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Exhibit 99.2
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF CALIFORNIA
In re: First Virtual Communications, Inc. CASE NO. 05-30145-TEC & 05-30146-TEC
and CUseeMe Networks, Inc. -------------------
CHAPTER 11
MONTHLY OPERATING REPORT
(GENERAL BUSINESS CASE)
SUMMARY OF FINANCIAL STATUS
MONTH ENDED: May-05 PETITION DATE: 01/20/05
----------------- ----------------
1. Debtor in possession (or trustee) hereby submits this Monthly
Operating Report on the Accrual Basis of accounting (or if checked here [ ]
the Office of the U.S. Trustee or the Court has approved the Cash Basis
of Accounting for the Debtor).
Dollars reported in $ 1
----
2. ASSET AND LIABILITY STRUCTURE END OF CURRENT END OF PRIOR AS OF PETITION
MONTH MONTH FILING
-------------- ------------ --------------
a. Current Assets $2,463,160 $2,938,526
-------------- ------------
b. Total Assets $2,463,160 $2,938,526 $5,234,654
-------------- ------------ --------------
c. Current Liabilities $296,955 $501,110
-------------- ------------
d. Total Liabilities $2,369,228 $2,573,383 $6,143,302
-------------- ------------ --------------
3. STATEMENT OF CASH RECEIPTS & DISBURSEMENTS FOR MONTH CUMULATIVE
CURRENT MONTH PRIOR MONTH (CASE TO DATE)
-------------- ------------ --------------
a. Total Receipts $14,884 $53,534 $9,533,518
-------------- ------------ --------------
b. Total Disbursements $508,092 $227,957 $7,824,591
-------------- ------------ --------------
c. Excess (Deficiency) of Receipts Over Disbursements (a - b) ($493,208) ($174,423) $1,708,927
-------------- ------------ --------------
d. Cash Balance Beginning of Month $2,518,135 $2,692,558 $316,000
-------------- ------------ --------------
e. Cash Balance End of Month (c + d) $2,024,927 $2,518,135 $2,024,927
-------------- ------------ --------------
CUMULATIVE
CURRENT MONTH PRIOR MONTH (CASE TO DATE)
-------------- ------------ --------------
4. PROFIT/(LOSS) FROM THE STATEMENT OF OPERATIONS ($275,409) ($238,032) $4,325,366
-------------- ------------ --------------
5. ACCOUNT RECEIVABLES (PRE AND POST PETITION) $0 $0
-------------- ------------
6. POST-PETITION LIABILITIES $296,955 $501,110
-------------- ------------
7. PAST DUE POST-PETITION ACCOUNT PAYABLES (OVER 30 DAYS) $28,114 $40,698
-------------- ------------
AT THE END OF THIS REPORTING MONTH: YES NO
------------------------ ------------------------
8. Have any payments been made on pre-petition debt, other than payments
in the normal course to secured creditors or lessors? (if yes, attach
listing including date of payment, amount of payment and name of payee) Yes
------------------------ ------------------------
9. Have any payments been made to professionals? (if yes, attach listing
including date of payment, amount of payment and name of payee) Yes
------------------------ ------------------------
10. If the answer is yes to 8 or 9, were all such payments approved by the
court? Yes
------------------------ ------------------------
11. Have any payments been made to officers, insiders, shareholders, relatives?
(if yes, attach listing including date of payment, amount and reason for
payment, and name of payee) Payroll and expense only
12. Is the estate insured for replacement cost of assets and for general
liability? Yes
------------------------ ------------------------
13. Are a plan and disclosure statement on file? No
------------------------ ------------------------
14. Was there any post-petition borrowing during this reporting period? No
------------------------ ------------------------
15. Check if paid: Post-petition taxes Y ;
-----
U.S. Trustee Quarterly Fees Y ;
-----
Check if filing is current for:
Post-petition tax reporting and
tax returns: Y .
-----
(Attach explanation, if post-petition taxes or U.S. Trustee Quarterly
Fees are not paid current or if post-petition tax reporting and tax
return filings are not current.)
I declare under penalty of perjury I have reviewed the above summary and
attached financial statements, and after making reasonable inquiry believe these
documents are correct.
Date: 6/25/2005 0:00 /s/ Jonathan G. Morgan
------------------------------ ------------------------------
Chief Executive Officer
STATEMENT OF OPERATIONS
(GENERAL BUSINESS CASE)
For the Month Ended 05/31/05
------------------
CURRENT MONTH
- -------------------------------------
CUMULATIVE NEXT MONTH
ACTUAL FORECAST VARIANCE (CASE TO DATE) FORECAST
- ---------- ---------- ---------- -------------- ----------
REVENUES:
$0 N/A N/A 1 Gross Sales $1,984,925
- ---------- ---------- ---------- ---------- ----------
2 less: Sales Returns & Allowances
- ---------- ---------- ---------- ----------- ----------
$0 N/A N/A 3 Net Sales $1,984,925
- ---------- ---------- ---------- ----------- ----------
$0 N/A N/A 4 less: Cost of Goods Sold (Schedule 'B') $6,751
- ---------- ---------- ---------- ----------- ----------
$0 N/A N/A 5 Gross Profit $1,978,174
- ---------- ---------- ---------- ----------- ----------
$8 N/A N/A 6 Interest $1,008
- ---------- ---------- ---------- ----------- ----------
$0 N/A N/A 7 Other Income: $1,000
- ---------- ---------- ---------- -------------------------------------- ----------- ----------
8
- ---------- ---------- ---------- ----------------------------------------------------- ----------- ----------
9
- ---------- ---------- ---------- ----------------------------------------------------- ----------- ----------
$8 N/A N/A 10 TOTAL REVENUES $1,980,182
- ---------- ---------- ---------- ----------- ----------
N/A N/A EXPENSES:
---------- ----------
$23,177 N/A N/A 11 Compensation to Owner(s)/Officer(s) $164,224
- ---------- ---------- ---------- ----------- ----------
$18,704 N/A N/A 12 Salaries $605,488
- ---------- ---------- ---------- ----------- ----------
N/A N/A 13 Commissions
- ---------- ---------- ---------- ----------- ----------
$0 N/A N/A 14 Contract Labor $29,000
- ---------- ---------- ---------- ----------- ----------
Rent/Lease:
$4,000 N/A N/A 15 Personal Property $132,188
- ---------- ---------- ---------- ----------- ----------
N/A N/A 16 Real Property
- ---------- ---------- ---------- ----------- ----------
$15,983 N/A N/A 17 Insurance $29,983
- ---------- ---------- ---------- ----------- ----------
N/A N/A 18 Management Fees
- ---------- ---------- ---------- ----------- ----------
$0 N/A N/A 19 Depreciation $65,000
- ---------- ---------- ---------- ----------- ----------
Taxes:
$4,132 N/A N/A 20 Employer Payroll Taxes $65,676
- ---------- ---------- ---------- ----------- ----------
N/A N/A 21 Real Property Taxes
- ---------- ---------- ---------- ----------- ----------
N/A N/A 22 Other Taxes
- ---------- ---------- ---------- ----------- ----------
$0 N/A N/A 23 Other Selling $15,000
- ---------- ---------- ---------- ----------- ----------
$5,008 N/A N/A 24 Other Administrative $283,541
- ---------- ---------- ---------- ----------- ----------
$0 N/A N/A 25 Interest $85,118
- ---------- ---------- ---------- ----------- ----------
$15,779 N/A N/A 26 Other Expenses: Prepaid Expense Amort. $129,003
- ---------- ---------- ---------- ------------------------------------ ----------- ----------
N/A N/A 27
- ---------- ---------- ---------- ----------------------------------------------------- ----------- ----------
N/A N/A 28
- ---------- ---------- ---------- ----------------------------------------------------- ----------- ----------
N/A N/A 29
- ---------- ---------- ---------- ----------------------------------------------------- ----------- ----------
N/A N/A 30
- ---------- ---------- ---------- ----------------------------------------------------- ----------- ----------
N/A N/A 31
- ---------- ---------- ---------- ----------------------------------------------------- ----------- ----------
N/A N/A 32
- ---------- ---------- ---------- ----------------------------------------------------- ----------- ----------
N/A N/A 33
- ---------- ---------- ---------- ----------------------------------------------------- ----------- ----------
N/A N/A 34
- ---------- ---------- ---------- ----------------------------------------------------- ----------- ----------
$86,784 N/A N/A 35 TOTAL EXPENSES $1,604,222
- ---------- ---------- ---------- ----------- ----------
($86,775) N/A N/A 36 SUBTOTAL $375,961
- ---------- ---------- ---------- ----------- ----------
REORGANIZATION ITEMS:
($178,384) N/A N/A 37 Professional Fees ($543,884)
- ---------- ---------- ---------- ----------- ----------
N/A N/A 38 Provisions for Rejected Executory Contracts
- ---------- ---------- ---------- ----------- ----------
N/A N/A 39 Interest Earned on Accumulated Cash from
- ---------- ---------- ---------- ----------- ----------
N/A N/A Resulting Chp 11 Case
---------- ----------
$0 N/A N/A 40 Gain or (Loss) from Sale of Assets $4,503,539
- ---------- ---------- ---------- ----------- ----------
($10,250) N/A N/A 41 U.S. Trustee Quarterly Fees ($10,250)
- ---------- ---------- ---------- ----------- ----------
N/A N/A 42
- ---------- ---------- ---------- ----------------------------------------------------- ----------- ----------
($188,634) N/A N/A 43 TOTAL REORGANIZATION ITEMS $3,949,405
- ---------- ---------- ---------- ----------- ----------
($275,409) N/A N/A 44 NET PROFIT (LOSS) BEFORE FEDERAL & STATE TAXES $4,325,366
- ---------- ---------- ---------- ----------- ----------
N/A N/A 45 Federal & State Income Taxes
- ---------- ---------- ---------- ----------- ----------
($275,409) N/A N/A 46 NET PROFIT (LOSS) $4,325,366
========== ---------- ---------- =========== ==========
Attach an Explanation of Variance to Statement of Operations (For variances
greater than +/- 10% only):
BALANCE SHEET
(GENERAL BUSINESS CASE)
FOR THE MONTH ENDED 05/31/05
-------------------
ASSETS
FROM SCHEDULES MARKET VALUE
-------------- ------------
CURRENT ASSETS
1 Cash and cash equivalents - unrestricted $562,989
============
2 Cash and cash equivalents - restricted $1,461,938
============
3 Accounts receivable (net) A $0
------------
4 Inventory B $0
------------
5 Prepaid expenses $404,612
------------
6 Professional retainers
------------
7 Other: Operating expenses owed by Radvision $33,621
--------------------------------------------- ------------
8
---------------------------------------------------- ------------
9 TOTAL CURRENT ASSETS $2,463,160
------------
PROPERTY AND EQUIPMENT (MARKET VALUE)
10 Real property C $0
------------
11 Machinery and equipment D $0
------------
12 Furniture and fixtures D $0
------------
13 Office equipment D $0
------------
14 Leasehold improvements D $0
------------
15 Vehicles D $0
------------
16 Other: D
--------------------------------------------- ------------
---------------------------------------------------- ------------
17 D
---------------------------------------------------- ------------
18 D
---------------------------------------------------- ------------
19 D
---------------------------------------------------- ------------
20 D
---------------------------------------------------- ------------
21 TOTAL PROPERTY AND EQUIPMENT $0
------------
OTHER ASSETS
22 Loans to shareholders
------------
23 Loans to affiliates
------------
24
---------------------------------------------------- ------------
25
---------------------------------------------------- ------------
26
---------------------------------------------------- ------------
27
---------------------------------------------------- ------------
28 TOTAL OTHER ASSETS $0
------------
29 TOTAL ASSETS $2,463,160
============
NOTE:
Indicate the method used to estimate the market value of assets (e.g.,
appraisals; familiarity with comparable market prices, etc.) and the date
the value was determined.
LIABILITIES AND EQUITY
(GENERAL BUSINESS CASE)
LIABILITIES FROM SCHEDULES
POST-PETITION
CURRENT LIABILITIES
30 Salaries and wages
--------------
31 Payroll taxes
--------------
32 Real and personal property taxes
--------------
33 Income taxes
--------------
34 Sales taxes $3,351
--------------
35 Notes payable (short term) $0
--------------
36 Accounts payable (trade) A $28,891
--------------
37 Real property lease arrearage $0
--------------
38 Personal property lease arrearage
--------------
39 Accrued professional fees* $375,000
--------------
40 Current portion of long-term post-petition debt (due within 12 months)
--------------
41 Other:
---------------------------------------------------------- --------------
42 Amounts collected on behalf of Radvision $48,121
---------------------------------------------------------- --------------
43 Accrued Pre Petition Vacation Pay and Expenses ($158,408)
---------------------------------------------------------- --------------
44 TOTAL CURRENT LIABILITIES $296,955
--------------
45 LONG-TERM POST-PETITION DEBT, NET OF CURRENT PORTION
--------------
46 TOTAL POST-PETITION LIABILITIES $296,955
--------------
PRE-PETITION LIABILITIES (ALLOWED AMOUNT)
47 Secured claims F $0
--------------
48 Priority unsecured claims F $79,594
--------------
49 General unsecured claims F $1,992,679
--------------
50 TOTAL PRE-PETITION LIABILITIES $2,072,273
--------------
51 TOTAL LIABILITIES $2,369,228
--------------
EQUITY (DEFICIT)
52 Retained Earnings/(Deficit) at time of filing ($138,812,000)
--------------
53 Capital Stock
--------------
54 Additional paid-in capital $133,827,000
--------------
55 Cumulative profit/(loss) since filing of case $4,325,366
--------------
56 Post-petition contributions/(distributions) or (draws)
--------------
57
---------------------------------------------------------- --------------
58 Market value adjustment ** $753,566
--------------
59 TOTAL EQUITY (DEFICIT) $93,932
--------------
60 TOTAL LIABILITIES AND EQUITY (DEFICIT) $2,463,160
==============
* Based on Debtor's Cash Flow Budget which is attached as Exhibit 1
** Adjustment to account for difference in book value of assets sold and market
value represented by sale price.
SCHEDULES TO THE BALANCE SHEET
(GENERAL BUSINESS CASE)
SCHEDULE A
ACCOUNTS RECEIVABLE AND (NET) PAYABLE
Receivables and Payables Agings ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE PAST DUE
[PRE AND POST PETITION] [POST PETITION] POST PETITION DEBT
----------------------- ---------------- ------------------
0 -30 Days $778
----------------------- ----------------
31-60 Days $7,221
----------------------- ----------------
61-90 Days $11,441 $28,114
----------------------- ---------------- ------------------
91+ Days $9,452
----------------------- ----------------
Total accounts receivable/payable $0 $28,891
----------------------- ================
Allowance for doubtful accounts
-----------------------
Accounts receivable (net) $0
=======================
SCHEDULE B
INVENTORY/COST OF GOODS SOLD
TYPES AND AMOUNT OF INVENTORY(IES) COST OF GOODS SOLD
INVENTORY(IES)
BALANCE AT
END OF MONTH INVENTORY BEGINNING OF MONTH
------------ --------------
Add -
Retail/Restaurants - Net purchase
--------------
Product for resale Direct labor
-------------- --------------
Manufacturing overhead
--------------
Distribution - Freight in
--------------
Products for resale -------------- Other:
--------------
------------------------------------------------- --------------
Manufacturer -
------------------------------------------------- --------------
Raw Materials --------------
Work-in-progress --------------
Less -
Finished goods --------------
Inventory End of Month
--------------
Shrinkage
--------------
Other - Explain Personal Use
-------------- --------------
-----------------------------------
Cost of Goods Sold $0
----------------------------------- ==============
TOTAL $0
==============
METHOD OF INVENTORY CONTROL INVENTORY VALUATION METHODS
Do you have a functioning perpetual inventory system? Indicate by a checkmark method of inventory used.
Yes No
-------- ---------
How often do you take a complete physical inventory? Valuation methods -
FIFO cost
----
Weekly LIFO cost
---------- ----
Monthly Lower of cost or market
---------- ----
Quarterly Retail method
---------- ----
Semi-annually Other
---------- ----
Annually Explain
----------
Date of last physical inventory was
-------------------------- -------------------------------------------------------------------
-------------------------------------------------------------------
Date of next physical inventory is
-------------------------- -------------------------------------------------------------------
SCHEDULE C
REAL PROPERTY
Description COST MARKET VALUE
---- ------------
------------------------------------------------- ---------------------------- --------------------------------
------------------------------------------------- ---------------------------- --------------------------------
------------------------------------------------- ---------------------------- --------------------------------
------------------------------------------------- ---------------------------- --------------------------------
------------------------------------------------- ---------------------------- --------------------------------
------------------------------------------------- ---------------------------- --------------------------------
Total $0 $0
============================ ================================
SCHEDULE D
OTHER DEPRECIABLE ASSETS
Description COST MARKET VALUE
---- ------------
Machinery & Equipment -
------------------------------------------------- ---------------------------- ----------------------------
------------------------------------------------- ---------------------------- ----------------------------
------------------------------------------------- ---------------------------- ----------------------------
------------------------------------------------- ---------------------------- ----------------------------
Total $0 $0
============================ ============================
Furniture & Fixtures -
------------------------------------------------- ---------------------------- ----------------------------
------------------------------------------------- ---------------------------- ----------------------------
------------------------------------------------- ---------------------------- ----------------------------
------------------------------------------------- ---------------------------- ----------------------------
Total $0 $0
============================ ============================
Office Equipment -
------------------------------------------------- ---------------------------- ----------------------------
------------------------------------------------- ---------------------------- ----------------------------
------------------------------------------------- ---------------------------- ----------------------------
Total $0 $0
============================ ============================
Leasehold Improvements -
------------------------------------------------- ---------------------------- ----------------------------
------------------------------------------------- ---------------------------- ----------------------------
------------------------------------------------- ---------------------------- ----------------------------
------------------------------------------------- ---------------------------- ----------------------------
Total $0 $0
============================ ============================
Vehicles -
------------------------------------------------- ---------------------------- ----------------------------
------------------------------------------------- ---------------------------- ----------------------------
------------------------------------------------- ---------------------------- ----------------------------
------------------------------------------------- ---------------------------- ----------------------------
Total $0 $0
============================ ============================
SCHEDULE E
AGING OF POST-PETITION TAXES
(AS OF END OF THE CURRENT REPORTING PERIOD)
TAXES PAYABLE 0-30 DAYS 31-60 DAYS 61-90 DAYS 91+ DAYS TOTAL
---------- ---------- ---------- --------- ---------
FEDERAL
Income Tax Withholding $0 $0
---------- ---------- ---------- --------- ---------
FICA - Employee $0 $0
---------- ---------- ---------- --------- ---------
FICA - Employer $0 $0
---------- ---------- ---------- --------- ---------
Unemployment (FUTA) $0 $0
---------- ---------- ---------- --------- ---------
Income $0 $0
---------- ---------- ---------- --------- ---------
Other (Attach List) $0 $0
---------- ---------- ---------- --------- ---------
TOTAL FEDERAL TAXES $0 $0 $0 $0 $0
---------- ---------- ---------- --------- ---------
STATE AND LOCAL $0
----------
Income Tax Withholding $0 $0
---------- ---------- ---------- --------- ---------
Unemployment (UT) $0 $0
---------- ---------- ---------- --------- ---------
Disability Insurance (DI) $0 $0
---------- ---------- ---------- --------- ---------
Empl. Training Tax (ETT) $0 $0
---------- ---------- ---------- --------- ---------
Sales $0 $0
---------- ---------- ---------- --------- ---------
Excise $0 $0
---------- ---------- ---------- --------- ---------
Real property $0 $0
---------- ---------- ---------- --------- ---------
Personal property $0 $0
---------- ---------- ---------- --------- ---------
Income $0 $0
---------- ---------- ---------- --------- ---------
Other (Attach List) $0 $0
---------- ---------- ---------- --------- ---------
TOTAL STATE & LOCAL TAXES $0 $0 $0 $0 $0
---------- ---------- ---------- --------- ---------
TOTAL TAXES $0 $0 $0 $0 $0
========== ========== ========== ========= =========
SCHEDULE F
PRE-PETITION LIABILITIES
CLAIMED ALLOWED
LIST TOTAL CLAIMS FOR EACH CLASSIFICATION - AMOUNT * AMOUNT (B) *
----------- ------------
Secured claims (a) $0 $0
----------- ------------
Priority claims other than taxes $79,594 $79,594
----------- ------------
Priority tax claims
----------- ------------
General unsecured claims $1,992,679 $1,992,679
----------- ------------
(a) List total amount of claims even it under secured.
(b) Estimated amount of claim to be allowed after compromise or
litigation. As an example, you are a defendant in a lawsuit alleging
damage of $10,000,000 and a proof of claim is filed in that amount.
You believe that you can settle the case for a claim of $3,000,000.
For Schedule F reporting purposes you should list $10,000,000 as the
Claimed Amount and $3,000,000 as the Allowed Amount.
SCHEDULE G
RENTAL INCOME INFORMATION
NOT APPLICABLE TO GENERAL BUSINESS CASES
SCHEDULE H
RECAPITULATION OF FUNDS HELD AT END OF MONTH
ACCOUNT 1 ACCOUNT 2 ACCOUNT 3 ACCOUNT 4
------------------ ------------------ ------------------ ------------------
Bank Silicon Valley Bk SVB Securities Morgan Stanley
------------------ ------------------ ------------------ ------------------
Account Type Checking Investment Investment
------------------ ------------------ ------------------ ------------------
Account No. 350524370 8860074-1-4-ZGQ 14-78N08
------------------ ------------------ ------------------ ------------------
Account Purpose Operating ST Investment Investment
------------------ ------------------ ------------------ ------------------
Balance, End of Month $2,024,927 $0 $0
------------------ ------------------ ------------------ ------------------
Total Funds on Hand for all Accounts $2,024,927
==================
Attach copies of the month end bank statement(s), reconciliation(s), and the
check register(s) to the Monthly Operating Report.
* The general claims bar date has not yet passed, and the Debtors have not yet
completed their comparison of scheduled claims to filed claims.
STATEMENT OF CASH RECEIPTS AND DISBURSEMENTS
INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS
FOR THE MONTH ENDED 05/31/05
----------------------
Actual Cumulative
Current Month (Case to Date)
------------- --------------
CASH RECEIPTS
1 Rent/Leases Collected
-------------- --------------
2 Cash Received from Sales $0 $1,600,100
-------------- --------------
3 Interest Received $8 $16
-------------- --------------
4 Borrowings $0 $715,000
-------------- --------------
5 Funds from Shareholders, Partners, or Other Insiders
-------------- --------------
6 Capital Contributions
-------------- --------------
7 Proceeds from sale of assets $0 $7,150,000
------------------------------------------------------------------------------------ -------------- --------------
8 Miscellaneous deposits $14,876 $20,281
------------------------------------------------------------------------------------ -------------- --------------
9 Amounts collected on behalf of Radvision $0 $48,121
------------------------------------------------------------------------------------ -------------- --------------
10
------------------------------------------------------------------------------------ -------------- --------------
11
------------------------------------------------------------------------------------ -------------- --------------
12 TOTAL CASH RECEIPTS $14,884 $9,533,518
-------------- --------------
CASH DISBURSEMENTS
13 Payments for Inventory
-------------- --------------
14 Selling
-------------- --------------
15 Administrative $50,445 $193,816
-------------- --------------
16 Capital Expenditures
-------------- --------------
17 Principal Payments on Debt $0 $4,820,355
-------------- --------------
18 Interest Paid $0 $86,118
-------------- --------------
Rent/Lease:
19 Personal Property
-------------- --------------
20 Real Property $24,691 $149,879
-------------- --------------
Amount Paid to Owner(s)/Officer(s)
21 Salaries $14,860 $146,390
-------------- --------------
22 Draws
-------------- --------------
23 Commissions/Royalties
-------------- --------------
24 Expense Reimbursements $2,117 $17,493
-------------- --------------
25 Other
-------------- --------------
26 Salaries/Commissions inc. Pre Petition PTO & commissions (less employee withholding) $125,705 $546,689
-------------- --------------
27 Management Fees
-------------- --------------
Taxes:
28 Employee Withholding $71,085 $231,215
-------------- --------------
29 Employer Payroll Taxes $15,607 $75,151
-------------- --------------
30 Real Property Taxes
-------------- --------------
31 Other Taxes
-------------- --------------
32 Other Cash Outflows:
-------------- --------------
33 Consultant Retainer $540 $24,540
---------------------------------------------------------------------------- -------------- --------------
34 Lender Fees and Expenses $0 $437,781
---------------------------------------------------------------------------- -------------- --------------
35 Payments to Radvision $0 $546,472
---------------------------------------------------------------------------- -------------- --------------
36 Success and hourly fee payments to Gordian Group $178,384 $318,384
---------------------------------------------------------------------------- -------------- --------------
37 Breakup fee paid to MTV $0 $150,000
---------------------------------------------------------------------------- -------------- --------------
37a D&O Insurance renewal $0 $50,000
---------------------------------------------------------------------------- -------------- --------------
37b Bank balance adjustment $0 $5,650
-------------- --------------
37c Fees paid to US Trustee $10,250 $10,250
-------------- --------------
37d Pre-petition expense reimbursement $14,408 $14,408
-------------- --------------
38 TOTAL CASH DISBURSEMENTS: $508,092 $7,824,591
-------------- --------------
39 NET INCREASE (DECREASE) IN CASH ($493,208) $1,708,927
-------------- --------------
40 CASH BALANCE, BEGINNING OF PERIOD $2,518,135 $316,000
-------------- --------------
41 CASH BALANCE, END OF PERIOD $2,024,927 $2,024,927
============== ==============