108.15 | ) | |
6410 - Bank Fees | 10.00 | ||
6422 - Payroll Processing | (236.90 | ) | |
Total Operating Expenses | (4,146.61 | ) | |
Net Profit (Loss) | 4,848.82 | ||
U. S. DEPARTMENT OF JUSTICE | |||||||||
FOR THE PERIOD OF JANUARY 27, 2003 TO FEBRUARY 23, 2003 | |||||||||
TAXES PAYABLE SCHEDULE POST PETITION | |||||||||
Beginning | Additions | Payments/ | Ending | ||||||
Income Tax Withheld: | |||||||||
Federal | $ | — | $ | — | $ | — | $ | — | |
State | 0.00 | 0.00 | 0.00 | 0.00 | |||||
FICA Tax Withheld | 0.00 | 0.00 | 0.00 | 0.00 | |||||
Employer's FICA Tax | 0.00 | 0.00 | 0.00 | 0.00 | |||||
Unemployment Tax: | |||||||||
Federal | 0.00 | 0.00 | |||||||
State | 0.00 | 0.00 | 0.00 | 0.00 | |||||
Sales Use & Excise Tax | 0.00 | 0.00 | 0.00 | 0.00 | |||||
Property Taxes | 0.00 | 0.00 | 0.00 | 0.00 | |||||
Accrued Income Tax: | |||||||||
Federal | 0.00 | 0.00 | |||||||
State | 0.00 | 0.00 | |||||||
Other: Local Tax | 0.00 | 0.00 | 0.00 | 0.00 | |||||
TOTALS | $ | — | $ | — | $ | — | $ | — | |
TAXES PAYABLE SCHEDULE | |||||||||
Policy Expiration Date | Premium Paid Through Date | ||||||||
Workers' Compensation | 12/31/02 | 12/31/02 (waiting for closeout billing/refund) | |||||||
General Liability | 01/08/03 | 11/30/02 (waiting for closeout billing/refund) | |||||||
Property | 01/08/03 | 11/30/02 (waiting for closeout billing/refund) | |||||||
Vehicle | 01/08/03 | 11/30/02 (waiting for closeout billing/refund) | |||||||
Other (list): | |||||||||
Directors and Officers Liability | 03/02/03 | 03/31/03 (waiting for closeout billing/refund) | |||||||
Technology Errors & Omissions | 01/08/03 | 12/31/02 (waiting for closeout billing/refund) | |||||||
Crime | 01/31/03 | 01/31/03 (waiting for closeout billing/refund) | |||||||
WPI MICRO PROCESSOR SYSTEMS, INC. | ||||||||||||
NAME OF CREDITOR | BALANCE | 0 - 30 DAYS | 31-60 DAYS | 61-90 DAYS | > 90 DAYS | |||||||
ADP, INC. | $ | 513.10 | $ | 513.10 | $ | — | $ | — | $ | — | ||
AETHER SYSTEMS, INC. | 227.70 | 227.70 | ||||||||||
AMERITECH | 736.28 | 736.28 | ||||||||||
AT&T | 4,304.46 | 4,304.46 | ||||||||||
CINTAS | 180.70 | 180.70 | ||||||||||
CITY OF STERLING HEIGHTS | 7,200.00 | 7,200.00 | ||||||||||
DETROIT EDISON | 2,616.14 | 2,616.14 | ||||||||||
EXPANETS FINANCIAL | 4,092.56 | 4,092.56 | ||||||||||
EXPANETS, INC. | 890.57 | 890.57 | ||||||||||
IMAGE-TEK EXHIBITS | 150.00 | 150.00 | ||||||||||
UNITED PARCEL SERVICE | 113.50 | 113.50 | ||||||||||
TOTALS | $ | 21,025.01 | $ | 21,025.01 | $ | — | $ | — | $ | — | ||
U. S. DEPARTMENT OF JUSTICE | |||||||||||
Case Name: WPI Micro Processor Systems, Inc. | |||||||||||
Case Number: 02-63994-WS | |||||||||||
CASH RECEIPTS AND DISBURSEMENTS REPORT | |||||||||||
FOR THE PERIOD OF JANUARY 27, 2003 TO FEBRUARY 23, 2003 | |||||||||||
GENERAL ACCOUNT | |||||||||||
Fleet - DIP | SFB | TOTAL | PAYROLL | TAX | |||||||
CASH ON HAND BEGINNING OF PERIOD | 0.00 | (79,892.59) | (79,892.59 | ) | 0.00 |
| 0.00 | ||||
RECEIPTS DURING THE CURRENT PERIOD (see attached schedule) | 0.00 | 295,000.00 | 295,000.00 | 0.00 | 0.00 | ||||||
Balance Available | 0.00 | 215,107.41 | 215,107.41 | 0.00 | 0.00 | ||||||
DISBURSEMENTS DURING | 0.00 |
| (197,121.47 | ) | (197,121.47 | ) | 0.00 |
| 0.00 |
| |
CASH ON HAND | 0.00 | 17,985.94 |
| 17,985.94 |
| 0.00 |
| 0.00 | |||
*** IMPORTANT *** | |||||||||||
Please enter the TOTAL DISBURSEMENTS from all your accounts, including cash and excluding transfers, onto the line below. This is the number that will determine your quarterly fee payment. | |||||||||||
$ | 53,234.08 | ||||||||||
U. S. DEPARTMENT OF JUSTICE UNITED STATES TRUSTEE EASTERN DISTRICT OF MICHIGAN | ||||
Case Name: WPI Micro Processor Systems, Inc. | ||||
Case Number: 02-63994-WS | ||||
RECEIPTS LISTING | ||||
FOR THE PERIOD OF JANUARY 27, 2003 TO FEBRUARY 23, 2003 | ||||
Bank: | Fleet Bank | |||
Location: | 111 Westminster Street, Providence, RI 02903 | |||
Account Name: | Nexiq Technologies Debtor in Possession Concentration Account | |||
Account Number: | 9429256472 | |||
DATE | DESCRIPTION | AMOUNT | ||
None | 0.00 | |||
TOTAL | $ | — | ||
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. |
U. S. DEPARTMENT OF JUSTICE UNITED STATES TRUSTEE EASTERN DISTRICT OF MICHIGAN | ||||
Case Name: WPI Micro Processor Systems, Inc. | ||||
Case Number: 02-63994-WS | ||||
RECEIPTS LISTING | ||||
FOR THE PERIOD OF JANUARY 27, 2003 TO FEBRUARY 23, 2003 | ||||
Bank: | Standard Federal Bank | |||
Location: | 40950 Van Dyke Avenue, Sterling Heights, MI 48313 | |||
Account Name: | Nexiq Technologies Debtor in Possession | |||
Account Number: | 3664000599 | |||
DATE | DESCRIPTION | AMOUNT | ||
Transfer | Transfer from Nexiq Technologies to cover checks written | 200,000.00 | ||
Transfer | Transfer from Nexiq Technologies to cover checks written | 95,000.00 | ||
TOTAL | $ | 295,000.00 | ||
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. |
U. S. DEPARTMENT OF JUSTICE | |||||||
Case Name: WPI Micro Processor Systems, Inc. | |||||||
Case Number: 02-63994-WS | |||||||
DISBURSEMENTS LISTING | |||||||
FOR THE PERIOD OF JANUARY 27, 2003 TO FEBRUARY 23, 2003 | |||||||
Bank: | Fleet Bank | ||||||
Location: | 111 Westminster Street, Providence, RI 02903 | ||||||
Account Name: | Nexiq Technologies Debtor in Possession Concentration Account | ||||||
Account Number: | 9429256472 | ||||||
DATE | CHECK | PAYEE | DESCRIPTION | AMOUNT | |||
None | 0.00 | ||||||
TOTAL | $ | — | |||||
You must create a separate list for each bank account from which disbursements were made during the month. | |||||||
U. S. DEPARTMENT OF JUSTICE | |||||||
Case Name: WPI Micro Processor Systems, Inc. | |||||||
Case Number: 02-63994-WS | |||||||
DISBURSEMENTS LISTING | |||||||
FOR THE PERIOD OF JANUARY 27, 2003 TO FEBRUARY 23, 2003 | |||||||
Bank: | Standard Federal Bank | ||||||
Location: | 40950 Van Dyke Avenue, Sterling Heights, MI 48313 | ||||||
Account Name: | Nexiq Technologies Debtor in Possession | ||||||
Account Number: | 3664000599 | ||||||
DATE | CHECK | PAYEE | DESCRIPTION | AMOUNT | |||
Transfer | Diversified Software Industries | Checks written | 50,766.98 | ||||
Transfer | Nexiq Technologies | Checks written | 93,120.41 | ||||
01/30/03 | 1524 | LEDDS DEVELOPMENT COMPA | RENT & PROPERTY TAXES | 22,537.53 | |||
02/07/03 | 1527 | AETHER SYSTEMS, INC. | BLACKBERRYS | 455.40 | |||
02/07/03 | 1529 | AT&T | E-TECH DSL | 180.69 | |||
02/07/03 | 1530 | ADP, INC. | PAYROLL SERVICES | 74.00 | |||
02/07/03 | 1531 | CELLNET COMMUNICATIONS | CELL PHONES | 1,623.51 | |||
02/07/03 | 1532 | CINTAS | UNIFORMS | 569.62 | |||
02/07/03 | 1533 | CITY OF STERLING HEIGHTS | WATER & SEWER | 74.84 | |||
02/07/03 | 1535 | CUSTOM COFFEE SERVICE, INC. | COFFEE SERVICES | 177.90 | |||
02/07/03 | 1536 | ERVIN LEASING COMPANY | COPIER AND FAX LEASE | 212.50 | |||
02/07/03 | 1537 | EXPANETS, INC. | PHONE MAINTENANCE | 1,620.26 | |||
02/07/03 | 1538 | FEDERAL EXPRESS CORP | SHIPPING SERVICES | 266.58 | |||
02/07/03 | 1540 | IMAGE-TEK EXHIBITS | TRADE SHOW STORAGE | 150.00 | |||
02/07/03 | 1551 | VERIO, INC. | INTERNET T1 | 1,006.50 | |||
02/07/03 | 1554 | WASTE MANAGEMENT | TRASH SERVICES | 352.13 | |||
02/07/03 | 1555 | WIRELESSCAR NORTH AMERICA | E-TECH NOC FEE & AIRTIME | 11,273.57 | |||
02/21/03 | 1557 | ALBIN BUSINESS COPIERS | COPIER MAINTENANCE - JANUARY | 292.01 | |||
02/21/03 | 1558 | AMERITECH | LOCAL CALLS | 668.76 | |||
02/21/03 | 1559 | AT&T | T-1 LINE MI TO IA | 3,279.45 | |||
02/21/03 | 1560 | AT&T TELECONFERENCE SERV | TELECONFERENCE | 459.31 | |||
02/21/03 | 1561 | CINGULAR INTERACTIVE | WIRELESS DEVELOPMENT AIRTIME | 1,171.51 | |||
02/21/03 | 1562 | CONSUMERS ENERGY | NATURAL GAS | 1,961.37 | |||
02/21/03 | 1564 | FEDERAL EXPRESS | SHIPPING SERVICES | 175.66 | |||
02/21/03 | 1567 | MR. PITA | CATERING | 57.09 | |||
02/21/03 | 1568 | RADER, FISHMAN & GRAUER | E-TECH LEGAL | 4,507.96 | |||
02/21/03 | 1571 | WASTE MANAGEMENT | WASTE DISPOSAL | 75.93 | |||
01/28/03 | Wire | Standard Federal Bank | Bank Fee | 5.00 | |||
02/14/03 | Wire | Standard Federal Bank | Bank Fee | 5.00 | |||
TOTAL | $ | 197,121.47 | |||||
You must create a separate list for each bank account from which disbursements were made during the month. | |||||||
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. | Hon. Walter Shapero |
STATEMENT OF DEBTOR IN POSSESSION
UNDER BANKR. R. PRO. 9011
For the month of January 27, 2003 to February 23, 2003
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 and 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 Debtor in Possession | |
03/20/2003 |
A. Mail the original to: | Mail one copy of this report to: |
UNITED STATES BANKRUPTCY COURT 21ST FLOOR - COMERICA BUILDING 211 W. FORT STREET DETROIT, MICHIGAN 48226 | OFFICE OF THE U. S. TRUSTEE 211 WEST FORT STREET SUITE 700 DETROIT, MICHIGAN 48226 Attn: John R. Kuhn |
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).
UNITED STATES BANKRUPTCY COURT
EASTERN DISTRICT OF MICHIGAN
In the matter of:
Case Number: 02-63998-WS Chapter 11 |
Diversified Software Industries, 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 Report 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 statements may subject me to sanctions as provide for in Bankr. R. Pro. 9011.
/s/ Kevin F. Kelly Debtor in Possession | |
03/20/2003 |
Explanations:
DIVERSIFIED SOFTWARE INDUSTRIES, INC. | |||||
ASSETS | |||||
Current Assets | |||||
Prepaid Insurance | 527.68 | 527.68 | |||
Total Current Assets | 527.68 | 527.68 | |||
Other Assets | |||||
Security Deposit | 2,630.38 | ||||
Deposits - Utilities | 1,300.00 | 3,930.38 | |||
Total Other Assets | 3,930.38 | 3,930.38 | |||
TOTAL ASSETS | 4,458.06 | 4,458.06 |
LIABILITIES & EQUITY | |||||
Liabilities | |||||
Current Liabilities | |||||
Accounts Payable-Pre Petition | 101,817.72 | ||||
Accounts Payable-Post Petition | 2,677.21 | 104,494.93 | |||
Due To/From NEXIQ Corporate | 2,205,912.73 | ||||
Due To/From NEXIQ Detroit | (2,084,631.69) | 121,281.04 | |||
Accrued Payroll Other | 49,311.21 | 49,311.21 | |||
Total Current Liabilities | 275,087.18 | 275,087.18 | |||
Long Term Liabilities | |||||
TIF Grant | 74,000.00 | ||||
CEBA Grant | 104,372.98 | 178,372.98 | |||
Total Long Term Liabilities | 178,372.98 | 178,372.98 | |||
Total Liabilities | 453,460.16 | 453,460.16 | |||
Equity | |||||
Owner's Equity - Opening | 26,455.95 | ||||
Owner's Equity - Other | 2,862,799.32 | 2,889,255.27 | |||
Retained Earnings - DIS | (4,116,277.62 | ) | (4,116,277.62 | ) | |
Net Income | 778,020.25 | 778,020.25 | |||
Total Equity | (449,002.10 | ) | (449,002.10 | ) | |
TOTAL LIABILITIES & EQUITY | 4,458.06 | 4,458.06 |
DIVERSIFIED SOFTWARE INDUSTRIES, INC. | |||
01/27/03 to | |||
Income | |||
Total Income | 0.00 | ||
Operating Expenses | |||
6300 - Medical Ins | (527.68 | ) | |
6422 - Payroll Processing | 376.18 | ||
7000 - Gain/Loss on Sale of Assets | 36,489.35 | ||
Total Expenses | 36,337.85 | ||
Net Profit (Loss) | (36,337.85 | ) | |
DIVERSIFIED SOFTWARE INDUSTRIES, INC. | ||||||||||
NAME OF CREDITOR | 0 - 30 | 31-60 | 61 - 90 | > 90 | BALANCE | |||||
ADP | $ | 376.18 | $ | — | $ | — | $ | — | $ | 376.18 |
Cingular Interactive | 648.60 | 648.60 | ||||||||
Linn County REC | 718.86 | 718.86 | ||||||||
MidAmerican Energy | 311.63 | 311.63 | ||||||||
Qwest | 230.14 | 230.14 | ||||||||
South Slope | 186.93 | 186.93 | ||||||||
Sprint | 108.77 | 108.77 | ||||||||
Sprint Conferencing Services | 48.85 | 48.85 | ||||||||
TOTALS | $ | 2,629.96 | $ | — | $ | — | $ | — | $ | 2,692.96 |
U. S. DEPARTMENT OF JUSTICE | |||||||||
FOR THE PERIOD OF JANUARY 27, 2003 TO FEBRUARY 23, 2003 | |||||||||
TAXES PAYABLE SCHEDULE POST PETITION | |||||||||
Beginning | Additions | Payments/ | Ending | ||||||
Income Tax Withheld: | |||||||||
Federal | $ | — | $ | 1,429.30 | $ | (1,429.30) | $ | — | |
State | 0.00 | 557.53 | (557.53) | 0.00 | |||||
FICA Tax Withheld | 0.00 | 777.25 | (777.25) | 0.00 | |||||
Employer's FICA Tax | 0.00 | 777.25 | (777.25) | 0.00 | |||||
Unemployment Tax: | |||||||||
Federal | 0.00 | 81.28 | 81.28 | ||||||
State | 0.00 | 3.66 | (3.66) | 0.00 | |||||
Sales Use & Excise Tax | 0.00 | 0.00 | 0.00 | 0.00 | |||||
Property Taxes | 0.00 | 0.00 | 0.00 | 0.00 | |||||
Accrued Income Tax: | |||||||||
Federal | 0.00 | 0.00 | |||||||
State | 0.00 | 0.00 | 0.00 | 0.00 | |||||
Other: | 0.00 | 0.00 | |||||||
TOTALS | $ | — | $ | 3,626.27 | $ | (3,544.99) | $ | 81.28 | |
TAXES PAYABLE SCHEDULE | |||||||||
Policy Expiration Date | Premium Paid Through Date | ||||||||
Workers' Compensation | 12/31/02 | 12/31/02 (waiting for closeout billing/refund) | |||||||
General Liability | 01/08/03 | 11/30/02 (waiting for closeout billing/refund) | |||||||
Property | 01/08/03 | 11/30/02 (waiting for closeout billing/refund) | |||||||
Vehicle | 01/08/03 | 11/30/02 (waiting for closeout billing/refund) | |||||||
Other (list): | |||||||||
Directors and Officers Liability | 03/02/03 | 03/31/03 (waiting for closeout billing/refund) | |||||||
Technology Errors & Omissions | 01/08/03 | 12/31/02 (waiting for closeout billing/refund) | |||||||
Crime | 01/31/03 | 01/31/03 (waiting for closeout billing/refund) | |||||||
U. S. DEPARTMENT OF JUSTICE | |||||||||||
Case Name: Diversified Software Industries, Inc. | |||||||||||
Case Number: 02-63998-WS | |||||||||||
CASH RECEIPTS AND DISBURSEMENTS REPORT | |||||||||||
FOR THE PERIOD OF JANUARY 27, 2003 TO FEBRUARY 23, 2003 | |||||||||||
GENERAL ACCOUNT | |||||||||||
Fleet - DIP | SFB | TOTAL | PAYROLL | TAX | |||||||
CASH ON HAND BEGINNING OF PERIOD | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
RECEIPTS DURING THE CURRENT PERIOD (see attached schedule) | 0.00 | 50,766.98 | 50,766.98 | 0.00 | 0.00 | ||||||
Balance Available | 0.00 | 50,766.98 | 50,766.98 | 0.00 | 0.00 | ||||||
DISBURSEMENTS DURING | 0.00 |
| (50,766.98 | ) | (50,766.98 | ) | 0.00 |
| 0.00 |
| |
CASH ON HAND | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||
*** IMPORTANT *** | |||||||||||
Please enter the TOTAL DISBURSEMENTS from all your accounts, including cash and excluding transfers, onto the line below. This is the number that will determine your quarterly fee payment. | |||||||||||
$ | 50,766.98 | ||||||||||
U. S. DEPARTMENT OF JUSTICE UNITED STATES TRUSTEE EASTERN DISTRICT OF MICHIGAN | ||||
Case Name: Diversified Software Industries, Inc. | ||||
Case Number: 02-63998-WS | ||||
RECEIPTS LISTING | ||||
FOR THE PERIOD OF JANUARY 27, 2003 TO FEBRUARY 23, 2003 | ||||
Bank: | Fleet Bank | |||
Location: | 111 Westminster Street, Providence, RI 02903 | |||
Account Name: | Nexiq Technologies Debtor in Possession Concentration Account | |||
Account Number: | 9429256472 | |||
DATE | DESCRIPTION | AMOUNT | ||
None | ||||
TOTAL | $ | — | ||
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. |
U. S. DEPARTMENT OF JUSTICE UNITED STATES TRUSTEE EASTERN DISTRICT OF MICHIGAN | ||||
Case Name: Diversified Software Industries, Inc. | ||||
Case Number: 02-63998-WS | ||||
RECEIPTS LISTING | ||||
FOR THE PERIOD OF JANUARY 27, 2003 TO FEBRUARY 23, 2003 | ||||
Bank: | Standard Federal Bank | |||
Location: | 40950 Van Dyke Avenue, Sterling Heights, MI 48313 | |||
Account Name: | Nexiq Technologies Debtor in Possession | |||
Account Number: | 3664000599 | |||
DATE | DESCRIPTION | AMOUNT | ||
Transfer | Transfer from WPI Micro Processor Systems to cover checks written | 50,766.98 | ||
TOTAL | $ | 50,766.98 | ||
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. |
U. S. DEPARTMENT OF JUSTICE | |||||||
Case Name: Diversified Software Industries, Inc. | |||||||
Case Number: 02-63998-WS | |||||||
DISBURSEMENTS LISTING | |||||||
FOR THE PERIOD OF JANUARY 27, 2003 TO FEBRUARY 23, 2003 | |||||||
Bank: | Fleet Bank | ||||||
Location: | 111 Westminster Street, Providence, RI 02903 | ||||||
Account Name: | Nexiq Technologies Debtor in Possession Concentration Account | ||||||
Account Number: | 9429256472 | ||||||
DATE | CHECK | PAYEE | DESCRIPTION | AMOUNT | |||
None | |||||||
TOTAL | $ | — | |||||
You must create a separate list for each bank account from which disbursements were made during the month. | |||||||
U. S. DEPARTMENT OF JUSTICE | |||||||
Case Name: Diversified Software Industries, Inc. | |||||||
Case Number: 02-63998-WS | |||||||
DISBURSEMENTS LISTING | |||||||
FOR THE PERIOD OF JANUARY 27, 2003 TO FEBRUARY 23, 2003 | |||||||
Bank: | Standard Federal Bank | ||||||
Location: | 40950 Van Dyke Avenue, Sterling Heights, MI 48313 | ||||||
Account Name: | Nexiq Technologies Debtor in Possession | ||||||
Account Number: | 3664000599 | ||||||
DATE | CHECK | PAYEE | DESCRIPTION | AMOUNT | |||
01/30/03 | 1525 | VENTURE ONE LC | RENT | 9,152.92 | |||
02/07/03 | 1526 | ADP, INC. | PAYROLL SERVICES | 36.00 | |||
02/07/03 | 1534 | CITY OF CORALVILLE | WATER & SEWER | 50.29 | |||
02/07/03 | 1539 | GIANT, INC. | INTERNET CONNECTION | 400.00 | |||
02/07/03 | 1545 | LINN COUNTY REC | ELECTRIC | 987.24 | |||
02/07/03 | 1547 | MIDAMERICAN ENERGY COMP | GAS | 899.73 | |||
02/07/03 | 1548 | SPRINT | PHONE BILL | 405.92 | |||
02/07/03 | 1549 | SPRINT CONFERENCING SERVICES | TELECONFERENCING | 624.07 | |||
02/07/03 | 1552 | VERIZON WIRELESS | CELL PHONES | 544.10 | |||
02/07/03 | 1553 | VETRONIX CORPORATION | A/R RECEIPT POST SALE | 36,489.35 | |||
02/21/03 | 1569 | SOUTH SLOPE | LOCAL CALLS | 1,104.01 | |||
02/21/03 | 1572 | WASTE MANAGEMENT | WASTE DISPOSAL | 73.35 | |||
TOTAL | $ | 50,766.98 | |||||
You must create a separate list for each bank account from which disbursements were made during the month. | |||||||