Exhibit 99.1
Monthly Operating Report
ACCRUAL BASIS
CASE NAME: MINORPLANET SYSTEMS USA, INC. *
CASE NUMBER: 04-31200 HDH-11
JUDGE: HARLIN D. HALE
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF TEXAS
6 DIVISION
MONTHLY OPERATING REPORT
MONTH ENDING: APRIL 30, 2004
IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE UNDER PENALTY OF PERJURY THAT I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT (ACCRUAL BASIS-1 THROUGH ACCRUAL BASIS-7) AND THE ACCOMPANYING ATTACHMENTS AND, TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT AND COMPLETE. DECLARATION OF THE PREPARERS (OTHER THAN RESPONSIBLE PARTY) IS BASED ON ALL INFORMATION OF WHICH PREPARERS HAVE ANY KNOWLEDGE.
| * | | FINANCIAL INFORMATION REPORTED INCLUDES MINORPLANET SYSTEMS USA INC. AND ITS WHOLLY-OWNED SUBSIDIARIES, MINORPLANET SYSTEMS USA LIMITED, AND CAREN (292) LIMITED. |
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RESPONSIBLE PARTY: | | |
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| /S/ W. MICHAEL SMITH | | CHIEF OPERATING AND FINANCIAL OFFICER |
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| ORIGINAL SIGNATURE OF RESPONSIBLE PARTY | | TITLE |
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| W. MICHAEL SMITH | | MAY 19, 2004 |
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| PRINTED NAME OF RESPONSIBLE PARTY | | DATE |
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PREPARERS: | | |
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| /S/ ROBERT GRAY | | CHIEF ACCOUNTING OFFICER |
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| ORIGINAL SIGNATURE OF PREPARER | | TITLE |
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| ROBERT GRAY | | MAY 19, 2004 |
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| PRINTED NAME OF PREPARER | | DATE |
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| /S/ NEIL READ | | DIRECTOR OF REVENUE ASSURANCE |
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| ORIGINAL SIGNATURE OF PREPARER | | TITLE |
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| NEIL READ | | MAY 19, 2004 |
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| PRINTED NAME OF PREPARER | | DATE |
Monthly Operating Report
ACCRUAL BASIS-1
CASE NAME: MINORPLANET SYSTEMS USA, INC. *
CASE NUMBER: 04-31200 HDH-11
COMPARATIVE BALANCE SHEET
| | | | | | | | | | | | | | | | | | | |
| | | | | SCHEDULE | | MONTH | | MONTH | | MONTH |
ASSETS
| | AMOUNT
| | Feb-04
| | Mar-04
| | Apr-04
|
| 1. | | UNRESTRICTED CASH (NOTE 2) | | $ | 2,157,646 | | | $ | 3,192,225 | | | $ | 3,338,549 | | | $ | 3,251,555 | |
| 2. | | RESTRICTED CASH | | | | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| 3. | | TOTAL CASH | | $ | 2,157,646 | | | $ | 3,192,225 | | | $ | 3,338,549 | | | $ | 3,251,555 | |
| | | | | |
| | | |
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| |
| 4. | | ACCOUNTS RECEIVABLE (NET) | | $ | 3,355,364 | | | $ | 3,342,846 | | | $ | 3,439,797 | | | $ | 3,321,467 | |
| 5. | | INVENTORY | | $ | 1,383,632 | | | $ | 1,267,435 | | | $ | 1,158,623 | | | $ | 1,189,385 | |
| 6. | | NOTES RECEIVABLE | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| 7. | | PREPAID EXPENSES | | NOTE 1 | | $ | 290,134 | | | $ | 277,878 | | | $ | 295,831 | |
| 8. | | OTHER: (ATTACH LIST) SEE ATTACH. 1.1 | | $ | 349,891 | | | $ | 1,712,659 | | | $ | 1,705,566 | | | $ | 1,666,735 | |
| 9. | | TOTAL CURRENT ASSETS | | $ | 7,246,533 | | | $ | 9,805,299 | | | $ | 9,920,413 | | | $ | 9,724,973 | |
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| 10. | | PROPERTY, PLANT & EQUIPMENT | | | | | | $ | 26,547,981 | | | $ | 26,448,921 | | | $ | 26,396,615 | |
| 11. | | LESS: ACCUMULATED DEPRECIATION / DEPLETION | | | | | | | ($23,436,339 | ) | | | ($23,510,823 | ) | | | ($23,628,775 | ) |
| 12. | | NET PROPERTY, PLANT & EQUIPMENT (SEE NOTE 3) | | $ | 1,969,104 | | | $ | 3,111,642 | | | $ | 2,938,098 | | | $ | 2,767,840 | |
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| 13. | | DUE FROM INSIDERS | | $ | 0 | | | $ | 0 | | | $ | 0 | | | | | |
| 14. | | OTHER ASSETS — NET OF AMORTIZATION (ATTACH LIST) SEE ATTACH. 1.1 | | $ | 1,487,144 | | | $ | 35,488,075 | | | $ | 35,157,710 | | | $ | 34,819,746 | |
| 15. | | OTHER | | | | | | | | | | | | | | | | |
| 16. | | TOTAL ASSETS | | $ | 10,702,781 | | | $ | 48,405,016 | | | $ | 48,016,221 | | | $ | 47,312,559 | |
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| POSTPETITION LIABILITIES | | | | | | | | | | | | | | | | |
| 17. | | ACCOUNTS PAYABLE | | | | | | $ | 260,267 | | | $ | 315,282 | | | $ | 290,922 | |
| 18. | | TAXES PAYABLE | | | | | | $ | 175,051 | | | $ | 217,293 | | | $ | 256,993 | |
| 19. | | NOTES PAYABLE | | | | | | $ | 0 | | | $ | 0 | | | | | |
| 20. | | PROFESSIONAL FEES | | | | | | $ | 0 | | | $ | 0 | | | | | |
| 21. | | SECURED DEBT | | | | | | $ | 0 | | | $ | 0 | | | | | |
| 22. | | OTHER ACCRUED EXPENSES & OTHER LIABILITIES (NOTE 4) | | | | | | $ | 703,887 | | | $ | 886,671 | | | $ | 1,091,242 | |
| 23. | | TOTAL POSTPETITION LIABILITIES | | | | | | $ | 1,139,205 | | | $ | 1,419,246 | | | $ | 1,639,157 | |
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| PREPETITION LIABILITIES | | | | | | | | | | | | | | | | |
| 24. | | SECURED DEBT | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| 25. | | PRIORITY DEBT | | $ | 553,826 | | | $ | 288,204 | | | $ | 257,577 | | | $ | 243,397 | |
| 26. | | UNSECURED DEBT | | $ | 19,514,545 | | | $ | 19,793,028 | | | $ | 19,932,491 | | | $ | 20,069,314 | |
| 27. | | OTHER (ATTACH LIST) SEE ATTACH. 1.2 | | | | | | $ | 722,547 | | | $ | 546,553 | | | $ | 440,072 | |
| 28. | | TOTAL PREPETITION LIABILITIES | | $ | 20,068,371 | | | $ | 20,803,779 | | | $ | 20,736,621 | | | $ | 20,752,783 | |
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| 28A. | | DEFERRED PRODUCT & SERVICE REVENUE | | | | | | $ | 8,480,301 | | | $ | 8,203,981 | | | $ | 7,840,424 | |
| 28B. | | PRODUCT WARRANTY ACCRUAL | | | | | | $ | 538,097 | | | $ | 506,921 | | | $ | 540,060 | |
| 28C. | | ACCRUED EMPLOYEE VACATION EXPENSE | | | | | | $ | 187,986 | | | $ | 187,986 | | | $ | 187,986 | |
| 29. | | TOTAL LIABILITIES | | $ | 20,068,371 | | | $ | 31,149,368 | | | $ | 31,054,755 | | | $ | 30,960,410 | |
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| EQUITY | | | | | | | | | | | | | | | | |
| 30. | | PREPETITION OWNERS’ EQUITY | | | | | | $ | 17,327,691 | | | $ | 17,327,691 | | | $ | 17,327,691 | |
| 31. | | POSTPETITION CUMULATIVE PROFIT OR (LOSS) | | | | | | | ($83,430 | ) | | | ($377,612 | ) | | | ($986,929 | ) |
| 32. | | DIRECT CHARGES TO EQUITY (ATTACH EXPLANATION) SEE ATTACH. 1.2 | | | | | | $ | 11,387 | | | $ | 11,387 | | | $ | 11,387 | |
| 33. | | TOTAL EQUITY | | | | | | $ | 17,255,648 | | | $ | 16,961,466 | | | $ | 16,352,149 | |
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| 34. | | TOTAL LIABILITIES & OWNERS’ EQUITY | | | | | | $ | 48,405,016 | | | $ | 48,016,221 | | | $ | 47,312,559 | |
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| * | | FINANCIAL INFORMATION REPORTED INCLUDES MINORPLANET SYSTEMS USA INC. AND ITS WHOLLY-OWNED SUBSIDIARIES, MINORPLANET SYSTEMS USA LIMITED, AND CAREN (292) LIMITED. |
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| NOTE 1: | | NO VALUE WAS REPORTED ON SCHEDULE AS MARKET VALUE IS EITHER $0 OR UNKNOWN. |
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| NOTE 2: | | CASH BALANCE INCLUDES A $275,000 RETAINER FOR PROFESSIONAL SERVICES HELD IN AN ESCROW ACCOUNT ON BEHALF OF MINORPLANET SYSTEMS USA INC. BY NELIGAN, TARPLEY, ANDRES, & FOLEY LLP AND A $200,000 RETAINER FOR PROFESSIONAL SERVICES HELD IN AN ESCROW ACCOUNT ON BEHALF OF MINORPLANET SYSTEMS USA INC BY FTI CONSULTING INC. |
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| NOTE 3: | | SCHEDULE AMOUNT EXCLUDED LEASEHOLD IMPROVEMENTS AND EQUIPMENT RECORDED UNDER CAPITAL LEASE OBLIGATIONS THAT HAVE NO MARKET VALUE. |
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| NOTE 4: | | TELECOMMUNICATIONS EXPENSE ACCRUALS OF $439,200 AND REMAINING PAYABLES DUE UNDER EQUIPMENT EXECUTORY LEASE CONTRACTS (ACCOUNTED FOR AS CAPITAL LEASES) OF $194,702 ARE INCLUDED IN THIS BALANCE AT APRIL 30, 2004. POST-PETITION ACCRUALS OF $274,998 FOR RESEARCH & DEVELOPMENT PAYABLE ANNUALLY TO MINORPLANET LIMITED ARE ALSO INCLUDED IN THIS BALANCE AT APRIL 30, 2004 (REPRESENTS THE PRORATED PORTION OF THE ANNUAL $1 MILLION R&D FEE). |
MONTHLY OPERATING REPORT — ATTACHMENT 1.1
OTHER ASSETS
CASE NAME: MINORPLANET SYSTEMS USA, INC. *
CASE NUMBER: 04-31200 HDH-11
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| | | | | SCHEDULE | | MONTH | | MONTH | | MONTH |
8. OTHER CURRENT ASSETS
| | AMOUNT
| | Feb-04
| | Mar-04
| | Apr-04
|
| | | LEASE RECEIVABLES (NET)- CURRENT PORTION | | $ | 349,891 | | | $ | 339,352 | | | $ | 363,715 | | | $ | 365,301 | |
| | | DEFERRED PRODUCT COSTS -CURRENT PORTION | | NOTE 1 | | $ | 1,373,307 | | | $ | 1,341,851 | | | $ | 1,301,434 | |
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| | | TOTAL OTHER CURRENT ASSETS | | $ | 349,891 | | | $ | 1,712,659 | | | $ | 1,705,566 | | | $ | 1,666,735 | |
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| | | | | SCHEDULE | | MONTH | | MONTH | | MONTH |
| 14. OTHER ASSETS (NON-CURRENT) | | AMOUNT | | Feb-04 | | Mar-04 | | Apr-04 |
| | | LICENSE RIGHT (NET) | | NOTE 1 & NOTE 2 | | $ | 32,177,559 | | | $ | 31,959,664 | | | $ | 31,741,769 | |
| | | LEASE RECEIVABLES (NET)- NON- CURRENT PORTION | | $ | 1,313,378 | | | $ | 1,242,340 | | | $ | 1,217,517 | | | $ | 1,198,933 | |
| | | DEFERRED PRODUCT COSTS -NON-CURRENT PORTION | | NOTE 1 | | $ | 1,853,324 | | | $ | 1,759,378 | | | $ | 1,659,042 | |
| | | SECURITY DEPOSITS | | $ | 173,766 | | | $ | 174,766 | | | $ | 181,066 | | | $ | 179,916 | |
| | | DEFERRED FEES & LOAN COSTS — SENIOR NOTES | | NOTE 1 | | $ | 40,085 | | | $ | 40,085 | | | $ | 40,086 | |
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| | | TOTAL OTHER NON-CURRENT ASSETS | | $ | 1,487,144 | | | $ | 35,488,075 | | | $ | 35,157,710 | | | $ | 34,819,746 | |
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| * | | FINANCIAL INFORMATION REPORTED INCLUDES MINORPLANET SYSTEMS USA INC. AND ITS WHOLLY-OWNED SUBSIDIARIES, MINORPLANET SYSTEMS USA LIMITED, AND CAREN (292) LIMITED. |
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| NOTE 1: | | NO VALUE REPORTED ON SCHEDULE AS MARKET VALUE OF ASSET IS EITHER $0 OR UNKNOWN. |
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| NOTE 2: | | Minorplanet Systems USA Inc (the “Company”) intends to reject or modify the license agreement for the Vehicle Management Information (“VMI”) technology, as of the effective date of the plan of reorganization. The Company further intends to negotiate with Minorplanet Limited, the licensor of the VMI technology, for a temporary use license to market and sell the VMI product until the Company’s next generation product is commercially available. As per recent negotiations, Minorplanet Limited has initially offered to modify the VMI license agreement to become non-exclusive on June 30, 2004 and to terminate on or about December 31, 2004 in exchange for an agreed prepetition unsecured claim of $1 million and a general release of claims. Accordingly, while the Company has counter-offered, it currently expects to be able to reach an amicable agreement with Minorplanet Limited on a temporary VMI license. Thus, it is likely that the Company will recognize an impairment loss on the VMI license right either upon or prior to confirmation of its plan of reorganization equal to substantially all of the carrying value of the VMI license right. As of April 30, 2004, the carrying value of the VMI license right was $31.7 million. |
MONTHLY OPERATING REPORT — ATTACHMENT 1.2
OTHER PRE-PETITION LIABILITIES & DIRECT CHARGES TO EQUITY
CASE NAME: MINORPLANET SYSTEMS USA, INC. *
CASE NUMBER: 04-31200 HDH-11
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| | | | | MONTH | | MONTH | | MONTH |
27. Other Pre-Petition Liabilities
| | Feb-04
| | Mar-04
| | Apr-04
|
| | | Telecommunications accrued expenses | | $ | 133,681 | | | $ | 0 | | | $ | 0 | |
| | | General reserve for future tax audits | | $ | 275,000 | | | $ | 296,105 | | | $ | 164,736 | |
| | | Provision for rejection of unexpired lease agreements | | $ | 0 | | | $ | 0 | | | $ | 144,544 | |
| | | Other miscellaneous accrued expenses | | $ | 313,866 | | | $ | 250,448 | | | $ | 130,792 | |
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| | | Total Other Pre-Petition Liabilities | | $ | 722,547 | | | $ | 546,553 | | | $ | 440,072 | |
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| | | | | MONTH | | MONTH | | MONTH |
32. Direct Charges to Equity
| | Feb-04
| | Mar-04
| | Apr-04
|
| | | Non-cash stock based compensation expense (stock options accounted for under variable accounting method) | | $ | 11,387 | | | $ | 0 | | | $ | 0 | |
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| | | Total Direct Charges to Equity | | $ | 11,387 | | | $ | 0 | | | $ | 0 | |
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| * | | FINANCIAL INFORMATION REPORTED INCLUDES MINORPLANET SYSTEMS USA INC. AND ITS WHOLLY-OWNED SUBSIDIARIES, MINORPLANET SYSTEMS USA LIMITED, AND CAREN (292) LIMITED. |
Monthly Operating Report
ACCRUAL BASIS-2
CASE NAME: MINORPLANET SYSTEMS USA, INC. *
CASE NUMBER: 04-31200 HDH-11
INCOME STATEMENT
| | | | | | | | | | | | | | | |
| | | | | MONTH | | MONTH | | MONTH |
REVENUES
| | Feb-04
| | Mar-04
| | Apr-04
|
| 1. | | GROSS REVENUES | | $ | 1,850,761 | | | $ | 1,933,612 | | | $ | 1,777,996 | |
| 2. | | LESS: RETURNS & DISCOUNTS | | $ | 2,600 | | | $ | 8,973 | | | $ | 0 | |
| 3. | | NET REVENUE | | $ | 1,848,161 | | | $ | 1,924,639 | | | $ | 1,777,996 | |
| COST OF GOODS SOLD | | | | | | | | | | | | |
| 4. | | PRODUCT & SERVICES | | $ | 980,941 | | | $ | 948,395 | | | $ | 886,601 | |
| 5 | | TOTAL COST OF GOODS SOLD | | $ | 980,941 | | | $ | 948,395 | | | $ | 886,601 | |
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| 6 | | GROSS PROFIT | | $ | 867,220 | | | $ | 976,244 | | | $ | 891,395 | |
| OPERATING EXPENSES | | | | | | | | | | | | |
| 7 | | OFFICER / INSIDER COMPENSATION | | $ | 97,926 | | | $ | 86,616 | | | $ | 95,153 | |
| 8 | | SELLING & MARKETING (NOTE 1) | | $ | 103,367 | | | $ | 95,955 | | | $ | 86,144 | |
| 9 | | GENERAL & ADMINISTRATIVE (NOTE 1) | | $ | 38,711 | | | $ | 363,699 | | | $ | 381,106 | |
| 10 | | RENT & LEASE — FACILITIES (NOTE 2) | | $ | 98,318 | | | $ | 71,713 | | | $ | 71,713 | |
| 11 | | OTHER | | | | | | | | | | | | |
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| | | CUSTOMER SERVICE (NOTE 1) | | $ | 103,793 | | | $ | 146,506 | | | $ | 121,174 | |
| | | ENGINEERING & NETWORK SERVICE CENTER (NOTE 1) | | $ | 136,727 | | | $ | 152,522 | | | $ | 228,055 | |
| 12 | | TOTAL OPERATING EXPENSES | | $ | 578,842 | | | $ | 917,011 | | | $ | 983,345 | |
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| 13 | | INCOME (LOSS) BEFORE NON-OPERATING INCOME & EXPENSE | | $ | 288,378 | | | $ | 59,233 | | | | ($91,950 | ) |
| OTHER INCOME & EXPENSES | | | | | | | | | | | | |
| 14 | | NON-OPERATING INCOME (ATT. LIST) INTEREST INCOME | | | ($38,607 | ) | | | ($32,559 | ) | | | ($31,942 | ) |
| 15 | | NON-OPERATING EXPENSE (ATT. LIST)
LOSS ON RETIRED EQUIPMENT | | $ | 26,374 | | | $ | 9,525 | | | $ | 7,090 | |
| 16 | | INTEREST EXPENSE | | $ | 17,108 | | | $ | 1,498 | | | $ | 74 | |
| 17 | | DEPRECIATION / DEPLETION | | $ | 142,298 | | | $ | 136,954 | | | $ | 133,880 | |
| 18 | | AMORTIZATION | | $ | 217,894 | | | $ | 217,894 | | | $ | 217,894 | |
| 19 | | OTHER (ATTACH LIST) | | | | | | | | | | | | |
| 20 | | NET OTHER INCOME & EXPENSES | | $ | 365,068 | | | $ | 333,312 | | | $ | 326,996 | |
| REORGANIZATION EXPENSES | | | | | | | | | | | | |
| 21 | | PROFESSIONAL FEES | | $ | 0 | | | $ | 0 | | | | | |
| 22 | | U.S. TRUSTEE FEES | | $ | 0 | | | $ | 0 | | | $ | 11,500 | |
| 23 | | OTHER (ATTACH LIST) SEE ATTACH 2.1 | | $ | 6,740 | | | $ | 20,103 | | | $ | 178,871 | |
| 24 | | TOTAL REORGANIZATION EXPENSES | | $ | 6,740 | | | $ | 20,103 | | | $ | 190,371 | |
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| 25 | | INCOME TAX | | | | | | | | | | | | |
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| 26 | | NET PROFIT (LOSS) | | | ($83,430 | ) | | | ($294,182 | ) | | | ($609,317 | ) |
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| * | | FINANCIAL INFORMATION REPORTED INCLUDES MINORPLANET SYSTEMS USA INC. AND ITS WHOLLY-OWNED SUBSIDIARIES, MINORPLANET SYSTEMS USA LIMITED, AND CAREN (292) LIMITED. |
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| NOTE 1: | | INCLUDES SALARIES FOR NON-OFFICERS, DEPARTMENTAL BENEFITS AND TAXES, AND OTHER DEPARTMENTAL EXPENSES. |
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| NOTE 2: | | FACILITY RENTS NET OF RECEIPTS FROM SUB-LEASES. |
MONTHLY OPERATING REPORT — ATTACHMENT 2.1
OTHER REORGANIZATION FEES
CASE NAME: MINORPLANET SYSTEMS USA, INC. *
CASE NUMBER: 04-31200 HDH-11
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| | | | | MONTH | | MONTH | | MONTH |
23. Other Reorganization Fees
| | Feb-04
| | Mar-04
| | Apr-04
|
| | | Nasdaq — meeting to appeal delisting notice | | $ | 5,000 | | | | | | | | | |
| | | McCord & Associates- press releases related to bankruptcy | | $ | 1,400 | | | | | | | | | |
| | | Depository Trust Company — bankruptcy mailing | | $ | 340 | | | | | | | | | |
| | | Loss on write-off of leasehold improvements | | | | | | $ | 20,103 | | | | | |
| | | Loss on sale of regional office furniture (Note 1) | | | | | | | | | | $ | 34,327 | |
| | | Provision for rejection of unexpired lease agreements (Note 2) | | | | | | | | | | $ | 144,544 | |
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| |
| | | Total Other Reorganization Fees | | $ | 6,740 | | | $ | 20,103 | | | $ | 178,871 | |
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| * | | FINANCIAL INFORMATION REPORTED INCLUDES MINORPLANET SYSTEMS USA INC. AND ITS WHOLLY-OWNED SUBSIDIARIES, MINORPLANET SYSTEMS USA LIMITED, AND CAREN (292) LIMITED. |
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| Note 1: | | Sale of regional office furniture was approved by the Bankruptcy Court. |
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| Note 2: | | Estimated accruals for potential losses associated with the rejection of unexpired leases for the Company’s regional offices and primary warehouse location. |
Monthly Operating Report
ACCRUAL BASIS-3
CASE NAME: MINORPLANET SYSTEMS USA, INC. *
CASE NUMBER: 04-31200 HDH-11
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| | | | | MONTH | | MONTH | | MONTH |
CASH RECEIPTS AND DISBURSEMENTS
| | Feb-04
| | Mar-04
| | Apr-04
|
| 1. | | CASH — BEGINNING OF MONTH (NOTE 1) | | $ | 2,632,646 | | | $ | 3,192,225 | | | $ | 3,338,549 | |
| RECEIPTS FROM OPERATIONS | | | | | | | | | | | | |
| 2. | | CASH SALES | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| COLLECTION OF ACCOUNTS RECEIVABLE | | | | | | | | | | | | |
| 3. | | PREPETITION | | $ | 1,861,336 | | | $ | 1,174,633 | | | $ | 95,658 | |
| 4. | | POSTPETITION | | $ | 11,344 | | | $ | 754,259 | | | $ | 1,733,298 | |
| 5. | | TOTAL OPERATING RECEIPTS | | $ | 1,872,680 | | | $ | 1,928,891 | | | $ | 1,828,956 | |
| NON — OPERATING RECEIPTS | | | | | | | | | | | | |
| 6. | | LOANS & ADVANCES | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| 7. | | SALE OF ASSETS | | $ | 0 | | | $ | 0 | | | $ | 2,500 | |
| 8. | | OTHER | | $ | 2,820 | | | $ | 93 | | | $ | 93 | |
| 9. | | TOTAL NON-OPERATING RECEIPTS | | $ | 2,820 | | | $ | 93 | | | $ | 2,593 | |
| 10. | | TOTAL RECEIPTS | | $ | 1,875,501 | | | $ | 1,928,985 | | | $ | 1,831,550 | |
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| 11. | | TOTAL CASH AVAILABLE | | $ | 4,508,147 | | | $ | 5,121,209 | | | $ | 5,170,099 | |
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| OPERATING DISBURSEMENTS | | | | | | | | | | | | |
| 12. | | NET PAYROLL | | $ | 475,633 | | | $ | 433,247 | | | $ | 456,455 | |
| 13. | | PAYROLL TAXES PAID | | $ | 165,981 | | | $ | 187,820 | | | $ | 179,658 | |
| 14. | | TRAVEL, ENT. & EXPENSE REIMB. | | $ | 28,660 | | | $ | 45,163 | | | $ | 50,518 | |
| 15. | | SALES, USE & OTHER TAXES PAID | | $ | 146,738 | | | $ | 172,784 | | | $ | 185,625 | |
| 16. | | INSURANCE | | $ | 182,691 | | | $ | 77,054 | | | $ | 78,965 | |
| 17. | | RENTAL / LEASES | | $ | 152,369 | | | $ | 147,203 | | | $ | 147,203 | |
| 18. | | TELECOM | | $ | 91,480 | | | $ | 475,704 | | | $ | 606,152 | |
| 19. | | VEHICLE EXPENSES | | $ | 19,174 | | | $ | 18,773 | | | $ | 17,401 | |
| 20. | | INVENTORY PURCHASES | | $ | 4,718 | | | $ | 6,418 | | | $ | 18,582 | |
| 21. | | UTILITIES | | $ | 1,557 | | | $ | 11,169 | | | $ | 17,247 | |
| 22. | | OTHER | | $ | 40,182 | | | $ | 207,325 | | | $ | 149,236 | |
| 23. | | TOTAL OPERATING DISBURSEMENTS | | $ | 1,309,182 | | | $ | 1,782,660 | | | $ | 1,907,044 | |
| REORGANIZATION EXPENSES | | | | | | | | | | | | |
| 24. | | PROFESSIONAL FEES | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| 25. | | U.S. TRUSTEE FEES | | $ | 0 | | | $ | 0 | | | $ | 11,500 | |
| 26. | | OTHER (ATTACH LIST) | | $ | 6,740 | | | $ | 0 | | | $ | 0 | |
| 27. | | TOTAL REORGANIZATION EXPENSES | | $ | 6,740 | | | $ | 0 | | | $ | 11,500 | |
| | | | | |
| | | |
| | | |
| |
| 28. | | TOTAL DISBURSEMENTS | | $ | 1,315,922 | | | $ | 1,782,660 | | | $ | 1,918,544 | |
| | | | | |
| | | |
| | | |
| |
| 29. | | NET CASH FLOW | | $ | 559,578 | | | $ | 146,324 | | | | ($86,994 | ) |
| | | | | |
| | | |
| | | |
| |
| 30. | | CASH — END OF MONTH (NOTE 1) | | $ | 3,192,225 | | | $ | 3,338,549 | | | $ | 3,251,555 | |
| | | | | |
| | | |
| | | |
| |
| * | | FINANCIAL INFORMATION REPORTED INCLUDES MINORPLANET SYSTEMS USA INC. AND ITS WHOLLY-OWNED SUBSIDIARIES, MINORPLANET SYSTEMS USA LIMITED AND CAREN (292) LIMITED. |
| | | |
| NOTE 1: | | CASH BALANCE INCLUDES A $275,000 RETAINER FOR PROFESSIONAL SERVICES HELD IN AN ESCROW ACCOUNT ON BEHALF OF MINORPLANET SYSTEMS USA INC. BY NELIGAN, TARPLEY, ANDREWS & FOLEY LLP AND A $200,000 RETAINER FOR PROFESSIONAL SERVICES HELD IN AN ESCROW ACCOUNT ON BEHALF OF MINORPLANET SYSTEMS USA INC. BY FTI CONSULTING INC. |
Monthly Operating Report
ACCRUAL BASIS-4
CASE NAME: MINORPLANET SYSTEMS USA, INC. *
CASE NUMBER: 04-31200 HDH-11
| | | | | | | | | | | | | | | | | | | |
| | | | | SCHEDULE | | MONTH | | MONTH | | MONTH |
ACCOUNTS RECEIVABLE AGING
| | AMOUNT
| | Feb-04
| | Mar-04
| | Apr-04
|
| 1. | | 0-30 | | | | | | $ | 2,240,596 | | | $ | 2,324,803 | | | $ | 2,127,913 | |
| 2. | | 31-60 | | | | | | $ | 867,485 | | | $ | 787,664 | | | $ | 868,195 | |
| 3. | | 61-90 | | | | | | $ | 219,861 | | | $ | 291,197 | | | $ | 200,159 | |
| 4. | | 91+ | | | | | | $ | 324,888 | | | $ | 325,404 | | | $ | 364,809 | |
| | | | | |
| | | |
| | | |
| | | |
| |
| 5. | | TOTAL ACCOUNTS RECEIVABLE | | | | | | $ | 3,652,830 | | | $ | 3,729,067 | | | $ | 3,561,077 | |
| 6. | | AMOUNT CONSIDERED UNCOLLECTIBLE | | | | | | | ($309,984 | ) | | | ($289,270 | ) | | | ($239,610 | ) |
| | | | | |
| | | |
| | | |
| | | |
| |
| 7. | | ACCOUNTS RECEIVABLE (NET) | | $ | 3,355,364 | | | $ | 3,342,846 | | | $ | 3,439,797 | | | $ | 3,321,467 | |
| | | | | |
| | | |
| | | |
| | | |
| |
| | | |
AGING OF POSTPETITION TAXES AND PAYABLES | | MONTH: Apr-04 |
| | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 0-30 | | 31-60 | | 61-90 | | 91+ | | |
TAXES PAYABLE
| | DAYS
| | DAYS
| | DAYS
| | DAYS
| | TOTAL
|
| 1. | | FEDERAL | | $ | 31,495 | | | $ | 1,136 | | | $ | 1,193 | | | $ | 0 | | | $ | 33,824 | |
| 2. | | STATE | | $ | 187,751 | | | $ | 22,917 | | | $ | 12,501 | | | $ | 0 | | | $ | 223,169 | |
| 3. | | LOCAL | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| 4. | | OTHER | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| | | | | |
| | | |
| | | |
| | | |
| | | |
| |
| 5. | | TOTAL TAXES PAYABLE | | $ | 219,246 | | | $ | 24,053 | | | $ | 13,694 | | | $ | 0 | | | $ | 256,993 | |
| | | | | |
| | | |
| | | |
| | | |
| | | |
| |
| 6. | | ACCOUNTS PAYABLE | | $ | 281,863 | | | $ | 9,059 | | | $ | 0 | | | $ | 0 | | | $ | 290,922 | |
| | | | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | |
STATUS OF POSTPETITION TAXES | | MONTH: Apr-04 |
| | | | | | | | | | | | | | | | | | | |
| | | | | BEGINNING | | AMOUNT | | | | | | ENDING |
| | | | | TAX | | WITHHELD AND/ | | AMOUNT | | TAX |
FEDERAL
| | LIABILITY
| | 0R ACCRUED
| | PAID
| | LIABILITY
|
| 1. | | WITHHOLDING | | $ | 2,700 | | | $ | 78,274 | | | $ | 78,274 | | | $ | 2,700 | |
| 2. | | FICA-EMPLOYEE | | $ | 0 | | | $ | 36,220 | | | $ | 36,220 | | | $ | 0 | |
| 3. | | FICA-EMPLOYER | | $ | 0 | | | $ | 36,220 | | | $ | 36,220 | | | $ | 0 | |
| 4. | | UNEMPLOYMENT | | $ | 0 | | | $ | 469 | | | $ | 469 | | | $ | 0 | |
| 5. | | FEDERAL EXCISE TAX (720) | | $ | 31,481 | | | $ | 29,112 | | | $ | 29,469 | | | $ | 31,124 | |
| 6. | | OTHER (ATTACH LIST) | | $ | 0 | | | $ | 16,942 | | | $ | 16,942 | | | $ | 0 | |
| | | | | |
| | | |
| | | |
| | | |
| |
| 7. | | TOTAL FEDERAL TAXES | | $ | 34,181 | | | $ | 197,237 | | | $ | 197,594 | | | $ | 33,824 | |
| | | | | |
| | | |
| | | |
| | | |
| |
| STATE AND LOCAL | | | | | | | | | | | | | | | | |
| 8. | | WITHHOLDING | | $ | 0 | | | $ | 2,844 | | | $ | 2,844 | | | $ | 0 | |
| 9. | | SALES | | $ | 147,695 | | | $ | 130,191 | | | $ | 117,634 | | | $ | 160,252 | |
| 10. | | EXCISE | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| 11. | | UNEMPLOYMENT | | $ | 0 | | | $ | 6,567 | | | $ | 6,567 | | | $ | 0 | |
| 12. | | REAL PROPERTY | | $ | 0 | | | $ | 0 | | | $ | 0 | | | $ | 0 | |
| 13. | | PERSONAL PROPERTY | | $ | 35,417 | | | $ | 27,500 | | | $ | 0 | | | $ | 62,917 | |
| 14. | | OTHER | | $ | 0 | | | $ | 263 | | | $ | 263 | | | $ | 0 | |
| | | | | |
| | | |
| | | |
| | | |
| |
| 15. | | TOTAL STATE & LOCAL | | $ | 183,112 | | | $ | 167,365 | | | $ | 127,308 | | | $ | 223,169 | |
| | | | | |
| | | |
| | | |
| | | |
| |
| 16. | | TOTAL TAXES | | $ | 217,293 | | | $ | 364,602 | | | $ | 324,902 | | | $ | 256,993 | |
| | | | | |
| | | |
| | | |
| | | |
| |
| * | | FINANCIAL INFORMATION REPORTED INCLUDES MINORPLANET SYSTEMS USA INC. AND ITS WHOLLY-OWNED SUBSIDIARIES, MINORPLANET SYSTEMS USA LIMITED AND CAREN (292) LIMITED. |
Monthly Operating Report
ACCRUAL BASIS-5
CASE NAME: MINORPLANET SYSTEMS USA, INC. *
CASE NUMBER: 04-31200 HDH-11
The debtor in possession must complete the reconciliation below for each bank account, including all general, payroll and tax accounts, as well as all savings and investment accounts, money market accounts, certificates of deposit, government obligations, etc. Accounts with restricted funds should be identified by placing an asterisk next to the account number. Attach additional sheets if necessary.
| | | |
BANK RECONCILIATIONS | | MONTH: Apr-04 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Account #1
| | Account #2
| | Account #3
| | Account #4
| | Account #5
| | | | |
| A. | | BANK: | | PNC Bank | | JPMorgan
Chase Bank | | JPMorgan
Chase Bank | | JPMorgan
Chase Bank | | JPMorgan
Chase Bank | | | | |
| B. | | ACCOUNT NUMBER: | | | 57-9009-3434 | | | | 088-06397723 | | | | 360-06310445 | | | | 063-00066845 | | | | 063-00066852 | | | | | |
| C. | | PURPOSE (TYPE): | | Money Market | | Inc Operating account | | Ltd Operating account | | Inc Controlled Disbursement account (Note 1) | | Ltd Controlled Disbursement account (Note 1) | | | | |
| 1. | | BALANCE PER BANK STATEMENT | | $ | 37,562 | | | $ | 1,657,891 | | | $ | 124,447 | | | $ | 0 | | | $ | 0 | | | | | |
| 2. | | ADD: TOTAL DEPOSITS NOT CREDITED | | | | | | | | | | $ | 6,557 | | | | | | | | | | | | | |
| 3. | | SUBTRACT: OUTSTANDING CHECKS | | | | | | | ($22,429 | ) | | | | | | | ($209,950 | ) | | | ($53,065 | ) | | | | |
| 4. | | OTHER RECONCILING ITEMS | | $ | 1 | | | | | | | $ | 171 | | | | | | | | | | | | | |
| 5. | | MONTH END BALANCE PER BOOKS | | $ | 37,561 | | | $ | 1,635,463 | | | $ | 131,175 | | | | ($209,950 | ) | | | ($53,065 | ) | | | | |
| 6. | | NUMBER OF LAST CHECK WRITTEN | | | | | | | | | | | | | | | 148260 | | | | 15205 | | | | | |
| | | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
BANK RECONCILIATIONS
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Account #6
| | Account #7
| | Account #8
| | Account #9
| | Account #10
| | | | |
| A. | | BANK: | | JPMorgan
Chase Bank | | JPMorgan
Chase Bank | | JPMorgan
Chase Bank | | JPMorgan
Chase Bank | | Bank of
Scotland | | | | |
| B. | | ACCOUNT NUMBER: | | | 360-06291496 | | | | 360-06304976 | | | | 360-06310452 | | | | 360-06310924 | | | | 0883-0558202 | | | | | |
| C. | | PURPOSE (TYPE): | | Inc Payroll checking | | Inc Payroll Account - Certificate of Deposit | | Ltd Payroll checking | | Ltd Payroll Account - Certificate of Deposit | | Corporate bank account | | | | |
| 1. | | BALANCE PER BANK STATEMENT | | $ | 136,683 | | | $ | 809,982 | | | $ | 214,391 | | | $ | 104,173 | | | $ | 2,065 | | | | | |
| 2. | | ADD: TOTAL DEPOSITS NOT CREDITED | | | | | | | | | | | | | | | | | | | | | | | | |
| 3. | | SUBTRACT: OUTSTANDING CHECKS | | | ($13,754 | ) | | | | | | | ($27,763 | ) | | | | | | | | | | | | |
| 4. | | OTHER RECONCILING ITEMS | | | | | | | | | | | | | | | | | | | | | | | | |
| 5. | | MONTH END BALANCE PER BOOKS | | $ | 122,928 | | | $ | 809,982 | | | $ | 186,628 | | | $ | 104,173 | | | $ | 2,065 | | | | | |
| 6. | | NUMBER OF LAST CHECK WRITTEN | | | 19993 | | | | | | | | 12778 | | | | | | | | | | | | | |
| | | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
BANK RECONCILIATIONS
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | Account #11
| | Account #12
| | Account #13
| | Account #14
| | | | | | | | |
| A. | | BANK: | | Bank of Scotland | | Merrill Lynch | | Neligan, Tarpley, | | | | | | | | | | | | |
| B. | | ACCOUNT NUMBER: | | | 0883-0168868 | | | | 20S 07208 | | | Adres & Foley LLP | | FTI Consulting Inc. | | | | | | | | |
| C. | | PURPOSE (TYPE): | | Corporate bank account | | Money market account | | Escrow Account (Note 2) | | Escrow Account (Note 3) | | | | | | | | |
| 1. | | BALANCE PER BANK STATEMENT | | $ | 1,978 | | | $ | 4,943 | | | | | | | | | | | | | | | | | |
| 2. | | ADD: TOTAL DEPOSITS NOT CREDITED | | | | | | | | | | | | | | | | | | | | | | | | |
| 3. | | SUBTRACT: OUTSTANDING CHECKS | | | | | | | | | | | | | | | | | | | | | | | | |
| 4. | | OTHER RECONCILING ITEMS | | | | | | $ | 3 | | | | | | | | | | | | | | | | | |
| 5. | | MONTH END BALANCE PER BOOKS | | $ | 1,978 | | | $ | 4,940 | | | $ | 275,000 | | | $ | 200,000 | | | | | | | | | |
| 6. | | NUMBER OF LAST CHECK WRITTEN | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
INVESTMENT ACCOUNTS
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | DATE OF | | TYPE OF | | PURCHASE | | | | | | | | | | CURRENT |
BANK, ACCOUNT NAME & NUMBER
| | PURCHASE
| | INSTRUMENT
| | PRICE
| |
| |
| | VALUE
|
| 7. | | NONE | | | | | | | | | | | | | | | | | | | | | | | | |
| 8. | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 9. | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 10. | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 11. | | TOTAL INVESTMENTS | | | | | | | | | | | | | | | | | | | | | | | | |
| CASH | | | | | | | | | | | | | | | | | | | | | | | | |
| 12. | | CURRENCY ON HAND | | | | | | | | | | | | | | | | | | | | | | $ | 2,678 | |
| 13. | | TOTAL CASH — END OF MONTH | | | | | | | | | | | | | | | | | | | | | | $ | 3,251,555 | |
| | | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| * | | FINANCIAL INFORMATION REPORTED INCLUDES MINORPLANET SYSTEMS USA INC. AND ITS WHOLLY OWNED SUBSIDIARIES, MINORPLANET SYSTEMS USA LIMITED AND CAREN (292) LIMITED. |
| | | |
| NOTE 1: | | THIS IS A CONTROLLED DISBURSEMENT ACCOUNT; THUS, THE NEGATIVE BALANCE REPRESENTS OUTSTANDING CHECKS WRITTEN WHICH HAVE NOT YET CLEARED THE BANK. ITEMS CLEARED THROUGH THE BANK ARE FUNDED BY THE OPERATING ACCOUNT ON A DAILY BASIS. |
| | | |
| NOTE 2: | | ESCROW ACCOUNT FOR PROFESSIONAL SERVICES RETAINER HELD ON BEHALF OF MINORPLANET SYSTEMS USA INC BY NELIGAN, TARPLEY, ANDRES, & FOLEY LLP. |
| | | |
| NOTE 3: | | ESCROW ACCOUNT FOR PROFESSIONAL SERVICES RETAINER HELD ON BEHALF OF MINORPLANET SYSTEMS USA INC BY FTI CONSULTING INC. |
Monthly Operating Report
ACCRUAL BASIS-6
CASE NAME: MINORPLANET SYSTEMS USA, INC. *
CASE NUMBER: 04-31200 HDH-11
| | | |
PAYMENTS TO INSIDERS AND PROFESSIONALS | | MONTH: Apr-04 |
OF THE TOTAL DISBURSEMENTS SHOWN FOR THE MONTH, LIST THE AMOUNT PAID TO INSIDERS (AS DEFINED IN SECTION 101 (31) (A)-(F) OF THE U.S. BANKRUPTCY CODE) AND TO PROFESSIONALS. ALSO, FOR PAYMENTS TO INSIDERS, IDENTIFY THE TYPE OF COMPENSATION PAID (e.g. SALARY, BONUS, COMMISSIONS, INSURANCE, HOUSING ALLOWANCE, TRAVEL, CAR ALLOWANCE, ETC.). ATTACH ADDITIONAL SHEETS IF NECESSARY.
| | | | | | | | | | | | | |
INSIDERS
|
| | | | | TYPE OF | | AMOUNT | | TOTAL PAID |
| | | NAME
| | PAYMENT
| | PAID
| | TO DATE
|
| 1. | | Bagley, David (Officer) | | Gross salary | | $ | 10,733 | | | $ | 32,199 | |
| 2. | | Bagley, David (Officer) | | Expense reimbursement | | $ | 1,140 | | | $ | 1,170 | |
| 3. | | Beverley, Michael (Director) | | Director fees | | $ | 5,000 | | | $ | 14,828 | |
| 4. | | Bilbao, Ray (Officer) | | Gross salary | | $ | 14,875 | | | $ | 44,625 | |
| 5. | | Bilbao, Ray (Officer) | | Expense reimbursement | | | | | | $ | 386 | |
| 6. | | Casey, Dennis (Officer) | | Gross salary | | $ | 16,667 | | | $ | 50,001 | |
| 7. | | Casey, Dennis (Officer) | | Expense reimbursement | | $ | 7,683 | | | $ | 17,694 | |
| 8. | | Gray, Robert (Officer) | | Gross salary | | $ | 9,500 | | | $ | 25,808 | |
| 9. | | Gray, Robert (Officer) | | Bonus | | $ | 7,191 | | | $ | 7,191 | |
| 10. | | Gray, Robert (Officer) | | Expense reimbursement | | $ | 127 | | | $ | 219 | |
| 11. | | Lambert, Robert (Officer) | | Gross salary | | $ | 11,304 | | | $ | 33,912 | |
| 12. | | Lambert, Robert (Officer) | | Expense reimbursement | | $ | — | | | $ | 555 | |
| 13. | | Quinn, Gerry (Director) | | Director fees | | $ | 2,500 | | | $ | 7,414 | |
| 14. | | Smith, Michael (Officer) | | Gross salary | | $ | 14,883 | | | $ | 44,649 | |
| 15. | | Smith, Michael (Officer) | | Expense reimbursement | | $ | 581 | | | $ | 1,301 | |
| 16. | | Stupka, John (Director) | | Director fees | | $ | 2,500 | | | $ | 7,414 | |
| 17. | | TOTAL PAYMENTS TO INSIDERS | | | | $ | 104,684 | | | $ | 289,366 | |
| | | | | | | |
| | | |
| |
| | | | | | | | | | | | | | | | | | | | | |
PROFESSIONALS
|
| | | | | DATE OF COURT | | | | | | | | | | | | | | TOTAL |
| | | | | ORDER AUTHORIZING | | AMOUNT | | AMOUNT | | TOTAL PAID | | INCURRED |
| | | NAME
| | PAYMENT
| | APPROVED
| | PAID
| | TO DATE
| | & UNPAID *
|
| 1. | | NONE | | | | | | | | | | | | | | | | | | |
| 2. |
| 3 | | TOTAL PAYMENTS TO PROFESSIONALS | | | | | | | | | | | | | | | | | | |
| | | | |
| | |
| | | |
| | | |
| | | |
| |
| * | | INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED |
POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE
PROTECTION PAYMENTS
| | | | | | | | | | | | | | | | | |
| | | | | SCHEDULED | | AMOUNTS | | | | |
| | | | | MONTHLY | | PAID | | TOTAL | | |
| | | | | PAYMENTS | | DURING | | UNPAID | | |
NAME OF CREDITOR
| | DUE
| | MONTH
| | POSTPETITION
| | |
| 1. | | Cardinal Collins | | $ | 93,203 | | | $ | (93,203 | ) | | $ | — | | | |
| 2. | | 10 Street Business | | $ | 15,146 | | | $ | (15,146 | ) | | $ | — | | | |
| 3. | | Emkay Inc | | $ | 16,256 | | | $ | (16,256 | ) | | $ | — | | | |
| 4. | | Computer Atlanta | | $ | 32,772 | | | $ | (30,142 | ) | | $ | 2,631 | | | NOTE 2 |
| 5. | | Highline Capital | | $ | 1,694 | | | $ | (1,694 | ) | | $ | — | | | |
| 6. | | Cisco Systems Capital | | $ | 7,018 | | | $ | (7,018 | ) | | $ | — | | | |
| 7. | | N.A.I. | | $ | 408 | | | $ | (408 | ) | | $ | — | | | |
| 8. | | IOS Capital | | $ | 8,015 | | | $ | (3,345 | ) | | $ | 4,670 | | | NOTE 2 |
| 9. | | TOTAL | | $ | 174,513 | | | $ | (167,212 | ) | | $ | 7,300 | | | |
| | | | | |
| | | |
| | | |
| | |
|
| * | | FINANCIAL INFORMATION REPORTED INCLUDES MINORPLANET SYSTEMS USA INC. AND ITS WHOLLY-OWNED SUBSIDIARIES, MINORPLANET SYSTEMS USA LIMITED AND CAREN (292) LIMITED. |
| | | |
| NOTE 1: | | MOTION HAS BEEN FILED TO REJECT LEASES. |
| | | |
| NOTE 2: | | CREDITOR HAS AGREED TO WAIVE UNPAID AMOUNTS DUE PENDING ONGOING RE-NEGOTIATION OF LEASE. |
| | | |
| NOTE 3: | | AN ADEQUATE ASSURANCE PAYMENT OF $150,000 WAS MADE BY THE COMPANY TO CINGULAR WIRELESS DURING MARCH AFTER APPROVAL OF THE ADEQUATE ASSURANCE AGREEMENT BY THE BANKRUPTCY COURT. THE PAYMENT WAS MISTAKENLY EXCLUDED FROM THE ABOVE SCHEDULE ON THE MARCH ACCRUAL BASIS 6 MONTHLY OPERATING REPORT. |
Monthly Operating Report
ACCRUAL BASIS-7
CASE NAME: MINORPLANET SYSTEMS USA, INC. *
CASE NUMBER: 04-31200 HDH-11
| | | |
QUESTIONNAIRE | | MONTH: Apr-04 |
| | | | | | | | | |
| | | | | | | YES
| | NO
|
| | 1. | | | HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE THE NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD? | | X | | |
| | | | | | |
| |
|
| | 2. | | | HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT OTHER THAN A DEBTOR IN POSSESSION ACCOUNT? | | | | X |
| | | | | | |
| |
|
| | 3. | | | ARE ANY POSTPETITION RECEIVABLES (ACCOUNTS, NOTES, OR LOANS) DUE FROM RELATED PARTIES? | | | | X |
| | | | | | |
| |
|
| | 4. | | | HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES THIS REPORTING PERIOD? | | X | | |
| | | | | | |
| |
|
| | 5. | | | HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE DEBTOR FROM ANY PARTY? | | | | X |
| | | | | | |
| |
|
| | 6. | | | ARE ANY POSTPETITION PAYROLL TAXES PAST DUE? | | | | X |
| | | | | | |
| |
|
| | 7. | | | ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES PAST DUE? | | | | X |
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| | 8. | | | ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE? | | | | X |
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| | 9. | | | ARE ANY OTHER POSTPETITION TAXES PAST DUE? | | | | X |
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| | 10. | | | ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS DELINQUENT? | | X | | |
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| | 11. | | | HAVE ANY PREPETITION TAXES BEEN PAID DURING THE REPORTING PERIOD? | | X | | |
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| | 12. | | | ARE ANY WAGE PAYMENTS PAST DUE? | | | | X |
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IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS “YES,” PROVIDE A DETAILED EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY.
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| QUESTION 1. | | OFFICE FURNITURE IN THE HOUSTON AND ATLANTA OFFICES WAS SOLD FOR $3,250. THE BANKRUPTCY COURT APPROVED THE REJECTION OF THE OFFICE LEASES AND SALE OF THE OFFICE FURNITURE. |
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| QUESTION 4. | | SEE NOTE 1 ON ATTACHMENT 7.1 |
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| QUESTION 10. | | SEE POST-PETITION ACCOUNTS PAYABLE AGING AS OF APRIL 30, 2004 ON MONTHLY OPERATING REPORT #4. ANY PAST DUE INVOICES AS OF APRIL 30, 2004 WERE PAID IN MAY. |
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| QUESTION 11. | | PAYMENTS OF PRE-PETITION TAXES WERE APPROVED BY THE BANKRUPTCY COURT. SEE ATTACHMENT 7.1. |
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INSURANCE
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| | | | | | | YES
| | NO
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| | 1. | | | ARE WORKER’S COMPENSATION, GENERAL LIABILITY AND OTHER NECESSARY INSURANCE COVERAGES IN EFFECT? | | X | | |
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| | 2. | | | ARE ALL PREMIUM PAYMENTS PAID CURRENT? | | X | | |
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| | 3. | | | PLEASE ITEMIZE POLICIES BELOW. | | | | |
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IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS “NO,” OR IF ANY POLICIES HAVE BEEN CANCELLED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN EXPLANATION BELOW. ATTACH ADDITIONAL SHEETS IF NECESSARY.
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INSTALLMENT PAYMENTS
|
| TYPE OF | | | | | | PAYMENT AMOUNT |
POLICY
| | CARRIER
| | PERIOD COVERED
| | & FREQUENCY**
|
| Workers’ Compensation | | Federal Insurance Company (Chubb) | | 11/11/03 to 11/11/04 | | $19,000 — Quarterly |
Package Commercial General
Liability | | Federal Insurance Company (Chubb) | | 11/11/03 to 11/11/04 | | $16,600 — Quarterly |
| Umbrella Liability | | Liberty Insurance Underwriters | | 11/11/03 to 11/11/04 | | $5,300 — Monthly |
| Foreign Liability | | Great Northern (Chubb) | | 11/11/03 to 11/11/04 | | $1000 — Quarterly |
| Automobile | | Texas Pacififc Indemnity Comp
(Chubb) & Federal Insurance Co
(Chubb) | | 11/11/03 to 11/11/04 | | $27,000 — Quarterly |
Primary Directors & Officers
Liability | | United States Fire Insurance Co | | 06/21/03 to 06/21/04 | | $125,000 — Annual |
Excess Directors & Officers
Liability | | XL Specialty Insurance Company | | 06/21/03 to 06/21/04 | | $100,000 — Annual |
| Employed Lawyers E & O | | Chubb Insurance Co | | 11/11/03 to 11/11/04 | | $5,300 — Annual |
| California Flood & Quake Policy | | Scotsdale Insurance Co | | 06/21/03 to 06/21/04 (will not be renewed in 2004) | | $13,500 — Annual |
| Run Off Directors & Officers | | | | 06/23/01 to 06/23/04 | | |
| Liability | | Swett & Crawford | | (will not be renewed in
2004) | | $210,000 — 3 year policy |
| Employee Health Insurance | | Blue Cross Blue Shield | | 10/01/03 to 09/30/04 | | $60,000 — Monthly |
| Employee Dental Insurance | | Safeguard | | 10/01/03 to 09/30/04 | | $4,900 — Monthly |
| Employee Vision Insurance | | Spectera | | 10/01/03 to 09/30/04 | | $700 — Monthly |
| Employee Life Insurance | | Canada Life Assurance Co | | 10/01/03 to 09/30/04 | | $4,300 — Monthly |
| * | | FINANCIAL INFORMATION REPORTED INCLUDES MINORPLANET SYSTEMS USA INC. AND ITS WHOLLY-OWNED SUBSIDIARIES, MINORPLANET SYSTEMS USA LIMITED AND CAREN (292) LIMITED. |
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| ** | | REPRESENTS APPROXIMATE PAYMENT AMOUNT. |
MONTHY OPERATING REPORT — ATTACHMENT 7.1
POST-PETITION PAYMENTS OF PRE-PETITITION LIABILITIES
CASE NAME: MINORPLANET SYSTEMS USA, INC. *
CASE NUMBER: 04-31200 HDH-11
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| Check # | | Pymt | | Apply | | Vendor | | Payee | | | | | | Bank | | |
Check #
| | Date
| | Date
| | Code
| | Name
| | Amount
| | Account
| | Description
|
| 148145 | | 15-Apr | | 15-Apr | | | 0003240 | | | Illinois Department of Revenue | | $ | 16,679.92 | | | CDA | | Sales Tax 12/03 |
| WT043004.03 | | 29-Apr | | 29-Apr | | VN000263 | | North Carolina Dept of Revenue | | $ | 133.36 | | | Operating | | Sales Tax 1/1/04 — 2/1/04 |
| 148147 | | 15-Apr | | 15-Apr | | VN000648 | | NECA ARUSF | | $ | 16.18 | | | CDA | | Sales Tax 1/1/04 — 2/1/04 |
| 148175 | | 20-Apr | | 20-Apr | | VN000638 | | City of Gardena | | $ | 728.52 | | | CDA | | Sales Tax 1/1/04 — 2/1/04 |
| 148176 | | 20-Apr | | 20-Apr | | VN002355 | | City of Greeley | | $ | 27.23 | | | CDA | | Sales Tax 1/1/04 — 2/1/04 |
| 148178 | | 20-Apr | | 20-Apr | | VN000640 | | City of Modesto | | $ | 1,544.49 | | | CDA | | Sales Tax 1/1/04 — 2/1/04 |
| 148179 | | 20-Apr | | 20-Apr | | VN000641 | | City of Oakland | | $ | 938.26 | | | CDA | | Sales Tax 1/1/04 — 2/1/04 |
| 148181 | | 20-Apr | | 20-Apr | | VN002384 | | City of San Fransisco | | $ | 2,406.80 | | | CDA | | Sales Tax 1/1/04 — 2/1/04 |
| 148182 | | 20-Apr | | 20-Apr | | VN000647 | | City of Torrance | | $ | 194.40 | | | CDA | | Sales Tax 1/1/04 — 2/1/04 |
| 148228 | | 20-Apr | | 20-Apr | | VN001445 | | Canada Customs & Revenue | | $ | 1,049.67 | | | CDA | | Sales Tax 1/1/04 — 2/1/04 |
| 148241 | | 20-Apr | | 20-Apr | | VN000262 | | Iowa Dept of Revenue | | $ | 117.63 | | | CDA | | Sales Tax 1/1/04 — 2/1/04 |
| 148247 | | 20-Apr | | 20-Apr | | | 0004030 | | | Nevada Department of Taxation | | $ | 11.23 | | | CDA | | Sales Tax 1/1/04 — 2/1/04 |
| 148252 | | 20-Apr | | 20-Apr | | | 0004031 | | | State Board of Equalization | | $ | 779.96 | | | CDA | | Sales Tax 1/1/04 — 2/1/04 |
| 148255 | | 20-Apr | | 20-Apr | | | 0000928 | | | State Comptroller | | $ | 2,498.46 | | | CDA | | Sales Tax 1/1/04 — 2/1/04 |
| 148258 | | 20-Apr | | 20-Apr | | | 0001761 | | | Utah State Tax Commission | | $ | 28.31 | | | CDA | | Sales Tax 1/1/04 — 2/1/04 |
| 15172 | | 20-Apr | | 20-Apr | | VN000798 | | Alabama Dept of Revenue | | $ | 220.31 | | | CDA | | Sales Tax 1/1/04 — 2/1/04 |
| 15173 | | 20-Apr | | 20-Apr | | VN000823 | | City of Huntsville | | $ | 55.92 | | | CDA | | Sales Tax 1/1/04 — 2/1/04 |
| 15175 | | 20-Apr | | 20-Apr | | VN000448 | | Louisiana Dept of Revenue | | $ | 379.78 | | | CDA | | Sales Tax 1/1/04 — 2/1/04 |
| 15176 | | 20-Apr | | 20-Apr | | VN000800 | | Madison County | | $ | 7.99 | | | CDA | | Sales Tax 1/1/04 — 2/1/04 |
| 15179 | | 20-Apr | | 20-Apr | | VN000835 | | Tennessee Department of Revenue | | $ | 12.31 | | | CDA | | Sales Tax 1/1/04 — 2/1/04 |
| 15190 | | 20-Apr | | 20-Apr | | VN000439 | | California State Board of Equalization | | $ | 553.85 | | | CDA | | Sales Tax 1/1/04 — 2/1/04 |
| 15194 | | 29-Apr | | 29-Apr | | VN000573 | | Missouri Department of Revenue | | $ | 16.04 | | | CDA | | Sales Tax 1/1/04 — 2/1/04 |
| 15195 | | 29-Apr | | 29-Apr | | VN000837 | | State of Nevada | | $ | 14.42 | | | CDA | | Sales Tax 1/1/04 — 2/1/04 |
| 15196 | | 29-Apr | | 29-Apr | | VN000412 | | State Comptroller | | $ | 983.56 | | | CDA | | Sales Tax 1/1/04 — 2/1/04 |
| 55010 | | 10-Feb | | 10-Feb | | VN002369 | | A I Credit Corp | | $ | 5,270.15 | | | Operating | | Payment on pre-petition financing agreement (Note 1) |
| 147941 | | 5-Mar | | 5-Mar | | VN002369 | | A I Credit Corp | | $ | 5,270.15 | | | CDA | | Payment on pre-petition financing agreement (Note 1) |
| 148106 | | 1-Apr | | 1-Apr | | VN002369 | | A I Credit Corp | | $ | 5,270.15 | | | CDA | | Payment on pre-petition financing agreement (Note 1) |
| 148224 | | 29-Apr | | 29-Apr | | VN002369 | | A I Credit Corp | | $ | 5,270.15 | | | CDA | | Payment on pre-petition financing agreement (Note 1) |
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| | | | | | | | | | Total | | $ | 50,479.19 | | | | | |
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| * | | Financial information reported includes Minorplanet Systems USA Inc and its wholly-owned subsidiaries, Minorplanet Systems USA Limited and Caren (292) Limited. |
| | | |
| Note 1: | | The Company mistakenly made four post petition payments totaling $21,080.60 under a pre-petition financing agreement during February, March, and April. The Company intends to recover such amounts from the lender. |
