UNITED STATES BANKRUPTCY COURT FILED
WESTERN DISTRICT OF TEXAS NOV 06 1998
SAN ANTONIO DIVISION BY_________ DEPUTY
CASE NAME: Concord Energy Incorporated Petition Date: 08/27/1998
CASE NUMBER: 98-54129-RBK
MONTHLY OPERATING REPORT SUMMARY FOR MONTH: SEPTEMBER YEAR 1998
MONTH SEPTEMBER 98
REVENUES (MOR-6) 0
INCOME BEFORE INT, DEPREC./ TAX (MOR-6) (982)
NET INCOME (LOSS) (MOR-6) (35,049)
PAYMENTS TO INSIDERS (MOR-9) 0
PAYMENTS TO PROFESSIONALS (MOR-9) 0
TOTAL DISBURSEMENTS (MOR-8) 195
*** The original of this document must be filed with the United States
Bankruptcy Court and a copy must be sent to the United States Trustees***
-----------------------------------------------------------------------
REQUIRED INSURANCE MAINTAINED
AS OF SIGNATURE DATE EXP.
________________________________________ DATE
CASUALTY N/A YES ( ) NO ( ) ___-___-___
LIABILITY N/A YES ( ) NO ( ) ___-___-___
VEHICLE N/A YES ( ) NO ( ) ___-___-___
WORKER'S N/A YES ( ) NO ( ) ___-___-___
ATTORNEY NAME: Deborah D. Williams
FIRM: Cox & Smith, Incorporated
ADDRESS: 112 East Pecan
ADDRESS: Suite 1800
CITY, STATE ZIP: San Antonio, Texas 78205
CIRCLE ONE
Are all accounts receivable being collected within terms? Yes (No)
Are all post-petition liabilities, including taxes, being paid within terms?
(Yes) No
Have any pre-petition liabilities been paid? Yes (No) If so, describe: _________
____________________________________________________________________
Are all funds received being deposited into DIP bank accounts? (Yes) No
Were any assets disposed of outside the normal course of business? Yes (No)
If so, describe ________________________________________________________
Are all U.S. Trustee Quarterly Fee Payments current? (Yes) No
What is the status of your Plan of Reorganization? Debtor has not yet filed a
plan but is in the preliminary negotiations with various secured parties.
I certify under penalty of perjury that the following complete
Monthly Operating Report (MOR), consisting of MOR-1 through
MOR-9 plus attachments, is true and correct.
SIGNED: /s/ Scott S. Kalish
-------------------------------------
(ORIGINAL SIGNATURE)
TITLE: Treasurer
-------------------------------------
MOR-1 Revised 07-01-98
CASE NAME: Concord Energy Incorporated CASE NUMBER: 98-54129-RBK
COMPARATIVE BALANCE SHEETS
FILING DATE * MONTH MONTH MONTH MONTH MONTH MONTH ASSETS
08/27/98 SEPTEMBER 98
- -----------------------------------------------------------------------------------------------------------
ASSETS
CURRENT ASSETS
Cash 0 0
Accounts Receivable, Net 0 0
Inventory: Lower of Cost or Market 0 0
Prepaid Expenses 50,000 50,000
Investments 0 0
Other 0 0
------ ------
TOTAL CURRENT ASSETS 50,000 50,000
====== ======
PROPERTY, PLANT & EQUIP, @ COST 0 0
Less Accumulated Depreciation 0 0
NET BOOK VALUE OF PP & E 0 0
OTHER ASSETS:
1. Tax Deposits 0 0
2. Investments in Subs 8,800,000 8,800,000
3. Organizational Costs 1,240 1,240
4. (attach list)
--------- ---------
TOTAL ASSETS 8,851,240 8,851,240
========= =========
* Per Schedules and Statement of Affairs
MOR-2 Revised 07/01/98
CASE NAME: Concord Energy Incorporated CASE NUMBER: 98-54129-RBK
COMPARATIVE BALANCE SHEETS
FILING DATE * MONTH MONTH MONTH MONTH MONTH MONTH
LIABILITIES & OWNERS 08/27/98 SEPTEMBER 98
- -------------------------------------------------------------------------------------------------------------------
EQUITY
LIABILITIES
POST PETITION LIABILITIES (MOR-4) 982
PRE-PETITION LIABILITIES:
Notes Payable- Secured
Priority Debt 31,500 31,500
Federal Income Tax 0 0
FICA/Withholding 0 0
Unsecured Debt 3,841,314 3,841,314
--------- ---------
Other
TOTAL PRE-PETITION LIABILITIES 3,872,814 3,872,814
--------- ---------
TOTAL LIABILITIES 3,872,814 3,873,796
========= =========
OWNER'S EQUITY (DEFICIT)
PREFERRED STOCK
COMMON STOCK 605 605
ADDITIONAL PAID-IN CAPITAL 6,688,322 6,688,322
RETAINED EARNINGS: Filing Date (1,710,501) (1,710,501)
RETAINED EARNINGS: Post Filing Date (982)
TOTAL OWNER'S EQUITY (NET WORTH) 4,978,426 4,977,440
--------- ---------
TOTAL LIABILITIES & 8,851,240 8,851,246
========= =========
OWNER'S EQUITY
* Per Schedules and Statement of Affairs
MOR-3 Revised 07/01/98
CASE NAME: Concord Energy Incorporated CASE NUMBER: 98-54129-RBK
SCHEDULE OF POST-PETITION LIABILITIES
MONTH MONTH MONTH MONTH MONTH MONTH
SEPTEMBER 98
- --------------------------------------------------------------------------------
TRADE ACCOUNTS PAYABLES 787
TAX PAYABLE:
Federal Payroll Taxes 0
State Payroll & Sales 0
Ad Valorem Taxes 0
Other Taxes 0
TOTAL TAXES PAYABLE 0
SECURED DEBT POST-PETITION 0
ACCRUED INTEREST PAYABLE
*ACCRUED PROFESSIONAL FEES:
OTHER ACCRUED LIABILITIES:
1.
2. ADVANCE 195
-- ---
3.
TOTAL POST-PETITION
LIABILITIES (MOR-3) 982
===
* Payment Requires Court Approval
MOR-4 Revised 07/01/98
CASE NAME: Concord Energy Incorporated CASE NUMBER: 98-54129-RBK
AGING OF POST-PETITION LIABILITIES
MONTH SEPTEMBER
DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES AD-VALOREM, OTHER
OTHER TAXES
- --------------------------------------------------------------------------------
0-30 982 787 195
31-60
61-90
91+
--- --- ---
TOTAL 982 787 195
=== === ===
AGING OF ACCOUNTS RECEIVABLE
MONTH SEPTEMBER
- --------------------------------------------------------------------------------
0-30 DAYS 0
31-60 DAYS 0
61-90 DAYS 0
91+ DAYS 0
---
TOTAL 0
===
MOR-5 Revised 07/01/98
CASE NAME: Concord Energy Incorporated CASE NUMBER: 98-54129-RBK
STATEMENT OF INCOME (LOSS)
FILING TO
MONTH SEPTEMBER 98 DATE
- --------------------------------------------------------------------------------
REVENUES (MOR-1) 0 0
TOTAL COST OF REVENUES 0 0
---- ----
GROSS PROFIT 0 0
---- ----
OPERATING EXPENSES:
Selling & Marketing 0 0
General & Administrative 982 982
Insiders Compensation 0 0
Professional Fees 0 0
Other (attach list) 0 0
---- ----
TOTAL OPERATING EXPENSES 982 982
---- ----
INCOME BEFORE INT, DEPR/TAX (MOR-1) (982) (982)
INTEREST EXPENSE 0 0
DEPRECIATION
OTHER (INCOME) EXPENSES*
OTHER ITEMS **
TOTAL INT, DEPR & OTHER ITEMS 0 0
---- ----
NET INCOME BEFORE TAXES (982) (982)
---- ----
FEDERAL INCOME TAXES
---- ----
NET INCOME (LOSS) (MOR-1) (982) (982)
==== ====
Accrual Accounting Required, Otherwise Footnote with Explanation.
* Footnote Mandatory
** Unusual and/or infrequent item(s) outside the ordinary course of business;
requires footnote
MOR-6 Revised 07/01/98
CASE NAME: Concord Energy Incorporated CASE NUMBER: 98-54129-RBK
CASH RECEIPTS AND MONTH MONTH MONTH MONTH MONTH MONTH FILING TO
DISBURSEMENTS SEPTEMBER 98 DATE
- ----------------------------------------------------------------------------------------------------------------------
1. CASH - BEGINNING OF MONTH 195* 195
RECEIPTS:
2. CASH SALES 0 0
3. COLLECTION OF ACCOUNTS RECEIVABLE 0 0
4. LOANS & ADVANCES (attach list) 0 0
5. SALE OF ASSETS 0 0
6. OTHER (attach list) 0 0
TOTAL RECEIPTS **
(Withdrawal) Contribution by Individual
Debtor MFR-2*
DISBURSEMENTS:
7. NET PAYROLL 0 0
8. PAYROLL TAXES PAID 0 0
9. SALES,USE & OTHER TAXES PAID 0 0
10. SECURED / RENTAL / LEASES 0 0
11. UTILITIES 0 0
12. INSURANCE 0 0
13. INVENTORY PURCHASES 0 0
14. VEHICLE EXPENSES 0 0
15. TRAVEL & ENTERTAINMENT 0 0
16. REPAIRS, MAINTENANCE & SUPPLIES 0 0
17. ADMINISTRATIVE & SELLING 195 195
18. OTHER (attach list) 0 0
---- ----
TOTAL DISBURSEMENTS FROM OPERATIONS 195 195
---- ----
19. PROFESSIONAL FEES 0 0
20. U.S. TRUSTEE FEES 0 0
21. OTHER REORGANIZATION EXPENSES
(ATTACH LIST) 0 0
TOTAL DISBURSEMENTS** 195 195
---- ----
22. NET CASH FLOW (195) (195)
---- ----
23. CASH - END OF MONTH (MOR-2) 0 0
==== ====
* Applies to Individual debtor's only
** Numbers for the current month should balance (match) RECEIPTS and
CHECKS/OTHER DISBURSEMENTS lines on MOR-8
* APPORTIONED FROM FUNDS ON ACCOUNT, MORE FULLY DESCRIBED ON MOR-8
MOR-7 Revised 07/01/98
CASE NAME: Concord Energy Incorporated CASE NUMBER: 98-54129-RBK
CASH ACCOUNT RECONCILIATION
MONTH OF SEPTEMBER
BANK NAME FIRST NATIONAL*
ACCOUNT NUMBER #20053902 # #
ACCOUNT TYPE OPERATING PAYROLL TAX OTHER FUNDS TOTAL
BANK BALANCE 1,433 1,433
DEPOSIT IN TRANSIT 0 0
OUTSTANDING CHECKS 195 195
------ ------
ADJUSTED BANK BALANCE 1,238 1,238
------ ------
BEGINNING CASH - PER BOOKS 98 98
RECEIPTS** 11,220 11,220
TRANSFERS BETWEEN ACCOUNTS*** (9,885) (9,885)
(WITHDRAWAL) CONTRIBUTION - BY
INDIVIDUAL DEBTOR MFR-2
CHECKS/OTHER DISBURSEMENTS 195 195
------ ------
ENDING CASH - PER BOOKS 1,238 1,238
====== ======
*** Numbers for the current month should balance (match) TOTAL RECEIPTS and
TOTAL DISBURSEMENTS lines on MOR-7.
MOR-8 Revised 07/01/98
FOOTNOTES TO MOR - 8
* ALTHOUGH THIS ACCOUNT IS IN THE NAME OF THE DEBTOR, IT HAS HISTORICALLY BEEN
USED AS AN OPERATING ACCOUNT FOR THE COMBINED ACTIVITIES OF THE DEBTOR, CONCORD
ENERGY, INCORPORATED (DELAWARE) AND ITS WHOLLY OWNED SUBSIDIARY, CONCORD ENERGY,
INC. (NEVADA), A NON-DEBTOR. THE BALANCES REFLECTED HEREIN ARE FUNDS BELONGING
TO CONCORD ENERGY, INC. (NEVADA) AND, AS SUCH, ARE CONSIDERED ASSETS OF CONCORD
ENERGY, INC. (NEVADA). ON OCTOBER 16, 1998, CONCORD ENERGY, INC. (NEVADA)
ESTABLISHED A NEWLY CREATED ACCOUNT FOR ITS OPERATIONAL ACTIVITY.
** REPRESENTS RECEIPT OF NON-DEBTOR, CONCORD ENERGY, INC. (NEVADA) NET OIL & GAS
PRODUCTION REVENUES.
*** REPRESENTS TRANSFERS FROM NON-DEBTOR, CONCORD ENERGY, INC. (NEVADA) TO
ANOTHER OF DEBTOR'S WHOLLY OWNED SUBSIDIARIES, INTEGRATED PETROLEUM SYSTEMS,
INC., ALSO A NON-DEBTOR.
CASE NAME: Concord Energy Incorporated CASE NUMBER: 98-54129-RBK
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 the
professionals. Also, for insiders identify the type of compensation paid (e.g.,
salary, commission, bonus, etc.) (Attach additional pages as necessary.)
INSIDERS: NAME/POSITION/ MONTH MONTH MONTH MONTH MONTH MONTH
COMP TYPE SEPTEMBER
- --------------------------------------------------------------------------------
1.
2.
3.
4.
5.
6.
---
TOTAL INSIDERS (MOR-1) 0
===
PROFESSIONALS MONTH MONTH MONTH MONTH MONTH MONTH
NAME/ORDER DATE SEPTEMBER
- --------------------------------------------------------------------------------
1.
2.
3.
4.
5.
6.
---
TOTAL PROFESSIONALS (MOR-1) 0
===
MOR-9 Revised 07/01/98