EXHIBIT 99.7
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 MARCH 31, 1999
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MONTH OCTOBER, 1998 NOVEMBER, 1998 DECEMBER, 1998 JANUARY, 1999 FEBRUARY, 1999 MARCH, 1999
- ------------------------------------------------------------------------------------------------------------------------------------
REVENUES (MOR-6) $40,000 $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 (118,870)
NET INCOME(LOSS) (MOR-6) $15,384 ($18,756) ($59,371) ($9,334) $11,681 (118,870)
PAYMENTS TO INSIDERS (MOR-9) $13,000 $41,200 $12,873 $24,962 $24,961 24,962
PAYMENTS TO PROFESSIONALS (MOR-9) $6,201 $2,562 $0 $36,360 $0 133,309
TOTAL DISBURSEMENTS (MOR-8) $4,048 $64,154 $61,053 $116,910 $85,755 158,139
- ------------------------------------------------------------------------------------------------------------------------------------
- ----------------------------------------------------------
REQUIRED INSURANCE MAINTAINED
AS OF SIGNATURE DATE EXPIR
DATE
- ----------------------------------------------------------
CASUALTY YES ( ) NO (X) NA
LIABILITY YES (X) NO ( ) 04/01/99
VEHICLE YES ( ) NO (X) NA
WORKERS YES (X) NO ( ) 02/01/00
OTHER - FOREIGN PACK. YES (X) NO ( ) 04/01/99
- ----------------------------------------------------------
- ----------------------------------------------------------
ATTORNEY NAME: Matthew Rosenstein, Esq.
FIRM:
ADDRESS: 711 N Carancahua, # 420
ADDRESS:
CITY, STATE, ZIP Corpus Christi, TX 78475
TELEPHONE: 512-883-5577
- ----------------------------------------------------------
MOR-1
Are all accounts receivable being collected within terms? Unknown See attachment
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Are all post-petition liabilities, including taxes, being paid within terms? Yes
---
Have any pre-petition liabilities been paid? No If so, describe
--
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
---
What is the status of your Plan of Reorganization? In Process - Pending
--------------------
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
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
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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)
========================================================================================
- -------------------------------------------------------------------------------------------------------
ASSETS JANUARY, 1999 FEBRUARY, 1999 MARCH, 1999
- -------------------------------------------------------------------------------------------------------
CURRENT ASSETS
CASH $140,722 $124,049 $7,082
ACCOUNTS RECEIVABLE, NET 238,544 235,463 235,463
INVENTORY: LOWER OF COST OR MARKET 0 $0 $0
PREPAID EXPENSES 39,239 39,239 39,239
INVESTMENTS 0 0 0
OTHER 54,359 52,004 52,003
--------------------------------------------------------------
TOTAL CURRENT ASSETS 472,864 450,755 333,788
--------------------------------------------------------------
PROPERTY, PLANT& EQUIP, @ COST 11,617,497 11,617,497 11,617,497
LESS ACCUMULATED DEPRECIATION (3,129,697) (3,129,697) (3,129,697)
NET BOOK VALUE OF PP&E 8,487,800 8,487,800 8,487,800
OTHER ASSETS:
TAX DEPOSITS 0 0 0
INVESTMENTS IN SUBS (66,884,551) (66,884,551) (66,884,551)
DEFERRED BOND COSTS, NET 78,375 78,375 78,375
==============================================================
TOTAL ASSETS ($57,845,512) ($57,867,621) ($57,984,588)
==============================================================
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)
===================================================================================
- -------------------------------------------------------------------------------------------------------
LIABILITIES & OWNERS EQUITY JANUARY, 1999 FEBRUARY, 1999 MARCH, 1999
- -------------------------------------------------------------------------------------------------------
LIABILITIES:
POST-PETITION LIABILITIES (MOR-4) $51,235 $17,445 $19,248
-------------------------------------------------------------
PRE-PETITION LIABILITIES:
NOTES PAYABLE - SECURED $6,102,725 $6,102,725 $6,102,725
PRIORITY DEBT 0 0 0
FEDERAL INCOME TAX 1,864,285 1,864,285 1,864,285
FICA/WITHHOLDING 0 0 0
UNSECURED DEBT 1,167,204 1,167,204 1,167,204
OTHER - INTERCO PAYABLES 13,193,230 13,193,230 13,193,230
-------------------------------------------------------------
TOTAL LIABILITIES 22,378,679 22,344,889 22,346,692
-------------------------------------------------------------
OWNER'S EQUITY (DEFICIT)
PREFERRED STOCK 0 0 0
COMMON STOCK 57,621 57,621 57,621
ADDITIONAL PAID-IN CAPITAL 33,070,204 33,070,204 33,070,204
RETAINED EARNINGS: FILING DATE (113,279,939) (113,279,939) (113,279,939)
RETAINED EARNINGS: POST FILING DATE (72,077) (60,396) (179,166)
TOTAL OWNER'S EQUITY (NET WORTH) (80,224,191) (80,212,510) (80,331,280)
=============================================================
TOTAL LIABILITIES & OWNER'S EQUITY ($57,845,512) ($57,867,621) ($57,984,588)
=============================================================
MOR-3
CASE NAME: ERLY INDUSTRIES, INC. CASE NUMBER: 98-21515-C-11
SCHEDULE OF POST-PETITION LIABILITIES
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OCTOBER, 1998 NOVEMBER, 1998 DECEMBER, 1998 JANUARY, 1999
-------------------------------------------------------------------------------------------------------------------------
TRADE ACCOUNTS PAYABLE $3,015 $20,749 $18,564 $47,722
TAX PAYABLE
FEDERAL PAYROLL TAXES $0 $0 $0 $0
STATE PAYROLL & SALES TAXES 0 276 553 552
AD VALOREM TAXES 0 0 0 0
OTHER TAXES 0 0 0 0
-------------------------------------------------------------------------------------
TOTAL TAXES PAYABLE 0 276 553 552
-------------------------------------------------------------------------------------
SECURED DEBT POST-PETITION 0 0 0 0
ACCRUED INTEREST PAYABLE 0 0 0 0
ACCRUED PROFESSIONAL FEES: (MOR-9)* 6,201 0 36,360 0
OTHER ACCRUED LIABILITIES: 0
1 DIRECTOR'S FEES (MOR-9) 3,000 0 0 0
2 ACCRUED PAYROLL FOR NNK (MOR-9) 10,000 10,000 10,000 0
3 ACCRUED OFFICER - CONTRACT (WR) 0 7,200 10,073 2,961
=====================================================================================
TOTAL POST-PETITION LIABILITIES (MOR-3) $22,216 $38,225 $75,550 $51,235
=====================================================================================
----------------------------------------------------------------------------------
FEBRUARY, 1999 MARCH, 1999
----------------------------------------------------------------------------------
TRADE ACCOUNTS PAYABLE $16,617 $18,143
TAX PAYABLE
FEDERAL PAYROLL TAXES $0 $0
STATE PAYROLL & SALES TAXES 828 1,105
AD VALOREM TAXES 0 0
OTHER TAXES 0 0
------------------------------------------
TOTAL TAXES PAYABLE 828 1,105
------------------------------------------
SECURED DEBT POST-PETITION 0 0
ACCRUED INTEREST PAYABLE 0 0
ACCRUED PROFESSIONAL FEES: (MOR-9)* 0 0
OTHER ACCRUED LIABILITIES: 0 0
1 DIRECTOR'S FEES (MOR-9) 0 0
2 ACCRUED PAYROLL FOR NNK (MOR-9) 0 0
3 ACCRUED OFFICER - CONTRACT (WR) 0 0
==========================================
TOTAL POST-PETITION LIABILITIES (MOR-3) $17,445 $19,248
==========================================
MOR-4
CASE NAME: ERLY Industries, Inc. CASE NUMBER: 98-21515-C-11
AGING OF POST-PETITION LIABILITIES
----------------------------------
MARCH, 1999
- ---------------------------------------------------------------------------------------------------------------------------
DAYS TOTAL TRADE ACCTS FED TAXES STATE TAXES AD-VALOREM & OTHER TAXES OTHER
- ---------------------------------------------------------------------------------------------------------------------------
0-30 $19,248 $18,143 $0 $1,105 $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
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TOTAL $19,248 $18,143 $0 $1,105 $0 $0
----------------------------------------------------------------------------------------------------------
AGING OF ACCOUNTS RECEIVABLE
----------------------------
- ----------------------------------------------------------------------------------------------------------------------------------
MONTH OCTOBER, 1998 NOVEMBER, 1998 DECEMBER, 1998 JANUARY, 1999 FEBRUARY, 1999 MARCH, 1999
- ----------------------------------------------------------------------------------------------------------------------------------
0-30 DAYS $0 $0 $0 $0 $0 $0
31-60 DAYS $0 $0 $0 $0 $0 $0
61-90 DAYS $0 $0 $0 $0 $0 $0
91+ DAYS $241,322 $241,322 $238,544 $238,544 $235,463 $235,463
=================================================================================================================
TOTAL $241,322 $241,322 $238,544 $238,544 $235,463 $235,463
=================================================================================================================
MOR-5
CASE NAME: ERLY Industries, Inc. CASE NUMBER: 98-21515-C-11
STATEMENT OF INCOME OR (LOSS)
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MONTH OCTOBER, 1998 NOVEMBER, 1998 DECEMBER, 1998 JANUARY, 1999
- ----------------------------------------------------------------------------------------------------------------------------------
REVENUES (MOR-1) $40,000 $40,000 $40,000 $40,000
TOTAL COST OF REVENUES 0 0 0 0
---------------------------------------------------------------------------------
GROSS PROFIT $40,000 $40,000 $40,000 $40,000
---------------------------------------------------------------------------------
OPERATING EXPENSES:
SELLING & MARKETING $0 $0 $0 $0
GENERAL & ADMINISTRATIVE 5,415 26,229 38,903 24,372
INSIDERS COMPENSATION 13,000 29,965 24,108 24,962
PROFESSIONAL FEES 6,201 2,562 36,360 0
OTHER (attach list) SEE FOOTNOTES 0 0 0 0
---------------------------------------------------------------------------------
TOTAL OPERATING EXPENSES 24,616 58,756 99,371 49,334
---------------------------------------------------------------------------------
INCOME BEFORE INT,DEPR/TAX (MOR-1) $15,384 ($18,756) ($59,371) ($9,334)
---------------------------------------------------------------------------------
INTEREST EXPENSE 0 0 0 0
DEPRECIATION 0 0 0 0
OTHER(INCOME)EXPENSE(MOR-10) 0 0 0 0
OTHER ITEMS(MOR-10) 0 0 0 0
---------------------------------------------------------------------------------
TOTAL INT.DEPR&OTHER ITEMS $0 $0 $0 $0
---------------------------------------------------------------------------------
NET INCOME BEFORE TAXES $15,384 ($18,756) ($59,371) ($9,334)
---------------------------------------------------------------------------------
FEDERAL INCOME TAXES $0 $0 $0 $0
---------------------------------------------------------------------------------
NET INCOME (LOSS) (MOR-1) $15,384 ($18,756) ($59,371) ($9,334)
=================================================================================
- ---------------------------------------------------------------------------------------------------------
MONTH FEBRUARY, 1999 MARCH, 1999 FILING TO DATE
- ---------------------------------------------------------------------------------------------------------
REVENUES (MOR-1) $40,000 $40,000 $240,000
TOTAL COST OF REVENUES 0 0 $0
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GROSS PROFIT $40,000 $40,000 $240,000
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OPERATING EXPENSES:
SELLING & MARKETING $0 $0 $0
GENERAL & ADMINISTRATIVE 3,358 20,499 $118,776
INSIDERS COMPENSATION 24,961 24,962 $141,958
PROFESSIONAL FEES 0 113,309 $158,432
OTHER (attach list) SEE FOOTNOTES 0 0 $0
---------------------------------------------------------------
TOTAL OPERATING EXPENSES 28,319 158,770 419,166
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INCOME BEFORE INT,DEPR/TAX (MOR-1) $11,681 ($118,770) ($179,166)
---------------------------------------------------------------
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 $11,681 ($118,770) ($179,166)
---------------------------------------------------------------
FEDERAL INCOME TAXES $0 $0 $0
---------------------------------------------------------------
NET INCOME (LOSS) (MOR-1) $11,681 ($118,770) ($179,166)
===============================================================
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
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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
====================================================================
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CASH RECEIPTS AND DISBURSEMENTS JANUARY, 1999 FEBRUARY, 1999 MARCH, 1999
-----------------------------------------------------------------------------------------------------------
1 CASH - BEGINNING OF MONTH $135,201 $140,722 $124,049
-----------------------------------------------------------
RECEIPTS:
2 CASH SALES $0 $0 $0
3 COLLECTION OF ACCOUNTS RECEIVABLE 80,000 43,081 40,000
4 LOANS & ADVANCES 0 0 0
5 SALE OF ASSETS 0 0 0
6 OTHER (attach list) 47,431 26,002 1,172
-----------------------------------------------------------
TOTAL RECEIPTS 127,431 69,083 41,172
-----------------------------------------------------------
DISBURSEMENTS:
7 NET PAYROLL 23,900 6,913 6,913
8 PAYROLL TAXES PAID 7,760 3,575 3,575
9 SALES, USE & OTHER TAXES PAID 10 0 0
10 SECURED/RENTAL/LEASES 5,625 0 0
11 UTILITIES 0 0 0
12 INSURANCE 12,945 12,564 3,760
13 INVENTORY PURCHASES 0 0 $0
14 VEHICLE EXPENSE 0 0 0
15 TRAVEL & ENTERTAINMENT 1,845 0 1,575
16 REPAIRS, MAINTENANCE & SUPPLIES 0 0 0
17 ADMINISTRATIVE & SELLING 15,715 18,817 16,095
18 OTHER(attach list) 17,000 43,887 12,000
-----------------------------------------------------------
TOTAL DISBURSEMENTS FROM OPERATIONS 84,800 85,756 43,919
-----------------------------------------------------------
19 PROFESSIONAL FEES 36,360 0 113,309
20 U.S. TRUSTEE FEES 750 0 912
21 OTHER REORGANIZATION EXPENSES (attach list) 0 0 0
-----------------------------------------------------------
TOTAL DISBURSEMENTS $121,910 $85,756 $158,139
-----------------------------------------------------------
22 NET CASH FLOW 5,521 (16,673) (116,967)
===========================================================
23 CASH - END OF MONTH (MOR-2) $140,722 $124,049 $7,082
===========================================================
MOR-7
CASE NAME: ERLY Industries, Inc. CASE NUMBER: 98-21515-C-11
CASH ACCOUNT RECONCILIATION
MONTH OF MARCH , 1999
---------------------
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BANK NAME UNION PLANTERS BANK BANK OF AMERICA BANK OF AMERICA BANK ONE, ARIZONA, NA
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ACCOUNT NUMBER 9500013041 00991-06046 03445-09141 2357-0372
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ACCOUNT TYPE OPERATING PAYROLL OPERATING OPERATING
--------------------------------------------------------------------------------------
BANK BALANCE $61,944 CLOSED CLOSED CLOSED
DEPOSIT IN TRANSIT 0 0 0 0
OUTSTANDING CHECKS 54,862 0 0 0
======================================================================================
ADJUSTED BANK BALANCE $7,082 $0 $0 $0
======================================================================================
BEGINNING CASH - PER BOOKS $124,049 $0 $0 $0
RECEIPTS 41,172 0 0 0
TRANSFER BETWEEN ACCOUNTS 0 0 0 0
CHECKS/OTHER DISBURSEMENTS 158,139 0 0 0
======================================================================================
ENDING CASH - PER BOOKS $7,082 $0 $0 $0
======================================================================================
-------------------------------------------------------
BANK NAME WELLS FARGO PETTY CASH TOTAL
-------------------------------------------------------
ACCOUNT NUMBER 4311854350 NA
-------------------------------------------------------
ACCOUNT TYPE OPERATING NA
-------------------------------------------------------
BANK BALANCE CLOSED CLOSED $61,944
DEPOSIT IN TRANSIT 0
OUTSTANDING CHECKS 54,862
=======================================================
ADJUSTED BANK BALANCE $0 $0 $7,082
=======================================================
BEGINNING CASH - PER BOOKS $0 $5,000 $129,049
RECEIPTS 0 0 41,172
TRANSFER BETWEEN ACCOUNTS 0 0 0
CHECKS/OTHER DISBURSEMENTS 0 5,000 163,139
=======================================================
ENDING CASH - PER BOOKS $0 $0 $7,082
=======================================================
MOR-8
CASE NAME: ERLY Industries, Inc. CASE NUMBER: 98-21515-C-11
PAYMENTS TO INSIDERS AND PROFESSIONALS
----------------------------------------------------------------------------------------------------------------------------
NOVEMBER, DECEMBER, FEBRUARY,
INSIDERS: NAME/POSITION/COMP TYPE OCTOBER, 1998 1998 1998 JANUARY, 1999 1999 MARCH, 1999
----------------------------------------------------------------------------------------------------------------------------
1 EUGENE CAFIERO/DIRECTOR/FEES 3,000 6,000 0 3,000 3,000 3,000
2 NANETTE KELLEY/PRES/SALARY 10,000 10,000 10,000 10,000 10,000 10,000
3 WENDY REEVES/ASSTSEC/CONTRACT 7,200 2,873 2,962 2,961 2,962
4 BERYL ANTHONY /DIRECTOR/FEES 6,000 0 3,000 3,000 3,000
5 BILL BLAKE/DIRECTOR/FEES 6,000 0 3,000 3,000 3,000
6 PETE SEALE, JR./DIRECTOR/FEES 6,000 0 3,000 3,000 3,000
7
8
=====================================================================================
TOTAL INSIDERS (MOR-1) $13,000 $41,200 $12,873 $24,962 $24,961 $24,962
=====================================================================================
----------------------------------------------------------------------------------------------------------------------
NOVEMBER, DECEMBER, FEBRUARY,
PROFESSIONALS NAME/ORDER DATE OCTOBER, 1998 1998 1998 JANUARY, 1999 1999 MARCH, 1999
----------------------------------------------------------------------------------------------------------------------
1 THOMAS WHITLOCK 6,201 0 0 6,014 0 2,208
2 MATTHEW ROSENSTEIN 0 2,562 0 30,346 0 50,158
3 HUGHES & LUCE, LLP 0 0 0 0 0 60,943
4
5
6
7
8
======================================================================================
TOTAL PROFESSIONALS (MOR-1) $6,201 $2,562 $0 $36,360 $0 $113,309
======================================================================================
MOR-9
CASE NAME: ERLY Industries, Inc. CASE NUMBER: 98-21515-C-11
FOOTNOTES TO MOR SCHEDULES
MARCH, 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
===================
TOTAL OF LINE 7 $1,172
===================
1 DIRECTORS' FEES $12,000
===================
TOTAL OF LINE 18 $12,000
===================
MOR-8
MOR-9