This Monthly Financial Report (the "Financial Report") is limited in scope,
covers a limited time period and has been prepared soley for purposes of
complying with the monthly reporting requirements of the United States
Bankruptcy Court for the Eastern District of Wisconsin in Milwaukee (the
"Trustee"). Keystone Consolidated Industries, Inc's ("Keystone") wholly-owned
subsidiary, Engineered Wire Products, Inc. ("EWP") has not filed for protection
under Chapter 11 of Title 11 of the United States Bankruptcy Code, and financial
information for EWP has been omitted from the Financial Report. The Financial
Report is unaudited and does not purport to show the financial statements of
Keystone or any of its subsidiaries in accordance with accounting principles
generally accepted in the United States ("GAAP"), and therefore excludes items
required by GAAP, such as certain reclassifications, eliminations, accruals and
disclosure items. Undue reliance should not be placed upon the Financial Report.
There can be no assurance that such information is complete. In addition, in
order to comply with the 15-day filing requirements of the Trustee, certain
year-end adjustments have been excluded from this report. The debtors anticipate
filing an amended report when information relative to these adjustments becomes
available.
MONTHLY FINANCIAL REPORT
OFFICE OF THE U.S. TRUSTEE
EASTERN DISTRICT OF WISCONSIN
Case Name: FV Steel & Wire Company ("FVSW") Case No: 04-22421-SVK
Keystone Consolidated Industries, Inc. ("KCI") 04-22422-SVK
DeSoto Environmental Management, Inc. ("DEMI") 04-22423-SVK
J.L. Prescott Company ("JLP") 04-22424-SVK
Sherman Wire Company ("SWC") 04-22425-SVK
Sherman Wire of Caldwell, Inc.("SWCI") 04-22426-SVK
FOR MONTH OF AUGUST, 2005.
I. FINANCIAL SUMMARY
CASH RECEIPTS AND DISBURSEMENTS
-------------------------------
FVSW KCI DEMI JLP SWC SWCI Total
---- --- ---- --- --- ---- -----
A. CASH ON HAND START OF MONTH $0 $3,738,620 $0 $0 $290 $0 $3,738,910
--------------------------------------------------------------------------------------------------
B. RECEIPTS 0 74,739,192 0 0 8,322 1,650 74,749,164
C. DISBURSEMENTS 0 74,546,982 0 0 15,919 2,650 74,565,551
-------------------------------------------------------------------------------------------------
D. NET RECEIPTS (DISBURSEMENTS) 0 192,210 0 0 (7,597) (1,000) 183,613
--------------------------------------------------------------------------------------------------
E. CASH ON HAND END OF MONTH $0 $3,930,830 $0 $0 ($7,307) ($1,000) $3,922,523
==================================================================================================
Note 1 - KCI Cash On Hand At End of Month includes $5,470,323 of cash held in
escrow for anticipated payment to Unsecured Creditors' Committee upon emergence
from Chapter 11. (See U.S. Bank - Portland, Oregon accounts # 15365681004 and #
436000100).
Note 2 - KCI Receipts and Disbursement exclude transfers between KCI cash
accounts of $28,151,891.
PROFIT AND LOSS STATEMENT
-------------------------
ACCRUAL BASIS
-------------
Sub Elimin-
FVSW KCI DEMI JLP SWC SWCI Total ations Total
---- --- ---- --- --- ---- ----- ------- -----
A NET SALES $0 $27,139,229 $0 $0 $1,263,706 $0 $28,402,935 ($1,800,456) $26,602,479
B.COST OF SALES 0 21,842,004 0 0 1,077,643 0 22,919,647 (1,800,456) 21,119,191
---------------------------------------------------------------------------------------------------
C.GROSS PROFIT 0 5,297,225 0 0 186,063 0 5,483,288 0 5,483,288
D.TOTAL OPERATING EXPENSES 3,534 6,915,000 0 60,000 324,544 5,848 7,308,926 (204,070) 7,104,856
---------------------------------------------------------------------------------------------------
E.NET INCOME (LOSS) FROM
OPERATIONS (3,534) (1,617,775) 0 (60,000) (138,481) (5,848) (1,825,638) 204,070 (1,621,568)
F.NON-OPERATING,
NON-RECURRING
REVENUE(EXPENSES) 551 (2,609,418) 60,000 0 98,907 0 (2,449,960) (204,070) (2,654,030)
---------------------------------------------------------------------------------------------------
H.NET INCOME (LOSS) ($2,983) ($4,227,193) $60,000 ($60,000) ($39,574) ($5,848) ($4,275,598) $0 ($4,275,598)
===================================================================================================
Page 1 of 6
II. PROFIT & LOSS STATEMENT (ACCRUAL BASIS)
-------------------------------------------
Sub Elimin-
FVSW KCI DEMI JLP SWC SWCI Total ations Total
---- --- ---- --- --- ---- ----- ------- -----
A. Related to Business
Operations:
- --------------------------
Total Revenue (Sales) $27,139,229 $1,263,706 $28,402,935 ($1,800,456) $26,602,479
---------------------------------------------------------------------------------------------------
Less: Cost of Goods Sold:
Beginning Inventory
at Cost 62,687,773 3,207,506 65,895,279 65,895,279
Add: Purchases 20,536,283 1,500,761 22,037,044 (1,800,456) 20,236,588
Less: Ending Inventory
at Cost 61,382,052 3,630,624 65,012,676 65,012,676
---------------------------------------------------------------------------------------------------
Cost of Good Sold 0 21,842,004 0 0 1,077,643 0 22,919,647 (1,800,456) 21,119,191
---------------------------------------------------------------------------------------------------
Gross Profit 0 5,297,225 0 0 186,063 0 5,483,288 0 5,483,288
---------------------------------------------------------------------------------------------------
Less: Operating Expenses:
Officer Compensation 43,750 43,750 43,750
Salaries and Wages --
Other Employees 1,152,434 74,012 1,226,446 1,226,446
Employee Benefits and
Pensions 90 2,693,308 37,392 2,730,790 2,730,790
Payroll Taxes 95,440 11,685 107,125 107,125
Real Estate Taxes 14,908 12,057 633 27,598 27,598
Federal and State Income
Taxes 0 0 0
Rent and Lease Expense 68,425 697 69,122 69,122
Interest Expense 432,158 60,000 492,158 (193,201) 298,957
Insurance 89,692 12,730 102,422 102,422
Automobile Expense 0 0 0 0
Utilities 249,844 11,481 134 261,459 261,459
Depreciation and
Amortization 3,444 1,112,879 89,662 4,081 1,210,066 1,210,066
Repairs and Maintenance 154,316 3,543 0 157,859 157,859
Advertising 71,643 71,643 71,643
Supplies, Office Expense
and Photocopies 75,411 9,621 85,032 85,032
Bad Debts 0 0 0
Miscellaneous 0 660,792 0 0 61,664 1,000 723,456 (10,869) 712,587
---------------------------------------------------------------------------------------------------
Total Operating Expenses 3,534 6,915,000 0 60,000 324,544 5,848 7,308,926 (204,070) 7,104,856
---------------------------------------------------------------------------------------------------
Net Income (Loss) From
Operations (3,534) (1,617,775) 0 (60,000) (138,481) (5,848) (1,825,638) 204,070 (1,621,568)
---------------------------------------------------------------------------------------------------
B. Not Related to
Business Operations:
- --------------------------
Revenue:
Interest Income 551 25,057 60,000 133,201 218,809 (193,201) 25,608
Net Gain (Loss) on Sale
of Assets (12,286) 0 (12,286) (12,286)
Other 0 96,604 0 0 706 0 97,310 (10,869) 86,441
---------------------------------------------------------------------------------------------------
Total Non-Operating
Revenue 551 109,375 60,000 0 133,907 0 303,833 (204,070) 99,763
---------------------------------------------------------------------------------------------------
Expenses:
Legal and Professional
Fees 0 2,718,793 0 0 35,000 0 2,753,793 0 2,753,793
Other 0 0 0 0 0 0 0 0 0
---------------------------------------------------------------------------------------------------
Total Non-Operating
Expenses 0 2,718,793 0 0 35,000 0 2,753,793 0 2,753,793
---------------------------------------------------------------------------------------------------
Net Income (Loss) For
Period ($2,983) ($4,227,193) $60,000 ($60,000) ($39,574) ($5,848) ($4,275,598) $0 ($4,275,598)
===================================================================================================
Note 1 - Beginning and ending inventory balances shown above do not include
reserves related to LIFO and obsolescence that are reflected in the inventory
balances shown on the Balance Sheet.
Note 2 - Interest income at DEMI and SWC is based on the balance of intercompany
receivables.
Page 2 of 6
IV. BALANCE SHEET
-----------------
FVSW KCI DEMI JLP SWC SWCI
---- --- ---- --- --- ----
ASSETS
- ------
Current
- -------
Cash $3,930,830 ($7,307) ($1,000)
Inventory 53,582 33,198,447 3,204,959
Accounts Receivable 32,207,932 856,625 6,000
Prepaid Expenses 1,962,958 42,000 1,264
Other - Exhibit E 76,102 1,268,305 15,689,793 0 370,807 0
------------------------------------------------------------------------------------------------------
Total Current Assets 129,684 72,568,472 15,689,793 0 4,467,084 6,264
------------------------------------------------------------------------------------------------------
Fixed
- -----
Property and Equipment 1,175,330 329,818,404 20,722,604 2,285,279
Accumulated Depreciation (766,898) (251,138,023) (16,915,271) (1,863,367)
------------------------------------------------------------------------------------------------------
Total Fixed Assets 408,432 78,680,381 0 0 3,807,333 421,912
------------------------------------------------------------------------------------------------------
Other
- -----
Restricted Investments 5,997,136 252,123
Prepaid Pension Asset 144,542,192
Deferred Financing Costs 831,047
Goodwill 751,508
Other - Exhibit F 40,000 39,168,716 0 0 2,246,871 0
------------------------------------------------------------------------------------------------------
Total Other Assets 40,000 191,290,599 0 0 2,498,994 0
------------------------------------------------------------------------------------------------------
Total Assets $578,116 $342,539,452 $15,689,793 $0 $10,773,411 $428,176
======================================================================================================
LIABILITIES
- -----------
Current
- -------
Pre-Petition Accounts
Payable 18,725,919 1,012,833 54,503
Post-Petition Accounts
Payable 2,212,916 41,788 0
Pre-Petition Accounts
Payable - Affiliates (2,649,073) 87,916,800 5,774,107 15,552,291 (89,758,156) (1,459,080)
Post-Petition Accounts
Payable - Affiliates (262,399) 3,139,344 485,726 796,515 (71,309) (139,108)
Pre-Petition Accrued
Expenses - Exhibit G 3,183 12,511,257 35,632 (36,000) 6,668,380 64,082
Post-Petition Accrued
Expenses - Exhibit H 0 16,830,344 0 0 31,856 (3,764)
Post-Petition Accrued
Professional Fees 5,196,458 2,939
Post-Petition Accrued
Other Taxes - Exhibit M 0 95,033 0 0 50,177 (789)
Pre-Petition Notes
Payable and Current
Maturities of
Long Term Debt 28,116,000 20,290
Post-Petition Notes
Payable and Current 0
Maturities of
Long Term Debt 33,574,637 (20,290)
Accrued OPEB Cost 11,441,001 155,000 297,662
Income Taxes Payable
Pre-petition accrued
pref. Stock dividends 11,845,805
Post petition accrued
pref. Stock dividends 10,856,862
------------------------------------------------------------------------------------------------------
Total Current
Liabilities (2,908,289) 242,462,376 6,295,465 16,467,806 (81,723,830) (1,484,156)
------------------------------------------------------------------------------------------------------
Long Term
- ---------
Pre-Petition Long
Term Debt 32,180,761
Post-Petition Long
Term Debt 138,211
Accrued OPEB Cost 36,677 122,850,518 1,446,589 12,088,703
Accrued Pension Cost 2,206,114
Pre-Petition Accrued
Expenses - Exhibit I 0 11,104,689 3,573,908 0 0 0
Post-Petition Accrued
Expenses - Exhibit J 0 (20,996) (197,152) 0 0 0
------------------------------------------------------------------------------------------------------
Total Long Term
Liabilities 36,677 168,459,297 3,376,756 1,446,589 12,088,703 0
------------------------------------------------------------------------------------------------------
Preferred Stock 2,112,000
- --------------- ------------------------------------------------------------------------------------------------------
STOCKHOLDERS' EQUITY
(DEFICIT)
Common Stock 10,000 10,798,251 6 2,246,866 5,619,274 1,000
Additional Paid-In Capital 30,368,634 27,579,007
Accumulated Deficit 3,439,728 (111,648,981) 6,017,566 (20,161,261) 80,767,710 1,911,332
Treasury Stock (12,125) (33,557,453)
------------------------------------------------------------------------------------------------------
Total Stockholders'
Equity (Deficit) 3,449,728 (70,494,221) 6,017,572 (17,914,395) 80,408,538 1,912,332
------------------------------------------------------------------------------------------------------
Total Liabilities &
Stockholders' Equity
(Deficit) $578,116 $342,539,452 $15,689,793 $0 $10,773,411 $428,176
======================================================================================================
Page 3 of 6
IV. BALANCE SHEET (Continued)
----------------------------
Sub Elimin-
Total ations Total
----- ------- -----
ASSETS
- ------
Current
- -------
Cash $3,922,523 $3,922,523
Inventory 36,456,988 36,456,988
Accounts Receivable 33,070,557 33,070,557
Prepaid Expenses 2,006,222 2,006,222
Other - Exhibit E 17,405,007 (16,099,404) 1,305,603
----------------------------------------------------
Total Current Assets 92,861,297 (16,099,404) 76,761,893
----------------------------------------------------
Fixed
- -----
Property and Equipment 354,001,617 354,001,617
Accumulated Depreciation (270,683,559) (270,683,559)
----------------------------------------------------
Total Fixed Assets 83,318,058 0 83,318,058
----------------------------------------------------
Other
- -----
Restricted Investments 6,249,259 6,249,259
Prepaid Pension Asset 144,542,192 144,542,192
Deferred Financing Costs 831,047 831,047
Goodwill 751,508 751,508
Other - Exhibit F 41,455,587 (41,173,674) 281,913
----------------------------------------------------
Total Other Assets 193,829,593 (41,173,674) 152,655,919
----------------------------------------------------
Total Assets $370,008,948 ($57,273,078) $312,735,870
====================================================
LIABILITIES
- -----------
Current
- -------
Pre-Petition Accounts
Payable 19,793,255 19,793,255
Post-Petition Accounts
Payable 2,254,704 2,254,704
Pre-Petition Accounts
Payable - Affiliates 15,376,889 (14,904,350) 472,539
Post-Petition Accounts
Payable - Affiliates 3,948,769 (1,195,054) 2,753,715
Pre-Petition Accrued
Expenses - Exhibit G 19,246,534 0 19,246,534
Post-Petition Accrued
Expenses - Exhibit H 16,858,436 0 16,858,436
Post-Petition Accrued
Professional Fees 5,199,397 5,199,397
Post-Petition Accrued
Other Taxes - Exhibit M 144,421 0 144,421
Pre-Petition Notes
Payable and Current
Maturities of
Long Term Debt 28,136,290 28,136,290
Post-Petition Notes
Payable and Current
Maturities of
Long Term Debt 33,554,347 33,554,347
Accrued OPEB Cost 11,893,663 11,893,663
Income Taxes Payable 0 0
Pre-petition accrued
pref. Stock dividends 11,845,805 11,845,805
Post petition accrued
pref. Stock dividends 10,856,862 10,856,862
----------------------------------------------------
Total Current
Liabilities 179,109,372 (16,099,404) 163,009,968
----------------------------------------------------
Long Term
- ---------
Pre-Petition Long
Term Debt 32,180,761 32,180,761
Post-Petition Long
Term Debt 138,211 138,211
Accrued OPEB Cost 136,422,487 136,422,487
Accrued Pension Cost 2,206,114 2,206,114
Pre-Petition Accrued
Expenses - Exhibit I 14,678,597 0 14,678,597
Post-Petition Accrued
Expenses - Exhibit J (218,148) 0 (218,148)
----------------------------------------------------
Total Long Term
Liabilities 185,408,022 0 185,408,022
----------------------------------------------------
Preferred Stock 2,112,000 2,112,000
- --------------- ----------------------------------------------------
STOCKHOLDERS' EQUITY
(DEFICIT)
Common Stock 18,675,397 (7,877,145) 10,798,252
Additional Paid-In Capital 57,947,641 (27,579,007) 30,368,634
Accumulated Deficit (39,673,906) (39,274,975) (78,948,881)
Treasury Stock (33,569,578) 33,557,453 (12,125)
----------------------------------------------------
Total Stockholders'
Equity (Deficit) 3,379,554 (41,173,674) (37,794,120)
----------------------------------------------------
Total Liabilities &
Stockholders' Equity
(Deficit) $370,008,948 ($57,273,078) $312,735,870
====================================================
Note 1 - Inventory balances above reflect reserves related to LIFO and
obslescence that are not reflected in the inventory balances shown on the Profit
& Loss Statement.
Note 2 - Substantially all Current and Long Term Accrued OPEB (Future Retiree
Medical) Costs were incurred pre-petition.
Page 4 of 6
EXHIBIT E
OTHER CURRENT ASSETS
--------------------
Sub Elimin-
FVSW KCI DEMI JLP SWC SWCI Total ations Total
---- --- ---- --- --- ---- ----- ------- -----
Interest Receivable $1,102 $1,102 $1,102
Note Receivable 75,000 75,000 75,000
Intercompany Receivable 1,186,907 15,689,793 370,807 17,247,507 (16,099,404) 1,148,103
Short Term Investments 20,428 20,428 20,428
Receivable From EB Plans 58,543 58,543 58,543
Stop Loss Receivable 1,927 1,927 1,927
Rent Receivable 0 0
Security Deposit 500 500 500
-------------------------------------------------------------------------------------------------------
Total Other
Current Assets $76,102 $1,268,305 $15,689,793 $0 $370,807 $0 $17,405,007 ($16,099,404) $1,305,603
=======================================================================================================
EXHIBIT F
OTHER LONG TERM ASSETS
----------------------
Sub Elimin-
FVSW KCI DEMI JLP SWC SWCI Total ations Total
---- --- ---- --- --- ---- ----- ------- -----
Note Receivable $40,000 $40,000 $40,000
Rail Cars 237,113 237,113 237,113
Investment in Sherman Wire
Company 38,915,803 38,915,803 (38,915,803) 0
Investment in Fox Valley
Steel & Wire 10,000 10,000 (10,000) 0
Investment in Sherman Wire
of Caldwell Inc. 1,000 1,000 (1,000) 0
Investment in J.L.
Prescott/DEMI 2,246,871 2,246,871 (2,246,871) 0
Long Term Insurance
Receivable 0 0
Deposits 4,800 4,800 4,800
0 0
-------------------------------------------------------------------------------------------------------
Total Other
Long Term Assets $40,000 $39,168,716 $0 $0 $2,246,871 $0 $41,455,587 ($41,173,674) $281,913
=======================================================================================================
EXHIBIT G
PRE-PETITION ACCRUED EXPENSES - CURRENT
---------------------------------------
Sub Elimin-
FVSW KCI DEMI JLP SWC SWCI Total ations Total
---- --- ---- --- --- ---- ----- ------- -----
Income Taxes $3,183 $35,632 ($36,000) ($70,091) ($67,276) ($67,276)
Worker Comp Exp 1,914,980 (168) 1,914,812 1,914,812
Missar Pension 0 19,935 19,935 19,935
Unclaimed Property 6,487 17,540 24,027 24,027
Abandoned Real Estate Exp 0 658,744 658,744 658,744
Legal and Professional
Fees 187,375 487,932 675,307 675,307
Self-Insurance Liability 2,403,446 5,050,166 7,453,612 7,453,612
Pensions 0 15,704 15,704 15,704
Salaries/Wages 71,558 47,300 118,858 118,858
Holiday Pay/Vacations 0 127,854 127,854 127,854
FICA - Employer 0 3,257 3,257 3,257
Federal Unemployment Taxes 0 3,397 3,397 3,397
State Unemployment Taxes 0 20,577 20,577 20,577
Defined Contribution Plan 0 28,615 28,615 28,615
Medical Insurance 86,560 88,737 16,419 191,716 191,716
Utilities 0 5,049 (110) 4,939 4,939
Volume Incentive Plan 0 72,000 72,000 72,000
Property Tax 0 32,865 5,973 38,838 38,838
Sales/Use Tax 0 8,124 1,800 9,924 9,924
Customer Overpayments 0 50,843 50,843 50,843
Other - Plant Shut-Down 0 40,000 40,000 40,000
Goods received not
invoiced 0 0 0
Unearned Revenue 0 0 0
Sales Rebates/Discounts 0 0 0
Manufacturing Misc 0 0 0
EPA 7,183,171 7,183,171 7,183,171
Medical Insurance 0 0 0
Accrued State Franchise
Tax 172,743 172,743 172,743
Accrued Bank Service
Charge (9,925) (9,925) (9,925)
Accrued Interest 454,639 454,639 454,639
Accrued travel 40,223 40,223 40,223
Accrued taxes - other 0 0
-------------------------------------------------------------------------------------------------------
Total Pre-Petition
Accrued
Expenses-Current $3,183 $12,511,257 $35,632 ($36,000) $6,668,380 $64,082 $19,246,534 $0 $19,246,534
=======================================================================================================
Page 5 of 6
EXHIBIT H
POST PETITION ACCRUED EXPENSES - CURRENT
----------------------------------------
Sub Elimin-
FVSW KCI DEMI JLP SWC SWCI Total ations Total
---- --- ---- --- --- ---- ----- ------- -----
Abandoned Real Estate Exp 318 24,655 24,973 24,973
Pensions 0 48,419 48,419 48,419
Salaries/Wages 1,099,612 6,213 1,105,825 1,105,825
Holiday Pay/Vacations 4,115,052 (21,279) 4,093,773 4,093,773
Defined Contribution Plan 1,504,797 27,481 1,532,278 1,532,278
Medical Insurance 600,905 (57,218) (4,172) 539,515 539,515
Utilities 530,449 74,641 408 605,498 605,498
Legal 205,719 (143,395) 62,324 62,324
Professional Fees 415,854 415,854 415,854
Goods Received Not
Invoiced 1,956,830 1,956,830 1,956,830
Worker's Compensation 1,195,775 1,195,775 1,195,775
Unearned Revenue 0 0 0
Sales Rebates/Discounts 1,603,199 1,603,199 1,603,199
EPA 351,980 351,980 351,980
Miscellaneous 779,500 72,339 851,839 851,839
Accrued Bank Service
Charge 56,242 56,242 56,242
Accrued Self-Insurance
Losses 86,900 86,900 86,900
Accrued Interest 927,212 927,212 927,212
Accrued Travel 0 0 0
Accrued Management Bonus 1,400,000 1,400,000 1,400,000
Accrued Management Fees 0 0 0
-------------------------------------------------------------------------------------------------
Total Post Petition
Accrued Expenses-
Current $0 $16,830,344 $0 $0 $31,856 ($3,764) $16,858,436 $0 $16,858,436
=================================================================================================
EXHIBIT I
PRE-PETITION ACCRUED EXPENSES - LONG TERM
-----------------------------------------
Sub Elimin-
FVSW KCI DEMI JLP SWC SWCI Total ations Total
---- --- ---- --- --- ---- ----- ------- -----
Environmental 3,127,000 3,573,908 6,700,908 6,700,908
Workmans Compensation 1,846,775 1,846,775 1,846,775
Accrued Deferred Interest
Exp. 781,715 781,715 781,715
L/T Deferred Compensation 24,212 24,212 24,212
Long Term Disability 32,987 32,987 32,987
L/T Deferred Tax Liability 5,292,000 5,292,000 5,292,000
0 0
-------------------------------------------------------------------------------------------------
Total Pre-Petition
Accrued Expenses-
Long Term $0 $11,104,689 $3,573,908 $0 $0 $0 $14,678,597 $0 $14,678,597
=================================================================================================
EXHIBIT J
POST PETITION ACCRUED EXPENSES - LONG TERM
------------------------------------------
Sub Elimin-
FVSW KCI DEMI JLP SWC SWCI Total ations Total
---- --- ---- --- --- ---- ----- ------- -----
Workmans Compensation ($27,928) ($27,928) ($27,928)
Long Term Disability 6,932 6,932 6,932
Environmental (197,152) (197,152) (197,152)
0 0
0 0
0 0
0 0
-------------------------------------------------------------------------------------------------
Total Post Petition
Accrued Expenses-
Long Term $0 ($20,996) ($197,152) $0 $0 $0 ($218,148) $0 ($218,148)
=================================================================================================
EXHIBIT M
POST PETITION ACCRUED OTHER TAXES
---------------------------------
Sub Elimin-
FVSW KCI DEMI JLP SWC SWCI Total ations Total
---- --- ---- --- --- ---- ----- ------- -----
FICA - Employer $18,342 (710) $17,632 $17,632
Federal Unemployment Taxes 0 (3,366) (3,366) (3,366)
State Unemployment Taxes 0 (19,588) (19,588) (19,588)
Property Tax 204,891 70,349 (789) 274,451 274,451
Sales/Use Tax 1,311 3,492 4,803 4,803
Accrued State Franchise
Tax (88,305) (88,305) (88,305)
Miscellaneous (41,206) (41,206) (41,206)
-------------------------------------------------------------------------------------------------
Total Post Petition
Accrued Other Taxes $0 $95,033 $0 $0 $50,177 ($789) $144,421 $0 $144,421
=================================================================================================
Page 6 of 6