UNITED STATES BANKRUPTCY COURT
WESTERN DISTRICT OF TEXAS
SAN ANTONIO DIVISION
CASE NAME: Concord Energy Incorporated Petition Date: 08/27/1998
CASE NUMBER: 98-54129-RBK
MONTHLY OPERATING REPORT SUMMARY FOR MONTH: NOVEMBER YEAR 1998
SEPTEMBER OCTOBER NOVEMBER DECEMBER
MONTH 98 98 98 98
- --------------------------------------------------------------------------------------------
REVENUES (MOR-6) 0 0 0 0
INCOME BEFORE INT, DEPREC./ TAX (MOR-6) (982) (250) (2,450) 0
NET INCOME (LOSS) (MOR-6) (986) (250) (2,450) 0
PAYMENTS TO INSIDERS (MOR-9) 0 0 0 0
PAYMENTS TO PROFESSIONALS (MOR-9) 0 0 113 0
TOTAL DISBURSEMENTS (MOR-8) 195 250 3,303 0
*** 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
08/27/98 SEPTEMBER 98 OCTOBER 98 NOVEMBER 98 DECEMBER 98
- ----------------------------------------------------------------------------------------------------------------
ASSETS
CURRENT ASSETS
Cash 0 0 0 20,469 20,469
Accounts Receivable, Net 0 0 0 0 0
Inventory: Lower of Cost or Market 0 0 0 0 0
Prepaid Expenses 50,000 50,000 50,000 50,000 50,000
Investments 0 0 0 0 0
Other 0 0 0 0 0
--------- --------- --------- --------- ---------
TOTAL CURRENT ASSETS 50,000 50,000 50,000 70,469 70,469
--------- --------- --------- --------- ---------
PROPERTY, PLANT & EQUIP, @ COST 0 0 0 0 0
Less Accumulated Depreciation 0 0 0 0 0
NET BOOK VALUE OF PP & E 0 0 0 0 0
OTHER ASSETS:
1. Tax Deposits 0 0 0 0 0
2. Investments in Subs 8,800,000 8,800,000 8,800,000 8,800,000 8,800,000
3. Organizational Costs 1,240 1,240 1,240 1,240 1,240
4. (attach list)
--------- --------- --------- --------- ---------
TOTAL ASSETS 8,851,240 8,851,240 8,851,240 8,871,709 8,871,709
========= ========= ========= ========= =========
* 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
08/27/98 SEPTEMBER 98 OCTOBER 98 NOVEMBER 98 DECEMBER 98
- --------------------------------------------------------------------------------------------------------------------------
LIABILITIES & OWNERS
EQUITY
LIABILITIES
POST PETITION LIABILITIES (MOR-4) 982 1,232 24,179 24,179
PRE-PETITION LIABILITIES:
Notes Payable- Secured
Priority Debt 31,500 31,500 31,500 31,300 31,300
Federal Income Tax 0 0
FICA/Withholding 0 0
Unsecured Debt 3,841,314 3,841,314 3,841,314 3,841,286 3,841,286
Other
--------- --------- --------- --------- ---------
TOTAL PRE-PETITION LIABILITIES 3,872,814 3,872,814 3,872,814 3,872,789 3,872,789
--------- --------- --------- --------- ---------
TOTAL LIABILITIES 3,872,814 3,873,796 3,874,046 3,896,965 3,896,965
--------- --------- --------- --------- ---------
OWNER'S EQUITY (DEFICIT)
PREFERRED STOCK
COMMON STOCK 605 605 605 605 605
ADDITIONAL PAID-IN CAPITAL 6,688,322 6,688,322 6,688,322 6,688,322 6,688,322
RETAINED EARNINGS: Filing Date (1,710,501) (1,710,501) (1,710,501) (1,710,501) (1,710,501)
RETAINED EARNINGS: Post Filing Date (982) (1,232) (3,682) (3,682)
--------- --------- --------- --------- ---------
TOTAL OWNER'S EQUITY (NET WORTH) 4,978,426 4,977,440 4,977,194 4,974,744 4,974,744
--------- --------- --------- --------- ---------
TOTAL LIABILITIES &
OWNER'S EQUITY 8,851,240 8,851,240 8,851,240 8,871,709 8,871,709
========= ========= ========= ========= =========
* 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 OCTOBER 98 NOVEMBER 98 DECEMBER 98
- --------------------------------------------------------------------------------
TRADE ACCOUNTS PAYABLES 787 787 0 0
TAX PAYABLE:
Federal Payroll Taxes 0 0 0 0
State Payroll & Sales 0 0 0 0
Ad Valorem Taxes 0 0 0 0
Other Taxes 0 0 0 0
TOTAL TAXES PAYABLE 0 0 0 0
SECURED DEBT POST-PETITION 0 0 0 0
ACCRUED INTEREST PAYABLE
*ACCRUED PROFESSIONAL FEES:
OTHER ACCRUED LIABILITIES:
1. REFUND RECEIVED IN ERROR 0 0 23,734 23,734
2. ADVANCE 195 445 445 445
3.
TOTAL POST-PETITION --- ----- ------ ------
LIABILITIES (MOR-3) 982 1,232 24,179 24,179
=== ===== ====== ======
* 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 DECEMBER 1998
DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES AD-VALOREM, OTHER
OTHER TAXES
- --------------------------------------------------------------------------------
0-30 0 0 0
31-60 23,734* 0 23,734
61-90 250 0 250
91+ 195 0 195
------ --- ------
TOTAL 24,179 0 24,179
====== === ======
AGING OF ACCOUNTS RECEIVABLE
MONTH SEPTEMBER 98 OCTOBER 98 NOVEMBER 98 DECEMBER 98
- --------------------------------------------------------------------------------
0-30 DAYS 0 0 0 0
31-60 DAYS 0 0 0 0
61-90 DAYS 0 0 0 0
91+ DAYS 0 0 0 0
--- --- --- ---
TOTAL 0 0 0 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 OCTOBER 98 NOVEMBER 98 DECEMBER 98 DATE
- ------------------------------------------------------------------------------------------
REVENUES (MOR-1) 0 0 0 0 0
TOTAL COST OF REVENUES 0 0 0 0 0
---- ---- ----- ----- -------
GROSS PROFIT 0 0 0 0 0
---- ---- ----- ----- -------
OPERATING EXPENSES:
Selling & Marketing 0 0 0 0 0
General & Administrative 982 250 2,337 0 3,569
Insiders Compensation 0 0 0 0 0
Professional Fees 0 0 113 0 113
Other (attach list) 0 0 0 0 0
---- ---- ------ ------ -------
TOTAL OPERATING EXPENSES 982 250 2,450 0 3,682
---- ---- ------ ------ -------
INCOME BEFORE INT, DEPR/TAX
(MOR-1) (982) (250) (2,450) 0 (3,682)
INTEREST EXPENSE 0 0 0
DEPRECIATION
OTHER (INCOME) EXPENSES*
OTHER ITEMS **
TOTAL INT, DEPR & OTHER ITEMS 0 0 0
---- ---- ------ ------ -------
NET INCOME BEFORE TAXES (982) (250) (2,450) 0 (3,682)
FEDERAL INCOME TAXES
---- ---- ------ ------ -------
NET INCOME (LOSS) (MOR-1) (982) (250) (2,450) 0 (3,682)
==== ==== ====== ====== =======
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
MONTH MONTH MONTH MONTH MONTH MONTH FILING TO
SEPTEMBER 98 OCTOBER 98 NOVEMBER 98 DECEMBER 98 DATE
- ----------------------------------------------------------------------------------------------------------------------
CASH RECEIPTS AND
DISBURSEMENTS
1. CASH - BEGINNING OF MONTH 195 0 0 20,469 195
RECEIPTS:
2. CASH SALES 0 0 0 0 0
3. COLLECTION OF ACCOUNTS RECEIVABLE 0 0 0 0 0
4. LOANS & ADVANCES -- ADVANCE 0 0 50 0 50
5. SALE OF ASSETS 0 0 0 0 0
6. OTHER (OCT.: ADVANCE FROM
SUBSIDIARY -- CEI -- NEVADA;
NOV.: REFUND RECEIVED IN ERROR) 0 250 23,734 0 23,984
---- ---- ------ ------ ------
TOTAL RECEIPTS ** 250 23,734 0 24,034
---- ------ ------ ------
(Withdrawal) Contribution by Individual
Debtor MFR-2*
DISBURSEMENTS:
7. NET PAYROLL 0 0 0 0 0
8. PAYROLL TAXES PAID 0 0 0 0 0
9. SALES,USE & OTHER TAXES PAID 0 0 0 0 0
10. SECURED / RENTAL / LEASES 0 0 0 0 0
11. UTILITIES 0 0 504 0 504
12. INSURANCE 0 0 0 0 0
13. INVENTORY PURCHASES 0 0 0 0 0
14. VEHICLE EXPENSES 0 0 0 0 0
15. TRAVEL & ENTERTAINMENT 0 0 0 0 0
16. REPAIRS, MAINTENANCE & SUPPLIES 0 0 0 0 0
17. ADMINISTRATIVE & SELLING 195 0 2,597 0 2,792
18. OTHER (attach list) 0 0 62 0 62
---- ---- ------ ------ ------
TOTAL DISBURSEMENTS FROM OPERATIONS 195 0 3,163 0 3,358
---- ---- ------ ------ ------
19. PROFESSIONAL FEES 0 0 152 0 152
20. U.S. TRUSTEE FEES 0 250 0 0 250
21. OTHER REORGANIZATION EXPENSES
(ATTACH LIST) 0 0 0 0 0
---- ---- ------ ------ ------
TOTAL DISBURSEMENTS** 195 250 3,315* 0 3,760
---- ---- ------ ------ ------
22. NET CASH FLOW (195) 0 20,469 0 20,274
---- ---- ------ ------ ------
23. CASH - END OF MONTH (MOR-2) 0 0 20,469 0 20,469
==== ==== ====== ====== ======
* Applies to Individual debtor's only
** Numbers for the current month should balance (match) RECEIPTS and
CHECKS/OTHER DISBURSEMENTS lines on MOR-8
+ AMOUNT IS TOTAL DISBURSEMENT OF $3,303 AND $12 NEGATIVE BEGINNING BALANCE.
MOR-7 Revised 07/01/98
CASE NAME: Concord Energy Incorporated CASE NUMBER: 98-54129-RBK
CASH ACCOUNT RECONCILIATION
MONTH OF DECEMBER
BANK NAME
ACCOUNT NUMBER #20053902 # #
ACCOUNT TYPE OPERATING PAYROLL TAX OTHER FUNDS TOTAL
- --------------------------------------------------------------------------------
BANK BALANCE 20,582 20,582
DEPOSIT IN TRANSIT 0 0
OUTSTANDING CHECKS 113 113
------ ------
ADJUSTED BANK BALANCE 20,469 20,469
====== ======
BEGINNING CASH - PER BOOKS 20,469 20,469
RECEIPTS 0 0
TRANSFERS BETWEEN ACCOUNTS 0 0
(WITHDRAWAL) CONTRIBUTION - BY
INDIVIDUAL DEBTOR MFR-2
CHECKS/OTHER DISBURSEMENTS 0 0
------ ------
ENDING CASH - PER BOOKS 20,469 20,469
====== ======
*** Numbers for the current month should balance (match) TOTAL RECEIPTS and
TOTAL DISBURSEMENTS lines on MOR-7.
MOR-8 Revised 07/01/98
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 OCTOBER NOVEMBER DECEMBER
98 98 98 98
- -----------------------------------------------------------------------------
1.
2.
3.
4.
5.
6.
--- --- --- ---
TOTAL INSIDERS (MOR-1) 0 0 0 0
=== === === ===
PROFESSIONALS MONTH MONTH MONTH MONTH MONTH MONTH
NAME/ORDER DATE SEPTEMBER OCTOBER NOVMEBER DECEMBER
98 98 98 98
- -----------------------------------------------------------------------------
1. PETRIE, BAUER &
VRIESMAN, LLP 0 0 113 0
2.
3.
4.
5.
6.
--- --- --- ---
TOTAL PROFESSIONALS (MOR-1) 0 0 113 0
=== === === ===
MOR-9 Revised 07/01/98