CASE NAME: ACCRUAL BASIS
CASE: 2/13/95
JUDGE:
UNITED STATES BANKRUPTCY COURT
NORTHERN DISTRICT OF TEXAS
MONTHLY OPERATING REPORTS
MONTH ENDING: JUNE 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
- --------------------------------------- -----------------------------------
ORIGINAL SIGNATURE OF RESPONSIBLE PARTY TITLE
James C. Williams July 19, 2002
- --------------------------------------- -----------------------------------
PRINTED NAME OF RESPONSIBLE PARTY DATE
PREPARER:
Secretary
- --------------------------------------- -----------------------------------
ORIGINAL SIGNATURE OF PREPARER TITLE
James C. Williams July 19, 2002
- --------------------------------------- -----------------------------------
PRINTED NAME OF PREPARER DATE
CASE NAME: Cadiz Properties, Inc. ACCRUAL BASIS-1
---------------------------
CASE NUMBER: 01-80459-RCM-11
COMPARATIVE BALANCE SHEET
ASSETS SCHEDULE MONTH MONTH MONTH
AMOUNT
Apr. 2002 May 2002 June 2002
- -------------------------------------- ---------------------- ------------------ --------------------- ---------------------
1. UNRESTRICTED CASH 3,877 3,624 3,621
2. RESTRICTED CASH
3. TOTAL CASH 3,877 3,624 3,621
4. ACCOUNTS RECEIVABLE, NET
- -------------------------------------- ---------------------- ------------------ --------------------- ---------------------
5. INVENTORY
6. NOTES RECEIVABLE
7. PREPAID EXPENSES
8. OTHER (ATTACH LIST) 61,494 61,494 61,494
9. TOTAL CURRENT ASSETS 65,371 65,118 65,115
- -------------------------------------- ---------------------- ------------------ --------------------- ---------------------
10. PROPERTY, PLANT, & EQUIPMENT 11,372,640 11,372,640 11,372,640
11. LESS:ACCUMULATED 1,941,995 1,963,035 1,984,077
DEPRECIATION/DEPLETION
12. NET PROPERTY, PLANT & EQUIPMENT 9,430,645 9,409,605 9,388,563
- -------------------------------------- ---------------------- ------------------ --------------------- ---------------------
13. DUE FROM INSIDERS 2,060,160 2,214,826 2,369,493
14. OTHER ASSETS - NET OF 115,988 114,282 112,576
15. OTHER (ATTACH LIST)
16. TOTAL ASSETS 11,672,164 11,803,831 11,935,747
- -------------------------------------- ---------------------- ------------------ --------------------- ---------------------
POST PETITION LIABILITIES
17. ACCOUNTS PAYABLE
18. TAXES PAYABLE
19. NOTES PAYABLE
20. PROFESSIONAL FEES
21. SECURED DEBT 243,325 293,907 344,355
22. OTHER (ATTACH LIST)
23. TOTAL POSTPETITION LIABILITIES 243,325 293,907 344,355
- -------------------------------------- ---------------------- ------------------ --------------------- ---------------------
PREPETITION LIABILITIES
24. SECURED DEBT 7,401,415 7,401,415 7,401,415
25. PRIORITY DEBT
26. UNSECURED DEBT
27. OTHER (ATTACH LIST)
28. TOTAL PREPETITION LIABILITIES 7,401,415 7,401,415 7,401,415
29. TOTAL LIABILITIES 7,644,740 7,695,322 7,745,770
EQUITY
- -------------------------------------- ---------------------- ------------------ --------------------- ---------------------
30. PREPETITION OWNER'S EQUITY 3,646,334 3,646,334 3,646,334
31. POSTPETITION CUMULATIVE PROFIT OR 381,090 462,175 543,643
(LOSS)
32. DIRECT CHARGES TO EQUITY
33. TOTAL EQUITY 4,027,424 4,108,509 4,189,977
- -------------------------------------- ---------------------- ------------------ --------------------- ---------------------
34. TOTAL LIABILITIES & OWNERS' EQUITY 11,672,164 11,803,831 11,935,747
Case Name: Cadiz Properties, Inc. MOR-1
Case No: 01-80459-RCM-11
April May June
8. Property Tax Escrow $ 61,494 $ 61,494 $ 61,494
14. Capitalized Professional Fees $ 115,988 $ 114,282 $ 112,576
net of amortization
CASE NAME: Cadiz Properties, Inc. ACCRUAL BASIS-2
-----------------------------
CASE NUMBER: 01-80459-RCM-11
INCOME STATEMENT
- ------------------------------------------ ---------------------- ------------------- ----------------------- ------------------
REVENUES MONTH MONTH MONTH QUARTER
TOTAL
Apr. 2002 May 2002 June 2002
1. GROSS REVENUES 154,667 154,667 154,667 464,001
2. LESS: RETURNS & DISCOUNTS
3. NET REVENUE 154,667 154,667 154,667 464,001
COSTS OF GOODS SOLD
4. MATERIAL
5. DIRECT LABOR
6. DIRECT OVERHEAD
7. TOTAL COST OF GOODS SOLD
8. GROSS PROFIT 154,667 154,667 154,667 464,001
OPERATING EXPENSES
9. OFFICER / INSIDER COMPENSATION
10. SELLING & MARKETING
11. GENERAL & ADMINISTRATIVE 3 3 3 9
12. RENT & LEASE
13. OTHER (ATTACH LIST)
14. TOTAL OPERATING EXPENSES 3 3 3 9
15. INCOME BEFORE NON-OPERATING 154,664 154,664 154,664 463,992
INCOME & EXPENSE
OTHER INCOME & EXPENSE
16. NON-OPERATING INCOME (ATTACH LIST)
17. NON-OPERATING EXPENSE (ATTACH LIST)
18. INTEREST EXPENSE 52,369 50,582 50,448 153,399
19. DEPRECIATION / DEPLETION 21,041 21,041 21,041 63,123
20. AMORITIZATION 1,706 1,706 1,706 5,118
21. OTHER (ATTACH LIST)
22. NET OTHER INCOME & EXPENSES 75,116 73,329 73,195 221,640
REORGANIZATION EXPENSES
23. PROFESSIONAL FEES
24. U.S. TRUSTEE FEES 250 250
25. OTHER (ATTACH LIST)
26. TOTAL REORGANIZATION EXPENSES 250 250
27. INCOME TAX
28. NET PROFIT (LOSS) 79,548 81,085 81,469 242,102
CASE NAME: Cadiz Properties, Inc. ACCRUAL BASIS-3
--------------------------------
CASE NUMBER: 01-80459-RCM-11
CASH RECEIPTS AND MONTH MONTH MONTH QUARTER
DISBURSEMENTS TOTAL
April, 2002 May, 2002 June, 2002
1. CASH - BEGINNING OF MONTH 3,880 3,877 3,624 3,880
RECEIPTS FROM OPERATORS
2. CASH SALES
COLLECTIONS OF ACCOUNTS RECEIVABLE
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 3,877 3,624 3,880
OPERATING DISBURSEMENTS
12. NET PAYROLL
13. PAYROLL TAXES PAID
14. SALES, USE & OTHER TAXES PAID
15. SECURED / RENTAL / LEASE
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 3 9
26. TOTAL OPERATING DISBURSEMENTS 3 3 3 9
REORGANIZATION EXPENSES
27. PROFESSIONAL FEES
28. U.S. TRUSTEE FEES 250 250
29. OTHER (ATTACH LIST)
30. TOTAL REORGANIZATION EXPENSES 250 250
31. TOTAL DISBURSEMENTS
32. NET CASH FLOW (3) (253) (3) (259)
33. CASH - END OF MONTH 3,877 3,624 3,621 3,621
Case Name: Cadiz Properties, Inc. MOR-3
Case No: 01-80459-RCM-11
April May June
25. Bank Charges $3 $3 $3
CASE NAME: Cadiz Properties, Inc. ACCRUAL BASIS-4
----------------------------
CASE NUMBER: 01-80459-RCM-11
ACCOUNTS RECEIVABLE AGING SCHEDULE MONTH MONTH MONTH
AMOUNT
April, 2002 May, 2002 June, 2002
1. 0 - 30
2. 31 - 60
3. 61 - 90
4. 91 +
5. TOTAL ACCOUNTS RECEIVABLE
6. AMOUNT CONSIDERED UNCOLLECTABLE
7. ACCOUNTS RECEIVABLE, NET 0 0 0
AGING OF POSTPETITION TAXES AND PAYABLES MONTH: June, 2002
-----------
TAXES PAYABLE 0 - 30 DAYS 31 - 60 DAYS 61 - 90 DAYS 91+ TOTAL
DAYS
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: June, 2002
-----------
FEDERAL *BEGINNING TAX AMOUNT WITHHELD AND OR AMOUNT ENDING TAX
LIABILITY ACCRUED PAID LIABILITY
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 AND LOCAL 0 0 0 0
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16. TOTAL TAXES 0 0 0 0
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<FN>
* The beginning tax liability should represent the liability from the prior
month or, if this is the first operating report, this amount should be zero
** Attach photocopies of IRS Form 6123 or your FTD coupon and payment receipt to
verify payment or deposit.
</FN>
CASE NAME: Cadiz Properties, Inc. ACCRUAL BASIS-5
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CASE NUMBER: 01-80459-RCM-11 MONTH: June, 2002
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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
--------------- --------------- ----------------
A. BANK Comerica
B. ACCOUNT NUMBER 1880058878 Total
C. PURPOSE (TYPE) DIP
1. BALANCE PER BANK STATEMENT 3,621 3,621
2. ADD: TOTAL DEPOSITS NOT CREDITED
3. SUBTRACT: OUTSTANDING CHECKS
4. OTHER RECONCILING ITEMS
5. MONTH END BALANCE PER ITEMS 3,621 3,621
6. NUMBER OF LAST CHECK WRITTEN 1053
INVESTMENT ACCOUNTS Account #1 Account #2 Account #3
--------------- -----------------
BANK, ACCOUNT NAME & NUMBER DATE OF TYPE OF PURCHASE CURRENT
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 3,621
CASE NAME: Cadiz Properties, Inc. ACCRUAL BASIS-6
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CASE NUMBER: 01-80459-RCM-11 MONTH: June, 2002
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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 (e.g. SALARY, BONUS, COMMISSIONS, INSURANCE, HOUSING ALLOWANCE, TRAVEL, CAR
ALLOWANCE ETC). ATTACH ADDITIONAL SHEETS IF NECESSARY.
INSIDERS
NAME TYPE OF PAYMENT AMOUNT PAID TOTAL PAID TO DATE
1.
2.
3.
4.
5.
6. TOTAL PAYMENTS TO INSIDERS 0 0
PROFESSIONALS
NAME DATE OF COURT AMOUNT AMOUNT TOTAL TOTAL
ORDER AUTHORIZING APPROVED PAID PAID TO INCURRED &
PAYMENT DATE UNPAID*
1.
2.
3.
4.
5.
6. TOTAL PAYMENTS TO PROFESSIONALS 0 0 0 0
<FN>
* INCLUDE ALL FEES INCURRED, BOTH APPROVED AND UNAPPROVED
</FN>
POSTPETITION STATUS OF SECURED NOTES, LEASES PAYABLE AND ADEQUATE PROTECTION PAYMENTS
NAME OF CREDITOR SCHEDULED MONTHLY AMOUNTS PAID DURING TOTAL UNPAID
PAYMENTS DUE MONTH POSTPETITION
1. Morgan Guaranty 418,692 0 418,692
2.
3.
4.
5.
6. TOTAL PAYMENTS TO PROFESSIONALS 0 418,692
CASE NAME: Cadiz Properties, Inc. ACCRUAL BASIS-7
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CASE NUMBER: 01-80459-RCM-11 MONTH: June, 2002
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QUESTIONNAIRE YES NO
1. Have any assets been sold or transferred outside the normal course of business this reporting period? X
2. Have any funds been disbursed from any account other than a debtor in possession account? X
3. Are any postpetition receivables (accounts, notes, or loans) due from related parties? X
4. Have any payments been made on prepetition liabilities this reporting period? X
5. Have any postpetition loans been received by the debtor from any party? X
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 delinquent? X
11. Have any prepetition taxes been paid during the reporting period? X
12. Are any wages 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 WORKER'S COMPENSATION, GENERAL LIABILITY AND OTHER NECESSARY INSURANCE COVERAGES IN X
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 cancelled or not renewed during this reporting period, provide an
explanation below. Attach additional sheets if necessary.
INSTALLMENT PAYMENTS
TYPE OF POLICY CARRIER PERIOD COVERED PAYMENT AMOUNT AND
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