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 February 24, 2003 to March 30, 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 | |
04/16/2003 |
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 | |
04/16/2003 |
Explanations:
NEXIQ TECHNOLOGIES, INC. | |||
ASSETS | |||
Current Assets | |||
Checking/Savings | |||
Cash | |||
1125 - Cash - Fleet DIP | 200,533.35 | ||
1130 - Cash - Standard Federal DIP | 41,373.02 | ||
Total Cash | 241,906.37 | ||
Total Checking/Savings | 241,906.37 | ||
Other Current Assets | |||
Prepaid Expenses | |||
1305 - Prepaid Insurance | 15,803.00 | ||
1340 - Prepaid Deposits | 15,208.06 | ||
Total Prepaid Expenses | 31,011.06 | ||
Total Other Current Assets | 31,011.06 | ||
Total Current Assets | 272,917.43 | ||
Fixed Assets | |||
Fixed Assets - Basis | |||
1605 - Furniture | 0.00 | ||
Total Fixed Assets - Basis | 0.00 | ||
Accumulated Depreciation | |||
1655 - Accum Depr - Furniture | 0.00 | ||
Total Accumulated Depreciation | 0.00 | ||
Total Fixed Assets | 0.00 | ||
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 | ||
Total Other Assets | 22,426,624.09 | ||
TOTAL ASSETS | 22,699,541,52 |
NEXIQ TECHNOLOGIES, INC. | |||
LIABILITIES & EQUITY | |||
Liabilities | |||
Current Liabilities | |||
Accounts Payable | |||
2105 - Accounts Payable Pre Petition | 1,520,367.12 | ||
2105 - Accounts Payable Post Petition | 59,376.26 | ||
Total Accts Payable | 1,579,743.38 | ||
Total Accounts Payable | 1,579,743.38 | ||
Other Current Liabilities | |||
Employee Accruals | |||
2305 - Accrued Restructuring | 681,779.88 | ||
Total Employee Accruals | 681,779.88 | ||
Accrued Expenses | |||
2450 - Accrued Transition | 5,871.77 | ||
2490 - Accrued Other | 958,563.84 | ||
Total Accrued Expenses | 964,435.61 | ||
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 | 8,863,629.06 | ||
2710 - Due To/From Instruments/Mag | 48,815.00 | ||
2715 - Due To/From DSI | (2,194,686.04 | ) | |
2720 - Due To/From Discon't Operations | 10,426,017.00 | ||
Total Due To/From Subsidiaires | 17,473,775.02 | ||
Total Other Current Liabilities | 22,060,368.76 | ||
Total Current Liabilities | 23,640,112.14 | ||
Long Term Liabilities | |||
Notes Payable - Long Term | |||
2917 - Bridge Note - Sunrise | 3,000,000.00 | ||
2905 - Fleet Bank - Term A | 3,949,867.22 | ||
2920 - Convertible Notes - Sunrise | 33,935,000.00 | ||
2925 - Convertible Notes - ANG | 4,181,875.00 | ||
2930 - Convertible Notes - PIK | 6,476,583.19 | ||
Total Notes Payable - Long Term | 51,543,325.41 | ||
Total Long Term Liabilities | 51,543,325.41 | ||
Total Liabilities | 75,183,437.55 | ||
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 | (17,142,173.73 | ) | |
Total Equity | (52,483,896.03 | ) | |
TOTAL LIABILITIES & EQUITY | 22,699,541.52 |
NEXIQ TECHNOLOGIES, INC. | |||
02/24/03 to | |||
Ordinary Income/Expense | |||
Expense | |||
8300 - Rent | 3,000.00 | ||
8350 - Supplies | 213.75 | ||
Consultants | |||
8505 - Consultants - General | 500.00 | ||
8520 - Consultants - Bankruptcy | 17,857.50 | ||
Total Consultants | 18,357.50 | ||
8674- Amortization Expense - Goodwill | |||
8675 - GW Amortization - MPSI | 1,317,571.32 | ||
8677 - GW Amortization- DSI | 2,711,095.00 | ||
Total 8674 - Amortization Expense- Goodwill | 4,028,666.32 | ||
8680 - Bank Charges - Monthly Fee | 7.50 | ||
Legal | |||
8716 - Legal - Bankruptcy | 14,007.29 | ||
Total Legal | 14,007.29 | ||
8740 - General Insurance | (10,302.00 | ) | |
8995 - Miscellaneous | (118.34 | ) | |
Total Expense | 4,053,382.02 | ||
Net Ordinary Income | (4,053,382.02 | ) | |
Ordinary Income/Expense | |||
Other Income | |||
9100 - Gain/(Loss) on Sale of Assets | (7,369.70 | ) | |
Total Other Income | (7,369,70 | ) | |
Other Expense | |||
Taxes | |||
9910 - State Income Taxes | 58,308.00 | ||
Total Taxes | 58,308.00 | ||
Total Other Expense | 58,308.00 | ||
Net Other Income | (65,677.70 | ) | |
Net Income | (4,119,509.72 | ) | |
|
NEXIQ TECHNOLOGIES, INC. | ||||||||||
NAME OF CREDITOR | 0 - 30 | 31-60 | 61 - 90 | > 90 | BALANCE | |||||
ADP | $ | 38.50 | $ | — | $ | — | $ | $ | 38.50 | |
Argus | 2,893.87 | 10,208.25 | 13,102.12 | |||||||
Expanets | 1,375.55 | 1,375.55 | ||||||||
McLane, Graf, Raulerson, Middleton | 6,535.93 | 2,277.30 | 9,730.67 | 18,543.90 | ||||||
NE Micrographics | 213.75 | 213.75 | ||||||||
Pepper Hamilton | 1,050.90 | 18,241.54 | 19,292.44 | |||||||
Qwest | 60.00 | 60.00 | ||||||||
Linda Racette | 250.00 | 250.00 | ||||||||
US Bankruptcy Court | 6,500.00 | 6,500.00 | ||||||||
TOTALS | $ | 14,973.73 | $ | 3,328.20 | $ | 2,893.87 | $ | 38,180.46 | $ | 59,376.26 |
U. S. DEPARTMENT OF JUSTICE | |||||||||
FOR THE PERIOD OF FEBRUARY 24, 2003 TO MARCH 30, 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 | 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 | $ | — | $ | — | $ | — | $ | — | |
TAXES PAYABLE SCHEDULE | |||||||||
Policy Expiration Date | Premium Paid Through Date | ||||||||
Workers' Compensation | 12/31/02 | 12/31/02 | |||||||
General Liability | 01/08/03 | 01/08/03 | |||||||
Property | 01/08/03 | 01/08/03 | |||||||
Vehicle | 01/08/03 | 01/08/03 | |||||||
Other (list): | |||||||||
Directors and Officers Liability | 03/02/03 | 03/02/03 | |||||||
Technology Errors & Omissions | 01/08/03 | 01/08/03 | |||||||
Crime | 01/31/03 | 01/31/03 | |||||||
U. S. DEPARTMENT OF JUSTICE | |||||||||||
Case Name: Nexiq Technologies, Inc. | |||||||||||
Case Number: 02-63996-WS | |||||||||||
CASH RECEIPTS AND DISBURSEMENTS REPORT | |||||||||||
FOR THE PERIOD OF FEBRUARY 24, 2003 TO MARCH 30, 2003 | |||||||||||
GENERAL ACCOUNT | |||||||||||
Fleet - DIP | SFB | TOTAL | PAYROLL | TAX | |||||||
CASH ON HAND BEGINNING OF PERIOD | 1,311,618.75 | 0.00 | 1,311,618.75 | 0.00 | 0.00 | ||||||
RECEIPTS DURING THE CURRENT PERIOD (see attached schedule) | 75,893.46 | 137,135.99 | 213,029.45 | 0.00 | 0.00 | ||||||
Balance Available | 1,387,512.21 | 137,135.99 | 213,029.45 | 0.00 | 0.00 | ||||||
DISBURSEMENTS DURING | (1,186,978.86 | ) | (95,762.97 | ) | (1,282,741.83 | ) | 0.00 |
| 0.00 | ||
CASH ON HAND | 200,533.35 | 41,373.02 | 241,906.37 | 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. | |||||||||||
$ | 1,084,741.83 | ||||||||||
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 FEBRUARY 24, 2003 TO MARCH 30, 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 | ||
Transfer | Deposits from Diversified Software Industries, Inc. | 527.68 | ||
Transfer | Deposits from WPI Micro Processor Systems, Inc. | 5,232.44 | ||
03/11/03 | Deposits - Snap-on funding of transition agreement | 60,000.00 | ||
03/11/03 | Deposits - NCO collection | 66.67 | ||
03/28/03 | Deposits - PriceWaterhouse Coopers refund | 10,000.00 | ||
03/28/03 | Deposits - NCO collection | 66.67 | ||
TOTAL | $ | 75,893.46 | ||
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 FEBRUARY 24, 2003 TO MARCH 30, 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 | 95,762.97 | ||
Transfer | Account now maintained on Nexiq Technologies ledger | 41,373.02 | ||
TOTAL | $ | 137,135.99 | ||
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 FEBRUARY 24, 2003 TO MARCH 30, 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 | |||
03/04/03 | Transfer | WPI Micro Processor Systems | Funding Checks written on Nexiq DIP account | 99,000.00 | |||
03/21/03 | Transfer | WPI Micro Processor Systems | Funding Checks written on Nexiq DIP account | 99,000.00 | |||
03/1803 | Wire | Fleet Bank | Legal Fees - Bodman Longley | 56.00 | |||
03/18/03 | Wire | Fleet Bank | Legal Fees - Brown, Rudnick | 8,887.36 | |||
03/24/03 | Wire | Fleet Bank | Legal Fees - Bodman Longley | 28.00 | |||
Wire | Fleet Bank | 980,000.00 | |||||
Wire | Fleet Bank | Bank fees | 7.50 | ||||
TOTAL | $ | 1,186,978.86 | |||||
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 FEBRUARY 24, 2003 TO MARCH 30, 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 | |||
02/27/03 | 1583 | JENNIFER MONTGOMERY | CONTRACT LABOR | 1,000.00 | |||
02/27/03 | 1584 | KEVIN KELLY | CONTRACT LABOR | 2,312.50 | |||
02/27/03 | 1585 | LINDA RACETTE | CONTRACT LABOR | 250.00 | |||
02/27/03 | 1586 | PEPPER HAMILTON, LLP | 85% OF JANUARY 2003 | 7,224.27 | |||
02/27/03 | 1588 | U.S. BANKRUPTCY TRUSTEE | BANKRUPTCY | 500.00 | |||
03/12/03 | 1599 | JENNIFER MONTGOMERY | CONTRACT LABOR | 2,800.00 | |||
03/12/03 | 1600 | KEVIN KELLY | CONTRACT LABOR | 3,250.00 | |||
03/12/03 | 1605 | MICHIGAN DEPT OF TREASURY | BANKRUPTCY | 58,308.00 | |||
03/19/03 | 1607 | HONEY HOLBROOK | CONTRACT LABOR | 1,320.00 | |||
03/19/03 | 1608 | JENNIFER MONTGOMERY | CONTRACT LABOR | 400.00 | |||
03/19/03 | 1609 | KEVIN KELLY | CONTRACT LABOR | 1,812.50 | |||
03/19/03 | 1610 | MCLANE, GRAF, RAULERSON | LEGAL EXPENSES | 13,295.70 | |||
03/19/03 | 1611 | MICHIGAN DEPT OF CONSUMER | FILING FEES | 15.00 | |||
03/28/03 | 1619 | DIANE HALL | CONTRACT LABOR | 600.00 | |||
03/28/03 | 1621 | JENNIFER MONTGOMERY | CONTRACT LABOR | 800.00 | |||
03/28/03 | 1622 | KEVIN KELLY | CONTRACT LABOR | 1,625.00 | |||
03/28/03 | 1623 | LINDA RACETTE | CONTRACT LABOR | 250.00 | |||
TOTAL | $ | 95,762.97 | |||||
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 February 24, 2003 to March 30, 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 | |
04/16/2003 |
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 | |
04/16/2003 |
Explanations:
WPI MICRO PROCESSOR SYSTEMS, INC. | |||||
ASSETS | |||||
TOTAL ASSETS | — | — |
LIABILITIES & EQUITY | |||||
Liabilities | |||||
Current Liabilities | |||||
2005 Accounts Payable-Pre Petition | 1,373,086.22 | ||||
2000 Accounts Payable-Post Petition | 7,200.00 | 1,380,286.22 | |||
2210 Due To/From NEXIQ Corporate | (8,863,629.06 | ) | |||
2240 Due To/From NEXIQ DSI | 2,072,365.17 | (6,791,263.89 | ) | ||
Accrued Sales & Use Tax | — | — | |||
Total Current Liabilities | (5,410,977.67 | ) | (5,410,977.67 | ) | |
Total Liabilities | (5,410,977.67 | ) | (5,410,977.67 | ) | |
Equity | |||||
3000 Common Stock | 3,145,000.00 | 3,145,000.00 | |||
3100 Retained Earnings-Prior | (851,402.28 | ) | (851,402.28 | ) | |
Net Income | 3,117,379.95 | 3,117,379.95 | |||
Total Equity | 5,410,977.67 | 5,410,977.67 | |||
TOTAL LIABILITIES & EQUITY | — | — | |||
WPI MICRO PROCESSOR SYSTEMS, INC. | |||
02/24/03 to | |||
Cost of Sales | |||
5000-05 - Direct Materials - Etechnician | 1,829.55 | ||
Total Cost of Sales | 1,829.55 | ||
Gross Profit | (1,829.55 | ) | |
Operating Expenses | |||
6200 - Rent | 22,966.95 | ||
6300 - Medical Ins | (957.35 | ) | |
6405 - Equipment Lease | (3,184.00 | ) | |
6410 - Bank Fees | 10.00 | ||
6565 - Postage | (21.03 | ) | |
Total Operating Expenses | 18,814.57 | ||
Net Profit (Loss) | (20,644.12 | ) | |
U. S. DEPARTMENT OF JUSTICE | |||||||||
FOR THE PERIOD OF FEBRUARY 24, 2003 TO MARCH 30, 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 | |||||||
General Liability | 01/08/03 | 01/08/03 | |||||||
Property | 01/08/03 | 01/08/03 | |||||||
Vehicle | 01/08/03 | 01/08/03 | |||||||
Other (list): | |||||||||
Directors and Officers Liability | 03/02/03 | 03/02/03 | |||||||
Technology Errors & Omissions | 01/08/03 | 01/08/03 | |||||||
Crime | 01/31/03 | 01/31/03 | |||||||
WPI MICRO PROCESSOR SYSTEMS, INC. | ||||||||||||
NAME OF CREDITOR | BALANCE | 0 - 30 DAYS | 31-60 DAYS | 61-90 DAYS | > 90 DAYS | |||||||
CITY OF STERLING HEIGHTS | $ | 7,200.00 | $ | 7,200.00 | $ | — | $ | — | $ | — | ||
TOTALS | $ | 7,200.00 | $ | 7,200.00 | $ | — | $ | — | $ | — | ||
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 FEBRUARY 24, 2003 TO MARCH 30, 2003 | |||||||||||
GENERAL ACCOUNT | |||||||||||
Fleet - DIP | SFB | TOTAL | PAYROLL | TAX | |||||||
CASH ON HAND BEGINNING OF PERIOD | 0.00 | 17,985.94 | 17,985.94 |
| 0.00 |
| 0.00 | ||||
�� | |||||||||||
RECEIPTS DURING THE CURRENT PERIOD (see attached schedule) | 5,232.44 | 198,000.00 | 203,232.44 | 0.00 | 0.00 | ||||||
Balance Available | 5,232.44 | 215,985.94 | 221,218.38 | 0.00 | 0.00 | ||||||
DISBURSEMENTS DURING | (5,232.44 | ) | (215,985.94 | ) | (221,218.38 | ) | 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. | |||||||||||
$ | 293.15 | ||||||||||
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 FEBRUARY 24, 2003 TO MARCH 30, 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 | ||
03/11/03 | Refund of Blue Cross Blue Shield premium | 4,108.15 | ||
03/11/03 | Federal Express refund | 166.94 | ||
03/28/03 | Refund of Delta Dental premium | 56.11 | ||
03/28/03 | Refund of MCare premium | 901.24 | ||
TOTAL | $ | 5,232,44 | ||
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 FEBRUARY 24, 2003 TO MARCH 30, 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 | 198,000.000 | ||
TOTAL | $ | 198,000.00 | ||
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 | |||||||
RECEIPTS LISTING | |||||||
FOR THE PERIOD OF FEBRUARY 24, 2003 TO MARCH 30, 2003 | |||||||
Bank: | Standard Federal Bank | ||||||
Location: | 40950 Van Dyke Avenue, Sterling Heights, MI 48313 | ||||||
Account Name: | Nexiq Technologies Debtor in Possession | ||||||
Account Number: | 5607110490 | ||||||
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 FEBRUARY 24, 2003 TO MARCH 30, 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 | |||
Transfer | Nexiq Technologies | Transfer - deposit comingled with other funds | 5,232.44 | ||||
TOTAL | $ | 5,232.44 | |||||
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 FEBRUARY 24, 2003 TO MARCH 30, 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 | 12,266.52 | ||||
Transfer | Nexiq Technologies | Checks written | 95,762.97 | ||||
Transfer | Nexiq Technologies | Account maintained on Nexiq Technologies ledger | 41,373.02 | ||||
02/27/03 | 1574 | AETHER SYSTEMS, INC. | BLACKBERRIES | 227.70 | |||
02/27/03 | 1575 | AMERITECH | LOCAL CALLS | 736.28 | |||
02/27/03 | 1576 | AT&T | LONG DISTANCE CALLS | 4,304.46 | |||
02/27/03 | 1577 | ADP, INC. | PAYROLL SERVICES | 513.10 | |||
02/27/03 | 1579 | DETROIT EDISON | ELECTRIC | 2,616.14 | |||
02/27/03 | 1580 | EXPANETS FINANCIAL | PHONE LEASE | 4,092.56 | |||
02/27/03 | 1581 | EXPANETS, INC. | PHONE MAINTENANCE | 890.57 | |||
02/27/03 | 1582 | IMAGE - TEK EXHIBITS | TRADE SHOW STORAGE | 150.00 | |||
02/27/03 | 1587 | UPS CUSTOMHOUSE BROKERAGE | BROKERAGE CHARGES | 113.50 | |||
03/04/03 | 1589 | LEDDS DEVELOPMENT COMPANY | RENT AND PROPERTY TAX | 22,537.53 | |||
03/12/03 | 1592 | CINGULAR | ETECH DEVELOPMENT COMM | 1,117.82 | |||
03/12/03 | 1594 | CINTAS | UNIFORM CLEANING | 180.70 | |||
03/12/03 | 1595 | CITY OF STERLING HEIGHTS | WATER BILL | 1,159.55 | |||
03/12/03 | 1596 | EXPANETS | PHONE LEASE | 3,184.00 | |||
03/12/03 | 1597 | EXPANETS | PHONE MAINTENANCE | 260.49 | |||
03/12/03 | 1598 | FEDEX | SHIPPING | 145.91 | |||
03/19/03 | 1606 | AT&T TELECONFERENCE | TELECONFERENCE | 293.15 | |||
03/24/03 | 1613 | LEDDS DEVELOPMENT COMPANY | APRIL RENT PROP TAXES | 22,537.53 | |||
03/28/03 | 1620 | EXPANETS | PHONE MAINTENANCE | 1,512.44 | |||
Wire | Standard Federal Bank | Bank Fee | 10.00 | ||||
TOTAL | $ | 215,985.94 | |||||
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 FEBRUARY 24, 2003 TO MARCH 30, 2003 | |||||||
Bank: | Standard Federal Bank | ||||||
Location: | 40950 Van Dyke Avenue, Sterling Heights, MI 48313 | ||||||
Account Name: | Nexiq Technologies Debtor in Possession | ||||||
Account Number: | 5607110490 | ||||||
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. | |||||||
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 February 24, 2003 to March 30, 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 | |
04/16/2003 |
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 | |
04/16/2003 |
Explanations:
DIVERSIFIED SOFTWARE INDUSTRIES, INC. | |||||
ASSETS | |||||
TOTAL ASSETS | — | — |
LIABILITIES & EQUITY | |||||
Liabilities | |||||
Current Liabilities | |||||
Accounts Payable-Pre Petition | 101,817.72 | 101,817.72 | |||
Due To/From NEXIQ Corporate | 2,194,686.04 | ||||
Due To/From NEXIQ Detroit | (2,072,365.17) | 122,320.87 | |||
Accrued Payroll Other | 49,311.21 | 49,311.21 | |||
Total Current Liabilities | 273,449.80 | 273,449.80 | |||
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 | 451,822.78 | 451,822.78 | |||
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 | 775,199.57 | 775,199.57 | |||
Total Equity | (451,822.78 | ) | (451,822.78 | ) | |
TOTAL LIABILITIES & EQUITY | — | — |
DIVERSIFIED SOFTWARE INDUSTRIES, INC. | |||
02/24/03 to | |||
Operating Expenses | |||
6200 - Rent | 2,630.38 | ||
6422 - Payroll Processing | 190.30 | ||
Total Expenses | 2,820.68 | ||
Net Profit (Loss) | (2,820.68 | ) | |
DIVERSIFIED SOFTWARE INDUSTRIES, INC. | ||||||||||
NAME OF CREDITOR | 0 - 30 | 31-60 | 61 - 90 | > 90 | BALANCE | |||||
None | $ | — | $ | — | $ | — | $ | — | $ | — |
TOTALS | $ | — | $ | — | $ | — | $ | — | $ | — |
U. S. DEPARTMENT OF JUSTICE | |||||||||
FOR THE PERIOD OF FEBRUARY 24, 2003 TO MARCH 30, 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 | 81.28 | ||||||
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 | 0.00 | 0.00 | |||||
Other: | 0.00 | 0.00 | |||||||
TOTALS | $ | — | $ | — | $ | — | $ | — | |
TAXES PAYABLE SCHEDULE | |||||||||
Policy Expiration Date | Premium Paid Through Date | ||||||||
Workers' Compensation | 12/31/02 | 12/31/02 | |||||||
General Liability | 01/08/03 | 01/08/03 | |||||||
Property | 01/08/03 | 01/08/02 | |||||||
Vehicle | 01/08/03 | 01/08/03 | |||||||
Other (list): | |||||||||
Directors and Officers Liability | 03/02/03 | 03/02/03 | |||||||
Technology Errors & Omissions | 01/08/03 | 01/08/03 | |||||||
Crime | 01/31/03 | 01/31/03 | |||||||
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 FEBRUARY 24, 2003 TO MARCH 30, 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) | 527.68 | 12,266.52 | 12,794.20 | 0.00 | 0.00 | ||||||
Balance Available | 527.68 | 12,266.52 | 12,794.20 | 0.00 | 0.00 | ||||||
DISBURSEMENTS DURING | (527.68 | ) | (12,266.52 | ) | (12,794.20 | ) | 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. | |||||||||||
$ | 12,266.52 | ||||||||||
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 FEBRUARY 24, 2003 TO MARCH 30, 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 | ||
03/11/03 | Refund of Blue Cross Blue Shield Premium | 527.68 | ||
TOTAL | $ | 527.68 | ||
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 FEBRUARY 24, 2003 TO MARCH 30, 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 | 12,266.52 | ||
TOTAL | $ | 12,266.52 | ||
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 FEBRUARY 24, 2003 TO MARCH 30, 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 | |||
Transfer | Nexiq Technologies | Transfer - deposit comingled with other funds | 527.68 | ||||
TOTAL | $ | 527.68 | |||||
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 FEBRUARY 24, 2003 TO MARCH 30, 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 | |||
02/27/03 | 1578 | CITY OF CORALVILLE | WATER | 47.25 | |||
03/04/03 | 1590 | VENTURE ONE LC | RENT | 9,152.92 | |||
03/12/03 | 1591 | ADP, INC. | PAYROLL SERVICES | 376.18 | |||
03/12/03 | 1593 | CINGULAR | ETECH DEVELOPMENT COMM | 324.30 | |||
03/12/03 | 1601 | LINN COUNTY REC | ELECTRIC | 718.86 | |||
03/12/03 | 1602 | MIDAMERICAN ENERGY CO. | GAS | 311.63 | |||
03/12/03 | 1603 | QWEST | T1 CONNECTION | 230.14 | |||
03/12/03 | 1604 | SPRINT | LONG DISTANCE | 108.77 | |||
03/19/03 | 1612 | SPRINT CONFERENCING SERVICES | TELECONFERENCE | 48.85 | |||
03/28/03 | 1614 | ADP, INC. | PAYROLL SERVICES | 16.00 | |||
03/28/03 | 1615 | ADP, INC. | PAYROLL SERVICES | 135.80 | |||
03/28/03 | 1617 | CINGULAR | ETECH DVELOPMENT COMM | 324.30 | |||
03/28/03 | 1618 | CITY OF CORALVILLE | WATER BILL | 106.94 | |||
03/28/03 | 1624 | SOUTH SLOPE | PHONE LOCAL | 186.93 | |||
03/28/03 | 1625 | SPRINT | LONG DISTANCE LINE | 177.63 | |||
TOTAL | $ | 12,266.52 | |||||
You must create a separate list for each bank account from which disbursements were made during the month. | |||||||