EXHIBIT 99.6
UNITED STATES BANKRUPTCY COURT
SOUTHERN DISTRICT OF TEXAS
CORPUS CHRISTI DIVISION
CASE NAME: ERLY Industries, Inc. Petition Date: 09/28/98
CASE NUMBER: 98-21515-C-11
MONTHLY OPERATING REPORT SUMMARY FOR MONTH ENDING FEBRUARY 28, 1999
- ------------------------------------------------------------------------------------------------------------------------------------
MONTH OCTOBER, NOVEMBER, DECEMBER, FEBRUARY,
1998 1998 1998 JANUARY, 1999 1999
- ------------------------------------------------------------------------------------------------------------------------------------
REVENUES (MOR-6) $ 40,000 $ 40,000 $ 40,000 $ 40,000 $ 40,000
INCOME(LOSS) BEFORE INT,DEPR/TAX (MOR-6) $ 15,384 ($18,756) ($59,371) ($9,334) $ 11,681
NET INCOME(LOSS) (MOR-6) $ 15,384 ($18,756) ($59,371) ($9,334) $ 11,681
PAYMENTS TO INSIDERS (MOR-9) SEE FOOTNOTES FOR MOR-9 $ 13,000 $ 41,200 $ 12,873 $ 24,962 $ 24,961
PAYMENTS TO PROFESSIONALS (MOR-9) $ 6,201 $ 2,562 $ 0 $ 36,360 $ 0
TOTAL DISBURSEMENTS (MOR-8) $ 4,048 $ 64,154 $ 61,053 $ 116,910 $ 85,755
- ------------------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------
REQUIRED INSURANCE MAINTAINED Are all accounts receivable being collected within terms?
AS OF SIGNATURE DATE EXPIR Unknown See attachment
DATE ------- --------------
- --------------------------------------------------------------- Are all post-petition liabilities, including taxes, being paid
CASUALTY YES ( ) NO (X) NA within terms? Yes
LIABILITY YES (X) NO ( ) 04/01/99 ---
VEHICLE YES ( ) NO (X) NA Have any pre-petition liabilities been paid? No If so, describe
WORKERS YES (X) NO ( ) 02/01/00 --
OTHER - FOREIGN PACK. YES (X) NO ( ) 04/01/99 Are all funds received being deposited into DIP bank account? Yes
---
Were any assets disposed of outside of the normal course of
- --------------------------------------------------------------- business? No
If so, describe. --
- --------------------------------------------------------------- Are all U. S. Trustee quarterly fee payments current? Yes
ATTORNEY NAME: Matthew Rosenstein, Esq. ---
FIRM: What is the status of your Plan of Reorganization? In Process -
ADDRESS: 711 N Carancahua, # 420 ------------
ADDRESS: Pending
CITY, STATE, ZIP Corpus Christi, TX 78475 -------
TELEPHONE: 512-883-5577
I certify under penalty of perjury that the following complete
- --------------------------------------------------------------- Monthly Operating Report (MOR), consisting of MOR-1 through
MOR-9 plus attachments, are true and correct except that the
MOR-1 information on MOR-2 and MOR-3 was obtained from the former
company controller acting as a consultant. I make no claim as to
accuracy of that information.
SIGNED: /s/ Nanette N. Kelley
________________________________________________
Nanette N. Kelley
TITLE: _________________________________________________
President
CASE NAME: ERLY Industries, Inc. CASE NUMBER: 98-21515-C-11
COMPARATIVE BALANCE SHEETS
- --------------------------------------------------------------------------------------------------------------------------
ASSETS FILING DATE* 09/28/1998 OCTOBER, 1998 NOVEMBER, 1998 DECEMBER, 1998
- --------------------------------------------------------------------------------------------------------------------------
CURRENT ASSETS
CASH $ 141,972 $ 139,572 $ 177,758 $ 135,201
ACCOUNTS RECEIVABLE, NET 241,322 241,322 241,322 238,544
INVENTORY: LOWER OF COST OR MARKET 0 0 0 0
PREPAID EXPENSES 39,239 39,239 51,239 39,239
INVESTMENTS 0 0 0 0
OTHER 71,173 111,173 58,240 93,529
----------------------------------------------------------------------------
TOTAL CURRENT ASSETS 493,706 531,306 528,559 506,513
----------------------------------------------------------------------------
PROPERTY, PLANT& EQUIP, @ COST 11,617,497 11,617,497 11,617,497 11,617,497
LESS ACCUMULATED DEPRECIATION (3,129,697) (3,129,697) (3,129,697) (3,129,697)
NET BOOK VALUE OF PP&E 8,487,800 8,487,800 8,487,800 8,487,800
OTHER ASSETS:
TAX DEPOSITS 0 0 0 0
INVESTMENTS IN SUBS (66,884,551) (66,884,551) (66,884,551) (66,884,551)
DEFERRED BOND COSTS, NET 78,375 78,375 78,375 78,375
------------------------------------------------------------------------------
TOTAL ASSETS ($57,824,670) ($57,787,070) ($57,789,817) ($57,811,863)
==============================================================================
---------------------------------------------
JANUARY, 1999 FEBRUARY, 1999
---------------------------------------------
CURRENT ASSETS
CASH $ 140,722 $ 124,049
ACCOUNTS RECEIVABLE, NET 238,544 235,463
INVENTORY: LOWER OF COST OR MARKET 0 $0
PREPAID EXPENSES 39,239 39,239
INVESTMENTS 0 0
OTHER 54,359 52,004
---------------------------------------------
TOTAL CURRENT ASSETS 472,864 450,755
---------------------------------------------
PROPERTY, PLANT& EQUIP, @ COST 11,617,497 11,617,497
LESS ACCUMULATED DEPRECIATION (3,129,697) (3,129,697)
NET BOOK VALUE OF PP&E 8,487,800 8,487,800
OTHER ASSETS:
TAX DEPOSITS 0 0
INVESTMENTS IN SUBS (66,884,551) (66,884,551)
DEFERRED BOND COSTS, NET 78,375 78,375
---------------------------------------------
TOTAL ASSETS ($57,845,512) ($57,867,621)
=============================================
MOR-2
CASE NAME: ERLY Industries, Inc. CASE NUMBER: 98-21515-C-11
COMPARATIVE BALANCE SHEETS
- ----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES & OWNERS EQUITY FILING DATE* 09/28/1998 OCTOBER, 1998 NOVEMBER, 1998 DECEMBER, 1998
- ----------------------------------------------------------------------------------------------------------------------------------
LIABILITIES:
POST-PETITION LIABILITIES (MOR-4) $ 0 $ 22,216 $ 38,225 $ 75,550
---------------------------------------------------------------------------
PRE-PETITION LIABILITIES:
NOTES PAYABLE - SECURED $ 6,102,725 $ 6,102,725 $ 6,102,725 $ 6,102,725
PRIORITY DEBT 0 0 0 0
FEDERAL INCOME TAX 1,864,285 1,864,285 1,864,285 1,864,285
FICA/WITHHOLDING 0 0 0 0
UNSECURED DEBT 1,167,204 1,167,204 1,167,204 1,167,204
OTHER - INTERCO PAYABLES 13,193,230 13,193,230 13,193,230 13,193,230
---------------------------------------------------------------------------
TOTAL LIABILITIES 22,327,444 22,349,660 22,365,669 22,402,994
---------------------------------------------------------------------------
OWNER'S EQUITY (DEFICIT)
PREFERRED STOCK 0 0 0 0
COMMON STOCK 57,621 57,621 57,621 57,621
ADDITIONAL PAID-IN CAPITAL 33,070,204 33,070,204 33,070,204 33,070,204
RETAINED EARNINGS: FILING DATE (113,279,939) (113,279,939) (113,279,939) (113,279,939)
RETAINED EARNINGS: POST FILING DATE 0 15,384 (3,372) (62,743)
TOTAL OWNER'S EQUITY (NET WORTH) (80,152,114) (80,136,730) (80,155,486) (80,214,857)
---------------------------------------------------------------------------
TOTAL LIABILITIES & OWNER'S EQUITY ($57,824,670) ($57,787,070) ($57,789,817) ($57,811,863)
===========================================================================
----------------------------------------
JANUARY, 1999 FEBRUARY, 1999
----------------------------------------
LIABILITIES:
POST-PETITION LIABILITIES (MOR-4) $ 51,235 $ 17,445
----------------------------------------
PRE-PETITION LIABILITIES:
NOTES PAYABLE - SECURED $ 6,102,725 $ 6,102,725
PRIORITY DEBT 0 0
FEDERAL INCOME TAX 1,864,285 1,864,285
FICA/WITHHOLDING 0 0
UNSECURED DEBT 1,167,204 1,167,204
OTHER - INTERCO PAYABLES 13,193,230 13,193,230
----------------------------------------
TOTAL LIABILITIES 22,378,679 22,344,889
----------------------------------------
OWNER'S EQUITY (DEFICIT)
PREFERRED STOCK 0 0
COMMON STOCK 57,621 57,621
ADDITIONAL PAID-IN CAPITAL 33,070,204 33,070,204
RETAINED EARNINGS: FILING DATE (113,279,939) (113,279,939)
RETAINED EARNINGS: POST FILING DATE (72,077) (60,396)
TOTAL OWNER'S EQUITY (NET WORTH) (80,224,191 (80,212,510)
----------------------------------------
TOTAL LIABILITIES & OWNER'S EQUITY ($57,845,51) ($57,867,621)
========================================
MOR-3
CASE NAME: ERLY INDUSTRIES, INC. CASE NUMBER: 98-21515-C-11
SCHEDULE OF POST-PETITION LIABILITIES
- ------------------------------------------------------------------------------------------------------------------------------------
OCTOBER, 1998 NOVEMBER, 1998 DECEMBER, 1998 JANUARY, 1999 FEBRUARY, 1999
- ------------------------------------------------------------------------------------------------------------------------------------
TRADE ACCOUNTS PAYABLE $ 3,015 $ 20,749 $ 18,564 $ 47,722 $ 16,617
TAX PAYABLE
FEDERAL PAYROLL TAXES $ 0 $ 0 $ 0 $ 0 $ 0
STATE PAYROLL & SALES TAXES 0 276 553 552 828
AD VALOREM TAXES 0 0 0 0 0
OTHER TAXES 0 0 0 0 0
--------------------------------------------------------------------------------------
TOTAL TAXES PAYABLE 0 276 553 552 828 $ 0
--------------------------------------------------------------------------------------
SECURED DEBT POST-PETITION 0 0 0 0 0
ACCRUED INTEREST PAYABLE 0 0 0 0 0
ACCRUED PROFESSIONAL FEES: (MOR-9)* 6,201 0 36,360 0 0
OTHER ACCRUED LIABILITIES: 0 0
1 DIRECTOR'S FEES (MOR-9) 3,000 0 0 0 0
2 ACCRUED PAYROLL FOR NNK (MOR-9) 10,000 10,000 10,000 0 0
3 ACCRUED OFFICER - CONTRACT (WR) 0 7,200 10,073 2,961 0
--------------------------------------------------------------------------------------
TOTAL POST-PETITION LIABILITIES (MOR-3) $ 22,216 $ 38,225 $ 75,550 $ 51,235 $ 17,445 $ 0
======================================================================================
MOR-4
CASE NAME: ERLY Industries, Inc. CASE NUMBER: 98-21515-C-11
AGING OF POST-PETITION LIABILITIES
----------------------------------
FEBRUARY, 1999
-------------------------------------------------------------------------------------------------------------------------------
AD-VALOREM &
DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES OTHER TAXES OTHER
-------------------------------------------------------------------------------------------------------------------------------
0-30 $17,445 $16,617 $0 $828 $0 $0
31-60 $ 0 0 0 0 0 0
61-90 $ 0 0 0 0 0 0
91+ $ 0 0 0 0 0 0
--------------------------------------------------------------------------------------------------------------
TOTAL $17,445 $16,617 $0 $828 $0 $0
--------------------------------------------------------------------------------------------------------------
AGING OF ACCOUNTS RECEIVABLE
----------------------------
------------------------------------------------------------------------------------------------------------------------------
MONTH OCTOBER, 1998 NOVEMBER, 1998 DECEMBER, 1998 JANUARY, 1999 FEBRUARY, 1999
-------------------------------------------------------------------------------------------------------------------------------
0-30 DAYS $ 0 $ 0 $ 0 $ 0 $ 0
31-60 DAYS $ 0 $ 0 $ 0 $ 0 $ 0
61-90 DAYS $ 0 $ 0 $ 0 $ 0 $ 0
91+ DAYS $241,322 $241,322 $238,544 $238,544 $235,463
-------------------------------------------------------------------------------------------------------------
TOTAL $241,322 $241,322 $238,544 $238,544 $235,463 $0
==============================================================================================================
MOR-5
CASE NAME: ERLY Industries, Inc. CASE NUMBER: 98-21515-C-11
STATEMENT OF INCOME OR (LOSS)
- ------------------------------------------------------------------------------------------------------------------------------
MONTH OCTOBER, 1998 NOVEMBER, 1998 DECEMBER, 1998
- ------------------------------------------------------------------------------------------------------------------------------
REVENUES (MOR-1) $40,000 $40,000 $40,000
TOTAL COST OF REVENUES 0 0 0
-------------------------------------------------------------------------
GROSS PROFIT $40,000 $40,000 $40,000
-------------------------------------------------------------------------
OPERATING EXPENSES:
SELLING & MARKETING $ 0 $ 0 $ 0
GENERAL & ADMINISTRATIVE 5,415 26,229 38,903
INSIDERS COMPENSATION 13,000 29,965 24,108
PROFESSIONAL FEES 6,201 2,562 36,360
OTHER (attach list) SEE FOOTNOTES 0 0 0
-------------------------------------------------------------------------
TOTAL OPERATING EXPENSES 24,616 58,756 99,371
-------------------------------------------------------------------------
INCOME BEFORE INT,DEPR/TAX (MOR-1) $15,384 ($18,756) ($59,371)
-------------------------------------------------------------------------
INTEREST EXPENSE 0 0 0
DEPRECIATION 0 0 0
OTHER(INCOME)EXPENSE(MOR-10) 0 0 0
OTHER ITEMS(MOR-10) 0 0 0
-------------------------------------------------------------------------
TOTAL INT.DEPR&OTHER ITEMS $ 0 $ 0 $ 0
-------------------------------------------------------------------------
NET INCOME BEFORE TAXES $15,384 ($18,756) ($59,371)
-------------------------------------------------------------------------
FEDERAL INCOME TAXES $ 0 $ 0 $ 0
-------------------------------------------------------------------------
NET INCOME (LOSS) (MOR-1) $15,384 ($18,756) ($59,371)
=========================================================================
- ----------------------------------------------------------------------------------------------------------------
MONTH JANUARY, 1999 FEBRUARY, 1999 FILING TO DATE
- ----------------------------------------------------------------------------------------------------------------
REVENUES (MOR-1) $ 40,000 $ 40,000 $ 200,000
TOTAL COST OF REVENUES 0 0 $ 0
-----------------------------------------------------------------
GROSS PROFIT $ 40,000 $ 40,000 $ 200,000
-----------------------------------------------------------------
OPERATING EXPENSES:
SELLING & MARKETING $ 0 $ 0 $ 0
GENERAL & ADMINISTRATIVE 24,372 3,358 $ 98,277
INSIDERS COMPENSATION 24,962 24,961 $ 116,996
PROFESSIONAL FEES 0 0 $ 45,123
OTHER (attach list) SEE FOOTNOTES 0 0 $ 0
-----------------------------------------------------------------
TOTAL OPERATING EXPENSES 49,334 28,319 260,396
-----------------------------------------------------------------
INCOME BEFORE INT,DEPR/TAX (MOR-1) ($ 9,334) $ 11,681 ($ 60,396)
-----------------------------------------------------------------
INTEREST EXPENSE 0 0 $ 0
DEPRECIATION 0 0 $ 0
OTHER(INCOME)EXPENSE(MOR-10) 0 0 $ 0
OTHER ITEMS(MOR-10) 0 0 $ 0
-----------------------------------------------------------------
TOTAL INT.DEPR&OTHER ITEMS $ 0 $ 0 $ 0
-----------------------------------------------------------------
NET INCOME BEFORE TAXES ($ 9,334) $ 11,681 ($ 60,396)
-----------------------------------------------------------------
FEDERAL INCOME TAXES $ 0 $ 0 $ 0
-----------------------------------------------------------------
NET INCOME (LOSS) (MOR-1) ($ 9,334) $ 11,681 ($ 60,396)
=================================================================
MOR-6
CASE NAME: ERLY Industries, Inc. CASE NUMBER: 98-21515-C-11
----------------------------------------------------------------------------------------------------------------------------
CASH RECEIPTS AND DISBURSEMENTS OCTOBER, 1998 NOVEMBER, 1998 DECEMBER, 1998
---------------------------------------------------------------------------------------------------------------------------
1 CASH - BEGINNING OF MONTH $141,972 $139,572 $177,758
---------------------------------------------------------------------------
RECEIPTS:
2 CASH SALES $0 $0 $0
3 COLLECTION OF ACCOUNTS RECEIVABLE 0 100,000 9,845
4 LOANS & ADVANCES 0 0 0
5 SALE OF ASSETS 0 0 0
6 OTHER (attach list) 1,648 2,340 8,651
---------------------------------------------------------------------------
TOTAL RECEIPTS 1,648 102,340 18,496
---------------------------------------------------------------------------
DISBURSEMENTS:
7 NET PAYROLL 0 6,896 6,896
8 PAYROLL TAXES PAID 0 3,593 3,593
9 SALES, USE & OTHER TAXES PAID 0 0 0
10 SECURED/RENTAL/LEASES 0 0 0
11 UTILITIES 0 0 0
12 INSURANCE 1,996 10,157 13,359
13 INVENTORY PURCHASES 0 0 0
14 VEHICLE EXPENSE 0 0 0
15 TRAVEL & ENTERTAINMENT 0 90 2,722
16 REPAIRS, MAINTENANCE & SUPPLIES 0 0 0
17 ADMINISTRATIVE & SELLING 1,222 867 32,588
18 OTHER(attach list) 0 33,538 0
---------------------------------------------------------------------------
TOTAL DISBURSEMENTS FROM OPERATIONS 3,218 55,141 59,158
---------------------------------------------------------------------------
19 PROFESSIONAL FEES 0 8,763 0
20 U.S. TRUSTEE FEES 0 250 0
21 OTHER REORGANIZATION EXPENSES (attach list) 830 0 1,895
---------------------------------------------------------------------------
TOTAL DISBURSEMENTS $4,048 $64,154 $61,053
---------------------------------------------------------------------------
22 NET CASH FLOW (2,400) 38,186 (42,557)
--------------------------------------------------------------------------
23 CASH - END OF MONTH (MOR-2) $139,572 $177,758 $135,201
===========================================================================
CASE NAME: ERLY Industries, Inc. CASE NUMBER: 98-21515-C-11
----------------------------------------------------------------------------------------------------------------
CASH RECEIPTS AND DISBURSEMENTS JANUARY, 1999 FEBRUARY, 1999
----------------------------------------------------------------------------------------------------------------
1 CASH - BEGINNING OF MONTH $135,201 $140,722
-----------------------------------------------------------------
RECEIPTS:
2 CASH SALES $ 0 $ 0
3 COLLECTION OF ACCOUNTS RECEIVABLE 80,000 43,081
4 LOANS & ADVANCES 0 0
5 SALE OF ASSETS 0 0
6 OTHER (attach list) 47,431 26,002
-----------------------------------------------------------------
TOTAL RECEIPTS 127,431 69,083
-----------------------------------------------------------------
DISBURSEMENTS:
7 NET PAYROLL 23,900 6,913
8 PAYROLL TAXES PAID 7,760 3,575
9 SALES, USE & OTHER TAXES PAID 10 0
10 SECURED/RENTAL/LEASES 5,625 0
11 UTILITIES 0 0
12 INSURANCE 12,945 12,564
13 INVENTORY PURCHASES 0 0
14 VEHICLE EXPENSE 0 0
15 TRAVEL & ENTERTAINMENT 1,845 0
16 REPAIRS, MAINTENANCE & SUPPLIES 0 0
17 ADMINISTRATIVE & SELLING 15,715 18,817
18 OTHER(attach list) 17,000 43,887
-----------------------------------------------------------------
TOTAL DISBURSEMENTS FROM OPERATIONS 84,800 85,756 0
-----------------------------------------------------------------
19 PROFESSIONAL FEES 36,360 0
20 U.S. TRUSTEE FEES 750 0
21 OTHER REORGANIZATION EXPENSES (attach list) 0 0
-----------------------------------------------------------------
TOTAL DISBURSEMENTS $121,910 $ 85,756 $0
-----------------------------------------------------------------
22 NET CASH FLOW 5,521 (16,673) 0
----------------------------------------------------------------
23 CASH - END OF MONTH (MOR-2) $140,722 $124,049 $0
=================================================================
See Note:
Note: January disbursements for Petty Cash transfer to operating not
reflected in January, 1999 filing.
MOR-7
CASE NAME: ERLY Industries, Inc. NUMBER: 98-21515-C-11
CASH ACCOUNT RECONCILIATION
MONTH OF FEBRUARY, 1999
-----------------------------------------------------------------------------------------
BANK ONE,
BANK NAME UNION PLANTERS BANK BANK OF AMERICA BANK OF AMERICA ARIZONA, NA WELLS FARGO
-----------------------------------------------------------------------------------------
ACCOUNT NUMBER 9500013041 00991-06046 03445-09141 2357-0372 4311854350
-----------------------------------------------------------------------------------------
ACCOUNT TYPE OPERATING PAYROLL OPERATING OPERATING OPERATING
-----------------------------------------------------------------------------------------
BANK BALANCE $124,063 CLOSED CLOSED CLOSED CLOSED
DEPOSIT IN TRANSIT 11,006 0 0 0
OUTSTANDING CHECKS 11,020 0 0 0
-----------------------------------------------------------------------------------------
ADJUSTED BANK BALANCE $124,049 $0 $0 $0 $0
=========================================================================================
BEGINNING CASH - PER BOOKS $140,722 $0 $0 $0 $0
RECEIPTS 69,082 0 0 0 0
TRANSFER BETWEEN ACCOUNTS 0 0 0 0 0
CHECKS/OTHER DISBURSEMENTS 85,755 0 0 0 0
-----------------------------------------------------------------------------------------
ENDING CASH - PER BOOKS $124,049 $0 $0 $0 $0
=========================================================================================
---------------------------------
BANK NAME PETTY CASH TOTAL
---------------------------------
ACCOUNT NUMBER NA
---------------------------------
ACCOUNT TYPE NA
---------------------------------
BANK BALANCE CLOSED $124,063
DEPOSIT IN TRANSIT 11,006
OUTSTANDING CHECKS 11,020
---------------------------------
ADJUSTED BANK BALANCE $0 $124,049
=================================
BEGINNING CASH - PER BOOKS $5,000 $145,722
RECEIPTS 0 69,082
TRANSFER BETWEEN ACCOUNTS 0 0
CHECKS/OTHER DISBURSEMENTS 5,000 90,755
---------------------------------
ENDING CASH - PER BOOKS $0 $124,049
=================================
MOR-8
CASE NAME: ERLY Industries, Inc. CASE NUMBER: 98-21515-C-11
PAYMENTS TO INSIDERS AND PROFESSIONALS
---------------------------------------------------------------------------------------------------------
INSIDERS: NAME/POSITION/COMP TYPE OCTOBER, 1998 NOVEMBER, 1998 DECEMBER, 1998
---------------------------------------------------------------------------------------------------------
1 EUGENE CAFIERO/DIRECTOR/FEES 3,000 6,000 0
2 NANETTE KELLEY/PRES/SALARY 10,000 10,000 10,000
3 WENDY REEVES/ASSTSEC/CONTRACT 7,200 2,873
4 BERYL ANTHONY /DIRECTOR/FEES 6,000 0
5 BILL BLAKE/DIRECTOR/FEES 6,000 0
6 PETE SEALE, JR./DIRECTOR/FEES 6,000 0
7
8
-------------------------------------------------------------------
TOTAL INSIDERS (MOR-1) $13,000 $41,200 $12,873
=====================================================================
---------------------------------------------------------------------------------------------------------
PROFESSIONALS NAME/ORDER DATE OCTOBER, 1998 NOVEMBER, 1998 DECEMBER, 1998
---------------------------------------------------------------------------------------------------------
1 THOMAS WHITLOCK 6,201 0 0
2 MATTHEW ROSENSTEIN 0 2,562 0
3
4
5
6
7
8
---------------------------------------------------------------------
TOTAL PROFESSIONALS (MOR-1) $6,201 $2,562 $0
=====================================================================
-----------------------------------------------------------------------------------------------
INSIDERS: NAME/POSITION/COMP TYPE JANUARY, 1999 FEBRUARY, 1999
-----------------------------------------------------------------------------------------------
1 EUGENE CAFIERO/DIRECTOR/FEES 3,000 3,000
2 NANETTE KELLEY/PRES/SALARY 10,000 10,000
3 WENDY REEVES/ASSTSEC/CONTRACT 2,962 2,961
4 BERYL ANTHONY /DIRECTOR/FEES 3,000 3,000
5 BILL BLAKE/DIRECTOR/FEES 3,000 3,000
7
8
----------------------------------------------------------
TOTAL INSIDERS (MOR-1) $24,962 $24,961 $0
==========================================================
----------------------------------------------------------------------------------------------
PROFESSIONALS NAME/ORDER DATE JANUARY, 1999 FEBRUARY, 1999
----------------------------------------------------------------------------------------------
1 THOMAS WHITLOCK 6,014 0
2 MATTHEW ROSENSTEIN 30,346 0
3
4
5
6
7
8
----------------------------------------------------------
TOTAL PROFESSIONALS (MOR-1) $36,360 $0 $0
==========================================================
MOR-9
CASE NAME: ERLY Industries, In. CASE NUMBER: 98-21515-C-11
FOOTNOTES TO MOR SCHEDULES
FEBRUARY, 1999
MOR REF:
MOR-1
MOR-2
MOR-3
MOR-4
MOR-5
1 RICHARD McCOMBS - OPTION ON STOCK PURCHASE -STOCK HELD AS SECURITY $41,322
2 THE BEVERAGE SOURCE - EST OF DEPOSIT ON ENVIRONMENT CLEANUP $194,141
------------
TOTAL ACCOUNTS RECEIVABLE $235,463
============
MOR-6
MOR-7
1 REIMBURSEMENT OF COBRA PREMIUMS (4) $1,172
2 REFUND OF INSURANCE PREMIUMS $2,045
3 CHEMONICS INTERNATIONAL, INC. - INSURANCE REIMBURSEMENT $11,779
4 CHEMONICS INTERNATIONAL, INC. - TRAVEL REIMBURSEMENT $11,006
------------
TOTAL OF LINE 7 $26,002
============
1 DIRECTORS' FEES $12,000
2 REFUND OF FUNDS TO LAW ENGINEERING & ENVIRONMENTTAL - DEPOSTED IN ERROR $14,150
3 REFUND OF FUNDS PAID TO POWELL GROUP - DEPOSITED IN DIP ACCT IN ERROR $17,737
------------
TOTAL OF LINE 18 $43,887
============
MOR-8
MOR-9
1 WENDY REEVES/ASSTSEC/CONTRACT ADJUSTED FOR 11-98 & 12-98 NOT LISTED IN $7,200 11/30/98
ERROR. AMOUNTS WERE REFLECTED IN MOR-6 BUT NOT IN DETAIL IN MOR-9 $2,873 12/31/98