EXHIBIT 1.2
CASE NAME: ACCRUAL BASIS
CASE NUMBER: 2/13/95
JUDGE:
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF TEXAS
MONTHLY OPERATING REPORT
MONTH ENDING: APRIL 30, 2002
IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED STATES CODE, I DECLARE
UNDER PENALTY OF PERJURY I HAVE EXAMINED THE FOLLOWING MONTHLY OPERATING REPORT
(ACCURAL BASIS-1THROUGH ACCURAL BASIS-7) AND THE ACCOMPANYING ATTACHMENTS AND,
TO THE BEST OF MY KNOWLEDGE, THESE DOCUMENTS ARE TRUE, CORRECT AND COMPLETE.
DECLARATION OF THE PREPARER (OTHER THAN RESPONSIBLE PARTY): IS BASED ON ALL
INFORMATION OF WHICH PREPARER HAS ANY KNOWLEDGE.
RESPONSIBLE PARTY:
Secretary
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ORIGINAL SIGNATURE OF RESPONSIBLE PARTY TITLE
James C. Williams May 17, 2002
- --------------------------------------- ---------------------------------
PRINTED NAME OF RESPONSIBLE PARTY DATE
PREPARER:
Secretary
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ORIGINAL SIGNATURE OF PREPARER TITLE
James C. Williams May 17, 2002
- --------------------------------------- ---------------------------------
PRINTED NAME OF PREPARER DATE
CASE NAME: CADIZ PROPERTIES, INC.
CASE NUMBER: 01-80459-RCM-11 ACCRUAL BASIS-1
COMPARATIVE BALANCE SHEET
ASSETS SCHEDULE MONTH MONTH MONTH
AMOUNT Apr. 2002
1. UNRESTRICTED CASH 3,877
2. RESTRICTED CASH
3. TOTAL CASH 3,877
4. ACCOUNTS RECEIVABLE (NET)
5. INVENTORY
6. NOTES RECEIVABLE
7. PREPAID EXPENSES
8. OTHER (ATTACH LIST) 61,494
9. TOTAL CURRENT ASSETS 65,371
10. PROPERTY, PLANT & EQUIPMENT 11,372,640
11. LESS: ACCUMULATED 1,941,995
DEPRECIATION/DEPLETION
12. NET PROPERTY, PLANT & EQUIPMENT 9,430,645
13. DUE FROM INSIDERS 2,060,160
14. OTHER ASSETS - NET OF AMORTIZATION 115,988
(ATTACH LIST)
15. OTHER (ATTACH LIST)
16. TOTAL ASSETS 11,672,164
POSTPETITION LIABILITIES
17. ACCOUNTS PAYABLE
18. TAXES PAYABLE
19. NOTES PAYABLE
20. PROFESSIONAL FEES
21. SECURED DEBT 243,325
22. OTHER (ATTACH LIST)
23. TOTAL POSTPETITION LIABILITIES 243,325
PREPETITION LIABILITIES
24. SECURED DEBT 7,401,415
25. PRIORITY DEBT
26. UNSECURED DEBT
27. OTHER (ATTACH LIST)
28. TOTAL PREPETITION LIABILITIES 7,401,415
29. TOTAL LIABILITIES 7,644,740
EQUITY
30. PREPETITION OWNERS' EQUITY 3,646,334
31. POSTPETITION CUMULATIVE PROFIT 381,090
(OR LOSS)
32. DIRECT CHARGES TO EQUITY
(ATTACH EXPLANATION)
33. TOTAL EQUITY 4,027,424
34. TOTAL LIABILITIES & OWNERS' 11,672,164
EQUITY
Case Name: Cadiz Properties, Inc. MOR-1
Case No: 01-80459-RCM-11
April
8. Property Tax Escrow $ 61,494
14. Capitalized Professional Fees $ 115,988
net of amortization
CASE NAME: CADIZ PROPERTIES, INC.
CASE NUMBER: 01-80459-RCM-11 ACCRUAL BASIS-2
INCOME STATEMENT
REVENUES MONTH MONTH MONTH QUARTER
TOTAL
Apr. 2002
1. GROSS REVENUE 154,667 154,667
2. LESS : RETURNS & DISCOUNTS
3. NET REVENUE 154,667 154,667
COST OF GOODS SOLD
4. MATERIAL
5. DIRECT LABOR
6. DIRECT OVERHEAD
7. TOTAL COST OF GOODS SOLD
8. GROSS PROFIT 154,667 154,667
OPERATING EXPENSES
9. OFFICER/INSIDER COMPENSATION
10. SELLING & MARKETING
11. GENERAL AND ADMINISTRATIVE 3 3
12. RENT AND LEASE
13. OTHER (ATTACH LIST)
14. TOTAL OPERATING EXPENSES 3 3
15. INCOME BEFORE NON-OPERATING INCOME 154,664 154,664
AND EXPENSE
OTHER INCOME & EXPENSES
16. NON-OPERATING INCOME (ATT. LIST)
17. NON-OPERATING EXPENSES (ATT. LIST)
18. INTEREST EXPENSE 52,369 52,369
19. DEPRECIATION/DEPLETION 21,041 21,041
20. AMORTIZATION 1,706 1,706
21. OTHER (ATTACH LIST)
22. NET OTHER INCOME & EXPENSES 75,116 75,116
REORGANIZATION EXPENSES
23. PROFESSIONAL FEES
24. U.S. TRUSTEE FEES
25. OTHER (ATTACH LIST)
26. TOTAL REORGANIZATION EXPENSES
27. INCOME TAX
28. NET PROFIT (LOSS) 79,548 79,548
CASE NAME: CADIZ PROPERTIES, INC.
CASE NUMBER: 01-80459-RCM-11 ACCRUAL BASIS-3
CASH RECEIPTS AND DISBURSEMENTS MONTH MONTH MONTH QUARTER
TOTAL
April, 2002
1. CASH-BEGINNING OF MONTH 3,880 3,880
RECEIPTS FROM OPERATIONS
2. CASH SALES
COLLECTION OF ACCOUNTS RECEIVABLES
3. PREPETITION
4. POSTPETITION
5. TOTAL OPERATING RECEIPTS
NON-OPERATING RECEIPTS
6. LOANS & ADVANCES (ATTACH LIST)
7. SALE OF ASSETS
8. OTHER (ATTACH LIST)
9. TOTAL NON-OPERATING RECEIPTS
10. TOTAL RECEIPTS
11. TOTAL CASH AVAILABLE 3,880 3,880
OPERATING DISBURSEMENTS
12. NET PAYROLL
13. PAYROLL TAXES PAID
14. SALES, USE & OTHER TAXES PAID
15. SECURED/RENTAL/LEASES
16. UTILITIES
17. INSURANCE
18. INVENTORY PURCHASES
19. VEHICLE EXPENSES
20. TRAVEL
21. ENTERTAINMENT
22. REPAIRS & MAINTENANCE
23. SUPPLIES
24. ADVERTISING
25. OTHER (ATTACH LIST) 3 3
26. TOTAL OPERATING DISBURSEMENTS 3 3
REORGANIZATION EXPENSES
27. PROFESSIONAL FEES
28. U.S. TRUSTEE FEES
29. OTHER (ATTACH LIST)1
30. TOTAL REORGANIZATION EXPENSES
31. TOTAL DISBURSEMENTS
32. NET CASH FLOW (3) (3)
33. CASH - END OF MONTH 3,877 3,877
Case Name: Cadiz Properties, Inc. MOR-3
Case No: 01-80459-RCM-11
April
25. Bank Charges $3
CASE NAME: CADIZ PROPERTIES, INC. Monthly Operating Report
CASE NUMBER: 01-80459-RCM-11 ACCRUAL BASIS-4
MONTH MONTH MONTH
ACCOUNTS RECEIVABLE ACCOUNTS
April, 2002
1. 0-30
2. 31-60
3. 61-90
4. 91+
5. TOTAL ACCOUNTS RECEIVABLE
6. AMOUNT CONSIDERED UNCOLLECTIBLE
7. ACCOUNTS RECEIVABLE (NET) 0
AGING OF POSTPETITION TAXES AND PAYABLES MONTH: March, 2002
TAXES PAYABLE 0-30 DAYS 31-60 DAYS 61-90 DAYS 91+ DAYS TOTAL
1. FEDERAL
2. STATE
3. LOCAL
4. OTHER (ATTACH LIST)
5. TOTAL TAXES PAYABLE 0 0 0 0 0
6. ACCOUNTS PAYABLE 0 0 0 0 0
STATUS OF POSTPETITION TAXES MONTH: March, 2002
FEDERAL BEGINNING AMOUNT AMOUNT ENDING TAX
TAX WITHHELD OR PAID LIABILITY
LIABILITY ACCRUED
1. WITHHOLDING**
2. FICA-EMPLOYEE**
3. FICA-EMPLOYER**
4. UNEMPLOYMENT
5. INCOME
6. OTHER (ATTACH LIST)
7. TOTAL FEDERAL TAXES 0 0 0 0
STATE AND LOCAL
8. WITHHOLDING
9. SALES
10. EXCISE
11. UNEMPLOYMENT
12. REAL PROPERTY
13. PERSONAL PROPERTY
14. OTHER (ATTACH LIST)
15. TOTAL STATE & LOCAL 0 0 0 0
16. TOTAL TAXES 0 0 0 0
CASE NAME: CADIZ PROPERTIES, INC. ACCRUAL BASIS-5
CASE NUMBER: 01-80459-RCM-11 MONTH: April, 2002
The debtor in possession must complete the reconciliation below for each bank
account, including all general, payroll and tax accounts, as well as all savings
and investment accounts, money market accounts, certificates of deposit,
government obligations, etc. Accounts with restricted funds should be identified
by placing an asterisk next to the account number. Attach additional sheets if
necessary.
BANK RECONCILIATIONS Account #1 Account #2 Account #3 TOTAL
A. BANK Comerica
B. ACCOUNT NUMBER 1880058878
C. PURPOSE (TYPE) DIP
1. BALANCE PER BANK STATEMENT 3,877 3,877
2. ADD: TOTAL DEPOSITS NOT
CREDITED
3. SUBTRACT OUTSTANDING CHECKS
4. OTHER RECONCILING ITEMS
5. MONTH END BALANCE PER ITEMS 3,877 3,877
6. NUMBER OF LAST CHECK WRITTEN 1052
INVESTMENT ACCOUNTS
DATE OF TYPE OF PURCHASE CURRENT
BANK ACCOUNT NAME & NUMBER PURCHASE INSTRUMENT PRICE VALUE
7. ACCOUNT NUMBER
8. PURPOSE (TYPE):
9. BALANCE PER BANK STATEMENT
10. ADD: TOTAL DEPOSITS NOT CREDITED
11. TOTAL INVESTMENTS 0 0 0 0
CASH
12. CURRENCY ON HAND 0
13. TOTAL CASH - END OF MONTH 3,877
CASE NAME: CADIZ PROPERTIES, INC. ACCRUAL BASIS-6
CASE NUMBER: 01-80459-RCM-11 MONTH: April, 2002
PAYMENTS TO INSIDERS AND PROFESSIONALS
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 TO
PROFESSIONALS. ALSO, FOR PAYMENTS TO INSIDERS, IDENTIFY THE TYPE OF COMPENSATION
PAID (I.E. SALARY, BONUS, COMMISSION, INSURANCE, HOUSING ALLOWANCE, TRAVEL, CAR
ALLOWANCE, ETC.). ATTACH ADDITIONAL SHEETS IF NECESSARY.
INSIDERS
NAME TYPE OF AMOUNT PAID TOTAL PAID TO
INSTRUMENT DATE
1.
2.
3.
4.
5.
6. TOTAL PAYMENTS 0 0
TO INSIDERS
PROFESSIONALS
NAME DATE OF AMOUNT AMOUNT TOTAL PAID TOTAL
COURT APPROVED PAID TO DATE INCURRED
ORDER AND UNPAID*
AUTHORIZING
PAYMENT
1.
2.
3.
4.
5.
6. TOTAL 0 0 0 0
PAYMENTS TO
PROFESSIONALS
*INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED
POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION
PAYMENTS
NAME OF CREDITOR SCHEDULED AMOUNT PAID TOTAL UNPAID
MONTHLY DURING MONTH POSTPETITION
PAYMENTS DUE
1. Morgan Guaranty 279,128 0 279,128
2.
3.
4.
5.
6. TOTAL PAYMENTS 0 279,128
TO PROFESSIONALS
CASE NAME: CADIZ PROPERTIES, INC. ACCRUAL BASIS-7
CASE NUMBER: 01-80459-RCM-11 MONTH: April, 2002
QUESTIONNAIRE
YES NO
1. HAVE ANY ASSETS BEEN SOLD OR TRANSFERRED OUTSIDE THE X
NORMAL COURSE OF BUSINESS THIS REPORTING PERIOD?
2. HAVE ANY FUNDS BEEN DISBURSED FROM ANY ACCOUNT OTHER X
THAN A DEBTOR IN POSSESSION ACCOUNT?
3. ARE ANY POST PETITION RECEIVABLES (ACCOUNTS, NOTES, OR LOANS) X
DUE FROM RELATED PARTIES?
4. HAVE ANY PAYMENTS BEEN MADE ON PREPETITION LIABILITIES THIS X
REPORTING PERIOD?
5. HAVE ANY POSTPETITION LOANS BEEN RECEIVED BY THE DEBTOR X
FROM ANY PARTY?
6. ARE ANY POSTPETITION PAYROLL TAXES PAST DUE? X
7. ARE ANY POSTPETITION STATE OR FEDERAL INCOME TAXES PAST DUE? X
8. ARE ANY POSTPETITION REAL ESTATE TAXES PAST DUE? X
9. ARE ANY OTHER POSTPETITION TAXES PAST DUE? X
10. ARE ANY AMOUNTS OWED TO POSTPETITION CREDITORS X
DELINQUENT?
11. HAVE ANY PREPETITION TAXES BEEN PAID DURING THE REPORTING X
PERIOD?
12. ARE ANY WAGE PAYMENTS PAST DUE? X
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "YES," PROVIDE A DETAILED
EXPLANATION OF EACH ITEM. ATTACH ADDITIONAL SHEETS IF NECESSARY.
INSURANCE YES NO
1. ARE WORKERS' COMPENSATION, GENERAL LIABILITY AND OTHER X
NECESSARY INSURANCE COVERAGES IN EFFECT?
2. ARE ALL PREMIUM PAYMENTS PAID CURRENT? X
3. PLEASE ITEMIZE POLICIES BELOW.
IF THE ANSWER TO ANY OF THE ABOVE QUESTIONS IS "NO," OR IF ANY POLICIES HAVE
BEEN CANCELED OR NOT RENEWED DURING THIS REPORTING PERIOD, PROVIDE AN
EXPLANATION BELOW. ATTACH ADDITIONAL SHEETS IF NECESSARY.
All insurance coverage is maintained by debtor's parent Alford Refrigerated
Warehouses, Inc., Case No. 01-39776- BJH-11
INSTALLMENT PAYMENTS
TYPE OF POLICY CARRIER PERIOD COVERED PAYMENT AMOUNT
& FREQUENCY
Case Name: Cadiz Properties, Inc. MOR-7
Case No: 01-80459-RCM-11
Questionaire:
3. Rent receivable is due from Debtor's parent, Alford Refrigerated
Warehouses, Inc., Case #01-39776-BJH-11
Insurance:
All insurance coverage is maintained by Debtor's parent, Alford
Refrigerated Warehouses, Inc, Case #01-39776-BJH-11